Topic: Instant-Payout Mining - BitPenny.com - page 3. (Read 35141 times)

YoYou should probably provide some evidence for this allegation.

Hey!!  Not only did the payout decrease, but my balance was adjusted downwards.  That includes work I did at the higher payout rate.  This is theft!

Bitcoin difficulty increased by ~50% on Sunday, thus the payout for the same hashrate decreased by ~50% to compensate.

Why was there a sudden drop in the current btc rate. It was .0012 now its .0008. 33% lower then before? can you explain this?

Yep, I'm also connected on the chan (lainux on irc )

Please feel free to stick around the BitPenny IRC channel to get news as it comes out.

Same as TiagoTiago! Need to follow this thread, but the only way is to post 

Sorry for the bump, no other way to be notified of new msgs on this thread

It's planned to be by the end of this week, but there is no hard date.

Just wondering if there's any update on when BP will be back up

So long as BitPenny is just immediately selling on MtGox at market rates, I fail to see the conflict.  As I cannot define the market bottoms and what is considered volatile in the market, for either myself or BitPenny to refrain from immediate sale upon generation would be currency speculation, which does not enter into the business model proposed.  However, the poster who said just pay PayPal for hashs hit the nail on the head.  THAT I would be willing to pay 10% for to eliminate loss of time, and possibly Bitcoins, with all the given transfers.  For example, right now I want to transfer $100 out of MtGox to LibertyReserve and cannot do so because I believe the owner of MtGox does not currently have funds on deposit at LibertyReserve, so I have to wait.

Unfortunately, that would be straying too far from the simplicity of what BitPenny is intended to do: there would have to be a floating rather than a fixed rate, a slew of price-manipulation exploits would be introduced on both the clients' and the server's side, and BitPenny would have an even harder time keeping an adequate supply of coins and/or currency on hand to pay the miners.  For these and other reasons, BitPenny will only ever deal directly in BTC.

The best way to accomplish what you are looking to do would be for someone to set up a complimentary service.  This service would give you a permanent BTC address, and it would buy your coins at market price whenever you sent them to that address.  Then you could mine directly to that address through BitPenny.

You could pay with PayPal directly.  Then there is no longer any real exchange taking place.  The mining service is paying for computer time (hashes) with USD or EUR or whatever and pocketing the BTC.

I currently generate alot of Bitcoins, so 10% would not be worth it to me.  Your commission would add up to several hundred dollars over just a few months, instead of the pennies paid by CPU miners.  However, if you added this to a service which could immediately list and sell the coins on MtGox for market price (which costs just over half of one percent) and then exchange the proceeds and have it delivered to PayPal (which PayPal does for free, I think) then this adds only the Liberty Dollar (MtGox uses them) fee of 1% plus whatever fee you could negotiate with a currency exhanger (a couple of percent?)  

Thus, you'd still make 6-7% (still hundreds of dollars from me to you) but you may get some of the big Bitcoin generators like me who just want to calculate hashes and get cash (sorry for being a capitalist folks).  I would personally jump at this as it would remove from the equation having to:

1) Wait for blocks to mature to get payout from mining pool.
2) Log into MtGox and enter the amount I want to send MtGox.
3) Enter the address MtGox gives me into my bitcoin wallet and send to MtGox.
4) Wait 15 minutes for those funds to make it to MtGox and then place a trade order.
5) Take the proceeds, less .065%, and forward those to LibertyReserve (which MtGox requires).
6) Use the lengthy LibertyReserve login process to see funds have made it, less 1% for the liberty dollar I never wanted.
7) Sell the liberty dollar through an exchanger for a few percent.
Get money in PayPal - PROFIT!

Skipping directly to step 8 would be nice for me.  Maybe you can cut a deal with MtGox and eliminate Liberty Dollar entirely, saving 1%.  Cut a volume deal directly with someone who exchanges Bitcoins for PayPal delivery.  This would be an incentive for MtGox as well as you would drive business there exclusively.  Cut out all of the middlemen.

Oh too bad  I just started testing it today... I have a slow computer and have not yet solved a block. Hopefully you will get it back up and running soon, OneFixt.

BitPenny has completed the first round of beta testing and is down for updates (please see the first post for details).
You may still check and withdraw your balances at any time.

"Problems connecting to Bitcoin RPC"

Not mining.

Getting some connection problems, frequent intermittant "Problems connecting to Bitcoin RPC" errors.

I'm connecting fine to Slush' pool so it seems to be a server connection issue.

Right! If only I had a bitcoin for every time this question has been asked.