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kwaaak
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April 10, 2013, 09:28:07 PM |
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Thanks for everything
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jddebug
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April 10, 2013, 10:32:29 PM |
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Thanks RR.
Good luck.
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Graet
VIP
Legendary
 Offline
Activity: 980
Merit: 1001
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April 10, 2013, 11:49:59 PM |
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Sorry to see another pool closing
Best wishes with your future ventures redditorrex
Graet
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btcnut
Member
Offline
Activity: 65
Merit: 10
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April 11, 2013, 02:50:18 AM |
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Why not just make a change from now to implement a fee - once the fee covers the backlog you could pay that balance out, and the continue with a fee to build some buffer back in.
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redditorrex (OP)
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April 11, 2013, 04:02:59 AM |
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Payouts have been enabled on the main site. I still dont have the newer withdraw system in place, but as long as you get a txid in your payouts tables it will broadcast eventually.
Also, I'm in #mtred@freenode answering questions if you wanna talk.
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Reddit Mining Team - MtRed.com = Pure PPS + #00GH/s + LP(+) + AutoPay&InstaPay + Audio Notifications
Find us in #mtred @ irc.freenode.net
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Beaflag VonRathburg
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April 11, 2013, 06:57:30 AM |
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From the last time I looked at my rewards the amount has halved. Were 1/2 the withdrawals already processed or was this some sort of correction?
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MC10
Newbie
Offline
Activity: 14
Merit: 0
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April 11, 2013, 07:36:50 AM |
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I was able to withdraw my first half. Thanks RedditorRex! I'm sorry to see MtRed go  |
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salihno71
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April 11, 2013, 08:13:59 AM |
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Sorry to see you go...
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invader
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April 11, 2013, 08:49:48 AM |
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Balance 0
Estimation 5.41265156
Round Work 1,661,251
Aaaaaand... it's gone!  5.4btc loss. But what is really bad, this was the last 'sane' pool. Thanks for your efforts and time, rr. |
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philips
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April 11, 2013, 08:59:46 AM |
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Balance 0
Estimation 5.41265156
Round Work 1,661,251
Aaaaaand... it's gone! 5.4btc loss. But what is really bad, this was the last 'sane' pool. Thanks for your efforts and time, rr. You will get your money back, stick around. |
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organofcorti
Donator
Legendary
Offline
Activity: 2058
Merit: 1007
Poor impulse control.
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April 11, 2013, 10:14:58 AM |
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Balance 0
Estimation 5.41265156
Round Work 1,661,251
Aaaaaand... it's gone! 5.4btc loss. But what is really bad, this was the last 'sane' pool. Thanks for your efforts and time, rr. How is "No fee PPS" sane? |
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JWU42
Legendary
Offline
Activity: 1666
Merit: 1000
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April 11, 2013, 11:57:57 AM |
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Cannot make sense of my balance either - this stings...
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FaT
Member
Offline
Activity: 74
Merit: 10
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April 11, 2013, 12:54:48 PM |
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What about Namecoin? I've had a balance I've been trying to withdraw for some time, but a bug on the website prevents it. It keeps saying I don't have enough bitcoins to withdraw  |
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wknight
Legendary
Offline
Activity: 889
Merit: 1000
Bitcoin calls me an Orphan
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April 11, 2013, 02:55:18 PM |
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Yup. Balance cut in half. I used this as a backup pool.
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Mining Both Bitcoin and Litecoin.
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Chemicalbro
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April 11, 2013, 02:58:48 PM |
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Not sure if people just aren't reading or didn't see, but he moved half the balance to processing which he is going to release in about a weeks time (give or take). He also said estimated for the last long round will be paid.
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wknight
Legendary
Offline
Activity: 889
Merit: 1000
Bitcoin calls me an Orphan
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April 11, 2013, 03:22:40 PM |
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Not sure if people just aren't reading or didn't see, but he moved half the balance to processing which he is going to release in about a weeks time (give or take). He also said estimated for the last long round will be paid.
Wow.. i need to drink more coffee i think.. missed it  Cheers |
Mining Both Bitcoin and Litecoin.
