FACTS about Multipools and why you shouldn't mine on them

[flound1129]

Does anyone else see the irony in the Spaincoin dev coming in here and calling anything a 'scam'?

But anyway, to state that Multipools earn less than mining a single coin is not accurate.  If it was, nobody would mine on them.  See, there's one thing miners are very sensitive to and that's profits.

Miners have a choice in pools, and some are more transparent than others.  You can get a general sense of how profit-switching pools are doing (vs. LTC at least) by using a site like poolpicker.eu, or test yourself.  But if someone wants to throw their hash down a hole and get a payment in BTC who are we to judge.

[Operatr]

I've noticed on Coinwarz that a lot of the alts hashrates are whipsawing all over the place, likely because of multipools.

I used them for a while but am planning to move to P2Pool because we should support peering opposed to centralized pools which have proven dangerous. If you want to mine different kinds of coins, set up dedicated miners for them, and pick coins that are actually offering something beyond just existing as a speculative plaything.  

In my case multipooling actually screwed me, with Continuumcoin in particular. My miners pulled in a bunch of it, and then the coin basically died at the exchanges leaving me with a pile of coins I cannot get rid of. From now on I will only mine coins with solid trade volume.

[dwma]

Multipool is the biggest scam scheme implemented to scam the miners.You will always get less as compare to when your are mining on a single pool.

So which is it?  Multipools make more profits or they don't...  ?

This site is just full of people posting with agendas.  I'm sure some multipools scam and some don't.  This blanket statement is absurd though.

[SpainCoinDev]

Multipool is the biggest scam scheme implemented to scam the miners.You will always get less as compare to when your are mining on a single pool.

So which is it?  Multipools make more profits or they don't...  ?

This site is just full of people posting with agendas.  I'm sure some multipools scam and some don't.  This blanket statement is absurd though.

We've been very clear about it. Multipools make very healthy profits. Multipools don't give said profits to their miners.
The only multipools that don't scam are those which can't (those that don't have a significant enough hashpower to rape coins).

[XScrypt]

Multipool is the biggest scam scheme implemented to scam the miners.You will always get less as compare to when your are mining on a single pool.

So which is it?  Multipools make more profits or they don't...  ?

This site is just full of people posting with agendas.  I'm sure some multipools scam and some don't.  This blanket statement is absurd though.

We've been very clear about it. Multipools make very healthy profits. Multipools don't give said profits to their miners.
The only multipools that don't scam are those which can't (those that don't have a significant enough hashpower to rape coins).

You're basically making things up. Unless you can personally audit the transactions you have no proof one way or the other whether ANY pool is scamming you. Just because they throw up numbers on a web page does not mean those numbers have anything to do with reality. There's no organization like the SEC or FDIC who comes through and audits the books to make sure everyone is playing nice.

[TrollboxChamp]

Does anyone else see the irony in the Spaincoin dev coming in here and calling anything a 'scam'?

But anyway, to state that Multipools earn less than mining a single coin is not accurate.  If it was, nobody would mine on them.  See, there's one thing miners are very sensitive to and that's profits.

Miners have a choice in pools, and some are more transparent than others.  You can get a general sense of how profit-switching pools are doing (vs. LTC at least) by using a site like poolpicker.eu, or test yourself.  But if someone wants to throw their hash down a hole and get a payment in BTC who are we to judge.

His statement would also lead someone to possibly scrypt-n which is what spaincoin cough i mean shitcoin is

[grendel25]

Any pool that mines and converts to btc is good for btc because it puts more buy pressure on btc which makes it more scarce and more valuable.  To hell with how well the alt coins do.  Only the strong will survive and raise their status as viable crypto-currency.

[zneww]

Any pool that mines and converts to btc is good for btc because it puts more buy pressure on btc which makes it more scarce and more valuable.  To hell with how well the alt coins do.  Only the strong will survive and raise their status as viable crypto-currency.

couldn't have said it better.

[Minerist]

Yes we will mine promising coins like spaincoin for free instead of making money on multipools. Will go switch rigs, brb!

[precrime3]

Personally the miner in the end of the day has to pay the bills and will do it no matter what JMO. Merged mining should be the way to go, but sadly only few are merge mineable.

[niceman]

It's interesting thread. Especially SpainCoinDev what blames all multipools without any facts. Oh, where is the FACTS?
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[advertising OFF]

And I want to say: SpainCoinDev is lying, claiming that MULTIPOOLS SCAM and use loud words like FACTS. Especially about 10x profits. It's like CoinWarz show, what I'll get 30 USD/1Mh/daily mining some shitcoin with 0.05 difficulty. This opportunity will stay maximum 1-2 minutes. I have unique switching engine, what always mine best block from about 40 coins and all I can get now is 0.0045 BTC/Mh/day.

The main problem of [some]coins not multipools, Without multipools difficulty will be even lower (less miner will be interesting change pools, sell coins and so on), miners get more coins and sell it even quicker. Main problem what all this coins was created from nothing, by no one and for nothing.

Unfortunately good business product can't be created by "community". It's just impossible. Without strong leader, community will make nothing. So I think some time we will get coin created by real business, for defined purpose and real millions dollars support. And sure this coin will not afraid any multipools.

[damiano]

if you wanted to protect your shitty scam coin from the multipools you should of implemented kgw or dark gravity or better yet gone to x11

[SpainCoinDev]

if you wanted to protect your shitty scam coin from the multipools you should of implemented kgw or dark gravity or better yet gone to x11

We had KGW, smartass. It's hardly enough by itself. The coin would have been killed completely in a few more days if I hadn't switched algo on the fly (we've been the first coin to do so).

And for the coinmine.pw guy: you're talking about the present, when no coin is profitable anymore and all scrypt coins except ltc & doge have been killed already by multipools. I'ts been very lucrative for multipools in the past 3 months. Sorry you're late, it sucks, right? You can only keep beating the dead scrypt zombies now I guess.

[thesmith]

I can't speak for other pools, but http://coinfu.io doesn't try to exploit the system by switching pools when a reward is due (however we do think this is a poor coin design). We also have implemented hashrate spreading to limit the hashrate going into a single coin. We try to mine multiple coins at a time if possible. Not only does it defeat the purpose of the multipool by crushing a small coin with a large hashrate, but the pool could potentially start orphaning it's own coins.

[death_hawk]

This thread is hilarious.

We've been very clear about it. Multipools make very healthy profits. Multipools don't give said profits to their miners.

I don't know where you mine, but I make more money via Multipools than mining direct.

[SpainCoinDev]

Yeah, hilarious. What do you mine, Litecoin?

[precrime3]

Yeah, hilarious. What do you mine, Litecoin?

Hey what you got against Litecoin? ITs the most profitable no..... xD Litecoin is a legitimate option nonetheless if you have rigs on rigs and just want to mine something YOU KNOW will be relevant couple months down the road.... But besides that multipools are the way to go for miners, or mining very new coins.

[death_hawk]

Yeah, hilarious. What do you mine, Litecoin?

No, I mine at a multipool.
And it produces acceptable profits.

Could I get more by doing the work by hand? Sure. But my time is worth more than that.
Could my pool be stealing some of my profits? Sure. But again I'm making more than mining direct.

[jparsley]

Coin devs should work to handle diff issues like doge

[suchmoon]

This thread here is a perfect example of why there are so many useless shitcoins. Some disgruntled dev with no clue about how to create a viable coin brings up a straw man to blame for that. It's natural fucking selection. Adapt or die. If it weren't for multipools then coins would die for a number of other reasons. There is just no economy to support 99% of them.