Status as of Wednesday, August 23, 2017

Discussion of development releases of Prohashing.
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Steve Sokolowski
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Location: State College, PA

Status as of Wednesday, August 23, 2017

Post by Steve Sokolowski » Wed Aug 23, 2017 9:04 am

Good morning!
  • We are aware of mining server issues that are caused by the wrong coin proportions being unavailable in the share inserter. Chris fixed one of these issues yesterday and credited all miners. I plan to further investigate this issue on Saturday and Sunday and hopefully make progress on it or resolve it.
  • Chris was unable to complete the evaluation of the project's future because there were a lot of support tickets. However, he was able to get the tickets down to zero, which is probably an even better outcome. He didn't get to start the evaluation until we reached Breezewood on the return trip, but that last hour and a half did reveal some useful information. Another important fact we discovered by chance is that when Novaexchange went offline, hashrate dropped in half, which implies that there are a lot of scrypt miners that are unprofitable on litecoin.
  • In the case that BCC and ETH are no longer minable, because they both go POS, it's unclear whether the business is viable. In the best case, where both of those coins were to continue and ETH failed its transition, or there is a third fork of ETH, we could make a lot of money. I had hoped that there would be a clear answer, but the drop in hashrate due to the loss of bitconnectcoins threw uncertainty into the mix. I'm glad it happened this week.
  • The next step is to determine the odds of each of these cases. Then we need to evaluate what the optimal number of employees is for each case. Then, we need to evaluate competitors and whether those competitors that could surpass us before we could spin up. Finally, we need to present these findings to a lawyer to make sure that there aren't any laws we are accidentally violating. Though we did not get the evaluation done this weekend, I think that we still remain on track for our Labor Day decision timeframe.
  • We were pleased to be able to meet JKDReaper in person and we talked to him about some of the mining server's issues. He was able to help us get a better understanding of some of the problems. Hopefully, his information will prove useful in fixing these issues this weekend - thanks for that!
  • We think that the DDoS attach protection is preventing new users from connecting to the pool under some circumstances. Users already connected are not affected. I think the same problem causes the website to be delayed in loading, as well. Chris will investigate this issue as soon as possible.
Last edited by Steve Sokolowski on Wed Aug 23, 2017 9:16 am, edited 2 times in total.
dronKZ
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Re: Status as of Wednesday, August 23, 2017

Post by dronKZ » Wed Aug 23, 2017 9:07 am

Good luck in solving problems with the server!
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vhmanu
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Re: Status as of Wednesday, August 23, 2017

Post by vhmanu » Wed Aug 23, 2017 9:18 am

Steve Sokolowski wrote:Another important fact we discovered by chance is that when Novaexchange went offline, hashrate dropped in half, which implies that there are a lot of scrypt miners that are unprofitable on litecoin.
In my case i left PH because with the mining server issue paired with novaexchange i could make a great amount of money simply by pool mining BCC only (PH competition was gone :lol: ).
Now i'm back @ PH
Mrrt
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Re: Status as of Wednesday, August 23, 2017

Post by Mrrt » Wed Aug 23, 2017 10:23 am

Steve Sokolowski wrote: Another important fact we discovered by chance is that when Novaexchange went offline, hashrate dropped in half, which implies that there are a lot of scrypt miners that are unprofitable on litecoin.
*less profitable on litecoin with ProHashing's 5% fee than on pools that exclusively mine litecoin with effectively negative fees.
Steve Sokolowski wrote: In the case that BCC and ETH are no longer minable, because they both go POS, it's unclear whether the business is viable. In the best case, where both of those coins were to continue and ETH failed its transition, or there is a third fork of ETH, we could make a lot of money.
Uh, we don't even mine ETH here? :?:

Also, there is a fork called Expanse that's been doing alright if we were going to mine Dagger-Hashimoto in the first place.
Steve Sokolowski wrote: Then, we need to evaluate competitors and whether those competitors that could surpass us before we could spin up.
There is literally zero real competition for the niche you've found with ProHashing.

Most people developing their own proprietary profit-switching strategies don't share access to their pools. They tend to actually have skin in the game with their own mining operations that would be impeded by too many others using the exact same strategy.

They don't bother making a pretty website that makes a bazillion database calls and takes 8 years to load, making their users an obscene amount of money when it works and burying themselves in silly support tickets the rest of the time.
Steve Sokolowski wrote: Finally, we need to present these findings to a lawyer to make sure that there aren't any laws we are accidentally violating.
LOL. Just pay your taxes. Everything else comes out in the wash.

To summarize: This is the fastest growing industry the world has ever seen. The people who are going to make it are those who actually believe in the technology and are willing to put skin in the game.

I'm not sure you can succeed with the pessimism you've shown toward the entire ecosystem and your hesitancy to invest in its future. We'll see I guess.

