Pool.bitcoin.com: Let's talk split contingency

[GreyWyvern]

There's been increasing worry that while more than 80% of miners are signalling for SegWit2x, the percentage which will actually support the UASF will be far lower. Of course it's only hearsay right now, but what if... ?

I currently have two cloud mining contracts at Pool.bitcoin.com which are scheduled to end far beyond August 1st. They seemed like good deals at the time (and they still technically are), but if the soft fork turns into a full on split, that could be a potential disaster for me and everyone else who currently has contracts.

If a split occurs, bitcoin's current $38 billion market cap is going to split between two separate coins. This means that whichever chain is longest, the one pool.bitcoin.com will continue to mine will definitely lose a significant chunk of value in a very short time. I have three very big concerns about this.

1) In the case of a split, will I be able to get at the coins from the secondary blockchain, the one that pool.bitcoin.com doesn't end up mining?

2) If we end up with two coins, they will both be of lesser value than bitcoin currently. On the blockchain that pool.bitcoin.com continues to mine, the loss of value will perhaps be enough that Current Daily Return will fall below the Daily Fee and my contract will be canceled MONTHS early. I will lose 60% of the BTC I invested if this happens. Does the pool have plans in place to pro-rate plans and fees to mitigate or even overcome this if it should happen?

3) Pool.bitcoin.com will continue to mine the longest and strongest blockchain, but what if it turns out to be the wrong one after a time? What if the secondary chain, originally much weaker with much less hashpower behind it, eventually regains the trust of the miners and becomes the dominant chain? Will the pool switch? At that point, what becomes of my coins?

In essence, does the pool have a detailed plan in place to store two kinds of BTC in case of a hard fork? What reassurances can you offer those who've bought cloud mining contracts that a hard fork won't make their significant investments go POOF?

[GreyWyvern]

Any responses to this from the pool.bitcoin.com team?

[Sirslicey]

I suppose we'll find out one way or another. I would like to know how these scenarios would affect our contracts as well. What about mining difficulty, what influences a lowered mining difficulty? Would the BTC current daily returns jump from a hard fork?

[sev]

This is the risk we take when purchasing cloud mining contracts... I'm in the same boat, I will be losing a significant portion of my investment.

I don't expect much, other than contracts to just expire after they are no longer profitable for 7 days.

Just tossing this out there in case someone hasn't listened. Roger mentioned here, that the pool will most likely follow nChain's pool.

[carlog12345]

I still have BTC on my dashboard. In case worst scenario that the daily fee is higher than the mined BTC for more than a 7 days. Can we pay thie daily fee through BTC stored on the dashboard or can we send BTC fee of $1.40 to Bitcoin address to avoid cancellation of contract ? I think the low price of BTC is only temporary.

[GreyWyvern]

I mean, this is coming closer every day. It's not very reassuring that there isn't even a superficial plan in place to deal with what might happen on Aug 1st to protect those who have placed there investments and trust in pool.bitcoin.com.

[Sirslicey]

Looks like they have changed the contracts so that they end after 60 days of unprofitably instead of 7, which is great. But does that affect all existing contracts or only new ones?

[GreyWyvern]

I just changed the unprofitable days limit from 7 days to 60 days.

In order for a contract to end, the daily fees need to be equal or higher than revenue for 60 consecutive days.

I will have to update this in my tool. Although it shouldn't really make too much difference to the final estimations; the tool doesn't account for wild fluctuations in value.

Bitcoin.com will be supporting the NYA, but since the hash rate belongs to the customers, we will do our best to give you options of what to mine on.
Hopefully we can have everything ready in time.

zowki or Roger, if there is a USHF and BCC gets created, will those of us with BTC earnings being held by pool.bitcoin.com have eventual access to both coins, or do you recommend withdrawing them to a private wallet?

Can we get some guidance on this topic? Like many others I've made a significant investment in the pool. I just want some real talk on your plans, thanks!

[Fremont]

It might be best to post the above questions in the main Pool thread, GreyWyvern - I know zowki only checks that thread and I'm sure it's something that would be of interest to other posters in that thread also.

[rogerver]

Hi everyone,
I just stumbled across this thread now.
I'll try to answer all the questions from the initial post:

1. Please withdraw all of your coins from pool.bitcoin.com We don't want to be used as a wallet. If you want a wallet, please download ours here.

2. Not sure. Our plan is just to sell SHA-256 hash rate and let the users mine whatever they want with that. We plan to have mining support for any SHA-256 coins with reasonable support.

3. Users will be able to select what they want to mine. The default coin for the pool will likely be whatever one has the most support.

[GreyWyvern]

Hey Roger, thanks for the answers, although I'm still a bit worried about my contracts being canceled if BCC takes a significant amount of value away from BTC.

1. Please withdraw all of your coins from pool.bitcoin.com We don't want to be used as a wallet. If you want a wallet, please download ours here.

I know you can't predict the future, but when would you recommend doing this? I was thinking of withdrawing everything at once on Jul 30th. But I don't want to get stuck in the rush. You think that's early enough?

[rogerver]

We aren't looking for every last excuse to cancel our customer's contracts, so if mining one version of Bitcoin becomes unprofitable we are more than happy to let our customers switch to another version that is profitable. In fact, we are happy to let you guys bounce back and fourth between different versions of SHA256 coins as much as you would like.

Depending on how big your mining operation is, you may want to consider enabling the automatic withdrawals each day.

[Neoclassical]

Well...the split happened...looks like it wasn't much of an issue?