[ANN] CoinLab Protected Pool

[CoinLab]

The silence is deafening.   again...

Turkey week is here....
then a long weekend...
Monday will be the 26th of November.  2 days before halving day.

Reward-Drop ETA: 2012-11-29 06:45:20 UTC (1 week, 2 days, 11 hours)


Is coinlab working this week?

We still dont know much more then we knew a month ago.

Do we have to redeem points right away?  How does it work? will we be paid in USD?  bitcoin?  what exchange rate?

Just got into the office, had a doctor's appointment this morning, sorry for the delay.

CoinLab will be working M-W of this week.  Th and F are company holidays. 

We're still finalizing our plans for Loyalty Point redemption, and we'll let you know what our plan is once we have the process solidified. This will be Wednesday of this week at the latest (hopefully end of day today or tomorrow).  We will be prepared for you all to start redeeming Loyalty Points when the block reward halves.

We're probably going to stop issuing new Loyalty Points sometime this week, so if you want more, get them while you can  .

[jjiimm_64]

We're probably going to stop issuing new Loyalty Points sometime this week, so if you want more, get them while you can  .

Thanks for the update.

If you stop issuing loyalty points, I hope you will clearly state what is what on the website, before this happens.

[GenTarkin]

Um....ur gonna stop issuing loyalty points?!?! Thats real shady of you to do that. You clearly stated loyalty points will be made right up till a share drops below 2.50$/gh/day .. now ur saying ur gonna just stop regardless?! So, in effect, going back on your word.
It should be maintained till it actually drops below 2.50$/gh/day. Like was originally stated in this thread.

[WinTame2012]

Um....ur gonna stop issuing loyalty points?!?! Thats real shady of you to do that. You clearly stated loyalty points will be made right up till a share drops below 2.50$/gh/day .. now ur saying ur gonna just stop regardless?! So, in effect, going back on your word.
It should be maintained till it actually drops below 2.50$/gh/day. Like was originally stated in this thread.

+100

[jjiimm_64]

Um....ur gonna stop issuing loyalty points?!?! Thats real shady of you to do that. You clearly stated loyalty points will be made right up till a share drops below 2.50$/gh/day .. now ur saying ur gonna just stop regardless?! So, in effect, going back on your word.
It should be maintained till it actually drops below 2.50$/gh/day. Like was originally stated in this thread.

+100

I will have to stick up for coinlab on this one.  they did it for 2.5 months. which according to the OP is .5 more months then they said they would do it.

For the next couple months, you can earn credits with the miner of your choice.  Once we release it, we will only accept credits submitted by our custom mining client (co-developed with Con Kolivas, the creator of cgminer), as it will allow us to perform other, more valuable compute jobs when available. 

[monstrs]

Just put on all the machines and , and get those points while you can

[GenTarkin]

Um....ur gonna stop issuing loyalty points?!?! Thats real shady of you to do that. You clearly stated loyalty points will be made right up till a share drops below 2.50$/gh/day .. now ur saying ur gonna just stop regardless?! So, in effect, going back on your word.
It should be maintained till it actually drops below 2.50$/gh/day. Like was originally stated in this thread.

+100

I will have to stick up for coinlab on this one.  they did it for 2.5 months. which according to the OP is .5 more months then they said they would do it.

For the next couple months, you can earn credits with the miner of your choice.  Once we release it, we will only accept credits submitted by our custom mining client (co-developed with Con Kolivas, the creator of cgminer), as it will allow us to perform other, more valuable compute jobs when available. 

Dude, really? Look at the bullet point above the one you quoted:
For every difficulty 1 share (from here, called a credit) you submit above break even (equal to our price floor factoring in our cut - $2.50 / 1GH/s day / 0.95 = ~$2.63 / GH day), you earn 95% PPS for that credit and one Loyalty Point which lets you sell one credit at the price floor ($2.5 / 1GH/s day = $0.00012427 PPS).
It clearly states what Im saying. Them going against it is them turning on their word. Plain and simple.

