[NXT] nxtpool.com - first forging NXT pool [161 KNXT] - closed - page 6.

Dervish

hero member

Activity: 713

Merit: 508

Quote from: User705 on January 09, 2014, 03:46:40 AM

But the proverbial golden egg in this instance is the large amount of Nxt you will hold on trust versus the tiny fees that will be generated of which your share will be even tinier.

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.

Quote from: User705 on January 09, 2014, 03:46:40 AM

The only way a pool would work is if you'd be willing to escrow an amount that equals the Nxt received but then of course that would still be subject to exchange rate risk.

For example I have money to escrow all pools NXT. What for I need that pool? I can just buy NXT on that money and forge by myself.
So I may do that but only for a starting period of the project.

User705

legendary

Activity: 896

Merit: 1006

First 100% Liquid Stablecoin Backed by Gold

Quote from: Dervish on January 09, 2014, 03:12:33 AM

Quote from: CoinBuzz on January 09, 2014, 02:50:28 AM

how we can trust you?

Nohow of course.

The only thing I can say that I have created that pool because my 50 000 NXT have not generated any blocks yet and

Quote from: Dervish on January 09, 2014, 02:40:33 AM

Therefore, participating in the pool also gives higher incentive for participant than he would get by forging alone.

and I want a part of that "higher incentive".

I do not plan to kill the goose that will lay the golden egg.

But the proverbial golden egg in this instance is the large amount of Nxt you will hold on trust versus the tiny fees that will be generated of which your share will be even tinier. Huh

The only way a pool would work is if you'd be willing to escrow an amount that equals the Nxt received but then of course that would still be subject to exchange rate risk.

Dervish

hero member

Activity: 713

Merit: 508

Quote from: relm9 on January 09, 2014, 03:27:30 AM

Quote

Pool wallet is running on dedicated server, works 24/7 and is stable. Forging wallet is restarted every 8 hours for stability.

Is the wallet running on the same server you host the site? If so that is extremely dangerous. Even if the site itself is 100% secure, never rule out internal sabotage from your host. It can happen when lots of money is at stake- slush encountered this with OVH on his Bitcoin pool awhile back.

I hope you are keeping the wallet open on an isolated machine that is ONLY used for NXT.

Separate server.

relm9

hero member

Activity: 840

Merit: 1000

Quote

Pool wallet is running on dedicated server, works 24/7 and is stable. Forging wallet is restarted every 8 hours for stability.

Is the wallet running on the same server you host the site? If so that is extremely dangerous. Even if the site itself is 100% secure, never rule out internal sabotage from your host. It can happen when lots of money is at stake- slush encountered this with OVH on his Bitcoin pool awhile back.

I hope you are keeping the wallet open on an isolated machine that is ONLY used for NXT.

Dervish

hero member

Activity: 713

Merit: 508

Quote from: Noitev on January 09, 2014, 03:15:46 AM

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

Noitev

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...

Dervish

hero member

Activity: 713

Merit: 508

Quote from: CoinBuzz on January 09, 2014, 02:50:28 AM

how we can trust you?

Nohow of course.

The only thing I can say that I have created that pool because my 50 000 NXT have not generated any blocks yet and

Quote from: Dervish on January 09, 2014, 02:40:33 AM

Therefore, participating in the pool also gives higher incentive for participant than he would get by forging alone.

and I want a part of that "higher incentive".

I do not plan to kill the goose that will lay the golden egg.

Dervish

hero member

Activity: 713

Merit: 508

Quote from: EmoneyRu on January 09, 2014, 02:47:02 AM

Quote from: Dervish on January 09, 2014, 02:40:33 AM

Forging wallet is restarted every 8 hours for stability.

How? Manually?

Now manually. We work on automatic restart.
Upd: Automatic restart implemented.

CoinBuzz

sr. member

Activity: 490

Merit: 250

how we can trust you?

EmoneyRu

hero member

Activity: 600

Merit: 500

Nxt-kit developer

Quote from: Dervish on January 09, 2014, 02:40:33 AM

Forging wallet is restarted every 8 hours for stability.

How? Manually?

Dervish

hero member

Activity: 713

Merit: 508

Welcome to first NXT pool. Our address is: http://nxtpool.com/

• Forging is performed by one wallet. So it's important to make deposit from your personal wallet we can identify you.
• 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: deleted

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 posted here: https://bitcointalksearch.org/topic/m.4545539). Therefore, participating in the pool also gives higher incentive for participant than he would get by forging alone.

--------------------------
Total blocks found: 55
Total reward: 127 NXT

Topic: [NXT] nxtpool.com - first forging NXT pool [161 KNXT] - closed - page 6. (Read 7425 times)