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Author Topic: [ANN] profit switching auto-exchanging pool - www.middlecoin.com  (Read 817428 times)
CaptainBeck
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January 08, 2014, 08:49:40 AM
 #4821

How often do you guys exchange bitcoins to dollar? I've been waiting like 1 month to get verified on mt gox.


Why would you exchange your btc to usd in mtgox? You wanna get goxed on your fiat withdrawal?  Grin

MtGox for some reason always seems to have the highest value BTC, but i dont see how because surely then people would just buy on the lower exchanges and sell on Gox and always level out the system.
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January 08, 2014, 08:59:43 AM
 #4822

This pool might have become too big to be significantly more profitable than LTC, even as profitable is not easily attainable. Victim of it's own simplicity and success.

Profits have been steadily declining, particularly visible in the last few days, and IMHO not nearly as profitable as top 5 coins. I've almost got tears in my eyes seeing the missed profit, and the lack of time to do anything about it. Yes, we're big so it's simply not possible to mine the most profitable coins, due to insufficient market depth for them, so we must settle for bigger, less profitable ones. That defeats the very purpose of the profitability pool. If the target was a "stable, no hassle pool with medium profitability", we could probably be reaching it, if there wasn't for all the beta testing, which, when you want to keep your customers, is usually not rolled out without sufficient testing. I do SW development coordination for living. I would lose my job if I did beta testing with real customers, on production systems. My job is to prevent that.

Op's lack of transparency is understandable, the pool hashrate is still growing, so good PR, or even any,  PR is obviously not needed to run the business as enough hash will come in anyway. I would certainly not run it that way, but it seems that there's a lot of followers who see nothing wrong with it, so it can't be expected to improve. With this income, there is room for investing a part of it in building a loyal customer base, to build a lifelong business, not a one time off deal. Even though the money is good, it will not last for a lifetime.

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January 08, 2014, 09:08:36 AM
 #4823

MtGox for some reason always seems to have the highest value BTC, but i dont see how because surely then people would just buy on the lower exchanges and sell on Gox and always level out the system.
mtgox pays better because you'll be waiting months on your payout.
At least compared to eg. kraken where I can get a payout in less than 24 hours and reinvest it quickly.
ButterBread
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January 08, 2014, 09:08:47 AM
 #4824

With this income, there is room for investing a part of it in building a loyal customer base, to build a lifelong business, not a one time off deal.

I wouldn't call this pool a business, a real business would at least have some kind of contact/address/registration information.

I think the whole mining pool scene is more of a wild-west fronteering situation I think..

Hmm.. Fronteering or frontiering? Judging from the urban dictionary entry for frontiering, definitely not that one Smiley
CaptainBeck
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January 08, 2014, 09:14:12 AM
 #4825

With this income, there is room for investing a part of it in building a loyal customer base, to build a lifelong business, not a one time off deal.

I wouldn't call this pool a business, a real business would at least have some kind of contact/address/registration information.

I think the whole mining pool scene is more of a wild-west fronteering situation I think..

Hmm.. Fronteering or frontiering? Judging from the urban dictionary entry for frontiering, definitely not that one Smiley

Surely there is no "frontiering" its just frontier. My spell check seems to think that way.

MtGox for some reason always seems to have the highest value BTC, but i dont see how because surely then people would just buy on the lower exchanges and sell on Gox and always level out the system.
mtgox pays better because you'll be waiting months on your payout.
At least compared to eg. kraken where I can get a payout in less than 24 hours and reinvest it quickly.

Surely you still get the price you cashed out at thou.
Why do they take so dam long, surely both the BTC and the cash is already there so u just exchange them, the only hard part is taking the fiat out of the system, because thats when laws and govs set involved, but BTC to fiat should be an eassy swap between two accounts.
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January 08, 2014, 09:20:26 AM
 #4826

Question, does the value of unexchanged coins get updated? What I mean is, when coins get added to unexchanged they have a certain BTC value at that moment in time, however they might be a lot lower or higher a few hours after while remaining unexchanged. I'm building up a lot of unexchanged and wondering if the value is reported accurately.

.
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█████  █████          █████          █████        ▄█████▀

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███████████████████████████████████████████████████████████████████████████████████████████
.

.IMO Ecosystem.
.
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Shaban
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January 08, 2014, 09:25:44 AM
 #4827

For those who are saying they got the best payout yet, what server were you on and how long have you been mining. I've been mining for 20 days on the US server, and yesterday was not a good payout. I was under the impression all servers were running the same code now...
+1. My payout was not the best ever or the best since the beginning of the year. I only got $5 more than what I would have gotten mining straight LTC. I've had days where I make $30-$40 over LTC mining (which is almost twice as much as mining LTC straight), even this year, so not during the doge boom
CaptainBeck
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January 08, 2014, 09:26:06 AM
 #4828

Question, does the value of unexchanged coins get updated? What I mean is, when coins get added to unexchanged they have a certain BTC value at that moment in time, however they might be a lot lower or higher a few hours after while remaining unexchanged. I'm building up a lot of unexchanged and wondering if the value is reported accurately.

