[ANN] CoinLab Protected Pool - page 53.

CoinLab

sr. member

Activity: 270

Merit: 250

1CoinLabF5Avpp5kor41ngn7prTFMMHFVc

Quote from: iCEBREAKER on August 09, 2012, 09:02:38 PM

tl;dr Love the main idea, can't wait for the client, not interested in the pool. Refocus plz.

We have built this pool on our existing infrastructure so it can be managed with minimal dev input (I, Chris Koss, the community manager, can use the tools we've already built to manage our gaming company pools to run this).

Our developers' time is focussed on creating a high-efficiency, polite, easy-to-use client that can perform a variety of compute jobs, and the server infrastructure to support it.

In our HPC sales process, we are often finding that the first question we are asked is, "How big is your cluster?". We want our pool to grow fast so we can get the most lucrative compute jobs online as soon as possible. Because HPC pricing is time sensitive, 100 miners mining for an hour is worth more than 1 miner mining for 100 hours.

Plus, won't it be awesome to be able to earn Bitcoins by folding proteins and helping researchers understand and treat disease? Grin

Luke-Jr

legendary

Activity: 2576

Merit: 1186

Quote from: CoinLab on August 10, 2012, 02:40:58 PM

Quote from: Luke-Jr on August 09, 2012, 07:55:23 PM

This smells like a scam. Difficulty doesn't influence price; it's correlated because price influences difficulty. There is not very much reason to expect a major price drop when ASICs are released.

Disclaimer: I run a competing pool, but I consider my argument above to be neutral to that fact.

I think you may have misunderstood our offer. We are talking about the dollar value of a GH for a period of 24 hours. If difficulty rises and it doesn't influence/cause a proportional increase in BTC/USD price, the dollar-denominated expected earnings of your GH will go down.

We expect that ASICs will drastically raise difficulty, causing the amount of BTC earned by a GPU miner to drop. If the price does not rise to follow the increase in difficulty, the dollar value of a GPU miners earnings will decrease significantly.

I see, this does make more sense.

CoinLab

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Activity: 270

Merit: 250

1CoinLabF5Avpp5kor41ngn7prTFMMHFVc

Quote from: Luke-Jr on August 09, 2012, 07:55:23 PM

This smells like a scam. Difficulty doesn't influence price; it's correlated because price influences difficulty. There is not very much reason to expect a major price drop when ASICs are released.

Disclaimer: I run a competing pool, but I consider my argument above to be neutral to that fact.

I think you may have misunderstood our offer. We are talking about the dollar value of a GH for a period of 24 hours. If difficulty rises and it doesn't influence/cause a proportional increase in BTC/USD price, the dollar-denominated expected earnings of your GH will go down.

We expect that ASICs will drastically raise difficulty, causing the amount of BTC earned by a GPU miner to drop. If the price does not rise to follow the increase in difficulty, the dollar value of a GPU miners earnings will decrease significantly.

CoinLab

sr. member

Activity: 270

Merit: 250

1CoinLabF5Avpp5kor41ngn7prTFMMHFVc

Quote from: Shadow383 on August 09, 2012, 07:59:36 PM

So I'd have to mine with you and give up my bonus-pool bonuses constantly for a full six months before getting any kind of fixed price?

Fixed prices will begin whenever the expected output of 24 hrs of 1GH/s drops below $2.5. Each share you earn before then allows you to redeem one share at the price of $2.5 per 24hrs at 1GH/s.

Quote

Will you be offering some way to mine at some set $ rate for miners who join after ASICs hit production? I could easily sign a contract of several months if the price was right.

Once we have High Power Compute jobs online, we plan to offer a self-serve pool with BTC or USD payouts for contributing GPU compute to our cluster. Until we are at capacity, we plan to give miners who have been with us longest priority for getting into this program. The first miners to start in this program will be the first to have a chance to do more lucrative HPC work.

We don't plan to offer any programs that ensure a price floor for miners starting after expected earnings have dropped below our guaranteed price floor.

Quote

Also, the $/GH rate will likely be irrelevant for many calculations (I'm presuming that much of what you do will have nothing to do with SHA256), so how will payouts be calculated in that case?

