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[MC]Hashrate.org NXT Mining Pool Promotional Fund: PARTIALLY APPROVED
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Author Topic: [MC]Hashrate.org NXT Mining Pool Promotional Fund: PARTIALLY APPROVED  (Read 10982 times)

pf

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1. Nxt account and userID/contact info for submitter
   pf @ nxtforum.org - contact me outside of this thread and I can provide you with my wallet ID and my work email address. punkrock and I have conversed via my work email previously.  The hashrate.org pool wallet is 6523077528166477715 (if you want to take a look at it and see just how successful the pool has been so far)

2. Submission date - April 13, 2014

3. A short description of the project with your goals very clearly specified(three sentences max.)
Promotional fund to be used for the promotion and advancement of  the first NXT mining pool, hashrate.org
The objectives of the promotional fund will be simple:
1) to increase the number of miners on hashrate.org (increasing the amount of BTC being injected into the NXT ecosystem every day.)
2) Using the pool's BTC that gets invested into NXT every day to try and help mitigate the large walls that occasionally appear
3) Harness Scrypt/SHA miners power to directly increase the value of NXT.  The incentives will help ensure that this pool is the most profitable pool of all of them, which will mean the miners will flock to the pool (driving up the price of NXT even further - already the pool is buying .75-1 BTC of NXT per day, I would like to see this number be 10-15 BTC/day.


3b. Long description as needed
The promotional fund will be seperated into two amounts.
One will be used for fundraising donations and to expense things like a news release blitz by a professional Financial Services PR company.  This sum will also be used to reward miners for doing things like creating mining blogs, etc.  I would hire and use this service for the media blitz, which would get NXT some much needed global publicity in the financial sector. http://service.prweb.com/pricing/package/financial/


The second amount will be used to provide mining incentives to the pool miners, to encourage people to mine for NXT (and thus harness their mining power to help advance NXT as opposed to some other altcoin).  The incentives will be no more than 10% to any miner at any given interval, which guarantees that for every 1 NXT that a miner recieves as bonus he will have had to have mined enough to have injected 10 NXT worth of money into the NXT ecosystem.
I would like to break down the incentives as follows:

week 1:
Daily bonus to all miners: 4% minimum
If miner mines 49-149 NXT, bonus is 6%
If miner mines 250-349 NXT, bonus is 8%
If miner mines 350+ NXT, bonus is 10%.

week 2:
Daily bonus to all miners: 5%
Daily 10% bonus to random 1/10th of the pools active miners.  They will be selected at random by each day randomly picking a number from 0-9. Each worker will have their wallet ID checked and if the last digit of their wallet ID matches the picked number, they will get the 10% bonus for that day.


week 3 - incentive amount runs out
Daily bonus to all miners: 4%
Daily 10% bonus to random 1/10th of the pools active miners.  They will be selected at random by each day randomly picking a number from 0-9. Each worker will have their wallet ID checked and if the last digit of their wallet ID matches the picked number, they will get the 10% bonus for that day.

The pool currently pays out between 10-15K NXT per day in total, increasing most days.
          *** EDIT: the pool paid out over 20K yesterday (4/13)


4. Specify the target audience
All Scrypt/SHA miners currently mining altcoins for profit.  The idea of this pool is to collect as much hashpower as possible to use solely for the advancement of NXT.

5. Budget
As much as possible for the incentives (as the bigger the incentives are, or the longer they go on, the more the price of NXT will go to the moon). I would like to say 300,00 for the incentives, so we can include that in our media blitz.
For the advertising side of the project, I would say at least 100,000 NXT. The PR service (http://service.prweb.com/pricing/package/financial/) has a base price of $499 and I would like to use them to draft and edit the news releases as well (which will likely take the cost closer to $1,000 - the markets that they will get us exposure in however make this a steal of a deal). That should still leave a good sum of NXT for the bounties for things like miners having mining blogs, etc.  This leftover sum will also be used to engage graphics designers etc in making a wave of images/banners to be used to blitz the various social medias.  I would also like to start a small google adwords campaign with a couple hundred dollars.

I would like to get 15,000 additional NXT so that I can continue to run the site at 0% fee throughout this entire period - this will cover the costs of the hosting environment that the VPS is in.
So 415,000 NXT. A smaller amount would work, but I want to be able to include in the news blitz that a huge sum has been earmarked for bonuses.

6. Specify deadlines
This will be happening one way or another, as soon as I find people willing to invest in it.  I recently recieved half of the bounty for setting up the first NXT mining pool, but I would like to hold onto that NXT as I truly believe that this is something that will send the price per NXT through the roof. If there are any original investors who are interested in funding this idea, please pm me.

7. Metrics need to be specified
The price of NXT will be a metric for the success of this project. I believe that we can at least quadruple the price of NXT when you look at the success of the recent BC campaign like this. 
The amount of NXT that the pool buys and distributes will be another metric of success.  Giving away 300,000 in bonuses to the miners means that the pool has, at a minimum, purchased over 3,000,000 NXT from the market with the miner profits (after week 1, the bonus payouts drop to 5% and 1/10 get 10% - that would make a 300,000 bonus need the pool to be. moving nearly 6,000,000 NXT.)
« Last Edit: April 16, 2014, 09:03:21 am by Damelon »
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pf

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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #1 on: April 14, 2014, 09:20:01 pm »

I am going to ask that this request be considered for being fast tracked through whatever kind of process is required to get to a vote.

