I have said this several times over but I am guessing people are set in their own perceptions and opinions of what is actually happening in the market so I will say it again for clarify.
Well you could use hard numbers and put them in one place and reference that. Thats what would shut-up guys like me.
It took me quite a long time to come up with this plan, primarily because I identified all the same old things that have been mentioned by gamey regarding coins, miners etc.
This is why the only solution is innovation
I wish I could go into this in my details right now but I am piled on with work atm.
Answering once in concise answers is all you need to do.
Most innovation is going to come from a client that switches GPUs to the most profitable coin. This requires a client-side aspect. Other innovation is that fact you pay out in bitassets?
Bottom line.. initially our first phases does operate with the expectation to attract existing miners.
It would be foolish to think that you'll have phases to bring in *new* miners. All the spergs have been spent. Maybe some kids running GPUs off their parents electrical bill will enter the market.
Following this though, we begin to reach beyond the mining community and then get into expanding into new markets.
What are these "new markets" ? I don't want to come across as a big asshole but your answers serve up more questions from me than they answer.
The only way to do that is to make mining more accessible. Some operations in the past have done this successfully. They attracted miners far beyond the current scope, but operated on a faulty business model and bad management that resulted in their closure.
Which pools? Mining more accessible? What do you mean accessible? It is all cli and tweaking out weird parameters few understand. You think you'll inspire people to enter the mining game in this day and age with your pool? The pool I worked on had a frontend client that polled an API for profitability and could switch between mining software. I'm sure even if it got working, it would have been a lot of work for the miners.
The launch of ethereum has gotten people pulling out their old GPUs again..
Also it was mentioned we don't support sha256.. that's right.. we don't at present.. part of the updates being done right now that these delegates are paying for will include supporting sha256 among other algos that are actually worth working with contrary to the believe. Not all profitably in mining takes place on coinmarketcap. Actually some of the best opportunities often are not there.
I know other algos are worth working on, but in terms of actual mining $$ volume, BTC clobbers them all. In terms of how to make your GPU profitable, all those other algos are needed.
Anyways.. I could go on but the point is.. there is a much bigger market we are expanding into.. and with that I found the possibility to move forward.. otherwise.. I would have folded probably after the 1st month and just shut down the pool.
What is this 'bigger market'? I read your proposal and a lot of the thread, but I missed something.
I have asked this question before and I will ask it again... by not wanting to support all these delegates so we can get the dev done and create a sustainable pool that grows bitshares.. the alternative is just to stop it dead.. shut it down.. and kill all the delegates instantly. Ask yourselves.. will that be of more benefit to bitshares than what this is offering? I think the numbers shout a resounding no.
What numbers? And there is another side, and that is could the $ be spent better otherwise which requires a second set of numbers.
As the delegate dropping out.. that has been happening for days now. It happens everytime Chinese markets open.. what I think it says is that there are Chinese who are opening their wallets now that were not before and are not updating their vote. The trend has been pretty consistent like that.
I'll drop it after this post and hope to see some enlightening answers. I have nothing against you or the project. I just see all the delegates and have thought about this area a lot in the past. I am a bit skeptical. Since volume is definitely needed, it is easy to fall back as the main reason. Yet it also should be something easy to quantify.
You say you've considered everything I say then answer with a solution of innovation but where have you specified that innovation? If it is somewhere else, just post a link to it.
I have referenced the links several times in this thread. Here is the #s one specifically
https://bitsharestalk.org/index.php/topic,18253.0.htmlAs for the rest.. this is a public forum.. I have pretty much told in regards to our market approach at later stages as much as is safe to say without totally pooching the opportunity for the pools mover advantage. Remember when cob jumped the gun and posted their plans on peertracks and how it would operate and quickly removed them because it could easily blow their opportunity? Similar situation.
I been up front on everything we are doing with development, features, benefits, and plans to grow in the early stages for the foreseeable future. Anything with plans further out are too far to reveal now, and have zero impact on any of the current delegate support being given at this stage. It's like asking Tesla to show you their 2025 model right after they showed you whats coming in their 2016.
Fact is our current support will either stop in a month, or take on a new form. So I can only speak to what we are doing right now. Which is to deliver on development to Phase 2 for the pool.. and grow it out so we get more liquidity to the markets, more volume, and more users/miners.
Regardless of this point, the present mining market makes up over 500 BTC a day (all algos). I have said before our plan is to capture just 10% of that. Reliability, consistent payouts, profitability, and innovation are key factors. I do not expect to accomplish this with Phase 2 alone. I think we will have done well if we achieve 2% at that stage actually. That's roughly 300 BTC a month being brought into the bitasset markets for the cost of roughly 18 BTC one time.
In-between Phase 2 & 3 we are implementing our own wallet and promoting the refer program. Other programs that were ponzis basically attempted to introduce refer by way of giving a % of what was mined by the refer to them. That doesn't work.
We are going to utilize the refer program as a means to create network effect for the pool. I will go on about that in another post in this thread so I am answering someone elses at the same time.