PPS nearly put some pools out of business with bad runs of variance.
I am not sure it is a good idea here where it can be much harsher.
It is a good thing that I am sure then.  While I do appreciate these concerns, it would be a mistake to think nonnakip and I haven't been discussing implementing NastyPool for years now. In fact, the reason why NastyPool isn't currently offering PPS is because nonnakip has been testing different payout algorithms against live data. That was actually one of the driving factors behind our mining lottery contest. The best thing you can do if you are concerned is to mine on NastyPool and help provide more data for testing. Rest assured of this... I will remain in communication with nonnakip and will continue harassing him repeatedly about the concerns and risks of NastyPool so that fans won't have to. We have had lengthy face to face discussions about the risks and I believe the quote I used to locking down a workable PPS formula was that it was like "catching smoke with your hands." That being said, we will not take a hands off approach to the payout formula used, and it will start off very conservatively. I don't want to let the cat out of the bag, but I think the NastyPPS risk will be minimized a great deal over standard PPS. At this point, I just hope for trust from fans. Once everyone sees the implementation, I urge you to analyze the hell out of what could go wrong. Don't think for a second that these PPS concerns aren't being taken seriously or that it won't be implemented in a responsible and safe way that will not harm NastyFans. |
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Hi, I'm looking for someone to escrow my prizes. I'm holding a contest and 3 winners will be selected by me. This means I will give away 3 prizes, 0.1 btc, 0.25 btc and 0.5 btc. I will start off with 0.1 btc, I will pm you as soon as I pick a winner. However, this could take a few weeks.
Could I do business with you?
No. I don't see any benefit to providing escrow for this scenario except adding a false sense of trust. If you're choosing the contest winners, then you could easily select friends or aliases as winners and that would undermine the escrow. It sounds to me like you need someone to build you a trustless lottery system. First off, don't make accusations before knowing anything. It's the first time I'm using escrow and yeah I forgot about the fact that you need to choose the winners (else it wouldn't have any point). There is no reason to become emotional about it. You asked if we could do business and I explained why I would not provide the service you are requesting. I turn down quite a few escrow requests for similar reasons. The only accusation I made was that you need someone to build you a trustless lottery system, which you should view as friendly advice instead of becoming defensive. I still believe that to be true, as your escrow agent certainly isn't going to choose winners of your contest. |
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It looks like Black Arrow is finally shipping. Hopefully BFL is not too far behind. Dear Customers,
We apologize for the lack of updates during the last few weeks; We have been very busy working with the factories to get your long awaited miner.
As you well know we have been shipping X1s for almost a month. In the last few days we began shipping X3s alongside X1s. We still have days until we finish all the queue.
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Hi, I'm looking for someone to escrow my prizes. I'm holding a contest and 3 winners will be selected by me. This means I will give away 3 prizes, 0.1 btc, 0.25 btc and 0.5 btc. I will start off with 0.1 btc, I will pm you as soon as I pick a winner. However, this could take a few weeks.
Could I do business with you?
No. I don't see any benefit to providing escrow for this scenario except adding a false sense of trust. If you're choosing the contest winners, then you could easily select friends or aliases as winners and that would undermine the escrow. It sounds to me like you need someone to build you a trustless lottery system. |
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Thank you for feedback.
So long I run it NastyPool will never stop as a public P2Pool node. The PPS-like payout method will be a separate feature available to nastyfans that have interest. OgNasty and me have many requests for this feature from miners that are bigger than all of us. The feature should help us get PPS-lover miners on NastyPool. And that means strengthening P2Pool. And that is our goal.
Just be careful about the level of risk you're willing to take... pools have shut down in the past when their luck made their pools a losing operation and weren't earning enough to cover their PPS payouts... =squeak= NastyPool is something that has been discussed over a period of years, not days. Many risks have and will continue to be carefully considered. The PPS payout method is obviously a risk, but it is a manageable risk, which is the best kind. I think when you see the actual implementation, you will see that the risk is being minimized a great deal more than some other pool failures that went the way of the dinosaur. |
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I'm still looking for one of these.  |
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Can we real time track our earnings?
It does update every 15 minutes. It also has a tab to login to the website and view your individual stats. |
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While this does not ensure they will not run away with the money tomorrow, it at least shows they are thinking in the long term.
