This is entirely where I have to disagree with you. DOGE, one of the highest profits, was unprofitable before it hit the market, since there was nowhere to trade it. Look at it now - there's sever GH/s on that network because it is profitable now. If you got into DOGE while the difficulty was low, then you could have made a lot of money. Profit switching pools do not do this at all, because they're all focused on the question "What is the single most profitable coin I can mine and sell right now?", whereas this pools question is "What is the best coin to mine that will pay better in a few weeks than mining something now?".
This would definitely NOT be a pool for those who want instant results, as all existing profit switching pools are. This would be for those who don't mind sitting on coins for a week or two to potentially make a lot of money.
And months was certainly the wrong term, I did mean weeks. I'll edit the post to reflect this.
Do your hesitations still stand? Or does this make more sense to you now?
Topic: [Gauging Interest] Long term human driven profit switching pool? (Read 831 times)
February 20, 2014, 06:52:11 PM
Only poorly made profit switching pools generate rejects as a result of switching. ScryptGuild (beta) for example does not have rejects/stales caused from switching to a new coin, the old work for other chains is still validated and sent upstream if it's able to solve a block.
As for referencing a point in time, that MUST be done. Humans are just too slow. These days most altcoin profit is not due to the exchange rate of the coin, but the difficulty. Many new coins coming out use a per block difficulty adjustment, meaning every 0-30 seconds or so the difficulty changes. This means the window for maximum profit is small, because the best time to mine is not strictly price based, but how much hash rate it takes to solve blocks at any given moment.
Your idea of basing choices of potential profit months from now is foolish, the best coins to mine (best return for your $) probably won't even be traded a few months down the line. It's a giant game, and trying to play it slow just means you're going to get passed before the game is over.
As for referencing a point in time, that MUST be done. Humans are just too slow. These days most altcoin profit is not due to the exchange rate of the coin, but the difficulty. Many new coins coming out use a per block difficulty adjustment, meaning every 0-30 seconds or so the difficulty changes. This means the window for maximum profit is small, because the best time to mine is not strictly price based, but how much hash rate it takes to solve blocks at any given moment.
Your idea of basing choices of potential profit months from now is foolish, the best coins to mine (best return for your $) probably won't even be traded a few months down the line. It's a giant game, and trying to play it slow just means you're going to get passed before the game is over.
February 20, 2014, 04:56:21 PM
I'm wondering if anyone would be interested in a profit switching pool that is manually driven, instead of automatically?
The way a normal multipool works is this:
1. Calculate the current ratio to BTC
2. Switch mining to what is currently the highest calculated in 1
3. Repeat every X minutes.
The main issues with this are usually the following:
1. High reject rates - this may vary based off of the pool, but because profit switching is done so often, there are a lot of rejects.
2. It is a point in time system - this means that when the miners switch, they only mine what is currently the most expensive. This also means that mined coins are ALWAYS on exchanges, which means higher profits for today, but way less for one, two, even 3-4 weeks from now.
My idea is the following: build a pool who has a team of seasoned Scrypt miners behind it. Those who follow new coins, know the general flow of the market and who will invest in new coins when they see opportunity.
This would generally mean that assets can not be pulled out of the pool immediately, but would result in higher BTC amounts on a per user basis.
Ideally, this system would have something like a 5% fee and a system to convert the mined altcoins to BTC at the time of the withdraw request. Because of the human nature of this, things would not be instant, however the amount of BTC drawn at a single MH/s would potentially be much larger than normal.
Any ideas or questions? And would anyone be interested in a scrypt mining pool as mentioned above?
The way a normal multipool works is this:
1. Calculate the current ratio to BTC
2. Switch mining to what is currently the highest calculated in 1
3. Repeat every X minutes.
The main issues with this are usually the following:
1. High reject rates - this may vary based off of the pool, but because profit switching is done so often, there are a lot of rejects.
2. It is a point in time system - this means that when the miners switch, they only mine what is currently the most expensive. This also means that mined coins are ALWAYS on exchanges, which means higher profits for today, but way less for one, two, even 3-4 weeks from now.
My idea is the following: build a pool who has a team of seasoned Scrypt miners behind it. Those who follow new coins, know the general flow of the market and who will invest in new coins when they see opportunity.
This would generally mean that assets can not be pulled out of the pool immediately, but would result in higher BTC amounts on a per user basis.
Ideally, this system would have something like a 5% fee and a system to convert the mined altcoins to BTC at the time of the withdraw request. Because of the human nature of this, things would not be instant, however the amount of BTC drawn at a single MH/s would potentially be much larger than normal.
Any ideas or questions? And would anyone be interested in a scrypt mining pool as mentioned above?
Jump to: