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Offline BunkerChain Labs

MineBitShares Bid for Support + Status < ACTION NEEDED
« on: May 09, 2015, 04:04:21 PM »

Status Report of MineBitShares

TLDR: MineBitShares is running in red and if the community would like to see it get more support through the delegate system, you can pledge BTS for a 10% return within the 1st month the new 100% delegate(s) is/are voted in to carry the project forward and generate more transactions, liquidity, and most importantly more new users for Bitshares.

As many of you know by now MineBitshares has been passed on to me to operate and with RgCyrpto backing it as well.

Previous to our taking it over the pool was being subsidized by bitshares to provided added profitability to miners to mine our pool, and also to cover the costs involved in operating entirely in bitUSD.

Previous when it was subsidized by bitshares there was $50 a day going into the pool for payouts.

When we took over there was already a decline taking place in BTS, but it has hit harder than we could anticipate.

For the past week we had to reduce our bonus payout down to $25 because that was all we had remaining.

We have no funds left for all the awesome development plans we have, and our server costs are going unpaid (out of my pocket).

At the present rate of 2 full 100% delegates + the 12% from another delegate supporting (beyondbitcoin), we are only able to realize $20 a day bonus payout and again with no money for dev.

I have polled and debated over the potential of setting up another delegate to bring in additional income to bring the bonus back up and give us some room to further the dev. However, given what we heard from bytemaster yesterday, this move may not result in community support with everything in flux as it is. It would mean an additional $10 bitUSD a day at current BTS levels to go towards the project, and I would be further out of pocket in more servers (currently everything related to minebitshares is taking 6 virtual servers and 1 dedicated server).

The plan we have to move it forward is awesome. From the cloud mining to the distributed EZ module, to being able to mine for REAL GOLD, we could have a very competitive offering to grow from and bring further transactions to the bitshares network and volumes of liquidity that could amount to tens of thousands if not hundreds of thousands of dollars a day.

I have a part time dev who has just been getting familiar with everything to prepare for the work but hasn't been able to move forward. They would require $600 a month on the low end.

I have debated over how to proceed with this project to make it grow on what little resources it now has to work with. I know there are many people in the community excited about the project, but at the end of the day, nobody really wants to put in BTS to be burned up in bonuses to miners even though it translates into more miners and more users in bitshares.

It seems ok with the delegate system however because at the end of the day it's not coming out peoples pockets personally.. it's coming out of the system and then feeding back into Bitshares.. especially with this project.

We know now from yesterdays hints in the hangout this delegate system is going to change rather soon. Given all of that we have made plans with the assuming of no more delegate support other than what we have as a sort of bare contingency to work with what we got. With all the information I have at present, I have planned accordingly:

  • Rgcypto is working on a new website where we will better display information and showcase the benefits of the pool.
  • Bonus payouts will now be set to $10 bitUSD per day regardless of volume, We charge no network fees, so we have no room to move on this.(this accounts for 1 x 100% delegate + part of the 12% from beyondbitcoin )
  • Dev will be paid average of $10 a day ($300 a month) to further along development plans at least at some rate. First priority is our automated payout system so that we can ensure our payouts to be the top paying in the industry, and also integrate with other bitassets and increase overall mining profitability. (this accounts for 1 x 100% delegate + part of the 12% from beyondbitcoin )
  • When the 'Worker' element comes to the network, we will make a bid then for this project to get support from the community to further it along faster if it comes before the next option below (#5).
  • If we don't see the 'Worker' element in a timely manner, the project will be wrapped into the BunkerShares offering to become part of it. This means when we reach Scenario 2 of our projected response, we will be able to make this project a priority in the Bunker Labs dev team.
  • Plans to rebrand MineBitshares will be held off until we have gotten all the dev done to where miners can mine real gold. At that stage there will be support for sha256 as well.

Because our project is the best new user referred of all the others, we are anticipating that once BunkerLabs makes the updates and introduces the innovative new kind of cloud mining I have designed, we anticipate returns from referred user transactions as has been discussed at length by bytemaster to be coming soon.

