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Author Topic: What I love about P2pool  (Read 2941 times)
cheat_2_win
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February 04, 2012, 05:05:08 PM
 #1

What I love about P2pool are:

1. It is decentralized
2. It is democratic
3. It perfectly complements bitcoin
4. You do not need to worry about whether a mining pool is stealing.
5. The best of all, no fee to pay to the pool and you got to keep the transaction fees as well.

What do you love about P2pool?
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February 04, 2012, 05:36:15 PM
 #2

* My miners can mine to an address that is offline. My coins are secure.

* P2pool is like a gateway. I can give miners from various locations access to to my p2pool node, without giving public access to bitcoind. My wallet is secure.

Buy & Hold
cheat_2_win
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February 04, 2012, 05:56:44 PM
 #3

And of course, you are in control of your mining pool  Smiley.
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February 04, 2012, 07:57:47 PM
 #4

* My miners can mine to an address that is offline. My coins are secure.
Why can't you do the same with any other pool ?

Welcome to my bitcoin mining pool: https://deepbit.net - Both payment schemes (including PPS), instant payout, no invalid blocks !
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flower1024
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February 04, 2012, 08:00:13 PM
 #5

* My miners can mine to an address that is offline. My coins are secure.
Why can't you do the same with any other pool ?

because you are mining in the pool op's wallet.
just see the recent btcserv.net example why this is not a really good thing Wink

EDIT:
with p2pool every solved block has all p2pool user payouts in its coinbase. so nobody (even forrestv [creator of p2pool] or the blockfinder) has any chance to even touch your payout.
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February 04, 2012, 08:40:35 PM
 #6

What I love about P2pool are:

1. It is decentralized
2. It is democratic
3. It perfectly complements bitcoin
4. You do not need to worry about whether a mining pool is stealing.
5. The best of all, no fee to pay to the pool and you got to keep the transaction fees as well.

What do you love about P2pool?


how is it decentralized and democratic?

how does it complement bitcoin?

what pools steal?

there is a 1% fee that goes to forresst so how is that 'no fee'
flower1024
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February 04, 2012, 08:47:01 PM
 #7

What I love about P2pool are:

1. It is decentralized
2. It is democratic
3. It perfectly complements bitcoin
4. You do not need to worry about whether a mining pool is stealing.
5. The best of all, no fee to pay to the pool and you got to keep the transaction fees as well.

What do you love about P2pool?


how is it decentralized and democratic?

because you run your own p2pool node - just like you run your own bitcoin node (its even a similar protocol: blockchain vs sharechain)

how does it complement bitcoin?

see point 1

what pools steal?

you'll never know because you dont have a way to divide unlucky from stealing pools (except if you found the block for the pool yourself).

there is a 1% fee that goes to forresst so how is that 'no fee'

--give-author 0 on your local node and he won't get any fee (i THINK its default right now).

btw: the node in my sig is just if you want to try out p2pool. if it works for you, you should setup your own one (its really simple for windows and linux)
cheat_2_win
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February 04, 2012, 08:50:30 PM
 #8

What I love about P2pool are:

1. It is decentralized
2. It is democratic
3. It perfectly complements bitcoin
4. You do not need to worry about whether a mining pool is stealing.
5. The best of all, no fee to pay to the pool and you got to keep the transaction fees as well.

What do you love about P2pool?


how is it decentralized and democratic?

how does it complement bitcoin?

what pools steal?

there is a 1% fee that goes to forresst so how is that 'no fee'

- It is decentralized as it consists of multiple miners connected in a p2p fashion. Thus making it democratic as well.
- If bitcoin verification is decentralized but mining is centralized, the whole system stands on a shaky ground. With p2pool like mining system, there no one point failure for bitcoin generation.
- I don't know if any pools steal. But I was talking about forum posts like https://bitcointalk.org/index.php?topic=60706.0.
- I am not sure where you got the idea of 1% fee in p2pool. But if you check the coinbase transactions in p2pool mined block, you can look for yourself that it is not so.
hattorihanzo
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February 04, 2012, 08:59:19 PM
 #9

- I am not sure where you got the idea of 1% fee in p2pool. But if you check the coinbase transactions in p2pool mined block, you can look for yourself that it is not so.

Well if there is an optional parameter that defaults to giving the author 1% of each found block....idk.. i would call that not free
flower1024
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February 04, 2012, 09:03:47 PM
 #10

- I am not sure where you got the idea of 1% fee in p2pool. But if you check the coinbase transactions in p2pool mined block, you can look for yourself that it is not so.

Well if there is an optional parameter that defaults to giving the author 1% of each found block....idk.. i would call that not free

well i just checked it for you:

main.py line 943
    parser.add_argument('--give-author', metavar='DONATION_PERCENTAGE',
        help='donate this percentage of work to author of p2pool (default: 0.5)',
        type=float, action='store', default=0.5, dest='donation_percentage')

author fee defaults to 0.5% which is 0.25btc per block.

for me an optional donation counts as free.
buty anyway; 0.5% is the default donation if you want to see it that way.
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February 04, 2012, 09:04:21 PM
 #11

- I am not sure where you got the idea of 1% fee in p2pool. But if you check the coinbase transactions in p2pool mined block, you can look for yourself that it is not so.

Well if there is an optional parameter that defaults to giving the author 1% of each found block....idk.. i would call that not free

When averaged in with the probability you will get the 1% yourself, it comes out to free.

