Quote from: PCMiner on March 09, 2014, 10:28:23 PM

Quote from: cuesta on March 09, 2014, 06:24:28 PM

So, let's take a step back...

If you add up the hash rate of middlecoin, wafflepool and clevermining, that's about 60 Gh/s give or take the odd 5. There's other coin switching pools with or without direct BTC conversion and I'm sure some of them are significant, but hey-ho, you get my drift.

On the other hand, we have litecoin and dogecoin which might be around the 200 Gh/s mark. *Crucially*, everything else feathercoin, worldcoin et. al are down at the 5Gh/s or so level.

So, here we all are. Moaning about the BTC/Mh/Day. Haven't we caused the problem. Collectively?

The profits are down because several of coin switching algorithms are all doing similar things (see poolpicker for FACTUAL evidence), the OPs can't create profit because the profit isn't there. The profit isn't there because (a) the pools are too big to hit the small coins and therefore (b) there's a requirement to convert whatever there is to BTC - and that requires someone to actually want piles of crapcoins nobody wants. Am I missing something here ?

I can imagine that people with 100's of BTC from the early days want to diversify, which drove things for a while. but there has to be a limit doesn't there ??

It is noticeable that H20 has been carrying 200 BTC of uselessness for ages on middlecoin - so even his back door trades have dried up. We are lucky, we have an organised and transparent OP, but the guy can't create money out of nothing. If there is no demand not much we can do...

Or...Is it all down to thousands of gridseeds coming online ? The litecoin hashrate keeps going up and I can't believe it's all down to AMD selling loads of 290s..

So what do you think ? Is the current profitablity just a blip, or have the big coin switching pools simply forced us to accept what we all know. CrapCoins are crap Huh

This is dead on. Multipool mining enjoyed a very short window of life, but was/is so successful that it's going to kill itself. Evidence?
60Gh pointed on and off on LTC the last few days made for a huge increase. Sure enough as soon as the difficulty skyrocketed the multi pools dropped off and there is a 20% drop expected next change. If the multi pool market does die, LTC is will get hard as hell to mine. 60GH would add around 60% more hash to the total network, and the Dif will skyrocket. All these crap coins can't handle going from 60Gh to 5megahash in seconds. Multipool kills coins.

Crap coins are crap, everyone knows it, but crypto seems to have this massive "emperor has new clothes" effect. Everyone wants in on crapcoins early, so they can pump and dump to BTC. Who really is going to want to use Ketteh coins? BTC (and hopefully LTC) will survive, just because of the market forces behind them. (And maybe Doge, but honestly, it started as a joke, and you can candy coat it all you want, but it's still a joke.)

This has really been on my mind quite a bit recently as it really feels as if we are shooting ourselves in the foot! I don't know what the solution is though and what we need to watch for to establish wether or not profits will ever increase again.
It's already getting VERY close (few less BTC/Mh/Day) will mean power consumption vs. BTC earned will make this unprofitable and I really wonder if we will ever see an increase or if we are in the last vestiges of mining...
I sure hope not! Please someone give us hope lol.