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Author Topic: I don't trust deepbit, but how come so many trust it?  (Read 3950 times)
error
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July 15, 2011, 10:18:07 PM
 #21

32Ghashes wont be bringing in blocks often at all.
To. OP, try Eligius, they are great, Youd be about 10% of the pool,

Check your math? That'll average almost 3 blocks a week at current difficulty. If that's "not often," then you have a very unusual definition of "often."

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July 15, 2011, 10:23:05 PM
 #22

I find it funny that the majority of miners prolly think... oh, I join the pool with the most power then I get more money.
Except the above I do not see any other reason why people would join or stay at deepbit with the current difficulty level.

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July 15, 2011, 10:30:01 PM
 #23

I find it funny that the majority of miners prolly think... oh, I join the pool with the most power then I get more money.
Except the above I do not see any other reason why people would join and stay at deepbit with the current difficulty level?

Quite so. Consider this very common view:

Deepbit pays me the fastest, and the most. Period.

Deepbit certainly has instant payout (without having to wait for the 100 block confirmations) but they charge the highest fees of any pool I've seen recently. Perhaps the highest anywhere. Why people continue to think they're making more money on Deepbit than on other pools is a mystery to me.

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July 15, 2011, 10:37:33 PM
 #24

Deepbit certainly has instant payout (without having to wait for the 100 block confirmations) but they charge the highest fees of any pool I've seen recently. Perhaps the highest anywhere. Why people continue to think they're making more money on Deepbit than on other pools is a mystery to me.

People don't like variance (unless it works in their favor of course, but who doesn't like that?).  For many it's worth a small commission to be able to watch their BTC count tick up every hour on the hour.

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July 15, 2011, 10:42:04 PM
 #25

Deepbit certainly has instant payout (without having to wait for the 100 block confirmations) but they charge the highest fees of any pool I've seen recently. Perhaps the highest anywhere. Why people continue to think they're making more money on Deepbit than on other pools is a mystery to me.

People don't like variance (unless it works in their favor of course, but who doesn't like that?).  For many it's worth a small commission to be able to watch their BTC count tick up every hour on the hour.

Sure, I understand that well, but that doesn't address why some people think they're making more on Deepbit than other pools, when in reality they're making the least?

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July 15, 2011, 10:44:06 PM
 #26

Deepbit certainly has instant payout (without having to wait for the 100 block confirmations) but they charge the highest fees of any pool I've seen recently. Perhaps the highest anywhere. Why people continue to think they're making more money on Deepbit than on other pools is a mystery to me.

People don't like variance (unless it works in their favor of course, but who doesn't like that?).  For many it's worth a small commission to be able to watch their BTC count tick up every hour on the hour.

Sure, I understand that well, but that doesn't address why some people think they're making more on Deepbit than other pools, when in reality they're making the least?
I'm making more, because the other pools I tried were unreliable, so I had significant downtime.

*shrug*
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July 15, 2011, 10:53:33 PM
 #27



deepbit has consistent numbers.

i've tried bitclockers and btc guild - both had weird numbers.

they just didn't seem legit.
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July 16, 2011, 03:36:15 AM
 #28

deepbit just works. during the time i was trying out btcguild, i had some connection problems, the main site was down on a regular basis (this is important for someone like me who checks their bitcoin balance on an hourly basis!)

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July 16, 2011, 03:52:43 AM
 #29

are there any pools that don't charge transaction fees? Id like to mine for them instead, and in addition, there was a small amount of evidence that one pool was ddosing bitcoinpool. I can not confirm or deny it, but the staff of bitcoinpool, which i place some trust in said it was likely. so trust them if you want, but the only reason I would ever mine would be to provide 100% free transactions.

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July 16, 2011, 04:25:36 AM
 #30

deepbit has the lowest stale rate

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July 16, 2011, 04:31:05 AM
 #31

Didn't [Tycho] (the guy that runs Deepbit) paid back from his own pocket more than a hundred BTC when someone had their accounts there compromised and lost the money they hadn't withdrawn yet,or somthing along those lines?

