[20 TH/s] [NEW POOL] [FUTURE PPLNS] [1 BITCOIN BONUS] BeastBTC.COM

[BeastBTC]

Who knows, we have protection so no biggie

We plan on using PPLNS, but we need to find a few blocks first to build our wallet. We are offering a good amount of rewards if you are one of the first 5 block finders.

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[jonnybravo0311]

Who knows, we have protection so no biggie

We plan on using PPLNS, but we need to find a few blocks first to build our wallet. We are offering a good amount of rewards if you are one of the first 5 block finders.

Ummm.... that's not how it works.  You don't need to build up your wallet for PPLNS.  The pool pays out when it finds a block.  What you're suggesting is that for the first X blocks nobody but the block finder and you the pool operator are going to get anything... 1BTC to the block finder and 24BTC to you so you can build up your wallet?  Who in their right mind is going to mine here???

[BeastBTC]

Your misunderstanding.

We will start payout as soon as the first block is found.

Some pools would take some BTC and pocket it, ahead of the payout cron job, and do other stuff with it, we're not going to do that, we're going to let it sit in our wallet so Incase we get unlucky, we can still pay our miners, which we have a good amount miners who enjoy our pool very much and does not mind helping out in the beginning.

Hope this clarifys it.

[Gws24]

Sorry, but you are not making sense. For PPLNS you don't need to build up a wallet in order to account for the unlucky times. For PPS you do so what is your pool going to be? Where are the bitcoins from the first block mined going because you are contradicting yourself by saying 'we will start payout...' and 'let it sit in our wallet'.

Your not convincing anyone like this.


EDIT:
And what is 'Some pools would take the red too the BTC and do other stuff with it' supposed to mean?

[jonnybravo0311]

No.  All it does is show you don't understand how PPLNS pools work.  Let me clarify things for you.

In a PPLNS pool, miners do not get paid unless you find a block.  Miners get paid for their shares.  Do you even know what your "N" value is in your pool?

Take for example kano's pool (http://www.kano.is).  The N value there is 500% current difficulty.

A miner has to ramp up to get a full amount of shares in that N period, but he gets paid for his contribution for every block found in that N timeframe.  The pool's luck plays into how many times a miner gets paid for a share during that N time.  If the pool finds more than the expected number of blocks during that time, the miner gets paid more times for that share than expected.  If the pool finds fewer blocks, then the miner gets paid fewer times.  If the pool finds no blocks at all, then the miner does not get paid.

Clear enough for you?  I really suggest you take some time to learn about these things if you're expecting to run a pool.

[BeastBTC]

No.  All it does is show you don't understand how PPLNS pools work.  Let me clarify things for you.

In a PPLNS pool, miners do not get paid unless you find a block.  Miners get paid for their shares.  Do you even know what your "N" value is in your pool?

Take for example kano's pool (http://www.kano.is).  The N value there is 500% current difficulty.

A miner has to ramp up to get a full amount of shares in that N period, but he gets paid for his contribution for every block found in that N timeframe.  The pool's luck plays into how many times a miner gets paid for a share during that N time.  If the pool finds more than the expected number of blocks during that time, the miner gets paid more times for that share than expected.  If the pool finds fewer blocks, then the miner gets paid fewer times.  If the pool finds no blocks at all, then the miner does not get paid.

Clear enough for you?  I really suggest you take some time to learn about these things if you're expecting to run a pool.

I will check with the programming team, all we were told is that a small amount of BTC is being taken out of every block as a reserve to pay for the server. It's a small amount, roughly 0.3 BTC is what we were told.

I just do the public relations, such as forum posts, I am not in charge of the programming so I would not have that information for you.

[Nexious]

I will check with the programming team, all we were told is that a small amount of BTC is being taken out of every block as a reserve to pay for the server. It's a small amount, roughly 0.3 BTC is what we were told.

I just do the public relations, such as forum posts, I am not in charge of the programming so I would not have that information for you.

How can any amount be taken if there are no fees?

So essentially you are saying that you will be stealing some of the miners BTC every block to cover your costs? Im sure many of the miners would not be happy with this.

Also with the block finder rewards do you have any proof of the ownership of the 5BTC (5 block bonus rewards)? Or do you also plan on using some of the miners BTC to cover this also?

[BeastBTC]

There are no fees per transaction.

The miners can mine, and payout without any fees coming from them.

And also, yes. The worker name will show who found the block, so there is ownership proof.

[jonnybravo0311]

But you're skimming off the top.  You aren't paying the 25BTC when the block is found, you're paying out 24.7.  That's affecting the miners and except for your previous post that wasn't made public.  And how are you paying out that bonus coin?  Is that coming out of the 25 coins from a block find as well?  If so then the first five blocks you're paying out 23.7 of 25 coins.

[BeastBTC]

But you're skimming off the top.  You aren't paying the 25BTC when the block is found, you're paying out 24.7.  That's affecting the miners and except for your previous post that wasn't made public.  And how are you paying out that bonus coin?  Is that coming out of the 25 coins from a block find as well?  If so then the first five blocks you're paying out 23.7 of 25 coins.

