Bitcoin Forum

Hej guys, since there is clearly alot of doubt / discussion about this i would like to explain it once more in this thread.

How does it work?
Every time a block is found, 1% of the block goes back to the pool, the redistribution is as follows:

    User1 registers on his own, his part of the 1% fee goes to the pool and is redistributed to anyone via the weekly jackpot.
    User2 registers using the link of User1, his part of the 1% fee goes to User1.
    User3 registers using the link of User2, his part of the 1% fee goes to User2, nothing goes to User1
    User4 registers using the link of User3, his part of the 1% fee goes to User3, nothing goes to User1 or User2

There is no limit to the amount of users that can be part of your minipool.

Conclusion: There is no downside to joining someone else's minipool, while you have a lot to gain from starting your own minipool!

PS: This system lacks all the required items needed to be called a pyramid scheme, since there is no-one at the top, and the top layer has no advantage over the bottom layer.

PS2: It is strange that there is so much fuss about a 1% block fee redistributed to the pool, it seems that some of you would like the pool to keep that fee, full stop.


-edit-
This topic is now locked... Let it fade away in our memories :)

It is amazing how much people resist this pool...The intelligence of the user base here is less than impressive.

First they ignore you, then they laugh at you, then they fight you, then you win.

Ponzi scheme ? Pyramid ?


Short answer is "none".

Amazing, how 0.000 BTC for the guy who invited you, can be so hard to accept.
Go and mine in some other pools and then come back, and mine at same speed and time with us. Lets talk after that. :)

Have fun, do note be greedy! 


 

Why would I want to mine with a 1% fee?
The best way to maximize your earnings is to mine at a 0% pool like bitcoins.lc, and use a pool like triplemining.com only for the referral link.

That way you get free money from suckers who join under your link,
but you don't have to pay a 1% fee while mining yourself.

I don't get anything out of paying the 1%. For every 100 BTC I mine, I get 99 at triplemining and 100 at BTCguild or bitcoins.lc

Referrals can just be used as serfs while you do none of the mining, that's what I'd do. If I was cheap enough to spam a link all over the forum to get 20 cents of cash a day.

Well you could also join as a statement of not having the top 3 pools have 80% of the network.

And deepbit actually takes 3% or 10% when you choose PPS.

Also, with triplemining if you actually mine you have also the chance of the jackpot that would make more then up for the 1 BTC that you loose in the 100 that you make.

FTFY

There are large pools like bitcoins.lc that take 0% and even redistribute the transaction fees back to miners.

Just mine there, and make a shell account at triplemining.com & recruit newbies to work for you.

In the long term you make more profit (discounting a jackpot that you might or might not win) with this method.

Of course, it makes no financial sense to mine yourself on the pool,
but as long as you don't let the refs know this you're safe. They'll keep mining for you while you're at a 0% pool

I make around $1.35 per day from my referrals. Please point out my spam, good sir.

It seems amazing to me that people are so concerned about a 1% fee, and spend so much effort trying to circumvent it without realizing that their actions doing so weaken the system as well as destroy trust between the community.  This level of absurd greed and selfishness needs to be purged from the marketplace. 

Seriously, what's wrong about using the system as it was intended and spending a bit of time referring others to make up for the 1% fee you pay if its that big of deal to you?  This way you both make more than you would otherwise, don't cheat the system, and contribute to shared success.  Triple Mining is the most fun pool I've yet to come across, and I'd like to see it succeed. 

Those who abuse the honor system now will simply be ostracized from the marketplace when reputation companies hit the scene.  Enjoy your greed now, but know that we do not support you.

Not you. From what I gather you have the biggest amount of referrals on the network

I'm talking about individuals who stick their links into any possible field of text as long as it's readable
& make topics about their ref links and use gigantic banner ads with some cartoon aliens in it

This. Exactly. I gave up trying to convince people this pool is a pyramid scheme, it's their problem if they want to be scammed. But I respect you for trying nonetheless.

