Update: One Bitcoin Club a Work-in-Progress. Right?

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(Edited)

Since committed to, but delayed due to what follows, I am providing this update to my experiences so far in this promising new community.

Source: My original post titled "Problem or Opportunity? MVP and Joining the One BTC Club"

While there will be various issues come up over time, there are two which are problematic for me personally.  Which are definitely limiting my interest in continuing to contribute content to it, until resolved, if not stopping it altogether.

What are they?

BTC
rewards

The most fundamental appeal provided to join the new One Bitcoin Club (OBC) community is the opportunity to earn rewards on the Hive blockchain paid in Sats of BTC.  Without this, I do not see the point of being a member of it.

How does this work?  At least, in starting out?

  1. Once properly set-up, a member must publish their contributions using the OBC UI.  Which contains a mandatory setting of 30% of resulting rewards to @btc4content, as a beneficiary.

  2. The resulting BTC Sats portion of our post's rewards are currently paid out in the form of a 1.09 HBD transaction, referencing your account and post, from the @btc4content wallet to the @v4vapp wallet (see below).

      • No, I do not currently know upon what the 1.09 HBD reward is based.  Further, I do not know why there is sometimes a lag in receiving it.  Sometimes, it seems very prompt. 🤷‍♂️

  3. Currently, there are no additional BTC Sats rewards paid out, after the normal 7 day waiting period.

  4. Fully realizing Sats of BTC in your wallet only happens if it has been properly set-up.

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How has that worked out for me, so far?

Source: Filtered transactions on the V4Vapp wallet's transactions

A brief reference to the win and the wait:

  • Win:  At least of sorts, as it can be seen that two of my earlier post rewards were paid out as HIVE back into my wallet.  Why?  I did not have my V4Vapp wallet reference set up properly on my OBC profile (see below).

  • Wait:  While the V4Vapp wallet has received the HBD rewards for two more posts, I have yet to receive anything back into either of my wallets.

On the latter, here is a link to my associated exchange with @starkerz, where I illustrated / documented the issue, with these images:


Source: QT's wallets

What are these illustrating?

  1. V4Vapp wallet set to receive rewards as Sats.

  2. Current Sats balance, in my V4Vapp wallet.

  3. OBC profile Lightning address for receiving Sats in my V4Vapp wallet.

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Additional questions I have on this issue are listed in the Questions below.

UI fails with my Lead Image

We are all familiar with the look and feel of most of the UIs linked to the Hive blockchain, e.g. PeakD and Ecency.  When publishing via whatever code lies behind them, what we experience is a post title and lead image showing up in the various community and tag views which appear in our feed.

So far, when publishing via the OBC UI, my post's lead images do not appear.  Worse, they not only do not appear inside the OBC UI, they do not appear via PeakD's UI either!? 🤷‍♂️😒

My published content on the Hive blockchain utilizes my experience with HTML in ways which I can reasonably assume are rarely used by most.  That will not change, as I find the limitations of using markdown unacceptable.

Questions

I published a list of them, in an earlier post, written as my first published via OBC's UI.  I have yet to receive an answer to any of them.

While I have worked out at least a partial answer to some of them, on my own, that is not possible on most, since only the community leaders and developer(s) are going to know.

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Additional questions, specifically linked to receiving BTC rewards:

  1. How exactly are the BTC rewards paid out?  From what I have seen so far, it appears the answer has nothing to do with whatever rewards are earned via upvotes on our posted content.  Right?

  2. If #1 is confirmed, is this temporary, while a more permanent solution is put into place?  Which is more consistent with how rewards are typically paid out on the Hive blcockchain?

  3. What, if anything, does the number of Sats found in our Xverse wallets have to do with the value of our upvotes?  Or how our rewards are being calculated and paid out?

    (Please see related question #5, in my original list of questions referenced above.)

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If there are any definitive answers to these posted somewhere, I have not found them.  I and, hopefully, others reading this, will benefit from any links which can be provided.

Acknowledgments

As I would like to end this post on a positive note, I am going to risk the seemingly sensitive topic of linking others into it, with a couple of acknowledgments:

  • Kudos to @starkerz, for his prompt response to my message linked above.  I am hopeful he will publish what we might call a "State of the Community" post or something similar, in the not too distant future.

  • Kudos to @somecallmejake, for this account's consistent upvotes on content published through OBC's UI.  I do not know anything about it, since it has no posts or comments or anything else that I can see.  It certainly is making a major contribution to getting this community off to a good start, though, with its initial support.

While keeping an eye on progress, I will patiently continue to wait for some of these issues to be successfully addressed.


Source: My original post titled "Problem or Opportunity? MVP and Joining the One BTC Club"

It is after all a new community and it takes time and effort to build it.  Hopefully I will be able to report, in a future post, that its potential is being realized with a continuous improvement commitment.

________________________

In a moment, I will click on the Publish button inside this new community's UI.  While I have not gone into detail here, it will be a test of some variations I am trying on my own, so I can do my small part in contributing to progress.

