Coinlab Disabled

[Rolf 3,563]

Due to failed payments, the Coinlab bitcoin generator functionality has been turned off. You should stop mining bitcoins with the Coinlab client now since you will not receive any coins for it. Pity it didn't work out - it was an interesting idea.

[AlexLong 128]

I'm glad to see it go. As interesting as it may have been and as old and boring as this makes me sound.
As a parent I can see myself being on the wrong end of this system if my kids were to load that power hungry program on to a computer for coins in a game. It wasn't completely legit.

[Druidnature 1,118]

Actually glad to see it gone myself, mainly the same reason as the poster above.

[DanielRHarris 5]

For anyone interested, the reason CoinLab was failing to make payments was because they were sued over a contract agreement.

 

They had agreed to provide 8,000 bitcoins to a company called Bitvestment. When they failed to provide those 8,000 bitcoins (now worth around 2.36 million dollars), Bitvestment sued them. They have now filed for bankruptcy and were ordered by a judge to pay Bitvestment before anyone else.

 

You can read more about it here: http://blogs.wsj.com/moneybeat/2013/11/07/judge-orders-coinlab-to-pay-up-in-bitcoin/

 

And I have to agree with the above posters; I ran the numbers, and it simply did not make sense due to the cost of power consumed by the mining operation. Would only make sense to use, if you were not the one having to pay for the power bills. Happy to see it gone.

Edited November 11, 2013 by DanielRHarris

[silakka 2,360]

Hope something that makes more sense and doesnt trick the young players comes and replaces CoinLab.

[Mystry 20]

Hope something that makes more sense and doesnt trick the young players comes and replaces CoinLab.

I have no idea what that would be. Free(ish) coins are pretty hard to come by as it is without initial investment in the game.

[rosedragon 2,282]

they still have fried my computer -.- .... and ignore my cries of course.

Edited November 11, 2013 by rosedragon

[AlexLong 128]

For anyone interested, the reason CoinLab was failing to make payments was because they were sued over a contract agreement.

 

They had agreed to provide 8,000 bitcoins to a company called Bitvestment. When they failed to provide those 8,000 bitcoins (now worth around 2.36 million dollars), Bitvestment sued them. They have now filed for bankruptcy and were ordered by a judge to pay Bitvestment before anyone else.

 

You can read more about it here: http://blogs.wsj.com/moneybeat/2013/11/07/judge-orders-coinlab-to-pay-up-in-bitcoin/

 

And I have to agree with the above posters; I ran the numbers, and it simply did not make sense due to the cost of power consumed by the mining operation. Would only make sense to use, if you were not the one having to pay for the power bills. Happy to see it gone.

Looks like Karma hit him, He actually tried to sue MtGox a while ago. But that turned out to be filled with holes. Glad coinlab is slowly dying lol.

[Ayes 3,715]

I was always against having Wurm sponsor this program and incorporate it into the game in any way. The discerning person no doubt had avoided using it. Another scam down the drain. Good riddance!

 

=Ayes=

 

[Klaa 4,872]

Aye only made sense economically if you were making use of ur own power-generating and/or were stealing it.

 

Im sure theres people whose situations it could work for; though, very limited.

 

EDIT: bitcoins have been taking alot of hits lately. The most secure public wallet/storage option was cracked a while ago as the worst example.

Edited November 12, 2013 by Klaa

[BrQQQ 2,854]

I was always against having Wurm sponsor this program and incorporate it into the game in any way. The discerning person no doubt had avoided using it. Another scam down the drain. Good riddance!

 

=Ayes=

It was not a scam or anything illegal. It was just not very rewarding for most people, but it was completely legit

[Griffith 362]

Some venues can be legit in the eyes of the law and be complete scams financially and morally.

 

Now let me go try to figure out google ads again.

 

There is a saying in spanish. if you put the goat to watch over the lettuce, the goat will always eat the lettuce.

Edited November 12, 2013 by Griffith

[BrQQQ 2,854]

Some venues can be legit in the eyes of the law and be complete scams financially and morally.

 

Now let me go try to figure out google ads again.

But this was not... this was just bitcoin mining rewarding you with silver instead of bitcoins. Bitcoins or bitcoin mining are both very popular things and are far from anything scam related.

The cost/reward just depends on your system and electricity bill. There are many situations where bitcoin mining can be profitable.

One other thing is that this was also just an alternative way of getting money

[Alec 727]

Another shaddy business less.