It is getting extremely hard to mine for altcoins profitably when there is a pool the size of the blackcoin one that keeps moving in on the most profitable coins and just destroys them difficulty-wise. If this doesn't get reigned in soon, it will be the end of the altcoin scene as we know it.  I won't run a pool that is half as profitable as another one, which means that we need to get more miners and get them quickly in order to be able to still get blocks.

I think I nearly have the math that their coin-switcher is using figured out, which has helped us avoid the coins that they're hitting as they hit them, but they're leaving aftershocks on just about every blockchain they touch.

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TwinWinNerD

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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #2 on: April 14, 2014, 09:22:00 pm »

I am going to ask that this request be considered for being fast tracked through whatever kind of process is required to get to a vote.

It is getting extremely hard to mine for altcoins profitably when there is a pool the size of the blackcoin one that keeps moving in on the most profitable coins and just destroys them difficulty-wise. If this doesn't get reigned in soon, it will be the end of the altcoin scene as we know it.  I won't run a pool that is half as profitable as another one, which means that we need to get more miners and get them quickly in order to be able to still get blocks.

I think I nearly have the math that their coin-switcher is using figured out, which has helped us avoid the coins that they're hitting as they hit them, but they're leaving aftershocks on just about every blockchain they touch.

Do they only mine coins that adjust their difficulty fast? Because if they have coins like BTC, then it doesn't really matter, does it?

pf

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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #3 on: April 14, 2014, 09:34:10 pm »

No multipool will likely ever get big enough to mine BTC directly (although the hashrate miners are merge mining BTC with the SHA miners - that's the most profitable)

Nearly all of the scrypt coins have moved towards KGW or DGW, which adjusts difficulty every block upwards exponentially (to try and stop the multipools from hitting them)
Blackcoin pool is currently jumping coins about every 15th round
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Tosch110

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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #4 on: April 14, 2014, 09:39:05 pm »

I am going to ask that this request be considered for being fast tracked through whatever kind of process is required to get to a vote.

It is getting extremely hard to mine for altcoins profitably when there is a pool the size of the blackcoin one that keeps moving in on the most profitable coins and just destroys them difficulty-wise. If this doesn't get reigned in soon, it will be the end of the altcoin scene as we know it.

That seems like you have a good target group for your mining pool. Angry altcoin user, nxt is not vulnerable to Blackcoin

TwinWinNerD

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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #5 on: April 14, 2014, 09:39:58 pm »

No multipool will likely ever get big enough to mine BTC directly (although the hashrate miners are merge mining BTC with the SHA miners - that's the most profitable)

Nearly all of the scrypt coins have moved towards KGW or DGW, which adjusts difficulty every block upwards exponentially (to try and stop the multipools from hitting them)
Blackcoin pool is currently jumping coins about every 15th round

Ok thank you. But can't you just make a cronjob that checks which pool blackcoinpool is connected to and just also mine the exact coins. Your profitability should nearly be the same with slight slippage?

pf

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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #6 on: April 14, 2014, 09:43:56 pm »

No multipool will likely ever get big enough to mine BTC directly (although the hashrate miners are merge mining BTC with the SHA miners - that's the most profitable)

Nearly all of the scrypt coins have moved towards KGW or DGW, which adjusts difficulty every block upwards exponentially (to try and stop the multipools from hitting them)
Blackcoin pool is currently jumping coins about every 15th round

Ok thank you. But can't you just make a cronjob that checks which pool blackcoinpool is connected to and just also mine the exact coins. Your profitability should nearly be the same with slight slippage?
If I was a pool the size of the Blackcoin one, maybe.
They're moving into coins and driving up the difficulty 40-50x the original difficulty.  They still get all the blocks, because they've got nearly 10 GH.
mining for 10-15 blocks and then switching to the next coin and doing it over again.
As soon as they leave that coin, they leave it with a difficulty 50x higher than it usually has and only 1 or 2% of the hashpower that it had when the difficulty adjusted that much higher

They also don't state what coin they are mining at any given time (but look at coinwarz.com and you can see the little red kiss of death triangle on nearly all the most profitable coins at some point today)
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #7 on: April 14, 2014, 09:46:53 pm »

No multipool will likely ever get big enough to mine BTC directly (although the hashrate miners are merge mining BTC with the SHA miners - that's the most profitable)

Nearly all of the scrypt coins have moved towards KGW or DGW, which adjusts difficulty every block upwards exponentially (to try and stop the multipools from hitting them)
Blackcoin pool is currently jumping coins about every 15th round

Ok thank you. But can't you just make a cronjob that checks which pool blackcoinpool is connected to and just also mine the exact coins. Your profitability should nearly be the same with slight slippage?
If I was a pool the size of the Blackcoin one, maybe.
They're moving into coins and driving up the difficulty 40-50x the original difficulty.  They still get all the blocks, because they've got nearly 10 GH.
mining for 10-15 blocks and then switching to the next coin and doing it over again.
As soon as they leave that coin, they leave it with a difficulty 50x higher than it usually has and only 1 or 2% of the hashpower that it had when the difficulty adjusted that much higher

They also don't state what coin they are mining at any given time (but look at coinwarz.com and you can see the little red kiss of death triangle on nearly all the most profitable coins at some point today)

Wow, I didn't realise that is such a big problem.

