Topic: [Proposal] Mining Co-Op - page 9. (Read 11341 times)
I think a multi-sig wallet makes absolute sense but still finding people to trust with a presumably $50-$100k or more, lump sum of coins/cash will be difficult given the history of this industry.
I have a question for those who are interested, and it's probably the most important one!
Who should be responsible for holding funds and distributing payouts?
I'm a little paranoid. I certainly wouldn't trust myself with this much cash if I were you, and I don't think my security practices are good enough to be confident in storing that many coins. I use cold storage, but I would be very nervous as a single point of failure. No way can I cover it out of pocket if it gets hacked, and then you and me and a few dozen other people are royally screwed. Plus, I'll get doxxed by some (rightfully) pissed off people!
We need someone who:
If you have any other requirements for this person, feel free to suggest them below!
We can do this in an even cooler way, too. We can create a multisig wallet under the control of multiple trusted members, deposit funds to that, and then do a big multisig transaction to the hoster & manufacturer (I can cc you guys in all my email communication). We should be able to get our hoster & manufacturer to sign their messages with PGP so you guys can verify I'm not talking to a sockpuppet!
Then we mine to a single address controlled by a trusted member. That way, there is only time a single person can run with the funds, and they can only take the current balance. We can have a failsafe to switch the mining payout address (set up beforehand) if this ends up happening. To those who have experience using multisig, do you think this plan makes sense?
Who should be responsible for holding funds and distributing payouts?
I'm a little paranoid. I certainly wouldn't trust myself with this much cash if I were you, and I don't think my security practices are good enough to be confident in storing that many coins. I use cold storage, but I would be very nervous as a single point of failure. No way can I cover it out of pocket if it gets hacked, and then you and me and a few dozen other people are royally screwed. Plus, I'll get doxxed by some (rightfully) pissed off people!
We need someone who:
- Has experience storing large amounts of BTC, preferably someone who has run GBs/escrow services in the past.
- Has a huge amount of rep--and I mean a lot, and an established presence.
- We know the identity of (so we can have some form of recourse if shit hits the fan)
If you have any other requirements for this person, feel free to suggest them below!
We can do this in an even cooler way, too. We can create a multisig wallet under the control of multiple trusted members, deposit funds to that, and then do a big multisig transaction to the hoster & manufacturer (I can cc you guys in all my email communication). We should be able to get our hoster & manufacturer to sign their messages with PGP so you guys can verify I'm not talking to a sockpuppet!
Then we mine to a single address controlled by a trusted member. That way, there is only time a single person can run with the funds, and they can only take the current balance. We can have a failsafe to switch the mining payout address (set up beforehand) if this ends up happening. To those who have experience using multisig, do you think this plan makes sense?
First of all, we need to know price of the sp50...
Indeed... Would be one of the most important steps haha
First of all, we need to know price of the sp50...
Most hosting companies give pretty big discounts for bulk buyers, and you can get small bulk discounts from most hardware manufacturers. Why don't we take advantage of that in a simple, transparent way?
Here's what I'm thinking:
If we follow this plan step-by-step we only have to trust three people: The manufacturer, the hoster, and the trusted third party.
Feel free to discuss this below!
UPDATE: I've talked to a hoster that's given me a fee schedule as long as I keep their name a secret until we start the buy. I've dealt with them before, and you will know who they are before this kicks off, if this ever gets off the ground.
50KW @ $58/KW ($0.08/KWh)
100KW @ $55/KW ($0.076/KWh)
As for time frame, I'm thinking we wait and see for new miners to enter market from avalon/SP-TECH, so prices can come down to something reasonable.
Here's what I'm thinking:
- Pool funds in a btc address controlled by a trustworthy person.
- Negotiate a purchase of hardware.
- Buy the hardware and pay the hoster up front for a lengthy contract (6 months to a year).
- Have the hardware shipped directly from the manufacturer to our hoster.
- Mine at eligius (transparent and public stats) and have the payout go directly to a btc address controlled by our trustworthy person.
- Divide the payouts proportionately every week/month.
- At the end of the term we can sell the hardware or renew the contract.
If we follow this plan step-by-step we only have to trust three people: The manufacturer, the hoster, and the trusted third party.
Feel free to discuss this below!
UPDATE: I've talked to a hoster that's given me a fee schedule as long as I keep their name a secret until we start the buy. I've dealt with them before, and you will know who they are before this kicks off, if this ever gets off the ground.
50KW @ $58/KW ($0.08/KWh)
100KW @ $55/KW ($0.076/KWh)
As for time frame, I'm thinking we wait and see for new miners to enter market from avalon/SP-TECH, so prices can come down to something reasonable.
The one we have to trust the most is the one handling the btc and payout. The hoster and manufacturers in most cases are very trustworthy if you go with ones we know care about what they do and not some new startup out of no were . same for a the hoster .
I may also be interested.
Please put me on the list and it is the SP50 which has brought me to this conclusion.
Please put me on the list and it is the SP50 which has brought me to this conclusion.
Hmm, SP50 just came out. I just sent them an email, lets see if we can get this ball rolling!
if we can get 3 that is 50kwatts
6 are 100kwatts.
if the hoster is GND I would trust him.
price and time are the question.
the gear needs to be in place fast.
330th = 50kwatt at 8 cents = 96 a day for power.
