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Author Topic: [NXT] nxtpool.com - first forging NXT pool [161 KNXT] - closed  (Read 7373 times)
Dervish
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January 09, 2014, 06:40:33 AM
Last edit: June 14, 2014, 05:14:26 PM by Dervish
 #1

Welcome to first NXT pool. Our address is: http://nxtpool.com/

• Forging is performed by one wallet. So it's important to make deposit from your personal wallet we can identify you.
• When block is found, each participant receives a share of the fee equal to the ratio of NXT amounts of the participant and the pool, minus pool commission.
• During the promotional period the pool commission is 0%.
• At the end of the promotional period, the commission pool will be 1-2%.
• All users who have made deposits of 10.000 NXT or more during the promotional period will have reduced commission after the promotional period.
• Currently all contributions and withdrawals are processed manually.
• Commission for withdrawal is one NXT.
• Pool wallet is running on dedicated server, works 24/7 and is stable. Forging wallet is automatically restarted every 3 hours for stability.

In order to start using the pool you need to register on the website by specifying your NXT wallet and send NXT to the pool wallet: deleted

Pooling gives an obvious advantage of more stable income. But besides that, after analyzing the forging code I found that the probability of generating a block depends on the number of coins not in a linear way (mathematical justification of this fact will posted here: https://bitcointalk.org/index.php?topic=406331.msg4545539#msg4545539). Therefore, participating in the pool also gives higher incentive for participant than he would get by forging alone.



--------------------------
Total blocks found: 55
Total reward: 127 NXT
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EmoneyRu
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January 09, 2014, 06:47:02 AM
 #2

Forging wallet is restarted every 8 hours for stability.
How? Manually?

CoinBuzz
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January 09, 2014, 06:50:28 AM
 #3

how we can trust you?

Dervish
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January 09, 2014, 07:06:15 AM
Last edit: January 16, 2014, 03:17:03 AM by Dervish
 #4

Forging wallet is restarted every 8 hours for stability.
How? Manually?
Now manually. We work on automatic restart.
Upd: Automatic restart implemented.
Dervish
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January 09, 2014, 07:12:33 AM
 #5

how we can trust you?
Nohow of course.

The only thing I can say that I have created that pool because my 50 000 NXT have not generated any blocks yet and
Therefore, participating in the pool also gives higher incentive for participant than he would get by forging alone.
and I want a part of that "higher incentive".

I do not plan to kill the goose that will lay the golden egg.
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January 09, 2014, 07:15:46 AM
 #6

I think the risk reward for this is extremely lopsided. you might get lucky to get 200 nxt a day with 10 million nxt, and 10 million NXT is an awful lot of nxt to trust someone with...
Dervish
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January 09, 2014, 07:19:18 AM
 #7

I think the risk reward for this is extremely lopsided. you might get lucky to get 200 nxt a day with 10 million nxt, and 10 million NXT is an awful lot of nxt to trust someone with...
If you have 10 millions you do not need a pool Smiley
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January 09, 2014, 07:27:30 AM
 #8

Quote
Pool wallet is running on dedicated server, works 24/7 and is stable. Forging wallet is restarted every 8 hours for stability.

Is the wallet running on the same server you host the site? If so that is extremely dangerous. Even if the site itself is 100% secure, never rule out internal sabotage from your host. It can happen when lots of money is at stake- slush encountered this with OVH on his Bitcoin pool awhile back.

I hope you are keeping the wallet open on an isolated machine that is ONLY used for NXT.
Dervish
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January 09, 2014, 07:42:05 AM
 #9

Quote
Pool wallet is running on dedicated server, works 24/7 and is stable. Forging wallet is restarted every 8 hours for stability.

Is the wallet running on the same server you host the site? If so that is extremely dangerous. Even if the site itself is 100% secure, never rule out internal sabotage from your host. It can happen when lots of money is at stake- slush encountered this with OVH on his Bitcoin pool awhile back.

I hope you are keeping the wallet open on an isolated machine that is ONLY used for NXT.
Separate server.
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January 09, 2014, 07:46:40 AM
 #10

how we can trust you?
Nohow of course.

The only thing I can say that I have created that pool because my 50 000 NXT have not generated any blocks yet and
Therefore, participating in the pool also gives higher incentive for participant than he would get by forging alone.
and I want a part of that "higher incentive".

I do not plan to kill the goose that will lay the golden egg.
But the proverbial golden egg in this instance is the large amount of Nxt you will hold on trust versus the tiny fees that will be generated of which your share will be even tinier.   Huh  The only way a pool would work is if you'd be willing to escrow an amount that equals the Nxt received but then of course that would still be subject to exchange rate risk.
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January 09, 2014, 08:27:43 AM
Last edit: January 09, 2014, 08:38:00 AM by Dervish
 #11

But the proverbial golden egg in this instance is the large amount of Nxt you will hold on trust versus the tiny fees that will be generated of which your share will be even tinier.