When I was looking into BTC mining years ago, there was this pool hopping. But now there is coin hopping. This is just sad...

pf

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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #8 on: April 14, 2014, 09:52:55 pm »

It's only going to get more and more difficult to be able to ever compete with the blackcoin pool on par.

If I had got the whole multipool bounty I would have already used most of it to subsidize the miners and NXT would have gone up the way BC has recently.  Instead I'm stuck sitting here stressing out wondering how to make my pool succeed even though it's lost 3/4 of it's hashpower today (no doubt to miners who have switched to the BC pool), and the NXT price is at a record low since my pool opened.

I will have the profitability stats available tonight (i've had to wait to capture enough historical hashrate data to be able to calculcate them properly)
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Damelon

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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #9 on: April 14, 2014, 10:04:11 pm »

Maybe a stupid question, but if they are SO big, won't this just be a dump of Nxt into an unprofitable venture?

The idea as far as I see it is that we draw miners to us so we can compete against them, right?

I ask this because you are asking for a substantial part of the total funds: about 15% of our total.

If that is spent on just paying miners who would then move on this does not seem worthwhile.

Could you explain, other than adding value (how do we measure this, by the way), how we gain more attention that will not be lost to "the next mining pool"?

Please take these questions as meant: honest inquiry in things I do not understand as of now.
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pf

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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #10 on: April 14, 2014, 10:10:27 pm »

Maybe a stupid question, but if they are SO big, won't this just be a dump of Nxt into an unprofitable venture?

The idea as far as I see it is that we draw miners to us so we can compete against them, right?

I ask this because you are asking for a substantial part of the total funds: about 15% of our total.

If that is spent on just paying miners who would then move on this does not seem worthwhile.

Could you explain, other than adding value (how do we measure this, by the way), how we gain more attention that will not be lost to "the next mining pool"?

Please take these questions as meant: honest inquiry in things I do not understand as of now.
It's sorta like lifting yourself up by ones bootstraps.  All of the proceeds from the pool's mining go directly back into the NXT ecosystem.  Once you have enough miners mining (and the coin starts to go up in value) then it's almost a self-fulfilling prophecy.  Even if they mine and move on, at 10% bonus that means that the minimum number of NXT that the miners would have to mine would be 3,000,000 worth of NXT in order to get paid out 300,000 in bonus.  (and keep in mind that the bonuses don't pay 10% to every miner - it would likely take 10,000,000 NXT mined in order to fully deplete a 300,000 incentive.
Every single miner contributes their hashpower directly to help the NXT ecosystem - just jump coin to coin the same way the BC pool is doing without giving any regard for the damage that is being done to the other altcoins in the process.  Literally sucking whatever value they have completely dry and using it to pump up the value of our closed value POS coin.   I've seen a few poeple wonder just who is buying up all the coins that is making the BC price go up so high and the anwer is pretty simple: the pool itself. 

Also the rate at which BC has gone up cannot continue forever - there will be a huge market for miners who feel that they 'missed the BC' bus who would jump on the NXT pool (and stay on it) while the NXT price goes to the moon as well.  There will be some who might mine for the bonus days and then jump ship back to BC - but the BC pool will never be able to mine for NXT or exploit our coin the same way it has other coins.  There have been quite a few millionaires made from the BC pool, but there's also tons of people who would love the chance to get onto the train before it's already left the station.

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jl777

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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #11 on: April 14, 2014, 10:11:14 pm »

I do not think it makes sense to spend any more than has already been spent subsidizing mining. Already a large amount was paid out and the last thing we should be doing with our funds is competing with other mining pools

This was supposed to be a method for people to use whatever useless mining equipment they had. Not for it to become a super large operation.

@pf, dont worry about the pump and dumper coins, they measure their lifespan in months and weeks, while NXT is in years.
Hopefully the initial bounty will tide you over through the rough times

James
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #12 on: April 14, 2014, 10:14:29 pm »

I do not think it makes sense to spend any more than has already been spent subsidizing mining. Already a large amount was paid out and the last thing we should be doing with our funds is competing with other mining pools

This was supposed to be a method for people to use whatever useless mining equipment they had. Not for it to become a super large operation.