Why is paying a 1% fee "being scammed", especially when there is no fine print or obfuscation going on here?  If you're paying a 1% fee, why should you care if those funds go to person who referred you rather than just to the pool itself?  Does the destination of this 1% fee by itself somehow change the nature of the pool?

This perspective is obviously pure lunacy - if you don't want to mine with Triple Mining, go to another pool or just go away.  Your misinformation is not wanted.

I have no ugly looking aliens  in my pool nor in my posts  ::)

It's not a scam or traditional pyramid scheme because the site owner doesn't get tier 1 referral profits from anyone.
Only the minipool host gets part of the fee. So the owner has good intentions in that sense.

It just doesn't make sense financially if you have 10+ghash capacity.
Unless you just bring in referrals & never mine yourself, in which case it's just free income at zero risk.

The 'sucker' left holding the bag is the small miner who is just another brick in the wall enriching the person who introduced him. He is paying to mine, a concept that is diminishing with newer pools. There are more free pools than those taking fees.

Giants like deepbit are the exception to the rule. You pay them for practically zero variance

With Triple Mining, you do not gain income from your minipool if you are not mining yourself as well.  Additionally, you can never gain more than double the income you are personally generating through mining with Triple Mining through your minipool.

The solution Jack is suggesting simply will not work.  The pool op has seen to that.

I have the third biggest minipool at the moment. It jumps up and down a lot.

Well, in that case I agree. I agree with the critics on two points:

1. People are spamming their referral links, and this is bad for both the pool and the Bitcoin community.
2. This is a pyramid scheme.

However, #1 isn't the fault of the pool, but its membership. And #2 isn't necessarily a problem, as it is completely voluntary to participate in. I have no problem with pyramid schemes as long as everyone is aware that it is a pyramid scheme, although apparently a lot of my fellow Tripleminers seem to have a hard time accepting this fact.

Wrong, since the system doesn't care about your mining power proportional to those in your ref. chain, you can just leave an old CPU miner in the pool

or even use a free cloud computing site & assign a processor with 1% affinity to the pool, so that it still gets a few khash/s and submits shares every few hours + you never get banned off the cloud because your usage is so low

What ever happened to that 50 GH/s by July 5th thing?  Did any of the Top 5 teams get paid their 1 BTC or their PPS portion of the other 5 BTC?  Are we waiting on the next block to be found before it gets paid out?

I've heard absolutely nothing about the contest since it ended.

@Jack: Then it seems that the pool op needs to enforce the 'triple' rule that was implicitly included in the pool information.

@Zombie: We didn't attain 50Ghash/s before July 5th, by any timezone.  That, and on July 5th the Ghash/s of the pool dropped below 50Ghash/s at least twice that I know about.

@CNMOH: According to wikipedia (https://secure.wikimedia.org/wikipedia/en/wiki/Pyramid_scheme), "A pyramid scheme is a non-sustainable business model . . ."  By the first few words of the definition alone it is clear that Triple Mining is not a pyramid scheme because it is completely sustainable.  Were the referral structure created in such a way that the system would not continue to function unless new referrals were brought in, then I would agree with you.  But this is simply not the case.

We didn't reach 50 GH/s before the fifth.

 ::)

God you are fucking dumb. Thank god the majority of people are so fucking gullible and malleable. How else could we make undeserved money...

Don't pay attention to Artefact - he runs his own pool and thus runs a tidy business of libeling other pools with misleading and inaccurate information.

You do have a point, but it has some characteristics of a pyramid scheme.

True; I never denied this.  But Triple Mining lacks the very things that make pyramid schemes scams, such as unsustainablilty, an actual 'pyramid' structure, the main source of income being referrals, etc.

My wife works for a major bank and they offer her incentive to refer others to come to work for her company.  If her referral gets hired, she gets $75.  If they pass training, she gets another $75.  If they stay on for 6 months, she gets another $75, and if they stay on for a year she gets another $75.  But you certainly couldn't argue that this banks incentive for current employees to refer new employees is a 'pyramid scheme'. 

