Adam Black, Inventor of Hash Cash, tips his hat to Eligius

Gator-hex

hero member

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Quote from: RoadTrain on January 24, 2014, 11:56:16 PM

Quote from: Gator-hex on January 24, 2014, 09:37:43 PM

Quote

I always wonder why Eligius does not have a much higher portion of the network

Because they screwed the small miner over with a wacko payment system and kept all the NMC (back in Oct 2012). I wouldn't mine there again.

Can you give more detailed explanation?

It's all on record in the pool thread somewhere around Oct 2012. I was warned not to use a 0% fee pool. But I was newbie and didn't listen.

A pool can extract wealth from a miner in more ways besides a % fee, like using delaying payments for currency arbitrage, or loaning to shorters, or secretly merge mining an alt coin.

A pool or exchange can be crippled if it's caught on the wrong side of an arbitrage bet. This is where I suspect many "we were hacked, the coins are gone" problems start. Wink

"When the tide goes out you get to see who's wearing shorts" - Warren Buffett

-ck

legendary

Activity: 4088

Merit: 1631

Ruu \o/

Don't forget the episode where the previous pool op used people's hashes without their knowledge to kill off an altcoin chain.

RoadTrain

legendary

Activity: 1386

Merit: 1009

Quote from: Gator-hex on January 24, 2014, 09:37:43 PM

Quote

I always wonder why Eligius does not have a much higher portion of the network

Because they screwed the small miner over with a wacko payment system and kept all the NMC (back in Oct 2012). I wouldn't mine there again.

Can you give more detailed explanation?

Gator-hex

hero member

Activity: 490

Merit: 500

Quote

I always wonder why Eligius does not have a much higher portion of the network

Because they screwed the small miner over with a wacko payment system and kept all the NMC (back in Oct 2012). I wouldn't mine there again. I was also lucky to get out of 50BTC in time too. Saw the signs and got out of dodge. If they ever came back, I don't expect they'd have many users either.

I don't leave any more than a days worth of mining on a pool now, if I can't cash out daily, I wouldn't use it.

"It take years to earn a good reputation, but only minutes to destroy it." - Warren Buffett

-ck

legendary

Activity: 4088

Merit: 1631

Ruu \o/

Yep, that's what obfuscation of the real facts when there was meant to be meaningful debate over the protocols will do. Long after the truth is out, people have forgotten the details and go back to the original claims and believe them.

eleuthria

legendary

Activity: 1750

Merit: 1007

Sigh...another person who doesn't understand the difference between GetBlockTemplate and GBT pools. GBT does not give users voting power when used in any pool as they exist today. At best they give a window into the transactions (at the cost of using hundreds of times more bandwidth compared to Stratum), but they do not actually give users ANY control over the contents of the blocks provided by the pool.

dbell

newbie

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Adam Back, Inventor of the Hash-Cash Proof-of-Work used in Bitcoin, referenced article author in the original Satoshi paper, effectively endorses Eligius as he describes its low fees.

Let’s Talk Bitcoin Interview http://letstalkbitcoin.com/e77-the-adam-back-interview/#.UuK0zWTTnrk

Start at minute 38:00

“….Get Block Template which is offered by the Eligius pool, which has about ten percent of hashing power and actually much lower fees than other (pools), I always wonder why Eligius does not have a much higher portion of the network”

Topic: Adam Black, Inventor of Hash Cash, tips his hat to Eligius (Read 2886 times)