It should convert over, my understanding was that was the BTC price we got paid for it, but we are still waiting for it to come off the exchanges which can take a while. The immature funds are more likely to change in price because we are waiting for those to come out of the blockchain.
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January 08, 2014, 09:29:13 AM
 #4829

With this income, there is room for investing a part of it in building a loyal customer base, to build a lifelong business, not a one time off deal.

I wouldn't call this pool a business, a real business would at least have some kind of contact/address/registration information.

I think the whole mining pool scene is more of a wild-west fronteering situation I think..

Hmm.. Fronteering or frontiering? Judging from the urban dictionary entry for frontiering, definitely not that one Smiley

Surely there is no "frontiering" its just frontier. My spell check seems to think that way.

MtGox for some reason always seems to have the highest value BTC, but i dont see how because surely then people would just buy on the lower exchanges and sell on Gox and always level out the system.
mtgox pays better because you'll be waiting months on your payout.
At least compared to eg. kraken where I can get a payout in less than 24 hours and reinvest it quickly.

Surely you still get the price you cashed out at thou.
Why do they take so dam long, surely both the BTC and the cash is already there so u just exchange them, the only hard part is taking the fiat out of the system, because thats when laws and govs set involved, but BTC to fiat should be an eassy swap between two accounts.

Bitstamp seems to do it within couple of days, gox from what I've read takes very long. I'm not sure the problem is with banks, they should like to have new big customers, if you are a millions per month company, banks should be happy to get you - if one bank is too slow for your - you can change it. I'm not sure where the actual problem is.
Shaban
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January 08, 2014, 09:31:32 AM
Last edit: January 08, 2014, 09:48:01 AM by Shaban
 #4830

With this income, there is room for investing a part of it in building a loyal customer base, to build a lifelong business, not a one time off deal.

I wouldn't call this pool a business, a real business would at least have some kind of contact/address/registration information.

I think the whole mining pool scene is more of a wild-west fronteering situation I think..

Hmm.. Fronteering or frontiering? Judging from the urban dictionary entry for frontiering, definitely not that one Smiley

It's definitely a business for h2o! He's pulling in over $3,000 PER DAY. That's $1,095,000 a year!

And that's not counting how much he makes off of cryptsy points through auto trading
CaptainBeck
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January 08, 2014, 09:33:12 AM
 #4831

With this income, there is room for investing a part of it in building a loyal customer base, to build a lifelong business, not a one time off deal.

I wouldn't call this pool a business, a real business would at least have some kind of contact/address/registration information.

I think the whole mining pool scene is more of a wild-west fronteering situation I think..

Hmm.. Fronteering or frontiering? Judging from the urban dictionary entry for frontiering, definitely not that one Smiley

Surely there is no "frontiering" its just frontier. My spell check seems to think that way.

MtGox for some reason always seems to have the highest value BTC, but i dont see how because surely then people would just buy on the lower exchanges and sell on Gox and always level out the system.
mtgox pays better because you'll be waiting months on your payout.
At least compared to eg. kraken where I can get a payout in less than 24 hours and reinvest it quickly.

Surely you still get the price you cashed out at thou.
Why do they take so dam long, surely both the BTC and the cash is already there so u just exchange them, the only hard part is taking the fiat out of the system, because thats when laws and govs set involved, but BTC to fiat should be an eassy swap between two accounts.

Bitstamp seems to do it within couple of days, gox from what I've read takes very long. I'm not sure the problem is with banks, they should like to have new big customers, if you are a millions per month company, banks should be happy to get you - if one bank is too slow for your - you can change it. I'm not sure where the actual problem is.


From what i've heard from a lot of people the hold ups is between the trade person to person (btc to fiat) which i dont get why that take times. Surely thats the easy part from the system?Huh
vex_zg
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January 08, 2014, 09:38:25 AM
 #4832

With this income, there is room for investing a part of it in building a loyal customer base, to build a lifelong business, not a one time off deal.

I wouldn't call this pool a business, a real business would at least have some kind of contact/address/registration information.

I think the whole mining pool scene is more of a wild-west fronteering situation I think..

