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

[DutchRIG]

Please add a blackcoin payout !

+1

[poolwaffle]

Since there is a decent amount of stuff to do with new payout options, we've got a survey up:
https://www.surveymonkey.com/s/Y3Q9TW2

Thanks

[5ick3uffalo]

Survey completed.
New here (Noob mining with Gridseed) Hmm, i like it.

[bbbbbb2014]

a) Most likely not going to happen.  Don't think its really feasible due to the fees required sending small amounts of extremely new coins to hundreds/thousands of users, we'd ask to send you 1 coin, and we'd be paying half of that in fees.  Obviously that depends on hashrate somewhat, but its a very high amount typically.
b) This doesn't really make sense.  All that matters is the price at the time that you get them (and even that doesn't really matter).  When you get the coins, either you'll decide to hold them for a time period because you think the price is going to go up, or you'll decide to sell them immediately because you think the price will go down.  What the switcher decided doesn't matter, the coins are already mined and is essentially a sunk-cost.  You decide if you think price is going up or down, and make a decision based on that, and that alone.

Got that. But please, note that:

a) Let's forget the idea that you'll be paying out in every possible coin. LTC and DOGE would suffice.I am also saying that you could trade some coins also for LTCs - if that's possible. Anyhow - pressure on BTC must be eased somehow. BTW, you could put some minimum amounts to be paid in other coins.

b) I am sensing troubles in your thinking. You're switching all the time - to catch the most profitable coin. The most profitable means 'profitable' all the way to my wallet.

So for example, if some pump starts on some coin - you decide to mine it - when coins are mature - the pump is over - and dump starts. You're calculating 'profitability' - but in reality, coins are not exchanged near that figure - which was a deciding factor after all.

There is a new feature I'd like to see at PW. This feature was available at 'middlecoin'. That was a graph - which stayed at zero (0) if coins were sold for the price for which were coins mined. The graph went up - if coins were sold even at higher price and it went under zero - if coins were sold under the mining price.

[phzi]

I do rather like idea of being able to auto-trade everything to LTC or some other coin at times.  But, keeping back coins from auto-trade is more.important I think.  If I am long on LTC, it makes little sense to trade mined LTC to BTC.

---

Bbbbbb2014: PoolWaffle's logic is sound. A sunk cost is a sunk cost.  Knowing the expected value is irrelevent.  You either auto-trade them when you can, or you speculate that given coin will go up and you stay long.

That said, I have always wanted to see some luck and expected profitability stats.  Expected profitability + luck + exchange variance data would all excite the nerd in me, heh.

[v1l3n1n2]

a) Most likely not going to happen.  Don't think its really feasible due to the fees required sending small amounts of extremely new coins to hundreds/thousands of users, we'd ask to send you 1 coin, and we'd be paying half of that in fees.  Obviously that depends on hashrate somewhat, but its a very high amount typically.
b) This doesn't really make sense.  All that matters is the price at the time that you get them (and even that doesn't really matter).  When you get the coins, either you'll decide to hold them for a time period because you think the price is going to go up, or you'll decide to sell them immediately because you think the price will go down.  What the switcher decided doesn't matter, the coins are already mined and is essentially a sunk-cost.  You decide if you think price is going up or down, and make a decision based on that, and that alone.

Got that. But please, note that:

a) Let's forget the idea that you'll be paying out in every possible coin. LTC and DOGE would suffice.I am also saying that you could trade some coins also for LTCs - if that's possible. Anyhow - pressure on BTC must be eased somehow. BTW, you could put some minimum amounts to be paid in other coins.

b) I am sensing troubles in your thinking. You're switching all the time - to catch the most profitable coin. The most profitable means 'profitable' all the way to my wallet.

So for example, if some pump starts on some coin - you decide to mine it - when coins are mature - the pump is over - and dump starts. You're calculating 'profitability' - but in reality, coins are not exchanged near that figure - which was a deciding factor after all.

There is a new feature I'd like to see at PW. This feature was available at 'middlecoin'. That was a graph - which stayed at zero (0) if coins were sold for the price for which were coins mined. The graph went up - if coins were sold even at higher price and it went under zero - if coins were sold under the mining price.

Blackcoin payout would be a great option!

[poolwaffle]

OK, so I've got some results here (386 users), probably a decent enough sample size (I'll update if trends in data change).

Requested coin (multi-choice):
BTC 80%
LTC 35%
DOGE 30%
Mined 15%
Other 8%

Only mined coins vs All Converted:
45% only those that were mined
55% convert everything

Exchange fees added (0.3%)
50/50 Yes/No

Comments:
No serious trends, just listings of BC/Vertcoin as options to exchange into for payouts.


So, with all of that in mind, the simplest solution, which conveniently handles the vast majority of the requests, is to add an option to skip exchanging of our mined coins (LTC/Doge to start most likely), and pay those out directly if requested.  Adding a layer to our exchange system is a huge amount of overhead (splitting coins per-account, exchanging to btc, then to another coin, maintaining withdrawals for those other coins, etc).  We can revisit the second part in the future, but this will give us 80% of the coverage, with 20% of the work

[suchmoon]

To be honest I can't understand the appeal of being paid in coins that are not even mined by the pool (BC et al). The pool would have to convert via BTC anyway, so why not just take your BTC and buy your POS (pun intended) coin on your own. Am I missing something here?

