LOTTOCOIN OLD THREAD, [CLOSED]

[rocketron]

Everything is working great after the reboot!

I justed want to thank our loyal miners to DEDICATEDPOOL.COM.  That was our first stratum DC in a while.  We are still 99.9% uptime.  That's still not good enough for me, I want 100% all the time.  Anyways, going to throw an AD here for the new folks:

Also I have to say, you guys are amazing!  You should see some of the emails I get.  People are so damn nice, thanking me for a great server and such.  I really can't believe how great this community is.  Out of all the emails I've got, I think I've got one nasty one out of 100s of good ones.

Thank you so much!!!



LOT.DEDICATEDPOOL.COM

Benefits of Mining on DEDICATEDPOOL.COM

• Backups every 30 minutes of the databases and wallets to protect your mining endeavours.
• Full 24/7 support available at admin@dedicatedpool.com
• Mine interrupted - dedicated servers w/redundancy, DDoS protection.
• Trustworthy admins who care about your experience and mining.

Mining Information

• Custom stratum/mpos environment
• Vardiff enabled
• PPNLS payout system
• Everything is transparent - blocks, donations, fees.

Server Infrastructure

• Redundant servers in different datalocations
• DDoS protection at switch level
• 8 Core servers, 256GB DDR3 RAM, RAID 10 SSD
• Ramdisks, memcaches, to make things go extremely quick

The Future

• Implementing a full ticketing system
• Phone and SMS support.. yes phone! Call and talk to someone real.
• More servers, more power, more scalability.

I hope you take the time to come give us a try and find out why we are different than every other pool out there.

If you have any suggestions or comments please let us know admin@dedicatedpool.com and we'd be happy to respond.

your pool has gone over 51% of the network hash rate, you should cap it now before it gets too big and effects the network

[1714779064]

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[1714779064]

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[1714779064]

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[1714779064]

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[rocketron]

75% of the network hashrate now,

people please change to a different pool, lot.dedicatedpool.com is too large!

[binaryclock]

75% of the network hashrate now,

people please change to a different pool, lot.dedicatedpool.com is too large!

Thank you for your message.

That is not correct.  The network is not reporting the correct network hashrate, it never does.  There is well over 3GH/s on the network, maybe more.  For example, nut's pool has 800KH/s as well.  So how could dedicatedpool have 75%?

And BTW, there is no problem with having over 50%.  Most of my pools run over 60% or even 75%, such as my grandcoin pool and the such.  I'm not forking my own blockchain here.

Ryan, dedicatedpool.com support/admin
admin@dedicatedpool.com / IRC on freenode #dedicatedpool

[damnation]

Yes, at CoinBomb the house gets all what's in when the countdown reaches 0. But LOT1 is still low and just a few hours old - so there will be some buyers. As you said, it was 7.5M in the last round

Woah - hang on, this is not true. Ive seen it posted before, but think it needs explaining how this works.  The house makes 1%.   The people buying are just funding the interest for theprevious person.

Example: The start price is 1000 and the "interest" is 50%.   So player 1 is the owner of the bomb, and the price is now 1,500.

When player 2 buys for 1,500.  Player 1 gets 1,485 coins.   This is their 50% less the 1% house fee.

The house is not making millions - they are just passed from one player to the next.  The coins that you have paid for LOT 1 and LOT 2 have already ben sent to the last player, less 1% for the house.


The risk is that you are not the last person to buy, if you are and nobody buys from you, then you lose and get zero back.

Obviously the lower the price, the more likely it is that somebody will buy - which is why the cheats only do it up to about 500K.  after that they let others (like you) take the risk.

Yes, at CoinBomb the house gets all what's in when the countdown reaches 0. But LOT1 is still low and just a few hours old - so there will be some buyers. As you said, it was 7.5M in the last round

Woah - hang on, this is not true. Ive seen it posted before, but think it needs explaining how this works.  The house makes 1%.   The people buying are just funding the interest for theprevious person.

Example: The start price is 1000 and the "interest" is 50%.   So player 1 is the owner of the bomb, and the price is now 1,500.

When player 2 buys for 1,500.  Player 1 gets 1,485 coins.   This is their 50% less the 1% house fee.

The house is not making millions - they are just passed from one player to the next.  The coins that you have paid for LOT 1 and LOT 2 have already ben sent to the last player, less 1% for the house.


The risk is that you are not the last person to buy, if you are and nobody buys from you, then you lose and get zero back.

Obviously the lower the price, the more likely it is that somebody will buy - which is why the cheats only do it up to about 500K.  after that they let others (like you) take the risk.

Do you seriously have a problem with everyone and everything in this thread.. I dont know what the hell your talking about anymore..

what do you mean the house doesnt make millions? i UNDERSTAND THE 1% fee and so does haggis... do you realise that the final amount which does not get bought.. goes to the house? Thats millions... Or is there a post i missed where he states that the unbought LOTS goes to a shelter for homeless gambling addicts?

Stop treating everyone like a fool. We understand the risks and haggis is right.. 500K and 1M is low... plus there is a 7 day counter for that to happen. its no different from a person spending 500 on a lottery ticket and losing.

