Anyone knows if OCEAN will go public?

[takuma sato]

Im definitely interested in buying shares of this thing if they went public. Looks like they've got some good tech going where they are aiming at really decentralizing mining unlike the current scenario in which we've seen miners can get compromised into censoring transactions. OCEAN is an effort by Jack Dorsey (CEO of Twitter) and has the likes of Luke Dash-Jr collaborating with the project. If anyone has any news about this please let me know if there is going to be some sort of an IPO or something.

[1714992014]

1714992014

[alani123]

I don't think they need to go public for now, as they already have enough funding to sustain development with the current team size for a while thanks to Jack Dorsey:
https://bitcoinmagazine.com/business/ocean-jack-dorsey-funds-bitcoin-mining-pool

The pool launched with 0% fees right now but they can enable a small mining fee later to maintain some proceeds for the operations. But  it's very early days for OCEAN and they are still growing. Things do look very hopeful but I doubt they'd even be considering the possibilities of going public at the moment. Although anyone can ask the pool's team directly on their IRC.

Having a public pool as a listed company would certainly be interesting.
But for now the best way to earn from OCEAN is to mine there

[NotFuzzyWarm]

Looks like they've got some good tech going where they are aiming at really decentralizing mining unlike the current scenario in which we've seen miners can get compromised into censoring transactions

And Ocean censoring ordinal tx's is different how? They state one thing and then go on to do the exact same thing they say they are against.
Censorship is censorship - period.

Oh, and you may want to continue this thread in one that already is running in the Pools area because this is sure to devolve into the exact same discussions... Be sure to make a lot of popcorn for the read...

[alani123]

Looks like they've got some good tech going where they are aiming at really decentralizing mining unlike the current scenario in which we've seen miners can get compromised into censoring transactions

And Ocean censoring ordinal tx's is different how? They state one thing and then go on to do the exact same thing they say they are against.
Censorship is censorship - period.

Oh, and you may want to continue this thread in one that already is running in the Pools area because this is sure to devolve into the exact same discussions... Be sure to make a lot of popcorn for the read...

Big pools imposing block lists that government decided upon based on arbitrary criteria without asking their miners is deeply unethical.

Miners CHOOSING to opt out of accepting transactions that utilize a bug in Bitcoin to upload trash data in bitcoins Blockchain for cheap is not comparable. This is actually quite dangerous as a false equivalency. Miners are free to chose what transactions they confirm and oftentimes have put profit over actual bitcoin's wellbeing. I can't see why some people buy into propaganda. Big mining pools would rather leave the status quo as is and keep profiting off this bug. And you are here taking their side against the good Samaritan's that are actually not after unethical profits and just want to improve Bitcoin.

[NotFuzzyWarm]

You call it a 'bug'. Why?
Ever since BTC genesis block, data that is NOT a tx has been allowed. Satoshi himself did it several times. Ref https://medium.com/kaleidoscope-xcp/the-early-evolution-of-art-on-the-blockchain-part-1-d52d1454e34b  The only difference these days is that for some unfathomable reasons there are now folks willing to pay huge fees to put their 'art' into the blockchain.

As an active miner since Feb 2014 I am fine with ordinals. Being a miner and with blocks now often having fees that are very often over 1BTC sometimes 2-3BTC it is a profitability godsend. Come the 1/2ing next year they will almost be required to be profitable.

Do remember that if a miner chooses to use their own (censored) block template they are in essence solo mining as no one else is working on that exact same template. Only difference is that: a. Ocean will still split the reward with others in their pool and, b. I get the feeling that any miner using Ocean will NOT have the choice of censoring the tx's presented to them by the Ocean servers as ordinal tx's are already stripped from the work sent to them.

Personally I choose to mine at a pool that does not EVER censor tx's - namely, Kano's pool

[ABCbits]

Looks like they've got some good tech going where they are aiming at really decentralizing mining unlike the current scenario in which we've seen miners can get compromised into censoring transactions.

There's no decentralization since AFAIK they plan to keep using stratum protocol. It'd be different case if they plan to use P2Pool protocol instead.

I don't think they need to go public for now, as they already have enough funding to sustain development with the current team size for a while thanks to Jack Dorsey:
https://bitcoinmagazine.com/business/ocean-jack-dorsey-funds-bitcoin-mining-pool

And with Luke Jr's idealism which oppose Ordinals and other forms adding arbitrary data, he won't listen to investor who usually want to maximize company profit (such as by including all TX on mempool).

