[ANN] [888] [SCRYPT] OctoCoin ◦ The Power of Eight ◦ Don't Blink

[MEGAman]

MEGAman, it's nice that you appreciate and support edric's efforts. He's being with Octo from the start and deserves it, for sure.

Now, take a minute and think about the dynamics of pools - MPOS, that is, since p2pools are a different kind of beast - from the point of view of a small hasher like myself (600~700 KHs):

• Unless we stick to small sized pools, that allow for low diff contributions and have very few miners, our hashing power pays out close to nothing
• If the coin we're hashing doesn't come through or doesn't sustain itself above a few satoshis, there's no way the mining costs are ever going to be covered, let alone having a profit
• Transaction fees in MPOS pools tend to be significant, specially if the payout is low, and so we keep our gains in the pool's wallet for long periods, and that makes it unavailable for other purposes like trading or PoS interest gains

For all of these, if we can use the same hash power and not pay any fee, it makes a difference!
In Octo's particular case, now that the blocks are paying only 88 coins, the math is easy, but i'll give you some hard facts:

I'm mining in another pool (sorry edric, but I guess you already knew that from my previous post), one where the number of workers is low, dif is low and is very stable (I will not say the name, 'cause I want to keep it that way ), and it uses PROP - with my low hash power, I'm able to consistently pull between 15% and 18% of the payout, so my octos are coming with a very nice rate. On top of that, this pool had the change of finding one of those superblocks that pay 888 and I got close to 184 octos!
If I was on edric's pool, my hash power would probably afford me only a couple of octos, so both me and edric would essentially be waiting our resources, 'cause 75% of 0.5% of a few coins is pretty close to nothing.

So, you see, relative numbers mean nothing unless you do the math and look at the actual values. Edric's 0.5% means something to me that probably means almost nothing to another miner that's able to use GHs across several pools.
The network needs all of us, so we need options for all of us, even if that means that swell guys like edric don't get my hash power

You do realize that everything you said (other than the part about paying lower pool fees) makes no sense, right? You might get a bigger share of each block found at a smaller pools but you will also be finding fewer blocks. You will obviously find fewer blocks because of the lower overall hash hate but also because the bigger the pool, the more likely the workers are to receive fresh work faster (because you are in a pool that is more likely to find the previous block.) It's clear to me many people don't understand anything about cryptocurrency mining and, while I know it's complicated, it might be wise to educate yourselves before thinking you are an expert. Between this and all of the fallacies regarding 51% attacks in this thread alone, it's making my head hurt. Mine where you want to mine but please do some research on how these things work.

[cornfed82]

Found some cool octopus wallpapers here: http://fin6.com/2013/10/octopus/

[swainzag]

Found some cool octopus wallpapers here: http://fin6.com/2013/10/octopus/

You should get this tee shirt:

http://www.cornfed.com/Still-Hungry-P390C68.aspx

[edric]

edric, it's funny how they didn't shred your tk link on sig
Better update it, though , since you're using another domain now

As to pump your ash rate, well ... you do know that some pools are 0% fee/donation only, right? Competition is tough, but its necessary. You need to find yourself another competitive advantage (the 25% giveaway isn't convincing, I'm afraid).
I'll be glad to move my meager 600Khs over, but not at a loss, sorry bro. Keep the light shining!

Yeah, it's pretty tough keeping your head above water when running pools, I hate charging a fee, but unfortunately a necessity since I'm just starting out in the last month. I like to offer some type of incentive to mine with my pools, which is why I do the giveaway, but I do agree, there needs to be something else. If we were a big pool, the 25% could be a pretty substantial reward up for grabs. We will get there one day, like you said, keep the light shining!

I'll change my link in my profile now.. Honestly, forgot all about it, been very busy behind the scenes.

