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Author Topic: [DOWN] Bitlc.net - P2SH, No invalid blocks, Custom payouts, EU, 0% fee, LP  (Read 170773 times)
Jine
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May 27, 2011, 04:30:00 AM
 #1

Please read the latest press release at http://www.bitlc.net

https://web.archive.org/web/20130302231015/https://www.bitlc.net/

--
Bit LC Inc.

Previous founder of Bit LC Inc. | I've always loved the idea of bitcoin.
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May 27, 2011, 04:32:28 AM
 #2

Welcome to Bitcoin.

Where are you making money, then, if you have no fees?

How are you determining how much to pay each miner?

15UFyv6kfWgq83Pp3yhXPr8rknv9m6581W
Jine
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May 27, 2011, 04:46:13 AM
 #3

Thanks!

Our business plan is not to make money of poor miners, they have have to do all the hard work anyway and pay the electrical bills - don't you agree?
This is why we're opening a trade/sell/buy market soon, we think that it's better to provide a free service that people will use for the long term, then to make a lot of money right now.

Just like Google Smiley Free services for the people!

The payouts are calculated based on the number of shares the users has contributed with.
As we don't have any income or "buffer" right now - this is the only way thats fair and works, without tricking people.

So, when a block is solved, the miners will get credited with the correct amount based upon the number of shares him/her has contributed with for that specific block (this is done automatically of course).

I'm a little tired at the moment (the time is 06:42 here in Sweden).
So I'm sorry for any typos and/or similar.

And by the way:
Current hash rate in plain text: http://www.bitcoins.lc/hashrate

--
Regards,
Jim Nelin

EDIT:

We're not aiming at becomming the largest or most powerful pool for Bitcoin - Only the best.

Previous founder of Bit LC Inc. | I've always loved the idea of bitcoin.
Jine
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May 27, 2011, 05:46:05 AM
 #4

We're experiencing some (well, no... alot) problems with the hash rate calculation.
Something was terribly wrong with the code.

EDIT:
The problem is located and we're working on a fix.
Stay tuned!

Previous founder of Bit LC Inc. | I've always loved the idea of bitcoin.
Dobrodav
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May 27, 2011, 06:20:07 AM
 #5

Well, nice interface and excellent ping from my location.
Will give it a try.

We will  meet in not-so-distant future.
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http://www.youtube.com/watch?v=V8mCgjbBPMk
Yesterday`s  strange music:
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Anonymous
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May 27, 2011, 06:35:42 AM
 #6

*Sell / Buy market, with credit card support.

You are brave....
torbank
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May 27, 2011, 07:54:09 AM
 #7

Off to a good start.

Nice design.
Turix
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May 27, 2011, 09:19:19 AM
 #8

Throwing about 400Mhash/s your way, lets see how this goes Smiley

Edit: I assume the following is being recorded still even though it isn't displayed?

Current round started at    TBA
Current round duration    TBA
Shares for current round    TBA

YinCoin YangCoin ☯☯First Ever POS/POW Alternator! Multipool! ☯ ☯ http://yinyangpool.com/ 
Free Distribution! https://bitcointalk.org/index.php?topic=623937
Bwincoin - 100% Free POS. BSqnSwv7xdD6UEh8bJz8Xp6YcndPQ2JFyF
BitLex
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May 27, 2011, 09:50:27 AM
 #9

i talked to Jine earlier cuz i was confused about the Shares for current block vs Shares for current round (or round duration, which actually was duration on current block),
that's why he replaced the obviously wrong values with placeholders.

guess all shares are stored anyway, so it'll only affect the stats-display, 'til he worked it out.

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May 27, 2011, 10:09:39 AM
 #10

I'm interested in joining.  I have 2Gh/s atm and will have a total of 4Gh/s next week.

I've pointed 800MH/s at it.  Your hashrate estimate is way off!  Showing at 15MH/s atm...it is going up however.

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May 27, 2011, 10:20:36 AM
 #11

I'm interested in joining.  I have 2Gh/s atm and will have a total of 4Gh/s next week.

I've pointed 800MH/s at it.  Your hashrate estimate is way off!  Showing at 15MH/s atm...it is going up however.

It's a 30 minute average value, basically it takes the count of shares you submitted in the last 30minutes and works out your hash rate from that (1 Mhash/s roughly equals 1 share every 72 minutes ), so give it up to 30 minutes before the values are at all respective and even then it will be based on your miners luck and might vary by up to +/- 50 Mhash/s.

