Topic: [20 TH/s] [NEW POOL] [FUTURE PPLNS] [1 BITCOIN BONUS] BeastBTC.COM (Read 3383 times)

Why would they?  The pool operators have no clue what is going on.  I find it humorous when I go to the website and am greeted with "Welcome To Beast BTC, we are a new mining pool devoted to PPLNS, which is currently in pre-stage level."

PPLNS in pre-stage level?  Yeah...

Seems even their own people don't mine there?? 

General Statistics
Pool Hash Rate   0 TH/s
Current Total Miners   0
Current Block   364996
Current Difficulty   51076366303.482

I believe the OP should have one of the 'technical people' come help explain their intentions.

If you do not, you have zero chances of having miners even try your pool, much less stay there.

Consider this, there are pools like Kano.is, bitminter, slush and others with operators who have been leaders of the mining and general bitcoin environment for a long time. They have established pools and have presented individual miners with some fantastic support, and I will speak more to my personal experiences with Kano and CK they provide explanations to any questions which are not only based in facts, but usually teach me more about the process than I'd originally queried.

In summary OP, you have embarrassed yourself and your colleagues with the claim to have an operational pool but lack of basic pool knowledge.
Until the day comes where mining is completely centralized and controlled by a central authority no one will be able to offer up a pool and expect a positive response. It will be quite the opposite as people read what you have written and assume you are either completely ignorant regarding the absolute basics of a mining pool, trying to scam new miners, or all of the above, which is the worst kind of person / company imaginable.

Again, delete your thread, have one of your technical people handle public communications, and go get sandwiches, coffee, and strippers for them. All paid for with coin of course.

Nice we have a new Type of Mining Pool.. I will have to add this to my list... NPPSUMH or No Pay Per Share Unless Magic Happens -- hmmm let me see if I understand this correctly

Option 1 - Solo Mining, I point my miner at a solo Pool for absolutley 0 Reward on the Possiblity that if I find a block I will get 25 Bitcoins

Option 2 - BeastBTC NPPSUMH Mining, I point a miner at your Pool for absolutley 0 Reward on the possiblity that if I find a block I will get 1 Bitcoin and you will get 24 bitcoin.



I like option 1


Risk versus reward.. you want us to take your risk out of the equation and you reap the reward..

Here is my suggestion

Get your supposed investors to cough up some bitcoin and make this a legitimate PPS pool. With Payments every 2 hours for now at .0098 per day per 1-TH/s, with 0% fees (to gain trust you need to offer expedient payments)... once you get some actual hashpower then offer the option of PPLNS (your ultimate goal).
I would also suggest that Founding Hashers that maybe meet some type of daily hashpower criteria, would get a lifetime % bonus ( either 1% fee on PPS or + ½% bonus on PPLNS )


You do this and I will gladly point a miner at your pool, and I am sure others would follow because you have at least lessened our risk to a two hour loss.

Absolutely right as always eleuthria! 

Sometimes I despair at the direction mining is going in, even more so now that you have decided to call it a day. Scam pool after scam pool, weather it be the cloud mining ponzi or good old hardware type, seem to come & go after ripping off noobs & running off with their funds again & again. Miners see the 0% fee, free givaways, promises of bonus payments, free miners etc, etc and instantly fall over themselves pointing their miners at a pool because they believe it's "free", ignoring all warnings from anyone & everyone about how such a service can't possibly exist.

Who will save us now?

What's that? Is it a bird? Is it a plane? No...wait....it's.....p2pool! P2pool will save us all from centralized scam pool oblivion......hoooraaaahh!!

Bowing out after this response...I hope it's proven wrong, but the last 3 pages have been a nightmare.


This is a new pool that spent "days" working on their pool.  They claim to have a team of programmers, admins, and investors.  Meanwhile it took almost 2 full pages to clarify the payment method and fees.


