Any news about the bounties for the translators ?
Do you send your address to 111magic? we will issue the translation bounties as we posted sometime ago, the same amount. |
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sry i mean Make a cap, stop pay block found, i cant belive they use cpu...
if u belive in u coin ofc...
gl.
I am about to make a long post about this  , take care of that then |
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Someone else who can't login at http://magi.nonce-pool.com  I made account yesterday, mined for 20 hours... And today I can't login, it simply refuses my login , tried to reset password - says that " Unable to send mail to your address "  Same here I smell a rip off... my miners also stoped working Probably issue with the stratum, don't worry, nonce-pool is very dedicated to their work, they just updated minerd source code with improving performance. |
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Top 25 Blockfinder Rank Username Blocks Coins Generated 1 anonymous 56 3,062 2 MagiSimpson 32 2,663 3 anonymous 9 879 4 test 8 532 5 szy4483p157 6 156 6 bearishtrader 6 426 Ok i find 2 of this, is from CHINA and they are DEV.... Sam, they go 192.000k, in 12h x10 STOP POW NOW|!!!!!! Hi, what do you mean stop PoW? |
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Someone else who can't login at http://magi.nonce-pool.com I made account yesterday, mined for 20 hours... And today I can't login, it simply refuses my login , tried to reset password - says that " Unable to send mail to your address " I just login, no issue. You can pm nonce-pool. |
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Joe, I have been doing some further testing and I now concur with you that the value for netmhashps seems to be accurate. The networkkhashps is not. Based on that, and using an Amazon AWS 8-core instance at ~62 khash/s as a reference, this equates to approximately 12500 cores running on the network. It's likely that the top few miners on suprnova are using AWS instances, between 100-250 instances to give 6-15 MH. Assuming they are using spot rates of 0.065c per hour, and with a return of approx 500 XMG / MH / day (3000 coins a day for 6MH) ,and a BTC price of $420, the break-even selling price would be approximately 0.00012 XMG/BTC. With buys on cryptoine significantly below this, and with little volume anyway, this is not even close to being profitable to mine with rented hardware. This is a positive thing in some respects, but as soon as these miners realise this and drop out, difficulty will drop significantly and so will rewards. The coin distribution rate overall should not be affected as the diff/reward ratio is linear, but this reinforces my point that I posted yesterday that the diff/reward ratio is too low to support the desired mint rate. You're not going to get to 500/block because diff wont rise enough because not enough miners will join the network using VPS's as it is not profitable Anyway, thought you would want some further feedback. Paul, thanks for the info. I think the scheduled test may not be necessary; I've been reviewing people's hash rate too and some of my data, all seem to be reasonably consistent. I agree with you about the block rewards too low. Since pool mining is up and running, we now can fulfill the plan increasing mining rewards, while with some smart thinking before simply increasing the rewards. @miners, should small or big miners be excited about this news? Let's see; however, this is absolutely good news to pool owners. |
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@joelao95
How you define "mining involvement"?
will take time to post. |
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XMG Hello friends, Out of interest and because I can not mine at the moment (too busy with XMG marketing plans) the following: Everything works at the moment? Windows, Linux and Ubuntu? How many miners are currently working? I have read a number of ideas in the thread regarding the future plans for XMG. If there are from more good ideas from the community ideas let me know. Send me a PM or post it in the thread. FYI the current price of XMG is pretty stable. Advice do not sell to low. (unless you really need it) More information will follow. Thanks for handling the marketing... I am already inclined to help grow as I have setup a network of ads from friends in my network who can advertise heavily throughout the industry. It isn't in full course advertising yet, however, it is dependent on this community working together. Twitter, reddit, facebook, and external sites that get traffic, should help the growth of magi, not only via bitcointalk, but we must bring in more. I would like to see 100,000 views in this thread before the end of the month. I think its realistic. Yes, Windows and Linux. I also have someone looking at a MAC compilation for this coin. I think if we can setup proper marketing structures, bringing in traffic will help with the growth of the exchange rate. Investors love coins with solid communities like this... and they are more inclined to help provide liquidity. Those are good words Sam. 100,000 views is feasible. Now mining is stable the time has come to invest in promotions and marketing. Especially if we want Magicoin XMG going to get a special status within the world of Altcoins. That only ones who can do that, are we with each other. There are already several ideas. For example, a private Magicoin forum. Containing various topics and private marketplace. Apps for smartphones, games, videos, shops were you can pay with XMG so on and on. Good ideas or help are always welcome.
I'm still working on the pool to get it to support the network In the mean time, I came up with this to help spread magi around  Video link: https://www.youtube.com/watch?v=W71FVD6YWM8 (2:04) Special Thanks to developers of Coin Magi for giving us an opportunity of fair mining! Credits go to my team who helped me make this video possible with their editing. Please let me know what you all think, Magi community This is very nice, Sam, added to OP. |
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OMG, don't know how those guys are doing it but some of us have barely a few coins to show for 3 days mining. Need to take the "fair distribution" bit off the headline LOL.
I freely admit I am new to this cryptocurrency business but it seems to me the 'fairest' way to distribute coins to the most people (thus getting more market penetration) would be to reward based on mining involvement rather than hashing power otherwise someone is going to use their financial leverage to get richer (via renting server groups/ botnet /whatever).
i.e. have a simple algo that does not require much power and basically slice the coins up by the amount of time people mined rather than the computing power they mined with ? Would have to come up with some pre-registration account/IP address system to prevent mass account creation but that way 2 people would get roughly the same amount of coin if they mined for the same amount of time and there would not be such a waste of energy resources running server farms?
