+5%

Quote from: luckybit on March 15, 2014, 12:08:21 AM

Quote from: bytemaster 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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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.   

Quote from: bytemaster 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. 



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.

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

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.

Quote from: CLains on March 14, 2014, 10:25:26 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.

Very cool idea. I like it!

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.

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.

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