[philips]

While I do not mind about earning some more loyalty points and spending them, I am here for HPC work with my GPU rig.
This is what I would like to see taking off and they should get their client going already, I am eager to see this working.
GPU/BTC mining and loyalty points for few weeks more is just a fleeting phase.

[stoppots]

 
CoinLab, could you check on my account and see about getting a payment sent out? Same username as I am here.
 
Thanks

[juhakall]

Um....ur gonna stop issuing loyalty points?!?! Thats real shady of you to do that. You clearly stated loyalty points will be made right up till a share drops below 2.50$/gh/day .. now ur saying ur gonna just stop regardless?! So, in effect, going back on your word.
It should be maintained till it actually drops below 2.50$/gh/day. Like was originally stated in this thread.

+100

I will have to stick up for coinlab on this one.  they did it for 2.5 months. which according to the OP is .5 more months then they said they would do it.

For the next couple months, you can earn credits with the miner of your choice.  Once we release it, we will only accept credits submitted by our custom mining client (co-developed with Con Kolivas, the creator of cgminer), as it will allow us to perform other, more valuable compute jobs when available.  

Dude, really? Look at the bullet point above the one you quoted:
For every difficulty 1 share (from here, called a credit) you submit above break even (equal to our price floor factoring in our cut - $2.50 / 1GH/s day / 0.95 = ~$2.63 / GH day), you earn 95% PPS for that credit and one Loyalty Point which lets you sell one credit at the price floor ($2.5 / 1GH/s day = $0.00012427 PPS).
It clearly states what Im saying. Them going against it is them turning on their word. Plain and simple.

I agree with GenTarkin on this one. They clearly defined the rule, stating that loyalty points are earned until price hits $2.50 / 1GH/s day. That mention about "a couple of months" can't be anything but their estimate on how long BTC will stay above that price floor, when you also look at the actual rule. Which is now being changed?

[juhakall]

It's been mentioned here that the 97% PPS bonus doesn't show up in stats, but you should be getting 97/95 of your rewards when you get to that level. I got paid exactly the amount that was shown in stats for last week, while I had more than the required number of shares for 97% PPS. The higher payout obviously can't be calculated using the 97/95 formula anymore, with higher PPS periods during the last few weeks. Anyway, I definitely should be getting more than what was shown in stats, since those don't show the bonus if you reach 1.125M shares for the week.

[jjiimm_64]

Um....ur gonna stop issuing loyalty points?!?! Thats real shady of you to do that. You clearly stated loyalty points will be made right up till a share drops below 2.50$/gh/day .. now ur saying ur gonna just stop regardless?! So, in effect, going back on your word.
It should be maintained till it actually drops below 2.50$/gh/day. Like was originally stated in this thread.

+100

I will have to stick up for coinlab on this one.  they did it for 2.5 months. which according to the OP is .5 more months then they said they would do it.

For the next couple months, you can earn credits with the miner of your choice.  Once we release it, we will only accept credits submitted by our custom mining client (co-developed with Con Kolivas, the creator of cgminer), as it will allow us to perform other, more valuable compute jobs when available. 

Dude, really? Look at the bullet point above the one you quoted:
For every difficulty 1 share (from here, called a credit) you submit above break even (equal to our price floor factoring in our cut - $2.50 / 1GH/s day / 0.95 = ~$2.63 / GH day), you earn 95% PPS for that credit and one Loyalty Point which lets you sell one credit at the price floor ($2.5 / 1GH/s day = $0.00012427 PPS).
It clearly states what Im saying. Them going against it is them turning on their word. Plain and simple.

That is the rules on how to earn a credit, then on the next line it says they will give them out for a couple of months..  pretty straight forward.    You guys are 'hearing what you want to hear' instead of taking things at face value.