@pf, dont worry about the pump and dumper coins, they measure their lifespan in months and weeks, while NXT is in years.
Hopefully the initial bounty will tide you over through the rough times

James
Even if the NXT community decides that they don't want to subsidize miners with any kind of bonus, I would request that they provide enough NXT to cover the cost of a media blitz via the PR company that I mentioned above.
Had I recieved the full bounty for starting the first multipool (which I did, I had posted about my pool nearly a full day before the other pool) I would have already started this.  I don't want to use 100,000 of the bounty that i recieved (I recieved 120K NXT in total, and have run the pool on 0% fee the entire time so far) because that would leave me with such a small stake that there would be very little point in trying to make the price go up.
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joefox

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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #13 on: April 14, 2014, 10:51:57 pm »

I would like to move that the MC vote on this proposal in 24-48 hours. There is some complexity here because the committee itself is spread among 16 hours worth of time zones, and we need to make sure people have time to read and think... but we'll see what we can do.

The previous proposal has been in discussion for several days, and this format adds a great deal of clarity.
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #14 on: April 14, 2014, 10:52:55 pm »

I do not think it makes sense to spend any more than has already been spent subsidizing mining. Already a large amount was paid out and the last thing we should be doing with our funds is competing with other mining pools

This was supposed to be a method for people to use whatever useless mining equipment they had. Not for it to become a super large operation.

@pf, dont worry about the pump and dumper coins, they measure their lifespan in months and weeks, while NXT is in years.
Hopefully the initial bounty will tide you over through the rough times

James
Even if the NXT community decides that they don't want to subsidize miners with any kind of bonus, I would request that they provide enough NXT to cover the cost of a media blitz via the PR company that I mentioned above.
Had I recieved the full bounty for starting the first multipool (which I did, I had posted about my pool nearly a full day before the other pool) I would have already started this.  I don't want to use 100,000 of the bounty that i recieved (I recieved 120K NXT in total, and have run the pool on 0% fee the entire time so far) because that would leave me with such a small stake that there would be very little point in trying to make the price go up.
You've clearly put in a lot of work and I think it is a cool idea. Whether it will snowball or not, certainly nobody knows at this point. To that end, I do agree to the PR portion. The whole subsidy thing is not guaranteed to do anything except cost a lot of NXT. These miners have only one loyalty and that is to the revenue per GH, so any run rate achieved via subsidy is unsustainable.

I am interested in long term sustainable cash flows. I will match NXT for NXT that the committee authorizes, up to a limit of 50,000 NXT. That would be a total of 100000 extra NXT, but only for marketing, not for subsidy/bonus

James

Edit: By "I", I mean NXTcommunityfund
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #15 on: April 14, 2014, 11:04:46 pm »

I dont think promote Nxt through a mining manner is a better idea.

First,Nxt is POS,no need for mining,we always said.
When much focus on mining may mislead some newbie and effect the POS brand of Nxt.

Another,jL777's nodecoin will come true for more nodes maintain the security of Nxt network.

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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #16 on: April 14, 2014, 11:06:29 pm »

If the goal is to buy 10.000.000 Nxt coins from the exchange, it means that one of the dumping original stakeholders would be able to get from 15 mega to 5 mega few weeks sooner.

Q: Are you doing any research about other multipools? I heard about many many new multipools for many many cryptos
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #17 on: April 14, 2014, 11:25:54 pm »

Yes, I have studied the other multipools extensively.  I nearly have the Blackpool's algorhythm figured out for which coin they will switch to next (I think).

I have created a new NXT wallet for the pool's promotional use and donated 20,000 of my own NXT to it. The promo wallet is 15628004422239219406.

I intend to post that address on the site for my pool and request that miners consider donating to it, as it will be used to promote the pool. I still believe that unless we offer to subsidize the miners the same way that the Blackcoin pool is subsidizing their miners, that we won't be able to compete with their pool.  (keep in mind that they've now overtaken us in terms of market cap and looks like they could pass even Doge and PPC still today).

and the end goal of this project is to continually inject as much BTC as possible into the coin.  This is just harnessing the power of as many miners as possible to make that happen.  The pool has already been buying 0.5 - 1.0 BTC worth of NXT every day for the miners, like I said in my initial post - I'd like to see this number be 10-15 BTC per day, or even 100 BTC per day into NXT.  That kind of injection on a regular basis will help stabilize the price and move it in an upwards direction.
« Last Edit: April 14, 2014, 11:32:30 pm by pf »
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #18 on: April 14, 2014, 11:35:04 pm »

Does look like multi-pools are the flavour of the month in crypto-land.

I'm ambivalent about the pool idea, tbh. On the one hand it goes against the low-energy use, no need for mining POS concept, but it could be a good way to raise awareness of NXT, and gives miners something to do with their GPU's.

If I had a vote on this, I would be tempted to approve some funds for marketing, but to ask, as a condition of that funding, that pool miners be encouraged (not forced, but gently persuaded) to run NXT nodes, helping to secure the NXTwork directly and only using a few extra CPU cycles on their miniing rigs. 
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #19 on: April 14, 2014, 11:39:17 pm »

Does look like multi-pools are the flavour of the month in crypto-land.

I'm ambivalent about the pool idea, tbh. On the one hand it goes against the low-energy use, no need for mining POS concept, but it could be a good way to raise awareness of NXT, and gives miners something to do with their GPU's.