Each compute job will return its own kind of work unit. HPC work units will be calibrated to earn an equal or greater number of shares as would have been earned from bitcoin mining.

EnergyVampire

full member

Activity: 210

Merit: 100

I like this idea and would love to fire up my Nvidia cards. When the client is ready for Nvidia, I'm in!

iCEBREAKER

legendary

Activity: 2156

Merit: 1072

Crypto is the separation of Power and State.

Quote from: streblo on August 09, 2012, 08:49:12 PM

Quote from: iCEBREAKER on August 09, 2012, 08:43:44 PM

Are you talking to VCs yet?

How's life under a rock? Cheesy

CoinLab gets $500,000 in VC for bitcoin-related gaming startup

Hey as long as the music is good I'm happy! Grin

Luke-Jr

legendary

Activity: 2576

Merit: 1186

Quote from: rjk on August 09, 2012, 08:28:10 PM

Quote from: Luke-Jr on August 09, 2012, 07:55:23 PM

This smells like a scam. Difficulty doesn't influence price; it's correlated because price influences difficulty. There is not very much reason to expect a major price drop when ASICs are released.

Disclaimer: I run a competing pool, but I consider my argument above to be neutral to that fact.

Sooo.... you've never heard about their VC funding? Did you read the part about other paying jobs running via a custom client? I'm sorry, but this shows you to be even more of a fool than usual, calling it a scam without the slightest whiff of proof or even a real reason.

That has absolutely nothing to do with the fact that they're using unfounded FUD to try to get miners to buy in.

Clipse

hero member

Activity: 504

Merit: 502

Quote from: iCEBREAKER on August 09, 2012, 09:02:38 PM

Quote

We are in the business of building a a world-wide distributed computing service.

If this is true, stop piddling around with weird PPS+insurance schemes and get the client out ASAP.

You've got much bigger fish to fry than starting yet another pool. Keep it (your business model) clean and simple, we have enough pools with strange Byzantine rules (cough, BonusPool, cough). This thread is already getting filled with ZOMGPonziScam drama.

To prove that you can scale, try competing with DeepBit and BTCGuild. You don't want to be Gimmick Pool of the Week.

If I was an investor and saw you using my money for obscure rinky-dink ventures like this, I'd be hella pissed. Wink

I admire your ambition and having Con aboard is an invaluable edge. This is an emerging trillion dollar market, so go big or go home.

tl;dr Love the main idea, can't wait for the client, not interested in the pool. Refocus plz.

I agree, I should definitely not be giving added value to miners that isnt available to them from the other pools. Shame on me.

I would love to understand how you got to the byzantine part without thread crapping here so if you wish to elaborate on that feel free to pm or post in the bonuspool thread.

iCEBREAKER

legendary

Activity: 2156

Merit: 1072

Crypto is the separation of Power and State.

Quote

We are in the business of building a a world-wide distributed computing service.

If this is true, stop piddling around with weird PPS+insurance schemes and get the client out ASAP.

You've got much bigger fish to fry than starting yet another pool. Keep it (your business model) clean and simple, we have enough pools with strange Byzantine rules (cough, BonusPool, cough). This thread is already getting filled with ZOMGPonziScam drama.

To prove that you can scale, try competing with DeepBit and BTCGuild. You don't want to be Gimmick Pool of the Week.

If I was an investor and saw you using my money for obscure rinky-dink ventures like this, I'd be hella pissed. Wink

I admire your ambition and having Con aboard is an invaluable edge. This is an emerging trillion dollar market, so go big or go home.

tl;dr Love the main idea, can't wait for the client, not interested in the pool. Refocus plz.

streblo

full member

Activity: 165

Merit: 100

Quote from: iCEBREAKER on August 09, 2012, 08:43:44 PM

Are you talking to VCs yet?

How's life under a rock? Cheesy

CoinLab gets $500,000 in VC for bitcoin-related gaming startup

iCEBREAKER

legendary

Activity: 2156

Merit: 1072

Crypto is the separation of Power and State.

Very good idea for a unique PPS pool/monetized distributed computation hybrid.

As regular reader of gpgpu.org, I've been waiting for something like to come along. Can't bother doing it myself, so cheers to the LazyNet.

