[DOWN] Bitlc.net - P2SH, No invalid blocks, Custom payouts, EU, 0% fee, LP

[Bitcoins.lc]

We will be upgrading our website-platform at 22.30-23.00 CEST (UTC+2), hence the website will be inaccessible.
This maintenance won't affect the pool itself!

Please follow our Twitter, BitcoinsLC for the latest updates regarding the pool.

Regards, the Bitcoins.lc Team

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[Slasklitta]

Just cash out my first 0.10 BTC
Very small amount for the time ive been mining. Ill keep trying few more days maybe, but If this doesnt get better ill have to leave again

If what doesnt get better?

Bitcoins.lc has no fees

[Sukrim]

Bitcoins.lc has no fees

They keep transaction fees... so yes, they do not pay out 100% of the income, thus having fees (as currently every pool known to me does).

[Bitcoins.lc]

They keep transaction fees... so yes, they do not pay out 100% of the income, thus having fees (as currently every pool known to me does).

Since we don't want to charge users for the transaction fee when we payout their share, we keep our fees to pay yours.

We could however charge every user 0.01 BTC every time we make a payout, but that would have a big impact on small miners and their profits.

Regards, the Bitcoins.lc Team

[padrino]

Bitcoins.lc has no fees

They keep transaction fees... so yes, they do not pay out 100% of the income, thus having fees (as currently every pool known to me does).

This is a very good point, I wonder what other pools do because the amount of transaction fees can vary so they are in fact hiding how much they are keeping per block solved, overtime I expect it will increase as transaction fees grow (number of transactions with fee, overall number, etc.). Maybe other pools are already doing this in addition to the fee they keep off the top, I'm just not sure without looking into it. I'm only asking since the advertisement for the pool is very direct with regard to not trying to make money off the pool itself but in reality it could turn out to be a good move for them in the long term, time to do more research to see how it compares.

[gll]

25Ghash nice !!

We trust you , but we want more detailed reports about the earnings!

[Veldy]

Bitcoins.lc has no fees

They keep transaction fees... so yes, they do not pay out 100% of the income, thus having fees (as currently every pool known to me does).

I have always been confused by this ... doesn't that make the newly minted block 50BTC + incentive fees?  Slush makes it very clear on his site that with a fee of 2%, he simply takes 50BTC (newly minted block) - 1BTC (2% fee) and distributes the remaining 49BTC among all shares submitted during the round weighed by score.

So, if the fees reduce the 50BTC reward [which doesn't make sense], then his site would need to be updated.  Correct me if I am wrong please.

EDIT: I am not wrong, the fees are added in on top of the 50BTC award.  You just have to look at a solved block in block explorer to see this.

[Jine]

He takes a fee for running the pool (2% of the 50 BTC reward). I also think he keeps the transactions fees (which could be anywhere from 0.01 to a couple of BTC depending on the blocksize)

We do not take any fee at all. 100% of the 50 BTC is distributed among the contributing users.

[Veldy]

Waiting for SSL before sending out user, pass and email plain text through the world..


P.S. What a sad environment the BTC community is if the first reaction to any pool competition is DDOSing the crap out of them. Likely instigated by other pool owners that don't want to share their profits, I guess? Would make the most sense.

I don't think that is a fair thing to say about the other pool owners. For one, they can't originate it from their network.  For another, they have to crack (direct access, trojan, worm, what have you) several computers on the internet to implement it.  That is a huge risk for them and honestly, the good pools out there are not going anywhere, because they are good.  So, why would they risk that?  Very unfair statement by you.

[Veldy]

Yes you are missing something.  The pool hasn't solved any blocks yet.  You will only get paid for shares you contributed to a particular block that the pool solves and gets the reward.

At this stage all bitcoin.lc users should have a 0 balance.

"Current block received    Saturday 28 May 11:30:47"

Shouldn't that mean that the old block is solved?

But you are right, still saying "Solved blocks 0"..


Then I will wait and see. But my hashrate on the site is 0 now, and I've been using my worker for over 30 minutes.