If I had a vote on this, I would be tempted to approve some funds for marketing, but to ask, as a condition of that funding, that pool miners be encouraged (not forced, but gently persuaded) to run NXT nodes, helping to secure the NXTwork directly and only using a few extra CPU cycles on their miniing rigs.

I also had a nagging idea that this somehow should tie into both MC and infrastructure as it affects both (if done well).
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #20 on: April 14, 2014, 11:47:04 pm »

PF,

The voting thread is OPEN on the Marketing Committee's voting-forum, with a 24 hour deadline.  The poll will close at 12:22AM GMT, April 16.

Because we are fast-tracking the request, I have divided the vote into three parts:
- yes or no: fund 100,000Nxt for PR/publicity
- yes or no: fund 15,000Nxt to keep fees at 0%
- yes or no: fund 300,000Nxt for mining incentives

Committee members can vote on EACH part, and each part requires a majority vote to pass.  SO you may receive *partial* funding for the request.

The poll CLOSES in 24 hours (we have to account for time zone differences for committee members in Western Canada, Eastern US, Amsterdam, the Czech Republic and somewhere in the massive nation of China), so PLEASE continue the discussion and questions here.  Committee members can wait until the last minute to make their choice :)

« Last Edit: April 14, 2014, 11:48:35 pm by joefox »
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #21 on: April 15, 2014, 12:20:13 am »

link to poll plz.
« Last Edit: April 15, 2014, 07:58:34 am by farl4bit, Reason: Deleted unnecessary direct full-quote »
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #22 on: April 15, 2014, 12:21:54 am »

Voting polls are visible to the MC only during voting.
After the votes are in they are made public.
« Last Edit: April 15, 2014, 07:58:47 am by farl4bit, Reason: Deleted unnecessary direct full-quote »
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #23 on: April 15, 2014, 12:24:50 am »

It would have been nice to have an additional voting option like, mining pool is not ready for large publicity, reapply later.
Imo, the hashrate pool is not ready for this. There is still thing that are bogus. I would only fund after the hashrate pool get out of beta and is functional like a real nice multipool with more functionnality.

No offence on pf. He did a great job so far. It just that the pool should be WAY better before make large public announcement and get a large amount of mining people. Imo, right now, a lot of people will be deceived by the product. They will use the pool while the extra Nxt are available, maybe dump Nxt after and then continue to mine something else. If you want to keep the people mining for Nxt you need to have a great product, otherwise people will go baack to their nice comfortable sock.

That is my opinion for having mining the Nxt mining pools from day 1 and have mined on multiple other pool before.
« Last Edit: April 15, 2014, 07:59:01 am by farl4bit, Reason: Deleted unnecessary direct full-quote »
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #24 on: April 15, 2014, 12:29:23 am »

This is a risk pf is willing to take.
He humself asked for fast tracking this, as he feels the need.
It's up to him to decide this.
The reason for the MC is not to see to it that every proposal submitted gets approved. It's to vote on the proposals it gets. With a week, we work with the proposers.

In this case, we try to get it done with what there is to work with  :)
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #25 on: April 15, 2014, 12:40:37 am »

It would have been nice to have an additional voting option like, mining pool is not ready for large publicity, reapply later.
Imo, the hashrate pool is not ready for this. There is still thing that are bogus. I would only fund after the hashrate pool get out of beta and is functional like a real nice multipool with more functionnality.

No offence on pf. He did a great job so far. It just that the pool should be WAY better before make large public announcement and get a large amount of mining people. Imo, right now, a lot of people will be deceived by the product. They will use the pool while the extra Nxt are available, maybe dump Nxt after and then continue to mine something else. If you want to keep the people mining for Nxt you need to have a great product, otherwise people will go baack to their nice comfortable sock.

That is my opinion for having mining the Nxt mining pools from day 1 and have mined on multiple other pool before.

Have you tried the blackcoinpool? They actually have even less statistics and stuff for people to view than I do.
But they've still driven up the price of Blackcoin over 50x
« Last Edit: April 15, 2014, 07:59:38 am by farl4bit, Reason: Deleted unnecessary full-quote »
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #26 on: April 15, 2014, 12:42:26 am »

Have you tried the blackcoinpool? They actually have even less statistics and stuff for people to view than I do.
But they've still driven up the price of Blackcoin over 50x

No im only mining nxt since you got your pool (because I really believe in Nxt and wanted to beta test the mining pool). Let see where BC going, if it survive the next few weeks, then your argument valid, otherwise that just an opinion. I like to think in the long-medium term, not short term.

EDIT: All I can say is to continue your great work. I really believe that what you are doing is good. But I think it the product can be better with more work coming in the next few weeks. Then make some publicity around your pool.
« Last Edit: April 15, 2014, 01:11:52 am by Sebastien256 »
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #27 on: April 15, 2014, 01:23:29 am »

If pf's proposal fails, he's free to re-apply. No need to add "please apply later" options. We will provide rationale with the response, and the proposal can be adapted and resubmitted whenever.
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #28 on: April 15, 2014, 03:28:20 am »

One Cool thing to do, might be to start advertising the Nxt mining pool with *extra Nxt* at the same time as the AE release.