I think that's because they take all your money up front, and then use it to manipulate the prices to make you think there is actually some value or demand there. There are so many fees involved in every action, trading on mpex is like voluntarily walking into quicksand and trying to grow taller to stay alive. |
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I ran a 120amp sub-panel off my main panel strictly for Bitcoin mining purposes. I have 12 dedicated 10amp outlets (actually 6 20amp outlets that are split) in my mining closet now. You can buy all the supplies needed to do it yourself for around $400 or you could hire an electrician to do it for just over a grand. |
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Thanks for the suggestions. I have messaged 4 out of 5 of the list.....no response =/
I'm always available for future requests. |
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Does that coin even have any tamper proofing on it? Laughable that they're claiming to be the first. Looks to me like they're pretty damn far behind the curve...
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I am looking to buy $50-$100 worth of amazon.com gift codes. I will pay 80% @ bitstamp rates. You will have to send first. I will pay once I have used the gift code (should only be an hour or so unless you send while I'm asleep).
PM me.
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Awesome coins. Been a longtime lurker of this thread and finally decided to pull the trigger.
I'm tempted to buy the #21 error coin just because it looks like he spilled mustard on his suit.
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Looking at the donations page, I see a couple entries of what appears to be doubled entries...
Block #311485, and #311660...
Each have their regular entry as normal, and are matched by an additional entry for each, with the same timestamp, and the same BTC amount, but no block listed...
Would you guys mind going in and checking out to see that donations are being accurately reflected, and what the cause of those apparent duplicated entries resulted from?
=squeak=
I'm guessing it has something to do with the new NastyPool proxy testing. Thanks for reporting. |
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This looks like a fun community, but I am confused. This post is inviting us to join your p2pool node, which doesn't need an account to join. That's easy enough. However, in order to check our stats we need an account. That's fine, but then I see the following in your policy: - a account is a member of and has membership in nastyfans if at least one seat is owned
- non-member accounts are automatically closed after thirty days
Then I check your about nastyfans page and read the following: How can I become a fanclub member?
You must own a membership seat in the fanclub. nastyfans has 25,000 membership seats. There are no more available but you can buy a membership seat from a existing member. I guess this is just that the wording in the site is simply confusing matters but I just want to make sure that the accounts that are created for mining purposes won't go inactive simply because the owner may not own a membership seat (after all, there are no more available). You only need to purchase a seat if you want to enjoy the additional bonuses (weekly distributions, voting rights, eventually better stats, & mining lottery). If all you want is to view basic stats/graphs and mine with 0% fees, you do not even need an account at nastyfans.org. All you have to do is find your BTC address in one of the below links. Also, you could mine without an account and if in the future you decide you do want to claim your lottery tickets, you can by opening an account and registering your address. You will then receive any lottery tickets that were earned prior to signing up. Statistics: Miner Hashrate Charts |
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I worry that another poll will need to be made to re-increase the amount pointed at debt repayment if it starts to take too long.
That won't happen. If anything, we've been paying way over the 25% of mined coins that were agreed. When an automated system gets put in place, it will only pay 25% of mined coins. Any coins generated from minted seats, donations, or the pool, will be distributed normally so that NastyMining can rebuild BTC holdings. The only thing that rubs me the wrong way with your explanations is bringing in the USD conversion rate. What the conversion is now, compared to when the loan was made should have no bearing on anything. As I doubt you would double the amount of BTC returned to them if the conversion rate was to drop to $50/BTC. But as you mentioned you have no intention of forcing people to accept less BTC then lent, so I hope the lenders are still feeling okay with their involvement.
The USD conversion rate very much exists. Fact is, we took lended funds and dumped them into orders denominated in USD. That very much has a bearing on things. For example, there isn't a legal entity on the planet that would recognize the amount lended in BTC and not USD. As the largest lender to the organization, I take that into account. Considering the amount of funds that I lended were so much lower in value than what I am owed today, I would happily accept much less in order to be repaid and see a substantial profit in USD. I didn't lend funds to NastyMining at 0% interest to make 10x the fiat value, I lended to help the organization. Perhaps I am alone in this thinking, which is why I am not forcing anything. However, every time this comes up I will state that I am the largest lender and am willing to take a significant reduction in BTC owed in order to accelerate the payback. Perhaps some of the other lenders will start feeling as I do and talks can begin on how to handle this issue in a way that satisfies everyone's best interests. Your example of the BTC drop isn't as drastic as the real situation. I believe that if we were lended BTC at $100 and the price fell to $10 after orders had already been placed, something would have been done to try and make the situation right. That is part of what makes this organization so great. We aren't out to screw people like others who offered fixed MH/s rate bonds when I started this. Remember that there was a time when people were on the fence whether to buy a NastyFans seat or a 1MH/s fixed rate bond for the same price. It has always been good faith that kept this organization alive, and I don't believe I've ever done anything to damage that faith. My opinions about the debt are just that, my opinions. At no point have I ever made any proposal or tried to intimidate anyone into accepting less than was promised. I simply think that if everyone looked at the risks/rewards, they might be willing to accept less in order to accelerate the repayment process and I have no qualms about being open and honest about the risk or delay in waiting for full repayment. I am also not suggesting that the debt be repaid according to the USD rate at the time it was lended. I am merely stating that an agreement with all lenders on a reduced BTC amount would allow everyone to see gains in USD much faster. It should also be noted that my opinions on this matter are being solicited, and I am not proposing any change to the current repayment of debt. |
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Do you plan on taking out more loans in the future?
