October 6, 2017 at 6:06 am #8690
Ok guys, these updates have been a long time coming and they are going to take some time to implement and I want you all to be aware.
FIRST and foremost, we are being forced to disable the social media portion of Coin Tasker. The social media platform we have built Coin Tasker on since day one has perpetually caused extremely slow load times for the site. We have done everything in our power to do what we can to improve these page load times, but unfortunately the social media platform is extremely resource intensive and it has continued to get worse as our member base grows. It has been a major problem for us for years now, and it is only getting worse. So it is with heavy hart that we will be disabling these features which include status updates, friends, and likes. We know many of you enjoy this aspect of Coin Tasker and it may even be your primary reason for visiting every day. This is why I have spent years unsuccessfully working on a solution. With that being said, please rest assured our bitcoin forum will remain intact and it will be our primary message board for updates and communications. The entire site will also have incredible improvements in speed and page load times. You will no longer be waiting 10 seconds for a page to load, which is a huge frustration for you and us.
SECONDLY we are working on moving towards a system that will auto update our payout rates for tasks based on the current price of bitcoin. As it currently stands, I am forced to update payout rates manually for every task wall whenever the price fluctuates. Since the price of bitcoin is so inconsistent, we will be implementing a point system that with a multiplier factor. So, our tasks will identify their payout in points (this number will be constant), and then those points will be multiplied by our bitcoin multiplier which is determined in real time by the current price of bitcoin. For instance, lets say you download an app to your mobile device and that task has a 5 point payout, but the current multiplier is 40X, you will earn 200 bits for the task. This will become more clear once we have built the system and implemented it, but it will also cause some confusion and I want you all to be aware it is coming.
FINALLY once the two systems mentioned above are in place, we will be looking in to lowering our minimum to withdraw. It has been a few years since we have lowered it, and the price of bitcoin has doubled at least in that time.
It will take us some time to implement these changes and they will be done in stages, so please be patient and ultimately we will have a much faster, more reliable system in place that will be much better suited for growth and sustainability.
I recognize these changes may not come as a pleasant surprise for all of you, and please know we have taken years to make these decisions and done everything in our power to prevent them. Any and all feedback is appreciated. Thank you all for your patience and understanding!October 6, 2017 at 4:15 pm #8701
A bit disappointed abut loosing the social media portion of coin tasker, this feature is by far what differentiates this site from many others. But as you said, it will be more and more difficult to keep as the community grows up (unless we get some kickass facebook-like server grapes to keep the site running, which could be a bit difficult to achieve for now lol)
Secondly, introducing points with a variable multiplier factor according to btc prices is also a good idea, but does it mean that point to btc system would be like an “exchange” with the ability to buy and sell points against bitcoins at any moment ? that would involve that users may take advantage of the multiplier system to multiply their earnings just like any trader on any btc/crypto exchange ?
And finally, lowering the withdrawal limit comes just in time as btc prices went approx 10x since the last update, may be you should set a unique threshold so users can withdraw any amount starting from this threshold, that would be very convenient.
Cheers ! 😉October 11, 2017 at 9:20 pm #8728
Getsuga, thanks for the feedback! As you can see, we’ve made the first round of updates and removed the social media platform. Hopefully you are now experiencing MUCH faster load times on the site. I also saw your recommendation for trying out PeepSo as an alternative, and I am going to look into it and test it on our staging site. The reality is it probably will have similar problems seen with BuddyPress, but it’s absolutely worth looking in to.
As far as the point system with the multiplier factor goes, it won’t work like an exchange so much but will more or less ensure we are not over or under paying for task completions. Currently, we are overpaying and actually losing money simply because we haven’t updated payout rates since BTC was about $2,000 or so. This system will provide payout rates that compensate for the volatile price fluctuations. You can actually see this in action on the new watch videos for bitcoin platform we launched recently, Bit Streaming Video. As you will see when you watch a video, each video is worth 1 point, and then the satoshi multiplier is in the top left (currently 21), so you would receive 21 satoshi for watching a video. Technically speaking, a user could wait for the price of BTC to drop and then complete a bunch of tasks, and when the price of BTC goes back up, they would have made more profit than if they completed tasks when the price was high. But it’s not an easy system to cheat or take advantage of because that strategy would require waiting for the price of BTC to drop every time you complete tasks.
Also, when we do lower the minimum to withdraw, it will be done in stages. If we were to lower the minimum to 1,000 bits today, we would have hundreds of members requesting withdrawals and we would likely be unable to pay everyone and would go out of business. So, our strategy here is to lower it to 4,000 or 4,500 bits first, and then a month or so down the road, lower it again and repeat the process until we have found the sweet spot.
Lastly, with the new updates and increased load times, it looks like I may be able to finally develop a custom android app for Coin Tasker. In the past, this has been something I have been unable to put together simply because of the slow load times and the fact that the site often timed out. But now this should be able to become a reality.
Again, I appreciate your feedback, and if you have any other suggestions I’m always open to listening. Our members who actually take the time to provide feedback are always the people I listen to the most. So, thanks again for your active participation in this discussion!February 2, 2018 at 4:02 am #8785
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