Anyone else's thoughts or comments or even concerns are welcome.  After all is said and done, at least in my view, interacting here on the Hive blockchain is a partnership.

Best wishes, until we meet again,
QT


👋❤️👋


Source: Creator GDJ on Pixabay


________________________

🤝  Partnership Pledge!  🤝

•  10% of Post Payout to Comments
•  1 HSBI to the Best Comment

________________________

🤝  Pledge Honored!  🤝

•  1 HSBI to the Best Comment
•  Awarded to @stayoutoftherz



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29 comments
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(Edited)

@breakaway-dev needs to note and address the issue with your lead image. its strange that it doesn't show for you but it shows for others.

BTC rewards go to your lightning wallet instantly, once certain accounts vote. for example, this blog got votes and should have some sats: https://hivehub.dev/tx/2cbf1a35eadd79ede47787506efbdd252eb53d01

The rest of your rewards come as standard hive rewards and can be claimed in most wallets 7 days after the post is issued

amount of BTC in your Xverse wallet only affects which feed you can post in. if you have a lot of BTC, you can post in feeds with bigger BTC holders

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Thank you, @starkerz, for your welcome input here. If you would, please expand on this:

"amount of BTC in your Xverse wallet only affects which feed you can post in. if you have a lot of BTC, you can post in feeds with bigger BTC holders'

The original UI had more tiers, along the lines of Dolphin, Orca (50K Sats), etc. At least that was the impression I had, when I first opened the UI. Now those are gone.

A couple of points follow:

  1. Stating the obvious, there is an enormous gap between 5,000 Sats and 0.5 BTC, which is what we see now.

  2. In either case, what is the point of members reaching these higher tiers?

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Addressing payment in Sats separately, @starkerz, here is what we all can now see:


So, this time, I have gotten my first Sats. Thank you, for whatever part you played in that! 🤝

There has still been no payment for the earlier transactions however.

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You will have to take this up with @brianoflondon. it is his v4v app system that is not sending the sats to the right place. We sent our HBD to him already

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Okay, understood. As I assume you will be a familiar account name to him, then I'll look forward to hearing back on this, at his convenience. I do not know what other options I have to help out. If I am missing something, please let me know.

Thank you for addressing this. 🤝

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So not exectly (or close to) the 30% are paid out in Satoshi, but only if "certain" accounts upvote? Why that?

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to prevent hive rewards being exploited

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OK, I get it and agree, but how I can then calculate my rewards? Is it just random? When 30% of the author rewards are taken, there should be a kind of reliability of what to expect. 30% is not a small amount.

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We will soon set it so that you can chose which type of payout you want. (50/50, 100% HP or insta lightning for 30% beneficiary).

The 30% is there so that we do not lose money on the lightning we give away. We do not make a profit and we fund the wallet that pays for this. (@btc4content). if we end up in a scenario where we make more than we give away, you can see the wallet and confirm that any extra we made, we gave back to the community. in the case we have surplus we will give away bigger lightning rewards most likely.

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(Edited)

"We do not make a profit"
Well on my last post where I wanted to try out OBC I have potential rewards of >15HBD (after split) and I still just got 1165 Sats, this didn´t even cover the transaction fees I had on depositing 5000 Sats to xverse which were 7000 Sats!
Suggest to send some more Sats, latest after the payout date. If you transfer just 1000 Sats regardless of what your 30% are, it is close to fraud.
I know you don´t want to have Hive users exploit the system, but seems you are exploiting it currently. I am currently writing a detailed post about OBC, so you can still shape how it will look like.

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(Edited)

if you can show me where this account ((@btc4content) where the beneficiaries are paid to) makes a profit i would be very glad!
Its not close to fraud. it says that the beneficiary is 30% before you post. you could always just take you own rewards from other posts on hive and use V4V to cash them into sats. This system is really aimed at newcomers to the chain to give them an experience of earning sats for their content.

I am not exploiting the system. This is testing phase. there are no guarantees, for anyone. We are all just having fun, testing out. In cases where the rewards are higher than say 5 usd, your rewards are actually contributing to building the system. consider it a tip. other than that, id suggest you refrain from posting to OBC and certainly refrain from using words like fraud in public. keep that type of talk in DMs, lest you give me the impression you are being disingenuous with your feedback, about which ill give you the benefit of the doubt and assume you are using to try to improve relations with me and improve the one bitcoin club system too

If you want to shape how it looks, you build it yourself. Its all open source and anyone is free to copy it.

The system is a not for profit system and all rewards (if it ever breaks even) go back to the community.

Over time we will look to adjust how the rewards system works when users get larger rewards. One thing that @breakaway-dev is working on is to give the user the option to select 50/50 rewards, 100%HP rewards or 30% beneficiary + lightning tip. we have not built that yet. The system is new and there are still many many bugs.

