Most of this service's features are complete, but if you vote against using this, then it can be put on the backburner while other projects are completed instead. Your vote matters.
If you don't think it's a good idea, please just vote "I won't use this". We'll build something else.
Note that there are some differences from what you might expect from a mining contract:
- A 1GH/s mining contract produces bitcoins as if it were a 1GH/s mining rig that has no downtime, no stales and no variance. The number of bitcoins that a contract produces depends on network difficulty only, and no other factors.
- Contract seller funds must be held in escrow while they hold the contract.
- Ferroh will pay interest on contract seller funds that are held.
- Contracts can generate a maximum payment to the buyer of 1.5x the purchase price (necessary to be able to guarantee that sellers can fulfil their obligations in every scenario).
- Contract durations vary, there are only ever two durations available.
- A 3 month or longer contract duration is always available.
- All contracts are bought and sold in BTC, however automatic BTC->USD conversion is available to contract buyers, prices set based on aggregate bitcoin exchange prices.
- You can cancel contracts that you've sold by buying contracts of equivalent hash rate.
- You can cancel contracts that you've bought by selling contracts of equivalent hash rate.
- Buyers do not have to trust the sellers or vice versa, Ferroh arbitrates everything and guarantees that contract obligations will be met.
Please voice any questions or concerns
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The "Introducing Mining Contracts" link I posted 6 months ago seems to have been mysteriously deleted from reddit.com/r/Bitcoin. That is frustrating and I wonder if Theymos can weigh in on that.
You may recognize the previous Ferroh Mining Contract service.
You may also recognize Ferroh's D3 gold buy/sell service (no longer in operation due to friction with Blizzard-Activision).