Topic: FACTS about Multipools and why you shouldn't mine on them (Read 5480 times)

Luddism is alive and well, that is fear of technology replacing workers.   While work can become redundant, if it is easily replicated for less effort, an improvement has been made to the market and this benefits society as whole.   This general rule applies even to the crazy world of crypto and has been in play since at least the times of workers smashing sewing machines for making clothes too well

Truth be told, the only reason all these alt coins exist is to be gamed. Mining, trading ... pick your gaming poison. End of story.
As coins die, some random fuck will copy n paste a new coin to be speculatively traded / mined.
As long as people still buy the random-meaningless-shit coins on exchanges, multipools will exist and work.

tl;dr.   what you're saying is, no miners are being fooled.  some miners can do math, and figure out how to make more money, that's all. 

stop making shitcoins, nationcoins, and PoW coins until you know what the fuck you're doing.  you're literally blaming miners for mining PoW coins.  

Boring. read the op

Miners join multipools to make money.  the multipool that is most profitable rewards users with the highest returns per megahash.

how are they fooling miners? miners vote with their hashrates, and most payouts are daily.   there is no fooling anyone:  if the profits dry up, miners move on.  

you can have your suspicions, but when there are several independent projects that track multipool profitability there is little room to hide profits or to 'fool miners'.  

I question why any small coin developer would even bother making PoW coins when the blockchain cannot be secured. 

And that is different from shitcoin "developers" how exactly?

Of course they are, their valuations are distorted by the mining subsidy, liquidity issues, traders creating bubbles and so on, but that's off-topic.

This is about multipools, their lack of transparency, how they can screw up coins, how they fool miners and so on.

coins don't exist in a vacuum.  value isn't created ex nihilo.  Learn where a coin's worth comes from.

suchmoon is correct in that at least 99% of the coins that exist are over-valued. 

Yeah, RIGHT. Also, we're not talking about economy here, you're just mixing it all up.

TL;DR...

good summary of the thread, and realistic outlook of the market. thanks.

This thread here is a perfect example of why there are so many useless shitcoins. Some disgruntled dev with no clue about how to create a viable coin brings up a straw man to blame for that. It's natural fucking selection. Adapt or die. If it weren't for multipools then coins would die for a number of other reasons. There is just no economy to support 99% of them.

Coin devs should work to handle diff issues like doge

No, I mine at a multipool.
And it produces acceptable profits.

Could I get more by doing the work by hand? Sure. But my time is worth more than that.
Could my pool be stealing some of my profits? Sure. But again I'm making more than mining direct.

Hey what you got against Litecoin? ITs the most profitable no..... xD Litecoin is a legitimate option nonetheless if you have rigs on rigs and just want to mine something YOU KNOW will be relevant couple months down the road.... But besides that multipools are the way to go for miners, or mining very new coins.

Yeah, hilarious. What do you mine, Litecoin?

This thread is hilarious.


I don't know where you mine, but I make more money via Multipools than mining direct.

I can't speak for other pools, but http://coinfu.io doesn't try to exploit the system by switching pools when a reward is due (however we do think this is a poor coin design). We also have implemented hashrate spreading to limit the hashrate going into a single coin. We try to mine multiple coins at a time if possible. Not only does it defeat the purpose of the multipool by crushing a small coin with a large hashrate, but the pool could potentially start orphaning it's own coins.

We had KGW, smartass. It's hardly enough by itself. The coin would have been killed completely in a few more days if I hadn't switched algo on the fly (we've been the first coin to do so).

And for the coinmine.pw guy: you're talking about the present, when no coin is profitable anymore and all scrypt coins except ltc & doge have been killed already by multipools. I'ts been very lucrative for multipools in the past 3 months. Sorry you're late, it sucks, right? You can only keep beating the dead scrypt zombies now I guess.

if you wanted to protect your shitty scam coin from the multipools you should of implemented kgw or dark gravity or better yet gone to x11

It's interesting thread. Especially SpainCoinDev what blames all multipools without any facts. Oh, where is the FACTS?
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And I want to say: SpainCoinDev is lying, claiming that MULTIPOOLS SCAM and use loud words like FACTS. Especially about 10x profits. It's like CoinWarz show, what I'll get 30 USD/1Mh/daily mining some shitcoin with 0.05 difficulty. This opportunity will stay maximum 1-2 minutes. I have unique switching engine, what always mine best block from about 40 coins and all I can get now is 0.0045 BTC/Mh/day.

The main problem of [some]coins not multipools, Without multipools difficulty will be even lower (less miner will be interesting change pools, sell coins and so on), miners get more coins and sell it even quicker. Main problem what all this coins was created from nothing, by no one and for nothing.

Unfortunately good business product can't be created by "community". It's just impossible. Without strong leader, community will make nothing. So I think some time we will get coin created by real business, for defined purpose and real millions dollars support. And sure this coin will not afraid any multipools.