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Author Topic: Swedish ASIC miner company kncminer.com  (Read 3009265 times)
Phoenix1969
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October 16, 2013, 06:17:35 PM
 #16581

5% is 5%... Where does it say that's just for NMC? The top of eligius page says 105% pps, and doesn't specify NMC only on that.  in the end, it's not 5%. Dishonest or misleading at the very least.

It says it right here. You're just blind, or trolling.


OMG.  You guys don't get the point.  getting an extra 5% on NMC doesn't mean you're getting 105% on your total shares when you account for BTC, which is about 99.8% of your payout. Getting a measly 5% on 57 cents isn't anywhere close to 105% of your total payout with btc & nmc combined


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1511280685
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wizkid057
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October 16, 2013, 06:18:43 PM
 #16582

5% is 5%... Where does it say that's just for NMC? The top of eligius page says 105% pps, and doesn't specify NMC only on that.  in the end, it's not 5%. Dishonest or misleading at the very least.

It doesn't even say on the Eligius homepage anything about % PPS or anything about NMC for that matter yet because I haven't had a chance to update it.

The forum thread here is titled: Eligius: ASIC, no registration, no fee CPPSRB BTC + 105% PPS NMC, 877 #

This is in no way misleading or even ambiguous.  It says 105% PPS NMC, and the pool pays exactly that with roughly daily NMC payouts.

-wk

Phoenix1969 thought eligius would pay him 105% PPS overall, something only Pirate ever did to launder his ponzi.
What eligius apparently does is pay 5% extra on NMC. I guess Luke has tons of namecoins ?

Eligius has a huge buffer of namecoins, yes.  That combined with not everyone desiring to be paid NMC makes it easy to provide 105% PPS for NMC.

Tips: 1LDQrLr6dPVqNJmpZm82eZVKqDFRk7ERW8
Operator of the Eligius Mining Pool - 0% Fee, SAPPLNS, GBT, Stratum, IRC+Phone Support, Share Market (coming soon), Generation payouts, and more.
Don't feed the trolls. Science Confirms: Internet Trolls Really Are Narcissistic, Psychopathic, and Sadistic (1)
Bargraphics
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October 16, 2013, 06:20:25 PM
 #16583

5% is 5%... Where does it say that's just for NMC? The top of eligius page says 105% pps, and doesn't specify NMC only on that.  in the end, it's not 5%. Dishonest or misleading at the very least.

It doesn't even say on the Eligius homepage anything about % PPS or anything about NMC for that matter yet because I haven't had a chance to update it.

The forum thread here is titled: Eligius: ASIC, no registration, no fee CPPSRB BTC + 105% PPS NMC, 877 #

This is in no way misleading or even ambiguous.  It says 105% PPS NMC, and the pool pays exactly that with roughly daily NMC payouts.

-wk

Phoenix1969 thought eligius would pay him 105% PPS overall, something only Pirate ever did to launder his ponzi.
What eligius apparently does is pay 5% extra on NMC. I guess Luke has tons of namecoins ?

Eligius has a huge buffer of namecoins, yes.  That combined with not everyone desiring to be paid NMC makes it easy to provide 105% PPS for NMC.


Biomech
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October 16, 2013, 06:20:45 PM
 #16584

I saw a post recently where one block had over 200 BTC in TX fees. That should be EVERY block, and it would be if BTC were a mainstream currency. Then you wouldn't be worrying about short term ROI, as every block would be significantly more powerful than simply it's block reward.

You are exaggerating.

Wider utilization of the Bitcoin Network is not a factor to predict increase/decrease in the volume or price of the transaction fees.

You think that transaction fees should generate 200 BTC because you are assuming the case you saw was a result of ordinary collected fees. That is not true and the average fees generated by a block are less than the reward of 25 BTC.

E.g.

If 200 BTC had been generated by only minimum transaction fee, that would mean:

200 / 0.00050000 = 400,000 transactions

Assuming that a block is generated in average each 10 minutes (600 seconds), that would result in:

400,000 / 600 = 666.6...

In other words, you are assuming the Bitcoin Network had a block which was generated by 666.6... transactions per second.

This is absurd.