Yes that means the block was solved but by someone else.  The pool will get new blocks all the time and unfortunately if the pool doesn't solve it then the shares contributed are wasted and nobody gets paid!

There are pools that pay per share regardless of if the pool solves the block or not.

The shares aren't wasted!  You get paid by shares submitted during a round.  A round starts at 0 in this case, but otherwise it starts after the last block was solved.  A round ends when the pool solves a block.  The proportion of all work done on all blocks is what is paid [with some pools, each share is weighed by a score that grows exponentially over time].  No accepted share should ever be lost [unpaid] unless it falls below the 8 decimal point resolution used for bitcoin [so if you submit only one share in a round and 100 million or more shares are submitted, you will get nothing ... nearly impossible].

[Veldy]

He takes a fee for running the pool (2% of the 50 BTC reward). I also think he keeps the transactions fees (which could be anywhere from 0.01 to a couple of BTC depending on the blocksize)

We do not take any fee at all. 100% of the 50 BTC is distributed among the contributing users.

Obviously you collect transaction fees since they are added to the 50BTC award and show in the first block .  To avoid confusing anything, the pools is not taking any fees from the miners awards and thus the entire 50BTC is distributed.

[PcChip]

My CUDA client keeps saying "One of more of the blocks you are working on is stale. You or the server might be having connection issues."

My other clients haven't reported any errors yet...

All is well ?

[Jine]

I think it a connection error for you, not for the pool.
Current status is: 30.01 Ghash/s from 117 workers

And we just solved our third block, at half the difficulty.
http://blockexplorer.com/block/0000000000000874ccf7db2f57bce38b06ace8153803dd04ade803bfebd12274

Wihooo!

Now it's bedtime for me, NN!

--
Regards,
Jim - http://www.bitcoins.lc

[lizthegrey]

Very nice and relatively smooth bootstrap considering the difficulties.

I just saw the credit for the 2nd solve hit my account.

[gll]

I think it a connection error for you, not for the pool.
Current status is: 30.01 Ghash/s from 117 workers

And we just solved our third block, at half the difficulty.
http://blockexplorer.com/block/0000000000000874ccf7db2f57bce38b06ace8153803dd04ade803bfebd12274

Wihooo!

Now it's bedtime for me, NN!

--
Regards,
Jim - http://www.bitcoins.lc

A payment history should be nice too , just cashed out and...

Account Balance: -0.00373194 BTC

Negative balance? 

[padrino]

Very nice and relatively smooth bootstrap considering the difficulties.

I just saw the credit for the 2nd solve hit my account.

I assume it's variable then since my account is still at 0...

EDIT: Now the stats page said 2 blocks were solved, not 3, wonder what's going on....

[Jine]

I think it's a rounding error. A pure code-wise error that is. Nothing that can't be solved.

Could you please e-mail us with the following information.
Please be as specific as you can.

1) What did you do when the balance updated to a negative amount?
2) How much did your account have before the payout?
3) How much of the payout did you receive?
4) How much should have been left on the account?
5) How much is actually left on the account? (negative amount)

I'll work it out tomorrow, for now - payouts are temporary disabled due to this error.
Please follow us on twitter for latest updates.

Regards, Jim

[Jine]

Now the stats page said 2 blocks were solved, not 3, wonder what's going on....

It was me manually updating the status of the block to backtrace the error.
It should be correct now again.

Tomorrow more statistics will come, incl. transactions and overview for account.

[padrino]

Now the stats page said 2 blocks were solved, not 3, wonder what's going on....

It was me manually updating the status of the block to backtrace the error.
It should be correct now again.

Tomorrow more statistics will come, incl. transactions and overview for account.

Thanks for the quick response... I assume from earlier thread posts the pay out waits for verification however the recent poster indicated he already saw the credit in his account, please clarify what to expect since I'm still seeing 0 BTC

[lizthegrey]

Thanks for the quick response... I assume from earlier thread posts the pay out waits for verification however the recent poster indicated he already saw the credit in his account, please clarify what to expect since I'm still seeing 0 BTC

I have been paid for the first and second blocks found, but not the third. This is consistent with waiting 100-120 blocks for maturation.