We could see a turn around in the BTS price, however, it would have to go from it's present level up 5X to get to where this project can run on all cylinders firing again. Not likely to happen in the short term.

With all this in mind, we are posting this to a forum thread that is not locked. So if you have suggestions, thoughts, or wish to make some kind of contribution that would help things along. Please feel free to chime in. This project only serves this community to bring in transactions and new users at present.

- End of Status Report -

OPTION TO SUPPORT WITH DELEGATES

Now this is where there is an option to go beyond the bare contingency, and step things up.. if the community so chooses.

It has been suggested by others to make a bid to the community for contributions towards the 60k BTS to get a delegate for the project. While I have outlined the situation pretty clearly, I will leave this option open to the community to create the support needed.

So lets say someone offered 15k BTS right now, and someone else offered 10k BTS.. and so on until we reached 60k BTS to register a 100% delegate. We would pay that back in the first month following getting voted in + 10% (only fair to get something out of it personally). Soon as we reach 60k in pledges we will make a call for collection to each user and get the delegate started right away. If the pledges exceed 60k and reach 120k then we will create two delegates and so on. I would only call on for contributions once we do reach the 60k mark to fulfill on the pledge. So if we got say 90k in pledges, only 60k will be collected on until we can get another 30k to make the 2nd one.

If we get one delegate in, it will go towards the development first. If we see two, then the 2nd one will go towards bonus payouts to increase profitability. If we make 3 more (I would be really surprised), then that would go towards dev and so on.

Getting a 10% return on your BTS right now is a great way to grow it in the short term. I will personally call on everyone I can to get them voted in asap. I am hoping those that contribute also help us rally in the support.

I am creating this option as an opportunity for the community to provide the support that many have expressed a desire to bring to this project. This is the best way I see that happening that should be a win win for everyone if people in the community still feel the delegate system as it is will best serve this project. So to recap:

  • Make your pledge for how much BTS you will contribute towards a delegate in this thread.
  • Once we reach 60k from the pledges I will contact you to send your contribution (will be to minebitshares-reloaded)
  • I will register the new delegate and setup the server for it (my cost)
  • Thread for new delegate proposal will be made
  • Tell your friends, tell your brother, tell your sister sue to vote for the new delegate
  • I will contact everyone to vote and for other delegates to please include us in their slates.
  • We make it to the 101 and produce blocks.
  • Half will go towards the pool dev/bonuses and half towards paying back all contributors + 10%. We will work backwards on the list on a first contributed first paid out basis with whole transaction + 10% once we have it in our delegate balance.
  • Watch MineBitshares grow and more users continue to come to Bitshares and liquidity increase

The only threat to this I can image in a sudden change as bytemaster has discussed where the delegates get shifted to workers. In that instance we would make our bid for getting worker support from the community and would still pay back all the contributors just the same, though I don't get a sense that this will happen within the next month anyways. Still, I am just making it clear that I won't backout of the lending agreement on this kind of technicality.

I think this is straight forward enough. I guess we will see what happens next. :)

Either way I am looking forward to turning MineBitshares into a lean mean BitShares users referring machines.

Hope the community decides to join in.
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Offline Pheonike

Re: MineBitShares Bid for Support + Status < ACTION NEEDED
« Reply #1 on: May 09, 2015, 04:43:28 PM »

I will put 10k towards this.

Offline onceuponatime

Re: MineBitShares Bid for Support + Status < ACTION NEEDED
« Reply #2 on: May 09, 2015, 05:20:13 PM »
I pledge 65K for this project.

zerosum

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Re: MineBitShares Bid for Support + Status < ACTION NEEDED
« Reply #3 on: May 09, 2015, 05:50:04 PM »

How much bonus (bitUSD) would it take to be the most profitable pool for any and all days in the last month with the same hash rate participation?

Offline Xeldal

Re: MineBitShares Bid for Support + Status < ACTION NEEDED
« Reply #4 on: May 09, 2015, 06:32:04 PM »
Count me in.  I'll pledge 65K.

