Quote from: Unacceptable on March 16, 2014, 06:05:44 AM

Quote from: TodaysGandalf on March 16, 2014, 05:49:49 AM

I learned a lesson today that disenchanted me with Eligius, pool mining and Bitcoin in general.

Last night, one of my miners found a block. Hope against hope, it found a block! Shocked

With only 1.2TH at my command, with odds of five quadrillion to one, it found a block! I briefly did the Snoopy happy dance. 25BTC! That's $15,750! The things I could do with that amount of money. I could pay for the miners I had gone into debt to purchase and still have a nice chiunk of pocket change! Stats were still offline so I couldn't see the impact. I went to bed.

This morning I checked my payouts... and there was nothing. Nothing but a measly 0.39BTC for four days of mining. Angry

$15,750 had been taken from me! Distributed to the pool! Not one extra bitcoin was given to me for having the miner that did the work. Then I realized what a Communist plot pool mining is. You have no chance to rise above your station in life comrade. Your efforts are for the good of all. You shall not benefit from your efforts beyond the average level of your hashing power.

Given my inability to afford to purchase at least 100TH of mining power, I will never know the joy of mining a block and receiving the full reward. I could try mining solo, but I may never see that level of luck again in my lifetime without the aforementioned 100TH of mining power, and the target keeps rising. With each person or group that struggles to surpass the competition by having more mining power that most of the pack, the difficulty rises almost exponentially.

In Bitcoin, as in life, the spoils once again go only to the wealthy power-brokers. Satoshi you have failed to create the coin of the common man! This shall be its fatal flaw that will either make Bitcoin fail entirely, or cause it to become just another currency used to manipulate and control the masses.

Welcome to the REAL world my friend Roll Eyes

What made you think.........since you are in a pool.........that YOU would get any other reward besides recognition Grin

Pretty soon the only ones making any BTC will be the "mining corporations",They know exactly what they are doing & will do whatever they can to get rich,just like a real life corporation...............very sad,its only a matter of time & us little shits will be run out of mining Cry

Those that have.....will have more.........................

I hope Eligius gets their pool together...I do thank wizkid & Lukejr for their time & effort...but I need a regular payout timeframe.

Yes,I live on some of my earnings.That's MY decision to do as I wish with my earnings Tongue

Good luck guys!!!!!

Heh, I didn't even get recognition. Sad

The "mining corporations", as you put it, solve hundreds of blocks per day. Maybe there might be some bump of reward for the underdog that solves a block with clearly insufficient power to guarantee that outcome? But, alas, the corporations would abuse that as well. They would just use many wallet addresses with only a few hundred gigahash per wallet, pretending to be an intrepid individual miner deserving a little extra bump.

What really soured the milk for me was the ABSENCE of clear documentation stating what happens in the off chance you find a block. Something to the effect of:
"Abandon all hope of any block rewards all ye who enter the pool. The block rewards are not yours, nor will they ever be. ALL mining results are spread throughout the pool to yield homogenous 'fair' payouts."
THAT would have set my expectations correctly from day one.

All the gobbledygook about CPPSRB, luck, rounds, etc. made NO sense to me when I was starting out with mining. All that information is written to inform the already informed.

Everything cryptocurrency related is SEVERELY lacking in clear explanation, even in the WiKis. Then again, I find ANYTHING that even vaguely relates to cryptography is severely lacking in clarity, even with the BEST of efforts.