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Author Topic: My thoughts on pooled mining...  (Read 1107 times)
Killarshark33
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June 06, 2011, 09:25:30 PM
 #1

First off let me say DO NOT hate on my opinions just because you do not like them.

Okay with that out of the way I want to talk about pooled mining and the pros and cons of it.  Due to the fact bitcoin is open source there is nothing we can do to change this except get people to break their pools up.  My main concern is deepbit, they almost have 50% of hash power.  The only reason this worries me is because solo miners will not want to mine the 30 dollars a day when they have to compete with a pool mining at a much higher rate.  I believe that if pooled mining is not subsidized or broken up at least that soon deep bit will have controlling interest in the bitcoin price.  They can basically produce 90% of all coins found right now and that is bad because all the fees they are making means they can choose when to sell coins.  What does that mean for the unlucky solo miner?  Well if deepbit lets say accumulates enough fees to have 10,000 bit coins they can easily cause a market crash selling all of them at once.  For the solo miner trying to pay his bills this means he will not be able to continue to efficiently run his mining at the current rate.  I said before that the only thing we can do is break this up, but another option would be to only allow CPU miners to pool and not these 4gh/s miners to all pool in together and dominate the bitcoin market.  How to you do this with an open source project regulated by everyone?  Well that is the problem and I currently am still pondering a way to solve it.  Please post you thoughts and if you think this is a problem or if i am just crazy.  Thanks and happy mining.
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There are several different types of Bitcoin clients. Header-only clients like MultiBit trust that the majority of mining power is honest for the purposes of enforcing network rules such as the 21 million BTC limit. Full clients do not trust miners in this way.
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TheSeven
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June 06, 2011, 09:36:00 PM
 #2

Sorry, your post is pretty much unreadable. Undecided

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ensign_lee
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June 06, 2011, 09:43:55 PM
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"Please post you thoughts and if you think this is a problem or if i am just crazy."

Momma always said if you have nothing nice to say, don't say it at all.

(though I agree that it is crazy that people are still joining deepbit and jeapordizing all of our security)
Killarshark33
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June 06, 2011, 11:39:56 PM
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Sorry, your post is pretty much unreadable. Undecided
Lol it is a bit confusing but read it a few times and you will get it.
pandemic
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June 07, 2011, 12:03:10 AM
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I think you've got a valid point. I'm not entirely sure why people are still joining deepbit with the 3% fee.

Killarshark33
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June 07, 2011, 12:10:50 AM
 #6

I think you've got a valid point. I'm not entirely sure why people are still joining deepbit with the 3% fee.


precisely the problem at 3% fee that means easily they have thousands of BTC in fees not even including the mining they do to help the server.  I think people are joing just because this is a hard concept for noobies and they youtube it and deepbit is the first thing that comes up.
LegitBit
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June 07, 2011, 12:19:22 AM
 #7

A few smaller pools to consider joining:


http://eligius.st/
http://simplecoin.us/
https://www.bitcoins.lc/
http://gbyte.dk/
http://btcmine.com/
http://btcguild.com/

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