It would be great if we never needed another loan. Saying you can take 100 years to pay back, or saying you will have to ask the debt holders to "make some concessions" seems kind of counterproductive. If NastyMining will need to purchase the next gen miners you would think these kinds of statements (however true) will sour some on the idea.
I have no intent to mislead anyone. I will continue to be honest about the situation and present things as they are and not how I would like them to appear. With the rise in BTC, lenders who have been paid back thus far have received nearly 10x the amount lended in USD, which the lended funds were converted to upon receipt. As the largest lender, I would much rather see everyone accept less in BTC across the board so that we can all realize USD gains quickly as opposed to having to wait possibly years and deal with uncertainty. I would think that most lenders would agree, but I have no intention of forcing people to accept less than the BTC amount lended, even if continuing to wait is not in anyone's best interests. I suppose more information on this debt market would be interesting to read. But in the end if the person who loaned NastyMining 20 BTC doesn't get back their initial investment of 20 BTC, I can't imagine future loans will be so easy to receive.
It is just a thought at the moment, but the thinking is pretty simple. Lenders would receive 100 NastyCredits per BTC owed. The NastyCredits would be bought back with 25% of the mined coins at 0.01 BTC each, starting with the oldest credits issued. Lenders would be able to sell their NastyCredits or hold them until they receive the full BTC lended. This wouldn't alter our current agreements at all and would add the ability for lenders to resell debt, as well as receive smaller payouts instead of waiting for the entire loan balance to be repaid at once. It would also establish a debt discount that would price in any future debt offerings using the free market as well as keep us operating with lended funds receiving 0% interest and give debt investors a new way to realize potential BTC gains. |
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I have recently got caught up (at least some) on this thread and NastyFans/NastyMining etc.
I do have a couple of questions that Ognasty or someone else who is better versed than me on the matter could answer:
1. What are the current total of BTCitcoin debt/liabilities of Nastfans/Nastymining?
2. What is the plan to pay off that debt over time? (reason I ask this is that if Bitcoin has another 10x jump the liabilities may be too far gone to actually pay off in bitcoin terms).
3. If the last part of #2 happens, what is the plan? How do you service the debt?
Thank you in advance for the information.
Aloha
1. This info in the the OP. NastyMining currently owes 289 BTC (130 BTC already repaid) and we are still awaiting 90% of the ordered hashrate. 2. Here are some recent comments I made on the debt situation: The fact is that our debt has increased far faster than I had imagined at the time. However, I structured our debt so that this would never be a killer of the operation. In the loan it says that 25% of our mined income will go to debt.... The debt we hold is the best debt you can have in the world. It is 0% debt with no timely required payments. Basically, if we wanted, we could take 100 years to pay back this debt and it would be perfectly within our agreement. That being said, I am the last lender to be repaid and do have a personal interest in this debt being repaid while I am still alive.
3. Servicing the debt is easy, as mentioned above. This debt will never crush the organization or bring it to a standstill. However, without some concessions by the debt holders, this debt will take an extremely long time to repay. In order to turn this into a positive thing, I have discussed with nonnakip, a plan to allow for a debt market. This will allow debt to be traded back and forth, which will enable original debt holders to sell and receive BTC as well as allowing others to purchase debt, perhaps at a discount, to be made whole later. I would also like to add that I am the largest single debt holder, and I would be open to reducing the BTC amount owed if an agreement could be reached with all debt holders across the board. |
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How many user are mining or block found or any total hashing amount? Links?
It is a P2Pool node, so we are finding blocks on average about every 22 hours. The size of the network is currently 955TH/s. You can see links to our P2Pool node in the OP, or you can view the network here: http://p2pool.info |
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