(I dont always get new reply notifications, pls send a pm when you think it has happened)

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July 16, 2011, 04:40:23 AM
 #32

i use bitcoin for reliability, that's worth the fees to me.

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July 16, 2011, 04:42:08 AM
 #33

Didn't [Tycho] (the guy that runs Deepbit) paid back from his own pocket more than a hundred BTC when someone had their accounts there compromised and lost the money they hadn't withdrawn yet,or somthing along those lines?
Yes, he did.  He also reimbursed another member for a smaller amount due to a similar problem.  I respect him and his pool greatly for that.  Seems that greed gets the best of many bitcoin-website holders around here, who pretty much say "sorry, tough luck."
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July 16, 2011, 05:06:26 AM
 #34

Here is what I will do. I jsut orderd 80 x 6970 to be delivered in slices over the nxt 4 weeks, as initial step.


6970's are not anywhere near the best hashrate per $.  Trust me, I have some so I know.

Right now the best hashrate/$ is the 5830's at newegg.  286 MH/S for $130.  Around 2.2 MH/S per $.  6970's do around 380 MH/S for $320, so they are only 1.19 MH/S per $.  Of course, you have to consider the price of the motherboard, power supply, etc because you will need more of them per MH on account of the lower powered 5830's.

Check out https://en.bitcoin.it/wiki/Mining_hardware_comparison  The price/MH column is wrong because people don't update it when they update the card prices, so you have to calculate on your own.

Anyway, as I have said in other threads, right now the ROI on mining is the lowest it has ever been, less than $.01/MH/S/Day.  If diff increases grow at less than 1% a day, you may be able to get more bitcoins over the course of a year than just purchasing them outright now.  But based on historical data, you will get more bitcoins from simply purchasing from the market.

Good luck.

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July 16, 2011, 05:10:32 AM
 #35

32Ghashes wont be bringing in blocks often at all.
To. OP, try Eligius, they are great, Youd be about 10% of the pool,

Check your math? That'll average almost 3 blocks a week at current difficulty. If that's "not often," then you have a very unusual definition of "often."
I think his problem is that some weeks nothing will come in, other weeks, 6 blocks will come in.
The variance freaks some people out.

Plus with difficulty increases, variance actually costs you because you sometimes don't get anything before the next diff increase.  Over a long period this doesn't matter, but in the short term, it can decrease your earnings.
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July 16, 2011, 08:48:42 AM
 #36

32Ghashes wont be bringing in blocks often at all.
To. OP, try Eligius, they are great, Youd be about 10% of the pool,

Check your math? That'll average almost 3 blocks a week at current difficulty. If that's "not often," then you have a very unusual definition of "often."
I think his problem is that some weeks nothing will come in, other weeks, 6 blocks will come in.
The variance freaks some people out.

Plus with difficulty increases, variance actually costs you because you sometimes don't get anything before the next diff increase.  Over a long period this doesn't matter, but in the short term, it can decrease your earnings.

Finally someone gets it..

What good is it if a slow pool's variance evens out in the next two months, if the current difficulty level only lasts 2 weeks or less?

You'll still be making less & less if you run into just a few unlucky streaks, because diff. is going up all the time.

With low variance pools that have massive hash rates, you are almost guaranteed to get 95-100% (or more if the pool is lucky) of your expected earnings.

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July 16, 2011, 01:48:00 PM
 #37

deepbit just works.
and because deepbit owner is an honest person, which is so rare nowadays.

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July 16, 2011, 07:26:30 PM
 #38

I find my mhash average is always clocked in higher on Deepbit than it should be and I'm never sure entirely why. I have two 5830s running at about 305 each right now and my "average speed in the last 10 minutes" frequently comes in at over 700. I'm not sure if this is common or not but it would be nice if true  Grin
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