[POOL][Scrypt][Scrypt-N][X11] Profit switching pool - wafflepool.com

[comeonalready]

I think a big step forward would be for multipool's to stop coin dumping and attempt more long-term profitability methods. What those are, I don't know, but we're killing coin values.

Don't worry about Gridseed's too much: Worry about 2nd generation when they start coming.

Finally someone cared to mentioned that. I have also been thinking what should multipools like wafflepool do in order to reduce the damage. There is that new multipool hopping through multiple "most profitable" currencies instead of chosing the most profitable but I am not sure it is enough. Recently, it came to my attention in this forum that people really partially blame multipools for the altcoin value reduction and there is a growing dislike/anger towards them.

I really wonder what poolwaffle is thinking about the issue.

I am always amazed how simplistic the ideas are that people make up in their heads solely in order to feel like they have a grasp on how the world really works.

Alt-coin prices are not depressed because multipools are dumping coins.  Multipools are comprised of people investing their time, effort, and money towards mining most efficiently - in other words, all of us here in this forum - and it is not other people dumping their coins depressing their values, but instead supply rising to demand, and then surpassing it, as improvements to processes often reduce underlying costs, and subsequently reduce prices.  For any one of us to expect somebody else to stop mining and selling the most profitable coins in order to maintain an artificial price point is completely unrealistic, and not the manner in which free markets work.

To expand on this line of reasoning, the overall worldwide level of coin mining, or total hashrate if you prefer, whether BTC, LTC, other scrypt coins, or even coins with different algorithms, will always trend toward rising to meet demand, until a point at which it becomes unprofitable to mine them any longer, which varies for each miner.  As any rational person would likely agree (barring reliable predictive insight into market directionality factors), if an activity is currently profitable then more people will participate in it.

You're looking for someone to blame as to why you cannot effectively compete and pull in easy money.  Whether it's your cost of energy or inefficient use of resources does not matter.  If you cannot compete, then just drop out or figure out a way that you can.  All this pining for a return to 0.01BTC/1MHD in this forum accomplishes nothing.  That price point most likely will not return again.  And for that matter, .009 is probably gone for good, and .008, and .007 will soon seem like the good old days before long.  Welcome to reality.


PS. Newegg's customer service is non-existent.  Just hope you never have to deal with them after you have purchased a defective item from them.

[lagster]

Yeah, wait until you have a problem Rick. I loved Newegg too.. until I had a problem. Then another. Then a third. None of which were handled well AT ALL.

excuse me, but why are you discussing it in here?
most of us are waiting for news from pw about current 0.004 btc/mh. and not for your prices for hardware and power... are you sure it is the right place to talk about them?

[lagster]

I am with everyone that is going to Ghash for the
2 X Litecoin rewards week.  No multipools are even
coming close to that now. See first sig below.

pw, can wafflepool join this 2x gangbang of ghash as one?

[bbbbbb2014]

What is going on with the Alt-Coins latelly?...

Im getting miserable payouts... Much lower then the 0.01 per Mhash i was getting a few weeks ago...

If we join the low value of the BTC atm, i think i will have to shut down part of my farm (maybe half), why are the coins so low?
I understand the MT GOX Fiasco and the low BTC price, but the alt-coin market should be independent right?

LPC

Speaking of alt-coins and bitcoin as well - the price for BTC is good, but not even close to good days - alt-coins also have a value, but not 30 € per coin -but rather around 12 € (three times less).

So, on the payment side - only one third of fiat money can be gotten from coins.

On the mining side, 35 Hhash is available just at this pool, when only a month ago 14 Ghash at Middlecoin was considered extremely huge. So, the math power got trippled or thereabouts.

So,if profits got halved - that's even not so bad in this specific situation - as long the cost of electricity is low enough.

Perhaps some new tricks are needed to boost the profit. I can think of two tricks:

a) we are mining LTC and LTCs can be sold for EUR/USD - why not do payouts in LTC? - so pressure to dump alt-coins would be releaved a bit

b) some sort of trading (or at least an arbitrage) must be done -BTC/LTCD is still volatile, this is good for trading / speculating

Waffle, what do you think of a) plan?

=x

[Norpps]

Our whale left us for ghash.io 

[phzi]

Our whale left us for ghash.io  

Lol, looks like you might be right.

That 200% LTC block reward is bloody crazy.  At this rate, it will cost them a quarter million USD to run the promotion for a week.  But, GHash.IO is already the second largest litecoin pool, 30 hours after their first block was found.

