[ANN] CoinLab Protected Pool

[meebs]

Coinlab:

Thank you for the great updates tonight. You have helped to clear up a LOT of the uncertainty surrounding this system.

I'd like to go ahead and summarize what you have said to make it a little easier for other users to understand. Please correct me if anything is wrong.

1. Saturday evening November 24th (for US miners) is the last time loyalty points will be earned.
2. Miners have complete control as to when to redeem just by switching to a different pool (clarification at some point as to if we'd need to register again for this pool or just a switch of URL for miners could be helpful)
3. While on the redeem pool, all shares will be paid at $0.00012427 PPS, or 8046 shares per dollar.
4. Payout of these dollars will be IN BTC, on monday, converted at the MTGOX average price for that day.
5. If a miner feels BTC price will drop (edited), they are free to let their dollars accumulate.
6. the HPC client is coming soon, with neat projects coming (video encoding, science stuff etc)


In short: it looks like coinlab might just have found that way to keep our GPU's profitable after the block having and ASICS. WOOT


Suggestion: The sooner you can come up with profitability calculations for HPC work the better for your company.

People with GPU's will start contemplating selling their cards sooner than later at this point. The more information they can get regarding if it will be profitable to "work" for you, the better a decision we can make as to sell or not.

[BlackPrapor]

Hello Chris,
I didn't get paid for the last week shares, and I'm 35.45btc short. Please send it to my registered address. Thanks.

[monstrs]

Coinlab:

Thank you for the great updates tonight. You have helped to clear up a LOT of the uncertainty surrounding this system.

I'd like to go ahead and summarize what you have said to make it a little easier for other users to understand. Please correct me if anything is wrong.

1. Saturday evening November 24th (for US miners) is the last time loyalty points will be earned.
2. Miners have complete control as to when to redeem just by switching to a different pool (clarification at some point as to if we'd need to register again for this pool or just a switch of URL for miners could be helpful)
3. While on the redeem pool, all shares will be paid at $0.00012427 PPS, or 8046 shares per dollar.
4. Payout of these dollars will be IN BTC, on monday, converted at the MTGOX average price for that day.
5. If a miner feels BTC price will rise, they are free to let their dollars accumulate.
6. the HPC client is coming soon, with neat projects coming (video encoding, science stuff etc)


In short: it looks like coinlab might just have found that way to keep our GPU's profitable after the block having and ASICS. WOOT


Suggestion: The sooner you can come up with profitability calculations for HPC work the better for your company.

People with GPU's will start contemplating selling their cards sooner than later at this point. The more information they can get regarding if it will be profitable to "work" for you, the better a decision we can make as to sell or not.

Great summarize in short words
Human readable changes

[BlackPrapor]

Coinlab:

Thank you for the great updates tonight. You have helped to clear up a LOT of the uncertainty surrounding this system.

I'd like to go ahead and summarize what you have said to make it a little easier for other users to understand. Please correct me if anything is wrong.

1. Saturday evening November 24th (for US miners) is the last time loyalty points will be earned.
2. Miners have complete control as to when to redeem just by switching to a different pool (clarification at some point as to if we'd need to register again for this pool or just a switch of URL for miners could be helpful)
3. While on the redeem pool, all shares will be paid at $0.00012427 PPS, or 8046 shares per dollar.
4. Payout of these dollars will be IN BTC, on monday, converted at the MTGOX average price for that day.
5. If a miner feels BTC price will rise, they are free to let their dollars accumulate.
6. the HPC client is coming soon, with neat projects coming (video encoding, science stuff etc)


In short: it looks like coinlab might just have found that way to keep our GPU's profitable after the block having and ASICS. WOOT


Suggestion: The sooner you can come up with profitability calculations for HPC work the better for your company.

People with GPU's will start contemplating selling their cards sooner than later at this point. The more information they can get regarding if it will be profitable to "work" for you, the better a decision we can make as to sell or not.

It might be even worth investing into gpu farm =) godspeed coinlab

[chungenhung]

looks like coinlab website is down.

[Shermo]

1. Saturday evening November 24th (for US miners) is the last time loyalty points will be earned.
2. Miners have complete control as to when to redeem just by switching to a different pool (clarification at some point as to if we'd need to register again for this pool or just a switch of URL for miners could be helpful)
3. While on the redeem pool, all shares will be paid at $0.00012427 PPS, or 8046 shares per dollar.
4. Payout of these dollars will be IN BTC, on monday, converted at the MTGOX average price for that day.
5. If a miner feels BTC price will rise, they are free to let their dollars accumulate.
6. the HPC client is coming soon, with neat projects coming (video encoding, science stuff etc)

I think point number 5 is wrong, if the price increases then you are worse off as your dollars are worth less BTC, so you would only want to store them if you thought the price was going to drop... which is unlikely?

[meebs]

1. Saturday evening November 24th (for US miners) is the last time loyalty points will be earned.
2. Miners have complete control as to when to redeem just by switching to a different pool (clarification at some point as to if we'd need to register again for this pool or just a switch of URL for miners could be helpful)
3. While on the redeem pool, all shares will be paid at $0.00012427 PPS, or 8046 shares per dollar.
4. Payout of these dollars will be IN BTC, on monday, converted at the MTGOX average price for that day.
5. If a miner feels BTC price will rise, they are free to let their dollars accumulate.
6. the HPC client is coming soon, with neat projects coming (video encoding, science stuff etc)

I think point number 5 is wrong, if the price increases then you are worse off as your dollars are worth less BTC, so you would only want to store them if you thought the price was going to drop... which is unlikely?

Yup. Good point. I edited my post.

[Luno]

CoinLab still down? no tweets since the 14'th November.  Anyone missing payouts?

[BlackPrapor]

CoinLab still down? no tweets since the 14'th November.  Anyone missing payouts?

I'm 35btc down, and no reply from coinlab. That was unexpected. Another pirate scheme?

[monstrs]

Have no payouts eather.

[Luno]

I'm asking as they had a 500.000$ worth of real life venture capital, and had / have something going with background mining for gamers providing free gaming. Block halving might have put an end to that.

Original article here: http://www.forbes.com/sites/jonmatonis/2012/04/24/coinlab-attracts-500000-in-venture-capital-for-bitcoin-projects/

They can't just hit the road, there are real contracts!!

[AmDD]

I was paid in full on Monday.

[AniceInovation]

I was paid in full on Monday.

Me too.

[monstrs]

I was paid in full on Monday.

Me too.

I was too, but this second payment has not been processed, and coinlab has been online yesterday, no notifications.

[AmDD]

I was paid in full on Monday.

Me too.

I was too, but this second payment has not been processed, and coinlab has been online yesterday, no notifications.

Second payout? They only payout once a week...

[ShadesOfMarble]

They do twice if you ask them to do.

[meebs]

I was paid in full on Monday.

Me too.

i've been paid 100% as expected so far (just a slight delay one week, but nothing major).

[monstrs]

Coinlab hav not been here 2 days now. Maybe busy with that new client thing?

[TheHarbinger]

Coinlab hav not been here 2 days now. Maybe busy with that new client thing?

Or maybe they are not working today, or yesterday, or until Monday, like they said in their post.  Of course, you already knew that since you read the thread before deciding to post I'm sure.

[BlackPrapor]

I PM'd coinlab here, wrote emails to Chris and info@coinlab.com. So far no response, no payment. If they don't show up by Monday 26/11/2012, I'll officially call them scammers.