Am sure someone will point out to me that there are loads of holes in my suggestion, but surely there is a way to 'beat the bots' :-)
This catches my eye. Simply take a look my posts with some analysis (give me sometime to prepare), and comment if that would be mining involvement. I like this anyway. it seems to me the 'fairest' way to distribute coins to the most people (thus getting more market penetration) would be to reward based on mining involvement rather than hashing power |
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Ok guys, I understand your concern, if you are a big cpu miners, just don't put all your hashing power into the coin; more people joining the mining is more desirable than a single person who has most of the power.
dev, the problem you think is not a mining problem , it's a economic problem, ppl comes for profit, ppl go away for more profit, maybe you should create a system like PTS, BTSX, ppl just buy the share for profit, not mining,, but i think it's the same thing, ppl pay more fees to rent more efficent CPU , so they should get more profit, it's reasonable. i don't know what do you want , if you really want to help more ppl, you could just give your money to them but not ask them to play a hardwork game, if a man is poor and he don't want to work hard, what would you think? is that man's fault ? or your fault? maybe the only thing we could do is working harder, as for this coin, maybe we should do more hard work, eg. make more application for this coin and more cooperation with more business, just like the bitcoin did aloney, I agree with you maybe we should do more hard work, eg. make more application for this coin and more cooperation with more business, just like the bitcoin did , and this is completely reasonable ppl pay more fees to rent more efficent CPU , so they should get more profit . While we are talking about this initial coin distribution stage, I have been thinking of any I can do as to decentralization (well it quite depends). That's the reason I decided the mode of block rewards-difficulty dependence. Simply the following situation is what I want to see (numbers are just example): quite good all 1000 miner in the same hash level acceptable 1000 miner with few big miners and try to avoid 100 miners with few big miners I will post the idea behind the block reward. You guys judge that. I don't want give impression I hate high hash. |
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Ok guys, I understand your concern, if you are a big cpu miners, just don't put all your hashing power into the coin; more people joining the mining is more desirable than a single person who has most of the power.
Let's be clear there are two concerns and these are :- 1) There may be people mining with GPU's and this coin was supposed to be CPU only as per OP. 2) The hash rate is above what the developer / owner wants High hash rate is pretty okay to me, but not few persons own most of high hash rate, or gpu miners own these high hash; I guess this is also what people thinking. p.s., if there are a gpu miner available, I don't expect many people use that yet. |
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Ok guys, I understand your concern, if you are a big cpu miners, just don't put all your hashing power into the coin; more people joining the mining is more desirable than a single person who has most of the power.
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Wat ?! You don't want high hashrate ?! Well we can also just put a hardlimit per user on the pools like with RevoCoin, LimiCoin etc.. But how does it makes sense to fork/change algo of the coin as soon as it is accepted and people mining it ? Thats like you change the recipe of Coca Cola as soon as people like it and drink it Care attention the possibility of existing GPU miners as people suspected, won't hashing rocketing be sign of gpu? that's most people's concern. |
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Ok, here is a one parameter, the optimum diff where gets maximum block rewards, which is not designed well at the beginning (basically selected based on M7, obviously we're not on M7 now), since we don't have fist-hand data regarding M7M. Now I think we could tweak this value a little bit to make it fit into the algo and the community much better. That's basically what I am thinking.
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There is a simple solution now.
Close the pools by forking and regroup.
We will support you!!
Hard decision but good luck.
People can easily make a pool.  |
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[Urgent]
We are on red alert; the network hash rate has rocketed up to 180MHs, twice of yesterday hash. If you're running many cpu miners or you're using Amazon AWS cpu miners, please let me know. You can make a newbie account and post a message here. We NEED to suppress this abnormal network behavior ASAP. PLEASE keep an eye on this thread; we may release wallets for a hard fork as soon as we can. I will propose an approach to deal with this situation, all please look through and comment what you think.
Please be attention, so far 36,632 XMG are mined, and we are targeting at > 5000,000 XMG minted during PoW-I.
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can someone re-upload 32bit new miner?
magi_miner file?
minerd -a m7mhash -o stratum+tcp...
Updated the OP with download links (CPU miner section) and instructions to run pool mining minerd (Run minerd under how-to); let me know if you're unsuccessful by following the guide. |
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I have the following problems with the vps description:
The command : cd ~/.magi does not work : no such file or directory.
The commands: cd ~/magi/src ./magi & do not work : no such file or directory
The command : ./autogen.sh does not work : aclocal: not found
etc, etc.
Anybody can help?
Hope you have followed the instructions here: https://bitcointalk.org/index.php?topic=735170.msg8800103#msg8800103The command : cd ~/.magi does not work mkdir ~/.magi (to create a folder, then you can cd ~/.magi) The commands: cd ~/magi/src ./magi & do not work : no such file or directoryThis means you don't have source code downloaded yet. Again follow the above link, post if you have further questions. |
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Sadly I don't think XMG coin is going to work for us 'little guys'. I have only mined 15 XMG (starting 2 hours after launch) using Windows wallet on an i3.
Reading about the way it was going to be non-GPU and fair for people without expensive rigs or botnets got me excited and encouraged me to try mining for the first time, but as we can see some people seem to have already figured a way around this just before the big rewards come in.
Such a shame as community seems great. I will watch dev commments closely in next few hours to see if any resolution to these problems otherwise I think you are going to lose your intended miners to the usual whales.
Firstly thanks for mining XMG. I've been thinking about this issue all the time since noticed big hash came into net yesterday; even without the GPU issues, MHps big miners are a concern. Look for my posts later today (night EST); I may have something to (partially) solve the concern. |
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