0.5% fee is ridiculously low. Even if your pool was free, people would still think they were doing you a favor mining there. 0.5% with a 25% giveaway? That's basically nothing - if anything, people mining at your pool should certainly be donating on top of that for the service you provide instead of considering it a "fee" - people are so damn greedy. You've had an awesome pool that has been bumping since Octo launched, you've been active, you've been updating it as you went along. Man we should be so lucky to have somebody like you running a pool for us to mine at. I hope you add some other high quality coins as well because you are my go-to guy. You have to pay for servers, domains, maintenance - people underestimate the value of a quality pool that isn't dropping shares and whatnot. Those percentages on the blocks page mean nothing if the shares are never making it into the database due to lag - FusionHash and edric have offered the best daily returns of any of the pools and I've tried them all. Sometimes you get what you pay for and at 0.5% you aren't even paying much. Plus a 25% giveaway? Crazy. Most new coins have launched pools charging 2% - 3% fees.

I really appreciate you and everyone else for sticking up for me here, I do try my best to provide a quality service at a price that I feel comfortable charging to people without being overly greedy. I do understand, however, that many people look for different things when deciding where they're going to send their valuable hashes, and I hold no ill will for that! That said, I can see some of SilentBit's point, while I try to be as altruistic as possible and offer my giveaways and as low a fee as possible, I really question how effective that is at attracting miners. We really need things to be jumping this week if we're going to offer up a fat giveaway!

Like you said though MEGAman, servers do cost money, and right now I'm running everything straight out of my pocket. I think, though I'd have to crunch some numbers, my pool may have recovered 1/4-1/3 of what I've spent. I am planning on opening pools for some other coins, very soon, but I'm not like okaypool or others who open a pool for every coin in existence, as I do not have the infrastructure to support that and am not ok with things running half-assed because I'm overworking my machines! I don't have any plans to abandon 888, so I'm hoping for a bright future and a rekindled interest as the rest of you guys are. Once again, I thank everyone who has been kind enough to give my pool a spin and hope you'll stick with us in the future!

[SlientBit]

MEGAman, thank you for the appraisal, then. Mind you that I didn't claim to be an expert - those are your words, not mine.

As to being educated of these matters, I think it's always more profitable for everyone that those that do know find it in their best interest to help others into that knowledge - unfortunately, you don't seem to be in a such a mood, at least for now. Perhaps another time?

As to being plain wrong or mistaken about my conceptions on mining dynamics, chill out , it's my problem, not yours - I have been on p2pools and on edric's pool, you see, so my insights are purely empiric. I did read on it, but actual hashing carries other facts and no matter how skewed and biased they might be, they have provided me with a maximized payout of my low hash power.

If you care to take notice, here's some basic math that guided me on to this: 18% of 88 = 15.84 , whilst 1,5% of 10x88 = 13,2 (you see, 1,5% was the average share I was able to get when I was on edric's pool - of course back then, the hashrate was quite higher than currently). So, I might be better off in a pool that finds blocks 10x slower, even if your are right

In the end, what matters is the health of the network, so edric's pool is most welcomed, as any other pool that is able to be stable and available, and all of them require miners to do so.

As I said before, keep the light shining! There's always someone coming your way if you do

So, my thanks to Octocoin, edric and you, MEGAman,  and all other miners and pool operators that keep this coin going. I'll enjoy my profits, even if they'll be meager than what they could have been if I had taken other choices

EDIT: edric, just saw your post now. Keep it up, bro, you'll get in to profit land. Choosing other coins like Octo isn't easy, because their not much I won't advertise another coin in this thread, it's basic politeness, but you can PM me and I'll tell you what other choices I would recommend

[edric]

MEGAman, thank you for the appraisal, then. Mind you that I didn't claim to be an expert - those are your words, not mine.

As to being educated of these matters, I think it's always more profitable for everyone that those that do know find it in their best interest to help others into that knowledge - unfortunately, you don't seem to be in a such a mood, at least for now. Perhaps another time?

As to being plain wrong or mistaken about my conceptions on mining dynamics, chill out , it's my problem, not yours - I have been on p2pools and on edric's pool, you see, so my insights are purely empiric. I did read on it, but actual hashing carries other facts and no matter how skewed and biased they might be, they have provided me with a maximized payout of my low hash power.

