Cloud hashing auction (Toomim Bros)

Mining
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I have made two changes to the rules. They are currently in italics in the main post.

  1. We will run two parallel auctions. One will be private, one will be public. Both will be for 200 H/s, for 400 H/s total. There will be no fee for private bids any longer.
  2. Accounts must be created more than 4 hours before an auction close time in order to bid. We have to process the accounts manually, and being humans, we’re slow.
1 Like
22

Great changes for the auction…best way to handle both types of bids.

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We have a small backlog in account creation requests right now. I’ll get to them later tonight, and we won’t open the auctions until after the backlog has been cleared. For the moment, we will be concentrating demonstrating evidence of hashrate via the block storm and video as described in our miner development log thread.

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Speaking of the evidence, it’s now posted here:

2 Likes
25

Where is the public auction thread? Looks like deadline is 2 hrs from your stated post time. Thanks,

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@breasal I might be a little late in creating it. I slept a lot today. Hadn’t done much of that in the days before…

It should be up soon. I’m working through the account backlog now. I will also need to write up instructions on the public bid format. I’m guessing about 3 hours total before it’s all ready.

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Another rule change, in italics in the original post:

  1. For private bids, winners will pay the amount they bid rather than the lowest winning bid. Since bidders will have no idea what the lowest winning private bid is without trusting us, it leaves too much room for me to cheat you guys. Whether or not I actually cheat private bidders, I would get accused of it. Better to simply make it impossible.
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Keep it classy, @genesis mining.

3 Likes
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It’s a fake genesis account. Someone is using their own referrer code and fake the name.

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Good to know, thanks. Given that the deadline is Monday 5 pm PDT, it will certainly be a quick turn around for bid posting.

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Added one more rule change, this time regarding refunds:

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Bidding is open. Registered public bidders can bid here:

https://forum.zcashcommunity.com/t/cloud-hashing-auction-1-200-h-s-available-for-3-months/2374

Registered private bidders can bid by emailing orders@toom.im.

1 Like
34

good luck, wish you a successfully auction!
I would prefer fixed pricing as well to be honest as just saves a lot of time for everyone.
How do we know if we have been successfully registered for the public/private auction?

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How do we know if we have been successfully registered for the public/private auction?

By checking your email. I sent you a reply. (I won’t always be fast about it, but I was this time.)

I would prefer fixed pricing as well to be honest as just saves a lot of time for everyone.

We will offer a fixed price option later, based on the results of the auction. The price will be a bit higher than whatever the auction results are. The purpose of the auction is price discovery, and participants in the auction are likely to get a better price in exchange for their time.

1 Like
36

Hi there,
guys i am a newbie in mining. One question please. Sorry for my English in advance, it is not my native language. Afaik, zcash has a slow start within first several weeks. So, this means within the first weeks after launch blocks will be generated within the same time frame, but reward for each block will be very low from the very beginning and increase continuosly. But the total amount of miners connected to the network will presumably also increase with the time, so the total mining power will go higher and higher, which means lower reward for every miner, right? Of course, depending on the hashrate of the equipment of each miner. What i would like to ask is the following: does the said above mean, that mining say 2-3 month after mining launch will be more profitable say at 100 h/s as mining at the very beginning within first weeks? Or considering the increasing total hash-power of the network mining will be or could be less profitable, though the reward for a block is higher than in the very beginning? Just trying to understand, what would be the more wisdom strategy, to buy more hashpower for a short while say 3 months or extend a lower hash power for a longer period say 1-2 years. Thanks for your opinion in advance.

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It is anybody’s guess whether the hashrate and difficulty will increase faster or slower than the reward from slow start. Nobody knows what’s going to be more profitable. It’s a gamble. But hey: no risk, no reward.

2 Likes
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ok i see, thank you very much!

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I sent 2BTC from an exchange and forgot they relay through other addresses.

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Trolloniex, it looks like you didn’t create an account with Toomim Bros. You’re supposed to do that before bidding. Can you please do so?

Either that, or you didn’t tell us your forum name.

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I thought with escrow it wasn’t needed let me do that now.

How do I register or is registering sending the info to email ?

1 Like