1) Who is going to invest money into a new pool that can't even get a proper first post for its release with relevant information?  Even when there were only 3 pools back in 2011, when new pools opened up they were very clear in how they were going to pay, how they worked, and only had teams of 1 or 2 people.  These days you've had almost 5 years of pools existing to draw knowledge from, and we get a post that is clueless.

2) Who is going to pay for "programmers" that are doing nothing more than deploying something that an first-year CS student could deploy over a weekend?  This isn't a custom built pool.

3) What kind of idiot would be an "investor" in a new pool without any clear business plan or prior knowledge?



Nothing about the content of this thread thus far adds up, and if somebody actually points hardware at this pool they deserve everything that comes (or more likely: doesn't come) from it in the long run.

What about transaction fees?  Are those paid to the miners as well, or does the pool keep them?

Two pages of posts to just get this part straight    

Exactly! The admin's personal miners are paying for the system, and if needed, the investors are willing to step in too. So, full 25 BTC to the miners.

I assume by the part I bolded that these admin payments are simply earned coin from the admin's own personal miners that are mining on the pool with everyone else, and not 0.3BTC pulled directly from the found blocks as you stated earlier in this thread.

From what they have sent over:

"The pool is currently setup to be used as PPLNS with a default diff. of 512. The 1 BTC bonus is being upfronted by our investors, 1 BTC each, for the blockfinder reward. This only applies for the first 5 blocks. Also, there are going to be no fees, not sure if someone said there is going to be fees but the pool is programmed currently for no fees, the server dues and such will be taken out of the admin's payments, as a donation to the pool made by them individually. We have incorporated security features such as software, and hardware firewall and DDoS protection. Along with SSH-Key access. On multiple parts of our network, we also require 2-factor authentication. We have figured out where the lack of communication/knowledge was in our teams, and we have fixed that for good now, and will not happen. Thanks you..."

Describing how your "pool" pays in a way that isn't misleading, wrong or nonsensical can hardly be described as "technical stuff". It is the most basic of basics - either you know how your pool works & pays or you don't, & from what you've said so far here it's obvious you don't have any clue whatsoever.

May I suggest you get your "programming staff" or your "technical team" or anyone with a vague idea of mining to open an account here & try to set the record straight once & for all, if only to save yourself any further embarrassment......

Payments start as soon as the first block is found. I had to talk to the programming team to clarify that for me, as I am not the one doing all the technical stuff.

So for the first 5 blocks there is no PPLNS payments. There is only 1 BTC if you find a block.

It's the same as solo mining, but you get 1 BTC instead of 25 BTC for finding a block?

So your only paying 25BTC per block and not the TX fees? You may want to state that so the miners know what they are getting. Unless I misunderstood what you were trying to say in the previous post.

Good idea, we will have the programmers update it tomorrow to have a small fee. We don't want to lose any credibility if we go big, best to play by the books with this!

Ok... That's a good thing.  The other thing though... That's not something you want to do.  If you need some capital to maintain the servers, charge a fee and be up front about it.  You're going to be in a whole heap of trouble if you try skimming.  Food for thought.

The first 5 BTC for the block finders are coming directly from our investors.

But you're skimming off the top.  You aren't paying the 25BTC when the block is found, you're paying out 24.7.  That's affecting the miners and except for your previous post that wasn't made public.  And how are you paying out that bonus coin?  Is that coming out of the 25 coins from a block find as well?  If so then the first five blocks you're paying out 23.7 of 25 coins.

There are no fees per transaction.

The miners can mine, and payout without any fees coming from them.

And also, yes. The worker name will show who found the block, so there is ownership proof.

How can any amount be taken if there are no fees?

So essentially you are saying that you will be stealing some of the miners BTC every block to cover your costs? Im sure many of the miners would not be happy with this.

Also with the block finder rewards do you have any proof of the ownership of the 5BTC (5 block bonus rewards)? Or do you also plan on using some of the miners BTC to cover this also?

