What's happening?
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It is hard, while Bitcoin stagnates we all suffer, there are many new alts are Feathercoin is getting pushed further from people’s minds, to make it worse the multipools strip mine us and take whatever profit there might be for long term miners.
However the fight is not over. We are going to fork very soon to deal with the miners, we simulated how they work right now and the loss this brings, then we play with various different solutions to see how this loss can be brought down as low as possible. You cannot avoid the multipools completely but you can significantly reduce the loss to them. This should put us back in with the miners who have had to move away.
Then we look to move hashing algo to avoid the Scrypt ASICs that look to be coming out soon, it is not long before they have such an impact that GPU miners have to move elsewhere. We aim to move to a fast efficient algo which does not even exist yet. Ghostlander has the solution. This move should hopefully put us back on the map and we will try to capture the GPU market which if successful is a huge move.
We are not sitting idle will evolve to survive the changes in our environment.
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Very good answer Bush +1
I was thinking about the multipools again last night… and maybe we need to go on a bit of an educational mission here as well!
I came across wemineall.com a couple of days back. Now yes they are a multipool but they seam to be a little different, taken from their site
Simultaneous Multi Mining! We also have the ability to mine multiple lower diff coins at the same time as our primary mining. Our backend can designate a small portion of our overall hashrate to mine lower diff coins that otherwise would be unavailable to a large pool due to 51% risks. This means you will see that we are finding more than just one type of block at the same time, increasing your overall profits! You can not pick which coin you mine, everyone shares in the block reward for all coins being mined.
So to me at least it looks like they are being a little responsible about it, and are sharing the hashes around. I was liking what I saw so I created an account there to see more details. They have a very nice setup the site is fast and responsive, and they have what seams to me a very cool feature that the other multipools just don’t have! Each coin setup on the pool has it’s own wallet in your account and you can decide if you want to trade them out for BTC or to cash them out native to your own wallet!
So I’m thinking that this is quite a cool little idea, I can mine for profit and when my coin of choice is mined by the pool I can hold them for the long game. Hopefully this way I’m going to get the best of both worlds, a little bit of my profit back from mining allowing the ROI on my hardware investment, at the same time I lessen the damaging to my coin of choice by the dumps these pools do on the exchanges as I can hold them.
I pointed “Tiny Tim” at it for a couple of days to see what would happen, they seam to mine FTC quite regularly as I have FTC sitting in my wallet to withdraw when I’m ready or I hit the threshold I also have a BTC balance from the dumps of the coins I’m not supporting.
A bit of quick maths over the last couple of days has shown that yes the profit is now back up somewhere near where it needs to be for the ROI, I have some holding coins, and some BTC to go to the exchanges and trade for FTC.
Now maybe I’m wrong but this seams like a win/win for FTC, so maybe we should ask miners to consider this multipool instead of other whilst we sort out the fork?
I’d like to hear other peoples thoughts on it, maybe I’m missing something and I’m way of the mark
UM
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The dumping of coins at any price must be having an effect when the price is on a downward trend.
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Thats what I’m saying. This site allows me to hold my coin of choice, therefore not giving the pool the chance to dump them, but also allows me to have some funds to buy my coin of choice creating a higher demand, and therefore driving the price back in the right direction. No?
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I’m not sure on this one. There are two ways of looking at it. Whilst you yourself are supporting feathercoin, others in the pool may not, so I guess you could argue that you are still supporting multi-pool strip mining by participating and you are doing to other coins what we don’t want done to ours?
That said, I’m a firm believe of playing in the landscape at whatever game the landscape best permits. If you can support Feathercoin better by participating then play ball.
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I guess thats what its about “playing in the landscape”
Yes I agree I’m strip mining other coins in a manor that I don’t want done to feather coin, but the rule of “if you can’t beat them join them” has to come into play here, and by using a pool like this you can at least lessen the effect on “your” coin?
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Makes me sad to see feather coin go down so much. I was waiting for .30 a coin. In the mean time going to mine on and hope for the best
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Bitcoin has been quiet. There will be another influx of people when the Bitcoin price hits stupid figures. Those people will realise they have missed the BTC boat and look at playing with the alts hoping to recreate their success.
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^ I hope so. Need to pay off the rig soon :)
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Its a rollercoaster dude. Don’t try and get off while its in motion. Lol.
Were only just getting started how many small companies make it big in under 12 months. Just stick tight do what you can to promote FTC and see what happens!
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Why are we spending time with making the algo resistant to multipools?
Of the new world Scrypt-N, Scrypt-Jane, keccak etc coins that are going through a good pump right now due to massive ASIC pre-orders, why don’t we become the first established currency to go an ASIC resistant algo? That will take care of the multipools and ASIC boxes in one foul swoop wont it?
The rule of thumb out in the market is, if you’re not on BTC-e, you’re not to be taken seriously. Right now, we have something these new currencies don’t have, we are established, lets make a bold move before we get left behind…
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Well said.
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Only lazy, useless ppl mining in multipools. I tested Multipool, Middlecoin, and other that type of pool. Results for 24 hours was almost twice lower that if I was mining coin of my choice. Simples
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At First, We need to find some investors.
Second, We need to change the algorithm, reducing selling.
Three,We need to promote the use of FTC.
These important to you. I think we need to build a FTC foundation. A stabilization fund and a market maker team ! Very complex task !
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I think Hullcoin and Cryptsy allowing USD trading can help a little.