This could be very nice and create a hype around Nxt. So people can get NXT with mining to first use the AE. No need to buy Nxt from external exchange. It will show that Nxt have some indepedence. I think this is a great idea.

This can only be done if people in marketing and devs can get coordinate with pf!?! I don't know when AE will be release, but this could let pf some time to still improve its Nxt mining pool website functionnality before some community fund get release. That is just my opinion.

EDIT:
@pf, website functionnality is really important for miner, they love to know the statistics and to easy navigate. Obviously, you have understand this better than p00l.org, but still some things need and can be improved.
« Last Edit: April 15, 2014, 03:38:03 am by Sebastien256 »
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #29 on: April 15, 2014, 07:50:10 am »

lol, Seb, i know that. This whole thing is contingent upon the website getting the reporting side finished off.  I am nearly done putting it all together (it will look very very similar to wafflepool when I'm done).
Sorry if I had not been more clear about that.  But I will have full statistics in terms of coins, unexchanged coins, exchanged coins, etc, as well as miner profitability reports working very soon.  I just have been having to test the code extensively to make sure that it works properly. :)
« Last Edit: April 15, 2014, 07:59:50 am by farl4bit, Reason: Deleted unnecessary direct full-quote »
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #30 on: April 15, 2014, 08:05:12 am »

The thing I am worried about here is that we are collectively freaking out because BC is being such a success.
I have seen my share for coins ballooning and then crashing viciously and BC may well be the same case.

Nxt's power is in a much different place, although it is true that our trade is becoming diluted.

The problem I see is putting 15% of all the marketing funds into this, where the miners might easily just walk away after they get the spoils.

That money can also be spent on speakers, papers, sites etc, which stay around for a lot longer.

I am still very much undecided on what is the course of wisdom here. I am not against spending money for things that work, but I am on the fence, still.
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #31 on: April 15, 2014, 03:42:29 pm »

Once I get the pool profitability stats published today Damelon, perhaps it will help you make your mind.  The pool is doing (on average) better than just about every multipool out there.  (ie, yesterday only ~42 mhash of Scrypt miners mined 4802 NXT worth of altcoins (0.25144 btc worth) meaning that the pool paid out 0.006286 BTC/MH/day yesterday.

i will have stats for all of that stuff available on the site today, I am just at my day job right now.  I wish I could remember the last time i'd got more than 4hrs sleep because I spend all night every night working on that site.
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #32 on: April 15, 2014, 06:26:21 pm »

Thanks pf. I just wanted to remind you that we've fast-tracked voting on this and the committee's decision will be made in less than 5 hours from now.
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #33 on: April 16, 2014, 02:22:19 am »

Thanks guys.

The first part of the profitability reporting is now live:

http://hashrate.org/payouts

I decided against posting a figure in BTC/MH/day as that just encourages dumpers.  I will be calculating the NXT/MH/day for all of the workers and including them on their seperate miner pages.
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #34 on: April 16, 2014, 04:19:08 am »

Now, the miner personal page is nice. GJ pf!

As a suggestion, maybe sort date from recent to old (Payout History is not ok yet).
I would also only showed the results for the last five days with a button "more" or "all" to show more days if someone is interested. In a couple weeks, this might be a mess with many row of text that may be not usefull anymore. No need to SHA or Scrypt data if no Stats is available. On main pool page and payout page, show the total number of Nxt pool have generated. This should be a counter update daily at the least. Big number look good...  :D What you plan on this?
« Last Edit: April 16, 2014, 04:27:34 am by Sebastien256 »
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #35 on: April 16, 2014, 05:09:07 am »

Now, the miner personal page is nice. GJ pf!

As a suggestion, maybe sort date from recent to old (Payout History is not ok yet).
I would also only showed the results for the last five days with a button "more" or "all" to show more days if someone is interested. In a couple weeks, this might be a mess with many row of text that may be not usefull anymore. No need to SHA or Scrypt data if no Stats is available. On main pool page and payout page, show the total number of Nxt pool have generated. This should be a counter update daily at the least. Big number look good...  :D What you plan on this?
Aye, the history earlier than 7 days for the hashrates stuff will be likely rolled out tomorrow.  I'll also have some nice graphs generated on each of the miner pages showing stuff like hashrate versus time, and hashrate versus payout.
I expect to have all of the big features that the site has been lacking up until now completed prior to the weekend, hence why I made this thread. :)

I will see if I can get up a cumulative total on the front page.  I think my 150K estimate might be way too low, haha, I guess in hindsight the pool has been up nearly 4 weeks already. (heck, one miner has mined 47,000 NXT alone and there are several more that are 10,000+ )
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #36 on: April 16, 2014, 05:32:24 am »

The thing I am worried about here is that we are collectively freaking out because BC is being such a success.
I have seen my share for coins ballooning and then crashing viciously and BC may well be the same case.

Nxt's power is in a much different place, although it is true that our trade is becoming diluted.

The problem I see is putting 15% of all the marketing funds into this, where the miners might easily just walk away after they get the spoils.

That money can also be spent on speakers, papers, sites etc, which stay around for a lot longer.

