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Author Topic: [ANN]Ozcoin to introduce fees  (Read 1560 times)
Graet
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August 08, 2012, 03:56:43 PM
 #1


To ensure the stability and long term viability of Ozcoin it has been decided to introduce a 3% fee in the near future.
We will do a mass mail out to all members 7days before the fee is introduced, consider this early warning Smiley

This decision has not been taken lightly and will ensure Ozcoin's continued stability and needed development is done in a timely manner.

I would like to take this opportunity to thank all donors and volunteers that have supported the site so far, without you we couldn't have come this far Smiley

Best Wishes
Graeme Tee
Graet
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ryannathans
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August 08, 2012, 04:01:01 PM
 #2

In some ways this is bad, but I see it as good.

I have always donated 5% of my earnings back into the pool.

I don't have alot of hash-powah (1250mh/s) and can't mine much (4-6 hours a day) compared to other guys mining and it makes me sad to see a pool that runs from donations-only have to many people mining with little donation amounts of 0.1% or 0.5% (and many with zero!)

In some ways I feel like it's the right thing to do.

I'm supporting ya Graet!
CrownCloud
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August 08, 2012, 04:09:00 PM
 #3

I donate 5% as I really like OzCoin and well 3% wont hurt much at all.
 
I too don't have much mining power around ~200 Mhash/sec at max, but still I don't mind donating to a pool I love to use and would love to see around for a long long time.

+1 for this decision ! It's the best thing to do to keep the pool stable !

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August 08, 2012, 05:56:28 PM
 #4

As far as I know, you are even faster than Slush, but he takes less than 3%. Are your servers costing that much to run?  Shocked

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August 08, 2012, 06:19:17 PM
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As far as I know, you are even faster than Slush, but he takes less than 3%. Are your servers costing that much to run?  Shocked
There is more to it than servers, for 14months we have lived on donations and volunteers, I would also like to be able to reward and encourage the code crew - the ones that do the work Smiley
I will also need to spend time with an accountant soon and possibly a lawyer.

We considered quite a few things in coming to this decision, among them were
1: Bitcoin is volatile, today's $10 (or is it $11) could be next weeks $5
2: luck will play a part in what 3% actually is - 3% of a 6block day (yep we had one recently) is very different to a day of our expected 18ish blocks
3: what the hashrate is likely to be once fees introduced

I really didn't look at other pools costs, but what was required to ensure Ozcoins future as a premium Bitcoin Mining Pool.
Hope that helps,
Graet

edit: and -sorry slush-, but his pool is still hoppable - there is a hidden fee for his fulltime miners

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martychubbs
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August 10, 2012, 08:55:39 PM
 #6

As far as I know, you are even faster than Slush, but he takes less than 3%. Are your servers costing that much to run?  Shocked
There is more to it than servers, for 14months we have lived on donations and volunteers, I would also like to be able to reward and encourage the code crew - the ones that do the work Smiley
I will also need to spend time with an accountant soon and possibly a lawyer.

We considered quite a few things in coming to this decision, among them were
1: Bitcoin is volatile, today's $10 (or is it $11) could be next weeks $5
2: luck will play a part in what 3% actually is - 3% of a 6block day (yep we had one recently) is very different to a day of our expected 18ish blocks
3: what the hashrate is likely to be once fees introduced

I really didn't look at other pools costs, but what was required to ensure Ozcoins future as a premium Bitcoin Mining Pool.
Hope that helps,
Graet

edit: and -sorry slush-, but his pool is still hoppable - there is a hidden fee for his fulltime miners

will 3% provide VIP benefits for DGM?  I mine max and emc, too.  You would be most competitive on cost/benefit analysis... i dunno, just tinking...
Graet
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August 11, 2012, 12:44:29 AM
 #7

As far as I know, you are even faster than Slush, but he takes less than 3%. Are your servers costing that much to run?  Shocked
There is more to it than servers, for 14months we have lived on donations and volunteers, I would also like to be able to reward and encourage the code crew - the ones that do the work Smiley
I will also need to spend time with an accountant soon and possibly a lawyer.

We considered quite a few things in coming to this decision, among them were
1: Bitcoin is volatile, today's $10 (or is it $11) could be next weeks $5
2: luck will play a part in what 3% actually is - 3% of a 6block day (yep we had one recently) is very different to a day of our expected 18ish blocks
3: what the hashrate is likely to be once fees introduced

I really didn't look at other pools costs, but what was required to ensure Ozcoins future as a premium Bitcoin Mining Pool.
Hope that helps,
Graet

edit: and -sorry slush-, but his pool is still hoppable - there is a hidden fee for his fulltime miners

will 3% provide VIP benefits for DGM?  I mine max and emc, too.  You would be most competitive on cost/benefit analysis... i dunno, just tinking...
no 3% will be standard fee, anyone that donates 2% on top will receive VIP
ie: 3% + 2% = 5% = VIP Smiley


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Graet
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August 11, 2012, 03:52:13 AM
 #8

copy of announcement email here
https://bitcointalk.org/index.php?topic=14085.msg1092256#msg1092256

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dave3
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August 11, 2012, 04:49:42 AM
 #9

The new fee is just for DGM, right?  Or will it effect PPS, too?  The current PPS fee is 5%, so will the new PPS fee be 8%?
Graet
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August 11, 2012, 05:10:05 AM
 #10

the new fee applies to DGM
PPS will remain at 5%

| Ozcoin Pooled Mining Pty Ltd https://ozcoin.net Double Geometric Reward System https://lc.ozcoin.net for Litecoin mining DGM| https://crowncloud.net VPS and Dedicated Servers for the BTC community
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August 11, 2012, 06:27:46 AM
 #11

Personally, I think this is the way to go, unless you want to run the pool as an outright charity.  The problem with a donation-based system is that, even if you get enough donations to cover costs, it's essentially a decency tax on those who step up and donate.
Graet
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August 11, 2012, 07:21:13 AM
 #12

Personally, I think this is the way to go, unless you want to run the pool as an outright charity.  The problem with a donation-based system is that, even if you get enough donations to cover costs, it's essentially a decency tax on those who step up and donate.

thanks
donations haven't met costs, so I have been putting my own money in
if donations had met costs this move would not have been necessary

"decency tax" I like it , never thought of it like that, but well said sir Cheesy

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