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Author Topic: Devcoin  (Read 369222 times)
Icoin
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August 23, 2012, 04:10:48 PM
 #681

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To make it easier for miners to get devcoins, there is now a devcoin pool bounty. The bounty is for any pool which allows the conversion of any part of the mining earnings to devcoins, in some way. It could be a new pool, or a collaboration with an existing pool, all that matters is that miners can get paid in devcoins. The pool could optionally convert earnings to other currencies, or shares. The pool operator must explain how the exchange rate is calculated.

Pool Bounty request!

for
http://glari.ch:3000/info?project_id=dvb
and
https://cryptostocks.com

http://178.195.18.168:9332

Shares dividends among shareholders in DVC & BTC
Total dividends paid:   1999999.99756818 DVC
https://cryptostocks.com/securities/14

conversion directly @ (trough) https://vircurex.com

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Unthinkingbit
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August 23, 2012, 04:35:25 PM
 #682

Good points, I've added a paragraph addressing both concerns, pasted below, to the bounty at:
https://bitcointalk.org/index.php?topic=34586.msg1125683#msg1125683


"Paying out converted devcoin transactions worth a total of at least 1 BTC gets half the bounty rounded up. The transaction rate must be within 10% of the rate of a major exchange, like Open Transactions or vircurex. If the pool is paying out converted transactions a month later, it will get the remainder of the bounty."

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August 23, 2012, 04:48:12 PM
 #683

I will be using the "actual internal valuation" rates shown at http://galaxies.mygamesonline.org/digitalisassets.html

My scripts that place offers on the markets in my Open Transactions server offer to buy for less than these valuations and offer to sell for more than these valuations, so this "privilege" of converting at the actual valuation rate will get miners a better conversion rate than the offers placed by my trading scripts would get them.

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August 23, 2012, 11:36:50 PM
 #684

These don't look like pools. How does it work?

How does this pay Devcoins?
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August 23, 2012, 11:39:39 PM
 #685

"Paying out converted devcoin transactions worth a total of at least 1 BTC gets half the bounty rounded up. The transaction rate must be within 10% of the rate of a major exchange, like Open Transactions or vircurex. If the pool is paying out converted transactions a month later, it will get the remainder of the bounty."
How would one determine what the exchange rate is on Open Transactions? I don't see a list of trades or current rate or anything.
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August 24, 2012, 12:00:08 AM
 #686

http://galaxies.mygamesonline.org/digitalisassets.html

-MarkM-

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August 24, 2012, 12:06:32 AM
 #687

How does that translate into an exchange rate that can be used by someone to work out values for conversion? Where's the list of recent trades? That's also an unsecured html page on some random domain with no proof it belongs to open transactions or that it has been modified "in flight" via mitm attack.
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August 24, 2012, 12:28:12 AM
 #688

How does that translate into an exchange rate that can be used by someone to work out values for conversion? Where's the list of recent trades? That's also an unsecured html page on some random domain with no proof it belongs to open transactions or that it has been modified "in flight" via mitm attack.

For secure data transfer one would set $server and $assetID to plug into "opentxs getmarketoffers" and your open transactions API would go get market offers about the specified asset at the specified server, using your nym's private key to encode your transmissions to the server's public key and the server encoding responses using its private key to your nym's public key.

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August 24, 2012, 01:00:10 AM
 #689

For secure data transfer one would set $server and $assetID to plug into "opentxs getmarketoffers" and your open transactions API would go get market offers about the specified asset at the specified server, using your nym's private key to encode your transmissions to the server's public key and the server encoding responses using its private key to your nym's public key.
Do you have a page somewhere that describes how one accesses your Open Transactions exchange in simple terms so ordinary users can use it?
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August 24, 2012, 02:37:09 AM
 #690

Not for API calls really, no. I expect the GUI java client would be the tool normal folk would use. There are movies and such though, even for some script based stuff. I haven't gotten as far myself as how to look up recent trades from a script, since until I first learned how to get scripts to post offers I didn't expect there to be many trades for other scripts to go looking for.

