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Offline toast

[Proposal] Virtual Mining Pool
« on: July 23, 2014, 11:00:42 PM »

Blackcoin-style. Maybe even find their multipool dev and get them to do it.
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Offline bitmeat

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Re: [Proposal] Virtual Mining Pool
« Reply #1 on: July 24, 2014, 03:28:11 AM »
Elaborate. Is the idea that pools would be issuing payouts on the BTSX exchange?

[not familiar with blackcoin]

Offline liondani

Re: [Proposal] Virtual Mining Pool
« Reply #2 on: July 24, 2014, 11:32:40 AM »
Blackcoin-style. Maybe even find their multipool dev and get them to do it.

...to make the transition of PTS to DPOS-PTS and give the extra coins to the miners via  the Virtual Mining Pool ?
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Offline CLains

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Re: [Proposal] Virtual Mining Pool
« Reply #3 on: July 24, 2014, 11:40:46 AM »
Virtual Mining Pool

People mine in our virtual pool by giving us hashing power, you direct this power to the profitable minable coins at that moment, and then at intervals sell everything you earn to buy a non-mineable coin (btsx in this case) and give it back to the miners proportional to the power they contributed. Thus the people who mine in your virtual mining pool experience the situation as if they are mining btsx.

Offline bitmeat

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Re: [Proposal] Virtual Mining Pool
« Reply #4 on: July 24, 2014, 01:58:49 PM »
Virtual Mining Pool

People mine in our virtual pool by giving us hashing power, you direct this power to the profitable minable coins at that moment, and then at intervals sell everything you earn to buy a non-mineable coin (btsx in this case) and give it back to the miners proportional to the power they contributed. Thus the people who mine in your virtual mining pool experience the situation as if they are mining btsx.

Got it. So exactly what I thought pools issuing payouts on the BTSX exchange, and I was even thinking, they could distribute in Bit assets, whatever people desire.

LITERALLY POOL MINING AND STORING VALUE IN GOLD!!! :)

Heh, I wonder if something like CEX.UI mining exchange could be done, once we have a market.

Offline luckybit

Re: [Proposal] Virtual Mining Pool
« Reply #5 on: July 26, 2014, 06:35:59 AM »
Blackcoin-style. Maybe even find their multipool dev and get them to do it.

Finally we are at the stage to implement this. I've been pushing for this for months. I approached the Blackcoin community but they stopped short of closing a deal so now I suggest if you have the technical expertise that you make a multipool which is x10 better than theirs.

Hackfisher's DAC would massively benefit, so would Bitshares X and your own DAC.
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Offline luckybit

Re: [Proposal] Virtual Mining Pool
« Reply #6 on: July 26, 2014, 06:38:19 AM »
Virtual Mining Pool

People mine in our virtual pool by giving us hashing power, you direct this power to the profitable minable coins at that moment, and then at intervals sell everything you earn to buy a non-mineable coin (btsx in this case) and give it back to the miners proportional to the power they contributed. Thus the people who mine in your virtual mining pool experience the situation as if they are mining btsx.

That is exactly how it should work. The idea is because PoS needs buying pressure and you have a lot of miners who also need a way to get shares it's to the mutual benefit of both demographics to distribute our shares in this way. The shares get purchased by their mining power and they get the best store of value for long term holding.

But that is only the bait. Once you draw the mining community in then you can hook them into Hackfishers gaming DAC, the DNS DAC, and the flagship Bitshares X. Before anyone says mining is wasteful this is mining they'd be doing anyway if not with us then against us so why not let them do it with us?
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Offline nethyb

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Re: [Proposal] Virtual Mining Pool
« Reply #7 on: July 26, 2014, 07:45:34 AM »
Ha! Great minds think alike! Toast, your timing is impeccable.

I've just posted details for exactly this in DAC delegates and was looking for support as a delegate...

MineBitShares.com - A virtual mining multi-pool for BitSharesX
https://bitsharestalk.org/index.php?topic=6236.0

Happy to collaborate if anyone one else was thinking of doing the same.

Lukybit - I'm looking for a trusted community member to play a role in the pool - let me know if your interested...

