[ANN] CoinLab Protected Pool

[Chaplin]

No payout yesterday?

[jcpham]

716781 shares will never be redeemed.

at 25btc block reward and our present diff of 10 millionish, each share should be (cough, laugh) worth about .0000025 btc each, give or take some math.

good bye 1.79 bitcoins, hello empty hand.

</trollmode>

[Chaplin]

Can we have a statement from Coinlab on how the lawsuit with Mt. Gox will affect Coinlab's operations and the continuation of the protected and redeem pools?

[AniceInovation]

Today's new week didn't start up, bug?

[Chaplin]

Today's new week didn't start up, bug?

Seconded, just noticed this. My stats are flatlined for the past two days.

[Chaplin]

Today's new week didn't start up, bug?

Seconded, just noticed this. My stats are flatlined for the past two days.

Stats are frozen again. Coinlab, it would be nice to see some acknowledgment here when a problem is noticed/resolved, instead of having to check back on my stats constantly to see they've been silently fixed.

[jcpham]

having a hard time understanding why anyone would mine for a 80% loss or so at coinlab.

-coinlab promised this crazy "hey mine for less now, get rewarded later" business model.
-coinlab then added this ridiculously scammy clause where they decided to pay those rewards in fiat
-the USD denominated redeem payments were never discussed with miners from day one. just sort of a final FU.
-way to steal a bunch of money coinlab! profit! are you getting good prices on our 5$ coins you mined?
-coinlab is taking on clients again as a money transmitter this week (unsubstantiated rumor)

[piit79]

having a hard time understanding why anyone would mine for a 80% loss or so at coinlab.

-coinlab promised this crazy "hey mine for less now, get rewarded later" business model.
-coinlab then added this ridiculously scammy clause where they decided to pay those rewards in fiat
-the USD denominated redeem payments were never discussed with miners from day one. just sort of a final FU.
-way to steal a bunch of money coinlab! profit! are you getting good prices on our 5$ coins you mined?
-coinlab is taking on clients again as a money transmitter this week (unsubstantiated rumor)

I'm not saying what CoinLab offered is advantageous - but it certainly seemed to be a good offer at the time it was introduced. The bitcoin price was low and difficulty kept rising so it looked like a decent insurance. Of course the reality is now different.

Anyway, I'm not quite sure why are you complaining and using words like "scammy". Nobody forced you to mine on CoinLab protected pool. You were free to mine wherever you wanted!

[philips]

I'm not saying what CoinLab offered is advantageous - but it certainly seemed to be a good offer at the time it was introduced. The bitcoin price was low and difficulty kept rising so it looked like a decent insurance. Of course the reality is now different.

Anyway, I'm not quite sure why are you complaining and using words like "scammy". Nobody forced you to mine on CoinLab protected pool. You were free to mine wherever you wanted!

Things didn't go as planned, right. I am more sad that the HPC thing went belly up though.
And the loyalty points might still be useful...IDK.

But in the end we mined at a 5% PPS stable pool like many others, and with very low rejects I might add.

[ChrisKoss]

Today's VWAP for redeem pool payments is $118.49

[piit79]

Today's VWAP for redeem pool payments is $118.49

Thanks for dropping by, Chris.

Would you mind having the 0.15 BTC I'm being owed for many weeks now paid to me at the earliest convenience please? My protected pool username is pii79.

Edit: got the payment, cheers!

[GenTarkin]

good to see they are still paying out, I have shares saved up still, that I havent used...looks like the time to have to use them is fast approaching given the rate of diff increase =(

[Chaplin]

Chris, I requested a payout on May 28th but still haven't received it. My protected pool username is miresu.

[AmDD]

Looks like the mining factor has hit $2.50 based on this site: http://www.bitcoinx.com/profit/

I would hope CoinLab is still willing to honor their loyalty points as I will probably be cashing them in soon.
Can we get any confirmation about this? I know CoinLab has had its ups and downs recently but I feel confident that they are honest and will hold true to their word.

[juhakall]

I'm pretty sure CoinLab's baseline for $2.50 per GH/s per day assumes no electricity costs. With current BTC price of ~$103, it's almost there, ~$2.7. After the next difficulty change it might make sense to mine at CoinLab again.

[AmDD]

I understand that. I have done my own calculations and with my cheap electricity Im still profitable at this point, but not for much longer Im sure.

Just trying to plan ahead as best I can in the bitcoin world.

[ChrisKoss]

Today's VWAP is $91.42 for redeem pool payouts

[Chaplin]

Today's VWAP is $91.42 for redeem pool payouts

Hi Chris. I still haven't received my payout from my last activity on protected. Any update on when I'll receive it?

[juhakall]

I just noticed this in the first post:

Loyalty Points expire after 90 days of account inactivity.  Account inactivity is defined as not submitting any shares and not communicating with us.

After logging in to the redeem pool, looks like my loyalty points are still there. Have any points been expired due to the above rule?

[AmDD]

I just noticed this in the first post:

Loyalty Points expire after 90 days of account inactivity.  Account inactivity is defined as not submitting any shares and not communicating with us.

After logging in to the redeem pool, looks like my loyalty points are still there. Have any points been expired due to the above rule?

I seem to have missed that too, however I also still have my points.