Poll

If a multipool were set up today to directly mine for BTS as payout how would you react?

I would mine it immediately and give it all my hash power!
32 (66.7%)
I would mine it but give 50% or less of my hash power!
2 (4.2%)
I wouldn't mine it at all, I'd rather get BTS by other means.
14 (29.2%)

Total Members Voted: 46

Voting closed: April 14, 2014, 09:58:43 PM

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Offline luckybit


Let's mine for BTS instead of BTC. Read below to see how it can be done.

We set up mining pools designed mine the most profitable altcoin like multipool and in return they get BTS instead of BTC. The mining pool itself would sell whatever coins they mined, trade it for BTS, and then distribute the Bitshares to the miners.

The mining pool would be automated and have to continuously buy Bitshares as more hashing power is thrown at it.

As a case study I see the idea working in practice for Blackcoin's mining pool so why not do it for Bitshares? It uses free market forces to both decentralize distribution and market Bitshares. I would use the mining pool myself in fact so I could get more Bitshares.

It would allow us all to mine to get Bitshares and decentralize the distribution of Bitshares while also supporting the price. This solves the problem of Bitshares not being mineable because now it would be.

http://bcmultipool.com/faq.html

« Last Edit: March 14, 2014, 09:59:08 PM by luckybit »
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Offline luckybit

Re: How to make Bitshares mineable while increasing the buying pressure
« Reply #1 on: March 14, 2014, 10:00:56 PM »
Future iterations of this mining pool concept could let people mine altcoins and receive BitUSD, BitGold, or other Bitassets.

But the first iteration would just give you Bitshares in exchange for your hashing power.
« Last Edit: March 14, 2014, 10:02:47 PM by luckybit »
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Offline speedy

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Re: How to make Bitshares mineable while creating buying pressure
« Reply #2 on: March 14, 2014, 10:24:17 PM »
This is a fantastic idea, well done.

Are they any pool projects we can reuse to make this happen faster?

Maybe a PTS bounty should be allocated to speed this up.

Offline CLains

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Re: How to make Bitshares mineable while creating buying pressure
« Reply #3 on: March 14, 2014, 10:25:26 PM »
Very cool idea. I like it!
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Offline luckybit

Re: How to make Bitshares mineable while creating buying pressure
« Reply #4 on: March 14, 2014, 10:41:17 PM »
Very cool idea. I like it!

Convince Bytemaster to put up a bounty and let's do it. I want to mine BTS instead of BTC.
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Offline barwizi

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Re: How to make Bitshares mineable while creating buying pressure
« Reply #5 on: March 14, 2014, 10:42:23 PM »
Noir Group is planning something similar although instead of giving all the profits to investors, 60% goes to them 15 % to the company coffers and 25% goes directly into buying NRS, which will be distributed as dividends every 3 months. Essentially, dumping other coins to boost up NRS market cap.
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Offline bytemaster

Re: How to make Bitshares mineable while creating buying pressure
« Reply #6 on: March 14, 2014, 11:11:19 PM »
Interesting concept.  What benefit does a user gain over mining doge and the selling for bts on cryptsy? 

It seems like this alternative is already available. 



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Offline luckybit

Re: How to make Bitshares mineable while creating buying pressure
« Reply #7 on: March 15, 2014, 12:08:21 AM »
Interesting concept.  What benefit does a user gain over mining doge and the selling for bts on cryptsy? 

It seems like this alternative is already available. 



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Because this automates everything. You go to the multipool and it points your miner to whatever is the most profitable coin at that time. Instead of the payout being in that coin and you having to waste time and energy going to Cryptsy to trade it for BTS, that all happens on the backend. Your payout is in BTS and the more extra hash power you have to spare the more BTS you can get.

Sure if I really wanted to I could mine and go to Cryptsy but then why would I buy BTS? I might see something else like Counterparty or Litecoin to buy. But if BTS is the payout I don't think about it, it's just automatic.

The mining pool itself markets BTS and other products. The mining pool itself might be profitable for whoever runs it.
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Offline bytemaster

Re: How to make Bitshares mineable while creating buying pressure
« Reply #8 on: March 15, 2014, 12:10:41 AM »
Interesting concept.  What benefit does a user gain over mining doge and the selling for bts on cryptsy? 