Your arguments are flawed.. as you have basically proven to misremember everything.. such as LOT 1 being 80% and not 110% and LOT 1 being at around 7.5 M and not 2M. You keep harping about fair play and fair gambling.. but you seem to be delusional to the idea that house always wins

[rocketron]

75% of the network hashrate now,

people please change to a different pool, lot.dedicatedpool.com is too large!

Thank you for your message.

That is not correct.  The network is not reporting the correct network hashrate, it never does.  There is well over 3GH/s on the network, maybe more.  For example, nut's pool has 800KH/s as well.  So how could dedicatedpool have 75%?

And BTW, there is no problem with having over 50%.  Most of my pools run over 60% or even 75%, such as my grandcoin pool and the such.  I'm not forking my own blockchain here.

Ryan, dedicatedpool.com support/admin
admin@dedicatedpool.com / IRC on freenode #dedicatedpool

ok, thanks for explaining that. i was just concerned and thats why I mentioned it

[boomerjackson]

mrlotto dumped the premine?

[Galimore]

what do you mean the house doesnt make millions? i UNDERSTAND THE 1% fee and so does haggis... do you realise that the final amount which does not get bought.. goes to the house? Thats millions... Or is there a post i missed where he states that the unbought LOTS goes to a shelter for homeless gambling addicts?

You're not very smart, are you? When you deposit money to coinbomb you're paying the guy before you, not the house. The 2 million coins from Lot 1 were sent to the last guy who bought in a ~1.2 million as his profit. The owner is just taking his 1% cut on each transaction.

Person A buys the first investment at 1000 coins. Person B buys it from him at 50% interest and deposits 1500 coins which are sent to person A as his profit. If the bomb were to then blow up, there's no 1500 coins left for the house to take. I'm not sure where you got that idea from.

[rocketron]

mrlotto dumped the premine?

are you serious ? how do you come to that conclusion? learn how to read the orderbooks on cryptsy

[binaryclock]

75% of the network hashrate now,

people please change to a different pool, lot.dedicatedpool.com is too large!

Thank you for your message.

That is not correct.  The network is not reporting the correct network hashrate, it never does.  There is well over 3GH/s on the network, maybe more.  For example, nut's pool has 800KH/s as well.  So how could dedicatedpool have 75%?

And BTW, there is no problem with having over 50%.  Most of my pools run over 60% or even 75%, such as my grandcoin pool and the such.  I'm not forking my own blockchain here.

Ryan, dedicatedpool.com support/admin
admin@dedicatedpool.com / IRC on freenode #dedicatedpool

ok, thanks for explaining that. i was just concerned and thats why I mentioned it

Rocketron:

No problem man.  It's all pretty new ground and a lot of stuff to learn - I understand!

I think you were probably concerned with a 51% attack.  That attack is carried out by a malicious attacker who wants to gain control of the network/fork his own chain.  Maybe a pool could potentially do that with enough experience with stratum and the block chain, but rest assured, dedicatedpool.com does not have that in mind.  If anything, you want dedicatedpool to have the majority because people know from the dealing with me, that my only intention is to create a friendly environment for people to mine problem free.  Some days it's a struggle let me tell you!

Keep the communication open.. I like to hear all comments and concerns.  We are a community here!

Thank you,

Ryan, dedicatedpool.com support/admin
admin@dedicatedpool.com / IRC on freenode #dedicatedpool

[C3ALL]

Yes, that's how it works. But what do you think is not true in my statement?

The house does not get all whats in when counter reaches zero.  There are no coins at the house other than the 1% fee from purchases.   The coins you paid for LOT1, have already been given to the person you took the spot from.  The house does not have your coins.

Some people are misunderstanding how this works.

[boomerjackson]

mrlotto dumped the premine?

are you serious ? how do you come to that conclusion? learn how to read the orderbooks on cryptsy

It was a discussion last night and I had just logged on. People were pretty furious. So how about instead of telling me to fuck off you actually be a little helpful? Oh wait, it's much easier being a dick than answering a question, my bad

[Sparkzor]

Yes, that's how it works. But what do you think is not true in my statement?

The house does not get all whats in when counter reaches zero.  There are no coins at the house other than the 1% fee from purchases.   The coins you paid for LOT1, have already been given to the person you took the spot from.  The house does not have your coins.

Some people are misunderstanding how this works.

Dude, they're saying when IT RUNS OUT. No seconds left, no minutes, no hours, no days.
WHEN THE TIME IS OUT. When the LAST person LOSES his coins, the HOUSE get's it. Who else would get it you say?

[CasinoCoiner]

Don't bother with broken/slow pools. Come mine with us!

http://lot.hash.so/
* 0% pool fee!
* stratum
* vardiff
* PPLNS
* Fast servers
* Professional server admin (no downtime)

Same user/pass/workers work for all of our pools!