Bitcoin establishing a price floor for the market is an incredible catalyst for suchlike.

You're going to need lots of $$$ to be competitive in this space, doing Big Science and whatnot. Are you talking to VCs yet?

I suggest starting by supporting a couple of well chosen proprietary products, such as Schrödinger Suite 2012.

http://www.schrodinger.com/news/63

Run it cheaper than EC2 and profit!

There's also plenty of open source platforms to host, like GROMACS and BLAST.

CloudBroker was moving towards creating an open market for this stuff, but seems to be down ATM.

http://webcache.googleusercontent.com/search?q=cache:XLHUSI0BwDUJ:www.cloudbroker.com/&hl=en&prmd=imvns&strip=1

Be careful. I've seen many companies enter, fail, and leave this space. But since Bitcoin, conditions seem ripe for revolution...

AndrewBUD

hero member

Activity: 1078

Merit: 502

Ohhh so you're mining for crap now and more or less paying for an insurance with your mining earnings?

I will take my losses when they come thank you very much

or maybe buy a gpu per week until that comes around and I won't even notice the difference Tongue

rjk

sr. member

Activity: 448

Merit: 250

1ngldh

Quote from: Luke-Jr on August 09, 2012, 07:55:23 PM

This smells like a scam. Difficulty doesn't influence price; it's correlated because price influences difficulty. There is not very much reason to expect a major price drop when ASICs are released.

Disclaimer: I run a competing pool, but I consider my argument above to be neutral to that fact.

Sooo.... you've never heard about their VC funding? Did you read the part about other paying jobs running via a custom client? I'm sorry, but this shows you to be even more of a fool than usual, calling it a scam without the slightest whiff of proof or even a real reason.

RandomQ

hero member

Activity: 826

Merit: 500

Quote from: AndrewBUD on August 09, 2012, 08:00:43 PM

$2.50 USD per 24hours per 1ghash.

that's not even good... or am i missing something?

I think looking at the second graph 95% PPS is around $5 per day, is what i'm seeing. If i understand this correctly.

They are saying if the price drops below $2.50 they will still pay you @ $2.50

AndrewBUD

hero member

Activity: 1078

Merit: 502

$2.50 USD per 24hours per 1ghash.

that's not even good... or am i missing something?

Shadow383

sr. member

Activity: 336

Merit: 250

So I'd have to mine with you and give up my bonus-pool bonuses constantly for a full six months before getting any kind of fixed price?
Hmmmm.
There are downsides, but I'm still remotely interested - My break-even is at about $1/GH/day looking at electricity costs alone.

Will you be offering some way to mine at some set $ rate for miners who join after ASICs hit production? I could easily sign a contract of several months if the price was right.

Also, the $/GH rate will likely be irrelevant for many calculations (I'm presuming that much of what you do will have nothing to do with SHA256), so how will payouts be calculated in that case?

Also Luke - yes they're right on that point, but if they can find a market for the sort of distributed computing we've been doing for the past year or three then it's an interesting business. I still need some convincing that this'll be successful though, I have to say.

Clipse

hero member

Activity: 504

Merit: 502

I really hope this isnt the best things to come from coinlab using their investor money.

Luke-Jr

legendary

Activity: 2576

Merit: 1186

This smells like a scam. Difficulty doesn't influence price; it's correlated because price influences difficulty. There is not very much reason to expect a major price drop when ASICs are released.

Disclaimer: I run a competing pool, but I consider my argument above to be neutral to that fact.

CoinLab

sr. member

Activity: 270

Merit: 250

1CoinLabF5Avpp5kor41ngn7prTFMMHFVc

Quote from: RandomQ on August 09, 2012, 07:36:21 PM

So is the current Payout $2.50 Per Day Per 1.0 Ghz?

Current payout is 95% PPS. When earnings drop below $2.50 per 1GH/s for 24 hours, we pay $2.50. The number of shares you can submit at the price floor is the number of shares you submitted before it dropped.

RandomQ

hero member

Activity: 826

Merit: 500

So is the current Payout $2.50 Per Day Per 1.0 Ghz?

Topic: [ANN] CoinLab Protected Pool - page 53. (Read 97792 times)