Hmm.. Fronteering or frontiering? Judging from the urban dictionary entry for frontiering, definitely not that one Smiley

Well the business, or endeavor, is what you make it. You can do it wild west style, or you can do it the proper way. I would spend up to 30% of the cash on hiring people for PR and stability improvements, but that's just me. Take a look at how the hashcows handled their big issue, that's how you handle problems. Now if only I didn't have a well paid job and a family, and had a little bit more hair.... oh wait, that's not needed Smiley

Anyway - times were good for a while, people could put up with issues while the profits were high, but now the focus should move to stability, support and PR. A lot of people invested their hard earned cash into rigs, and that should, must, be treated with respect.

jam3zs
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January 08, 2014, 10:29:00 AM
 #4833

For those who are saying they got the best payout yet, what server were you on and how long have you been mining. I've been mining for 20 days on the US server, and yesterday was not a good payout. I was under the impression all servers were running the same code now...

It is the same code, but it's not always the same coins we're mining and it's not always the same amount of coins being traded in.

I think the confusion for some people is that this isn't one big social all mine, all share pool.
The pool keeps track of what you've mined and when you've mined it. You can't directly compare your 2Mh/s with someone else 2Mh/s, not even on the same server.
Some of his coins might have sold, while yours haven't. Your coins will sell next day, with a higher priority of course.
Or a particular coin can crash and h2o will have to sit on it for several days before he can trade it.
The altcoin market is very fluid and he's moving coins generated from over 11Gh/s of mining power these days.

My point is that it's not just a simple y Mh/s = x dollars formula, and it never will be. It's a lot more complicated than this.

And for what it's worth, today's payout was average for me, nothing special. But I got a ton of unexchanged coins, so it'll be better tomorrow.

Agreed!
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January 08, 2014, 11:16:00 AM
 #4834

The bug we had, where we got 1% extra rejects that said "duplicate share" has been resolved.

Does it mean that its ok to go --no-submit-stale again?

+1
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January 08, 2014, 11:24:57 AM
 #4835

The bug we had, where we got 1% extra rejects that said "duplicate share" has been resolved.

Does it mean that its ok to go --no-submit-stale again?

+1

You should never have --no-submit-stale for coin switching pools.  CGMiner will think some shares are stale when they actually aren't so you should always submit everything. If you enable that, you're essentially throwing money away.

ak111in
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January 08, 2014, 11:35:56 AM
 #4836

Is the accepted MH/s on the website correct, for me it is showing 1.07 instead of 2.5 also the total has reduced to 7100 instead of 10000+ ?
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January 08, 2014, 12:11:59 PM
 #4837

Is the accepted MH/s on the website correct, for me it is showing 1.07 instead of 2.5 also the total has reduced to 7100 instead of 10000+ ?

I'm getting a similar error, only 40% of what I should actually be submitting.
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January 08, 2014, 12:16:33 PM
 #4838

Can someboy tell me how much BTC can 1m hashrate make per day please?

Yersteday it was 4 $ !!!
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January 08, 2014, 12:19:22 PM
 #4839

Can someboy tell me how much BTC can 1m hashrate make per day please?

Yersteday it was 4 $ !!!


My 6.5 MH made 65 dollars at the last payout. Today seems less so far, but I have a ton of unexchanged building up.

.
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███████████████████████████████████████████████████████████████████████████████████████████
.

.IMO Ecosystem.
.
███████████████████████████████████████████████████████████████████████████████████████████
██   ██
 ██   ██
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Mikk36
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January 08, 2014, 12:39:15 PM
 #4840

With this income, there is room for investing a part of it in building a loyal customer base, to build a lifelong business, not a one time off deal.

I wouldn't call this pool a business, a real business would at least have some kind of contact/address/registration information.

I think the whole mining pool scene is more of a wild-west fronteering situation I think..

Hmm.. Fronteering or frontiering? Judging from the urban dictionary entry for frontiering, definitely not that one Smiley

Surely there is no "frontiering" its just frontier. My spell check seems to think that way.

MtGox for some reason always seems to have the highest value BTC, but i dont see how because surely then people would just buy on the lower exchanges and sell on Gox and always level out the system.
mtgox pays better because you'll be waiting months on your payout.
At least compared to eg. kraken where I can get a payout in less than 24 hours and reinvest it quickly.

Surely you still get the price you cashed out at thou.
Why do they take so dam long, surely both the BTC and the cash is already there so u just exchange them, the only hard part is taking the fiat out of the system, because thats when laws and govs set involved, but BTC to fiat should be an eassy swap between two accounts.

Bitstamp seems to do it within couple of days, gox from what I've read takes very long. I'm not sure the problem is with banks, they should like to have new big customers, if you are a millions per month company, banks should be happy to get you - if one bank is too slow for your - you can change it. I'm not sure where the actual problem is.

Kraken has been next-day deliver so far for SEPA payments in my little group.
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