[CLOSED] BTC Guild - Pays TxFees+NMC, Stratum, VarDiff, Private Servers

[eleuthria]

O.k. so since I am now on the PPLNS method, do I need to set up a Namecoin wallet ASAP? I have very little hash rate, so it could be a long while before I would even be able to sniff at planning a payout. and since ScryptGuild has brought auto-convert to BTC, will you consider making that possible between Namecoin on BTCGuild?

You don't need a Namecoin wallet to earn them, they automatically accrue regardless.  You can set the wallet to an exchange (generally BTC-e) and trade them for BTC there.  I'm not planning on any auto conversion of NMC on BTC Guild.

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[hurricandave]

   Well, with this shift at eliminating PPS, maybe when you update the support page at the website you could put in a no-nonsense guide to "Best Practices" with your wallet and a couple more direct links to say the exchanges like BTC-e or Coinbase. I have already come across poser sites that try to steal from people by emulating what they thought was the right site they were looking for. ie. the fake Bitmain site taking fake orders for real money from people who thought they were buying Antminer S1's. Bitmain is still dealing with irrate customers that placed orders with the thieves.

[mdude77]

   Well, with this shift at eliminating PPS, maybe when you update the support page at the website you could put in a no-nonsense guide to "Best Practices" with your wallet and a couple more direct links to say the exchanges like BTC-e or Coinbase. I have already come across poser sites that try to steal from people by emulating what they thought was the right site they were looking for. ie. the fake Bitmain site taking fake orders for real money from people who thought they were buying Antminer S1's. Bitmain is still dealing with irrate customers that placed orders with the thieves.

While that is an excellent idea, you will find that NMC difficulty is almost as high as BTC difficulty.  That means your NMC earnings per qty will be about the same as your BTC.  The thing is, NMC is worth about 0.5% of BTC.  In other words, yes, you'll be able to exchange them... but you've got plenty of time to figure out where when and how. 

M

[eleuthria]

   Well, with this shift at eliminating PPS, maybe when you update the support page at the website you could put in a no-nonsense guide to "Best Practices" with your wallet and a couple more direct links to say the exchanges like BTC-e or Coinbase. I have already come across poser sites that try to steal from people by emulating what they thought was the right site they were looking for. ie. the fake Bitmain site taking fake orders for real money from people who thought they were buying Antminer S1's. Bitmain is still dealing with irrate customers that placed orders with the thieves.

I'm planning a few overhauls to the support sections in the next few days, to provide slightly more information about aspects other than strictly mining.  I did update the How Am I Paid section to reflect the removal of PPS, and added a section that explains the "charge up / wind down" phases of PPLNS to help people understand why they don't make much per block when they first start, and why they keep getting paid after turning off.

[hurricandave]

Umm, just to ask, when I was using the PPS method, a portion of my hash work was probably still contributing to the pool generating namecoin, even though I was getting paid a flat rate per share in BTC?

[eleuthria]

Umm, just to ask, when I was using the PPS method, a portion of my hash work was probably still contributing to the pool generating namecoin, even though I was getting paid a flat rate per share in BTC?

Correct, sort of.  Merged mining doesn't siphon off part of your hash rate for NMC.  Merged mining has *0* impact on how much hash you're pushing towards Bitcoin.  The pool was always merged mining whether you were PPLNS or PPS.

[iglasses]

O.k. so since I am now on the PPLNS method, do I need to set up a Namecoin wallet ASAP? I have very little hash rate, so it could be a long while before I would even be able to sniff at planning a payout. and since ScryptGuild has brought auto-convert to BTC, will you consider making that possible between Namecoin on BTCGuild?

Dave I'm not sure how much you are throwing but I'm close to 1THs and I am earning about .15 NMC per day (.50c) so it isn't something you need to be *too* worried about.

[hurricandave]

O.k. so since I am now on the PPLNS method, do I need to set up a Namecoin wallet ASAP? I have very little hash rate, so it could be a long while before I would even be able to sniff at planning a payout. and since ScryptGuild has brought auto-convert to BTC, will you consider making that possible between Namecoin on BTCGuild?

Dave I'm not sure how much you are throwing but I'm close to 1THs and I am earning about .15 NMC per day (.50c) so it isn't something you need to be *too* worried about.

  Just was unsure if I needed a wallet address to activate the Namecoin account? Not sure if I worded that right. I had a BTC wallet address already when I created my user account. Didn't want to find out down the road that since I did not have a Namecoin wallet address "Set" in the account field that the Namecoin earnings were discarded because the account was incomplete.

[BrandonMcPherson]

Just was unsure if I needed a wallet address to activate the Namecoin account? Not sure if I worded that right. I had a BTC wallet address already when I created my user account. Didn't want to find out down the road that since I did not have a Namecoin wallet address "Set" in the account field that the Namecoin earnings were discarded because the account was incomplete.

It just accumulates until you give it a Namecoin wallet address and designate an automatic payout level. Personally, I set up an account at BTC-E and had it sent directly there. I then sold it for BTC and withdrew it.

[ManeBjorn]

I have mine sent over to Bter. 
You are right it is a good way to do it.

Just was unsure if I needed a wallet address to activate the Namecoin account? Not sure if I worded that right. I had a BTC wallet address already when I created my user account. Didn't want to find out down the road that since I did not have a Namecoin wallet address "Set" in the account field that the Namecoin earnings were discarded because the account was incomplete.

