P2Pool payouts - 6 Confirmations

[Gladamas]

I find it fairly frustrating that P2Pool payouts take 120 confirmations (~20 hrs) until the coins are spendable, vs. 6 (or less) for other (centralized) pools' payouts. AFAIK in P2Pool this is because the coins go to your wallet directly from the coins mined, rather than from a collection of all coins the pool mined minus coins paid out. We could change this for P2Pool by:

1. Integrating a buffer of coins mined in P2Pool so that payouts can be sent as a normal transaction.
2. P2Pool sub-pools sending coins to miners as normal transactions.
3. A (inherently centralized) service where you mine to one of the service's addresses, and they pay you as a normal transaction (for a fee).

Any thoughts on how this could be done/whether this is even necessary?

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[Stephen Gornick]

I find it fairly frustrating that P2Pool payouts take 120 confirmations (~20 hrs) until the coins are spendable, vs. 6 (or less) for other (centralized) pools' payouts.

Some pools don't payout until 120 confirmations.   The ones that do earlier are fronting the bitcoins themselves.

This 120 confirmations is part of the Bitcoin protocol:

See COINBASE_MATURITY
 - http://en.bitcoin.it/wiki/Protocol_rules#.22tx.22_messages

[Soros Shorts]

The question then becomes who owns the spendable coins in the buffer and how much should they be rewarded for maintaining these coins readily available?

It may be possible to build a buffer if P2Pool miners who don't need their coins NOW lend coins to the buffer at a certain % rate for a certain period of time (or number of blocks). People who need the coins immediately can do so by exchanging unconfirmed BTC for confirmed BTC out of the buffer, but they won't get the full 100% value. The % interest rate could self adjust dynamically based on the current size of the spendable buffer.

I could see this happening as an service independent of P2Pool. However this moves away from its decentralized nature and probably won't be a popular concept with P2Pool miners.

[Raoul Duke]

If you can't wait 20hrs for the privilege of spending your mined coins you have bigger problems to address for sure.

[Krak]

3. A (inherently centralized) service where you mine to one of the service's addresses, and they pay you as a normal transaction (for a fee).

That's called P2PMining.com. Except he doesn't charge a fee for his pool anymore.

[cst]

3. A (inherently centralized) service where you mine to one of the service's addresses, and they pay you as a normal transaction (for a fee).

That's called P2PMining.com. Except he doesn't charge a fee for his pool anymore. :)

That. Just switch to a sub-pool.
Personally I liked that feature of p2pool (there's something about having coins mined straight to your wallet instead of transferred:) and would love to see it on p2pmining where I'm mining now.

[Gabi]

No
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That's how mined coins works
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That's why p2pool is better: you have coin mined by your address instead of sent