Triple Mining works very much the same way, other than the variance of referral payments based upon the actual amount of work the referree brings to the table. 

I'm definitely not claiming it is a scam.

The difference between your example and Triplemining is that the $75 referral incentive does not come from somebody else's paycheck. Again, I see no problem with this, as it is all voluntary, but it does have certain characteristics of a pyramid scheme.

You could say it's a 2-level pyramid.  But by my reckoning, that's a pretty half-assed pyramid.

Pyramid or not, all the topics, plugs and annoying blinking banners sure makes it annoying. Let people decide on their own which pool they want to use and stop bugging us about this particular one. If it's that fantastic, I'm sure its time will come.

Thank god he has a motive and isnt really that stupid.

What characteristics? The fact that there is a referral incentive? If incentive = corruption, capitalists and people who actually make money are in for quite a rough life.

The fact that people join in an unknown person's downline and he gets money from their work without doing anything.
The person joining benefits nothing while the referrer earns from his work.

Same thing with MLM schemes; You recruit people to sell useless crap, while selling none of it yourself; They work for you.
Except with triplemining, they *pay* to work for you.

As in the example above, for every 100 bitcoins you'd mine at a 0% pool, you are recieving just 99 BTC at this pool.

For every 50 BTC found, you get 49.50.
The 0.50-1 BTC goes to the person who referred you. You are giving him money for mining.

Sure, in this case people don't deposit money. It's definitely no ponzi scheme because nobody is 'out' of anything (except that 1%) if new members aren't recruited.
But the ones already in the system lose every day.

"Who cares because triple mining is fun, 1% is nothing" seems like a lame excuse for taking someone's money. If the person you referred wants to make back that 1%, he either needs to recruit even more members to the pool so he gets something, or hope to win a "jackpot".

BTW: You stole that banner from Panda, lol. You even leeched off his photobucket account. But I guess parasites will find a shortcut for everything

I bet that when you go out with your friends you allways split the bill and complain that you only had a water.

The times I remember the pool dropping below 50 GH/s were due to DoS scenarios where workers were unable to connect to the pool servers.  This hardly seems like any fault of the miners'.  Whether we hit 50 GH/s before July 5th or not, I would have appreciated hearing this from MrSam or some notification on the site itself.

I noted on the other threads that a compensation is coming up for that, i'll try to communicate better next time :/

Not really. I insist to pay the bill usually.

Your pool expects all the diners to tip the guy who introduced them to the restaurant, because it's "fun" and "we're supporting a smaller restaurant".
Except that guy doesn't represent the restaurant. You are supporting him personally; Not the owners of the place.

It only makes sense for the guy getting free money for nothing.
The other people are paying to do something that ordinarily doesn't cost anything. Everyone loses except the referrer.

Its less about 'tipping the guy who introduced them' as much as it is paying a tiny bit more for your meal to allow the restaurant an advertising budget.

If you were a restaurant owner and you wanted people to come to your restaurant, you could either: A) advertise, paying someone in advance to attract business to your establishment, B) offer a discount or incentive to those who refer new customers, or C) yell and scream until your face turns blue.  The advantage of B is that you don't have to pay until new customers are attracted, and you pay directly in line with how much those customers buy.  To be more specific, by the restaurant owner offering incentives to its current customers to refer new customers THEY are arguably the main beneficiary. 

But, because the interactions are voluntary and people wouldn't participate if they didn't feel that doing so benefited them, it is actually beneficial to all three parties involved.  If it wasn't, nothing is forcing them to participate.  If you don't want to participate, don't.  But you're actually doing a disservice to all three parties by continuing to rant about why no one else should participate.

This is where you are fundamentally wrong, everybody has to tip.

And I soly choose to distribute tips amongst people that worked and got new customers.

The money of the miners does not go to the parent, everybody has a 1% , and i distribute it to my the pool owners(and the jackpot)

But if you really feel so bad about this i can set up a seperate account for you where your fee goes directly to my account.