[liomojo1]

To be honest I can't understand the appeal of being paid in coins that are not even mined by the pool (BC et al). The pool would have to convert via BTC anyway, so why not just take your BTC and buy your POS (pun intended) coin on your own. Am I missing something here?

+1 

[-droid-]

To be honest I can't understand the appeal of being paid in coins that are not even mined by the pool (BC et al). The pool would have to convert via BTC anyway, so why not just take your BTC and buy your POS (pun intended) coin on your own. Am I missing something here?

+1 

+2

[CoinBuzz]

Could we choose to get paid in which coin ?! or it is a pre-defined list?

[CoinBuzz]

To be honest I can't understand the appeal of being paid in coins that are not even mined by the pool (BC et al). The pool would have to convert via BTC anyway, so why not just take your BTC and buy your POS (pun intended) coin on your own. Am I missing something here?

Humankind wants to be lazy and lazier

[Namachieli]

so why not just take your BTC and buy your POS (pun intended) coin on your own. Am I missing something here?

It's about putting the burden on someone else. If i can just set my miners and not worry about the day to day trading, and only receive the coin i want... then great!

Why not just mine at a pool for that coin? I probably net more this way than direct mining.

[suchmoon]

so why not just take your BTC and buy your POS (pun intended) coin on your own. Am I missing something here?

It's about putting the burden on someone else. If i can just set my miners and not worry about the day to day trading, and only receive the coin i want... then great!

Why not just mine at a pool for that coin? I probably net more this way than direct mining.

There are some coins that are not directly mineable, so I get that part. I still don't see how it is easier or more convenient to set up a multipool (and what about failover pools?) to exchange to the coin as opposed to setting up e.g. Cryptsy autotrade. Keep in mind that waffle and many other pools don't have user registration, so in order to set up any kind of non-default payouts you would have to do something like signed messages.

[poolwaffle]

so why not just take your BTC and buy your POS (pun intended) coin on your own. Am I missing something here?

It's about putting the burden on someone else. If i can just set my miners and not worry about the day to day trading, and only receive the coin i want... then great!

Why not just mine at a pool for that coin? I probably net more this way than direct mining.

There are some coins that are not directly mineable, so I get that part. I still don't see how it is easier or more convenient to set up a multipool (and what about failover pools?) to exchange to the coin as opposed to setting up e.g. Cryptsy autotrade. Keep in mind that waffle and many other pools don't have user registration, so in order to set up any kind of non-default payouts you would have to do something like signed messages.

Yep, this is the major downside of no user accounts.  For this to work it will require signed messages.  We'll try to make it as easy as possible, but would be signing something like "doge=xxxxxxx, ltc=yyyyyyy" from your BTC account, so we can verify it was you.  I expect a huge number of "HOW DOES I SINE?" emails, and a lot of "My address is at my exchange, so I can't sign" problems, so we'll see how that goes...

[Kowi023]

Dear Sir Mr. Poolwaffle,

i think, you are doing a great job!  
Thank you, for your engagement.
Today, please pay out BTC, please.

I like your pool, but wafflepool (stats, and so...) have to change to https://wafflepool.com, no?
Might be better. (Exclude Heardbleed, lol!)

I don't need any singe coin pay out, but for some reason (arbitrage), it might be helpful.

Thank you, for your great pool again...

Greets -Kowi023

[5ick3uffalo]

Just to get sure (im new) Are these numbers OK ? ( i understand in a coin switching pool its normal this rejection rate)

Have Harware Erros something to do with the pool itself also?


Mining Session Overview (13 hrs 06 mins 28 seconds )
0.357 Mh/s current hashrate 0.362 Mh/s avg hashrate 1307 / 56 Acc./Rej.
4.28 % rejection rate
17 Hardware errors  Restart    Reboot



PS: Is a gridseed with rasberry PI , newest hashra image, running 850MHZ

[dogechode]

Poolwaffle - do you mine flappycoin? If so please PM me ASAP as there is a wallet update coming in a few days which will include a hard fork. I am helping to organize and coordinate with pools and exchanges. If you have an email address I can send updates to please PM me with it or let me know how to get in touch with you about the new wallet and other details.

If you don't ever mine flappycoin then naturally don't worry about it.

[grendel25]

Some won't like this but since it's so rarely iterated:

I like the idea of huge buying pressure on BTC to drive the price up which is basically what multi-scrypt profit pools do.  The only other coin I really care to see do well, at this point in time is LTC because I consider it the grand daddy of Scrypt as BTC is the grand daddy of sha-256.  But then again, I admittedly know very little of what makes other coins better or worse other than a few charitable acts of DOGE fans which actually makes DOGE my third most supported coin. 

So yeah, when I learn more about what's so better about these other coins then maybe I'll join in support and actually collect more of them but for now it's all about recouping my initial investment and trying to pull some profit in the first year after establishing a 6.3 Mh/s scrypt rig.  Yes.. maybe after that I'll hit the books on the intricacies of how the algorithms work or how I may even engineer my own scrypt coin... But I think I've been saying the same sh!t about C++, Java, Romanian, Spanish, Korean, French, Russian, Calculus, Linear Quadratic equations (such a thing?), etc that I've been wanting to learn over the years. 

Maybe I'll just live long enough...

[oktay50000]

why profit droping on waffle???