Offline luckybit

Re: [Proposal] Virtual Mining Pool
« Reply #8 on: July 26, 2014, 03:27:38 PM »
Ha! Great minds think alike! Toast, your timing is impeccable.

I've just posted details for exactly this in DAC delegates and was looking for support as a delegate...

MineBitShares.com - A virtual mining multi-pool for BitSharesX
https://bitsharestalk.org/index.php?topic=6236.0

Happy to collaborate if anyone one else was thinking of doing the same.

Lukybit - I'm looking for a trusted community member to play a role in the pool - let me know if your interested...

Sure, what role would I have to play?

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Offline nethyb

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Re: [Proposal] Virtual Mining Pool
« Reply #9 on: July 27, 2014, 02:28:38 AM »
Ha! Great minds think alike! Toast, your timing is impeccable.

I've just posted details for exactly this in DAC delegates and was looking for support as a delegate...

MineBitShares.com - A virtual mining multi-pool for BitSharesX
https://bitsharestalk.org/index.php?topic=6236.0

Happy to collaborate if anyone one else was thinking of doing the same.

Lukybit - I'm looking for a trusted community member to play a role in the pool - let me know if your interested...

Sure, what role would I have to play?

Thanks ...

It would be useful if you could provide an pool auditing function for the community to facilitate transparency on earnings and payouts etc, and always interested in your ideas to ensure we get the message out to as many people as possible - close to full launch.

I'll drop you my details and we can setup a skype/google hangout chat some time to discuss.

Offline tonyk

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Re: [Proposal] Virtual Mining Pool
« Reply #10 on: July 27, 2014, 02:37:36 AM »


THIS is a joke right!

Some kind of insider joke that I do not get.....
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline bitmeat

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Re: [Proposal] Virtual Mining Pool
« Reply #11 on: July 27, 2014, 03:00:25 AM »
Some kind of insider joke that I do not get.....

I've noticed there are a lot of things you don't get... :) relax, just giving you a hard time!

Actually I think the lack of mining is the MAIN reason BTSX will not gain momentum on BTT. Once people have the warm fuzzy feel of "I produced a block" they get hooked. I wholeheartedly agree that mining is a thing of the past, but there are a lot of barriers to entry with BTSX. Just look at the onboarding process of the registration.

Offline tonyk

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Re: [Proposal] Virtual Mining Pool
« Reply #12 on: July 27, 2014, 03:17:14 AM »
I've noticed there are a lot of things you don't get... :) relax, just giving you a hard time!

Yes, if you read my post I have said than more than 50 times myself!

-------------------------------

But I get, how the price of BTSX goes down, because somebody in his right mind, living in my no-crypto space does not get it also!!!

 Watch!
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline bitmeat

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Re: [Proposal] Virtual Mining Pool
« Reply #13 on: July 27, 2014, 03:27:04 AM »
But I get, how the price of BTSX goes down, because somebody in his right mind, living in my no-crypto space does not get it also!!!

 Watch!


You are saying BTSX goes will go down the drain? Can you elaborate? I'm confused. Or do you mean that virtual mining pools and bringing them on board will drive the price down?

Offline luckybit

Re: [Proposal] Virtual Mining Pool
« Reply #14 on: July 27, 2014, 04:01:39 AM »
But I get, how the price of BTSX goes down, because somebody in his right mind, living in my no-crypto space does not get it also!!!

 Watch!


You are saying BTSX goes will go down the drain? Can you elaborate? I'm confused. Or do you mean that virtual mining pools and bringing them on board will drive the price down?

Virtual mining pools can only drive the price up. The more people mine the more Bitshares have to be purchased. Bitshares if it has functioning market assets is going to be very difficult to sell. It's not just another altcoin but the exchange is built into the platform. Most people only sell their coins so they can go and day trade but why would they have to do that when they can do that from within Bitshares?

In the case of Blackcoin the mining pool itself might be selling coins keeping the price from going up too high but that is because altcoins are going down for everyone so people want out into fiat. In Bitshares you could just let them select to receive their payout in fiat or gold. Why would someone choose to cash out? Maybe to pay their electric bills?

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