[NR 1] Triplemining.com <> BIG jackpot every week <>

[Boov]

I've just joined the pool, I'm still quite a bitcoin noob, and have a few questions. Are there any disadvantages of mining on my own in your pool? If I did want to ask friends to join my minipool, how would I go about it? Would I create a new worker for them, and give them the username and password?
Am I better off mining in a large pool like deepbit with a rate of 420MH/s? The site does look really nice though, nice UI and easy to use, deepbit should take note of that
And the jackpot system sounds clever

[1713881315]

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[1713881315]

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[1713881315]

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[DullJack]

I've just joined the pool, I'm still quite a bitcoin noob, and have a few questions. Are there any disadvantages of mining on my own in your pool? If I did want to ask friends to join my minipool, how would I go about it? Would I create a new worker for them, and give them the username and password?
Am I better off mining in a large pool like deepbit with a rate of 420MH/s? The site does look really nice though, nice UI and easy to use, deepbit should take note of that
And the jackpot system sounds clever

There are no disadvantages to mining alone. Your 1% referral fee will go straight to the weekly jackpot rather than another miner.

If you do want to refer people, you just give them your referral link, which is in your "my minipool" tab. They just click on the link and sign up normally. They create their own seperate account and workers.

Larger pools will give you a lot of small payments while smaller pools solve blocks less often but you get a bigger cut of the reward. It's just up to you which you prefer.

[Jack of Diamonds]

Larger pools will give you a lot of small payments while smaller pools solve blocks less often but you get a bigger cut of the reward. It's just up to you which you prefer.

It's not as clear cut as that.

A big pool will always give you predictable, hourly payouts multiple times a day regardless of pool luck, due to the massive hash rate. Swings are on a 5-15% scale but you get paid every day.

A small pool might find a block every two days or it might be weeks or months before it finds anything the next time.

Difficulty levels last 2 weeks at the most. Mining variance evens out in months and years.

As variance swings become more severe and difficulty increases, miners will leave the small pool that isn't finding blocks.
This creates a snowball effect in which more & more people leave, which makes finding the block even more difficult, and the pool could end up dying due to bad luck.

Mining at small pools is a huge gamble at current difficulty if you actually try to make money & recoup investments.

[skottiejay]

I dropped out of triplemining, for now at least. When i'm sitting at my computer and watching my MH's for hours (i have nothing better to do so what) and nothing happening, no accepted shares it gets kinda boring. I realize the factors that go into this, but i'm looking for something with more of a constant payout type of deal.

I went to arsbitcoin, and mine'd an entire night and got quite a few shares (sure the amounts weren't huge but that's not the point.) and i might stick around there for a while.

[Nagios]

For all those leaving I wish you luck in your greener pastures.

[enmaku]

Any statistical mathematicians want to tell us what the likelihood of a 50 GH/s pool going 128 hours without a block are? (And don't say 100% because it's happening, I hate that smartass answer)

IMO the percent chance that this is a scam is inversely proportional to the chances of going 128 hours without a block legitimately.

Also, Mr Sam hasn't directly responded to the accusations that he's just keeping blocks - this is NOT behavior typical of the innocent, although we're not exactly interviewing him in person to read body language. He could be as outraged as an innocent person usually is at the accusations but is simply keeping the outrage off of the forums.

In any case, I'm back at eligius which is only 4x the size of this pool and yet somehow manages to hit blocks with some regularity.

[Boov]

Any statistical mathematicians want to tell us what the likelihood of a 50 GH/s pool going 128 hours without a block are? (And don't say 100% because it's happening, I hate that smartass answer)

IMO the percent chance that this is a scam is inversely proportional to the chances of going 128 hours without a block legitimately.

Also, Mr Sam hasn't directly responded to the accusations that he's just keeping blocks - this is NOT behavior typical of the innocent, although we're not exactly interviewing him in person to read body language. He could be as outraged as an innocent person usually is at the accusations but is simply keeping the outrage off of the forums.

In any case, I'm back at eligius which is only 4x the size of this pool and yet somehow manages to hit blocks with some regularity.

You've convinced me to pull out.

[burp]

Any statistical mathematicians want to tell us what the likelihood of a 50 GH/s pool going 128 hours without a block are? (And don't say 100% because it's happening, I hate that smartass answer)

IMO the percent chance that this is a scam is inversely proportional to the chances of going 128 hours without a block legitimately.

Also, Mr Sam hasn't directly responded to the accusations that he's just keeping blocks - this is NOT behavior typical of the innocent, although we're not exactly interviewing him in person to read body language. He could be as outraged as an innocent person usually is at the accusations but is simply keeping the outrage off of the forums.

In any case, I'm back at eligius which is only 4x the size of this pool and yet somehow manages to hit blocks with some regularity.

The chance with the current number of shares 5535069 with current difficulty of 1563027 to have not yet found a block is 100*exp(-5535069/1563027) percent, that is ~2.9%.

All of you who cry that triplemining is scam should be ashamed! Deepbit had much longer blocks, like 6 or even 9 millions. If you are in a small pool you have to accept higher variances. Otherwise go (tfo) and join deepbit.  

The pool has absolutely _no_ benefit of not pushing out a found block.

[Jack of Diamonds]

The pool has absolutely _no_ benefit of not pushing out a found block.

$750 dollars now as opposed to the occasional transaction fees of 0.01 to 0.10 ($1.5) every few days/weeks seems like a benefit.

Even at 1 block per 4 days on avg., that's 2000 days just to make 50btc legit.

