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

[kalus]

TL;DR...

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.

good summary of the thread, and realistic outlook of the market. thanks.

[1715406038]

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[1715406038]

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[SpainCoinDev]

Yeah, RIGHT. Also, we're not talking about economy here, you're just mixing it all up.

[kalus]

Also, we're not talking about economy here, you're just mixing it all up.

coins don't exist in a vacuum.  value isn't created ex nihilo.  Learn where a coin's worth comes from.

suchmoon is correct in that at least 99% of the coins that exist are over-valued. 

[SpainCoinDev]

Also, we're not talking about economy here, you're just mixing it all up.

coins don't exist in a vacuum.  value isn't created ex nihilo.  Learn where a coin's worth comes from.

suchmoon is correct in that at least 99% of the coins that exist are over-valued. 

Of course they are, their valuations are distorted by the mining subsidy, liquidity issues, traders creating bubbles and so on, but that's off-topic.

This is about multipools, their lack of transparency, how they can screw up coins, how they fool miners and so on.

[suchmoon]

This is about multipools, their lack of transparency, how they can screw up coins, how they fool miners and so on.

And that is different from shitcoin "developers" how exactly?

[kalus]

how they fool miners

Miners join multipools to make money.  the multipool that is most profitable rewards users with the highest returns per megahash.

how are they fooling miners? miners vote with their hashrates, and most payouts are daily.   there is no fooling anyone:  if the profits dry up, miners move on.  

you can have your suspicions, but when there are several independent projects that track multipool profitability there is little room to hide profits or to 'fool miners'.  

I question why any small coin developer would even bother making PoW coins when the blockchain cannot be secured. 

[SpainCoinDev]

Boring. read the op

[kalus]

Boring. read the op

tl;dr.   what you're saying is, no miners are being fooled.  some miners can do math, and figure out how to make more money, that's all. 

stop making shitcoins, nationcoins, and PoW coins until you know what the fuck you're doing.  you're literally blaming miners for mining PoW coins.  

[GenTarkin]

Truth be told, the only reason all these alt coins exist is to be gamed. Mining, trading ... pick your gaming poison. End of story.
As coins die, some random fuck will copy n paste a new coin to be speculatively traded / mined.
As long as people still buy the random-meaningless-shit coins on exchanges, multipools will exist and work.

[STT]

Luddism is alive and well, that is fear of technology replacing workers.   While work can become redundant, if it is easily replicated for less effort, an improvement has been made to the market and this benefits society as whole.   This general rule applies even to the crazy world of crypto and has been in play since at least the times of workers smashing sewing machines for making clothes too well