Offline Ben Mason

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Re: MineBitShares Bid for Support + Status < ACTION NEEDED
« Reply #5 on: May 09, 2015, 06:49:44 PM »
I pledge 65k bts however, I'm away from home and last time I tried to run Bitshares on my windows laptop it wouldn't open. So my pledge is contingent upon my being able to get into my account before you need the bts. I'll be back home by Tuesday.

This is a great project and your efforts are greatly appreciated

Offline iHashFury

Re: MineBitShares Bid for Support + Status < ACTION NEEDED
« Reply #6 on: May 09, 2015, 07:48:46 PM »
15k BTS bid for this.

Offline BunkerChain Labs

Re: MineBitShares Bid for Support + Status < ACTION NEEDED
« Reply #7 on: May 09, 2015, 08:08:36 PM »

How much bonus (bitUSD) would it take to be the most profitable pool for any and all days in the last month with the same hash rate participation?

It's extremely difficult to peg a set $ figured for this unfortunately because it varies from day to day. You can see on poolpicker.eu that we are top some days and scrypt and not on some.. same with x11. The infernopools numbers I wonder about if they are real. Nonetheless if we were to beat even them, it's relative to our mining that day. This is why part of our automated payment system is going to be set to feed in prices from all the daily reports of the pools to determine how much bonus we have to have to be even 1% above them.. though I have seen it posted as always 5% in some places. That is very rich in my opinion. Anyhow.. sorry I realize this doesn't answer your question directly, but the solution to the answer is in the development which is why I am putting priority on it over bonus payouts now.

What I can tell you is that we were more popular when we were paying out more in bonuses than we are now. :)
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Offline BunkerChain Labs

Re: MineBitShares Bid for Support + Status < ACTION NEEDED
« Reply #8 on: May 09, 2015, 08:18:27 PM »
Pheonike - 10k
Onceuponatime - 65k
Xeldal - 65k
Ben Mason - 65k
iHashFury - 15k

Current total = 3 Delegates

We are 20k away from a 4th!

If we can get just 50k more, we have someone in NullStreet has pledged to give whatever is needed to fill the balance of a complete delegate as well! So we would move from 5 to 6!

I am truly amazed at this support!

I never expected anything like this.

I am starting work on all the delegate servers now and will be in contact with all the pledgers for their contributions.

Looks like we are going to be rolling out dev faster than expected at this rate!

Keep it up folks! The doors are still open to anybody who wants to join in.

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zerosum

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Re: MineBitShares Bid for Support + Status < ACTION NEEDED
« Reply #9 on: May 09, 2015, 08:21:06 PM »

How much bonus (bitUSD) would it take to be the most profitable pool for any and all days in the last month with the same hash rate participation?

It's extremely difficult to peg a set $ figured for this unfortunately because it varies from day to day. You can see on poolpicker.eu that we are top some days and scrypt and not on some.. same with x11. The infernopools numbers I wonder about if they are real. Nonetheless if we were to beat even them, it's relative to our mining that day. This is why part of our automated payment system is going to be set to feed in prices from all the daily reports of the pools to determine how much bonus we have to have to be even 1% above them.. though I have seen it posted as always 5% in some places. That is very rich in my opinion. Anyhow.. sorry I realize this doesn't answer your question directly, but the solution to the answer is in the development which is why I am putting priority on it over bonus payouts now.

What I can tell you is that we were more popular when we were paying out more in bonuses than we are now. :)
well it is not really that hard ...
for each of the last 30 days :
1)-you take the top pool (or the second best*1.01) payout and subtract your pools payout for that day;
2)- you convert the difference in 1) in USD using the price for the day(or at the end the day for simplicity);
3) the sum of 2) for the last 30 days divided by 30 is the average you will need.

The problem is that if you do not have the above estimate (or other reasonable one) it is pointless to just throw "some money" for bonuses at the pool.

Offline Frodo

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Re: MineBitShares Bid for Support + Status < ACTION NEEDED
« Reply #10 on: May 09, 2015, 09:48:47 PM »
I'm in with 10k. Where should we send the BTS?

