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Topic: 📈 NastyFans: The Bitcoin Enthusiast Fan Club (est. 2012) - page 138. (Read 959381 times)

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Leading Crypto Sports Betting & Casino Platform
There will be good luck days as well though. You're assuming luck will always start badly. You could just as easily start mining on the pool right now and have good luck immediately. Most people have bad luck and then switch pools because they're frustrated. That's the same mindset that makes you want to sell something when the price drops. It's human emotion clouding judgement. Nothing wrong with that. Look at all the people mining BTC Guild with 7.5% pps fees so they can get regular payouts. Over time and with a rising BTC, that peace of mind can get costly. That being said, NastyPool isn't even officially "live" yet. I just thought I'd let people know there was a P2Pool node currently only charging 0.9% fees. Smiley

I understand concept of luck and variance as it relates to bitcoin mining.  Unfortunately the results speak for themselves.  The data says you've already lost the 'luck' game.

As of exactly right now, if you have been mining on p2pool for the past 3 months, you have paid a 9.8% premium entirely due to luck.     (I don't know if this percentage includes those orphaned blocks I see on p2pool.info)

During this time, for the past 3 months, the difficulty has ranged from about 19 million 3 months ago to 112 million today.  You don't get another chance to mine at this difficulty range to make up for your lost gamble on luck.

Assuming your luck changes such that you will break even on luck over the next 3 months and you regain your 9.8% premium so that you are back to 100% over past 180 days, you are still mining at a higher difficulty of 112 million - 180+million.  (forecast of a conservative 10% increase each difficulty adjustment for 3 months)

I believe you are making an emotional judgment staying with p2pool and gambling that your luck will turn around during the next 3 months. (gambler's fallacy)  It is better to cut your losses and switch to a stable pool, with a reasonable fee and then switch back to p2pool when difficulty stabilizes so you are not gambling low-difficulty-mining-time.

disclosure: I ran p2pool with a LS for a month spending time tweaking, adjusting, and watching my mining rewards dwindle away due to difficulty increases, bad luck, and orphaned blocks before I realized what was happening.  I then quickly put a stop to it.  I know how difficult it would be to toss out all the hard work you've done building the p2pool node.  I know it's not easy.  

My realistic suggestion is this:
Do an experiment where you assign one BFL single to commercial pool of your choice (say Eclipse, because I know you don't hate BFL/Josh yet Wink), and another to an independant p2pool payout address and have a competition.  See which miner generates the most income after 3 months.  This will conclusively confirm or deny your hypothesis that p2pool is an appropriate choice for maximizing mining rewards.

I disagree.  The decision to go with P2Pool over a more centralized system was based on ideals, not emotions.  I also believe that luck will always balance out to 100% over the long term, so you using the past as it relates to this point in time after a period of bad luck seems like a biased argument that will quickly turn around (see the 2 block rewards in 11 minutes we received earlier today).  Each time we experience a period of bad luck people want change.  It always balances out...  Changing after a period of bad luck will always be the wrong thing to do.  It would make more sense to me if people were calling for change after an extreme period of good luck...  That would at least be sensible.  Don't get me wrong, I completely understand your argument and I have stated in the past that I believe we would make higher profits by chasing whatever pool is offering the best deal of the day.  I choose to support P2Pool because I believe it is better for Bitcoin, and Bitcoin succeeding will have a far greater effect on the value of your BTC than squeezing a few % points by supporting a centralized mining pool.  

I also believe your math is flawed due to our P2Pool node being local, which is causing the % of our accepted shares to be higher than the average P2Pool user. That gives us a larger slice of the reward pie.  Not to mention we're paying 0.9% in fees as opposed to paying 7.5% to mine PPS @ BTCGuild.
sr. member
Activity: 314
Merit: 251


There will be good luck days as well though. You're assuming luck will always start badly. You could just as easily start mining on the pool right now and have good luck immediately. Most people have bad luck and then switch pools because they're frustrated. That's the same mindset that makes you want to sell something when the price drops. It's human emotion clouding judgement. Nothing wrong with that. Look at all the people mining BTC Guild with 7.5% pps fees so they can get regular payouts. Over time and with a rising BTC, that peace of mind can get costly. That being said, NastyPool isn't even officially "live" yet. I just thought I'd let people know there was a P2Pool node currently only charging 0.9% fees. Smiley

I understand concept of luck and variance as it relates to bitcoin mining.  Unfortunately the results speak for themselves.  The data says you've already lost the 'luck' game.