At the present moment, 12:47 GMT +0, the Bitcoin Network processed 57,155 transactions in the last 24 hours. That means 0.66 transactions per second:

57,155 / 86,400 = 0.6615162037...

Step down of your soapbox and rethink about your hypothesis, because you are not providing a good background for your claim. You forgot to consider that 200 BTC transaction fee could be the result of a mistake:

https://blockchain.info/tx/b18abce37b48a5f434f108ae7ce34f22aa2bfbd9eb9310314029e4b9e3c7cf95

http://www.reddit.com/r/Bitcoin/comments/1lb5my/asicminer_refunds_the_accidental_200_btc/

Quote
ASICMiner refunds the accidental 200 BTC transaction fee. Friedcat is a true hero of the Bitcoin community

Oh, I freely admit that it was a fluke (the one I saw was not the ASIC miner thing, I do remember that.) But to say it's unreachable to have 600+ transactions in a ten minute period? I must severely disagree! How many dollar transactions do you think happen in ten minutes? Personally, I have no idea, but I do know that it's several orders of magnitude higher than that.

This is what I'm trying to say. If we can find a way to take BTC mainstream, that 200 BTC/block would be a LOW average.

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Luke-Jr
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October 16, 2013, 06:21:35 PM
 #16585

5% is 5%... Where does it say that's just for NMC? The top of eligius page says 105% pps, and doesn't specify NMC only on that.  in the end, it's not 5%. Dishonest or misleading at the very least.

It says it right here. You're just blind, or trolling.


OMG.  You guys don't get the point.  getting an extra 5% on NMC doesn't mean you're getting 105% on your total shares when you account for BTC, which is about 99.8% of your payout. Getting a measly 5% on 57 cents isn't anywhere close to 105% of your total payout with btc & nmc combined
Is the point that you're complaining about not getting something that was never offered?

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October 16, 2013, 06:22:46 PM
 #16586

I'm starting to think this guy feels he is entitled to 105% bitcoin PPS where in NO PLACE does it mention this in ANYWHERE on eligius website or forum threads.

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October 16, 2013, 06:25:43 PM
 #16587

If you find that you've dug yourself into a hole,  STOP DIGGING!
wizkid057
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October 16, 2013, 06:26:16 PM
 #16588



5% is 5%... Where does it say that's just for NMC? The top of eligius page says 105% pps, and doesn't specify NMC only on that.  in the end, it's not 5%. Dishonest or misleading at the very least.

It says it right here. You're just blind, or trolling.


OMG.  You guys don't get the point.  getting an extra 5% on NMC doesn't mean you're getting 105% on your total shares when you account for BTC, which is about 99.8% of your payout. Getting a measly 5% on 57 cents isn't anywhere close to 105% of your total payout with btc & nmc combined

Unfortunately, you are wrong.  That is what it boils down to.  You misinterpreted what was clearly written and are now trying to bash the pool to cover you're own lack of understanding.  

Heck, the 105% PPS for NMC is only written in something like two places to begin with, and both are clear that this is NOT for BTC. (Forum, Eligius stats).  Nor anywhere does Eligius promise 105% earnings over other pools or do we compare to anything at all.

I don't even know why I'm continuing to respond other than to prevent misinformation from your misunderstanding of mining harm Eligius's image in some way.

Eligius pays up to 100% PPS for BTC using the CPPSRB reward system, and exactly 105% PPS for NMC using straight PPS payments.

-wk

Tips: 1LDQrLr6dPVqNJmpZm82eZVKqDFRk7ERW8
Operator of the Eligius Mining Pool - 0% Fee, SAPPLNS, GBT, Stratum, IRC+Phone Support, Share Market (coming soon), Generation payouts, and more.
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October 16, 2013, 06:29:42 PM
 #16589

who in their right mind guarantees 5% over absolute (that is akin beating 7% interest per week)  Undecided just saying

Bargraphics
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October 16, 2013, 06:31:20 PM
 #16590

Oh, I freely admit that it was a fluke (the one I saw was not the ASIC miner thing, I do remember that.) But to say it's unreachable to have 600+ transactions in a ten minute period? I must severely disagree! How many dollar transactions do you think happen in ten minutes? Personally, I have no idea, but I do know that it's several orders of magnitude higher than that.