It seems like this alternative is already available. 



Sent from my iPhone using Tapatalk

Because this automates everything. You go to the multipool and it points your miner to whatever is the most profitable coin at that time. Instead of the payout being in that coin and you having to waste time and energy going to Cryptsy to trade it for BTS, that all happens on the backend. Your payout is in BTS and the more extra hash power you have to spare the more BTS you can get.

Sure if I really wanted to I could mine and go to Cryptsy but then why would I buy BTS? I might see something else like Counterparty or Litecoin to buy. But if BTS is the payout I don't think about it, it's just automatic.

The mining pool itself markets BTS and other products. The mining pool itself might be profitable for whoever runs it.

It seems like such a system would have certain advantages in terms of ease of use.  It also gives us options on replacing PTS all together (stopping the inflation) and allowing the miners to continue to mine for PTS.   

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Offline biophil

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Re: How to make Bitshares mineable while creating buying pressure
« Reply #9 on: March 15, 2014, 12:15:51 AM »
 +5%

Offline HackFisher

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Re: How to make Bitshares mineable while creating buying pressure
« Reply #10 on: March 15, 2014, 12:41:12 AM »
 +5%
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Offline onceuponatime

Re: How to make Bitshares mineable while creating buying pressure
« Reply #11 on: March 15, 2014, 01:17:42 AM »
+5%

Offline toast

Re: How to make Bitshares mineable while creating buying pressure
« Reply #12 on: March 15, 2014, 01:20:21 AM »
This solves the problem of Bitshares not being mineable

 :'(
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Offline CryptoN8

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Re: How to make Bitshares mineable while creating buying pressure
« Reply #13 on: March 15, 2014, 01:25:56 AM »
This solves the problem of Bitshares not being mineable

 :'(
Correct me if I'm wrong about the concept, but aren't we talking about mining PoW chain(s) and getting paid via PoS?  :-\

Offline luckybit

Re: How to make Bitshares mineable while creating buying pressure
« Reply #14 on: March 15, 2014, 01:50:49 AM »
This solves the problem of Bitshares not being mineable

 :'(
Correct me if I'm wrong about the concept, but aren't we talking about mining PoW chain(s) and getting paid via PoS?  :-\

One reason Bitshares isn't popular on Bitcointalk and other places compared to Ethereum and some of the alt coins is that miners seem to have been pissed off about the fact that Bitshares isn't minable. Mining is a subculture and the mining faction apparently is the king maker when it comes to marketing new coins. They seem to make up the bulk of the traders on exchanges.

So you market directly to miners by allowing them to mine for Bitshares. It simultaneously markets Bitshares on a grass roots viral level, it allows people who have all this hashing power something to use it on and then they don't need Crypsy because they can just use Bitshares. Bitshares is a decentralized exchange and people who like to trade will want Bitshares and need a way to get them.

I have a mining rig, I'm sure many people here do. So while we can mine some other coin or Bitcoin and sell it for Bitshares on Cryptsy, when we get to Cryptsy it's like the shopper who walks into a supermarket. You end up seeing all these better deals then you forget you wanted Bitshares and end up trading some other more profitable stuff.

But if your mining pool pays out in Bitshares, you're more likely to just save the Bitshares in BitGold, or trade directly in the Bitshares client. You may even be able to automate the pool so it automatically fuels your Bitshares client. This would keep a continuous steady stream of Bitshares flowing into your Bitshares client and you wouldn't have to do anything.

The mining pool could display ads, a DAC index and other information to keep people in the trading mood and by stealth advertise Bitshares. When new DACs arrive ads on these multipool sites would reach the exact demographic you want.

Correct me if I'm wrong about the concept, but aren't we talking about mining PoW chain(s) and getting paid via PoS?  :-\

To answer your question. Sorta, but that is what everyone does anyway. How do you think people ended up buying the top coins on Coinmarketcap? They either mined it, or if it's Proof of Stake they have to buy it, often with profits from mining PoW chains.

This streamlines the process through automation. You just set your mining rig up and the BTS will flow into your wallet. The benefit to this is that the price of BTS wont go down because people will always be buying it. Bitshares is very hard to dump due to it's utility, but if no one tries it out no one discovers that utility.
« Last Edit: March 15, 2014, 02:09:29 AM by luckybit »
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