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Question: What type of pool payouts do you prefer?
Bitcoins - 3229 (80.4%)
Bank transfer / USD - 415 (10.3%)
Gold/silver coins and bars - 371 (9.2%)
Total Voters: 4013

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Author Topic: [2.5+ EH] Slush Pool (slushpool.com); World's First Mining Pool  (Read 4325930 times)
bulanula
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November 06, 2011, 01:09:09 AM
 #4461

A bit off topic but since you all wanted to know : I have spend that amount on a crazy setup that did not quite work out but I will make it work in the end. ATM I mine with different pools.
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Thralen
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November 06, 2011, 01:35:42 AM
 #4462

I keep meaning to save my BTC towards more silver and gold but never quite get there. Jumped to stock up on peanut butter with the last decent size batch of BTC I had gathered (since PB prices are in the middle of going up and total price raises to consumers is estimated that it will be in the 40%-50% range). Before that it was fancy coffee... What can I say, I could get those with what I had or I would've had to wait much longer to get enough for more PMs. Aside from that I don't really make enough btc mining to be interested in alternate payouts, although if the namecoins had an option to be paid out in BTC instead of NMC, that I might go for.

Thralen

Supporting bitcoin as best I can with 1. mining, 2. buying with bitcoin, 3. selling (or trying to) for bitcoin. If you make a donation to:  1MahzUUEYJrZ4VbPRm2h5itGZKEguGVZK1  I'll get it into circulation.
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November 06, 2011, 01:43:06 AM
 #4463

I think we have an economic incentive to keep payouts in BTC.

Basically you're right, keeping bitcoins and spending them for goods in Bitcoin world is the best possibility. But of course a lot of miners directly sell coins on market, that's the reality. Refusing to offer some interesting payout methods don't make things better.

Actually there are some merchants accepting bitcoins for gold/silver, so payouts in gold *do* help the economy much better than selling them on MtGox for USD and push BTC price down. Of course pool payouts in Bitcoin will be here forever, I'm just thinking if there's enough interest to play with some alternatives.

I thought you are suggesting the possibility of changing all payouts to something other than BTC payouts and I didn't realize that you are actually suggesting additional payout options. My apologies.

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slush
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November 06, 2011, 01:43:50 AM
 #4464

As somebody asked (sorry, I cannot find that post right now), I added "confirmed_nmc_reward" and "nmc_send_threshold" to user's JSON stats.

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November 06, 2011, 01:52:15 AM
 #4465

although if the namecoins had an option to be paid out in BTC instead of NMC, that I might go for.

I has been thinking about this month ago, even before merged mining started. I realized that it's not profitable for anybody.

a) Miners interested in keeping namecoins will get much less namecoins, because now they get much more than is corresponding their hashrate (because many users don't claim their namecoin wallet).

b) Miners interested in selling namecoins to BTC will get much less bitcoins, because when pool start automatic conversion, it will push price on namecoin exchange to almost zero (pool still has over 50% of namecoin hashrate).

c) People not interested in namecoins will get virtually +0% to their btc earnings, because pool push merket price to zero.

So I decided to *not* trade namecoins automatically and let people to handle their namecoins on their own. Honestly - selling namecoins for bitcoins is a matter of few clicks once per week, so I don't think it's a big deal. I know that some other pools are trading namecoins for bitcoins automatically, but I simply don't think it's good decision for miners.

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November 06, 2011, 01:56:56 AM
 #4466

As somebody asked (sorry, I cannot find that post right now), I added "confirmed_nmc_reward" and "nmc_send_threshold" to user's JSON stats.

Thank you Slush!  Cheesy

Thralen
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November 06, 2011, 02:06:21 AM
 #4467

although if the namecoins had an option to be paid out in BTC instead of NMC, that I might go for.

I has been thinking about this month ago, even before merged mining started. I realized that it's not profitable for anybody.

a) Miners interested in keeping namecoins will get much less namecoins, because now they get much more than is corresponding their hashrate (because many users don't claim their namecoin wallet).

b) Miners interested in selling namecoins to BTC will get much less bitcoins, because when pool start automatic conversion, it will push price on namecoin exchange to almost zero (pool still has over 50% of namecoin hashrate).

c) People not interested in namecoins will get virtually +0% to their btc earnings, because pool push merket price to zero.

