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Author Topic: [OLD] Eligius: ASIC, no registration, no fee CPPSRB BTC + 105% PPS NMC, 877 #  (Read 417765 times)
un_ordinateur
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December 04, 2013, 02:31:00 AM
 #2921

Question on payouts -- sometimes my payouts show up in the wallet as "Received with", sometimes they show up as "Mined" -- what's the difference, other than "Received" matures in 6 confirmations while "Mined" doesn't mature until 120 confirmations?

Essentially, "Recieved" transactions are bitcoins that came from another account. "Mined" transactions are bitcoins that were generated; as part of the block reward. They did not come from anybody; they "appeared" out of thin air.

The Eligius mining pool usually distributes each miner in the pool it's reward as part of the "generation" transaction of each block. Other pools put the reward in an account they control, and send it to the miners when they request it. Many here believe Eligius system is superior (apart from the inconvenience of waiting for the 120 confirmation maturation time) because Eligius never actually controls any bitcoins: Therefore Eligius cannot be hacked and stolen some coins, neiter can the pool operator run away with the money.

However, it occasionnaly happens that there is a problem, and the reward system cannot correctly put each miners reward in the generation transaction correctly. In those cases, the reward is indeed sent to an Eligius-controlled address, and sent to the miners ASAP, usually not more than a day after it was due. However, in those cases, you see the reward as a "recieved" transaction, and not a generated transaction. However those issues are occasionnal.

EDIT: Fixed some typos
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December 04, 2013, 02:43:39 AM
 #2922

Question on payouts -- sometimes my payouts show up in the wallet as "Received with", sometimes they show up as "Mined" -- what's the difference, other than "Received" matures in 6 confirmations while "Mined" doesn't mature until 120 confirmations?

Essentially, "Recieved" transactions are bitcoins that came from another account. "Mined" transactions are bitcoins that were generated; as part of the block reward. They did not come from anybody; they "appeared" out of thin air.

The Eligius mining pool usually distributes each miner in the pool it's reward as part of the "generation" transaction of each block. Other pools put the reward in an account they control, and send it to the miners when they request it. Many here believe Eligius system is superior (apart from the inconvenience of waiting for the 120 confirmation maturation time) because Eligius never actually controls any bitcoins: Therefore Eligius cannot be hacked and stolen some coins, neiter can the pool operator run away with the money.

However, it occasionnaly happens that there is a problem, and the reward system cannot correctly put each miners reward in the generation transaction correctly. In those cases, the reward is indeed sent to an Eligius-controlled address, and sent to the miners ASAP, usually not more than a day after it was due. However, in those cases, you see the reward as a "recieved" transaction, and not a generated transaction. However those issues are occasionnal.

EDIT: Fixed some typos

Great explanation -- ty.
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December 04, 2013, 03:11:33 AM
 #2923

I just had an idea I want to throw here, and you'll do whatever you want with it:
It would be great you could run a similar pool for Litecoin! It's one of the few trustable altcoin, and it's pretty much the last place we can spend CPU and GPU hashing power and not spend more in electricity.
Eloipool and wizstats are really well done software, and you guys seem really honest and devoted to your pool, so I believe it would be as awesome with Litecoin.
It's because we're honest that we won't get involved with scams like Litecoin.


Why is litecoin a scam? Please point me to a convincing thread.

Yeah I'm interested too, since it's coming from you. The developer of LTC works at Coinbase. Seems like a smart bloke.

1MYwxy8TniWL37y3ueG2cN6i5eQ49Fr19Q
Luke-Jr
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December 04, 2013, 03:34:06 AM
 #2924

I just had an idea I want to throw here, and you'll do whatever you want with it:
It would be great you could run a similar pool for Litecoin! It's one of the few trustable altcoin, and it's pretty much the last place we can spend CPU and GPU hashing power and not spend more in electricity.
Eloipool and wizstats are really well done software, and you guys seem really honest and devoted to your pool, so I believe it would be as awesome with Litecoin.
It's because we're honest that we won't get involved with scams like Litecoin.
Essentially it comes down to there being a void of any reason people would adopt Litecoin as a currency.

Bitcoin by nature can only provide the same value put into it, so in this "raw" state it functions as nothing more than a pump-and-dump scam as it simply redistributes money from the buyers to the sellers.
The reason Bitcoin itself escapes this category is that it is a major technological innovation, bringing something new (trustless currency) that has value to the world.
By being adopted as a currency, Bitcoin can benefit even those who buy into it last.

