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Loyalty Point Redemption Plan
First of all, we've designed this plan to minimize the amount of developer time needed, so we can focus these resources on HPC. This isn't our ideal system, but we've chosen this in order to get our HPC client out and HPC work online as fast as possible.
- Midnight Sunday morning, UTC-time we'll stop issuing new loyalty points on the "protected" pool. We will take a snapshot of the database at this time and use it to determine how many loyalty points each miner has earned.
- We will be creating a new pool for you to redeem your loyalty points on called "redeem".
- You will be able to see how many Loyalty Points you have on the web stats interface for the "redeem" pool. We plan on getting this online before the reward halving (Mon or Tues of next week) so everyone will be able to know with certainty how many LPs they have earned.
- Shares earned at this pool will be paid at the price floor rate of $0.00012427 PPS (note this is in USD, not BTC), as long as you have remaining loyalty points. Your balance will be denominated in USD not BTC.
- If you have used up all of your loyalty points, the web interface will display an incorrect balance for your account! Please stop mining on "redeem" when your loyalty points have been exhausted, it will be ugly for our accounting and we do not promise payment of these excess shares. We intend to credit these shares using an estimate of their value at 95% PPS, but these will not necessarily be credited by the following Monday. In this situation, we have sole discretion of how to estimate the earnings on these shares. Please do you best to stop mining on "redeem" as soon as you've exhausted your Loyalty Points.
- We will use an impartial method of determining a BTCUSD exchange rate. Initially, we will use the daily weighted price of MtGoxUSD using the data reported by bitcoincharts.com. If we find a better source of data or believe that bitcoincharts's data is no longer accurate, we will find another data source for the exchange rate and notify our miners of this change through the forums. Choice of impartial price source is at our discretion. (Currently we'll be using the most recent "Weighted Price" on http://bitcoincharts.com/charts/mtgoxUSD. Click "Load raw data" at the bottom of this page to see the value for Weighted Price).
- Payouts will occur automatically every Monday for all accounts with a balance of at least 1 BTC (at current exchange rate). User balances will be converted from USD to BTC at time of payout using the exchange rate described above. Users may request a special payout mid-week, and we'll use the same method of determining the exchange rate for conversion.
- Miners may put a payment hold on their account at their discretion, which will prevent them from receiving automatic payouts. These miners can request special payouts or ask for us to remove the hold at a later date.
Note:
- The 97% bonus will only be applied to "protected" mining. "redeem" pool shares will not be counted towards the 1.125M shares needed to get the 97% bonus, and redeem earnings will not receive this bonus.
First of all, we've designed this plan to minimize the amount of developer time needed, so we can focus these resources on HPC. This isn't our ideal system, but we've chosen this in order to get our HPC client out and HPC work online as fast as possible.
- Midnight Sunday morning, UTC-time we'll stop issuing new loyalty points on the "protected" pool. We will take a snapshot of the database at this time and use it to determine how many loyalty points each miner has earned.
- We will be creating a new pool for you to redeem your loyalty points on called "redeem".
- You will be able to see how many Loyalty Points you have on the web stats interface for the "redeem" pool. We plan on getting this online before the reward halving (Mon or Tues of next week) so everyone will be able to know with certainty how many LPs they have earned.
- Shares earned at this pool will be paid at the price floor rate of $0.00012427 PPS (note this is in USD, not BTC), as long as you have remaining loyalty points. Your balance will be denominated in USD not BTC.
- If you have used up all of your loyalty points, the web interface will display an incorrect balance for your account! Please stop mining on "redeem" when your loyalty points have been exhausted, it will be ugly for our accounting and we do not promise payment of these excess shares. We intend to credit these shares using an estimate of their value at 95% PPS, but these will not necessarily be credited by the following Monday. In this situation, we have sole discretion of how to estimate the earnings on these shares. Please do you best to stop mining on "redeem" as soon as you've exhausted your Loyalty Points.
- We will use an impartial method of determining a BTCUSD exchange rate. Initially, we will use the daily weighted price of MtGoxUSD using the data reported by bitcoincharts.com. If we find a better source of data or believe that bitcoincharts's data is no longer accurate, we will find another data source for the exchange rate and notify our miners of this change through the forums. Choice of impartial price source is at our discretion. (Currently we'll be using the most recent "Weighted Price" on http://bitcoincharts.com/charts/mtgoxUSD. Click "Load raw data" at the bottom of this page to see the value for Weighted Price).
- Payouts will occur automatically every Monday for all accounts with a balance of at least 1 BTC (at current exchange rate). User balances will be converted from USD to BTC at time of payout using the exchange rate described above. Users may request a special payout mid-week, and we'll use the same method of determining the exchange rate for conversion.
- Miners may put a payment hold on their account at their discretion, which will prevent them from receiving automatic payouts. These miners can request special payouts or ask for us to remove the hold at a later date.
Note:
- The 97% bonus will only be applied to "protected" mining. "redeem" pool shares will not be counted towards the 1.125M shares needed to get the 97% bonus, and redeem earnings will not receive this bonus.
nice customer, hope we can make business again.