So I decided to *not* trade namecoins automatically and let people to handle their namecoins on their own. Honestly - selling namecoins for bitcoins is a matter of few clicks once per week, so I don't think it's a big deal. I know that some other pools are trading namecoins for bitcoins automatically, but I simply don't think it's good decision for miners.

Thanks for the answer, it does take into consideration some things I hadn't thought about. For now I've just been letting them build up and figured I'd get around to selling them off for BTC when I get around to it. With those couple of clicks you were talking about. I already set up the account to do it with so... Just thought it might be a time-saving step to get them awarded in BTC instead. Thanks for explaining why it would be more of a waste than a bonus.

Thralen

Supporting bitcoin as best I can with 1. mining, 2. buying with bitcoin, 3. selling (or trying to) for bitcoin. If you make a donation to:  1MahzUUEYJrZ4VbPRm2h5itGZKEguGVZK1  I'll get it into circulation.
Deafboy
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November 06, 2011, 06:51:53 AM
 #4468

Mining for gold bars? This sounds wonderfull as optional feature!
As someone mentioned before, mined BTCs should not be exchanged directly for other currencies / comodities and should be spent in shop like any other currency instead, but this option is irresistible for me. Too cool to be true Smiley
bulanula
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November 06, 2011, 09:46:38 AM
 #4469

Price of NMC will keep on being a little more stead if you exchange manually once a week than say automatically every time NMC is generated.
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November 06, 2011, 10:05:13 AM
 #4470

ROFL that'd be so cool to tell friends, that im 'mining gold. on the internets!' Smiley
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November 06, 2011, 01:32:56 PM
 #4471

ROFL that'd be so cool to tell friends, that im 'mining gold. on the internets!' Smiley

+1 totally man haha

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November 06, 2011, 01:58:53 PM
 #4472

I think we have an economic incentive to keep payouts in BTC.

Basically you're right, keeping bitcoins and spending them for goods in Bitcoin world is the best possibility. But of course a lot of miners directly sell coins on market, that's the reality. Refusing to offer some interesting payout methods don't make things better.

Actually there are some merchants accepting bitcoins for gold/silver, so payouts in gold *do* help the economy much better than selling them on MtGox for USD and push BTC price down. Of course pool payouts in Bitcoin will be here forever, I'm just thinking if there's enough interest to play with some alternatives.

What a nice Idea! The only thing why I wont't use it, is the ratio between the Silver OZ and the shipping fee. It would be extreme, if they would be sended every time 14 BTC + shipping (1 to 2 BTC in my case if they are sended from CZ to AT) The next Problem would be the toll rates if the reciepent is outside of the EU.

Of course this would be a lot better than converting the BTC to USD and then into some precious metals.
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November 06, 2011, 03:49:12 PM
 #4473

mining for gold/silver does sound interesting. 

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November 06, 2011, 04:55:43 PM
 #4474

The largest issue becomes "friction" and "trust".

If miner cash out often & quickly they don't have to trust the pool BUT then coinage overhead and shipping overhead eats into the yield.

If miners cash out infrequently & build balances they have higher yield (less lost to coinage overhead and shipping) but need to trust the pol more.

Given how some miners freak out when a $0.50 payment is one day late that seems implausible.
kkurtmann
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November 06, 2011, 05:18:31 PM
 #4475

I like the mining for gold on the internet idea. It would be nicer if the exchange value were back at July rates

https://www.buytrezor.com?a=55c37b866c11   well sir, I like it!
LoupGaroux
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November 06, 2011, 06:01:21 PM
 #4476

If the mining for metals thing becomes a reality, it might make sense to have a few localized acquisition points, 1 in Europe, 1 for the Americas, 1 for Asia and Australia and so on. Buying precious in Europe and sending it to the US for example has one paying for the metals, adding fairly expensive insured shipping to the US, and then the receiver facing custom duties when it arrives, and calling a lot of attention to a flow of wealth that one might have otherwise not wanted a governmental agency to be able to monitor. Not smart to ship precious metals incognito, one loss of a couple of ounces of gold will cure you of that thinking for ever. If you had local sourcing it could be shipped domestically and handled in a much quicker and more secure manner.

