CONTRACT STARTED FOR PHASE 1 & 2 COMPLETION!

[CLains]

Grats! This project is awesome, and it will be super interesting to see this machine in action when the crypto-tide turns in our favor.

[liondani]

 

PS what about ETH mining? Please do it !

[santaclause102]

Once we get these updates complete we will be the most profitable multipool for miners!

I guess that the whole superb profitability argument of the pool depends on the substitution that is paid from the delegate pay and not because of the superb technology. Or am I getting this wrong?

At that time we will be updating the pool to incorporate the BunkerDEX to increase the pools profitability and bringing additional features so that we no longer need to rely on the delegate pay. We also will become a wallet provider at that stage as part of our delegate exit strategy

That sounds great to me Sounds like entrepreneurship.
THEN THE LEGETIMATE QUESTION IS: If bitshares-mining in the end benefits the one operating this wallet provider, why should all the costs in developing this be paid by all bitshares holders through delegate pay?

With JUST the mining activity, not factoring in other usage and more community, and votes etc., each miner contributes a total of 51,345 BTS of volume to BitShares for every 2700 BTS spent on them. This is all calculated based on our current terrible market cap. Even with an improved market cap, the numbers still show astronomical value for each miner we bring to BitShares.

1 Delegate has a 100% capacity to support 51 Miners based on these averages. 140,000 BTS bonus spend brings in 2.62 million BTS volume per month. Take away even the collateralized volume created, and you still have 873,000 BTS for every 140,000 BTS Delegate spent.

This is all based on the assumption that no one every pays out anything. I would buy the argument that less than 5% will cash which makes it net money inflow to Bitshares. Agreed here. And thanks for the numbers!!

The Conclusion hinges on the question who the referral commission goes to that are generated in this whole process at some point.
I mean elmato and bitsharesblocks may end up doing that too but they don't have 7 delegates to fund development. I am convinced that such a for profit effort is best funded by investing own capital and delegate pay is put towards general infrastructure that generates revenue for shareholders. 

PS: I am trying to keep my answers as short and on point as possible so you can get the central argument quickly. It would help me if you tried the same so it's not about who can read and write more and the crucial arguments in the discussion are not lost. Shortness = transparency.

[BunkerChainLabs-DataSecurityNode]

Great news, 

This should time nicely with 2.0 being launched, as the current client may shove people away.

We are going to be adjusting our website materials to get people using the webwallet who are new to BitShares until 2.0.

http://wallet.bitshares.org

What you said though is part of why we are not going to do a 'huge' push when we first launch the new production. We will do a big announcement once.. after that there will be a trickle in effect as people talk about the new better pool in town.. but after 2.0 when we have our wallet in place for the refer.. then we will turn up the volume. Media buys, articles, press releases.. it will be difficult to not see it everywhere.

[Brekyrself]

Great news, 

This should time nicely with 2.0 being launched, as the current client may shove people away.

[BunkerChainLabs-DataSecurityNode]

Volume
1 Miner = $2 bitUSD a day = $60 bitUSD a month = 54,000 BTS in volume a month

Ok, 2.0 is out, price goes to 1cent, let's say 3x more the current price, that would mean 1 Miner would only contribute with (54,000/3)=18,000 BTS in volume per month? So, as the price rises, miners will give less volume? Or with that price rise that would simply mean a Miner would do $2*3 = $6 bitUSD per month, that would then turn into those 54,000 BTC per month? I think I'm missing something.


So my question. Does the volume decrease proportionally to a price increase or does the reward per day increase proportionally to the price and so, maintaining that same volume per month you mentioned?

I didn't have time to think through this atm, just checked and that was the first thing that popped in my head but I know I'm certainly missing something.

Btw, thanks for providing us with a roadmap and with actual numbers, that's what this (and other projects) need and didn't provide in the past. good job 

As people are mining bitcoin/altcoins and that is being exchanged for BTS/bitUSD the volume in bitUSD should be constant. Thus with rising BTS price I would expect proportionally decreasing volume in terms of BTS.