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(Edited)

I get it and sorry, I didn´t mean to be rude but was hoping that the payout in Sats more corresponds to the total reward output. That it corresponds ZERO is something that should have been better explained upfront.

For sure this is not a frontend for seasoned Hivians, I just wanted to give it a try. I hope you will be able to bring some non-Hivians to Hive, but for this the laggyness needs to improve.

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its early days, we are testing out things. if the tech works, its a great thing anyway.
Its taken 3,5 years of work to get to this point. If you want to contribute to help speed things up, this would be great!

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Lol, yes, Trust me I love the laggyness less than anyone. I pay for the laggyness. I want to pay more for it to go away!

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(Edited)

I am as well trying to figure out how exactly it works (before posting about it 😄).
That you get 1,09HBD for each post is strange, you should get the rewards dependent on the total upvote value, right?
The 30% beneficiary to @btc4content is used to sell HBD of exactly that amount and pay you in sats. So since you registered your v4v address, I am wondering why the balance is still 0. Maybe you withdrew what was there?

The 5000 sats in your xverse wallet have nothing to do with upvote value, I think this is only to tier you in either 5000 sats / 0,5 BTC / 1BTC corresponding to the 3 tabs.

In any case I think this frontend is not intended to be routinely used by Hivians, but rather by non-Hivians, as a tool to make them get used to blogging and earning and finally they may find their way to less buggy frontends like peakd :) If a Hivian switches to OBC for good it just means he exits 30% of his post value to BTC instead keeping it in the Hive ecosystem. It is his (or her) choice for sure, but curators will have a say in finding this a good behavior.

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Yes, @stayoutoftherz:

"That you get 1,09HBD for each post is strange, you should get the rewards dependent on the total upvote value, right?"

One of my questions, which I hope is cleared up, in the not too distant future.

"Maybe you withdrew what was there?"

New to publishing here on this blockchain, I am not sure what to make of this question. You can see everything in my wallet, just as I can. Right? It may help you to read my response to Starkerz above (although it appears you have been here on Hive for a long time?).


Thank you for stopping by and sharing your perspective. I hope we both have more clarity in the future, as we certainly understand it is still the early days of a work-in-progress.

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(Edited)

I meant with withdrawal not your Hive wallet but the LN wallet. But now some Sats are there, at least :)
And yes, I am since more than 7 years here.

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Okay, thanks for this clarification, @stayoutoftherz. But frankly I am still confused about why you were concerned about this, since neither you nor I can withdraw what has not first been deposited, right? And these deposits are made via the V4Vapp wallet, which we all can see?

Forgive me if I am missing something. Feel free to straighten me out, if so. I will not be offended.

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(Edited)

Very nice to find you are a Witness, @stayoutoftherz. That is an easy approval decision for me to make, as I am new and appreciate the partnership with others, as they become apparent.


P.S. If you have written about what you mean by "Stay out of the Red Zone," I welcome a link to it.

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Hi @qurk.top, I appreciate your constant feedbacks and patience to ensure that we have all things fixed.
I have been more focused on getting these bugs fixed and I haven't been able to reply, but rest assured I am working on those things you mentioned.
I will also take a look at why your lead image doesn't show.

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Thank you for letting me know, @breakaway-dev.

"I will also take a look at why your lead image doesn't show."

This is very frustrating to me. As I would assume you are aware, the lead image plays a role in whether another reader will choose to even open your post, let alone read it.

For your information, I made a change in the HTML code for the lead image. In the hopes of it resulting in the lead image appearing. As you and anyone can see, that did not happen.

The source of the problem?

  1. As I have indicated in my post, I use HTML code, not Markdown.

  2. Also, as you and anyone else can see, if you actually open my post to read it, the lead image and all other images appear just fine. It is only the preview we all see in Hive's communities where the lead image is gone.

  3. Whatever your code does, it renders my lead image invisible in other community views, as well. For example, I always use PeakD. Once published using One Bitcoin Club's UI, no one can see my lead image using PeakD either.

  4. Technically, it is incorrect to say there is no lead image, as we can all see your code did, in fact, pick one as lead image. It just so happens to be my divider image!? 🤷‍♂️😒

This is all I know to provide you, in the way of potential help in solving the problem. If there is something else I can do, please let me know.

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Thank you for the details process you explained in this article
Many will base their onboarding process off this mechanism

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(Edited)

You are certainly welcome, @oadissin. Thank you for stopping by and letting me know you found it to be of value.

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https://www.reddit.com/r/CryptoCurrency/comments/1jhebm2/update_one_bitcoin_club_a_workinprogress_right/
The rewards earned on this comment will go directly to the people( @blkchn ) sharing the post on Reddit as long as they are registered with @poshtoken. Sign up at https://hiveposh.com. Otherwise, rewards go to the author of the blog post.

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This was new to me, so I checked into it and found this:

Source: Reddit

There is an old saying, though, "It's the thought that counts."

Thank you for the thought!

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