I tend to agree with newmine here except he is confused in his point #2 of 3.
This would have been a great idea some time ago. As it is, with BTC seeming to have hit the bottom and the halving coming in sight, the value is even more questionable. I gave up on a mining pool project, for a variety of reasons but one being the potential profits were going down considerably and that was well over a year ago. This is a project with a definite shelf-life.
One thing about crypto people, it is full of a lot of true believers. I wish Jonathan (?) luck but looking at this objectively it might be better to just cut one's losses.
I don't think Delulo was being underhanded, just look at the project in terms of the data available.
If you take assumptions based out of a BTC bubble market outlook everything you said would be correct.
I suggest the bubble outlook however is broken.
Without identifying the many other opportunities outside of just BTC and ignoring the many other alt coins that are introduced pretty much every quarter, this outlooks begins to falter.
I fully expect the pool to make numerous movements as the market moves in crypto.
Bytemaster in a recent hangout himself talked about how everything is moving to the blockchain. Will 'everything' immediately move to DPOS ONLY? Or is there a likelyhood that the hundreds of millions invested in various bitcoin/altcoin based projects are going to continue to use similar mining and bitcoin blockchain technology?
It's easy within the DPOS community to only look out at the future with DPOS goggles and say 'what use is mining.... we are here.. it's done'... and as much as I would like to see DPOS sweep over all others like a cleansing flood in biblical proportions, it's just not likely in reality.
This project however, enables BitShares to continue to benefit from mining.
Much needed liquidity into our markets
More volumes
Making miners BitShares users
To suggest that pooled crypto hash power has a shelf life in this early environment is a faulty assumption that like I said, is easy to have with DPOS goggles from within our community.
It might be why a lot of the support we are getting from this community are from people who were or are miners themselves who are on the other side of the fence and can see for themselves all the benefits this brings.
As for Delulo.. he sent me a personal IM apologizing and letting me know that he had not seen my post prior to him making that post a few hours afterwards and told me that was not his intentions. I accepted his apology. Had he seen it he would have paused before jumping the gun on conclusions without information. Nonetheless we explored all the benefits extensively.
I have an exit strategy for the delegates which I have outlined in detail. In order to continue to make it sustainable and move with the market there are other elements that need to merge with mining (nice pun there) in order to make it meet the needs of the current and future markets. That might be where the 'shelf life' as noted comes into effect. The old model being shelved per/say and the new put into effect.