So for these shared masternode services, do you send your bismuth to an address you don't control to 'buy' a part of the masternode, and hope that the owner will provide you the correct payout amount for running that node? And do you also have to wait until all the 'seats' are full before payouts start?
Shared nodes are great but just want to make sure I (and everyone else) understand the possible risks before sending anything through.
- Sending the Bis to an address you don't control is a technical requirement. The alternative being running and maintaining a full HN yourself (10K bis).
I think it's the same for any shared masternode out there, be it bis or not.
- Hope that the owner will pay the correct amount: Why reputation is important. For bisafe, all the data is public (you can trace the bis flows, there is the list of all working balances, rewards will also be public, since they are public transactions), nothing is hidden, and it's run by me, also core Bis dev. If you don't trust me, you don't trust Bis. I think pickaxe also has a pretty good reputation in the crypto world.
- With Bisafe, you don't have to wait until all the seats are full to get your rewards. HNs are setup in advance when we see that non working balance within the week raises, so we can plan ahead.
Then on saturday, after the payouts have been issued, we lock the working balances for the next week. We keep some margin so we can "fill up" the potential missing HN collateral with our own funds (that is, we do not put all our bis into HNs so we have "free" bis to fill up yours. We can kinda get not all possible rewards so you can get yours).
I know that on crypto, you are guilty until proven innocent. But unless you have 10K bis and can run and maintain a HN yourself, this offers are a great way to go the easy way.
Some people even sent 20K, 30K and even more in the service, so they could run a HN themselve, but prefer not to bother with setup, hosting and maintenance.
It's a choice, and a matter of trust.
Thanks, great explanation. Yeah most node hosting services or shared nodes require sending coins to a particular address (but not all). The fact you're part of the core dev should definitely make people more comfortable and less concerned that you'll 'run off' with the collateral. Crypto is just one of those places where it is better to be on the cautious (or at least informed) side of things.