[alani123]

Well with inscriptions essentially being recognized as a vulnerability to Bitcoin I don't know how long they still have. Is it a viable investment strategy to bank on something that's likely to be removed from the next update bircoin's software will receive? Probably not. Investors already consider Bitcoin volatile, but to bank on an unintended feature based on exploits is too much for any type of investor that would care of a public company.

[mikeywith]

something that's likely to be removed from the next update bircoin's software will receive?

How likely? Very, very unlikely, there is a huge difference between censoring and banning something on protocol level, an example of something you can't do on the blockchain is spend bitcoin you don't own, or construct and add a block that does not meet diff target, or mine a block that is 100mb large, doing anything of that would be rejected by the protocol and would/could result in a fork.

As far as ordis go, IF the upgrade does not lead to something that makes including them result in the same things mentioned above -- not going to work.

Luke's proposed update is just a boolean that you set to true or false to "filter" Ordis, I bet you most pools won't opt-in, most other nodes just won't care, a few might do, because blocks that contain them will still be valid.

[alani123]

Luke's proposed update isn't that much related to inscriptions utilizing an exploit to get unlimited data into transactions.
Luke has patched Knots Bitcoin client to include further filtering, but core is likely to be patching the unlimited data exploit though OP codes independently of that. It's important to make a distinction between the two but also important to understand that neither is an outright ban.

We are not talking about a hard or soft fork here. Changing these parameters is merely a recommendation. A miner with a forked client could mine whatever they want in terms of data size included in their transactions. Although they'd surely need some peers accepting this in order to have their newly mined block propagated and validated by others too.

[stompix]

Im definitely interested in buying shares of this thing if they went public.

You're going to buy shares in accompany that tries to censor transactions, forfeiting on high paying tx and focusing on lower legit tx, decreasing their income for the sake...of one man's vanity? Not to motion their automatic noncustodian payout model that will also hurt their earning.
So, I guess you're interested in x (twitter) shares also, right?

But for now the best way to earn from OCEAN is to mine there

No block from the 3rd, hashate flat at 400ph/s for two weeks, how much did you earn mining at Ocean?

[alani123]

Naturally a pool with lower than 1% of the network's hashrate will not have that much of a stable block finding rate. But as the hashrate increases the rate of finding blocks will also become more stable.

Currently Ocean is the most profitable choice to mine on purely on fundamentals, given that it has a 0% fee rate. So that's good. 

[stompix]

But as the hashrate increases the rate of finding blocks will also become more stable.

What part of no increase in hashrate for 10 days have you missed? 

Currently Ocean is the most profitable choice to mine on purely on fundamentals, given that it has a 0% fee rate. So that's good. 

That means you're mining at Ocean with your UF-24?
Before you google it, UF-24 stands for Unicorn Farts - 2024 series!

[alani123]

Why all this nonsense and tomfoolery?

OCEAN pool is only a couple of weeks old, clearly the hashrate is growing and has grown since it opened.



So what I don't understand is why there has to be so much directed hate.

Clearly by the fundamentals there's no better pool to mine at.
0% fees and no share ramp-down where each participant's shares are receiving all the rewards of pool luck?
This all makes up for the most profitable pool setup for miners out there. 


So that's the scare tactic if someone hates the pools founder now maybe?
When you can't deny facts just make things up I guess?

[ABCbits]

Clearly by the fundamentals there's no better pool to mine at.
0% fees and no share ramp-down where each participant's shares are receiving all the rewards of pool luck?

If you truly believe that, then you missed reading this FAQ.

How Does OCEAN Avoid Taking Custody Of Newly Mined Bitcoins?

OCEAN constructs blocks so that miners are paid in the generation transaction whenever possible. This means the Bitcoin network is paying miners directly with OCEAN transparently ensuring the rewards are split correctly.

That means you spend more on TX fee. And since they exclude some TX, it means slightly lower potential income.

[stompix]

Why all this nonsense and tomfoolery?

You seem to have a problem understanding numbers and graphs, so let me repeat again

What part of no increase in hashrate for 10 days have you missed?   

With all that publicity their reported has rate hasn't moved an inch in the last nearly two weeks, still standing at 400ph, the estimator for global hashrate points to a
growth of 2% which would mean 10Exahash, so the growth would be 25 times more than what ocean has.
You get what those numbers mean?

So what I don't understand is why there has to be so much directed hate.

People who love decentralization dislike people who worship idols, you know, it's the exact opposite of what we stand for.

So that's the scare tactic if someone hates the pools founder now maybe?

No, it's you trying to make it personals while ignoring economics and math.
So, again, how much hash rate have you pointed out at ocean and how are your earnings looking right now?