If you care to take notice, here's some basic math that guided me on to this: 18% of 88 = 15.84 , whilst 1,5% of 10x88 = 13,2 (you see, 1,5% was the average share I was able to get when I was on edric's pool - of course back then, the hashrate was quite higher than currently). So, I might be better off in a pool that finds blocks 10x slower, even if your are right

In the end, what matters is the health of the network, so edric's pool is most welcomed, as any other pool that is able to be stable and available, and all of them require miners to do so.

As I said before, keep the light shining! There's always someone coming your way if you do

So, my thanks to Octocoin, edric and you, MEGAman,  and all other miners and pool operators that keep this coin going. I'll enjoy my profits, even if they'll be meager than what they could have been if I had taken other choices

EDIT: edric, just saw your post now. Keep it up, bro, you'll get in to profit land. Choosing other coins like Octo isn't easy, because their not much I won't advertise another coin in this thread, it's basic politeness, but you can PM me and I'll tell you what other choices I would recommend

I appreciate everyone's kindness, it's uncommon to find people these days who can have differences of opinion yet still get along nicely. My sentiments exactly on the network being healthy. I think some pool ops have the "if you build it, they will come" attitude, which is correct to a certain amount, but I want to build a reputation for delivering excellent personal service as well as having an operational pool. That's another reason I don't want to go nuts with this whole thing, but yes, it's tough squeezing a few pennies out of this endeavor.

I'm trying to come up with a logo for my pools as well, but I suck with photoshop. My forum name and the names of my pools (as well as in MMO's and such) is all Dune related, so I came up with something that I thought looked kind of cool. What do you guys think?

Might could do with a little smaller resize...

[MEGAman]

If you care to take notice, here's some basic math that guided me on to this: 18% of 88 = 15.84 , whilst 1,5% of 10x88 = 13,2

Here is some basic math for you:

100% of 10 = 10
10% of 100 = 10
1% of 1000 = 10

There are a number of factors that can skew those numbers slightly - technical issues such as connectivity, hardware, lost shares, etc. Also, those issues are historically more likely to occur at smaller pools. However, ignoring historical statistics (as they aren't always relevant anyway) and all things being equal, you will typically get a better return at a larger pool. The reason is that the larger a pool is, the more blocks they find. The second a pool finds a block, it can instantly calculate the work and distribute it to the miners for the next block giving them an edge over miners at other pools still crunching away on stale shares. For the most part, this edge is reduced to milliseconds with stratum servers but those milliseconds begin to add up. Sorry if I was being rude - I'm easily rattled these days I guess. Just so much false information out there and it's frustrating to cut through the noise.

[cornfed82]

Found some cool octopus wallpapers here: http://fin6.com/2013/10/octopus/

You should get this tee shirt:

http://www.cornfed.com/Still-Hungry-P390C68.aspx

lol!

[coin123123]

tonight octocoin on cryptorush

[frameLAlife]

Just went to vote! Octocoin is officially removed from voting and will be listed at cryptorush.in!

WOOT!!!

[SlientBit]

If you care to take notice, here's some basic math that guided me on to this: 18% of 88 = 15.84 , whilst 1,5% of 10x88 = 13,2

Here is some basic math for you:

100% of 10 = 10
10% of 100 = 10
1% of 1000 = 10

There are a number of factors that can skew those numbers slightly - technical issues such as connectivity, hardware, lost shares, etc. Also, those issues are historically more likely to occur at smaller pools. However, ignoring historical statistics (as they aren't always relevant anyway) and all things being equal, you will typically get a better return at a larger pool. The reason is that the larger a pool is, the more blocks they find. The second a pool finds a block, it can instantly calculate the work and distribute it to the miners for the next block giving them an edge over miners at other pools still crunching away on stale shares. For the most part, this edge is reduced to milliseconds with stratum servers but those milliseconds begin to add up. Sorry if I was being rude - I'm easily rattled these days I guess. Just so much false information out there and it's frustrating to cut through the noise.

It's ok  and you weren't rude, just intense I think the best part of this is what we learn from the experience, even if we don't make a profit we're proud of. And yes, there's sooo much noise in these parts, sometimes it's unbearable.

