I should have known better, as I’d tested this before, but darn it, I was sure that an entire Bitcoin (and change) would not get bogged down in the network for hours and hours. Now I know for sure.
I wanted to clean out my CoinBase balance because after all, 0.0007 BTC just sitting in my wallet for days and days is 0.0007 BTC that is not earning interest. So when I traded several million DVC for a Bitcoin, I had it sent to my CoinBase wallet so that I could then send the entire balance to my Inputs wallet, and from there to my CoinLenders account. My plan was to then purchase another 90 day and nearly 25 percent CD.
The exact amount I tried to send was 1.03016923 BTC. But it turns out that long string of digits to the right of the decimal point are just too complicated for the network to handle (at least in some cases). The amount of the transaction doesn’t matter; it’s the complexity. It didn’t used to matter but now it does. When this attempted transaction is done with its 24 hour limbo, I will need to send 1.03 BTC and leave the remaining 0.00016923 to not earn interest in my wallet. Grrr! But I guess I’ve had worse things happen.
Then the next day, after the transaction got dropped I tried to send 1.03 BTC to my Inputs wallet, and it too has gotten bogged down and will probably be rejected. Now what? What good is an entire Bitcoin just sitting in limbo? How will I ever get it over to where it can start earning interest? I sent an email to CoinBase tech support. They’ve had issues with transactions not confirming in the past. I hope they can solve this problem quickly. In the mean time, I think I will need to bypass CoinBase and withdraw directly to Inputs. Double grrr!
While I was waiting to see if this transaction would confirm, I spent a lot of time catching up on the DVC thread and one or two others on the Bitcoin Forum.
There are a few complaints which seem to recycle themselves. One is the ongoing complaint about the poor DVC to BTC exchange rate. It’s always going straight to zero and it always carries a host of ramifications such as writing for the Devtome is simply no longer worth it.
The next complaint tends to be against the idiot writers who just take their shares and immediately dump their earnings on the exchange. Why, it’s their fault that Devcoins are worth so little.
Next follows a few radical recommendations aimed at making it more difficult for those writers to earn. There’s the usual recommendation to pay writers based on page views or advertising revenue, and I believe eventually a portion of our earnings may be page view dependent. A brutal variation this time included only paying writers the amount of DVC they already had sitting in their wallets, essentially rendering those Devcoins worthless because they can’t use them for anything, not even to pay for something in DVC. There are the complaints that the computer programmers working on various open source software projects are being gypped by the writers who “just” put sentences together. The programmers slave away writing wonderfully useful and powerful code while the writers just churn out fluff.
There are the early writers who say they no longer write because it’s no longer worth it. They complain about all the new writers diluting their share value. They complain about the fact that one writer can earn up to 80 shares per round (that’s just too much). They complain about the direction the Devtome is taking. They complain about people publishing blog posts and stuff they wrote in grade school. Anything that was published elsewhere or previously written was already compensated in some way (even if not monetary) and therefore the Devtome earnings are pure gravy which is why the writers have no appreciation for it and just dump their DVC as soon as they can get them to the exchange.
And occasionally the recommendations get truly extreme, like today someone recommended the Devtome get shut down for a while in an effort to mitigate the devaluation of Devcoins–as if the Devcoins weren’t going to be generated anyway and need to go somewhere.
In all this it’s the Devtome writers who get insulted, as if we had anything to do with this sorry state of affairs. Everything is our fault. We churn out fluff–everyone knows that writing takes no effort whatsoever–, we get paid way too much, and we dump our DVC. We should be forced to hold it, they say. We should quit publishing so much. We should be willing to write and publish for free, and only start getting shares when we’ve proven our willingness to write for free. Otherwise we’re mercenaries.
What’s really frustrating about all this is not that I fundamentally disagree with any of the concerns people are raising. I actually have wondered myself if this opportunity where I get paid to write anything I want can possibly last. It still seems too good to be true. The frustrating part is that regardless of whether or not this system is sustainable, it is set up the way it is, with the opportunity for writers like me to get paid for writing about whatever we want to write about. This was how it was promoted to me and later explained. This is what I signed up for. I saw it as a wonderful, even if temporary, opportunity that I’d be stupid to not take advantage of immediately.
Other people, the ones who are doing the complaining, also saw the opportunity, and instead they decided it wasn’t sustainable so they didn’t want to have any part of it. Or, they didn’t want to continue having a part of it. Or whatever it was. But they are complaining about the way those of us who do have a part of it are benefiting, like because we’re not taking the higher ground and refraining, that makes us less than honorable.
I say hey, publish your complaints, and get paid for your effort at least. The opportunity is available to everyone who wants it. I sign up new writers. All I have to do is make sure they can write a complete sentence and that they are not a troll. If they meet those qualifications then they are in and can write to their heart’s content and get paid for every last letter.
I’m going to publish this little rant. Do I think it’s a great piece of writing? No. But it still pays, so to the Devtome it goes. If the Devtome ever wants to refuse to accept certain kinds of writing I’m totally fine with it as long as I know. The Devtome is the client, so it gets to decide. But in the mean time this rant is worth one generation share, which is usually right around 200,000 DVC.
I wish those who bitterly complain would at least allow themselves to benefit from the system while it’s the way it is however imperfect it may be. Rather than insult us writers who do take advantage, why not just join us and take your piece?
Read Frustrations on the Devtome!