I'm sure that if i combine that with the amount of fee's i get from the block (0.02 so far), i minus all the incentives i have done (20 BTC) i could have the server running for another .. euh nothing ?

No pyramid involved.

People voluntarily take part in ponzi schemes all the time.
People voluntarily gave Bernard Madoff billions of dollars.

Just because it's voluntary doesn't mean they don't understand they're getting ripped off.
TM used to advertise with the slogan "triple your mining income", that probably fooled a lot of miners new to bitcoin.

Nothing of value is lost by educating people about the risks of joining something they will lose money to.
1% of your earned bitcoins is still a loss.
It doesn't support the site or it's hosting fees, it supports a random parasite who had enough coverage for his link for it to be noticed by anyone.

The fee doesn't go into growing the site's advertising budget or running costs.
It goes to someone spamming forums with banners and links as long as it yields a few cents.

This is nothing against you or people recruiting their friends & random people online. More power to you; You're smarter than the guy who joins under you; You deserve every penny and I commend you for that.
I'm just telling the bag holders how things are.


1.   1% tip of a 0.5mhash CPU miner is nominal at best, and costs (for all practical purposes) zero if you run it off a site like Amazon cloud

2.   No, as I said, you're smart. So is everyone gaining free money off this (negligible amounts, but still).
I'm just educating the people who end up paying for it. Most wont be reading this topic anyway so your profits are safe

and when does he pay? I am waiting 2 Days...

No block has been found the last two days.

I feel that you are reflecting this to much on your self as in not wanting to be the 'very bottom layer' with no own minipool, that shares %1 of his income to a dude he does not even know.

There went a great deal of tought into the setup, and i felt that it was the right thing to do, i didn't want to be the next best pool and i don't like the idea of a real pyramid with infinite layers either.

My general idea was that, since i allready have servers for other purposes that instead of taking a fee myself, it would be cool to redistribute that income. For me that would mean free advertisement (i mean look at the forum, banners everywhere). And nobody looses ?

Well thats what i tought. Now all kind of conspiracy theory's are spinning up, saying that this whole thing is a scam.

I'm going to try and convice you one more time...

Forget the 1% fee, think for yourself that it goes to me, subscribe directly on www.triplemining.com and nobody will ever get a comission on you.

Apart from that, our pool has the best block acceptance rate of any other pool. i will bet you now 1BTC that if you mine on my site for 24, and then the same on any pool of your liking that you will have more valid shares, and have earned more. How's that for your 1% loss ?

Statistically everyone has the same procential chance of finding a block, the only variable is time. Although time can be a psychological factor in considering what pool to mine with, the results are the same all ove. My pool is no different in that respect.

http://i55.tinypic.com/b7kjf6.jpg

:D

Ok...so how is it a ponzi scheme or pyramid scheme? You cant just apply negative words to things and call it correct context. Hey, I think spiders are all hyperinflation...See how it doesnt make sense? You cant say, "Oh there is a viral marketing angle to this business, it must be a pyramid scheme".

I have never been so sure that this forum is a bunch of high school and college drop outs thinking theyre entrepreneurs for buying overpriced computer hardware to create $100 in passive income in an asset that is topping out.

Back to spamming...
Parasites  ::)

:facepalm:

Looks like tiered referral systems are a little bit out of this guys mental range... ::)

The Association Fallacy runs deep in this one  ::)  ::)  ::)  ::)  ::)  ::) ::)  ::)  ::)  ::)  ::)  ::) ::)  ::)  ::)  ::)  ::)  ::) ::)  ::)  ::)  ::)  ::)  ::) ::)  ::)  ::)  ::)  ::)  ::) ::)  ::)  ::)  ::)  ::)  ::) ::)  ::)  ::)  ::)  ::)  ::) ::)  ::)  ::)  ::)  ::)  ::) ::)  ::)  ::)  ::)  ::)  ::) ::)  ::)  ::)  ::)  ::)  ::)

I dearly hope the bitcoin community isnt this dumb, or else it will surely fail soon :)

Just wrote that in the post you quoted. Maybe you should read.

