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Author Topic: [0Th]Ozcoin Pooled Mining |DGM 1%|Stratum+VarDiff port 80|NEW CN mining|  (Read 398211 times)
LazyOtto
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April 17, 2013, 11:05:36 PM
 #1941

Indeed.

And also why I'm splitting my hashes across multiple pools.
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According to NIST and ECRYPT II, the cryptographic algorithms used in Bitcoin are expected to be strong until at least 2030. (After that, it will not be too difficult to transition to different algorithms.)
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April 18, 2013, 01:25:57 AM
 #1942

Just sent email to Ozcoin miners
Quote
Hi Ozcoin miners,

It is with great regret that I inform miners PPS payout system will be disabled at end of current round  until pool finances recover.The recent run of bad luck has streched pool resourses to the limit.The payout on block-overview page shows this.

We are aware display issues affectting some user hashrates and will be fixing asap

Graeme Tee
Managing Director
Ozcoin Pooled Mining Pty Ltd

Not pleased but for pool to be able to continue this is necessary.

Well PPS could be disabled indefinitely as far as I'm concerned.

I have always been VERY irritated by certain elements of the Bitcoin community demanding that Pools risk bankruptcy by using payout methods and low/no fee that force a pool to risk huge losses.  I like DGM but I would gladly accept proportional payout too which would guarantee that the pool would never risk bankruptcy.

Sam

A: Because it messes up the order in which people normally read text.
Q: Why is top-posting such a bad thing?
A: Top-posting.
Q: What is the most annoying thing on usenet and in e-mail?
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April 18, 2013, 01:32:36 AM
 #1943

Just sent email to Ozcoin miners
Quote
Hi Ozcoin miners,

It is with great regret that I inform miners PPS payout system will be disabled at end of current round  until pool finances recover.The recent run of bad luck has streched pool resourses to the limit.The payout on block-overview page shows this.

We are aware display issues affectting some user hashrates and will be fixing asap

Graeme Tee
Managing Director
Ozcoin Pooled Mining Pty Ltd

Not pleased but for pool to be able to continue this is necessary.

Well PPS could be disabled indefinitely as far as I'm concerned.

I have always been VERY irritated by certain elements of the Bitcoin community demanding that Pools risk bankruptcy by using payout methods and low/no fee that force a pool to risk huge losses.  I like DGM but I would gladly accept proportional payout too which would guarantee that the pool would never risk bankruptcy.

Sam

Sam, you know better than to suggest prop. If Ozcoin went prop I guarantee the bitHopper project would be resurrected.

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April 18, 2013, 01:40:51 AM
 #1944

Just sent email to Ozcoin miners
Quote
Hi Ozcoin miners,

It is with great regret that I inform miners PPS payout system will be disabled at end of current round  until pool finances recover.The recent run of bad luck has streched pool resourses to the limit.The payout on block-overview page shows this.

We are aware display issues affectting some user hashrates and will be fixing asap

Graeme Tee
Managing Director
Ozcoin Pooled Mining Pty Ltd

Not pleased but for pool to be able to continue this is necessary.

Well PPS could be disabled indefinitely as far as I'm concerned.

I have always been VERY irritated by certain elements of the Bitcoin community demanding that Pools risk bankruptcy by using payout methods and low/no fee that force a pool to risk huge losses.  I like DGM but I would gladly accept proportional payout too which would guarantee that the pool would never risk bankruptcy.

Sam

Sam, you know better than to suggest prop. If Ozcoin went prop I guarantee the bitHopper project would be resurrected.

Well as I have said before I see nothing wrong with hopping.  But I know many do and I understand the reason and I respect that.

But MORE importantly it is the ONLY payout method that does not cause a pool to accept unnecessary risk and that is why I have always preferred proportional.  That and it is easy to verify.

I know pools will never go back to proportional payout.  I am just using that in an attempt to make the point that many miners are very unfair to pools.