I will check with the programming team, all we were told is that a small amount of BTC is being taken out of every block as a reserve to pay for the server. It's a small amount, roughly 0.3 BTC is what we were told.

I just do the public relations, such as forum posts, I am not in charge of the programming so I would not have that information for you.

No.  All it does is show you don't understand how PPLNS pools work.  Let me clarify things for you.

In a PPLNS pool, miners do not get paid unless you find a block.  Miners get paid for their shares.  Do you even know what your "N" value is in your pool?

Take for example kano's pool (http://www.kano.is).  The N value there is 500% current difficulty.

A miner has to ramp up to get a full amount of shares in that N period, but he gets paid for his contribution for every block found in that N timeframe.  The pool's luck plays into how many times a miner gets paid for a share during that N time.  If the pool finds more than the expected number of blocks during that time, the miner gets paid more times for that share than expected.  If the pool finds fewer blocks, then the miner gets paid fewer times.  If the pool finds no blocks at all, then the miner does not get paid.

Clear enough for you?  I really suggest you take some time to learn about these things if you're expecting to run a pool.

Sorry, but you are not making sense. For PPLNS you don't need to build up a wallet in order to account for the unlucky times. For PPS you do so what is your pool going to be? Where are the bitcoins from the first block mined going because you are contradicting yourself by saying 'we will start payout...' and 'let it sit in our wallet'.

Your not convincing anyone like this.


EDIT:
And what is 'Some pools would take the red too the BTC and do other stuff with it' supposed to mean?

Your misunderstanding.

We will start payout as soon as the first block is found.

Some pools would take some BTC and pocket it, ahead of the payout cron job, and do other stuff with it, we're not going to do that, we're going to let it sit in our wallet so Incase we get unlucky, we can still pay our miners, which we have a good amount miners who enjoy our pool very much and does not mind helping out in the beginning.

Hope this clarifys it.

Ummm.... that's not how it works.  You don't need to build up your wallet for PPLNS.  The pool pays out when it finds a block.  What you're suggesting is that for the first X blocks nobody but the block finder and you the pool operator are going to get anything... 1BTC to the block finder and 24BTC to you so you can build up your wallet?  Who in their right mind is going to mine here???

Who knows, we have protection so no biggie

We plan on using PPLNS, but we need to find a few blocks first to build our wallet. We are offering a good amount of rewards if you are one of the first 5 block finders.

Somebody wasted their time directing a DDoS attack against a pool with a total hash rate of 11TH/s?  Wow... who'd you piss off?

EDIT: by the way... what does "future PPLNS" mean?

DDoS Attack #001: Occurred 2 Times, one at 1:08 PM EST and one at 1:25 PM EST. At 1:08 PM Mitigation kicked in and we had 0 seconds of downtime. At 1:25 PM we had 2 seconds of downtime.
Status: Fully Mitigated

We made it to 21 TH/s!

We are not BAN, we are not copying their acts. Yes, we are aware of their "S3 Giveaway" going to an admin, but, we are giving away 1 BTC for the first 5 block finders like BTC Dig did. Now, if an admin finds a block that 1 BTC will go back to the pool, whether it is for payouts or to help cover server costs, because those are not free. So far, we are growing, steadily. We are happy how we are growing, and we wouldn't change it at all! Everyone starts out new, you don't going form starting a said "company" to becoming a multi-million corporation over night. You just have to have trust. Yes, there are people who have been scammed in the past and are now paranoid everything is a scam, without even trying it. The saying is, you can't judge a book by it's cover.

So, the BAN scam pool finally bites the dust & you quickly create a.......well.......BAN clone.

Impossible payment promises, unbelievable free givaway promotions, unsure of own payment plan, new account, etc, etc........ you even got the irc thing going so miners can sit there all day begging for their hard earned  BTC like BAN did....

I presume you'll be handing your givaway BTC over to a trusted escrow in the mining community ready for paying to the lucky miner - or will you create loads of fake accounts & pay those "lucky winners" in true BANscam style too?