You might even be able to find better values on some aspects of the conversion, and certainly save some money on shipment costs. I would be interested in this, but would want to make sure that my transactions are safe, private and cost effective.



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disclaimer201
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November 06, 2011, 06:02:37 PM
 #4477

+1 innovative idea, once again
+2 it's a service paid in bitcoins, could push btc forward and counter hoarding of bitcoins & increase btc movement/distribution
+3 enhanced security to built up wealth, bitcoins were invented as a means of currency but I'd feel safer with some of that wealth non-virtual
+4 trust, if you already trust Slush's pool to send you your coins...(some other guys are offering it already, but can you trust them...?)

I'm guessing it will all come down to trust and accountability
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November 06, 2011, 06:51:57 PM
 #4478

The largest issue becomes "friction" and "trust".

If miner cash out often & quickly they don't have to trust the pool BUT then coinage overhead and shipping overhead eats into the yield.

If miners cash out infrequently & build balances they have higher yield (less lost to coinage overhead and shipping) but need to trust the pol more.

Given how some miners freak out when a $0.50 payment is one day late that seems implausible.

Grin
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November 06, 2011, 07:14:38 PM
 #4479

mining for gold/silver does sound interesting. 
I've been doing this since the very very beginning of my mining exploits, back with slush's pool in actual fact.

Every bitcoin I've mined has been spent on silver and gold coins.

Having a direct link from the pool would be a compelling reason to join back up here, but of course, actual rates and types of gold/silver coin would be an issue. Does slush *really* want to get into the bullion dealing business?

BTW - for those seeking gold, nice small bullion-grade coins are the Mexican 2 and 2.5 peso coins. At current rates, they're costing me around 40-50 BTC each, which is achievable with a smallish mining setup every week. Seeing a gold coin appear in the post every week makes this mad enterprise worth it.

Whether the constant extraction of value from the BTC economy to precious metal bullion is good for the Bitcoin economy is a question best moved to the Economy forum... (the answer is no, it's not that good for all miners to be doing this). For that reason alone, it'd probably be best for the pools to get out of the 'extract value' business and let miners pay other Bitcoin-accepting merchants for their bullion, as it increases the BTC velocity and viability of the currency. If all miners simply cash out from the pool directly, then the value of mining will crash very quickly. All sellers and no buyers - this is a very serious issue BTW.

...so I give in to the rhythm, the click click clack
I'm too wasted to fight back...


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bulanula
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November 06, 2011, 07:37:40 PM
 #4480

mining for gold/silver does sound interesting. 
I've been doing this since the very very beginning of my mining exploits, back with slush's pool in actual fact.

Every bitcoin I've mined has been spent on silver and gold coins.

Having a direct link from the pool would be a compelling reason to join back up here, but of course, actual rates and types of gold/silver coin would be an issue. Does slush *really* want to get into the bullion dealing business?

BTW - for those seeking gold, nice small bullion-grade coins are the Mexican 2 and 2.5 peso coins. At current rates, they're costing me around 40-50 BTC each, which is achievable with a smallish mining setup every week. Seeing a gold coin appear in the post every week makes this mad enterprise worth it.

Whether the constant extraction of value from the BTC economy to precious metal bullion is good for the Bitcoin economy is a question best moved to the Economy forum... (the answer is no, it's not that good for all miners to be doing this). For that reason alone, it'd probably be best for the pools to get out of the 'extract value' business and let miners pay other Bitcoin-accepting merchants for their bullion, as it increases the BTC velocity and viability of the currency. If all miners simply cash out from the pool directly, then the value of mining will crash very quickly. All sellers and no buyers - this is a very serious issue BTW.

Where are you getting the coins from mate, since I am in the UK too. Thanks !

This is the same with NMC -> automatically being to BTC. Price will crash soon. We  need to unload the BTC for $$$ with precision. It is a bit like quantitative easing Smiley
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