[juhakall]

Um....ur gonna stop issuing loyalty points?!?! Thats real shady of you to do that. You clearly stated loyalty points will be made right up till a share drops below 2.50$/gh/day .. now ur saying ur gonna just stop regardless?! So, in effect, going back on your word.
It should be maintained till it actually drops below 2.50$/gh/day. Like was originally stated in this thread.

+100

I will have to stick up for coinlab on this one.  they did it for 2.5 months. which according to the OP is .5 more months then they said they would do it.

For the next couple months, you can earn credits with the miner of your choice.  Once we release it, we will only accept credits submitted by our custom mining client (co-developed with Con Kolivas, the creator of cgminer), as it will allow us to perform other, more valuable compute jobs when available.  

Dude, really? Look at the bullet point above the one you quoted:
For every difficulty 1 share (from here, called a credit) you submit above break even (equal to our price floor factoring in our cut - $2.50 / 1GH/s day / 0.95 = ~$2.63 / GH day), you earn 95% PPS for that credit and one Loyalty Point which lets you sell one credit at the price floor ($2.5 / 1GH/s day = $0.00012427 PPS).
It clearly states what Im saying. Them going against it is them turning on their word. Plain and simple.

That is the rules on how to earn a credit, then on the next line it says they will give them out for a couple of months..  pretty straight forward.    You guys are 'hearing what you want to hear' instead of taking things at face value.

You interpret that next line in a very weird fashion. It's quite clearly a rule about what software you can use to earn those loyalty points, implying that they would release their custom client after those 'couple of months'. Now it suddenly overrides the way more precisely defined rule about the price floor? I would understand this if they actually had that custom client, for both Linux and Windows.

[jjiimm_64]

You interpret that next line in a very weird fashion. It's quite clearly a rule about what software you can use to earn those loyalty points, implying that they would release their custom client after those 'couple of months'. Now it suddenly overrides the way more precisely defined rule about the price floor? I would understand this if they actually had that custom client, for both Linux and Windows.

Let me make my perspective on this clear.
1.  I also assumed the loyalty points would continue until we started to use them.

2. I have a good amount of skin in the game.  Every day they let me earn 'credits', I add about 75$ worth of profit past non-profitability. I have extending my bottom line approx 5000$, It would have been about 7200$ if they let me earn credits up to the point i started cashing them in.

3. I mine well over a million shares a day, and if it wasn't for the loyalty points, I would not be mining here.  I estimate I lose approx 1 btc per by not mining at a faster pool, but it is well worth it to extend the life of my gpus.

4.  If they stop issuing credits, I will be mining somewhere else until i need to cash in my loyalty points.

They are well within their rights to stop, they clearly stated they would only be issuing them for a couple of months.

edit:  correction on the loss of coins per day.  the pool as worked pretty well last couple of weeks, for the last 20 hours, I am down about .5btc from what I should earn.

[AmDD]

I dont have much problem with them stopping the loyalty points. Reward halving in just over a week away so all you would gain is an additional weeks worth of points, unless the price of BTC jumps up and makes up the difference.

I also assumed they would continue until the time we started using them, but this was just a bonus. Im here for the HPC work.

[juhakall]

I don't understand why you have assumed that loyalty points continue accumulating even after price goes below the $2.5 / GH/s day floor. Maybe if you completely ignore the whole price floor rule, and just look at the more vague statements with terms like "couple of months". The first rule (quoted on this page already) clearly says that you'll only get loyalty points until profitability falls below the limit. Loyalty points should be accumulating exactly until the reward halving, unless some wild price change makes the outcome different.

[jjiimm_64]

I don't understand why you have assumed that loyalty points continue accumulating even after price goes below the $2.5 / GH/s day floor. Maybe if you completely ignore the whole price floor rule, and just look at the more vague statements with terms like "couple of months". The first rule (quoted on this page already) clearly says that you'll only get loyalty points until profitability falls below the limit. Loyalty points should be accumulating exactly until the reward halving, unless some wild price change makes the outcome different.