This is what I'm trying to say. If we can find a way to take BTC mainstream, that 200 BTC/block would be a LOW average.

Well let's just throwing this out there.

Quote
VisaNet authorizes, clears and settles an average of 150 million transactions per day in 200 countries and territories.

~104,000 transactions/second

Isn't one of the points of BTC to replace these companies? (Remember this is just Visa, you can imagine how many transactions happen across all of these merchants and physical dollar transactions)

The minimum fee would be lowered at this point anyways because if BTC was adopted this widespread, the price per BTC would be much much higher.

Biomech
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October 16, 2013, 06:40:25 PM
 #16591

Oh, I freely admit that it was a fluke (the one I saw was not the ASIC miner thing, I do remember that.) But to say it's unreachable to have 600+ transactions in a ten minute period? I must severely disagree! How many dollar transactions do you think happen in ten minutes? Personally, I have no idea, but I do know that it's several orders of magnitude higher than that.

This is what I'm trying to say. If we can find a way to take BTC mainstream, that 200 BTC/block would be a LOW average.

Well let's just throwing this out there.

Quote
VisaNet authorizes, clears and settles an average of 150 million transactions per day in 200 countries and territories.

~104,000 transactions/second

Isn't one of the points of BTC to replace these companies? (Remember this is just Visa, you can imagine how many transactions happen across all of these merchants and physical dollar transactions)

The minimum fee would be lowered at this point anyways because if BTC was adopted this widespread, the price per BTC would be much much higher.


Bingo!

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Phoenix1969
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October 16, 2013, 06:42:59 PM
 #16592

5% is 5%... Where does it say that's just for NMC? The top of eligius page says 105% pps, and doesn't specify NMC only on that.  in the end, it's not 5%. Dishonest or misleading at the very least.

It doesn't even say on the Eligius homepage anything about % PPS or anything about NMC for that matter yet because I haven't had a chance to update it.

The forum thread here is titled: Eligius: ASIC, no registration, no fee CPPSRB BTC + 105% PPS NMC, 877 #

This is in no way misleading or even ambiguous.  It says 105% PPS NMC, and the pool pays exactly that with roughly daily NMC payouts.

-wk

Phoenix1969 thought eligius would pay him 105% PPS overall, something only Pirate ever did to launder his ponzi.
What eligius apparently does is pay 5% extra on NMC. I guess Luke has tons of namecoins ?

Eligius has a huge buffer of namecoins, yes.  That combined with not everyone desiring to be paid NMC makes it easy to provide 105% PPS for NMC.

Thank you for explaining that Wizkid  much appriciated.
So, NMC is 105%
and BTC is 100%
that's still the best around.


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Gyrsur
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October 16, 2013, 06:46:24 PM
 #16593

The minimum fee would be lowered at this point anyways because if BTC was adopted this widespread, the price per BTC would be much much higher.

imagine, fee = 1 satoshi = 1 cent equates 1$ = 0.00000100BTC equates 1,000,000$ = 1BTC  Grin
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October 16, 2013, 06:50:57 PM
 #16594

Let's not get off on some kind of positive tangent.  It would be too much of a shock for this thread.
Gyrsur
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#BEL+++


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October 16, 2013, 06:52:13 PM
 #16595

^^ Grin Grin
cognoscente
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October 16, 2013, 06:57:46 PM
 #16596

The minimum fee would be lowered at this point anyways because if BTC was adopted this widespread, the price per BTC would be much much higher.

imagine, fee = 1 satoshi = 1 cent equates 1$ = 0.00000100BTC equates 1,000,000$ = 1BTC  Grin

If only that could happen while the dollar still has some perceived value.
timmmers
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October 16, 2013, 07:02:08 PM
 #16597

Let's not get off on some kind of positive tangent.  It would be too much of a shock for this thread.

..and off topic which currently isn't so rosy Smiley
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October 16, 2013, 07:03:23 PM
 #16598

Just got a DHL tracking number.  T20 in hand.
xuemike
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October 16, 2013, 07:04:45 PM
 #16599

Just got a DHL tracking number.  T20 in hand.

What's the order number?
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October 16, 2013, 07:07:39 PM
 #16600

339x paid July 7 Jupiter DHL to Texas
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