[CLOSED] MtRed (PPS, LP+, API, 0 FEE) STRATUM on mine.mtred.com:3333

[d4rkbreaker]

I'm getting "Error! Withdraws are momentarily disabled." since this morning.  When can I expect to be able to withdraw?

I haven't been able to withdraw funds for 3 days...

Like redditorrex said, go on IRC (webchat.freenode.net) channel #mtred for updates and you can message him directly too (if he's online).

[arklan]

my miners are disconnected right now too. (and mining on my backup pool, of course.) connection is being actively refused on mine.mtred.com:3333

[d4rkbreaker]

my miners are disconnected right now too. (and mining on my backup pool, of course.) connection is being actively refused on mine.mtred.com:3333

From what I see, only redditorrex is the only client connected at the moment because he's the one running the pool. I do wonder when this pool will be back in order, last fall...the website was unreachable.

[JWU42]

Same here - 3 days without funds though not mining (sit dead) just started yesterday

[philips]

So probably something is seriously broken, or maybe not enough time for Red to fix it.
We have backup pools and we wait, no problem.
But a small update would be helpful.

[crazyquark]

Hi,
I had recently found this and wanted to give it a go... too bad.
Any other decent 0% fee PPS pools?

[philips]

Hi,
I had recently found this and wanted to give it a go... too bad.
Any other decent 0% fee PPS pools?

Not that I know of:
https://bitcointalk.org/index.php?topic=104664.0

[redditorrex]

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

[philips]

Shit shit shit 

Not even if you introduce a fee?

[purelithium]

Unfortunate, but I understand, rex! Best of luck to you in the future!

[organofcorti]

I'm sorry to hear you're closing MTRED, the community is losing your skills and knowledge. Is there any chance you'll convert to PPLNS or DGM, as HHTT did?

[philips]

BTW, you haven't failed anyone, don't be so hard on yourself. You are great.

[luffy]

yeah, you are great! try to introduce a fee or change to PPLNS, DGM, etc
which of the balances are going to be paid?
balance? (i think this for sure)
processing? (maybe this one too)
estimation? (not this one?)

[zif33rs]

WTF!?        Sorry to  hear your having problems but the Bottom line is pay the miners...I have been waiting 3 days for a payout. Figure your shit out and make it happen.

2 years doing this and you have no backup plan other than...Gee guys...sorry I fucked up? What a joke...your name is mud.

[organofcorti]

WTF!?        Sorry to  hear your having problems but the Bottom line is pay the miners...I have been waiting 3 days for a payout. Figure your shit out and make it happen.

2 years doing this and you have no backup plan other than...Gee guys...sorry I fucked up? What a joke...your name is mud.

How about you wait to see if he fulfils his obligations before you mudden his name? Pools fail, regardless of a backup plan. I hope you were a donator, since only donations could have actually saved the pool.

[zif33rs]

How about you wait to see if he fulfils his obligations before you mudden his name? Pools fail, regardless of a backup plan. I hope you were a donator, since only donations could have actually saved the pool.

This is the point...I have been waiting. And as far as dragging hes name in the mud...seems to be doing that fine all by himself. Yes...I was.

[aceat64]

Rex, my balance is only 0.00297025 but I would like to donate to help with the MtRed payouts. Please feel free to zero out my account (it's under my same username).

It was an awesome service while it lasted, thank you.

[DrHaribo]

Sorry to see you go, MtRed.

Always honest with no hidden fees or other nonsense. Sad for it to end this way..

Edit: if you need to buy coins then watch the price now, seems to be totally crashing.. maybe that helps

[amigaman]

Maybe a switch to a few percent fee and PPS/PPLNS would help, also, bitcoins are crashing, wait a few days and they will be below 20% of what they were 8 hours ago...

[MC10]

It's sad to see MtRed go. I only just joined recently. I've only made 0.01450515 BTC and never withdrew anything, but oh well. Best of luck in the future.