how MineBitShares works? worth 7 100% delegate???

[tbone]

MineBitshares needs support. It's not yet profitable but it does serve the community. It markets directly to miners and gives people a way to acquire and try Bitshares.

Minebitshares' model only works when all delegates are in. Let's stand united behind this project.

Agree with this too.

   I would like to see what comes of this project.  It seems promising and $100/day for a short period is a small price to find out for sure. 

[fuzzy]

MineBitshares needs support. It's not yet profitable but it does serve the community. It markets directly to miners and gives people a way to acquire and try Bitshares.

Minebitshares' model only works when all delegates are in. Let's stand united behind this project.

Agree with this too.

[Akado]

I've always been a little divided by this. It seems to much, but at the same time I would really like to see what could come out of it and it seems we don't have other means to bring in more liquidity.

I think that would be an interesting discussing, trying to come up with different ways to increase liquidity. Ok we have minebitshares but that doesn't mean other solutions wouldn't be welcomed.

[Brekyrself]

If everyone can also take a step back and appreciate this democratic process.  Anyone with BTS has a vote on the delegates and based on these threads it brings forth competition among delegates!

This is a huge step forward compared with PoW.

[BunkerChainLabs-DataSecurityNode]

It IS working. Only recently did he get enough delegate pay voted in to start  development necessary to make it profitable (at which time paid delegates will no longer be necessary and can be voted out without negative effect). Please continue to vote for this very promising project so it can reach its potential. It has the potential to benefit us all (except newmine, lol).

How much more delegate pay does it need to be profitable?
What is it still missing that is making it unprofitable? It seems to be fully functional.
Isnt it just the case that miners are just not interested in being paid in BitUSD, for the reason I just described?

It's a zero fee pool with a bonus. There is zero opportunity for profitability in that scenario. What makes it more difficult to be profitable is paying out in bitUSD. Our payout process has to pass from alts to BTC and then to bitUSD, and all along the way all the exchanges are taking their cuts of transaction charges and spreads. Servers and network resources are not being supported at all other than out of pocket by me. On top of that the pool requires at least 2 hours a day of maintenance.. again not paid for.

It started out as a personal initiative by nethyb who took it upon himself to over the course of months piece together a mining pool to support bitshares. He did everything in his spare time.. he is not a programmer but he's a smart guy so he essentially kept working at stuff until it worked.

The pool only supports scrypt and x11 at present, and there are a lot more miners in sha256 and other alt protocols that are more profitable now like quark and WhisperX for example.

In order to move forward effectively the platform the current pool was built on is now outdated and it was so heavily customized for bitshares we don't have much choice but to build a whole new core and foundations in order to move forward in any effective way.

If you go to the links mentioned in this thread I have gone into a fair amount of details about how to take the pool from losing to profitability. I recommend checking them out. Essentially the combination of some innovative mining methods combined with the BunkerDEX are going to enable us to move to being competitive and profitable.

However, it has not grown only because of the fundamentals we simply do not have to be competitive right now. Consistently profitability being top of the list. Miners move to where they can make the most money.. and the current processes don't enable us to be able to be consistent enough. Because we need to get updates done to automate our payouts, and make profits consistent, and enable us to reach other miners in sha256, we haven't made any major push to promote the pool in its current state.. simply because we would only be creating a turn and burn situation.. not unlike our current situation where people are not referring people to bitshares because of client issues with current 1.0 version.. they are waiting for the shiny new 2.0 to show everyone.. so are we for the mining pool.

We also got a bit of a branding issue to overcome. Part of why when we get the new pool launched it will be rebranded to BunkerMining. It is still going to be completely powered by payouts only in BitShares/bitAssets. Later Phase 3 development will move us further into being more like a Nicehash for BitShares.

There is a clear path to sustainability.. and in the threads referenced showed the tremendous value that this mining pool brings to BitShares. With the updates we are getting done, we could really give a boost to all the bitasset markets with lots of liquidity, volume, and users. I have given a breakdown of how much each miner is worth to this project in the thread here:

 https://bitsharestalk.org/index.php/topic,18253.0.html

Hope that gives you a clearer picture of where things are at and where we are going.

Finally.. http://vote.bunkermining.com !!

[Tuck Fheman]

To Newmines point, 4 of 5 of my ASIC's have died over the past months and I'm not buying any more. 

[speedy]

It IS working. Only recently did he get enough delegate pay voted in to start  development necessary to make it profitable (at which time paid delegates will no longer be necessary and can be voted out without negative effect). Please continue to vote for this very promising project so it can reach its potential. It has the potential to benefit us all (except newmine, lol).