The first 5 BTC for the block finders are coming directly from our investors.

[jonnybravo0311]

Ok... That's a good thing.  The other thing though... That's not something you want to do.  If you need some capital to maintain the servers, charge a fee and be up front about it.  You're going to be in a whole heap of trouble if you try skimming.  Food for thought.

[BeastBTC]

Ok... That's a good thing.  The other thing though... That's not something you want to do.  If you need some capital to maintain the servers, charge a fee and be up front about it.  You're going to be in a whole heap of trouble if you try skimming.  Food for thought.

Good idea, we will have the programmers update it tomorrow to have a small fee. We don't want to lose any credibility if we go big, best to play by the books with this!

[Nexious]

So your only paying 25BTC per block and not the TX fees? You may want to state that so the miners know what they are getting. Unless I misunderstood what you were trying to say in the previous post.

[DrHaribo]

So for the first 5 blocks there is no PPLNS payments. There is only 1 BTC if you find a block.

It's the same as solo mining, but you get 1 BTC instead of 25 BTC for finding a block?

[BeastBTC]

So for the first 5 blocks there is no PPLNS payments. There is only 1 BTC if you find a block.

It's the same as solo mining, but you get 1 BTC instead of 25 BTC for finding a block?

Payments start as soon as the first block is found. I had to talk to the programming team to clarify that for me, as I am not the one doing all the technical stuff.

[p3yot33at3r]

So for the first 5 blocks there is no PPLNS payments. There is only 1 BTC if you find a block.

It's the same as solo mining, but you get 1 BTC instead of 25 BTC for finding a block?

Payments start as soon as the first block is found. I had to talk to the programming team to clarify that for me, as I am not the one doing all the technical stuff.

Describing how your "pool" pays in a way that isn't misleading, wrong or nonsensical can hardly be described as "technical stuff". It is the most basic of basics - either you know how your pool works & pays or you don't, & from what you've said so far here it's obvious you don't have any clue whatsoever.

May I suggest you get your "programming staff" or your "technical team" or anyone with a vague idea of mining to open an account here & try to set the record straight once & for all, if only to save yourself any further embarrassment......

[BeastBTC]

So for the first 5 blocks there is no PPLNS payments. There is only 1 BTC if you find a block.

It's the same as solo mining, but you get 1 BTC instead of 25 BTC for finding a block?

Payments start as soon as the first block is found. I had to talk to the programming team to clarify that for me, as I am not the one doing all the technical stuff.

Describing how your "pool" pays in a way that isn't misleading, wrong or nonsensical can hardly be described as "technical stuff". It is the most basic of basics - either you know how your pool works & pays or you don't, & from what you've said so far here it's obvious you don't have any clue whatsoever.

May I suggest you get your "programming staff" or your "technical team" or anyone with a vague idea of mining to open an account here & try to set the record straight once & for all, if only to save yourself any further embarrassment......

From what they have sent over:

"The pool is currently setup to be used as PPLNS with a default diff. of 512. The 1 BTC bonus is being upfronted by our investors, 1 BTC each, for the blockfinder reward. This only applies for the first 5 blocks. Also, there are going to be no fees, not sure if someone said there is going to be fees but the pool is programmed currently for no fees, the server dues and such will be taken out of the admin's payments, as a donation to the pool made by them individually. We have incorporated security features such as software, and hardware firewall and DDoS protection. Along with SSH-Key access. On multiple parts of our network, we also require 2-factor authentication. We have figured out where the lack of communication/knowledge was in our teams, and we have fixed that for good now, and will not happen. Thanks you..."

[jonnybravo0311]

Also, there are going to be no fees, not sure if someone said there is going to be fees but the pool is programmed currently for no fees, the server dues and such will be taken out of the admin's payments, as a donation to the pool made by them individually.

I assume by the part I bolded that these admin payments are simply earned coin from the admin's own personal miners that are mining on the pool with everyone else, and not 0.3BTC pulled directly from the found blocks as you stated earlier in this thread.

[BeastBTC]

Also, there are going to be no fees, not sure if someone said there is going to be fees but the pool is programmed currently for no fees, the server dues and such will be taken out of the admin's payments, as a donation to the pool made by them individually.

I assume by the part I bolded that these admin payments are simply earned coin from the admin's own personal miners that are mining on the pool with everyone else, and not 0.3BTC pulled directly from the found blocks as you stated earlier in this thread.

Exactly! The admin's personal miners are paying for the system, and if needed, the investors are willing to step in too. So, full 25 BTC to the miners.

[aurel57]

Also, there are going to be no fees, not sure if someone said there is going to be fees but the pool is programmed currently for no fees, the server dues and such will be taken out of the admin's payments, as a donation to the pool made by them individually.

I assume by the part I bolded that these admin payments are simply earned coin from the admin's own personal miners that are mining on the pool with everyone else, and not 0.3BTC pulled directly from the found blocks as you stated earlier in this thread.

Exactly! The admin's personal miners are paying for the system, and if needed, the investors are willing to step in too. So, full 25 BTC to the miners.

Two pages of posts to just get this part straight