Stake Pool Full - How Costly Is It For Noob To Be Locked Out First Pool?

Discussion in 'PoS Pools' started by Scott Briggs, Mar 31, 2016.

  1. 2017/12/15 - Decred v1.1.2 released! → Release Notes  → Downloads
  1. Scott Briggs

    Scott Briggs New Member

    Jan 10, 2016
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    Lawyer
    Bay Area, CA
    Reading this very helpful FAQ at https://forum.decred.org/threads/pos-mining-faq.1305/

    I came across this:

    "3. How much DCR do I get for PoS voting / mining?

    Answer - The current PoS reward is 1.853DCR per vote. The reward will change over time. It will slowly get lower and lower......"

    [emphasis added by me]

    I am a competent beginner. Through very helpful forum posts, I was able to execute both the airdrop and wallet setup successfully. However, with my (very) limited understanding of pc & network security, I feel uncertain attempting Solo POS. (I have the ability to be connected 24/7/365)

    How costly is my hesitancy? Am I losing out on the largest DCR voting rewards that will ever exist in Decred history?? Is there a security risk to jumping in with only minimal network security understanding? (I would rather be patient than have my entire balance stolen).

    However, I fear I could be needlessly delaying due to paralysis by analysis.

    Thank you all in advance for your consideration.
     
  2. adam2312

    adam2312 Jr. Member

    Jan 11, 2016
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    Hi Scott,
    I think you are missing out on the best returns we will ever see, for several reasons discussed elsewhere in the forum and in your post. As it sounds like you and I are of similar competence, I'd recommend you checkout Rohit's post on setting up a free Amazon web server (AWS) account for PoS mining. I found it pretty much a breeze and am earning 20% return per month, which I expect to drop considerably with time. This compares to ~100% per month for those who were able to get in at the 2 DCR stake price less than a couple months ago.

    At $2 per credit using 287 airdrop credits, this doesn't amount to early retirement level income, but may be significant if the value and utility of the credits increases.
     
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  3. Shadowlance

    Shadowlance Full Member

    Jan 9, 2016
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    If you're only using airdrop coins, realistically your risk is 0 since there was no initial investment. If you're worried about network security, there's really only two main vectors for attack:

    1) Someone gets hold of your seed key words, recreates your wallet and transfers your funds out. The simple solution here is to safely store your seed words and don't give them to anyone else.
    2) Someone gets physical or remote access to your machine, finds out where your wallet is running then transfers the funds out. The solution here is to ensure your computer is locked with a good password and has no extra software running that could open a remote connection, or that any remote connections are secured with a strong password. If you're running 24/7 then you're either on a dedicated machine, so there shouldn't be anything else running, or you load Decred into a virtual machine. Also make sure your firewall is blocking all unused ports.

    Even if someone got into your machine, they'd need to know what Decred was and how to use it, which is unlikely.

    As for returns, I purchased some coins as soon as they were released on bleutrade so that plus my airdrop gave me 1280DCR. I've been mining for exactly one month today (lost a few days and about 30 tickets because I was on holiday and forgot I turned my router off) and have voted 209 tickets for a return of 385.87DCR which is a 30% return in one month. Not too bad at all I say.

    As for the mining amount decreasing, yes, it's true that the number of coins you get will decrease over time. However, unlike bitcoin, it will drop slowly but fairly regularly. The number of coins mined per block will decrease by 100/101 (about 1%) every 4 weeks or so. We're currently on the third cycle and the next one will begin in a bit less than two weeks.
     
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  4. Scott Briggs

    Scott Briggs New Member

    Jan 10, 2016
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    Lawyer
    Bay Area, CA
    Thank you very much for pointing me to Rohit's post and the Amazon web server, I will definitely explore this option as soon as possible. Very helpful!
     
  5. Scott Briggs

    Scott Briggs New Member

    Jan 10, 2016
    11
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    Male
    Lawyer
    Bay Area, CA
    Good to know I am probably worrying over nothing! Thank you for the feedback, I look forward to contributing where I can, initially with rational & informed voting. 28% ain't bad at all!! Not too worried about any dollar conversion here either, only exchanging these babies for goods or services farther down the road.
     
  6. Scott Briggs

    Scott Briggs New Member

    Jan 10, 2016
    11
    10
    Male
    Lawyer
    Bay Area, CA
    Thank you for explaining the decrease so specifically. The more I learn about decred, the more I love the architecture of this network relative to the competition. I do have an older, dedicated machine running Linux. I will take the steps to make sure nothing else is running.

    I looked into buying more decred on bleutrade previously, but was unsure of their legitimacy. Very helpful to hear you had a successful experience!
     
  7. Shadowlance

    Shadowlance Full Member

    Jan 9, 2016
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    They're one of the smaller traders but they were ok. DCR is listed on bittrex now, so I'd go with them as there's more liquidity. Whoever you go with I recommend moving your DCR (or any currency) out to your personal wallet as soon as you receive them. That way if the exchange gets hacked (and it happens) your coins won't be affected.
     
  8. adam2312

    adam2312 Jr. Member

    Jan 11, 2016
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    Male
    Seconding Shadowlance's sentiments. I had a good experience with Bleutrade and more recently have moved to Bittrex. The larger volume at Bittrex keeps things moving and seems to decrease the bid/ask spread as well. Loyalty points for Bleutrade though as I believe they were the first to list Decred.
     

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