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Author Topic: [DOWN] Bitlc.net - P2SH, No invalid blocks, Custom payouts, EU, 0% fee, LP  (Read 127010 times)
smooth
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May 29, 2011, 05:01:12 AM
 #61

When the pool solves a block, are you dividing up 50 BTC among the miners or are you dividing up (for example) 50 + 0.89428576 BTC among the miners?

We're not dividing up the 0.89 to users as of now.
We do how ever use these 0.89 to fund the instant payouts you as a user does.

Are you following?

No I'm afraid I'm not really following.  Can you explain your payout method more clearly, from start to finish?
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin-Qt, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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May 29, 2011, 05:04:41 AM
 #62

Perhaps he means he reuses the earned transaction fees to pay the transaction fees to get the users' shares out. Easy enough to see once it credits.
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May 29, 2011, 05:17:15 AM
 #63

just logged in and see I got 0.17 BTC Cheesy Its a good number I guess for the little time I was in the pool. So im back in the pool with my humble 237 Mhash Tongue Probably much more in the next few days

http://bitcoinz.com.ar - Foro en Español de Bitcoin
Any donations are greatly appreciated =D
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May 29, 2011, 05:22:57 AM
 #64

No I'm afraid I'm not really following.  Can you explain your payout method more clearly, from start to finish?

They keep the transaction fees for themselves. They don't distribute it to the miners. They use these fees to cover the fees involved in sending payments out to users. Since their payments are 'instant' they also need funds available to send payments out that are requested while blocks are still 'immature'. The fees are also used for that. That's how I understood what was said.

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May 29, 2011, 05:37:46 AM
 #65

just logged in and see I got 0.17 BTC Cheesy Its a good number I guess for the little time I was in the pool. So im back in the pool with my humble 237 Mhash Tongue Probably much more in the next few days

Oh snap, it was a coding error by me.
I'm sorry about that, don't wanna give you false hopes, but that money wasn't really related to your account Sad

Regarding our payment system:

When the pool solves a block and the block is verified and mature (100 confirmations), the 50 BTC is "reserved" as user funds, but remains in the pools bitcoin wallet for now. The transactions fees also is stored in our wallet, but it's not taking into account when doing payouts.
As we're using a proportional payout method, the total amount of shares for last round are divided by 50 to get each shares actual value.

Example

Last round contained 386 247 valid shares.
That gives us a share value of approx. 0.00012945084363115 BTC per share.

If we say that you contributed with 10 000 of those shares, it would be a total payout of approx. 1.2945084363115 BTC.

Math:


x = 50/total_shares
sum = x*your_shares


Your NEW account balance is the sum of current_balance+sum

balance = current_balance+sum


If your balance is over 0.01 BTC you can do a instant payout in your account overview.
This is how ever a cost for us (doing payouts) as the Bitcoin network "requires" you to pay a fee for all transactions.

This fee is 0.01 BTC, and it's payed by us using the remaining BTC we got from solving that block.

Hope that made some things clearer.

--
Regards, Jim

Previous founder of Bit LC Inc. | I've always loved the idea of bitcoin.
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May 29, 2011, 05:39:30 AM
 #66

just logged in and see I got 0.17 BTC Cheesy Its a good number I guess for the little time I was in the pool. So im back in the pool with my humble 237 Mhash Tongue Probably much more in the next few days

I shouldnt have said nothing   Undecided

Im getting a "Problems communicating with bitcoin RPC"

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May 29, 2011, 06:04:22 AM
 #67


I wish the origin of these attacks were known so a majority of users could just shun these idiots.

+1

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smooth
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May 29, 2011, 06:26:52 AM
 #68

Hope that made some things clearer.

Okay, yes.  Thank you for the explanation. 

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May 29, 2011, 07:12:33 AM
 #69


Last round contained 386 247 valid shares.

But I still can't see how many shares out of those 386'247 shares were contributed by my miners, can I?  I pointed 200-400 Mhash/sec at your pool, but my account still show zero BTC (probably because the block hasn't “matured” yet).  It's a bit demotivating…

Cheers,

Klaus Seistrup | BM-BbvXWtfhr5nENu4TQtnxif16SUCdNKAF
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May 29, 2011, 07:39:07 AM
 #70

Just shot 1.1Gh/s over to you guys
Use it wisely, young pool.

If I helped you in some way, and you feel obligated to do so, you can tip me some coin!
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May 29, 2011, 07:46:35 AM
 #71


Last round contained 386 247 valid shares.

But I still can't see how many shares out of those 386'247 shares were contributed by my miners, can I?  I pointed 200-400 Mhash/sec at your pool, but my account still show zero BTC (probably because the block hasn't “matured” yet).  It's a bit demotivating…

Cheers,

Exactly, you need something like BTCMine has where it shows confirmed and unconfirmed reward.