Litecoin and other scamcoins like it, on the other hand, do not bring anything new to the table.
They are just mere clones that retain the pump-and-dump nature of Bitcoin, but without the innovation that makes Bitcoin viable as a currency.
Litecoin specifically made three irrelevant changes:
  • Change of mining proof-of-work from SHA256d to scrypt. This was done as an attempt to make GPU mining impractical. Not only is that a bad idea (CPU-only mining would put cryptocurrency in the hands of illegal botnets), it also failed. Present-day scammers will try to claim scrypt is ASIC-proof or ASIC-resistant; this is also false and impossible in theory. If anything, scrypt is more vulnerable to ASIC mining since it performs poorly on consumer hardware. Finally, some people try to pass scrypt off as a memory-hard proof-of-work; while it is true that the scrypt algorithm itself is a memory-hard key-strengthening algorithm, it is not a memory-hard proof-of-work algorithm since it requires just as much memory to verify as it does to find (the key property of proof-of-work algorithms is that the work requires more of <resource> than the verification); Litecoin's scrypt parameters also use so little memory, that it can be performed without memory at all.
  • Faster target block time. This is often passed off as "faster confirmation", but in reality it isn't at all. To get the same security as 6 bitcoin blocks confirming a transaction, you need around 24 litecoin blocks (there are a lot of factors involved that weigh into this). In the end, the faster blocks just bloat the blockchain more - and not just the entirety of the blockchain, but the headers-only minimal blockchain that would be used by light clients.
  • Larger currency supply. But we all know 1 BTC is divisible to 8 decimal places. There are more mBTC than LTC, so no "silver to gold" is needed in an alternate blockchain.

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December 04, 2013, 03:47:13 AM
 #2925

@Luke-Jr: I appreciate the thoughtful post. I don't have an understanding of the technical side of things as you do. I'd have to say I agree. I know that an ASIC is already in the works for Litecoin. I generally feel like altcoins can hurt bitcoin by simply detracting attention.

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eleuthria
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December 04, 2013, 03:57:22 AM
 #2926

Thank you Luke.  By far the best detailed post of why most of the currently existing altcoins being called scamcoins is a legitimate term.  To date, I can only think of 3 that are not, directly, in that category:

Namecoin:  Is not designed or marketed as a currency, but instead as a PoW-secured name value store, which has been adapted into a decentralized DNS system.
Peercoin:  Attempt at a proof-of-stake alternative to the Proof-of-Work system used by Bitcoin.  Not taking a stance on if that is meaningful in any way, but at least it's something marginally different.
Primecoin:  Attempt at a proof-of-work currency that has a "useful biproduct" as the result of all the electricity used.  I personally feel it's still a complete waste of electricity, but at the very least you're getting *something* out of it rather than just a hash.

As a result, I would not call the above "scamcoins", though I certainly don't feel any of them really have a value above pennies a piece if that.

If there are some I've missed, I'm sorry, but that's what happens when every week has a new scamcoin competing for attention.  I've not ventured into the alternate currencies subforum in months as a result.

R.I.P. BTC Guild, 2011 - 2015.
BTC Guild Forum Thread
ScaryHash
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December 04, 2013, 04:36:23 AM
 #2927

Hey Wiz,

I just got TWO payouts  Shocked in about 2.5 hours.

While I'm not complaining (given the price of BTC), it seems a little weird.

My little mining cluster is certainly not that ...uberhashable (is that even a word?). Grin

I just wanna make sure nothing is screwed up. Sending you a pm in a sec.

ScaryHash
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December 04, 2013, 04:53:51 AM
 #2928

Hey Wiz,

I just got TWO payouts  Shocked in about 2.5 hours.

While I'm not complaining (given the price of BTC), it seems a little weird.

My little mining cluster is certainly not that ...uberhashable (is that even a word?). Grin

I just wanna make sure nothing is screwed up. Sending you a pm in a sec.

ScaryHash


You most likely didn't.  You probably got paid by the block we mined which BTC Guild orphaned.  Those payments were then internally reversed (since they can never be spent) and you were paid in a subsequent block.

Edit/note: responded to PM also.