I am still very much undecided on what is the course of wisdom here. I am not against spending money for things that work, but I am on the fence, still.

I promise you Damelon, you will have never seen publicity quite like what this investment will get you. You have my word on that.
I'm gunna have to get to bed because I have to travel with work tomorrow - I'll be at a hotel though tomorrow night with work, so I will get tons of stuff done then. 
I am going to probably get ahold of that PR company tomorrow as well too and start making inquiries as to their turnaround times, etc. I expect they'll need at least a week or so (but who knows nowadays) to help get everything drafted and editted and scheduled and stuff.
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #37 on: April 16, 2014, 08:26:47 am »

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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #38 on: April 16, 2014, 09:02:31 am »

Voting has closed with the following results:

APPROVED: fund 100,000Nxt for PR firm and publicity purposes

APPROVED: fund 15,000Nxt for keeping pool fees at 0% during the promo

NOT APPROVED: fund 300,000Nxt for additional incentives paid as bonuses to miners

Voting thread can be seen here: http://www.damelon.nl/mcforum/index.php?topic=35.0

Edit: I have submitted the details for 115,000 Nxt to be transferred to account 6523077528166477715.
neer.g MAY be away till next week, I just heard! i sincerely hope this will not be a problem.
Let us know if it is, and maybe we can work something out.
« Last Edit: April 16, 2014, 09:08:49 am by Damelon »
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund: PARTIALLY APPROVED
« Reply #39 on: April 16, 2014, 10:35:18 pm »

Thank you all.

I am going to proceed with implementing bonuses eventually, out of my personal pocket.  If anyone is willing to match my donation to that, I will be using this wallet ID to hold funds for the bonuses: 15628004422239219406

I started it off with a 20k donation of my personal NXT, i will also be asking the pool miners to consider donating to it.


I will be coordinating with the PR firm over the next couple of days.
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund: PARTIALLY APPROVED
« Reply #40 on: April 16, 2014, 10:45:26 pm »

Thank you all.

I am going to proceed with implementing bonuses eventually, out of my personal pocket.  If anyone is willing to match my donation to that, I will be using this wallet ID to hold funds for the bonuses: 15628004422239219406

I started it off with a 20k donation of my personal NXT, i will also be asking the pool miners to consider donating to it.


I will be coordinating with the PR firm over the next couple of days.

You might want to ask for more donations in the "general" forum, as that is bound to be more visible.
I sincerely hope the pool will be helped by the donation :)
Let us know if you need more help in other ways.

Edit: also, as I said, our treasurer neer.g told me he possibly will be away until after the weekend. I hope this is not a problem.
I have asked him immediatly after the results were in to transfer the funds, but he may not have seen it yet.
« Last Edit: April 16, 2014, 10:46:59 pm by Damelon »
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund: PARTIALLY APPROVED
« Reply #42 on: April 17, 2014, 07:11:35 am »

pf: you can count with me to help spread the news even more. But remember, Mazacoin also had a massive exposure, but it didn't help much in the long term: http://coinmarketcap.com/mzc_90.html :)
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund: PARTIALLY APPROVED
« Reply #43 on: April 17, 2014, 08:59:00 pm »

Mazacoin was a scam run by a fraudster originally though, look up some of the history of the guy who 'created' that coin and see some of the other scams that he'd run in the monthes leading up to Mazacoin.

It didn't take long for people to figure that out.
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #44 on: April 20, 2014, 05:11:54 am »

Now, the miner personal page is nice. GJ pf!

As a suggestion, maybe sort date from recent to old (Payout History is not ok yet).
I would also only showed the results for the last five days with a button "more" or "all" to show more days if someone is interested. In a couple weeks, this might be a mess with many row of text that may be not usefull anymore. No need to SHA or Scrypt data if no Stats is available. On main pool page and payout page, show the total number of Nxt pool have generated. This should be a counter update daily at the least. Big number look good...  :D What you plan on this?
Sab, how do you like the site currently?  It now displays per user the estimated number of NXT per miner on the hashrates page.  The main page also displays the profitability, I will have graphs showing the pool profitability up tonight still.
Now that I've gotten most of the reporting stuff ironed out, I would like for the MC to possibly reconsider subsidizing some miner bonuses (even if far less than 300,000.  Even 1/10th of that would be more than enough to subsidize a few days worth of bonus' and then they can see if the pool has impacted the price at all and then re-evaluate if they wanted to finance further promotional bonuses).

I would also love for the chance to talk to the MC members via skype or something possibly tomorrow before they decline this request again.  Personally I see this as a chance to bring NXT to the forefront of the crypto scene news again in a way that no other request that I've seen yet in this request forum could possibly do. 
« Last Edit: April 20, 2014, 05:15:47 am by pf »
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund: PARTIALLY APPROVED
« Reply #45 on: April 22, 2014, 01:18:37 pm »


Was CPU coin mining added ?