Nobody said it's a ponzi. It's not.
As CNMOH pointed out it does have characteristics typical to a pyramid scheme though.


Triplemining is not tiered. Only the direct referrer gets anything.
Tier 2 and below refs don't earn you any income despite being in your downline. Are you sure you even understand how your own pool works?


I get about $140 per day mining currently at 15ghash, give or take because the price keeps swinging.
If you take a look at most small pool stats you'll notice my username in many of them. Giving everything a fair chance.

Nothing against this pool or it's owner. The discussion is about the idea behind triplemining being a pyramid (yes) or a ponzi (not).


Even if it's a pyramid at some level it doesn't mean the owner is doing anything wrong.
It's one business model among others. Nobody is forcing anyone to join. Some people like pyramids and some don't.


I hope everyone doesn't start stealing bandwidth and images from other people's photobucket accounts, or there wont be any free image sharing to begin with.
Though I'm sure a born parasite such as yourself doesn't find anything wrong in "piggybacking a little traffic from a fellow miner".

Will, update your damn sig.  Please.

Here we go again :

Block Quest Spirit Lifter: So we're looking forward to that third block. To lift everyone's spirit a little, we have decided to DOUBLE ALL MINIPOOL REWARDS when the block is found.

For those of you who are mining solo, we have a special treat too! When the next block is found we will give away 1 BTC, distributed to solo miners based on share count.

Whatever the motives are for the nay-sayers, be they genuinely concerned, or having some other reason, the proof of the pudding is in the eating. For me, much less stale shares, an admin who takes it upon himself to implement feedback suggestions and offer different angles (jackpots, pool challenges, rewards, etc) can all be judged by the miner for themselves. Reading about all of the supposed pros and cons of triplemining gave me a headache - and I would consider myself fairly savvy. For the newcomers, simply try it out for yourself and compare it to the other pools in terms of BTC earned, stale shares, community feel, and intuition.

I couldn't agree more.

This is good news!

Now we need some serious miners to cross the 60Gh/s and go after the 80Gh/s. No need for **** diggers!
Join us (https://Krokodill.triplemining.com/register) and lets dig some coin.

Cheers!

The positive spin is: as long as you refer someone with more ghashes than you, you have nothing to lose and all to gain! (compared to 0% fee pools)

Hey guys wolf902 here.
Recently after mining at deep bit quite a lot i had stumbled upon triple mining.I had to Ask my self this, you should ask your self this as-well.
Do you want a more efficient pool and to mean something in the bitcoin industry?

Well then if you answered yes, Join up! Tons of benefits,jackpots,and every block found is distributed to all users. In addition, an extra bonus can be returned to you through our weekly jackpot where all accounts are treated equally and have the same chance of winning the jackpot.

We recently found our second block which is distributed evenly to all workers mind you. There is word that our third block is on it's way.

The link is here https://wolf902.triplemining.com/register

Sign up and your good to go. (Don't forget to make a worker! This is in your account. The username and pw you use here is what you use when mining.)
here is GUI miner
https://github.com/downloads/Kiv/poclbm/guiminer-20110701.exe
select server as "Triplemining"
Enter username and pw matching your worker.
Start mining!

Any questions please PM me or post here! I will answer them to the best of my ability!

YOU HAVE TO BE AN ACTIVE MINER TO BE ENTERED INTO THE JACKPOT!

im confused, title says 60gh but the site says #49   Team Wolf902   Dirt cleaner   100 MH

He means the pool itself is 60 GH/s.

Correct. The pool as a whole is what matters to finding the next block.

 :o

I put a stop to that... I changed it to the following, and now he's using someone else's banner (albeit own server now)
http://i1222.photobucket.com/albums/dd492/PandaMarketer/tripleminer2.gif


I know what you mean, but there's just too many threads on the pool, with duplicate content, that it's hard to know the defacto place to find your info. (is that how you spell defacto?)


LMAO.  Who's a parasite? *chuckles*

Yeah, don't give them any credence!