As of exactly right now, if you have been mining on p2pool for the past 3 months, you have paid a 9.8% premium entirely due to luck.     (I don't know if this percentage includes those orphaned blocks I see on p2pool.info)

During this time, for the past 3 months, the difficulty has ranged from about 19 million 3 months ago to 112 million today.  You don't get another chance to mine at this difficulty range to make up for your lost gamble on luck.

Assuming your luck changes such that you will break even on luck over the next 3 months and you regain your 9.8% premium so that you are back to 100% over past 180 days, you are still mining at a higher difficulty of 112 million - 180+million.  (forecast of a conservative 10% increase each difficulty adjustment for 3 months)

I believe you are making an emotional judgment staying with p2pool and gambling that your luck will turn around during the next 3 months. (gambler's fallacy)  It is better to cut your losses and switch to a stable pool, with a reasonable fee and then switch back to p2pool when difficulty stabilizes so you are not gambling low-difficulty-mining-time.

disclosure: I ran p2pool with a LS for a month spending time tweaking, adjusting, and watching my mining rewards dwindle away due to difficulty increases, bad luck, and orphaned blocks before I realized what was happening.  I then quickly put a stop to it.  I know how difficult it would be to toss out all the hard work you've done building the p2pool node.  I know it's not easy.  

My realistic suggestion is this:
Do an experiment where you assign one BFL single to commercial pool of your choice (say Eclipse, because I know you don't hate BFL/Josh yet Wink), and another to an independant p2pool payout address and have a competition.  See which miner generates the most income after 3 months.  This will conclusively confirm or deny your hypothesis that p2pool is an appropriate choice for maximizing mining rewards.
donator
Activity: 4760
Merit: 4323
Leading Crypto Sports Betting & Casino Platform

It always balances out over time but instant regular payouts are nice.  Most pools charge quite a bit in fees for that compared to the 0.9% NastyPool is currently charging (and donating to P2Pool developers).  I think the recent run of bad luck makes it a pretty good time to give NastyPool a try.

This works if difficulty stays relatively stable, but when difficulty is constantly rising, you are gamblling low difficulty ming time vs high difficulty mining time and right now you are 3% on the losing side.

There will be good luck days as well though. You're assuming luck will always start badly. You could just as easily start mining on the pool right now and have good luck immediately. Most people have bad luck and then switch pools because they're frustrated. That's the same mindset that makes you want to sell something when the price drops. It's human emotion clouding judgement. Nothing wrong with that. Look at all the people mining BTC Guild with 7.5% pps fees so they can get regular payouts. Over time and with a rising BTC, that peace of mind can get costly. That being said, NastyPool isn't even officially "live" yet. I just thought I'd let people know there was a P2Pool node currently only charging 0.9% fees. Smiley
sr. member
Activity: 766
Merit: 250

It always balances out over time but instant regular payouts are nice.  Most pools charge quite a bit in fees for that compared to the 0.9% NastyPool is currently charging (and donating to P2Pool developers).  I think the recent run of bad luck makes it a pretty good time to give NastyPool a try.

This works if difficulty stays relatively stable, but when difficulty is constantly rising, you are gamblling low difficulty ming time vs high difficulty mining time and right now you are 3% on the losing side.

Good point - both of you. Well, given that difficulty just recently jumped up, perhaps I'll FINALLY switch over to NastyPool - hopefully tonight. I've been meaning to move 2 NastyPool for some time now but have been super busy with home stuff - not to mention working 10 + hours a day...

Come on BTC, hit $1000 so I can retire!
sr. member
Activity: 314
Merit: 251

It always balances out over time but instant regular payouts are nice.  Most pools charge quite a bit in fees for that compared to the 0.9% NastyPool is currently charging (and donating to P2Pool developers).  I think the recent run of bad luck makes it a pretty good time to give NastyPool a try.

This works if difficulty stays relatively stable, but when difficulty is constantly rising, you are gamblling low difficulty ming time vs high difficulty mining time and right now you are 3% on the losing side.
donator
Activity: 4760
Merit: 4323
Leading Crypto Sports Betting & Casino Platform
Wow.. Not a single donation in what? 3 days. That sucks!  I hope BFL comes through (and I hope we're in the first batch!)

