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Ploo (OP)
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January 24, 2014, 10:59:42 PM |
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I was looking at http://dustcoin.com/ and noticed that mining some scrypt coins can be twice as profitable as mining litecoin. Suppose that a litecoin pool operator actually gets his users to mine dogecoins or bbqcoins. He then uses the proceeds to purchase litecoins and pays them out to his miners. The end effect is that the pool operator is way better off than he would be otherwise. Is it possible for this to be happening seamlessly without the miners not realising? When a scrypt pool miner is issued a work unit would it be possible to have them mine on a different coin than the user assumes? |
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kalus
Sr. Member
 Offline
Activity: 420
Merit: 263
let's make a deal.
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January 25, 2014, 01:09:02 AM |
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middlecoin usually doesn't announce which coin they're mining, but usually you can infer which coin you're mining by the difficulty.
on the other hand, i've init mined some shitcoins with high difficulty, so i assumed at the time i was proxy-mining for someone else's benefit (the pool later went down and never returned), or i'm cracking SSL for the North Korean Army. either way, it was only a couple of computers overnight.
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DC2ngEGbd1ZUKyj8aSzrP1W5TXs5WmPuiR wow need noms
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atp1916
Legendary
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Activity: 854
Merit: 1000
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January 25, 2014, 01:29:44 AM |
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Dustcoin was left 'in the dust' a while ago... it's not very useful anymore. Coinchoose is a better alternative.
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kalus
Sr. Member
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Activity: 420
Merit: 263
let's make a deal.
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January 25, 2014, 04:41:43 AM |
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i've nver used dustcoin, but what is 'not very useful anymore' about it? it seems to be providing the same information as the other sites i use.
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DC2ngEGbd1ZUKyj8aSzrP1W5TXs5WmPuiR wow need noms
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AtlantisPlatform
Member
Offline
Activity: 98
Merit: 10
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January 25, 2014, 05:33:53 AM |
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i've nver used dustcoin, but what is 'not very useful anymore' about it? it seems to be providing the same information as the other sites i use.
It is just as useful and relevant as any of them are. Same info. |
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anderl
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January 25, 2014, 06:50:23 AM |
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he is better off only when there is an arbitrage opportunity. The problem is that the movment of coins to an exchange to convert to LTC and then back again wastes time that may result in a reduction in arbitrage as well as the trading and withdrawal fees that go along with it. The gain is so negligible that pool operates may not invest the time to automate the process.
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DrG
Legendary
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Activity: 2086
Merit: 1035
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January 25, 2014, 07:53:20 AM |
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Most BTC and LTC pools are so finely tuned currently they have little room for improvement. Other alts, DOGE for example, despite having some pool ops working their butts off, still have pretty bad reject rates, downtime, DDoS, etc.
A 212% profit on DOGE may only end up be 130% profit if the pool is skimming shares, rejecting 8%, sending to exchanges slowly, going offline without notice, etc.
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UKMiner
Newbie
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Activity: 8
Merit: 0
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January 26, 2014, 11:58:37 AM |
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I was looking at http://dustcoin.com/ and noticed that mining some scrypt coins can be twice as profitable as mining litecoin. Suppose that a litecoin pool operator actually gets his users to mine dogecoins or bbqcoins. He then uses the proceeds to purchase litecoins and pays them out to his miners. The end effect is that the pool operator is way better off than he would be otherwise. Is it possible for this to be happening seamlessly without the miners not realising? When a scrypt pool miner is issued a work unit would it be possible to have them mine on a different coin than the user assumes? I'm not too sure if it is possible to hide it, but I'm sure people are doing it. There is so much fraud around this market this would be a minor thing in the grand scheme of things. |
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