[lagster]

Our whale left us for ghash.io 

i guess this whale is a pool. not that i care if he is.
anyone in a sane mind would switch to gh.io for a week now.

[yogibaer]

The pool is losing GHash but the number of miners isn't really decreasing?

Hashrate: 14.08 GH/s     Miners: 5092     Mining: litecoin     Time: 09:02:09

[Norpps]

The pool is losing GHash but the number of miners isn't really decreasing?

Hashrate: 14.08 GH/s     Miners: 5092     Mining: litecoin     Time: 09:02:09

Bigger miners leaving faster if grass is greener elswhere.

[DrunkenDonkey]

Yeah the pool lost 1 miner. The whale.

[poolwaffle]

Yep, big guy left (I assume for GHash for this week).

I've got some proxying code in testing currently, assuming it works fine, in the next few hours we should be reaping all the benefits of the GHash promo, without you guys having to do anything.

Essentially, miners pointed to WP will keep having shares logged at WP, earnings logged at WP etc.  The earnings will be a bit less granular due to needing to be manually proxied.  I'll take the earnings from Ghash, and move it into WP as if we had found X number of LTC blocks, where X is [earnings / 50].  So once this is live, should see blocks found slow down (we won't be finding them) and every hour or so, a massive influx of "found blocks", and payouts from those

[Norpps]

Yep, big guy left (I assume for GHash for this week).

I've got some proxying code in testing currently, assuming it works fine, in the next few hours we should be reaping all the benefits of the GHash promo, without you guys having to do anything.

Essentially, miners pointed to WP will keep having shares logged at WP, earnings logged at WP etc.  The earnings will be a bit less granular due to needing to be manually proxied.  I'll take the earnings from Ghash, and move it into WP as if we had found X number of LTC blocks, where X is [earnings / 50].  So once this is live, should see blocks found slow down (we won't be finding them) and every hour or so, a massive influx of "found blocks", and payouts from those

Excellent, mr. Pw

[lagster]

Yep, big guy left (I assume for GHash for this week).

I've got some proxying code in testing currently, assuming it works fine, in the next few hours we should be reaping all the benefits of the GHash promo, without you guys having to do anything.

Essentially, miners pointed to WP will keep having shares logged at WP, earnings logged at WP etc.  The earnings will be a bit less granular due to needing to be manually proxied.  I'll take the earnings from Ghash, and move it into WP as if we had found X number of LTC blocks, where X is [earnings / 50].  So once this is live, should see blocks found slow down (we won't be finding them) and every hour or so, a massive influx of "found blocks", and payouts from those

when to switch back?

[Norpps]

I am monitoring ghash.io ltc pool, they have not found a single block for last hour, while running at 35 ghs. Is that perfectly normal?

I mean if we gonna attach ourselves to that thing, should i be worried?

[lagster]

and there '502 bad gateway' wil's stat page goes so i can't compare the profits of gh and wp.
no comparision is needed anyway. this x2 promo is something. will they keep it x2 for all week long? much money so dogestyle.
everyone will come back to their pools after that anyways. isn't it just stupid....?

[Pierre3400]

Since the pool size dropped over 50% ghs, this means we should be small enough to get back to mining more alt coins right?

[DrunkenDonkey]

Naa, we have to drop ten times more to be able to taste the startup coins, great move on the ghash PW

[Pierre3400]

Naa, we have to drop ten times more to be able to taste the startup coins, great move on the ghash PW

I didnt mean start up coins, but coins that we use to mine, like earthcoin, worldcoin and so on. That we go too big to mine. We are back at around the same as the stage when i joined up. (Close. 5ghs more)

[de_ixie]

Yep, big guy left (I assume for GHash for this week).

I've got some proxying code in testing currently, assuming it works fine, in the next few hours we should be reaping all the benefits of the GHash promo, without you guys having to do anything.

Essentially, miners pointed to WP will keep having shares logged at WP, earnings logged at WP etc.  The earnings will be a bit less granular due to needing to be manually proxied.  I'll take the earnings from Ghash, and move it into WP as if we had found X number of LTC blocks, where X is [earnings / 50].  So once this is live, should see blocks found slow down (we won't be finding them) and every hour or so, a massive influx of "found blocks", and payouts from those

Good job- dont have to point away now 

[poolwaffle]

Proxying is up and working (on a small portion of the pool - about 5%).  I'll be monitoring for about an hour, if everything still looks good, I'll start moving more of the pool over