My plan is following. When NXT become popular we will have about 1400 blocks a day, each block will have about 250 transactions, and about 2500 NXT of fee. Pool will forge about 20% and I will take about 1% of it as pool owner. It's about 7000 NXT a day. Not so tiny I think.

The only way a pool would work is if you'd be willing to escrow an amount that equals the Nxt received but then of course that would still be subject to exchange rate risk.
For example I have money to escrow all pools NXT. What for I need that pool? I can just buy NXT on that money and forge by myself.
So I may do that but only for a starting period of the project.
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January 09, 2014, 08:43:31 AM
 #12

I think the risk reward for this is extremely lopsided. you might get lucky to get 200 nxt a day with 10 million nxt, and 10 million NXT is an awful lot of nxt to trust someone with...
If you have 10 millions you do not need a pool Smiley


That's not the point. I'm saying if I had $100 of nxt and you (some anonymous forum user) are basically are saying you'll give me 1 cent a week to borrow it, I wouldn't take you up on the offer...
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January 09, 2014, 08:51:51 AM
 #13

I really need a pool but I still cannot trust anyone with my NXT.
The gain for me would be a little more stable forging income but the risk would be loosing all my NXT.
Pool forging is not pool mining. The risk is damn high.

Do you have a reputation thread or something ? If not, could you give collateral ?
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January 09, 2014, 09:03:36 AM
 #14

I wish there was some way to do some sort of pooled forging with my coins. I have a lot and dont mind parting with the coins i forge, but idk if there's a way to do that.
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January 09, 2014, 09:08:36 AM
 #15

My plan is following. When NXT become popular we will have about 1400 blocks a day, each block will have about 250 transactions, and about 2500 NXT of fee. Pool will forge about 20% and I will take about 1% of it as pool owner. It's about 7000 NXT a day. Not so tiny I think.
I think this is overestimation. At that time fees will become 0.01 or ever 0.001, so calculate your profit more realistically.
Dervish
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January 09, 2014, 09:50:32 AM
 #16

That's not the point. I'm saying if I had $100 of nxt and you (some anonymous forum user) are basically are saying you'll give me 1 cent a week to borrow it, I wouldn't take you up on the offer...
Your point is clear.

Do you have a reputation thread or something ? If not, could you give collateral ?
No I have not reputation thread. The only thing I can say that I have registered March 22, 2011.

If not, could you give collateral ?
Do you mean escrow BTC?

I think this is overestimation. At that time fees will become 0.01 or ever 0.001, so calculate your profit more realistically.

I do not talk about now. I understand that now project will be unprofitable. But I think I should start now to have reputation and profit in a couple of years.
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January 09, 2014, 10:55:21 AM
 #17

Do you have a reputation thread or something ? If not, could you give collateral ?
No I have not reputation thread. The only thing I can say that I have registered March 22, 2011.

Did you manage something similar before ? Did you trade through the forum ?

If not, could you give collateral ?
Do you mean escrow BTC?

Yes or any other form of wealth as a guaranty.
Dervish
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January 09, 2014, 11:23:07 AM
Last edit: January 09, 2014, 11:45:15 AM by Dervish
 #18

Did you manage something similar before ?
It was before bitcoin.

Did you trade through the forum ?
https://bitcointalk.org/index.php?topic=238044.msg2518968#msg2518968
https://bitcointalk.org/index.php?topic=75299.0

Yes or any other form of wealth as a guaranty.
May be I should ask BCNext if he ready to be an escrow...
But as I say before, If I had money to cover all of the deposits, I would not need to start this pool.
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January 09, 2014, 03:40:55 PM
 #19

Guys, is no point using pools.

With 100,000 NxT you will get about 1NxT/24h , and with this quantity is better you forge alone.

With 10,000 NxT you will get 0.1NxT/24h, you will need just 20 days to pay 2NxT fee to go and return. And you're risking your whole NxT stack to gain 3.1 NxT/month , that's a 0.36% anual ROI by risking all your NxT...

With 1,000 NxT you will get 0.01NxT/24h, you will need 200 days to pay 2NxT fee to go and return.

Really, no point using this.
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January 12, 2014, 07:18:11 AM
 #20

1. Today I have complete domain transfer. Now pool can be accessed by http://nxtpool.com/
2. Implemented automatically wallet restarting system.
3. Pool power 97,743 NXT
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