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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund: PARTIALLY APPROVED
« Reply #46 on: April 22, 2014, 02:30:44 pm »

x11 port was added, if that's what you mean
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Damelon

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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund: PARTIALLY APPROVED
« Reply #47 on: April 22, 2014, 02:33:46 pm »

By the way: did you receive the bounty yet?
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pf

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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund: PARTIALLY APPROVED
« Reply #48 on: April 22, 2014, 06:33:59 pm »

No I have not, I have been paying my expenses out of pocket thus far.
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Fatih87SK

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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund: PARTIALLY APPROVED
« Reply #49 on: April 22, 2014, 06:47:58 pm »

Sent to wrong account number? :p
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Damelon

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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund: PARTIALLY APPROVED
« Reply #50 on: April 22, 2014, 07:08:22 pm »

No I have not, I have been paying my expenses out of pocket thus far.

OK, I've resent the request.
Neer.g is back, so he should have done this tomorrow. :)
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund: PARTIALLY APPROVED
« Reply #51 on: April 24, 2014, 08:43:49 am »

I just saw the bounty has been paid! :)
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund: PARTIALLY APPROVED
« Reply #52 on: April 24, 2014, 09:54:07 pm »

Indeed it has, thank you very much!
I seperated the amount of it that was intended to pay for the site upkeep to a seperate wallet, which I will use to pay for the VPS costs etc.

Thank you very much, I assure you that this was a wise investment!
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund: PARTIALLY APPROVED
« Reply #53 on: April 24, 2014, 10:15:41 pm »

Indeed it has, thank you very much!
I seperated the amount of it that was intended to pay for the site upkeep to a seperate wallet, which I will use to pay for the VPS costs etc.

Thank you very much, I assure you that this was a wise investment!

Looking at the traction this is getting, I call it a success!
Please don't hesitate to let us know if you need anything else!
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund: PARTIALLY APPROVED
« Reply #54 on: April 26, 2014, 03:54:15 am »

Where would be the forum to suggest that the MC might want to invest some of it's NXT into one (or a few) of the new Scrypt miners?
It could be hosted somewhere and would recoup the NXT invested in it fairly quickly (100 MH would be making ~10K NXT per day minimum)
Once it paid for itself, it could be used to help pay for ongoing NXT marketing as opposed to having to wait for donations and stuff to keep the ball rolling....
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Damelon

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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund: PARTIALLY APPROVED
« Reply #55 on: April 27, 2014, 12:22:13 pm »

Where would be the forum to suggest that the MC might want to invest some of it's NXT into one (or a few) of the new Scrypt miners?
It could be hosted somewhere and would recoup the NXT invested in it fairly quickly (100 MH would be making ~10K NXT per day minimum)
Once it paid for itself, it could be used to help pay for ongoing NXT marketing as opposed to having to wait for donations and stuff to keep the ball rolling....

Erm, that would be in thís part, where we are now! :D
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TwinWinNerD

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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund: PARTIALLY APPROVED
« Reply #56 on: April 27, 2014, 04:20:21 pm »

ähm guys?

http://cinnipool.co/

Is this a 100% steal? Is hashrate opensource?

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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund: PARTIALLY APPROVED
« Reply #57 on: April 27, 2014, 04:46:25 pm »

ähm guys?

http://cinnipool.co/

Is this a 100% steal? Is hashrate opensource?
O_o
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Jacinto

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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund: PARTIALLY APPROVED
« Reply #58 on: April 30, 2014, 07:46:10 am »

ähm guys?

http://cinnipool.co/

Is this a 100% steal? Is hashrate opensource?

AFAIK it also belongs to Pf. Both multipools are owned by him.
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund
« Reply #59 on: June 28, 2014, 09:24:13 pm »

The Marketing Committee approved a payment of 115,000Nxt to pf on April 16, 2014:

Voting has closed with the following results:

APPROVED: fund 100,000Nxt for PR firm and publicity purposes

APPROVED: fund 15,000Nxt for keeping pool fees at 0% during the promo

NOT APPROVED: fund 300,000Nxt for additional incentives paid as bonuses to miners

What data can you share regarding the use of the PR firm and the success of the 0% pool fees that were planned?
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pf

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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund: PARTIALLY APPROVED
« Reply #60 on: June 29, 2014, 04:23:58 pm »

I exchanged out 1 BTC for the PR firm back when I first got the payment but didn't wind up using the PR company then.  That BTC has been mostly spent on hosting costs (cloudflare ($20/mo) + ddos mitigation ($15 /mo) + dome9 ($8/mo) + ssd VPSes ($75/mo)  adds up quickly every month, I think I am already nearly $50 overdue again with DigitalOcean).  I then converted out another 1.5 BTC when the price was better to use for the PRWeb.  I still have those, I am just waiting for the pool to continue to operate problem free for a bit longer first.
I have sent out a few smaller payments to some community members who have assisted (I forget the names of all of them but at least one was mrv777)
I also enlisted some assistance with the back end from a web developer who I work with, he is the reason that lots of the charting and stuff actually works recently.
 
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Re: [MC]Hashrate.org NXT Mining Pool Promotional Fund: PARTIALLY APPROVED
« Reply #61 on: September 30, 2014, 09:00:08 am »

what is happening with 100,000 Nxt coins given to you from marketing committee? It was meant to be used for a huge promo campaign, but I didn't notice any.
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