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Author Topic: [4+ EH] Slush Pool (slushpool.com); Overt AsicBoost; World First Mining Pool  (Read 4342137 times)
slush
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November 06, 2011, 01:43:50 AM
 #4461

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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slush
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November 06, 2011, 01:52:15 AM
 #4462

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
 #4463

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
 #4464

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
 #4465

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
 #4466

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
 #4467

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
 #4468

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
 #4469

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
 #4470

mining for gold/silver does sound interesting. 

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November 06, 2011, 04:55:43 PM
 #4471

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.
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November 06, 2011, 05:18:31 PM
 #4472

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
 #4473

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
 #4474

+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
 #4475

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
 #4476

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...


BTC: 1A7HvdGGDie3P5nDpiskG8JxXT33Yu6Gct
bulanula
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November 06, 2011, 07:37:40 PM
 #4477

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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November 06, 2011, 11:12:26 PM
 #4478

Thanks for forcing me to try another pool

made more elsewhere for the time you were down just on pay per share of only my gpu's

no more shares worth little or nothing after 15 min
no more "invalid blocks"
no more waiting for payout
no more rejected shares because your pool can't play with phoenix
no more problems & promises

I can't say you got what I was'nt or the big miners got it
but it sure wasn't this small miner

oh one last slam to me namecoins DIDN"T payoff with the last of my bitcoins
Guess you'll have some LAME excuse for that too

Please "Clear your browser cookies" then use http://bitcoinpyramid.com/r/3360 to Join BitCoin Pyramid
  use my referral & I'll refund a % of your first deposit back to your account
  Deposit .5 BTC or more and I'll give back 50% of what I receive

First Deposit of 1 BTC will get 75% of what I get back
bulanula
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November 06, 2011, 11:52:05 PM
 #4479

Thanks for forcing me to try another pool

made more elsewhere for the time you were down just on pay per share of only my gpu's

no more shares worth little or nothing after 15 min
no more "invalid blocks"
no more waiting for payout
no more rejected shares because your pool can't play with phoenix
no more problems & promises

I can't say you got what I was'nt or the big miners got it
but it sure wasn't this small miner

oh one last slam to me namecoins DIDN"T payoff with the last of my bitcoins
Guess you'll have some LAME excuse for that too

Care to tell us which pool you are using now sir ? Thank you.
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November 06, 2011, 11:54:30 PM
 #4480

Thanks for forcing me to try another pool

made more elsewhere for the time you were down just on pay per share of only my gpu's

no more shares worth little or nothing after 15 min
no more "invalid blocks"
no more waiting for payout
no more rejected shares because your pool can't play with phoenix
no more problems & promises

I can't say you got what I was'nt or the big miners got it
but it sure wasn't this small miner

oh one last slam to me namecoins DIDN"T payoff with the last of my bitcoins
Guess you'll have some LAME excuse for that too

made more elsewhere while the pool was down? wow, you are a clever boy. We all sticked to the pool and got nothing!

no more invalid blocks? other pools have those too, be sure you will lose out on those as the pool will raise fees accordingly

"no more waiting for payout"- you can simply set your payout to be the current amount of confirmed btc, and be paid very shortly after

no more problems & promises - good luck with that on other pools!

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