The variance on p2pool is what finally drove me back to a larger pool.  I will re-evaluate that decision when the difficulty settles down for a few months. (if my miners still happen to be profitable) I believe that the distributed mining truly is best for bitcoin as a whole but not if it means sacrificing valuable early ASIC mining time.

It always balances out over time but instant regular payouts are nice.  Most pools charge quite a bit in fees for that compared to the 0.9% NastyPool is currently charging (and donating to P2Pool developers).  I think the recent run of bad luck makes it a pretty good time to give NastyPool a try.
sr. member
Activity: 314
Merit: 251
Wow.. Not a single donation in what? 3 days. That sucks!  I hope BFL comes through (and I hope we're in the first batch!)

The variance on p2pool is what finally drove me back to a larger pool.  I will re-evaluate that decision when the difficulty settles down for a few months. (if my miners still happen to be profitable) I believe that the distributed mining truly is best for bitcoin as a whole but not if it means sacrificing valuable early ASIC mining time.

sr. member
Activity: 766
Merit: 250
Wow.. Not a single donation in what? 3 days. That sucks!  I hope BFL comes through (and I hope we're in the first batch!)
hero member
Activity: 633
Merit: 591
Distribution 257793 is complete. Thank you to our donators!
sr. member
Activity: 766
Merit: 250
Looks like we are having a pretty good day today (in comparison to recent days)
hero member
Activity: 859
Merit: 1000
wow! Awesome. Thank you OgNasty!
donator
Activity: 4760
Merit: 4323
Leading Crypto Sports Betting & Casino Platform
UPDATE:
We've received our final 60GH/s Miner from BFL, bringing our theoretical hashing power to 420GH/s.  As we wait for BFL to deliver our remaining 5.4TH/s in Monarch orders, we will continue paying down our debt which is currently BTC320 and look forward to nonnakip taking NastyPool live. 

Also, a reminder that there are still 1g silver NastyFans coins available for purchase with profits being donated to the fan club.
hero member
Activity: 633
Merit: 591
Distribution 256487 is complete. We appreciate the donations!
hero member
Activity: 634
Merit: 500
I'll expand on nonnakip's answer:

How does using the nasty mining p2pool work? Do the coins get sent to an address you specify

Yes, the coins get sent to an address you specify.

You mine at:
http://nastyfans.org:9332

Use as your username and "x" as you password. Example:

Username: 1NastyFRkeUTmMdbMmzggDVTQA6r3ibUoX
Pass: x


Warning: it's better to use a real wallet address. Do not use an address from exchanges, etc. P2Pool pays using "mined" transactions.
Additional Info: There is no account to setup, just start mining. To check your progress, click on the link above with your web browser and then click on "Graphs." Search for your BTC address to view current hash speed and payout rate.


can you have proceeds donated to your personal fan club account,

No.


does it include alt coin trades etc.?

No.
hero member
Activity: 633
Merit: 591
How does using the nasty mining p2pool work?  Do the coins get sent to an address you specify or can you have proceeds donated to your personal fan club account, does it include alt coin trades etc.?

1. If you use a Bitcoin address for your miner username the coins you mine will be generated and sent directly to that address. No part of it is donated to NASTY MINING or nastyfans.

2. If you use a miner username that is not a Bitcoin address the coins you mine will be generated and sent directly to the general nastyfans fanclub donation address.

For both options 0.9% is automatically donated to support P2Pool development.

There are plans to do more exciting mining pool options tp provide benefits to miners and the fanclub at the same time but these plans are not yet implemented. Until then the 2 options I show are the miner options.
hero member
Activity: 490
Merit: 500
Added 999MH/s to the P2pool (plugged in 3 usb sticks Wink)

How does using the nasty mining p2pool work?  Do the coins get sent to an address you specify or can you have proceeds donated to your personal fan club account, does it include alt coin trades etc.?
sr. member
Activity: 476
Merit: 250
Added 999MH/s to the P2pool (plugged in 3 usb sticks Wink)
legendary
Activity: 1316
Merit: 1005
Alts have been grinding down relative to BTC, and cryptoswitcher keeps seeming like a good idea.

Thoughts?
sr. member
Activity: 476
Merit: 250
Just transfered btc for my first seat on the site, exciting Cheesy
hero member
Activity: 633
Merit: 591
Distribution 255103 is complete.

We appreciate the donations. Thank you!
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