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Author Topic: Ruxum exchange implements integrated mining pool, real threat to bitcoin network  (Read 1631 times)
Serith
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September 07, 2011, 04:33:23 AM
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As Ruxum beta participant, I just received the next e-mail.

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Ruxum Pool.  We have been working hard to build and bring you additional complimentary services around the Ruxum exchange.  The first we are excited to announce will be Ruxum Pool, a Bitcoin mining pool.  We will be the first pool that lets you choose between earning Bitcoin or earning real money for your computing power.  The mining pool will be closely integrated with the exchange so you can send your BTC or real money (with 15+ currencies to choose from) earned from mining to the exchange for either instant trading or for easy withdraw.   Earning real money will lock in your mining profits as you earn them and lessen your exposure to Bitcoin price fluctuations.   More details will come in the following weeks but for today...
 
We are finishing up our internal testing on the pool, everything is working smoothly and we are almost ready to start the pool in production.  As a Ruxum private beta member, you can get early access to the Ruxum Pool and help to launch it.  Just send an email to beta@ruxum.com (please use the email address where you received this email) and let us know how many GH (Gigahash) you are willing to commit to help start the pool and we will let you know further details.

I think other exchanges will follow the example and get partnership with a major pool. It would be easier for an exchange to support just one or very limited number of mining pools so hash power will consolidate even more and threats like single point of failure, double spend attack and blockchain dictator won't be just a theory any more.

EDIT: there seem to be a confusion that I am against the new exchange or it's new mining pool, that's not true. I think it is the threat because it will start new trend of hash power consolidation and that will be very bad for Bitcoin.
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evoorhees
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September 07, 2011, 04:50:11 AM
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When I got that email my thought was, "this is good for Bitcoin" now that yet another market entrant is going strong and continually offering new services.

Yet, you think it's a "real threat?" Would you rather there be fewer mining pools, and fewer exchanges?

Ruxum is subtly developing a very powerful platform and I'm quite impressed with their professional work thus far.

If anyone needs a Ruxum beta invite, PM me! =)
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September 07, 2011, 04:56:57 AM
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When I got that email my thought was, "this is good for Bitcoin" now that yet another market entrant is going strong and continually offering new services.

Yet, you think it's a "real threat?" Would you rather there be fewer mining pools, and fewer exchanges?

Ruxum is subtly developing a very powerful platform and I'm quite impressed with their professional work thus far.

If anyone needs a Ruxum beta invite, PM me! =)

Agreed, this is good, not bad for Bitcoin.

And I'll take that beta invite if it's still available.
Serith
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September 07, 2011, 04:58:13 AM
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Would you rather there be fewer mining pools, and fewer exchanges?

I am not sure where from you got this conclusion. I don't care much about how many exchanges out there, but I think there should be as many mining pools as possible, and I think it's wrong that deepbit is so dangerously close to have 50% share.
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September 07, 2011, 05:04:42 AM
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Would you rather there be fewer mining pools, and fewer exchanges?

I am not sure where from you got this conclusion. I don't care much about how many exchanges out there, but I think there should be as many mining pools as possible, and I think it's wrong that deepbit is so dangerously close to have 50% share.

So then isn't it a positive thing that a new high-profile pool is coming online?
Serith
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September 07, 2011, 05:10:29 AM
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Would you rather there be fewer mining pools, and fewer exchanges?

I am not sure where from you got this conclusion. I don't care much about how many exchanges out there, but I think there should be as many mining pools as possible, and I think it's wrong that deepbit is so dangerously close to have 50% share.

So then isn't it a positive thing that a new high-profile pool is coming online?

I edited OP to clarify.
cottoneyeJoe
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September 07, 2011, 05:29:05 AM
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Another pool would be nice but I really want to see a trading API from Ruxum soon!
Chris Acheson
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September 07, 2011, 06:17:36 AM
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Exchanges don't need to partner with existing pools to do this.  All it would take is for one exchange to add a new API call to send BTC to a specified account name, along with an option to immediately sell those BTC for fiat.  Once this happens, every pool would have access to it, and we're back to business as usual.

Now that I think about it, this would be excellent for merchants too.
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September 07, 2011, 06:20:12 AM
 #9

pretty cool, surprised coinotron hasnt done this already  Tongue

I wonder what their reward method will be.
 Cool

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September 07, 2011, 06:29:16 AM
 #10

It's too much of a coincidence that they "pre-announce" their service the same day I launch mine.  Smiley

GuildMiners is the first mining pool that allows you to choose between bitcoins or real cash.  We do not have plans to launch our own exchange - we are partnering with CampBX to sell the bitcoins we mine.

https://bitcointalk.org/index.php?topic=41784.0

Martin

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September 07, 2011, 06:34:47 AM
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Exchanges don't need to partner with existing pools to do this.  All it would take is for one exchange to add a new API call to send BTC to a specified account name, along with an option to immediately sell those BTC for fiat.  Once this happens, every pool would have access to it, and we're back to business as usual.

Now that I think about it, this would be excellent for merchants too.

But you can already do this with mtgox.
The deposit address remains valid for multiple deposits.
You can put in a huge standing sell order for the minimum you'll accept for BTC  - as soon as your coins arrive mtgox will sell at whatever the current price is.

How is that different to what you mention above?


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September 07, 2011, 07:33:49 PM
 #12

GuildMiners is the first mining pool that allows you to choose between bitcoins or real cash.

compute4cash is the first, you are the last!

Bleutrade
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September 07, 2011, 07:47:42 PM
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Just some thought from the paragraph. Is it mean that there will be many cheapest coin there because they will sale the bitcoin immediately?
Chris Acheson
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September 07, 2011, 08:08:44 PM
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Exchanges don't need to partner with existing pools to do this.  All it would take is for one exchange to add a new API call to send BTC to a specified account name, along with an option to immediately sell those BTC for fiat.  Once this happens, every pool would have access to it, and we're back to business as usual.

Now that I think about it, this would be excellent for merchants too.

But you can already do this with mtgox.
The deposit address remains valid for multiple deposits.
You can put in a huge standing sell order for the minimum you'll accept for BTC  - as soon as your coins arrive mtgox will sell at whatever the current price is.

How is that different to what you mention above?

Hmm, I guess you could do it that way too, but it's a bit hackish for the end user.  The way I suggested, you just give the pool your exchange account name and it works.
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September 07, 2011, 08:54:17 PM
 #15

We're all going to be mining in one pool oh no.....

Yesss, there is another pool, more diversification.

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