Status Report of MineBitSharesTLDR: 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.