[ANN] CoinLab Protected Pool

[ChrisKoss]

In light of the forked chain last night, would anyone be able to confirm that coinlab is using .7x client or earlier?

We are running a 0.7x client.   

The fork appears to have caused a problem with the way we generate work.  We're searching feverishly for this bug: fixing this is currently our highest priority.

Will post further updates as news comes in. Thanks for your patience.

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[iCEBREAKER]

Lack of news on this issue is misleading, some of us bought some hardware just for this project, and nothing happened.

If only somebody had warned you that the notoriously difficult HPC marketplace is riddled with scores of failed attempts!

Oh wait...

You're going to need lots of $$$ to be competitive in this space, doing Big Science and whatnot. 

Be careful.  I've seen many companies enter, fail, and leave this space.

[ChrisKoss]

Hey miners,

We've resolved our issue, and are now generating work properly again.  If you switched to a backup pool during the downtime, you can now switch back.

No accepted shares were lost, and we are paying full value for these shares done on the malformed work we were sending out earlier today: it was our bug, not your problem.  The bug has been fixed, and we're now generating valid work again.

Thank you for your patience, and our apologies for the inconvenience!

Chris

[shmadz]

In light of the forked chain last night, would anyone be able to confirm that coinlab is using .7x client or earlier?

We are running a 0.7x client.   

The fork appears to have caused a problem with the way we generate work.  We're searching feverishly for this bug: fixing this is currently our highest priority.

Will post further updates as news comes in. Thanks for your patience.

thanks Chris.

[Chaplin]

Hey miners,

We've resolved our issue, and are now generating work properly again.  If you switched to a backup pool during the downtime, you can now switch back.

No accepted shares were lost, and we are paying full value for these shares done on the malformed work we were sending out earlier today: it was our bug, not your problem.  The bug has been fixed, and we're now generating valid work again.

Thank you for your patience, and our apologies for the inconvenience!

Chris

Thanks for the update; you guys always do a good job of making up for problems like this.

Do you have an estimate for when we'll see the stats updated to reflect the hours they were broken?

[dust]

Coinlab, you are on the list of pools mining version 1 blocks, which will be orphaned once 95% of the network is mining version 2 blocks. https://bitcointalk.org/index.php?topic=154521.0

[soniq]

What is the address to mine redeem pool?

Loyalty Point Redemption Plan

First of all, we've designed this plan to minimize the amount of developer time needed, so we can focus these resources on HPC. This isn't our ideal system, but we've chosen this in order to get our HPC client out and HPC work online as fast as possible. 

- Midnight Sunday morning, UTC-time we'll stop issuing new loyalty points on the "protected" pool.  We will take a snapshot of the database at this time and use it to determine how many loyalty points each miner has earned.

- We will be creating a new pool for you to redeem your loyalty points on called "redeem".

- You will be able to see how many Loyalty Points you have on the web stats interface for the "redeem" pool.  We plan on getting this online before the reward halving (Mon or Tues of next week) so everyone will be able to know with certainty how many LPs they have earned.

- Shares earned at this pool will be paid at the price floor rate of $0.00012427 PPS (note this is in USD, not BTC), as long as you have remaining loyalty points.  Your balance will be denominated in USD not BTC.

- If you have used up all of your loyalty points, the web interface will display an incorrect balance for your account!  Please stop mining on "redeem" when your loyalty points have been exhausted, it will be ugly for our accounting and we do not promise payment of these excess shares. We intend to credit these shares using an estimate of their value at 95% PPS, but these will not necessarily be credited by the following Monday. In this situation, we have sole discretion of how to estimate the earnings on these shares.  Please do you best to stop mining on "redeem" as soon as you've exhausted your Loyalty Points.

- 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).

- Payouts will occur automatically every Monday for all accounts with a balance of at least 1 BTC (at current exchange rate). User balances will be converted from USD to BTC at time of payout using the exchange rate described above. Users may request a special payout mid-week, and we'll use the same method of determining the exchange rate for conversion.

- Miners may put a payment hold on their account at their discretion, which will prevent them from receiving automatic payouts.  These miners can request special payouts or ask for us to remove the hold at a later date.

Note:
- The 97% bonus will only be applied to "protected" mining.  "redeem" pool shares will not be counted towards the 1.125M shares needed to get the 97% bonus, and redeem earnings will not receive this bonus.

[philips]

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

[soniq]

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

when I enter that address in BFGminer  says it is a dead pool

[philips]

Are you registered with Coinlab? Do you have loyality points to redeem?

[soniq]

yes, I have several million to redeem

[philips]

I am not mining there, but on the leaderboard I can see several users hashing, so it must be alive I suppose.

[ChrisKoss]

Today's VWAP for Redeem Pool payouts is $99.82

[Transisto]

Did I miss the Coinlab HPC update where they explain why they failed to get anything done 4-5 month later.

/watching/

Thanks

[ShadesOfMarble]

Did I miss the Coinlab HPC update where they explain why they failed to get anything done 4-5 month later.

I tried to get an answer to this question many times. They simply won't respond to the question why there is no HPC client or if there will ever be one.

[btcnut]

Are there any issues in paying out the balances?

Last txn was on 26/03 for the week 2013-03-17 - dont seem to have been paid out since

[ChrisKoss]

Are there any issues in paying out the balances?

Last txn was on 26/03 for the week 2013-03-17 - dont seem to have been paid out since

Nope.  Looks like you earned less than one full bitcoin on the week of the 24th, so your account was not flagged for automatic payout this Monday. Send me a PM if you'd like me to process a manual payout for you today. Otherwise, you should be above the 1 BTC threshold for next Monday.

[jcpham]

I feel like it will take an eternity to re-earn the bitcoins I lost in coinlab shares. No offense, guys @ coinlab. pay me. I only mine on your pool by accident at this point - all of my other pools have failed over at that point. I should've never agreed to 95% and a fiat denominated PPS for redeem points as some type of "reward" for my dedication. In retrospect, that's insanity.

[Chaplin]

I feel like it will take an eternity to re-earn the bitcoins I lost in coinlab shares. No offense, guys @ coinlab. pay me. I only mine on your pool by accident at this point - all of my other pools have failed over at that point. I should've never agreed to 95% and a fiat denominated PPS for redeem points as some type of "reward" for my dedication. In retrospect, that's insanity.

The redeem points were a hedge against Bitcoin decreasing in value/profitability, but it can go both ways. I don't think it was insanity; I'm pretty sure we all signed up because we expected profitability to decline. And thanks to unrelated economic developments, it (happily) hasn't.

That being said, I would love to see a formal procedure for credits buy-outs. I know Giga tried to sell his shares awhile back on the forums and was told he couldn't, but that Coinlab could possibly work out a private deal with him for a reduced percentage of his share value.

[ChrisKoss]

I feel like it will take an eternity to re-earn the bitcoins I lost in coinlab shares. No offense, guys @ coinlab. pay me. I only mine on your pool by accident at this point - all of my other pools have failed over at that point. I should've never agreed to 95% and a fiat denominated PPS for redeem points as some type of "reward" for my dedication. In retrospect, that's insanity.

The redeem points were a hedge against Bitcoin decreasing in value/profitability, but it can go both ways. I don't think it was insanity; I'm pretty sure we all signed up because we expected profitability to decline. And thanks to unrelated economic developments, it (happily) hasn't.

That being said, I would love to see a formal procedure for credits buy-outs. I know Giga tried to sell his shares awhile back on the forums and was told he couldn't, but that Coinlab could possibly work out a private deal with him for a reduced percentage of his share value.

Interesting idea: I think it could be good for both sides.  I'm passing it up the chain.