[ANN] MinePit - The future of mining pools

[sidhujag]

Again your inline with conventional thinking.

Think outside the box.. ie deflation in todays banking? You must not be a bitcoin believer.. mayne you missed that part.

If dyson gives it away and people copy and paste why would people go buy their service? Maybe its cheaper?

a) Dyson invents new features instead of
being lazy
b) People start to trust dyson more than the ripoffs
c) If no incentive to start a dyson someone will end up doing it for real cheap..


Notice that the end user wins every time? Are we out to make the world better or to make YOUR world better? Which side are you on?

[MineP.it]

a) Dyson invents new features instead of being lazy
b) People start to trust dyson more than the ripoffs
c) If no incentive to start a dyson someone will end up doing it for real cheap..

This is too simplistic. Think about the long term consequences. If Dyson give out all their new designs to the competition then those other companies will find ways to make them cheaper, sell them cheaper, and thus undercut Dyson. The long term effect of this is that Dyson will no longer invent new features etc because they'll be going bankrupt! So.. the market leader gets undercut, goes out of business and what's left? A bunch of greedy copycat clones that have no initiative or desire to push the market forward. Does that sound good?

Notice that the end user wins every time? Are we out to make the world better or to make YOUR world better? Which side are you on?

We're on both sides! We're obviously looking out for ourselves as there needs to be some reward for our time and effort in creating these innovations. But the main focus is the end user - without the end user using the service then there is no service. But again, like the Dyson analogy, if we give out all our hard work to everyone who wants it so they can copy it and release it then our reward will be significantly, if not completely, gone. Thus our motivation to innovate further is reduced. In the end it's about trying to find the right balance I guess.

[sidhujag]

a) Dyson invents new features instead of being lazy
b) People start to trust dyson more than the ripoffs
c) If no incentive to start a dyson someone will end up doing it for real cheap..

This is too simplistic. Think about the long term consequences. If Dyson give out all their new designs to the competition then those other companies will find ways to make them cheaper, sell them cheaper, and thus undercut Dyson. The long term effect of this is that Dyson will no longer invent new features etc because they'll be going bankrupt! So.. the market leader gets undercut, goes out of business and what's left? A bunch of greedy copycat clones that have no initiative or desire to push the market forward. Does that sound good?

Notice that the end user wins every time? Are we out to make the world better or to make YOUR world better? Which side are you on?

We're on both sides! We're obviously looking out for ourselves as there needs to be some reward for our time and effort in creating these innovations. But the main focus is the end user - without the end user using the service then there is no service. But again, like the Dyson analogy, if we give out all our hard work to everyone who wants it so they can copy it and release it then our reward will be significantly, if not completely, gone. Thus our motivation to innovate further is reduced. In the end it's about trying to find the right balance I guess.

I guess what im saying doesnt exist.. and I wonder why every business ever created will always fail.. I think it has something to do with becoming complacant and not tuned to market demands.. by going open source your forced to pay attention to market demand.. Dyson would have to keep market advantage by innovating instead of becoming too cozy with what they have.. undercutting happens yes but I do believe Id pay a premium to pay for a dyson if Dyson offers better customer support and warranty and known trackrecord.. somehing that the leaches wouldnt be able to offer.. the cheap people buy the cheaper optiom only to learn the long term cost implication of their decision ended up costing more...

I know where your coming from but I think if we push for open source we may just end up pleasantly surprised..

[MineP.it]

a) Dyson invents new features instead of being lazy
b) People start to trust dyson more than the ripoffs
c) If no incentive to start a dyson someone will end up doing it for real cheap..

This is too simplistic. Think about the long term consequences. If Dyson give out all their new designs to the competition then those other companies will find ways to make them cheaper, sell them cheaper, and thus undercut Dyson. The long term effect of this is that Dyson will no longer invent new features etc because they'll be going bankrupt! So.. the market leader gets undercut, goes out of business and what's left? A bunch of greedy copycat clones that have no initiative or desire to push the market forward. Does that sound good?

Notice that the end user wins every time? Are we out to make the world better or to make YOUR world better? Which side are you on?

We're on both sides! We're obviously looking out for ourselves as there needs to be some reward for our time and effort in creating these innovations. But the main focus is the end user - without the end user using the service then there is no service. But again, like the Dyson analogy, if we give out all our hard work to everyone who wants it so they can copy it and release it then our reward will be significantly, if not completely, gone. Thus our motivation to innovate further is reduced. In the end it's about trying to find the right balance I guess.

I guess what im saying doesnt exist.. and I wonder why every business ever created will always fail.. I think it has something to do with becoming complacant and not tuned to market demands.. by going open source your forced to pay attention to market demand.. Dyson would have to keep market advantage by innovating instead of becoming too cozy with what they have.. undercutting happens yes but I do believe Id pay a premium to pay for a dyson if Dyson offers better customer support and warranty and known trackrecord.. somehing that the leaches wouldnt be able to offer.. the cheap people buy the cheaper optiom only to learn the long term cost implication of their decision ended up costing more...

I know where your coming from but I think if we push for open source we may just end up pleasantly surprised..

We will have to look into it a little more and see what we can come up with.

Thanks for your input

[ICECOLDRINK]

How does payout work? I have over 50mil failcoin(i know) and it hasnt paid out to me yet. Site says it pays out when "120 confirms & 10000 FAIL coins have been mined." Will you be adding manual payouts?

