[0Th]Ozcoin Pooled Mining |DGM 1%|Stratum+VarDiff port 80|NEW CN mining|

[mdude77]

...
When the day BTC becomes backed by gold, then it'll be a real currency. 
...

So ... there are no real currencies?

Not right now, no.  Bitcoin has the most promise of them all as some point there will be no more coins.

Every other government currency is fiat and inflationary, and they all trying to beat each other to being worth less than the paper it's printed on.  That's why politicians hate a gold standard, it forces them to be honest.  No hidden inflation tax.

M

[freshzive]

...
When the day BTC becomes backed by gold, then it'll be a real currency. 
...

So ... there are no real currencies?

Not right now, no.  Bitcoin has the most promise of them all as some point there will be no more coins.

Every other government currency is fiat and inflationary, and they all trying to beat each other to being worth less than the paper it's printed on.  That's why politicians hate a gold standard, it forces them to be honest.  No hidden inflation tax.

M

It's pretty easy to spot a Ron Paul fanatic.

[freshzive]

When the pool switches to a fee, will those of us mining on DGM with a 5% donation automatically be switched to 2% donation or do we need to do that manually?

Thanks again for the great service Graet.

[crazyates]

...
When the day BTC becomes backed by gold, then it'll be a real currency. 
...

So ... there are no real currencies?

Not right now, no.  Bitcoin has the most promise of them all as some point there will be no more coins.

Every other government currency is fiat and inflationary, and they all trying to beat each other to being worth less than the paper it's printed on.  That's why politicians hate a gold standard, it forces them to be honest.  No hidden inflation tax.

M

It's pretty easy to spot a Ron Paul fanatic.

Lol.

[Graet]

When the pool switches to a fee, will those of us mining on DGM with a 5% donation automatically be switched to 2% donation or do we need to do that manually?

Thanks again for the great service Graet.

Yes, my plan is to adjust any set donation amounts down by 3%
4% donors will see 1% set, 5% donors will see 2% etc
My plan was always
3%fee + 2% donation = 5% VIP status

Doing this from our side will hopefully avoid any issues of ppl not changing their donation amount in time and "accidentally" donating at 8% or something.

If anyone is unsure of this approach, please set you donations to 0% on the 18th and put in new figure allowing for 3% on the 19th.

cheers
Graet

[Epoch]

I noticed a couple of strange things just now.

1. I've had a 'confirmed credit' sitting in my account for at least 2 hours (and still do), above my payout threshold. I know ozcoin pays out roughly on the hour (xx:00) and on the half hour (xx:30). So I'm not sure why this credit is still sitting there. I noticed that we were in in the process of solving a long block: we were above 4 million shares already (4 hours or so into it). I thought that perhaps ozcoin pays out only after it finds a block, so I waited for that block to complete. I kept refreshing my browser a few times then noticed that we had just started on a fresh block which lead me to the next curious observation:

2. we found block 193617 (2,464,168 shares). The next solved block right after that *should* have been the 4+ million share block I mentioned in (1) above; I saw it complete. But the 4+ million share block does not appear in the 'Previous Bitcoin Rounds' section. We are now about 520,000 shares (25 minutes) into a new block and that 4+ million block that I'm sure I saw being completed still hasn't shown up in the history table. There is no trace of it.

I noticed block 193617 already has 25 confirmations, and we are only 25 minutes into the current block (according to the 'previous bitcoin rounds' page). Clearly we are missing ~4 hours here (the length of time expected to get 25 confirmations. This would account for the missing 4+ million share block).

EDIT: issues explained,  see next post. Thanks, Graet!

[Graet]

Hi yes
we are doing some work on the pool

2012-08-13 03:47:07.423 - \o/ Block #193638 solved by 15131! \o/

was ours but is not displayed currently, the current round stats 39mins currently is correct

ARGH, my bad, I havent topped up hot wallet
apologies, will do right now
boy home from school sick, been to drs etc, forgot to check

[Graet]

showing that block now, some of the stats look wrong currently but we have verified payouts will be correct

moved some coins, just need a few confirms and payouts will resume
sorry for any inconvenience
Graet

Work on pool completed for today
mainly database optimisations
minor hiccup on 1 block, found 2 since, all running well now

[mdude77]

Not right now, no.  Bitcoin has the most promise of them all as some point there will be no more coins.

Every other government currency is fiat and inflationary, and they all trying to beat each other to being worth less than the paper it's printed on.  That's why politicians hate a gold standard, it forces them to be honest.  No hidden inflation tax.

M

It's pretty easy to spot a Ron Paul fanatic.

It's pretty easy to spot someone using the name calling tactic, which is commonly used to label someone to try to distract others from reality.  It's used regularly in the media.

Anyone who thinks fiat money is a good thing is bought and paid for, uneducated, confused, insane, or all the above.  Most of the masses fall in the confused and uneducated categories because of the education "system" and the media.

M

[Holographic]

Hi,

First I would like to say that I really like this pool, and I am going to stick around after the fee is instated. I totally and fully understand the need for such a fee, especially with the change in the mining hardware and pool hashrates that is just beyond the horizon.

I have a few questions though, that I am hoping someone could answer. I am trying out the PPS, and can't seem to quite keep track of earnings properly. My humble 2.5GH/s should be earning just over 1BTC a day at the current PPS rate (0.00002168 BTC), and if i multiply that with the valid shares submitted since I started PPS late last night, I get the following: 45 991 * 0.00002168 = 0.99708488. This makes perfect sense in terms of what I expect to be earning. The problem is my Unpaid PPS Balance shows 0.20335840 BTC and it is not increasing at the expected rate considering the amount of shares submitted, and I have not received any payouts since starting PPS (1 BTC payout threshold).