Put another way, p2pool isolates you from 99% of your variance instead of 100%... Still pretty good if you ask me.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
cheat_2_win
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February 04, 2012, 09:10:57 PM
 #12

- I am not sure where you got the idea of 1% fee in p2pool. But if you check the coinbase transactions in p2pool mined block, you can look for yourself that it is not so.

Well if there is an optional parameter that defaults to giving the author 1% of each found block....idk.. i would call that not free

well i just checked it for you:

main.py line 943
    parser.add_argument('--give-author', metavar='DONATION_PERCENTAGE',
        help='donate this percentage of work to author of p2pool (default: 0.5)',
        type=float, action='store', default=0.5, dest='donation_percentage')

author fee defaults to 0.5% which is 0.25btc per block.

for me an optional donation counts as free.
buty anyway; 0.5% is the default donation if you want to see it that way.

I didn't know about the donation. But since it is a configurable parameter, you can change it to 0.0 if you want, voila you got a free pool. As mentioned before, you got to keep the tx fee.
westkybitcoins
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February 04, 2012, 09:19:58 PM
 #13

I love the fact that it's hashing rate is continuing to increase, and soon it'll be stickied in the forums (meaning it'll be in the Top 10.)

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
...
...
In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
...
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ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)
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The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
cheat_2_win
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February 05, 2012, 04:21:33 PM
 #14

I love the fact that it's hashing rate is continuing to increase, and soon it'll be stickied in the forums (meaning it'll be in the Top 10.)


It is in the Top 10 now. Smiley
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February 05, 2012, 06:49:48 PM
 #15

I love the fact that it's hashing rate is continuing to increase, and soon it'll be stickied in the forums (meaning it'll be in the Top 10.)


It is in the Top 10 now. Smiley

I can confirm that I just put it there today.

ThiagoCMC
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February 05, 2012, 07:45:36 PM
 #16

What I love about P2pool are:

1. It is decentralized
2. It is democratic
3. It perfectly complements bitcoin
4. You do not need to worry about whether a mining pool is stealing.
5. The best of all, no fee to pay to the pool and you got to keep the transaction fees as well.

What do you love about P2pool?

+1000

1- There is no pool operator (no P2Pool central operator), avoiding giving too much computational power to who knows;

2- O P2Pool CAN and SHOULD have more than 51% of the hashpower! That's it! If P2Pool owns, for example, 80%~100% of the hashpower, we will be much more safe!!!;

3- You are the pool operator of your own pool (P2Pool instance);

4- The P2Pool is IMMUNE against DDoS attacks;

5- Low latency (less hops) from your miners -> your pool (your TCP packages do not need to travel the world to reach your pool);

6- All infrastructure of your CryptoCurrencies mining rigs resides within your own dependencies;

7- Have (almost) native support for Merged Mining (I have bitcoind, namecoind and devcoind behind my P2Pool right now);

8- And the most cool feature is: the coins you have mined, appear into your wallet as "generate"! Just like old times!  ^^


Long life to P2Pool and to Litecoin, Bitcoin, Namecoin and Devcoin!!  Cheesy

Best!
Thiago

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[Tycho]
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February 05, 2012, 08:05:55 PM
 #17

2- O P2Pool CAN and SHOULD have more than 51% of the hashpower! That's it! If P2Pool owns, for example, 80%~100% of the hashpower, we will be much more safe!!!;
100% of the hashpower by single software solution is not a very good idea. Some bug or exploit can lead to a disaster.
Yes, it sounds good, but 100% is not healthy for ANY single entity.

Welcome to my bitcoin mining pool: https://deepbit.net - Both payment schemes (including PPS), instant payout, no invalid blocks !
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flower1024
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February 05, 2012, 08:10:42 PM
 #18

2- O P2Pool CAN and SHOULD have more than 51% of the hashpower! That's it! If P2Pool owns, for example, 80%~100% of the hashpower, we will be much more safe!!!;
100% of the hashpower by single software solution is not a very good idea. Some bug or exploit can lead to a disaster.
Yes, it sounds good, but 100% is not healthy for ANY single entity.

i would love if you implement smart-mining within your pool. (means that your miners are building the block which they mine). i know eligius is working on something like that.

i dont have a problem with big smart-mining-pools Wink

but i would stay at p2pool just because of its coolness-factor Cheesy
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February 05, 2012, 08:29:41 PM
 #19

2- O P2Pool CAN and SHOULD have more than 51% of the hashpower! That's it! If P2Pool owns, for example, 80%~100% of the hashpower, we will be much more safe!!!;
100% of the hashpower by single software solution is not a very good idea. Some bug or exploit can lead to a disaster.
Yes, it sounds good, but 100% is not healthy for ANY single entity.

i would love if you implement smart-mining within your pool. (means that your miners are building the block which they mine). i know eligius is working on something like that.

i dont have a problem with big smart-mining-pools Wink

but i would stay at p2pool just because of its coolness-factor Cheesy

Agreed! No single solution is healthy. A hope for a nice blend of solo miners, traditional pools, and smart pools. I'd like to see at least 10-12 pools that are competitive for the top. New versions of smart pools to run alongside P2Pool would be fantastic!

+10

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February 07, 2012, 01:17:15 AM
 #20

- I am not sure where you got the idea of 1% fee in p2pool. But if you check the coinbase transactions in p2pool mined block, you can look for yourself that it is not so.

Well if there is an optional parameter that defaults to giving the author 1% of each found block....idk.. i would call that not free

Giving 0.5% is too much for you? Then put --give-author 0 and it's free.  If you couldn't disable donating, then I would agree with you that p2pool isn't free. But as you said, it is optional, so you are wrong.

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