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Topic: [NXT] nxtpool.com - first forging NXT pool [161 KNXT] - closed - page 5. (Read 7425 times)

hero member
Activity: 713
Merit: 508
Join a pool does not improve your forging income, but has a huge risk to lose all your Nxt. Why not just keep your own computer/VPS on? Therefore, apparently no one will join a pool like this. It's completely different from PoW pool mining where you don't need to risk anything other than the hashing power for one day or even just one hour.

The algorithm of forging is constructed such way so:
p=P-1/4*P2
Where P - is probability to forge block with some amount and p - is probability to forge block with the same amount but split to 2 wallet.
For the small amount different is very small. But for big it's not so small.
For example if we have wallet with about 200 000 000 NXT it's change of forge about 20%. If we split amount for two wallets with 100 000 000 NXT on each our chance became 19%
p = 0,2 - 1/4*0,04 = 0,19
Converse statement is also true. If we union two wallets with individual chance 9,5% of forge we increase their total chance. It became 20%. We can continue.
First column number of wallets we store NXT. Second - total chance to forge block. Third chance of each wallet to forge block.
120,0000%20,0000%
219,0000%9,5000%
418,0975%4,5244%
817,2787%2,1598%
1616,5323%1,0333%
3215,8490%0,4953%
6415,2210%0,2378%
12814,6418%0,1144%
25614,1059%0,0551%
51213,6084%0,0266%
102413,1455%0,0128%

So if we has 1000 persons with 200 000 NXT each, when they unite to the pool they increase their income by a half!
But here we look in to very big pool. If pool power will bee 50 000 000 NXT. It will increase income of member with 50 000 NXT about 12%
legendary
Activity: 882
Merit: 1000
Welcome to first NXT pool. Our address is: http://nxtpool.com/

• Forging is performed by one wallet.
• When block is found, each participant receives a share of the fee equal to the ratio of NXT amounts of the participant and the pool, minus pool commission.
• During the promotional period the pool commission is 0%.
• At the end of the promotional period, the commission pool will be 1-2%.
• All users who have made deposits of 10.000 NXT or more during the promotional period will have reduced commission after the promotional period.
• Currently all contributions and withdrawals are processed manually.
• Commission for withdrawal is one NXT.
• Pool wallet is running on dedicated server, works 24/7 and is stable. Forging wallet is automatically restarted every 3 hours for stability.

In order to start using the pool you need to register on the website by specifying your NXT wallet and send NXT to the pool wallet: 17093633478753342904

Pooling gives an obvious advantage of more stable income. But besides that, after analyzing the forging code I found that the probability of generating a block depends on the number of coins not in a linear way (mathematical justification of this fact will be posted later). Therefore, participating in the pool also gives higher incentive for participant than he would get by forging alone.


--------------------------
Our funds: 161,595 NXT
Total blocks found: 2

Join a pool does not improve your forging income, but has a huge risk to lose all your Nxt. Why not just keep your own computer/VPS on? Therefore, apparently no one will join a pool like this. It's completely different from PoW pool mining where you don't need to risk anything other than the hashing power for one day or even just one hour.
hero member
Activity: 713
Merit: 508
legendary
Activity: 896
Merit: 1006
First 100% Liquid Stablecoin Backed by Gold
Today we generate two blocks!
Were they empty of with fees?
newbie
Activity: 28
Merit: 0
I am interested, but I can't allow myself to send away my coins Sad
hero member
Activity: 713
Merit: 508
Today we generate two blocks!
hero member
Activity: 713
Merit: 508
You're not doing much to facilitate trust here. You're coming off as though we should trust you before you give us reason not to. That's not a good approach to take. I've seen it taken with Visacoin. We should not trust you until you give us reason to. Be skeptical of this guy everyone.
Time works on me Smiley
full member
Activity: 163
Merit: 100
You're not doing much to facilitate trust here. You're coming off as though we should trust you before you give us reason not to. That's not a good approach to take. I've seen it taken with Visacoin. We should not trust you until you give us reason to. Be skeptical of this guy everyone.
newbie
Activity: 6
Merit: 0
Sent 44 NXT test. We'll see how this goes.
hero member
Activity: 713
Merit: 508
Post the mining ratio (efficiency) of your pool so we can compare with solo mining.
Still searching for first block Sad
legendary
Activity: 2128
Merit: 1120
Post the mining ratio (efficiency) of your pool so we can compare with solo mining.
hero member
Activity: 713
Merit: 508
1. Today I have complete domain transfer. Now pool can be accessed by http://nxtpool.com/
2. Implemented automatically wallet restarting system.
3. Pool power 97,743 NXT
legendary
Activity: 1190
Merit: 1001
Guys, is no point using pools.