It just accumulates until you give it a Namecoin wallet address and designate an automatic payout level. Personally, I set up an account at BTC-E and had it sent directly there. I then sold it for BTC and withdrew it.

[hurricandave]

   So now I am trying to figure out how the PPLNS charts work. Maybe this isn't a fair comparison but it looks like a shift needs to achieve 11 blocks before it closes to equal what PPS "was" paying per share? Good Lord, thats alot!

[BrandonMcPherson]

The first thing to remember, hurricanedave, is that over the long term, PPLNS always pays better than PPS. If that isn't clear yet, keep asking questions until it is!

When BTC Guild finds a block, the Bitcoins and fees (minus 3%) get distributed evenly to the most recent 10 open shifts. Each of those shifts get 10% of that block. I'm not sure if your 11-blocks-per-shift number is accurate, but when Lady Luck doesn't have us bent over a barbed wire fence, getting 11 blocks per shift before that shift closes is a matter of course.

In fact, it's usually higher. Each shift is receiving payouts for roughly 8.5-10 hours, and at neutral luck we get just over 2 blocks per hour.

As you close out shifts during the next several hours, you'll see your earnings rise!

I trust that someone who understands this stuff better will correct anything I got wrong.

Lastly, don't judge PPLNS by current results. The last week's bad luck is epic in scope. For anyone looking at this in the future, don't judge PPLNS when we have our run hot on, either.

[hurricandave]

I have FAITH in the long term results, but am trying to find my quick look reference points that give me ball park baseline comparison to what I have been using.

[MoreBloodWine]

A lot of what's hurting is too is the act that ghash has around 9Ph.

[hurricandave]

A lot of what's hurting is too is the act that ghash has around 9Ph.

 IF ONLY it were that easy!!!

[MoreBloodWine]

A lot of what's hurting is too is the act that ghash has around 9Ph.

 IF ONLY it were that easy!!!

Oh I know there's more to it than that but thats a good chunk of it IMO.

Edit: Here's what my sad stats look like, with 30+ blocks a day like we should be doing, I avg 0.03 a day...

[hurricandave]

so thats about 6 weeks of 24/7 at that hash rate huh?

[AussieHash]

In light of those events, my goals with BTC Guild have changed to make sure that if/when BTC Guild is closed down, it's on my own terms, and it's on a high note.  It seems like no Bitcoin business to date has actually shut down without their users suffering some kind of loss.

PPS is in stark contrast to that goal, since it includes a risk of bankruptcy, and increased risk of loss if the pool's hot wallet ever to be compromised.

I fully agree with your decision.  Eligius just had to payout from the pool's NMC cold wallet after a hacker intrusion. Luckily their username=BTC wallet design protected their BTC balance.

[ionux]

The first thing to remember, hurricanedave, is that over the long term, PPLNS always pays better than PPS. If that isn't clear yet, keep asking questions until it is!

When BTC Guild finds a block, the Bitcoins and fees (minus 3%) get distributed evenly to the most recent 10 open shifts. Each of those shifts get 10% of that block. I'm not sure if your 11-blocks-per-shift number is accurate, but when Lady Luck doesn't have us bent over a barbed wire fence, getting 11 blocks per shift before that shift closes is a matter of course.

In fact, it's usually higher. Each shift is receiving payouts for roughly 8.5-10 hours, and at neutral luck we get just over 2 blocks per hour.

As you close out shifts during the next several hours, you'll see your earnings rise!

I trust that someone who understands this stuff better will correct anything I got wrong.

Lastly, don't judge PPLNS by current results. The last week's bad luck is epic in scope. For anyone looking at this in the future, don't judge PPLNS when we have our run hot on, either.

Brandon, please convice me of this becuase I'm not convinced of this point yet.  I've mined PPS and PPLNS for months now and I've not earned anywhere near the money using PPLNS.  It's very frustrating - almost 40 to 50% less.  So how exactly will I earn more when I'm just not seeing the payouts.  PPLNS is like: most days it's below 100% and every now and then it spikes above.   

[mdude77]

The first thing to remember, hurricanedave, is that over the long term, PPLNS always pays better than PPS. If that isn't clear yet, keep asking questions until it is!

When BTC Guild finds a block, the Bitcoins and fees (minus 3%) get distributed evenly to the most recent 10 open shifts. Each of those shifts get 10% of that block. I'm not sure if your 11-blocks-per-shift number is accurate, but when Lady Luck doesn't have us bent over a barbed wire fence, getting 11 blocks per shift before that shift closes is a matter of course.

In fact, it's usually higher. Each shift is receiving payouts for roughly 8.5-10 hours, and at neutral luck we get just over 2 blocks per hour.

As you close out shifts during the next several hours, you'll see your earnings rise!

I trust that someone who understands this stuff better will correct anything I got wrong.

Lastly, don't judge PPLNS by current results. The last week's bad luck is epic in scope. For anyone looking at this in the future, don't judge PPLNS when we have our run hot on, either.

Brandon, please convice me of this becuase I'm not convinced of this point yet.  I've mined PPS and PPLNS for months now and I've not earned anywhere near the money using PPLNS.  It's very frustrating - almost 40 to 50% less.  So how exactly will I earn more when I'm just not seeing the payouts.  PPLNS is like: most days it's below 100% and every now and then it spikes above.   

Look at the average for the last month - 96%.  Up until this horrible streak, it was at 101% or higher.

M