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May 29, 2011, 08:23:36 AM
 #72

Good suggestions all.

First things first tho. Here's a functional top list: https://www.bitcoins.lc/stats

EDIT:
Also just updating the algorithm used to calculate the hash rate.
What do you think? Could anyone compare to a real miners output? (preferable with 400-600Mhash+?)

Previous founder of Bit LC Inc. | I've always loved the idea of bitcoin.
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May 29, 2011, 08:25:55 AM
 #73

1G from me also Smiley
hope it goes well

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May 29, 2011, 08:55:56 AM
 #74

Good suggestions all.

First things first tho. Here's a functional top list: https://www.bitcoins.lc/stats

EDIT:
Also just updating the algorithm used to calculate the hash rate.
What do you think? Could anyone compare to a real miners output? (preferable with 400-600Mhash+?)

After 3 hours of mining

Worker - real output - web output
#1            335            326
#2            334            308
#3            375            317
#4            374            358

overall       1.4             1.3

Good job Jine, waiting for the 2nd block now Smiley
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May 29, 2011, 09:09:59 AM
 #75

Good suggestions all.

First things first tho. Here's a functional top list: https://www.bitcoins.lc/stats

EDIT:
Also just updating the algorithm used to calculate the hash rate.
What do you think? Could anyone compare to a real miners output? (preferable with 400-600Mhash+?)

And for those who want to check what their workers are doing who arent in the toplist?

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May 29, 2011, 09:13:56 AM
 #76

I want to join sounds like a nice deal
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May 29, 2011, 10:39:57 AM
 #77

Jim, I have a question: did you have some problems this morning, about 5:30 GM+2?
Because I see that the connection  went down and the phoenix miner could not get the work from the server and the worker stayed idle for 8 hours, which is quite annoying to me.

[29/05/2011 06:17:14] Result: 6018e135 accepted             
[29/05/2011 06:17:19] Result: b2eaf7b6 accepted             
MSG: upstream RPC error                                     
[29/05/2011 06:18:01] Disconnected from server             
[29/05/2011 06:18:16] Warning: work queue empty, miner is idle
[0[29/05/2011 13:10:39] Failed to connect, retrying...   
[0 Khash/sec] [1058 Accepted] [12 Rejected] [RPC (+LP)]root@custom:/opt/miners/pins.lc:8080/ DEVICE=0 BFI_INT VECTORS AGGRESSION=12 -k phatk
[29/05/2011 13:10:43] Connected to server

If my post has been useful, you might want to donate: 1V7zr2jmQQXS5gv2kKNpUkgG6qmDffTZp
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May 29, 2011, 10:48:28 AM
 #78

Hi!

Actually i did, sorry about that.
I had to restart the upstream server to make a quick change. I though that all newer miners would reconnect, but apparently not phoenix Sad

Really sorry for any problems that may caused.
I'm happy to announce that we're pushing harder for e-mail notifications for this kind of errors now... thanks Smiley

/ Jim

Previous founder of Bit LC Inc. | I've always loved the idea of bitcoin.
Jine
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May 29, 2011, 11:12:37 AM
 #79

We actually solved our second block already Smiley
http://blockexplorer.com/block/00000000000018c2721d1ecaf9afd7f0122b8058afe4ba11f7433df986e7f811

How ever, the site isn't fully updated yet. I manually paused the tracking of new blocks do to the upcoming payout.
This will function automatically as soon as i know that the system works to 100%

You can follow the status for both blocks in json format at
http://www.bitcoins.lc/gettransactions.json

We're trying to be as transparent as possible for everyones sake.
Personally i haven't slept in in 20h+ so as soon as the payout for the first block is done (with me watching over it) I'm going to bed, and the system should take care of the rest in the future.

Current status for both blocks:
Code:

    {
        "account" : "",
        "category" : "immature",
        "amount" : 50.89428576,
        "confirmations" : 93,
        "txid" : "b3c010a02e0869e02d0efb8e374791f8beceefb5288e0814dd2909cb6f28fd3f",
        "time" : 1306621127
    },
    {
        "account" : "",
        "category" : "immature",
        "amount" : 50.05000000,
        "confirmations" : 6,
        "txid" : "fba4d6803e845f457992400a7b53000608ddaebc5743771246d18fe32cbdd713",
        "time" : 1306665398
    }



Previous founder of Bit LC Inc. | I've always loved the idea of bitcoin.
kseistrup
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May 29, 2011, 11:16:28 AM
 #80


You can follow the status for both blocks in json format at
http://www.bitcoins.lc/gettransactions.json

That would be
https://www.bitcoins.lc/listtransactions.json
wouldn't it?

Cheers,

Klaus Seistrup | BM-BbvXWtfhr5nENu4TQtnxif16SUCdNKAF
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