Open Transactions wiki: https://github.com/FellowTraveler/Open-Transactions/wiki/

Open Transactions TV: http://open-transactions-tv.github.com/

Open Transactions walkthrough on vimeo: http://vimeo.com/28141679

-MarkM-

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Icoin
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August 24, 2012, 06:46:09 PM
 #691

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Pool Bounty request!

for
http://glari.ch:3000/info?project_id=dvb
and
https://cryptostocks.com

http://178.195.18.168:9332

Shares dividends among shareholders in DVC & BTC
Total dividends paid:   1999999.99756818 DVC
https://cryptostocks.com/securities/14

conversion directly @ (trough) https://vircurex.com

The process is simple:

1. (Become a Miner) Join DVB by buing shares on cryptostocks.com

2. Get your DVC dividends payed out each week!

3. Buy new shares or exchange your DVC on vircurex.com to BTC or any other currency..

4 Enjoy your life

@ Unthinkingbit DVB furfills allready all needed points of the Pool Bounty! We pay out and it is even possible to buy security shares in DVC.
Quote
The bounty is for any pool which allows the conversion of any part of the mining earnings to devcoins, in some way
100% of the pool hashrate is payed out to shareholders (miners) in DVC trough the DVB security. We mine for whole blocks trough the p2pool merged mining node glari.ch:9332

Quote
Paying out converted devcoin transactions worth a total of at least 1 BTC gets half the bounty rounded up

1999999.99 DVC was payed out to shareholders allready

Quote
The pool operator must explain how the exchange rate is calculated.
Exchange rate is calculated accoring to the actual exchange rate of Vircurex.com

DVB does not take any fee!! All fees are the standart fees from Cryptostocks or Vircurex



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August 24, 2012, 11:16:00 PM
 #692

Pool Bounty request!

for
http://glari.ch:3000/info?project_id=dvb
and
https://cryptostocks.com

http://178.195.18.168:9332

Shares dividends among shareholders in DVC & BTC
Total dividends paid:   1999999.99756818 DVC
https://cryptostocks.com/securities/14

conversion directly @ (trough) https://vircurex.com

The process is simple:

1. (Become a Miner) Join DVB by buing shares on cryptostocks.com

2. Get your DVC dividends payed out each week!

3. Buy new shares or exchange your DVC on vircurex.com to BTC or any other currency..

4 Enjoy your life

..

I examined the 'DVB - Devcoin Bounty' stock at:
https://cryptostocks.com/securities

and saw that it paid out the stated amount of devcoins. So the initial 6 share part of the 12 share total first award of the devcoin pool bounty:
https://bitcointalk.org/index.php?topic=34586.msg1125683#msg1125683

will be paid to Icoin in the next round, round 15. I'll look at the pool a month from now, on September 24, and if it is still operating it will get the remaining 6 shares of the bounty in round 16.

Unthinkingbit
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August 26, 2012, 03:06:31 AM
 #693

When the devcoin pool bounty was first announced:
https://bitcointalk.org/index.php?topic=34586.msg1125683#msg1125683

it was the standard bounty, with four decreasing awards. The standard bounty is meant for services where we only need one, but are willing to pay for four so that we're sure to have at least one running. On further reflection, I realized that since each pool has a different clientele, the pool bounty is a different type of project, because each pool adds to the value of devcoin.

Therefore, I propose expanding the pool bounty from four awards to six awards. That would change the bounty to 12 generation shares for the first pool (which has already been awarded to Icoin), 10 for the second, 8 for the third, 6 for the fourth, 4 for the fifth and 2 for the last. Assuming another pool gets the award in this round or the next, this would slightly dilute the first pool award to Icoin, so if the expansion is accepted I would send him a million of my own devcoins to compensate for the potential dilution.

Are there any objections to expanding the pool bounty to six awards?