[C3ALL]

Do you seriously have a problem with everyone and everything in this thread.. I dont know what the hell your talking about anymore..

what do you mean the house doesnt make millions? i UNDERSTAND THE 1% fee and so does haggis... do you realise that the final amount which does not get bought.. goes to the house? Thats millions... Or is there a post i missed where he states that the unbought LOTS goes to a shelter for homeless gambling addicts?

Stop treating everyone like a fool. We understand the risks and haggis is right.. 500K and 1M is low... plus there is a 7 day counter for that to happen. its no different from a person spending 500 on a lottery ticket and losing.

Your arguments are flawed.. as you have basically proven to misremember everything.. such as LOT 1 being 80% and not 110% and LOT 1 being at around 7.5 M and not 2M. You keep harping about fair play and fair gambling.. but you seem to be delusional to the idea that house always wins

Seriously.  Im trying to help out here.  There are people who don't seem to understand how the game works, or at least where the coins go.  This is why its a problem when people use script to cheat the early low level purchases.  The house wins 1% of every buy.  Thats it.

1)  Feel free to ask the owner of coinbomb (username "Redcoin") and ask if interest on LOT 1 was prevoiusly 110%.  It was.  Feel free to ask for an explanation of the rules, even though they are right there on the front page.  Ask him if he makes the several million coins when the bomb goes off.

2) Another poster has shown how the game works, just like I have.  The house does not keep all the coins when the counter reaches zero, the coins have already been sent to the last person.  As an example, Fanta has bought LOT 2 for around 1.8M.  If somebody buys it, he expects 60% interest, so where does that come from?  Answer, the person that buys it for 2.9M.  The house keeps 1% of the 2.9m (29,000).  The rest would be paid to Fanta.

I have had discussions with the manager of the site and he is aware of the issue of people cheating the low value purchases and effectively making the returns without as much risk.  He has advised that he is looking at various ways to fix this, my post was simply to give a heads up to those new players who may get caught out because of the people cheating the early purchases.  Im trying to stop people getting burned by the cheats.  If you want to apologise, feel free. If not, then at least hopefully others will at least see how the game works and understand where the coins are going.

[C3ALL]

Dude, they're saying when IT RUNS OUT. No seconds left, no minutes, no hours, no days.
WHEN THE TIME IS OUT. When the LAST person LOSES his coins, the HOUSE get's it. Who else would get it you say?

Jesus Christ on a bike.  This is like teaching a turkey Chinese.  Ill try and explain it and see if once people get it, Im offered an apology from anyone..  

Price opens at 1000 coins.  Interest is set at 50%.

So - player A is the first to buy he sends over 1000 coins.  He holds the bomb and waits for his 50% interest.

The price is now 1,500 coins.

Player B buys the bomb.  he sends over 1,500 coins.

The house takes 1% (15 coins).

The remaining 1,485 coins are sent to Player A so he gets his 50% interest.

Now the counter reaches zero...  there are no coins there waiting to be kept by the house.   The house had 15 coins interest, the other 1485 were paid out.  All that hapens is the counter gets reset and the person holding the bomb when it got to zero just never got anyone else to pay their interest.  Thats it.


Im honestly havig difficulty trying to make this any simpler without drawing a picture.

[Galimore]

Yes, that's how it works. But what do you think is not true in my statement?

The house does not get all whats in when counter reaches zero.  There are no coins at the house other than the 1% fee from purchases.   The coins you paid for LOT1, have already been given to the person you took the spot from.  The house does not have your coins.

Some people are misunderstanding how this works.

Dude, they're saying when IT RUNS OUT. No seconds left, no minutes, no hours, no days.
WHEN THE TIME IS OUT. When the LAST person LOSES his coins, the HOUSE get's it. Who else would get it you say?

[Amberdark]

right now this is how the market looks on Cryptsy:



 

[Sparkzor]

Dude, they're saying when IT RUNS OUT. No seconds left, no minutes, no hours, no days.
WHEN THE TIME IS OUT. When the LAST person LOSES his coins, the HOUSE get's it. Who else would get it you say?

Jesus Christ on a bike.  This is like teaching a turkey Chinese.  Ill try and explain it and see if once people get it, Im offered an apology from anyone..  

Price opens at 1000 coins.  Interest is set at 50%.

So - player A is the first to buy he sends over 1000 coins.  He holds the bomb and waits for his 50% interest.

The price is now 1,500 coins.

Player B buys the bomb.  he sends over 1,500 coins.

The house takes 1% (15 coins).

The remaining 1,485 coins are sent to Player A so he gets his 50% interest.

Now the counter reaches zero...  there are no coins there waiting to be kept by the house.   The house had 15 coins interest, the other 1485 were paid out.  All that hapens is the counter gets reset and the person holding the bomb when it got to zero just never got anyone else to pay their interest.  Thats it.


Im honestly havig difficulty trying to make this any simpler without drawing a picture.

That's not correct because it's 99% fee...

[haggis]

C3All is right. The house doesn't get millions since the millions are already gone to the previous buyer. The house just takes 1% for each sale.
There are another 5% that go to the jackpot. But this isn't for the house but for some random person.

[C3ALL]

I honestly dont know how to explain this in any simpler form.