[ANN]Ozcoin to introduce fees | Bitcointalksearch.org

Graet

vip

Activity: 980

Merit: 1001

Quote from: hack_slash on August 11, 2012, 01:27:46 AM

Personally, I think this is the way to go, unless you want to run the pool as an outright charity. The problem with a donation-based system is that, even if you get enough donations to cover costs, it's essentially a decency tax on those who step up and donate.

thanks
donations haven't met costs, so I have been putting my own money in
if donations had met costs this move would not have been necessary

"decency tax" I like it , never thought of it like that, but well said sir Cheesy

hack_slash

newbie

Activity: 16

Merit: 0

Personally, I think this is the way to go, unless you want to run the pool as an outright charity. The problem with a donation-based system is that, even if you get enough donations to cover costs, it's essentially a decency tax on those who step up and donate.

Graet

vip

Activity: 980

Merit: 1001

the new fee applies to DGM
PPS will remain at 5%

dave3

sr. member

Activity: 344

Merit: 250

The new fee is just for DGM, right? Or will it effect PPS, too? The current PPS fee is 5%, so will the new PPS fee be 8%?

Graet

vip

Activity: 980

Merit: 1001

copy of announcement email here
https://bitcointalksearch.org/topic/m.1092256

Graet

vip

Activity: 980

Merit: 1001

Quote from: martychubbs on August 10, 2012, 03:55:39 PM

Quote from: Graet on August 08, 2012, 01:19:17 PM

Quote from: rjk on August 08, 2012, 12:56:28 PM

As far as I know, you are even faster than Slush, but he takes less than 3%. Are your servers costing that much to run? Shocked

There is more to it than servers, for 14months we have lived on donations and volunteers, I would also like to be able to reward and encourage the code crew - the ones that do the work

I will also need to spend time with an accountant soon and possibly a lawyer.

We considered quite a few things in coming to this decision, among them were
1: Bitcoin is volatile, today's $10 (or is it $11) could be next weeks $5
2: luck will play a part in what 3% actually is - 3% of a 6block day (yep we had one recently) is very different to a day of our expected 18ish blocks
3: what the hashrate is likely to be once fees introduced

I really didn't look at other pools costs, but what was required to ensure Ozcoins future as a premium Bitcoin Mining Pool.
Hope that helps,
Graet

edit: and -sorry slush-, but his pool is still hoppable - there is a hidden fee for his fulltime miners

will 3% provide VIP benefits for DGM? I mine max and emc, too. You would be most competitive on cost/benefit analysis... i dunno, just tinking...

no 3% will be standard fee, anyone that donates 2% on top will receive VIP
ie: 3% + 2% = 5% = VIP

martychubbs

hero member

Activity: 742

Merit: 503

Quote from: Graet on August 08, 2012, 01:19:17 PM

Quote from: rjk on August 08, 2012, 12:56:28 PM

As far as I know, you are even faster than Slush, but he takes less than 3%. Are your servers costing that much to run? Shocked

There is more to it than servers, for 14months we have lived on donations and volunteers, I would also like to be able to reward and encourage the code crew - the ones that do the work

I will also need to spend time with an accountant soon and possibly a lawyer.

We considered quite a few things in coming to this decision, among them were
1: Bitcoin is volatile, today's $10 (or is it $11) could be next weeks $5
2: luck will play a part in what 3% actually is - 3% of a 6block day (yep we had one recently) is very different to a day of our expected 18ish blocks
3: what the hashrate is likely to be once fees introduced

I really didn't look at other pools costs, but what was required to ensure Ozcoins future as a premium Bitcoin Mining Pool.
Hope that helps,
Graet

edit: and -sorry slush-, but his pool is still hoppable - there is a hidden fee for his fulltime miners

will 3% provide VIP benefits for DGM? I mine max and emc, too. You would be most competitive on cost/benefit analysis... i dunno, just tinking...

Graet

vip

Activity: 980

Merit: 1001

Quote from: rjk on August 08, 2012, 12:56:28 PM

As far as I know, you are even faster than Slush, but he takes less than 3%. Are your servers costing that much to run? Shocked

There is more to it than servers, for 14months we have lived on donations and volunteers, I would also like to be able to reward and encourage the code crew - the ones that do the work

I will also need to spend time with an accountant soon and possibly a lawyer.

We considered quite a few things in coming to this decision, among them were
1: Bitcoin is volatile, today's $10 (or is it $11) could be next weeks $5
2: luck will play a part in what 3% actually is - 3% of a 6block day (yep we had one recently) is very different to a day of our expected 18ish blocks
3: what the hashrate is likely to be once fees introduced

I really didn't look at other pools costs, but what was required to ensure Ozcoins future as a premium Bitcoin Mining Pool.
Hope that helps,
Graet

edit: and -sorry slush-, but his pool is still hoppable - there is a hidden fee for his fulltime miners

rjk

sr. member

Activity: 448

Merit: 250

1ngldh

As far as I know, you are even faster than Slush, but he takes less than 3%. Are your servers costing that much to run? Shocked

CrownCloud

sr. member

Activity: 467

Merit: 250

I donate 5% as I really like OzCoin and well 3% wont hurt much at all.

I too don't have much mining power around ~200 Mhash/sec at max, but still I don't mind donating to a pool I love to use and would love to see around for a long long time.

+1 for this decision ! It's the best thing to do to keep the pool stable !

ryannathans

newbie

Activity: 34

Merit: 0

In some ways this is bad, but I see it as good.

I have always donated 5% of my earnings back into the pool.

I don't have alot of hash-powah (1250mh/s) and can't mine much (4-6 hours a day) compared to other guys mining and it makes me sad to see a pool that runs from donations-only have to many people mining with little donation amounts of 0.1% or 0.5% (and many with zero!)

In some ways I feel like it's the right thing to do.

I'm supporting ya Graet!

Graet

vip

Activity: 980

Merit: 1001

To ensure the stability and long term viability of Ozcoin it has been decided to introduce a 3% fee in the near future.
We will do a mass mail out to all members 7days before the fee is introduced, consider this early warning

This decision has not been taken lightly and will ensure Ozcoin's continued stability and needed development is done in a timely manner.

I would like to take this opportunity to thank all donors and volunteers that have supported the site so far, without you we couldn't have come this far

Best Wishes
Graeme Tee
Graet
Managing Director
Ozcoin Pooled Mining Pty Ltd
ACN:152 509 272

Topic: [ANN]Ozcoin to introduce fees (Read 1700 times)