What Frodo said is the answer to your question Akado.. it will remain relative to the BTS needed.

[Frodo]

Volume
1 Miner = $2 bitUSD a day = $60 bitUSD a month = 54,000 BTS in volume a month

Ok, 2.0 is out, price goes to 1cent, let's say 3x more the current price, that would mean 1 Miner would only contribute with (54,000/3)=18,000 BTS in volume per month? So, as the price rises, miners will give less volume? Or with that price rise that would simply mean a Miner would do $2*3 = $6 bitUSD per month, that would then turn into those 54,000 BTC per month? I think I'm missing something.


So my question. Does the volume decrease proportionally to a price increase or does the reward per day increase proportionally to the price and so, maintaining that same volume per month you mentioned?

I didn't have time to think through this atm, just checked and that was the first thing that popped in my head but I know I'm certainly missing something.

Btw, thanks for providing us with a roadmap and with actual numbers, that's what this (and other projects) need and didn't provide in the past. good job 

As people are mining bitcoin/altcoins and that is being exchanged for BTS/bitUSD the volume in bitUSD should be constant. Thus with rising BTS price I would expect proportionally decreasing volume in terms of BTS.

[phillyguy]

[Akado]

Volume
1 Miner = $2 bitUSD a day = $60 bitUSD a month = 54,000 BTS in volume a month

Ok, 2.0 is out, price goes to 1cent, let's say 3x more the current price, that would mean 1 Miner would only contribute with (54,000/3)=18,000 BTS in volume per month? So, as the price rises, miners will give less volume? Or with that price rise that would simply mean a Miner would do $2*3 = $6 bitUSD per month, that would then turn into those 54,000 BTC per month? I think I'm missing something.


So my question. Does the volume decrease proportionally to a price increase or does the reward per day increase proportionally to the price and so, maintaining that same volume per month you mentioned?

I didn't have time to think through this atm, just checked and that was the first thing that popped in my head but I know I'm certainly missing something.

Btw, thanks for providing us with a roadmap and with actual numbers, that's what this (and other projects) need and didn't provide in the past. good job 

[BunkerChainLabs-DataSecurityNode]

FINALLY GOING FORWARD!

We been waiting so long for our delegates to get voted in so we could move forward with further development. Finally last week it happened!

We have not gotten all six, and the market cap is horrible, but it’s enough for us to at least get the first two or four phases of development completed within the next month! (assuming we stay voted in)

Here are some of the major updates that will be completed:

• A shiny new updated design
• 18 of the most profitable coins will be made available including support for sha256, script, x11, and quark
• Backend of mining pool updated with new code and mining techniques to improve profitability
• Multipool Mining enabled including pools like Nicehash
• Upstream pool proxy mining enabled
• Improved Stratum port DDoS protection
• Updated code and security measures
• Website Translated to other languages including Manderin, Hindi, Spanish, Russian to expand market reach
• Miner Payout Lookups
• Miner Real Time Hash Rate stats along with estimated daily payouts
• Automated Daily Payouts that incorporate dynamic ‘highest profitability’ bonus to payouts.
• Allow miners the flexibility to choose the BitAasset currency in which they get paid
• The major assets they can get paid in include: BTS, bitUSD, bitEUR, bitCNY, bitGold, bitSilver, bitCAD, bitGBP, bitBTC, bitLTC

We may include others depending on demand. This will help increase demand an volume in all markets instead of just bitUSD.

Once we get these updates complete we will be the most profitable multipool for miners!

Bonuses will be paid out dynamically to ensure maximum profitability.

We will be making huge announcements about the relaunch of the new updated pool once completed. The delegates pay will go towards bonuses, and also will be saved towards updating the pool for 2.0 when it comes. At that time we will be updating the pool to incorporate the BunkerDEX to increase the pools profitability and bringing additional features so that we no longer need to rely on the delegate pay. We also will become a wallet provider at that stage as part of our delegate exit strategy. Think of CoinBase but with mining features and nothing but BitAssets and BTS.

