Subnostr

Fwiw. Ocean probably does what’s claimed but there’s a bit of a marketing buzzword salad that doesn’t match reality.

“Transparent” without viewable code.

“Non-custodial” but unclear how they manage small amounts.

Lots of hype but still just another mining pool for horse or elephants. Rabbits might not have enough hash to play nicely.

szarka 2y ago

Pretty clear that it's custodial until the balance reaches the 1m sat payout threshold, though it does look like the dashboard is going to make it more transparent how much they're custodying at any one time, and they could (I assume, will?) have a proof of reserves to match.

It's true, though, that this actually makes them *more* custodial than Nicehash, who has Lightning for withdrawals of much smaller amounts. Hopefully, Ocean will add that eventually…

I think the kind of transparency most of us probably care more about is in building blocks. And, with their support for Stratum V2, I assume there will also be a way for miners to build their own?

Anyway, given who's behind the project, I'm throwing in some of my very modest hash rate and looking forward to seeing whether they get where they say where they want to go.

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Discussion

BITwise 🐳 >>= RIGHTish 2y ago

Yeah I don't think they are quite the solution they aim to be, yet. Lightning integration will be a key factor for most of us pleb miners around the custody issue.

They did mention that they will pay out, at their discretion, low amounts (under the threshhold) if they see a miner hasn't mined in months or whatever. You can also reach out to request early manual payouts. While better than nothing, this is clearly a bandaid fix in a "trust me bro" type situation until lightning is integrated.

average_bitcoiner 2y ago

My issue is with the hype.

It’s not fully transparent. And it’s permissionless but not decentralized.

Fixes some issue but does far less than the buzzword marketing salad would have you think.