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August 26, 2012, 04:22:38 AM
 #694

If the pools do not have to actually mine DeVCoins, only pay out in DeVCoins, then I am not convinced the unexpanded plan is good so I would prefer making it that they actually have to mine DeVCoins rather than to reward a larger number of pools for (potentially) not actually mining them.

So I guess if you are happy with the current bounty being only for paying out in devcoins I'd suggest instead of adding to the number of bounties for that, create a boiunty for pools that actually mine the stuff.

If however actually mining the chain as well as paying out in the chain's coins is actually part of the requirements already then yes certainly as you said its a very important service worth making sure there are a few of.

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Icoin
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August 26, 2012, 07:29:58 AM
 #695

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I examined the 'DVB - Devcoin Bounty' stock at:
https://cryptostocks.com/securities

and saw that it paid out the stated amount of devcoins. So the initial 6 share part of the 12 share total first award of the devcoin pool bounty:
https://bitcointalk.org/index.php?topic=34586.msg1125683#msg1125683

Thank you

To explain how the process works:

We mine merged on a private p2pool node DVC and BTC:
To become a Miner at glari.ch you can gain shares from DVB or GMP @ https://cryptostocks.com
DVC are payed once a week as dividents in the DVB Security
BTC are payed once a week as dividents in the GMP Security

This way it is possible to:
1. Buy new shares
2. Exchange dividends on https://vircurex.com into any traded cryptocurrency or fiat

DVB does not take any mining fee! 100% of the hashingpower goes to dividends

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August 26, 2012, 09:49:11 AM
 #696

DVB does not take any mining fee! 100% of the hashingpower goes to dividends

There is however an "opportunity cost", which might to folk who are not yet accustomed to merged mining be "hidden", and that is the conspicuous absense of other chains customarily included in the merged chains list when merged mining.

Namecoins of course are the ommission most likely to be noticed by the largest number of merged-mining afficionados, however anyone aware of bitparking's merged mining pool might also wonder how much they are missing out on by the ommission of ixcoins and i0coins.

Me I went with merged mining at home, since even bitparking does not include all the chains I am accustomed to merging.

I think a lot of people used to getting namecoins in the mix will feel that the amount they can sell the devcoins for is trivial compared to the amount they are missing out on by not getting namecoins...

-MarkM-

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August 26, 2012, 10:20:20 AM
 #697

We mine merged on a private p2pool node DVC and BTC:
I'm confused how this works. It's a private p2pool node so people don't actually mine with you? If they do, where are the details to mine?
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August 26, 2012, 10:51:18 AM
 #698

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I'm confused how this works. It's a private p2pool node so people don't actually mine with you? If they do, where are the details to mine?

To become a glari.ch miner you simply buy shares at cryptostocks.com. No external GPU or FPGA are allowed on the private glari.ch mining node out of security reasons. We use FPGA boards only for mining. Not everyone is able to finance a FPGA rig, but everyone is able to buy shares at cryptotocks.com. By now 5 Lancelot boards was financed trough the GMP security and 2 additional x6500 boards work for this project.
As an shareholder you get the mined coins in form of dividends payed out each week.






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August 26, 2012, 11:09:49 AM
 #699

So in short you are not a devcoin mining pool, you are a mining operation selling shares and happening to use pool software privately behind the scenes in your mining operation?

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August 26, 2012, 11:56:53 AM
 #700

To become a glari.ch miner you simply buy shares at cryptostocks.com. No external GPU or FPGA are allowed on the private glari.ch mining node out of security reasons. We use FPGA boards only for mining. Not everyone is able to finance a FPGA rig, but everyone is able to buy shares at cryptotocks.com. By now 5 Lancelot boards was financed trough the GMP security and 2 additional x6500 boards work for this project.
As an shareholder you get the mined coins in form of dividends payed out each week.
Ok, I think I understand now. People don't mine in your pool with their own equipment. Instead they buys shares in a company which buys mining equipment and mines using it. The income from that mining operation is paid out to shareholders in either bitcoins or devcoins. Is that right?
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