[ANN] CoinLab Protected Pool

[chungenhung]

I re-read the official post about it and honestly it isnt very clear. I believe they said that you just register on the "redeem" pool and just point your miners there, you would then get paid at the stated $0.00012427 PPS, once a week on "pay day" the USD is converted to BTC and paid out to your wallet.

Since it appears that the redeem pool is mining bitcoin, i would imagine that cgminer or whatever you choose to use would work...

To redeem your Loyalty Points (at $2.5 / GH/s / day), you must submit your shares to the "redeem" pool.  Protected is just a standard 95% PPS pool for now. PPS Pool is currently paying 98% PPS, but we might drop this down to 95% soon.

Note: we're setting up the "redeem" pool now.  We'll be doing some testing on it, and we strongly recommend that you don't submit any shares to this pool until the price drop.  It WILL "spend" your loyalty points, and it will pay you at $2.5 / GH/s / day, which will be less than you would get on 95% PPS before the price drop (assuming no crazy price movements).

Just so I understand, we should NOT switch to redeem pool until you say it is ready.
On loyalty points, how do they work when in redeem mode?
Will the points run out faster if the BTC price is lower? Or it is based solely on shares submitted?

[chungenhung]

where is the link to sign up for "redeem" pool? Or do we just need to change the miner's username from "protected" to "redeem"?

[Tittiez]

http://pool.coinlab.com/partners/redeem/

?

My login worked for it.

[Bitcoin_Bing]

By the way....

Where are all the SCAMMER screamers now?

[Brunic]

By the way....

Where are all the SCAMMER screamers now?

Getting ready for the next big holiday...

[Bitcoin_Bing]

By the way....

Where are all the SCAMMER screamers now?

Getting ready for the next big holiday...

Lol! Yeah!

[jcpham]

I'm not sure what is going on here at this point in time, as far as who should be mining where and whatnot. What I am sure of is my 2.8 million loyalty shares submitted.

[monstrs]

Got the payment, if the normal pool is switching to 95% too, than i am going to pool who has instant payouts for now. When the client will be ready and it will be possible to redeem loyality points, than i will return

[juhakall]

Got the payment, if the normal pool is switching to 95% too, than i am going to pool who has instant payouts for now. When the client will be ready and it will be possible to redeem loyality points, than i will return

According to CoinLab's latest post, it's already possible to redeem loyalty points. It's just not profitable to do so now, until the block reward is halved. I'm also going to move to another pool temporarily when the normal pool is switched to 95% PPS. With 98%, I would've stayed with CoinLab.

[CoinLab]

PPS Pool's Rate is now 95%.

[CoinLab]

I re-read the official post about it and honestly it isnt very clear. I believe they said that you just register on the "redeem" pool and just point your miners there, you would then get paid at the stated $0.00012427 PPS, once a week on "pay day" the USD is converted to BTC and paid out to your wallet.

Since it appears that the redeem pool is mining bitcoin, i would imagine that cgminer or whatever you choose to use would work...

To redeem your Loyalty Points (at $2.5 / GH/s / day), you must submit your shares to the "redeem" pool.  Protected is just a standard 95% PPS pool for now. PPS Pool is currently paying 98% PPS, but we might drop this down to 95% soon.

Note: we're setting up the "redeem" pool now.  We'll be doing some testing on it, and we strongly recommend that you don't submit any shares to this pool until the price drop.  It WILL "spend" your loyalty points, and it will pay you at $2.5 / GH/s / day, which will be less than you would get on 95% PPS before the price drop (assuming no crazy price movements).

Just so I understand, we should NOT switch to redeem pool until you say it is ready.
On loyalty points, how do they work when in redeem mode?
Will the points run out faster if the BTC price is lower? Or it is based solely on shares submitted?

Redeemed loyalty point shares pay out at a flat USD rate per share: it is not affected by BTC price or difficulty. 

However, payouts of these USD balances will sent via BTC using the rate described in the loyalty Point redemption plan announcement:

- We will use an impartial method of determining a BTCUSD exchange rate.  Initially, we will use the daily weighted price of MtGoxUSD using the data reported by bitcoincharts.com.  If we find a better source of data or believe that bitcoincharts's data is no longer accurate, we will find another data source for the exchange rate and notify our miners of this change through the forums. Choice of impartial price source is at our discretion. (Currently we'll be using the most recent "Weighted Price" on http://bitcoincharts.com/charts/mtgoxUSD.  Click "Load raw data" at the bottom of this page to see the value for Weighted Price).