I much rather ear from you and everyone else that has an insight, even if it means that I'm wrong or being noobed down a bit, eheh. No harm done, quite the opposite.
In fact, it made me realize that I was probably to far away from edric's pool (I have since tried to check with traceroute, but there are a couple firewalls and whatnot in between, so no luck on the hop count ), so I have a new question, maybe you can help with it:

If I configure additional pools in cgminer, will the miner use the "new block found" from other strata to more effectively dump the stale shares on the one he's actually working?
I do/did this when solo mining and it clearly helps, but I'm unsure when all pools configured are strata. Any thoughts on this?

Thanks

[Radi777]

tonight octocoin on cryptorush

I voted a lot lol yay

[frameLAlife]

Anyone have the link for the form to submit to coinmarketcap? I coulda swore that was in this thread somewhere but I don't see it.

[SlientBit]

edric, here are my two octo cents:

get the text on the lower part and use white on the font, it will go better

Also, in the upper part, find some font more close to Dune's typo and write a catch phrase like: " On this coin, you will profit. We have seen it ..."   (yeap, another Dune fan here )

Keep the light shining!

[OctoCoin]

tonight octocoin on cryptorush

Just went to vote! Octocoin is officially removed from voting and will be listed at cryptorush.in!

WOOT!!!

Thanks to all of the votes we received at CryptoRush, we will be added there this evening. This was a great example of community effort - every time I went there, I was blown away by how quickly we were rising up the charts. The [+1]:[-1] ratio was unprecedented. Support their exchange and increase the OctoCoin volume by making some trades there once the 888 market is live.

I will get the application in at coinmarketcap.com this evening as CryptoRush is an approved exchange. Now we just need to tackle MintPal next - keep those votes coming. We have an exciting month ahead as everything is starting to come together right as the next altcoin rally begins forming before our eyes.

[hashbrown9000]

I've been waxing and waning on holding vs. selling once we get on major exchanges.  More than ever this looks like a good coin to hold for price appreciation in the future.  I suck at day-trading, so holding for now!

[neleonele]

Congrats friends,

i knew it that octo is positive in sec ,when i saw logo,web page and fair lounch.

Now dont droped and sell it for nothing!Keep ur coins and sell it clever.Just a small sell

Cheers

XeTaMax1

[andyatcrux]

tonight octocoin on cryptorush

Just went to vote! Octocoin is officially removed from voting and will be listed at cryptorush.in!

WOOT!!!

Thanks to all of the votes we received at CryptoRush, we will be added there this evening. This was a great example of community effort - every time I went there, I was blown away by how quickly we were rising up the charts. The [+1]:[-1] ratio was unprecedented. Support their exchange and increase the OctoCoin volume by making some trades there once the 888 market is live.

I will get the application in at coinmarketcap.com this evening as CryptoRush is an approved exchange. Now we just need to tackle MintPal next - keep those votes coming. We have an exciting month ahead as everything is starting to come together right as the next altcoin rally begins forming before our eyes.

I will be depositing tonight for sure. Remember, if you want to sell at 500 to 700 Satoshi's you might as well stay at CryptoALTex since there is no sense in keeping the price from reaching a higher level of profitablity on Cryptorush. No good reason this coin should be put up for less than 1000 Satoshi.

[edric]

edric, here are my two octo cents:

get the text on the lower part and use white on the font, it will go better

Also, in the upper part, find some font more close to Dune's typo and write a catch phrase like: " On this coin, you will profit. We have seen it ..."   (yeap, another Dune fan here )

Keep the light shining!

Cool suggestion, I will try it. Not sure what font to use but I'll try a few.


And how awesome that we've been listed on Cryptorush! I'm definitely holding on to what I can for a while to see what happens. Had to sell some to get ready for server bills coming up, scraping together everything I can so I can keep everything running!

My birthday is coming up at the end of this month, I was hoping I could actually get myself a new GPU, as I'm stuck with a Radeon 4350 (yuck), but that ain't happening.

[edric]

edric, here are my two octo cents:

get the text on the lower part and use white on the font, it will go better

Also, in the upper part, find some font more close to Dune's typo and write a catch phrase like: " On this coin, you will profit. We have seen it ..."   (yeap, another Dune fan here )

Keep the light shining!

How bout this! Might I stress again how bad of a graphic artist I am...