With 100,000 NxT you will get about 1NxT/24h , and with this quantity is better you forge alone.

With 10,000 NxT you will get 0.1NxT/24h, you will need just 20 days to pay 2NxT fee to go and return. And you're risking your whole NxT stack to gain 3.1 NxT/month , that's a 0.36% anual ROI by risking all your NxT...

With 1,000 NxT you will get 0.01NxT/24h, you will need 200 days to pay 2NxT fee to go and return.

Really, no point using this.
hero member
Activity: 713
Merit: 508
Did you manage something similar before ?
It was before bitcoin.

Did you trade through the forum ?
https://bitcointalksearch.org/topic/m.2518968
https://bitcointalksearch.org/topic/fullcover-5870-75299

Yes or any other form of wealth as a guaranty.
May be I should ask BCNext if he ready to be an escrow...
But as I say before, If I had money to cover all of the deposits, I would not need to start this pool.
legendary
Activity: 2128
Merit: 1120
Do you have a reputation thread or something ? If not, could you give collateral ?
No I have not reputation thread. The only thing I can say that I have registered March 22, 2011.

Did you manage something similar before ? Did you trade through the forum ?

If not, could you give collateral ?
Do you mean escrow BTC?

Yes or any other form of wealth as a guaranty.
hero member
Activity: 713
Merit: 508
That's not the point. I'm saying if I had $100 of nxt and you (some anonymous forum user) are basically are saying you'll give me 1 cent a week to borrow it, I wouldn't take you up on the offer...
Your point is clear.

Do you have a reputation thread or something ? If not, could you give collateral ?
No I have not reputation thread. The only thing I can say that I have registered March 22, 2011.

If not, could you give collateral ?
Do you mean escrow BTC?

I think this is overestimation. At that time fees will become 0.01 or ever 0.001, so calculate your profit more realistically.

I do not talk about now. I understand that now project will be unprofitable. But I think I should start now to have reputation and profit in a couple of years.
legendary
Activity: 1367
Merit: 1000
My plan is following. When NXT become popular we will have about 1400 blocks a day, each block will have about 250 transactions, and about 2500 NXT of fee. Pool will forge about 20% and I will take about 1% of it as pool owner. It's about 7000 NXT a day. Not so tiny I think.
I think this is overestimation. At that time fees will become 0.01 or ever 0.001, so calculate your profit more realistically.
hero member
Activity: 812
Merit: 505
The Last NXT Founder
I wish there was some way to do some sort of pooled forging with my coins. I have a lot and dont mind parting with the coins i forge, but idk if there's a way to do that.
legendary
Activity: 2128
Merit: 1120
I really need a pool but I still cannot trust anyone with my NXT.
The gain for me would be a little more stable forging income but the risk would be loosing all my NXT.
Pool forging is not pool mining. The risk is damn high.

Do you have a reputation thread or something ? If not, could you give collateral ?
hero member
Activity: 812
Merit: 505
The Last NXT Founder
I think the risk reward for this is extremely lopsided. you might get lucky to get 200 nxt a day with 10 million nxt, and 10 million NXT is an awful lot of nxt to trust someone with...
If you have 10 millions you do not need a pool Smiley


That's not the point. I'm saying if I had $100 of nxt and you (some anonymous forum user) are basically are saying you'll give me 1 cent a week to borrow it, I wouldn't take you up on the offer...
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