Now get back to making me obscene amounts of money! *whip-crack*
whitenoise
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Re: Status as of Wednesday, August 23, 2017

Post by whitenoise » Wed Aug 23, 2017 10:33 am

Welcome back, brothers
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mmfiore
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Re: Status as of Wednesday, August 23, 2017

Post by mmfiore » Wed Aug 23, 2017 10:48 am

With the advent that Wall Street is beginning to create investment funds for cryptos it is only a matter of time before the entire crypto market jumps up to 10 or more percent each year. That would keep this pool profitable for the foreseeable future. All this analysis is only going to be series of educated guesses nothing more. The clear self evident vision is that crypto currency is money evolving right before our eyes. Its not going to go away. My suggestion is to strike now while the iron is hot. Be willing to take a chance, Millionaires don't become millionaires by quitting or sitting on the bench. Go for it or sell me this pool. I be happy to become a millionaire. I will hire a full time programmer and make this pool run till the end of time.
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FRISKIE
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Re: Status as of Wednesday, August 23, 2017

Post by FRISKIE » Wed Aug 23, 2017 10:55 am

Steve - unless you guys adapt to the rapidly shifting and dynamic nature of this business you will likely not succeed.

My impression is that you waste too much time trying to intellectualize things that cannot be captured into a neat mathematical solution with clear probabilities - there are too many factors in a paradigm shift with unprecedented disruption to the existing models.

Advice - act in the present with fast analysis and reasonable risk analysis on the fly. Look ahead a few steps to make reasonable predictions, and waste no time trying to look so far into the future.

To state things frankly Steve - you have been dead wrong with your predictions of a bubble collapse for at least a half year now, and you have wasted everyone's time and profits by not investing time, effort and money into the system, while using constant predictions of the coming collapse to justify it.

With such a poor track record of predictions, don't you think it's about time to listen to your community of experts for a change?

Best regards,
Joseph Aylsworth - AKA FRISKIE
JKDReaper
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Re: Status as of Wednesday, August 23, 2017

Post by JKDReaper » Wed Aug 23, 2017 11:28 am

Was a pleasure meeting the brothers. I hope I was of some help with the issues the pool faces, but was nice just putting a face to the names per-se, and I enjoyed it either way. For what it's worth, my take in meeting them is that they are concerned with the pool and would LIKE to invest in it. While I personally would invest now as many of us have suggested, I can honestly say I'm more "comfortable" with their goals for the pool after face-to-face meeting.

I think they know my feelings on investing so I'll skip over that, but I would like to comment on the "hash rate was cut in half" part. Yes it was reduced drastically, but I think a bigger majority if those who switched pools left more because they weren't sure they were being credited, with the balanced not updating for what, 10+ hours. Yes, profitability was down, but not as bad as many may have predicted given that a HUGE portion of the coins weren't available. So take that into consideration also when continuing your evaluation.

Anyway, thx again for the face-to-face.

Jason (JKDReaper)
micca410evo
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Re: Status as of Wednesday, August 23, 2017

Post by micca410evo » Wed Aug 23, 2017 12:10 pm

JKDReaper wrote:Was a pleasure meeting the brothers. I hope I was of some help with the issues the pool faces, but was nice just putting a face to the names per-se, and I enjoyed it either way. For what it's worth, my take in meeting them is that they are concerned with the pool and would LIKE to invest in it. While I personally would invest now as many of us have suggested, I can honestly say I'm more "comfortable" with their goals for the pool after face-to-face meeting.

I think they know my feelings on investing so I'll skip over that, but I would like to comment on the "hash rate was cut in half" part. Yes it was reduced drastically, but I think a bigger majority if those who switched pools left more because they weren't sure they were being credited, with the balanced not updating for what, 10+ hours. Yes, profitability was down, but not as bad as many may have predicted given that a HUGE portion of the coins weren't available. So take that into consideration also when continuing your evaluation.

Anyway, thx again for the face-to-face.

Jason (JKDReaper)
In case of the brothers i would respect every decision, small money small problems, big money... people are judging to easy on the issues there are i guess.

I totally agree with Jason for the fact that people don't know if they will get paid what leads to uncertainty, this would mean you should have a 24x7 supervisor to check and communicate on stuff on a place that is 99.9% available.

Last point is how far do the brothers look ahead? How big is it and do you want to be. Like now it is more an exploded hobby, are you willing to make it a big business or is it to risky? I guess on massive growing more and more party's are involved, the question will be, do you want that?

I would like to know what the biggest problems are in the decision.
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FRISKIE
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Re: Status as of Wednesday, August 23, 2017

Post by FRISKIE » Wed Aug 23, 2017 1:35 pm

I guess on massive growing more and more party's are involved, the question will be, do you want that?
And if not, would you consider selling it to investors with confident business acumen and perhaps working as contracted developers to take it forward?
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