DedicatedPool - "We are not a bank" - Bye coins

W

wand3r3r

Limp Gawd
Joined
Dec 17, 2011
Messages
422
I started with Blackcoin for a short time on release. I didn't even notice the change to POS until after the fact. I left my coins in the pool since I thought I'll transfer them to an exchange if they even make it to an exchange. I thought I'll start avoiding installing all of these new coins wallets if possible since there have been attempts to put malware in them etc.

I was traveling for a while and when I tried to get back into the pool again they had a notification.

Blackcoin can no longer be mined by PoW. It is only PoS now. You should mine another coin on our site like Zeit, Mint, etc. Please see the Blackcoin thread for more information
The one week you had to withdraw your coins is up. Wallet is now offline. We are not a bank.
Click to expand...

DEDICATEDPOOL => I will avoid them
You may want to avoid them. Apparently they grabbed everyone's coins and sold them, at least those who didn't cash out within a week. I didn't see any notifications when mining, they apparently decided to make a few $ this way.

I didn't lose much at all, I just noticed when Blackcoin was skyrocketing and tried to get the coins.

Normally I would make a local wallet and immediately send them there. This is the only time I didn't and initially I thought it wasn't going anywhere (plus I didn't know mining was so short). This happened to be one of the few coins which actually went somewhere.

I just want to name them here, primarily due to my unawareness of the whole plan. I don't recall if I switched to another new coin that same day or why I quit BC but either way I had no idea that dedicated pool was going anywhere.

I will admit that I should have read more about the mining -> turning into PoW, since I missed that initially. In the end I don't care too much, but the principle is annoying to me since I didn't notice any info about going offline soon. The whole mining to offline may have been over a couple-few weeks, however I was traveling etc. and not following it and it was very quick when you don't expect it. I'm just glad I didn't sit on it any longer.

I emailed them and they just replied with an arrogant email about not being a bank. Well, I will avoid them and name and shame them.
 
And again will people NOT learn, do not leave coins online in a pool, transfer them out as you said you normally do.

Seems more and more of these pools are total scams looking for ways to take people's coins and sell them off.

You can move them back when you want to trade.......

i am a total n00b with mining but as soon as i started on RIC / Riecoin - i set it to auto transfer out every 10 coins, now i have it on every 5...
 
Yeah, if I would have had anything of value I would have transferred it out and I've always setup auto-payout. I've seen a lot of people burned, this was just a "very minor" annoyance and more-so an announcement to others that this too can happen. I didn't lose much at all, if it had been anything worthy of value I would have transferred it out immediately after mining.

It's just ironic that it's quadrupled in value. In hindsight I should have stuck with it. :p
 
For sure, most pool operators likely have some inside info somewhere knowing when shit can go big, but also they have a lot to operate.

Running a pool is no easy task, and now toss in that most big pools are DDoS's every single day, it is expensive to run.

This pool they just sound like pricks.
 
I mined BC there, and just like every other pool they have a signup page with a TOS agreement. Whether or not thats applicable here is irrelevant. For lack of a better analogy, that makes them like an employer to me. They provide a pool where I perform work at, they pay me based upon how much work I put in, and when they pay me they leave my money on the table. I can take it whenever id like or I can choose to have them mail it out at certain intervals. I'd personally choose the former vs the latter.

These pools are a dime a dozen, they are not bound by any legal entity, they're not FDIC insured and you're performing work on their terms, not yours. I have found the majority of pools out there are overwhelmingly honest and forthcoming about how they operate. If you stay on top of your work and manage your payments you are incredibly unlikely to experience issues.
 
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