I am still profitable past reward halving, so your assumption is also wrong.

[GenTarkin]

jjimm_64 this has nothing to do w/ your own profitability past the reward halving (at least when it comes to power consumption) It clearly is said 2.50$/gh/day .. PERIOD.
Another point is, what if BTC price doubles .. and actually stays above the 2.50$/gh/day when the reward halving comes... highly doubt that would be the case, but lets just say...
That would give us potentially a few more weeks till asic changes that.

So, if the above were to happen... that gives another month of my GPU's making loyalty points.

So, therein again, coinlab would be going back on their word they very clearly stated at the start of this thread =(

It really sucks..cuz that would mean another month of income into the ASIC era. Lets say CL takes longer than expected landing these HPC jobs...and we end up running out of loyalty points till they deliver on HPC..well thats a huge problem for people that were depending on them to deliver. Rather than going back on their word.
Actually thats a sign this was all a hoax to begin with.. =(

[jjiimm_64]

jjimm_64 this has nothing to do w/ your own profitability past the reward halving (at least when it comes to power consumption) It clearly is said 2.50$/gh/day .. PERIOD.
Another point is, what if BTC price doubles .. and actually stays above the 2.50$/gh/day when the reward halving comes... highly doubt that would be the case, but lets just say...
That would give us potentially a few more weeks till asic changes that.

So, if the above were to happen... that gives another month of my GPU's making loyalty points.

So, therein again, coinlab would be going back on their word they very clearly stated at the start of this thread =(

It really sucks..cuz that would mean another month of income into the ASIC era. Lets say CL takes longer than expected landing these HPC jobs...and we end up running out of loyalty points till they deliver on HPC..well thats a huge problem for people that were depending on them to deliver. Rather than going back on their word.
Actually thats a sign this was all a hoax to begin with.. =(

Gen,  I agree with you..  I was just re-rereading the fine print as you were posting.  It does clearly say that we will earn loyalty points as long as it is above coinlabs floor of 2.5$perGperday.  I stand corrected.

No free lunch with bitcoin mining... if its not the rigs going down, it is the profits.. or both!!

[juhakall]

jjimm_64 this has nothing to do w/ your own profitability past the reward halving (at least when it comes to power consumption) It clearly is said 2.50$/gh/day .. PERIOD.
Another point is, what if BTC price doubles .. and actually stays above the 2.50$/gh/day when the reward halving comes... highly doubt that would be the case, but lets just say...
That would give us potentially a few more weeks till asic changes that.

So, if the above were to happen... that gives another month of my GPU's making loyalty points.

So, therein again, coinlab would be going back on their word they very clearly stated at the start of this thread =(

It really sucks..cuz that would mean another month of income into the ASIC era. Lets say CL takes longer than expected landing these HPC jobs...and we end up running out of loyalty points till they deliver on HPC..well thats a huge problem for people that were depending on them to deliver. Rather than going back on their word.
Actually thats a sign this was all a hoax to begin with.. =(

Nothing forces you to use loyalty points until you choose to do so. Their lifetime was even extended to 2 years. Let's assume that after reward halving 1GH/s day produces $1.75, and after ASICs have arrived, that goes further down to $0.25 per day. In that case it might be a good idea to mine at some other pool when 1GH/s day still produces $1.75, and wait until profitability really tanks before you start using loyalty points at CoinLab.

BTW, another quote that states the price floor rule very clearly:

Current payout is 95% PPS.  When earnings drop below $2.50 per 1GH/s for 24 hours, we pay $2.50.  The number of shares you can submit at the price floor is the number of shares you submitted before it dropped.

There's only about 8 days left for miners to earn them, unless something drastic happens to BTC. Are you really going to abruptly stop issuing those points before reward halving? Perhaps it might be wiser to not back on your word and issue the points until reward halving, as was promised?