SO my question is as follows: Is this just a statistical error, and everything is working properly in the background and will be corrected soon, or am I misunderstanding something at the most fundamental level here?

Also, I was mining on eu2 for the merged mining on DGM, but will that support PPS as well? I haven't changed server details in CGminer, so if that could have any impact, please let me know.

I really appreciate any information that can set my mind at ease, and thanks again for the great work with the pool

-Holo

[mdude77]

Hi,

First I would like to say that I really like this pool, and I am going to stick around after the fee is instated. I totally and fully understand the need for such a fee, especially with the change in the mining hardware and pool hashrates that is just beyond the horizon.

I have a few questions though, that I am hoping someone could answer. I am trying out the PPS, and can't seem to quite keep track of earnings properly. My humble 2.5GH/s should be earning just over 1BTC a day at the current PPS rate (0.00002168 BTC), and if i multiply that with the valid shares submitted since I started PPS late last night, I get the following: 45 991 * 0.00002168 = 0.99708488. This makes perfect sense in terms of what I expect to be earning. The problem is my Unpaid PPS Balance shows 0.20335840 BTC and it is not increasing at the expected rate considering the amount of shares submitted, and I have not received any payouts since starting PPS (1 BTC payout threshold).

SO my question is as follows: Is this just a statistical error, and everything is working properly in the background and will be corrected soon, or am I misunderstanding something at the most fundamental level here?

Also, I was mining on eu2 for the merged mining on DGM, but will that support PPS as well? I haven't changed server details in CGminer, so if that could have any impact, please let me know.

I really appreciate any information that can set my mind at ease, and thanks again for the great work with the pool

-Holo

There have been a number of times recently where the web page isn't updating as timely as it should.  Someone from ozcoin will likely be chiming in soon.

M

[juhakall]

What will be the difference in payout, after the fee hits, for those donating 2%, and those using PPS? Both schemes would then effectively mean a 5% fee with protection from orphan blocks. The only boon for DGM users would be merged mining, so it would be a bit more profitable, but how much?

Even now, those who donate 5% should get paid just as many Bitcoins as those who use PPS payments. Still, some people donate 5% and subject themselves to higher variance from the DGM payment scheme. Is merged mining the only reason for doing this?

[LazyOtto]

In my experience, merged mining adds about 0.3% to 0.5%.

Also worth noting, however, is that transaction fees don't get passed along to PPS. That's worth about another 0.35% currently. Increasing to 0.7% after the first week in December (reward halving point).

[Gladamas]

In my experience, merged mining adds about 0.3% to 0.5%.

Also worth noting, however, is that transaction fees don't get passed along to PPS. That's worth about another 0.35% currently. Increasing to 0.7% after the first week in December (reward halving point).

Correct me if I am mistaken, but I don't believe tx fees are passed on to miners who use DGM either.

[Graet]

correct, currently txns fees are not paid to miners

[LazyOtto]

Thank you.

I guess this never happened then:
"4: Reintroducing TXN fees with block payouts"
https://bitcointalk.org/index.php?topic=14085.msg682703;topicseen#msg682703

This is going to become crucial as we shift from mining to maintenance. First big step coming up in:

Countdown To 25 BTC Per Block Reward
121 Days 16  Hours

If there is no reward given for MH/s used to process transactions, there will be no reason to help process transactions.

Bye, bye Bitcoin.

--

This would also be a way for you to differentiate your for-fee pool from the other ones.

[Graet]

Thank you.

I guess this never happened then:
"4: Reintroducing TXN fees with block payouts"
https://bitcointalk.org/index.php?topic=14085.msg682703;topicseen#msg682703

This is going to become crucial as we shift from mining to maintenance. First big step coming up in:

Countdown To 25 BTC Per Block Reward
121 Days 16  Hours

If there is no reward given for MH/s used to process transactions, there will be no reason to help process transactions.

Bye, bye Bitcoin.

--

This would also be a way for you to differentiate your for-fee pool from the other ones.

When Ozcoin was proportional we were one of the first pools to start paying out transaction fees, I am fully aware of the situation, notice I said "currently"
One of the things people seem to be missing is where I say "part of the reason for fees is to fund continued development of Ozcoin" this and many other things can and will be done but take time and effort
thanks for the feedback

[LazyOtto]

thanks for the feedback

You're welcome. Comments were offered in good will.

I was merely mistaken about TXN fees being included.

Please make a big deal of it when you, eventually, make the announcement that "As of <date or block#> TXN fees will be included in Ozcoin payouts."

[Graet]

thanks for the feedback

You're welcome. Comments were offered in good will.

I was merely mistaken about TXN fees being included.

Please make a big deal of it when you, eventually, make the announcement that "As of <date or block#> TXN fees will be included in Ozcoin payouts."

Indeed I shall

To avoid the "coming soon syndrome" I try to make sure stuff is up and tested before announcing. I realise this approach also has disadvantages
This one is very close to the top of the to do list I am happy to say

[Barracuda]

Last payout more than 24 hours ago with speed 10+Ghash.

Unpaid PPS Balance:
0.03765816 BTC (29 hours of work with 10+ Ghash speed)

No confirmed or unconfirmed credits either.

What happened?