Sam

A: Because it messes up the order in which people normally read text.
Q: Why is top-posting such a bad thing?
A: Top-posting.
Q: What is the most annoying thing on usenet and in e-mail?
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April 18, 2013, 02:02:28 AM
 #1945

But MORE importantly it is the ONLY payout method that does not cause a pool to accept unnecessary risk and that is why I have always preferred proportional.  That and it is easy to verify.

PPLNS doesn't have any risk for the pool either.  It's also easy to verify once you understand the process your shares go through (which varies slightly by pool but keeps the same principals).  SMPPS as well, though that system has other bits the cause backlog payment issues.  Proportional is the "simplest", but by no means the only one that is easy to verify or doesn't involve operator risking bankruptcy.

RIP BTC Guild, April 2011 - June 2015
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April 18, 2013, 02:08:10 AM
 #1946

But MORE importantly it is the ONLY payout method that does not cause a pool to accept unnecessary risk and that is why I have always preferred proportional.  That and it is easy to verify.

PPLNS doesn't have any risk for the pool either.  It's also easy to verify once you understand the process your shares go through (which varies slightly by pool but keeps the same principals).  SMPPS as well, though that system has other bits the cause backlog payment issues.  Proportional is the "simplest", but by no means the only one that is easy to verify or doesn't involve operator risking bankruptcy.

Thank you for the correction and explanation.  I had thought there was a risk with that method as well.

Pools are businesses and I want to use a service provider that I know is planning on being around for the long haul and has a sustainable business model.  Ozco I know is planning on being around for the long haul as are the other two pools that I use.

Sam

A: Because it messes up the order in which people normally read text.
Q: Why is top-posting such a bad thing?
A: Top-posting.
Q: What is the most annoying thing on usenet and in e-mail?
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April 18, 2013, 02:43:48 AM
 #1947

Ozcoin's DGM model is very much sustainable as long as operating costs are contained.  I believe POT is OK too.  PPS just puts pools at risk because if you have a sizeable hashrate and don't hit blocks for a long time (77 million blocks) then you're paying PPS miners for accomplishing essentially non-productive work.  Even a 8% PPS rate which another pool has might seem ridiculous compared to OzCoin's 3% fee but not even a 25% fee would have saved OzCoin PPS if they went into the last 2 weeks with no buffer.

I have no idea how MtRed was able to hang on for so long - was he subsidizing the pool?
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April 18, 2013, 02:53:31 AM
 #1948

Ozcoin's DGM model is very much sustainable as long as operating costs are contained.  I believe POT is OK too.  PPS just puts pools at risk because if you have a sizeable hashrate and don't hit blocks for a long time (77 million blocks) then you're paying PPS miners for accomplishing essentially non-productive work.  Even a 8% PPS rate which another pool has might seem ridiculous compared to OzCoin's 3% fee but not even a 25% fee would have saved OzCoin PPS if they went into the last 2 weeks with no buffer.

I have no idea how MtRed was able to hang on for so long - was he subsidizing the pool?

77 million blocks and ozcoin would have taken over the network  Wink
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April 18, 2013, 03:00:05 AM
 #1949

[....]

I have no idea how MtRed was able to hang on for so long - was he subsidizing the pool?

Not subsidizing the pool afaict. The pool had good luck and a positive buffer for quite a while and only had a negative buffer recently. That and the rising USD BTC rate and relying on donations (from miners the majority of whom explicitly went there to mine pps free of charge) probably made it necessary for redditorrex to close the pool.


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April 18, 2013, 03:32:13 AM
 #1950

don't hit blocks for a long time (77 million blocks)
shi-it! That is a long run of bad luck.
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April 18, 2013, 03:35:47 AM
 #1951

Ozcoin's DGM model is very much sustainable as long as operating costs are contained.  I believe POT is OK too.  PPS just puts pools at risk because if you have a sizeable hashrate and don't hit blocks for a long time (77 million blocks) then you're paying PPS miners for accomplishing essentially non-productive work.  Even a 8% PPS rate which another pool has might seem ridiculous compared to OzCoin's 3% fee but not even a 25% fee would have saved OzCoin PPS if they went into the last 2 weeks with no buffer.