YinCoin YangCoin ☯☯First Ever POS/POW Alternator! Multipool! ☯ ☯ http://yinyangpool.com/ 
Free Distribution! https://bitcointalk.org/index.php?topic=623937
Bwincoin - 100% Free POS. BSqnSwv7xdD6UEh8bJz8Xp6YcndPQ2JFyF
timmmay
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May 27, 2011, 10:32:26 AM
 #12

I'm interested in joining.  I have 2Gh/s atm and will have a total of 4Gh/s next week.

I've pointed 800MH/s at it.  Your hashrate estimate is way off!  Showing at 15MH/s atm...it is going up however.

It's a 30 minute average value, basically it takes the count of shares you submitted in the last 30minutes and works out your hash rate from that (1 Mhash/s roughly equals 1 share every 72 minutes ), so give it up to 30 minutes before the values are at all respective and even then it will be based on your miners luck and might vary by up to +/- 50 Mhash/s.

Ahh yes of course!  I'll report back later then Smiley

lizthegrey
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May 27, 2011, 10:58:06 AM
 #13

Cool, IPv6 is awesome. Threw 55Mhash at you. P.S. are you accepting stale shares? I see:

27/05/2011 06:54:07, 72aebf59, accepted
27/05/2011 06:54:26, 801036f9, invalid or stale
27/05/2011 06:54:26, long poll: new block 00000652fec7eb65
27/05/2011 06:55:31, 3de79218, accepted                     
27/05/2011 06:56:17, long poll: new block 00002114a002d0de 
27/05/2011 06:56:51, 42fee9a3, accepted                     
27/05/2011 06:58:11, cced8b39, accepted 

but in admin interface I see Shares: 5 / 5
Turix
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May 27, 2011, 11:09:31 AM
 #14

I think the hash rate calculations are in fact falling a little short, just did the maths myself.

I currently have 168 shares showing for the last 30 minutes and a hash rate of 317.33 showing, where as the calculated one in my miner is just under 420. Now as I said above there should be some variance in the number of shares which is fine, but I think the maths for turning shares -> rate is off Wink

To work out the number of shares 1 Mhash/s will calculate in 30 minutes:
( 1 / 72 ) * 30 = 0.4167

Then we divide that by the number of shares we have generated to get our actual hash rate:
168 / ( ( 1 / 72 ) * 30 ) = 403.2

This is much closer to my actual value and checking it against my range of shares submitted as it moves it seems to fit within the +- 50Mhash/s pattern that other pools seem to give me based on shares.

Edit: I presume payout is based on the proportion of shares submitted and not the actual speed, hence the above has zero effect on your earnings from this pool, it is simply an atheistic oversight.

YinCoin YangCoin ☯☯First Ever POS/POW Alternator! Multipool! ☯ ☯ http://yinyangpool.com/ 
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ChaosFox
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May 27, 2011, 11:13:50 AM
 #15

Hmm, interesting, going to point my miners for today at you and see how it goes.  Grin Been missing a pool with instant payout option that is NOT Deepbit and works well with all my miners.

If you liked what I said: 1Chaosb1cafG3RYPhdFF8BMmQHZuuxmJY

The Fading Fox
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May 27, 2011, 12:23:02 PM
 #16

Yup, im in, looks good, like it, in europe too by the looks of things Smiley

only 800mh/s but its yours!

Donate if I helped you : 15sE1b7Y6rLMBwwyBLGwSBTQzvB8csUfrX

https://bitclockers.com/userbar/505d459bffeee4a0f7d6ad0ec794c61a.png
Dobrodav
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May 27, 2011, 01:30:47 PM
 #17

Maybe i am wrong, but looks like server become overloaded on 10 g/hash and `50 miners.
Can anybody share their opinion ? Or that was just something with connection from my side.


We will  meet in not-so-distant future.
Today`s strange music :
http://www.youtube.com/watch?v=V8mCgjbBPMk
Yesterday`s  strange music:
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Bitcoineruk
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May 27, 2011, 03:10:38 PM
 #18

Think you may just be right there, no stats on main page now - server error Sad

Donate if I helped you : 15sE1b7Y6rLMBwwyBLGwSBTQzvB8csUfrX

https://bitclockers.com/userbar/505d459bffeee4a0f7d6ad0ec794c61a.png
PabloW
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May 27, 2011, 04:43:51 PM
 #19

Just started mining with my 6850. Site looks nice, but Deepbit has a more clear show of the stats. In my opinion the main user site has to be just the bitcoin account balance, the mhash rate, and in some place has to say how many bitcoins youve made in the last 24 hs. This is CRUCIAL to me at least.
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May 27, 2011, 06:09:06 PM
 #20

While I just started this mining biz recently (yesterday) with a spare 4850, I switched over to this site for a few hours today but my account balance didn't budge from 0, so I switched it back to Deepbit. I would gladly try again if there's a good reason why the account balance doesn't move. Also, I don't see a place to check my overall shares.
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