Seriously guys.

Why would anybody trust a new pool operator that does not even understand the basics?? Good luck

Okay,

Thank you very much for the clarification! The title is now updated along with the description of our initial plan, and future goals to accomplish.

Thank you gentlemen!

No, he's saying you're advertising PPS but not going to deliver PPS. Which is exactly what I said. You'll have to change the title of your thread to "going to be PPS" with what you're planning. I have no idea what to call your initial idea... crowd funding or something.

Doesn't change that you're advertising a 0% Fee PPS pool...and are not paying PPS in any way shape or form.  If the users have to wait for a block to be solved, it's not PPS.

0% PPS means every share submitted is paid (25 BTC / network difficulty at time of share submission).  It doesn't matter if the pool finds 50 blocks or 0, every share submitted is paid that amount.

This is until the first block is found, once it is found we will be on a set course for standard PPS without any changes or alternative payments as such.

It is not like we are asking for free hash power if that is what you are thinking. Everyone who attributes to the pool will be paid accordingly.

You mean you don't intend to pay miners until you find blocks? That is not PPS.

Good question ck,

We decided to take the users total averaged hashpower, and multiply it by a a reasonable PPS amount. Enough to where we will not go over what we collected, but not little enough to rip anyone because that is morally wrong.

We plan to have our cold wallet have a semi-full amount at all times once we get off the ground, but reparations will be paid to those who help beforehand.

You said once a few blocks are found. You said nothing about prior to the first block. So what and when do miners get until the first block is found...?

Once a few blocks are first found, we will be having minimum payouts set to 0.001 BTC.

It may raise to 0.01 if deemed necessary later on.

Thanks for asking!

min payout is?

We have no comment on that pool, cough cough...

Which is one of the reasons this pool was created. Now, the Zero-Fees is not going to last forever, just til we can get our feet off of the ground. We want to help make the community grow even stronger, and have a pool that is not ran by a corporation. Surely we all remember when GHash.io was nearing on 51% of total hashing power and everyone got worried. There have been quite a few successful pools closing, and if they goto a corporate pool, that is just going to ruin mining as we know it.

Everyone starts out new, but overtime they grow (As long as their plan is not malicious like some have been)

We spent days on end getting the system where it is now, and we hope it will get some positive attention! Atleast we are using a method that is liked by many, unlike PROP

That's what bitaffnet said too......

Hello,

We can guarantee you it is not a scam. We have been scammed by some fairly large pools, who are no longer on the internet today due to their behavior.

Why don't you come on over, throw a miner on and see for yourself. You can't knock it if you haven't tried it!

And it's my moral obligation to warn anyone against mining to a newly established pool from a user with precisely one post only at the time of announcing the pool, and the fact that 0% PPS is completely unsustainable as a business model so this is almost certainly a scam.

Hello!

First, we would like to thank you for stopping by! It means alot to use that you are interested in our new pool!

Next, we plan to take this pool off the ground with PPLNS. First, we need to find a block or few, so we are offering you the chance to help find us those blocks. The first 5 blocks found, the block finder will get 1 BTC sent directly to them. Definitely not bad to take a shot at. We plan to start PPLNS payouts after our first block is found, so technically it's not a full PPLNS pool right now.

Our pool does offer DDoS protection and enterprise-grade mitigation, along with a stratum server so you can easily connect to it and start mining.

Now, we are a new pool and we do not expect everything to be bug free, but we are trying our best to be successful, honest, and fair. The administrators of the pool decided to start up our own pool because we have gotten ripped off in the past from some pools, and we feel that this does no good but to ruin our hobby, and our currency.

Feel free to stop on over at http://BeastBTC.com (SSL Coming Soon) and jump on our Stratum server: stratum+tcp://stratum.beastbtc.com:3333 SIGNUP-REQUIRED

Thank you for stopping by, and feel free to comment on here any questions.

Sincerely,
BeastBTC.com Staff

IRC: #beastbtc