Offline lafona

Re: MineBitShares Bid for Support + Status &lt; ACTION NEEDED
« Reply #11 on: May 10, 2015, 12:47:38 AM »
I can put in 50k but I won't have access to my wallet until tomorrow night.
BTS Witnesses: delegate-1.lafona     Thread: https://bitsharestalk.org/index.php/topic,21569.msg280911/topicseen.html#msg280911
MUSE Witness: delegate-1.lafona
Witness information: https://github.com/lafona/delegate-1.lafona

Offline BunkerChain Labs

Re: MineBitShares Bid for Support + Status < ACTION NEEDED
« Reply #12 on: May 10, 2015, 01:47:20 AM »

How much bonus (bitUSD) would it take to be the most profitable pool for any and all days in the last month with the same hash rate participation?

It's extremely difficult to peg a set $ figured for this unfortunately because it varies from day to day. You can see on poolpicker.eu that we are top some days and scrypt and not on some.. same with x11. The infernopools numbers I wonder about if they are real. Nonetheless if we were to beat even them, it's relative to our mining that day. This is why part of our automated payment system is going to be set to feed in prices from all the daily reports of the pools to determine how much bonus we have to have to be even 1% above them.. though I have seen it posted as always 5% in some places. That is very rich in my opinion. Anyhow.. sorry I realize this doesn't answer your question directly, but the solution to the answer is in the development which is why I am putting priority on it over bonus payouts now.

What I can tell you is that we were more popular when we were paying out more in bonuses than we are now. :)
well it is not really that hard ...
for each of the last 30 days :
1)-you take the top pool (or the second best*1.01) payout and subtract your pools payout for that day;
2)- you convert the difference in 1) in USD using the price for the day(or at the end the day for simplicity);
3) the sum of 2) for the last 30 days divided by 30 is the average you will need.

The problem is that if you do not have the above estimate (or other reasonable one) it is pointless to just throw "some money" for bonuses at the pool.

The problem with that like I said is that it varies a great deal from day to day. Taking the top of the month and averaging it out isn't going to give us the # we need. Each day we are dealing with the spread of bitUSD to the market BTC that varies, and the cost of bitUSD from BTS in our conversion. Sometimes those spreads can be significant. Last night for example 1 BTC to bitUSD was $208 on blocktrades.us while the market was sitting at $245 per BTC. Meanwhile on metaexchange the spread was much closer to the market value.  While everyone else is reporting their payouts in btc/mh/day average our payout is in bitUSD and we have everything setup that way. We only generate a report in that conversion at payout that day. Also days were the pool was down for a while throw off numbers. Last month in particular we were having issues with some coins causing the pool to crash.

If we use what you suggested though and did some rough conversions without taking into account a lot of the above based on the top payout of the month, we are looking at a rough 'average' of about $95 a day between x11 and scrypt.

This is why the solution is really in the programming, there are days it doesn't have to be anywhere near that much, and others it does. This is also impacted by the changing price of BTC to USD day to day which you know can swing dramatically even depending on the time of day.

As I said, the solution is in programming the system to calculate all factors that day and come out with the appropriate bonus for that day.

Until we get that dev done attempting to subsidize to make the highest payout absolute daily is really hit and miss and will end up creating days with WAY to much bonus payout with some days where it's not enough. So consider the number I gave to me a very rough estimation.
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Offline nethyb

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Re: MineBitShares Bid for Support + Status < ACTION NEEDED
« Reply #13 on: May 10, 2015, 02:20:24 AM »
Great to see you provide the energy and passion to take this to the next level...

This icould have a huge impact in the mining community and awareness of bitshares,
I'll pledge 60K as well,

cheers,

nethyb.


Offline BunkerChain Labs

Re: MineBitShares Bid for Support + Status < ACTION NEEDED
« Reply #14 on: May 10, 2015, 02:26:38 AM »
WOW

Ok so with Frodo and Lafona that put's us now at 7 delegates total.

Ok guys.. This is where I have to say we are set!

I will stop this right there. This is going to provide the funds we need to get things underway soon as the delegates are voted in.

I will be in touch with everyone shortly.

Thanks to everyone... this is exciting!
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