This is our solution to bringing POW coin profits streaming into DPOS. Sell pressure goes to POW while Buy pressure goes to DPOS, all the while generating more transactions, more users, and greater volume for BitShares.

The pool is still a zero fee pool with bonus, which means we are not profitable in any way and rely entirely on the DPOS Delegate funds to continue bonuses and fund development towards a profitable pool operation.

Total cost of the updates I managed to get down to 940,000 BTS not including all the server and network resources I put into it. A 100% delegate generates 140,000 BTS a month give or take. Deposit of 500,000 BTS has already been made to get dev started.

Estimated time to delivery: 4-6 weeks.

During that time frame we will be continuing to maintain the current pool. However, due to the market cap and the amount we need to get the work done, we won’t be expanding on bonuses extensively. I think all miners will agree that a dynamic bonus system going forward would be better anyhow to solidify our mining value proposition.

What Does 1 BunkerMiner Mean to BitShares?

Based on statistical averages and my experience running the MineBitShares pool the past few months, here I how it breaks down. Most miners of the pool are small miners, GPU miners. They mine on average an earnings of $2 bitUSD per day overall. Overall I have found that roughly 50% of miners will withdraw their earnings regularly while the other 50% are mining as a way to build savings/value and often only take a portion of their earnings. People around the world have different situations when it comes to how they get access to their equipment, and how they get power.

Volume
1 Miner = $2 bitUSD a day = $60 bitUSD a month = 54,000 BTS in volume a month

Transactions
1 Miner = 3 transactions a day (avg) = 1.5 BTS = 45 BTS in transactions a month

Delegate
1 Miner = 2700 BTS in bonus payout a month with 5% average.

Conclusion
With JUST the mining activity, not factoring in other usage and more community, and votes etc., each miner contributes a total of 51,345 BTS of volume to BitShares for every 2700 BTS spent on them. This is all calculated based on our current terrible market cap. Even with an improved market cap, the numbers still show astronomical value for each miner we bring to BitShares.

1 Delegate has a 100% capacity to support 51 Miners based on these averages. 140,000 BTS bonus spend brings in 2.62 million BTS volume per month. Take away even the collateralized volume created, and you still have 873,000 BTS for every 140,000 BTS Delegate spent.

Development however to get to this stage is not free as stated above. The pool once developed however has a capacity to support thousands of miners. This would mean that the initial close the 1 million BTS put into dev (again current market cap just killing our value to get things done here) with using say 6 100% delegates that amount to 300+ miner support even by the most conservative numbers not including collateralization comes to 4.24 million BTS positive within the first month including the cost of the development. Factor in collateralization and you are talking about 14.7 million BTS.

So how does that illusion of dilution look now?

I am also going to ask you to please vote in the last 2 100% delegates we have in the wings (minebts5.bunkermining-com, minebts6.bunkermining-com). If you want to make room in the 101, I suggest to also remove your votes for www.minebitshares-com and www2.minbitshares-com (our 2 3% delegates). The more we can bring to this the more positive volume, users, and transactions we can bring to BitShares.

I will restate again however, that this setup using Delegates is NOT FOREVER. The Delegate model at this stage is only to allow us to develop to a model that can become self-sustaining. Phase 3, which incorporates 2.0 as mentioned, along with UIA and additional features that make our operation closer to a NiceHash for DPOS will have more opportunities in the transactions and spreads to continue to be able to payout bonuses without network fees without needing the delegates any further. Phase 4 is another beast all together that I am not going to get into in public forums.

Some people just don’t think rational. They make emotional decisions. I am asking you to make the rational vote decision now and support our delegates so that BitShares can have something nice too.

A profitable mining pool that is a volume generating, new user attracting, transaction making MACHINE.