[MineP.it]

How does payout work? I have over 50mil failcoin(i know) and it hasnt paid out to me yet. Site says it pays out when "120 confirms & 10000 FAIL coins have been mined." Will you be adding manual payouts?

There's a problem with the coin really (yes.. hard to believe I know). The nodes often lose connection and so the payout cron fails. This disables the cron so I need to keep resetting it. This would be the same for manual payments also. It's just something we'll have to try stay on top of manually. If anyone has confirmed coins that they're not getting please post here and I'll sort them out.

[mneehon]

Mining MEOW for couple of days already, no issues so far.  Love the interface!

[MineP.it]

Mining MEOW for couple of days already, no issues so far.  Love the interface!

Thanks for the positive feedback

We need to grow the miner base a little now...

[ICECOLDRINK]

How does payout work? I have over 50mil failcoin(i know) and it hasnt paid out to me yet. Site says it pays out when "120 confirms & 10000 FAIL coins have been mined." Will you be adding manual payouts?

There's a problem with the coin really (yes.. hard to believe I know). The nodes often lose connection and so the payout cron fails. This disables the cron so I need to keep resetting it. This would be the same for manual payments also. It's just something we'll have to try stay on top of manually. If anyone has confirmed coins that they're not getting please post here and I'll sort them out.

Sorry but it hasnt payed out yet for me. opened a ticket on your site. let me know if you need any other info. thanks for getting back to us

[batesresearch]

97 million FAIL payout but no transaction ID and not received into wallet, any idea?

[MineP.it]

Just a quick overview of recent happenings:

We've added a new "MPOS style" website interface, in addition to our responsive/mobile website.

Added several new pools - current running list:

CleanWaterCoin
DogeCoin
eCent
FailCoin
GiarCoin
GollumCoin
GreeceCoin
KimoCoin
KittehCoin
KlondikeCoin
MatrixCoin
MunitiCoin
OctoCoin
RotoCoin
Surge
VertCoin
VirtualCoin

We had a few issues with orphan blocks but after a lot of investigation we're hoping we've found the solution to this. We noticed the PotCoin daemon we were running was sending/receiving insane amounts of data over the network blocking other coins from sending notifications when we'd found new blocks.

We have to apologize to those miners who have used our pools but missed out on a few coins that probably should have been valid, but because of the above problem, ended up as orphans.

On the positive side, we've got some exciting new features in the works and will bring more news about those as soon as we can.

Hope to see more of you mining at MinePit over the coming days/weeks/months/years! Feel free to jump in to the chatroom on the site while you're mining

Thanks
MinePit Team

[MineP.it]

UPDATE: Due to the problem we were having with orphaned blocks we've had to temporarily shut down all the pools. We are moving to new hosting as we now believe that is the issue. We hope to have everything running again within the day. Apologies for any inconvenience.

[MineP.it]

We're back online now. Adding pools back in one by one but hopefully the orphan problem is now full resolved.

Hope to see our miners jumping back in again

Thanks

[MineP.it]

UPDATE: All pools working super smooth after the server migration. Everything running nicely

And we've just added a pool for LimeCoin: https://www.minep.it/pool/lim (good price on exchanges right now - jump in and get mining!)

[MineP.it]

Have just added a pool for WorldCoin.

If you're looking for a pool to mine WDC then head over:
https://www.minep.it/pool/wdc/

[MineP.it]

We've added a ZetaCoin pool today. Algo SHA256..

https://www.minep.it/pool/zet/


Announcement of big giveaway to come very soon...

[MineP.it]

Announcing our 1 MILLION DOGECOIN Giveaway




We are giving away 1,000,000 DOGE in a prize draw - available to everyone who mines at any of our pools starting from today. As you mine, you will earn "tickets" to the prize draw. The more tickets you have the more chance of winning. The first draw will be made when we have found our first DOGE block.

Starts right now - click here to learn more

[MineP.it]

We're fluctuating around the 100% share mark now on our first DOGE block. As soon as we find that we'll be drawing the first round prize winners. Hopefully not long now

If you want to take part there's still time to gain entry to the draw - all you have to do is mine at any of our pools.

List of all current pools below:
CleanWaterCoin
DogeCoin
FailCoin
GiarCoin
GreeceCoin
KimoCoin
KittehCoin
KlondikeCoin
LimeCoin
MatrixCoin
MunitiCoin
OctoCoin
PotCoin
RotoCoin
Surge
VertCoin
VirtualCoin
WorldCoin
ZetaCoin

[MineP.it]

Prize Draw Update:

First draw has been made and winners announced
We then found our 2nd block after 2% more shares! So we did the 2nd draw straight away. 2nd round winners announced too.

View draw results here

If you are one of the winners then please contact us either here, on Reddit or on the contact form on our website.

3 more rounds still to go!

Thanks to everyone who's participated so far and good luck to those who haven't yet won..

[mneehon]

Prize Draw Update:

First draw has been made and winners announced
We then found our 2nd block after 2% more shares! So we did the 2nd draw straight away. 2nd round winners announced too.

View draw results here

If you are one of the winners then please contact us either here, on Reddit or on the contact form on our website.

3 more rounds still to go!

Thanks to everyone who's participated so far and good luck to those who haven't yet won..

That was quite some ride...  More than two days to find the first block, and then second pretty much immediately after the first.  Only fits that the largest miner also managed to fin the first prize in the first drawing.  I'll keep mining! (and yes, that was my miner, thank you very much).