I have no idea how MtRed was able to hang on for so long - was he subsidizing the pool?

77 million blocks and ozcoin would have taken over the network  Wink

77 million blocks would probably take a good few hundred years. That is indeed somewhat bad luck.

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April 18, 2013, 03:41:06 AM
 #1952

later today we will code payouts to resume from where they left off, this way all users will get paid in turn until wallet topped up fully
All due sympathies and all, however, if a pool can't pay according to it's obligations it is effectively defunct.

My payouts are overdue. I'll give it another 24 hours. After that, all links to Ozcoin will be deleted as a bad bet.
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April 18, 2013, 03:51:10 AM
 #1953

later today we will code payouts to resume from where they left off, this way all users will get paid in turn until wallet topped up fully
All due sympathies and all, however, if a pool can't pay according to it's obligations it is effectively defunct.

My payouts are overdue. I'll give it another 24 hours. After that, all links to Ozcoin will be deleted as a bad bet.

I'll buy the debt - how much are you due?

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April 18, 2013, 03:54:13 AM
 #1954

I'll now pick up my drink and go back to videos in the theatre room.

I fully expect that by the morrow all will be well and my pique will have passed.
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April 18, 2013, 03:57:05 AM
 #1955

A trivial amount, Sir Organ of Corti.

Although I do applaud you for your vote of confidence in Graet.

I'm merely irritated at the moment and confess to "poor impulse control".

Ah, well, I completely understand Wink
Edit: If I only made posts that'd I'd completely thought through, I'd have half the post count and a better reputation. Anyway, the offer still stands if you do need the coin right now.

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LazyOtto
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April 18, 2013, 04:04:38 AM
 #1956

A trivial amount, Sir Organ of Corti.

Although I do applaud you for your vote of confidence in Graet.

I'm merely irritated at the moment and confess to "poor impulse control".

Ah, well, I completely understand Wink

Merely for posterity.  Smiley

Things / thoughts might have gotten out of sequence while I was editing posts and organofcorti was replying.

I'm pissed. In multiple contexts. organofcorti was a voice of reason. (As he usually is except when he intends not to be.)

I'll check back in tomorrow. (my time)
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April 18, 2013, 08:48:18 AM
Last edit: April 19, 2013, 12:48:13 PM by rupy
 #1957

Please add a direct payment page or some other way to perform payout without having to stratum mine.

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April 18, 2013, 08:55:30 AM
 #1958

Ozcoin's DGM model is very much sustainable as long as operating costs are contained.  I believe POT is OK too.  PPS just puts pools at risk because if you have a sizeable hashrate and don't hit blocks for a long time (77 million blocks) then you're paying PPS miners for accomplishing essentially non-productive work.  Even a 8% PPS rate which another pool has might seem ridiculous compared to OzCoin's 3% fee but not even a 25% fee would have saved OzCoin PPS if they went into the last 2 weeks with no buffer.

I have no idea how MtRed was able to hang on for so long - was he subsidizing the pool?

77 million blocks and ozcoin would have taken over the network  Wink

I think he was referencing the 77milion share block that Graet was talking about.  Ended up going to 80 mil, a new record?
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April 18, 2013, 01:31:38 PM
 #1959

I am a miner , OZCO, 7 BTC did not pay me . As soon as possible .pay me.thanks
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April 18, 2013, 01:34:33 PM
 #1960

I am a miner , OZCO, 7 BTC did not pay me . As soon as possible .pay me.thanks

This is what you're looking for:


Is this the worst round ever?  I'm on DGM and would still be mining but my internet connection is down... :-(
<ozbot> This round (0d 8h 50m) we have 77003553 shares (1056672 stales; 1.372%), avg 5.13 TH/s | 858.05% of diff | 438 users
858% is close, but difficulty changed mid round too

Note: payouts currently run from UID 1 onwards
later today we will code payouts to resume from where they left off, this way all users will get paid in turn until wallet topped up fully

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