Just saying.
Deepbit makes over 100BTC per day from fees, long term business, no motivation to ruin it for a single block
(I don't mine there, merely using it as an example)

[enmaku]

The pool has absolutely _no_ benefit of not pushing out a found block.

A 50 GH/s pool should be finding a block about every 37 hours on average. Now I understand that sometimes blocks go longer, but by your own math the chances of this occurring (for this long anyway) are just under 3%. A brand new pool with only two blocks to its name that has now gone 132 hours without a block is either the least lucky pool on the planet or the most unfortunate statistical anomaly ever. As for there being no benefit to not push out a block, are you actually listening to yourself? That's like saying that as a business owner your employees couldn't possibly benefit from stealing from the register or short-changing someone. Right now this pool should have found 132/37~=3.57 blocks, at 50 BTC each that's a bit over 178 BTC - $2,562.89 at the current exchange rate. I'd call that a pretty good paycheck for a few days efforts and zero actual work. Oh and they've dwindled down to 34.5 GH/s now but that's still a LOT of hashing power that is still making them money which may or may not actually get shared with the rest of us.

The thing that bugs me the most, though, is that ANY pool could probably get away with this - every so often they could just steal a couple blocks in a row and say "wow guys that was a terrible round" and it'd never come out unless someone did long-term analysis of hashrate, expected payouts and actual payouts - something which is impossible with a pool this small and this new. That's also assuming that the API data the pool provides isn't doctored too.

I'm half tempted to just start mining namecoins and take the slight loss to convert to BTC. At least those I can mine solo still, and not rely on pool operators not to screw me.

[burp]

The pool has absolutely _no_ benefit of not pushing out a found block.

$750 dollars now as opposed to the occasional transaction fees of 0.01 to 0.10 ($1.5) every few days/weeks seems like a benefit.

Even at 1 block per 4 days on avg., that's 2000 days just to make 50btc legit.

Just saying.
Deepbit makes over 100BTC per day from fees, long term business, no motivation to ruin it for a single block
(I don't mine there, merely using it as an example)

OK. But I think the time invested in the pool and website and website design are worth far more than $750. It doesn't make sense to me to set up such a professional page just to scam people for 50BTC…

Also read the page:

Block Quest Spirit Lifter: So we're looking forward to that third block. To lift everyone's spirit a little, we have decided to DOUBLE ALL MINIPOOL REWARDS when the block is found.
For those of you who are mining solo, we have a special treat too! When the next block is found we will give away 1 BTC, distributed to solo miners based on share count.

Long blocks happen 

[enmaku]

OK. But I think the time invested in the pool and website and website design are worth far more than $750. It doesn't make sense to me to set up such a professional page just to scam people for 50BTC…

$750 is an amazingly lowball estimate. Play devils advocate for a moment (I know I am) and imagine that they're just redirecting our efforts to some other pool and taking the payouts. Now if I'm a clever scammer then I'm going to operate the pool properly for a bit until I reach some predetermined size that I think is achievable. I'm going to pay people out and run at a tiny loss until I hit my magic number, say 50 GH/s. Then I create a "long block" that simply never ever happens. I can TALK about doubling the minipool rewards when the block hits, but it never will so that talk costs me nothing. The "long tail" will last for several more days, so I make, we'll say two blocks worth of profit before people get suspicious and a couple pool hop. Then another estimated-block-time later people start talking, one more shift down in my hashrate, but it's not until we hit numbers so statistically improbable that people really start to run. Case in point, it's been over 130 hours, your own math says the chances of this happening legitimately are less than 3% and dropping by the minute, yet there are still some 30 GH/s worth of miners contributing efforts. Now if I were a smart scammer I'd pay off a block soon, since I've already made my ~178 btc and stretch out this long tail just a bit more. One more "long block" worth that much and I'd have netted about 306 BTC, worth ~$4,400 at current exchange rates.

NOW is it worth the scammer's time to set up a web site that requires attention perhaps once a day?

[Nagios]

Those are some serious numbers.

Tick, Tick.

[enmaku]

Now if I were a smart scammer I'd pay off a block soon, since I've already made my ~178 btc and stretch out this long tail just a bit more

And we just got a block (maybe) so this is the part that'll tell whether it's a scam or a major statistical freak occurrence - will we KEEP getting them at or around a rate that is expected for our MH/s...

[Auspician]

And we just got a block (maybe) so this is the part that'll tell whether it's a scam or a major statistical freak occurrence - will we KEEP getting them at or around a rate that is expected for our MH/s...

We may have just got a block, but according to my account I didn't contribute any shares to it.  Which is a little interesting, because I actually personally contributed about 60,000 shares and my minipool contributed 30x that.

[PandaMiner]

Ausp, we are on a new block, so the numbers in the "account" page are for the 4th block.


EDIT:


Also, I cannot connect any of my workers. I am getting "upstream RPC error" 's.

EDIT:

No active miners?

[Auspician]

Unless I'm mistaken, the 'Number of Shares' for Block 3 should appear to be approximately 6,000,000.  Not zero.  Additionally, we should all have an amount in our respective balances under the category 'Rewards that need Validation'.  I do not.

Hopefully we can get an update from MrSam soon.

[PandaMiner]

Oh. I stand corrected.  Mine is the same. :-/

[enmaku]

Well isn't that just lovely.

[ZombieDeity]

Same here.  Though I left the pool yesterday, last time I checked, I'd done enough shares to get an estimate 1.7 BTC.  I'm now showing zero rewards needing validation.  I'm feeling like we got fucked.