 

 

Thats good.

[AlexLong 128]

Edit. Cant be bothered.

Just glad to see it gone

 

Edited November 12, 2013 by AlexLong

[Sklo:D 2,210]

I think coinlab was more trustable than this super rewards company is...

 

 

Rolf pls add paysafecard

Edited November 12, 2013 by Sklo:D

[Karthannar 130]

I used it for a couple of days, I pay a flat rate for electricity (as in I pay X amount of dollars regardless if I use zero electricity or 1.21 gigawatts) so that wasn't an issue for me. However the small amount I made over those two days in my opinion wasn't worth the extra wear on my video card.

 

Not surprised to see this going away.

Edited November 13, 2013 by Karthannar

[DeletingVirus 9]

You guys that dis bitcoin because criminals use it should realize the US dollar is used more in criminal activity then bitcoin.  Also all coin transactions are public so someone who wants to track a coin could see its full transaction history.  Doing bitcoin mining not very profitable because how difficult the algorithm is now.  It's good for doing online transactions or sending money quickly to people.  If you want to do any kind of coin mining look into the other crypto coins as the difficulty and price are reasonable for those who want to just sell coins.

[Judicator 539]

You guys that dis bitcoin because criminals use it should realize the US dollar is used more in criminal activity then bitcoin.  Also all coin transactions are public so someone who wants to track a coin could see its full transaction history.  Doing bitcoin mining not very profitable because how difficult the algorithm is now.  It's good for doing online transactions or sending money quickly to people.  If you want to do any kind of coin mining look into the other crypto coins as the difficulty and price are reasonable for those who want to just sell coins.

 

I agree with that, there is nothing wrong with bitcoins. But the companies hosting programs like this are still greedy ripoffs, a bit like those CASH FOR GOLD companies you sometimes see on tv. You mine bitcoins for them and they give you maybe 10% of the value back, keeping 90% of the value.

[Hussars 511]

[never mind, don't care]

Edited November 13, 2013 by Hussars

[Odi 0]

I agree with that, there is nothing wrong with bitcoins. But the companies hosting programs like this are still greedy ripoffs, a bit like those CASH FOR GOLD companies you sometimes see on tv. You mine bitcoins for them and they give you maybe 10% of the value back, keeping 90% of the value.

 

Actually, Coinlab was legit and giving about 90% of the proceeds of mining (with 10% for them for hosting and conversion, compared to 1-5% for other pools' hosting).  I learned about Wurm from the bitcointalk forum in April 2013, and I made over 2.4g with my mining hardware before they became obsolete because of specially designed hardware.  However, being smart about my power usage, I had stopped my video card mining in May, only using FPGA's to mine (40W for the equivalent mining power of a 6990)

 

In fact, I was contemplating buying some USB miners that sip power with bitcoins (2.5W for the equivalent mining power of 2 7990s) in order to keep generating silver with coinlab.  I held off because I figured coinlab was supposed to be focusing on finding better paying GPU work, as opposed to becoming just a convenient bitcoin -> silver converter.  And now I'm glad I held off, after finding out about these failed payments.  I guess that $500k venture capital into coinlab has just fizzled.

 

For anyone who cares

 

Payout Rate: 0.08387182 Iron per share as per http://pool.coinlab.com/partners/wurm/stats

Bitcoin Difficulty: 510,929,738 (average number of shares to produce a block)

Bitcoins per block: 25

Euro per bitcoin: 300 as of this post

Euro per silver: 1.6

Copper per silver: 100

Iron per copper: 100

1 / 510929738 * 25 * 300 / 1.6 * 100 * 100 = 0.091744513

.08387182 / .091744513 = 91.4%

[Nightmarefourk 0]

So i can still use bitcoin miner for this game?

 

If yes?

Where can i download the client and how to start?

[ago 470]

So i can still use bitcoin miner for this game?

no

[Bitcoin 3]

If you want to mine Bitcoins at any respectable rate, you need an ASIC miner. Those will cost several thousand dollars and by the time your order is delivered, it will most likely be obsolete hardware as hashing power increases and minting difficulty gets harder. If you want Bitcoins, you are best off just buying them. Don't bother mining.

 

You can still mine for alt coins like Litecoin with your GPU or Protoshares with your CPU. I'm sitting on a small fortune of all those coins and day trade them for a nice profit. As for Bitcoins, I just buy a fair amount everyday and ride the wave.