So in short, earnings are not affected by BTC price or difficulty.  But Payouts are affected by BTC price (assuming you want your earnings in BTC, if you are interested in USD payouts PM us).

[CoinLab]

where is the link to sign up for "redeem" pool? Or do we just need to change the miner's username from "protected" to "redeem"?

We've copied the user table from protected into redeem, so everyone that has loyalty points should be able to start redeeming by simply changing their miner from, for example:

protected_chungenhung

to

redeem_chungenhung

According to CoinLab's latest post, it's already possible to redeem loyalty points. It's just not profitable to do so now, until the block reward is halved.

This is correct. Before the block reward halving, mining on redeem will give you an approximate PPS rate of 70% as well as using your loyalty points.

[CoinLab]

There is some confusion about the different rates that our pools are paying, so I'll restate to hopefully clarify.

The Protected Pool - Pays out at 95% PPS.  If you submit over 1.125M shares to the protected pool in one week, your rate is increased to 97% PPS.  Only shares submitted to the protected pool count toward this threshold.  (Redeem/PPS pool shares do not get this bonus).  

The PPS Pool - Pays out at 95% PPS.  Now that we've dropped the rate, this pool is inferior to Protected. If you have a large hashrate, you should move to protected.  If you have less than 8GH/s, this pool is identical to protected, so do whatever is convenient for you.

The Redeem pool - Pays out at a flat rate of $0.00012427 as long as you have loyalty points.  This is equivalent to $2.5 / GH/s / day.  Redeeming one share costs one Loyalty Point. Your account's balance is held in USD, but we transfer the USD amount to you using BTC at the current exchange rate (see previous post on how we get this rate). We don't currently have plans to give out any more Loyalty Points, so if you didn't already earn any, you should just use the protected pool. If you have loyalty points, we already created an account for you on the redeem pool, so you don't need to sign up.

Here's the redeem pool announcement for anyone who missed it:
https://bitcointalk.org/index.php?topic=99643.msg1350491#msg1350491

[krjalone]

Any news when we have High Power Compute jobs online and is your client ready yet?   

[meebs]

Man, I REALLY wish I joined this pool when the protected pool first began. This is a GREAT service you guys offer that no other pool even came close to matching. Plus, the bonus pps times were a nice bump as well!

I'm excited to see what the client app will look like and how profitable that work will be!

[Sitarow]

We've temporarily stopped PPS bonuses because our accounting is already going to be challenging with the Loyalty Point bonuses. We'll look at using these again once things calm down again.

In other good news, our HPC client is getting really close!  Our devs are working late tonight and we think we'll have our first stable build tonight. If all goes well, after a bit of internal testing, we're optimistic we'll be able to release the first version to you next week.

Looking forward to getting Nvidia's back up and running.

[GenTarkin]

CoinLab... I want to thank you for actually following through on your claims / word for the loyalty redemption program that you proposed months ago. I had my doubts and part of me felt you guys might back out at the last minute. You havent, and that says a lot about your company.
Im thoroughly pissed w/ bASIC & BFL at the moment due to their horrible business ethics and keep stringing this community along for the release of ASICs .. and feeding us lies.
You guys havent. So thank you again!
Bout time a firm in the BTC community follows through...

[Bitcoin_Bing]

CoinLab... I want to thank you for actually following through on your claims / word for the loyalty redemption program that you proposed months ago. I had my doubts and part of me felt you guys might back out at the last minute. You havent, and that says a lot about your company.
Im thoroughly pissed w/ bASIC & BFL at the moment due to their horrible business ethics and keep stringing this community along for the release of ASICs .. and feeding us lies.
You guys havent. So thank you again!
Bout time a firm in the BTC community follows through...

Agreed! With BFL, bASIC and customers have issues all over, Coinlab remains consistent and keep their promises.

They get a thanks and thumbs up from me too. 

[GenTarkin]

For some reason, and I was not expecting this, Im still profitable w/ my GPU's despite reward halving.
I probably will jump on redeem pool for a greater profit. But, still thought that was interesting.

[jcpham]

Now that the block reward has halved, is there any reason NOT to redeem loyalty points? It seems like the prudent thing to do.