660th =100kwatt at 7.6 cents = 182.40 a day for power
GND is great northern data I have had a talks via pm with him. He has been doing an honest hosting job as far as I know. (ie never read any complaints about them)
Ill be following this thread. Would definitely be considering partaking in this ventue if we can get our hands on some SP50's
Me too
Ill be following this thread. Would definitely be considering partaking in this ventue if we can get our hands on some SP50's
Hmm, SP50 just came out. I just sent them an email, lets see if we can get this ball rolling!
if we can get 3 that is 50kwatts
6 are 100kwatts.
if the hoster is GND I would trust him.
price and time are the question.
the gear needs to be in place fast.
330th = 50kwatt at 8 cents = 96 a day for power.
660th =100kwatt at 7.6 cents = 182.40 a day for power
Hmm, SP50 just came out. I just sent them an email, lets see if we can get this ball rolling!
Most hosting companies give pretty big discounts for bulk buyers, and you can get small bulk discounts from most hardware manufacturers. Why don't we take advantage of that in a simple, transparent way?
Here's what I'm thinking:
If we follow this plan step-by-step we only have to trust three people: The manufacturer, the hoster, and the trusted third party.
Feel free to discuss this below!
UPDATE: I've talked to a hoster that's given me a fee schedule as long as I keep their name a secret until we start the buy. I've dealt with them before, and you will know who they are before this kicks off, if this ever gets off the ground.
50KW @ $58/KW ($0.08/KWh)
100KW @ $55/KW ($0.076/KWh)
As for time frame, I'm thinking we wait and see for new miners to enter market from avalon/SP-TECH, so prices can come down to something reasonable.
Here's what I'm thinking:
- Pool funds in a btc address controlled by a trustworthy person.
- Negotiate a purchase of hardware.
- Buy the hardware and pay the hoster up front for a lengthy contract (6 months to a year).
- Have the hardware shipped directly from the manufacturer to our hoster.
- Mine at eligius (transparent and public stats) and have the payout go directly to a btc address controlled by our trustworthy person.
- Divide the payouts proportionately every week/month.
- At the end of the term we can sell the hardware or renew the contract.
If we follow this plan step-by-step we only have to trust three people: The manufacturer, the hoster, and the trusted third party.
Feel free to discuss this below!
UPDATE: I've talked to a hoster that's given me a fee schedule as long as I keep their name a secret until we start the buy. I've dealt with them before, and you will know who they are before this kicks off, if this ever gets off the ground.
50KW @ $58/KW ($0.08/KWh)
100KW @ $55/KW ($0.076/KWh)
As for time frame, I'm thinking we wait and see for new miners to enter market from avalon/SP-TECH, so prices can come down to something reasonable.
If any of my stock is something you are looking for we could work with you. www.cryptolayaway.com we are located in the USA.
What country is it being located in? (I don't need specifics as I understand it's under wraps.
.76 is not if you get this in a decent timeframe. i wish it was .05 that the magic number that would make me want to be investing for sure.
.76 is not if you get this in a decent timeframe. i wish it was .05 that the magic number that would make me want to be investing for sure.
The country is Canada, and 0.076 is available right now, provided we have 100KW worth of hardware to give em.
Yep, 0.05 would be very nice! Although at that point I'd start thinking it's too good to be true...
It is out there... just I'm not sure it can be done without a huge investment. So hobby miners kinda have to settle with higher then "the big guys"
What country is it being located in? (I don't need specifics as I understand it's under wraps.
.76 is not if you get this in a decent timeframe. i wish it was .05 that the magic number that would make me want to be investing for sure.
.76 is not if you get this in a decent timeframe. i wish it was .05 that the magic number that would make me want to be investing for sure.
The country is Canada, and 0.076 is available right now, provided we have 100KW worth of hardware to give em.
Yep, 0.05 would be very nice! Although at that point I'd start thinking it's too good to be true...
Just heard from a hoster, bump.
UPDATE: I've talked to a hoster that's given me a fee schedule as long as I keep their name a secret until we start the buy. I've dealt with them before, and you will know who they are before this kicks off, if this ever gets off the ground.
50KW @ $58/KW ($0.08/KWh)
100KW @ $55/KW ($0.076/KWh)
As for time frame, I'm thinking we wait and see for new miners to enter market from avalon/SP-TECH, so prices can come down to something reasonable.
50KW @ $58/KW ($0.08/KWh)
100KW @ $55/KW ($0.076/KWh)
As for time frame, I'm thinking we wait and see for new miners to enter market from avalon/SP-TECH, so prices can come down to something reasonable.
What country is it being located in? (I don't need specifics as I understand it's under wraps.
.76 is not if you get this in a decent timeframe. i wish it was .05 that the magic number that would make me want to be investing for sure.
I would be willing to kick in a bit if kwatt price is decent.
Great! The more the merrier.
I've heard that the 'mystery' hoster I'm talking to will have more space and lower rates ($50/KW or lower) come Jan 2016, which conveniently should be when miners from other manufacturers are hitting the market. Hopefully that will drive hardware prices down.
I've heard that the 'mystery' hoster I'm talking to will have more space and lower rates ($50/KW or lower) come Jan 2016, which conveniently should be when miners from other manufacturers are hitting the market. Hopefully that will drive hardware prices down.
I could be interested with a group of investor. I will let you know. We are 20-25 person that are looking to invest into hardware together to reduce cost. We could maybe join your group.
Wasn't that in bed with minersource? They're not around to screw things up anymore.
Anyone remember DMZ Co-op?
learn from history
learn from history
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