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Bitcoin effectively is the reason I stopped leaving breadcrumbs for Twitter researchers in the future. I read his research and see forum posts from idiots we us
by jcpham2 5y ago
Bitcoin effectively is the reason I stopped leaving breadcrumbs for Twitter researchers in the future. I read his research and see forum posts from idiots we use to laugh at on irc, but I myself participated in the pirate@40 ponzi, as other people did - maybe 47 poor souls if memory serves.
What a lot people can’t seem to grasp about 2012 is Bitcoin miners were flush with Bitcoin and no place to spend it, no place to invest or divest it. So you are bored it’s a nascent market you browse the forum it’s all one big joke anyways- until it’s not anymore. But you are looking for something to do with Bitcoin and you have to possibilities: bitcointalk or #bitcoin-otc of freenode
One of these requires a registered gpg to trade, one is a dang website
So flush with bitcoins We were running Perl pool hopping proxy scripts to game block rewards and jump to deepbit last minute pre next block - boosting profits by 25%. Trendon Shavers aka The Jimmy Buffer PonziMan also ran a mining meta pool gpumax.com where we could buy gpu shares, say 10 million shares of hash power from your 10 buddies running 10 rigs stuffed full of gpus and then you point that at one of the two Bitcoin mining pools that were left paying a Proportional payout scheme instead of PPLNS (pay per last n shares) and take most of the whole pool rewards in a flurry of blocks blocks blocks… kinda like satoshidice except fun - maximizing ROI and exploiting Bitcoin mining pool payouts was kinda neat for awhile
I normally don’t do this, but the comments and citations have me feeling nostalgic and I do enjoy reading u/arcticbull
- Danieru 5y agoCan you explain how the proportional payout is broken? It is not immediately obvious to me how the pool hopping worked. Of course I accept it was broken, I've just never seen an explanation of now. Any explanation of PPLN lasts the historic perspective.
- jcpham2 5y agoEarly on Bitcoin mining pools payed proportional to mining hashpower. Not PPLNS, not PPS, just proportional. Bithopper would basically jump to, or jump away from deepbit( the largest proportional payout pool) on long rounds, long 10 minute blocks. Deepbit and Bitcoin.lc were basically the only two proportional pools you could overwhelm with hashpower, take block rewards from the pool, and damn anyone’s shares or how long they mined there for how many blocks. Others could and should be able to speak to pool hopping but this is why the pools pay the way they do - we exploited the payouts early
- joecool1029 5y agoGetting downvoted by people who weren't there, didn't understand the original community or how it worked, that or they just don't believe you. The community was small, I sold you a laptop at one point in it. It really was all a game in the early days, then it blew up.
- jcpham2 5y agoHi Joe . The Laptop that the UPS truck ran over that I bought for $100 in Bitcoin in 2013 still works. I always get downvoted here because I don’t cite sources :-) The over the counter chat and trade seemed to end around the first big ATH blow up of 2017. The prices got too high and the conversation ended, my friend. I’m still around on libera
- alisonkisk 5y agoWas this comment written by a Markov chain? Subreddit Simulator?
- andruby 5y agoI don’t think so. At least I remember the pool payout “trick”.
- joecool1029 5y agoPeople who do well on IRC often have trouble not rambling on forums. I should know, I'm one of those people. Jcpham is very much a real person talking about real things from the past: https://serajewelks.bitcoin-otc.com/trustgraph.php?source=joecool&dest=jcpham https://serajewelks.bitcoin-otc.com/trustgraph.php?source=jo...
- jcpham2 5y agoA real boy!!!!