We are getting updates done to the pool that include reworking our payment system so its automated.
In order to move up and onward as a pool, we need to find creative ways to keep the pool without a fee, and continue to be able to provide bonuses without continuing to rely on the delegate pay.
We have two options in front of us that with the help and feedback from nethy and others we can do:
MINING UIA Option
Payouts in this option will all be done in UIA and be pegged in value to BTS (Dan suggested BTC in the hangout Friday, but I don't think we should continue to peg our pool to BTC as a BitShares project).
This means when you want to use your balance, you can use the DEX to convert the MINING to BitUSD or BigGOLD etc.
This has the potential to create a whole new market pair across multiple assets as well. How that will look or work is all speculative at this stage because nothing like this has been done.
With this option, we will be able to capture the cost of spreads and transactions that we currently are losing to 3rd parties, and be able to bring it back to the pool.
For those that leave the MINING as a balance, we have the idea to use a portion of the balance to then rent additional hashing power to futher boost the pool and then have the gains return to the pool. It would be quite easy to have all the transactions of this respective process to show the cost of hash purchased and earnings on it's own and when it distributes the bonus to the pool. In other words, the longer you leave your balance in MINING, the further we can multiply it.
With this option we would integrate with Metaexchange as well for a MINING:BTC or even a MINING:LTC in and out option. This would still generate transctions for bitshares, but not as much volume. However, this would allow us to to capture what we normally lose in spreads and fees in conversion from bitUSD:BTC.
This will give the pool a number of sustainable sources for revenues, while being able to remain a no fee network with bonus.
The volume increases and such to BitShares would occur only at the specific times that miners choose to convert their MINING to a BitAsset. The rest of the time earnings are circulating in the pool to make it profitable and sustainable for the miners.
Payout Via Stratum Password FieldIn your mining config you enter your username and password. For the username you enter your BTS address now, and put x for password like most anonymous pools.
Instead of putting x, we would enable you to be able to put BitUSD or BitGOLD for example as your preference of payment.
When payments are processed, this would be the way you receive your payment.
With this method, greater volume of BTS is created immediately due to the collateralize of all the assets.
You get the payout immediately in the format you want without needing to do any conversions but still will pay the same to 3rd parties to later convert to BTC etc.
On the pool side of things, we continue to lose in spreads and transaction fees to third parties that reduces overall payouts, and we have no sources of revenue to generate bonuses. In other words, we remain where we are now relying completely on the delegate pay until we later make other updates.
Those are the two options at present we have to vote on primarily now. If you have other suggestions and are familiar with mining pools and the challenges surrounding this area, now is a good time to contribute.
Hybrid?There is also the possibility of combining these two options. This can get a bit complicated on our end though as we would need to come up with some method that rewards those who support the pool keeping a MINING balance, while not allowing those that want to withdraw immediately to bitAsset ride on their backs. It seems like a lot of work for something that I feel ultimately may in the short term increase volume for Bitshares, but in the long term, keeps the pool from being able to grow out and serve more miners... which in turn means more volume.
MINING "Investment" PotentialPerhaps it can work where the balances generated from MINING would be paid out to MINING holders only. This would create an investment opportunity for those looking to increase their BTS via MINING. Because we are working with MINING holdings only, the hash power we purchase would produce returns that are completely transparent. It basically takes the learning curve out of mining and renting hash or cloud mining, and just makes it as easy as putting money into the pool.
So say you have 500k BTS and you want to see it grow. You could buy MINING at the BTS peg of 500k MINING. Our system would add your purchase as shares to the pool hashing system. You could then follow the progress of the systems added hash paid for and the payouts its receives as a pool and determine how much is being earned pretty much in real time. Shares will be distributed to members most likely on an hourly basis.
You could SELL your MINING at any time on any one of the bitAsset or BTS markets at the BTS peg rate... or possibly even lower or higher if these markets start to take off with arbitrage opportunities to move between what is avaialble in the MINING markets vs. BTS.
Sooooooooo....
I am bringing this to the public here to vote to see what kind of feedback I get, because I have gotten different reactions across the board to these ideas from various conversations I have had with miners.
I also keep in mind the saying.. “If I had asked people what they wanted, they would have said faster horses.” often attributed to Henry Ford. In this case, it's difficult to see what could be a step up compared to what is known.
We need to innovate this space to make it more sustainable, and profitable for everyone. To me the utilization of the UIA will bring a new dimension for miners that adds value to the pool in a way that other pools simply do not.
There are other ways we can start to make it self sustaining in the future, but this is one measure that would see more immediate results towards both growing the pool and creating revenue streams that take us off the delegates.. which btw we STILL need the other 5 voted in! (if you haven't voted yet, go to
http://vote.bunkermining.com and get your votes in NOW!)
That's all for now.. looking forward to your feedback!
PS: http://vote.bunkermining TOO!!!!
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