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braindead
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December 04, 2013, 03:25:20 PM
 #2929



Can someone help me on this ??

I´m trying to insert my NMC adress from BTC-e on Eligius but it keep asking me to sign the signature Huh I don´t know how to do that
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December 04, 2013, 03:40:22 PM
 #2930



Can someone help me on this ??

I´m trying to insert my NMC adress from BTC-e on Eligius but it keep asking me to sign the signature Huh I don´t know how to do that

if you are using bitcoin-qt, click file, sign message. on top one put bitcoin address, middle part put description from eligius (My Eligius - 2013-11-24 20:09:11 UTC - Minimum_Payout_BTC=0.1 NMC_Address=blahblah), hit sign message and copy/paste the signature from bitcoin-qt to eligius.

Tips / Donations accepted: 1Morb18DsDHNEv6TeQXBdba872ZSpiK9fY
braindead
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December 04, 2013, 03:57:28 PM
 #2931



Can someone help me on this ??

I´m trying to insert my NMC adress from BTC-e on Eligius but it keep asking me to sign the signature Huh I don´t know how to do that

if you are using bitcoin-qt, click file, sign message. on top one put bitcoin address, middle part put description from eligius (My Eligius - 2013-11-24 20:09:11 UTC - Minimum_Payout_BTC=0.1 NMC_Address=blahblah), hit sign message and copy/paste the signature from bitcoin-qt to eligius.


eheheheheh all done, always learning new things, that´s why i love bitcoins Wink

Many tks for the help
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December 04, 2013, 07:40:49 PM
 #2932

LukeJr, how do you feel about NMC? Guessing you're ok with them given their eligius' compatibility.

Society doesn't scale.
Luke-Jr
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December 04, 2013, 08:13:51 PM
 #2933

LukeJr, how do you feel about NMC? Guessing you're ok with them given their eligius' compatibility.
Namecoin is bitcoin technology applied to an entirely different concept (domain names instead of currency).

GigaWave
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December 05, 2013, 03:02:57 AM
 #2934

Looked around a bit and couldn't find anything on this.

Does the '--request-diff' flag not work with the Pool?
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December 05, 2013, 03:43:35 AM
 #2935

Looked around a bit and couldn't find anything on this.

Does the '--request-diff' flag not work with the Pool?

not yet...wizkid working on it

Dreams of cyprto solving everything is slowly slipping away...Replaced by scams/hacks Sad
JohnC.
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December 05, 2013, 09:15:02 AM
 #2936

What if i have hardware failure and i'm not able to reach 0.167 btc anymore, is there any way to get paid? In the current exchange rate it's still quite some money.
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December 05, 2013, 09:17:32 AM
 #2937

What if i have hardware failure and i'm not able to reach 0.167 btc anymore, is there any way to get paid? In the current exchange rate it's still quite some money.

Change your mininum payment to something below your current balance.  It's been discussed multiple times before, and it's pretty obvious.
GigaWave
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December 05, 2013, 03:37:30 PM
 #2938

What if i have hardware failure and i'm not able to reach 0.167 btc anymore, is there any way to get paid? In the current exchange rate it's still quite some money.

Change your mininum payment to something below your current balance.  It's been discussed multiple times before, and it's pretty obvious.
 

It's actually not obvious. And searching or anything else besides posting a basic post on this forum is archaic at best.  Also, info is spread out among hundreds of pages, I still don't get why thread starters on this site don't update the OP with important info.
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December 05, 2013, 04:32:40 PM
 #2939

What if i have hardware failure and i'm not able to reach 0.167 btc anymore, is there any way to get paid? In the current exchange rate it's still quite some money.

Change your mininum payment to something below your current balance.  It's been discussed multiple times before, and it's pretty obvious.
 

It's actually not obvious. And searching or anything else besides posting a basic post on this forum is archaic at best.  Also, info is spread out among hundreds of pages, I still don't get why thread starters on this site don't update the OP with important info.
Eligius is an entirely volunteer run pool.
If you'd like to write a new OP, I'll change it.

RickJamesBTC
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December 05, 2013, 08:04:35 PM
 #2940

Is there any reporting for the NMC side of things in the pool? So far everything has been strong and stable using btc on eligius, but I can't figure out how to see what is going on with the merged mining side. Does it all just happen in the background?
Thanks for a great pool!
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