[1050 TH] BitMinter.com [1% PPLNS,Pays TxFees +MergedMining,Stratum,GBT,vardiff]

[matt4054]

that would mean btc is following fiat style methods, thats disappointing but i follow.
thanks

The "coin" in "Bitcoin" comes with a reason indeed. This is necessary to keep the system distributed and not centralized in any way. To continue with my analogy, there are ways to convert 500 small coins into 1 big coin, but you will have to bear the price of this operation. And in the future, there are many payment systems that can develop over the Bitcoin "layer" to remove the burden of actually moving money, at the cost of centralization and "money as debt". I could write 1000 more lines on the subject but it would go off-topic, this forum is full of other topics for that.

[kano]

Yes, although bitcoin prides itself on being able to divide the coins and make micro payments, the developers don't really care about that and like to set the fees quite high by default.

You can already make transactions (without too much effort) quite a bit more expensive than using a bank or a credit card
They seem to think that anyone using these advertised advantages is spamming the blockchain.
Odd.
It would seem either that none of them have any finance background or they do and are trying to get transaction payments to be as high as the fiat systems we all hate.

Pool mining means that indeed you are using a pool as a bank unless you payout yourself with transactions that the bitcoin devs consider too small to use ...
p2pool, on the other hand, by default makes micro payments and thus you are guaranteed to fall into the transaction fee trap.

[gyverlb]

Yes, although bitcoin prides itself on being able to divide the coins and make micro payments, the developers don't really care about that and like to set the fees quite high by default.

You can already make transactions (without too much effort) quite a bit more expensive than using a bank or a credit card
They seem to think that anyone using these advertised advantages is spamming the blockchain.
Odd.
It would seem either that none of them have any finance background or they do and are trying to get transaction payments to be as high as the fiat systems we all hate.

Pool mining means that indeed you are using a pool as a bank unless you payout yourself with transactions that the bitcoin devs consider too small to use ...
p2pool, on the other hand, by default makes micro payments and thus you are guaranteed to fall into the transaction fee trap.

Nonsense. Confirming transactions has an operational cost: not even considering mining itself, storage across all the Bitcoin nodes isn't free. What's still missing and is on the road-map (look at the latest announcement for 0.8.2) is the creation of a market where miners and users will be able to find the right price for a transaction. Devs don't ignore the problem, they are designing a solution right now instead of whining about it.

Nearly all of my BTC is p2pool income and I don't have any problem with transaction fees (there are almost always <0.1% of my transactions which is far below the fees I know of). Miners with less hashrate could have problems but there too the p2pool devs are designing a solution instead of whining...

In case people didn't notice, Bitcoin is still in development (notice the major version number? 0?) arguing about deficiencies in an unfinished product nobody forces you to use is just trolling. kano, last time I checked you can code, why don't you go help with the solution instead of wasting your time spreading FUD?

[matt4054]

Dear Hero Members,

You all know how political both issues are, about tx fees and the max block size in the blockchain. There are already (too) many topics discussing the issue, and everyone seems to know better than the other one, because it's highly politicial and depends on your own vision for Bitcoin as a payment system.

Nothing wrong in discussing it (politely and w/o ad hominem), but please do not hijack DrHaribo's BitMinter topic to discuss it. Thank you.

[gyverlb]

You all know how political both issues are, about tx fees and the max block size in the blockchain.

I believe you are mistaken: they aren't political at all.
They are technical problems to solve: that's the beauty of the Bitcoin system.
People whining about "political" problems just don't matter, people coding solutions do.

But you are right, that's not the place to discuss it, I'll ignore other posts on the subject here.

[matt4054]

This is costing bit minter?  This is costing myself?

It is costing to BitMinter, because they have to pay the tx fee. They can mitigate the fee by using transactions with many outputs, but the message size (that determines the fee) will increase anyway, so yes it is a cost for BitMinter.

But it is also costing you, because whenever you want to spend these small coins, you will have to pay a (sometimes much) higher transaction fee than if you were paying with bigger (like 0.5 BTC) coins.

[organofcorti]

This is costing bit minter?  This is costing myself?

It is costing to BitMinter, because they have to pay the tx fee. They can mitigate the fee by using transactions with many outputs, but the message size (that determines the fee) will increase anyway, so yes it is a cost for BitMinter.

But it is also costing you, because whenever you want to spend these small coins, you will have to pay a (sometimes much) higher transaction fee than if you were paying with bigger (like 0.5 BTC) coins.

If you get lots of little payments, it might cost you when you want to use them since the tx will be so large.

[Tranz]

So what is a good threshold for us little guys? .1 at 4gh/s?

[mdude77]

So what is a good threshold for us little guys? .1 at 4gh/s?

I use 0.25 for ~7.5gh.  Really the higher the better if you can tolerate it.

M

[matt4054]

I use 0.25 for ~7.5gh.  Really the higher the better if you can tolerate it.

Pretty much the same, payout at 0.3 for ~8 GH/s (and 3.0 for NMC)

[sturle]

So what is a good threshold for us little guys? .1 at 4gh/s?

I use 10 at 2 Ghash/s.

[Astrophysical]

I receive payouts at the lowest level and started sending them at first to btc-e, then didn't like their withdrawal fees, then to mcxnow where i quickly realized they were gettign eaten at under the minimum deposit and now they go straight to bitzino. yes, bitzino of all online sites / wallets to deposit is completely free to transact any amount including withdrawals. 

[LazyOtto]

Website is down.

For me.

-- edit

Just the website. My miners are still happy.

[whitefeather]

7.15 TH/s.

What happened to our big gun ASICs?

[daddyfatsax]

Website is down again. My miners are still connected.

[induktor]

Website is down again. My miners are still connected.

Yep, site down

[Xian01]

AsicMiner-PT I purchased them at .8 BTC now 2.4 BTC and I earned some dividends with them  my shares are on this site.
https://btct.co/

 Ditto. Consider reinvesting your AsicMiner-PT dividends into TAT.AsicMiner to keep that snowball growing.

[JayCoin]

I just started mining at this pool about 5 days ago and the website has been down quite a bit and the pool crashed once also.  Is this normal for this pool?

[daddyfatsax]

I just started mining at this pool about 5 days ago and the website has been down quite a bit and the pool crashed once also.  Is this normal for this pool?

It has been happening more lately. It is usually fixed pretty fast.

[RJ2013]

dont worry guys if our workers still mining hopefully we will be surprised when we see our bitminter wallet full of bitcoins...