331 sats \ 27 replies \ @grayruby 14h \ parent \ on: Stacker Saloon
There are too many territories as is. Territory financial model does not need to be tenable at this point. Territory founders need to know SN management is focused on the best possible experience on site. The external wallet stuff is a necessary evil to keep SN out of legal trouble but is a net negative in terms of experience. I have been fighting with it for two days. Most people aren't going to bother and give up. Integrations need to seamless, stackers need guidance on what wallets they can use for what and simple tutorials on how to get it done.
We already have a top heavy daily rewards pool. Great for stackers like you Siggy and me. You guys are always top 5 and I am always 5-10. 5 sats out of 100 sats zap used to go to rewards pool. Now it will be 9 sats. Because of the way the rewards distribution is structured this will just encourage more people to try and game the system because getting a lot less sats per zap now means you definitely want to be in the top 10.
Gaining and retaining users should be paramount. I don't need to make an extra 1k sats a day in territory revenue taking away from stackers zaps. Even if it would lead to break even for the territory (it won't), I would much rather the territory reach profitability in a more robust and sustainable way which is more activity, more posts, more zaps, more stackers on the site.
That's my position and I don't want to get into another lengthy debate about SN.
Fair enough and those are all reasonable points.
I completely agree about the wallet stuff. If it could have been avoided, that would have been best and it's going to be a severe drag on recruiting stackers.
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We don't even have a list of wallets that are viable. At first I wanted to use Breez and k00b said no can't use that one for x reason. Then I said ok I will use phoenix and k00b said you can't use that one for y reason. Then I finally got sorted with coinos and found out that coinos had a rate limit so you couldn't zap more than 8 times per minute. That certainly won't work for me. Then there was an error between Coinos and SN. It was just a total mess and it got sorted in the end but I spent hours going back and forth with k00b, ek and the guy from coinos. Most people won't do that. We need a list of wallets it will work with and any limiting factors (like rate limits) and a tutorial on how to set them up.
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That's why I'm saying, it's not a good option. I've a good idea but I think noone is gonna like that.
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What's your idea? I like ideas that alienate everyone.
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I think SN should adopt to a credit (points) system where users will buy credits for real Sats.
The credit points can then be exchanged for Sats through SN.
This will keep the SN away from any dangers of shutting down by authorities. This will also provide a seamless experience.
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Can the fee credits be exchanged for Sats? I think they can't.
What I'm suggesting is a complete revamp to how SN zapping and wallet thing works.
I'm saying that why don't SN detach wallet thing from SN? No real sats. Instead we all use credits or points. And there should be a mechanism by which the points can be exchanged into real sats anytime. Or, I mean that those points can be cashed out for sats.
Also, if we need we should be able to purchase the points by depositing Sats.
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I'm a little confused about converting credits to sats. They say you won't be able to, but all of the credits will have been backed by sats (I think), so I'm not sure what happens to the sats that are used to generate the credits.
I think the system you're describing would potentially run afoul of the regulations placed on custodians.
100%
I don't even want to play around with it (more than I have) until we have that kind of detail. I don't understand all the technical differences across lightning wallets and I'm sick of starting to use a wallet just to find out it's not going to ultimately do what I need or continue being supported by its developers.
We didn't have to worry about any of that stuff with the built in wallet.
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So far, I don't see any problems in SN continuing with their own wallet. There's no harm if there are no big movement Sats. SN can cap them.
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It's a US regulatory thing, although I think they wanted to go this direction eventually.
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Will they even come behind if it's hardly for a few dollars.
I mean if SN strictly prohibits big zaps like can't be more than, say 100k or 500k?
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It's not worth risking being shutdown by US financial regulators. There's no telling who they might target, but Stacker News would not be a surprising target in the current political landscape.
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I've tried zapping by external wallet but not satisfied. I don't if I'll continue or not. I'm also not very good at technical skills. I'm new in Bitcoin.
I'm saying this because it's going to affect adoption.
Anyways, we'll see. I can't predict. But I don't like the zap from external wallet.