How much more delegate pay does it need to be profitable?
What is it still missing that is making it unprofitable? It seems to be fully functional.
Isnt it just the case that miners are just not interested in being paid in BitUSD, for the reason I just described?

[onceuponatime]

Besides, what happened to the whole mining is wasting money view? Didn't want to do it to secure the network but it's okay and necessary to do it to build the network? Scratching my head on that one.

Theoretically its a good way of supporting BTS at Bitcoin's expense.

I think the problem with minebitshares is that:
Miners are hunting for the reward to pay for their expenses, which are in real $ paid for by selling their crypto frequently. It doesnt really give them any advantage to receive their reward in BitUSD - they have to sell it for real $ just like if they received Bitcoin. Bitcoin just has better liquidity so the spread they pay for getting from BTC to $ is tighter.

Just remember to vote no to this project when 2.0 comes round and the delegates have to reapply. It was a nice idea but just hasnt worked.

It IS working. Only recently did he get enough delegate pay voted in to start  development necessary to make it profitable (at which time paid delegates will no longer be necessary and can be voted out without negative effect). Please continue to vote for this very promising project so it can reach its potential. It has the potential to benefit us all (except newmine, lol).

[38PTSWarrior]

Let's look forward. I provide good work with cards, flyers, meetings, and 4 hours a day pitching to all sorts of people. From the 38 percent payrate only 3 go to liondani and 3 percent to me. This leaves 32 percent for ads, vids, cards, meetings, coding, etc.

[speedy]

Besides, what happened to the whole mining is wasting money view? Didn't want to do it to secure the network but it's okay and necessary to do it to build the network? Scratching my head on that one.

Theoretically its a good way of supporting BTS at Bitcoin's expense.

I think the problem with minebitshares is that:
Miners are hunting for the reward to pay for their expenses, which are in real $ paid for by selling their crypto frequently. It doesnt really give them any advantage to receive their reward in BitUSD - they have to sell it for real $ just like if they received Bitcoin. Bitcoin just has better liquidity so the spread they pay for getting from BTC to $ is tighter.

Just remember to vote no to this project when 2.0 comes round and the delegates have to reapply. It was a nice idea but just hasnt worked.

[NewMine]

MineBitshares needs support. It's not yet profitable but it does serve the community. It markets directly to miners and gives people a way to acquire and try Bitshares.

I am quite sure it is in need of 25,000 BTS per day. Right now that's about .42BTC per day. That is well worth the 10 or so redirects to the website per week.

In all seriousness, don't you think a mining pool should be able to profit on its own instead of being subsidized by you the shareholder? At the current rate of ~$100 per day, wouldn't you guys rather buy real ads on strategic websites or any other marketing tactic?

Instead you are giving this guy funds to fish for users out of a jar in a small pond. It's not even targeting the entire crypto community, only miners and they represent a dwindling fraction of the community.

Besides, what happened to the whole mining is wasting money view? Didn't want to do it to secure the network but it's okay and necessary to do it to build the network? Scratching my head on that one.

Buy some ads on reddit, coinmarketcap, voat, LTB etc. Or buy some bumper stickers and mail them to the users and tell them to place them in strategic areas in public places, or anything like that would be better than to subsidize a mining op that brings in virtually no real users and can't make money standing alone.

Hell, I even recommended months if not a year ago to take the 30 Million BTS vesting, that is turning out to be a complete waste, and give some to a company to start taking bitUSD. You could even include the setup cost by paying a Dev to build the app. And use these diluting BTS to pay the Dev to maintain the system for the company.

But no, you all would rather give 25,000 BTS a day to a project that what, creates page views and  brings about 1 or 2 users into the fold every month. At some point the amount of new miners (no pun intended) coming will cease if it hasn't already happened and the users coming are just jumping between pools and redirecting their hash power on their own.

[38PTSWarrior]

Minebitshares' model only works when all delegates are in. Let's stand united behind this project.

[luckybit]

MineBitshares needs support. It's not yet profitable but it does serve the community. It markets directly to miners and gives people a way to acquire and try Bitshares.

[Brekyrself]

Why  minebitshares need 100% delegate???

So he can pocket free BTS. Why else?

DataSecurityNode has been very up front and honest about the business model.  The pool is actually up and running with many planned upgrades to make it stand out from the rest.  Look at the big picture, if the pool is profitable from bonus payouts, this will attract miners thus new users.

Start questioning the other delegates that do not even provide price feeds.
http://bitsharesblocks.com/delegates

[NewMine]

Why  minebitshares need 100% delegate???

So he can pocket free BTS. Why else?