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The00Dustin
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April 11, 2013, 04:22:26 PM |
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Not sure if people just aren't reading or didn't see, but he moved half the balance to processing which he is going to release in about a weeks time (give or take). He also said estimated for the last long round will be paid. I think the half balance available is all the pool really has left. I think he is giving it all out first come first serve with limitations to give everyone a chance to get their share of that half. I think he will cover latecomers withdrawing beyond the half of what is owed that is already available using BTC donated to MtRed to the extent possible. I do not think he even tried to imply that everyone (or even anyone) would get 100%. Hey guys, It saddens me to announce that MtRed will be shutting down.
We are, with this current block, going to surpass a negative buffer half of what is owed to miners. We have had a negative buffer for a while now, not this bad, but with the price soaring well over $200 USD per coin I can not allow this to continue. It was always the plan that if the buffer ever went to half of what is owed that we would shutdown. Up until January I probably would have been able to cover such an event out of pocket, but I must admit that is not possible today.
How did it get this bad? Two main reasons, programming incompetence on my part has overpaid a vast amount of BTC over the last 2 years, and server bills upwards of $700. During which times Bitcoin prices were steady but low compared to today. These factors plus the very unlikely sustainability of running a 0% fee PPS pool, and my naive experience in running something as large as MtRed are what I believe is why I have failed you.
In order to spread remaining funds as equally to the miners as we can, certain actions will be taken over the course of the next two months.
The plan to release the remaining Bitcoins is as follow.
You will have two weeks to withdraw the first half of your balances. After the two weeks, you will be able to withdraw the remaining half of your balance. After that, for those who didn't withdraw in the first two weeks will be able to withdraw their remaining balance. As the pool balances reaches zero I will import the 1MtRed account and pay off remain withdraws with that.
Reviewing the code, the orphan was credited, but wasn't subtracted from the processing balance. But in the coming weeks we will be using the processing field to store your remain balance.
Payouts will begin this evening.
Again, I am truly sorry to have failed the MtRed miners, the Bitcoin community, and myself.
-RR
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Chemicalbro
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April 11, 2013, 04:56:50 PM |
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Aye, it was on irc he said estimate will be paid (which is nice, but if it didn't happen I don't think many would get too perturbed)
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wizkid057
Legendary
Offline
Activity: 1223
Merit: 1006
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April 12, 2013, 05:05:53 AM |
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I just feel the need to point out that the stats I calculated (at a MtRed miner's request) about MtRed showed that, as of not long ago, they would have had about a 1500 BTC buffer at that time. MtRed luck has not been bad enough to drain a 1500 BTC buffer at the difficulties we've been at lately. And there were only a few (6?) orphaned blocks in that time period. To me, it seems more likely that the pool cashed out while the USD price was high, no? Hell of a coincidence that the pool closes the day the price reaches an all time high? Either that or cashed out a while back and didn't have a buffer anymore. No way to know, since that data isn't really public. But, all and all, I hope people don't give too much praise here. Feel free to run the numbers yourself. -wk |
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organofcorti
Donator
Legendary
Offline
Activity: 2058
Merit: 1007
Poor impulse control.
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April 12, 2013, 08:02:11 AM
Last edit: April 12, 2013, 08:22:52 AM by organofcorti |
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I just feel the need to point out that the stats I calculated (at a MtRed miner's request) about MtRed showed that, as of not long ago, they would have had about a 1500 BTC buffer at that time. MtRed luck has not been bad enough to drain a 1500 BTC buffer at the difficulties we've been at lately. And there were only a few (6?) orphaned blocks in that time period. To me, it seems more likely that the pool cashed out while the USD price was high, no? Hell of a coincidence that the pool closes the day the price reaches an all time high? Either that or cashed out a while back and didn't have a buffer anymore. No way to know, since that data isn't really public. But, all and all, I hope people don't give too much praise here. Feel free to run the numbers yourself. -wk Did you maybe include NMC blocks? Edit:
FWIW, taking out NMC and accounting for orphans, I get a positive buffer of ~ 295btc. |
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