Coming soon   |
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official launch of the Magi Android app on Friday, November 13th, 2015  Few days to go!!! |
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Important message: The POM rewards are being paid to the wallet-address i received from the Pools.
patiently awaits reward Just send you a pm. |
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Important message: The POM rewards are being paid to the wallet-address i received from the Pools.
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Lol yes nice day/date right!  |
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when have Android's wallet?
You can import walletaddresses in the app and check balances! |
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Awesome detailed post joelao95, thanks for taking the time to explain some of the issues we face and how changing one thing could affect other things. I especially love the idea of a super miner running on solar - that would be a massive game changer for the industry, heck, even a mini miner on solar would be big! After reading all of this information, I wonder if goldlabel's point below would actually be the ideal solution? So much to consider, will have to think on this some more. just a idea, cant the block reward react quicker, so the big miners dont have the change to get alot of coins in a sort time?  I agree, that would be an easy way to limit big miners capacity really quickly, and (hopefully) make it difficult for them to find a workaround - so long as its technically feasible to tweak the algorithm in that way. I don't know if this is possible. Have to wait for an answer from our dev! |
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Think it depends on the costs you have for power. At the moment Magi has a value of €0.0159 = 1 XMG. So for some it gives profit. But only if you sell them. Maybe with little patience the profit will be a lot higher!  Great. Thanks for sharing your opinion. Even though, it is still fun to mine Magi with my CPU. All of my mined XMG are kept safe in a paper wallet for future use. Perhaps, the price would be higher by then. So now it is the perfect time to mine or buy more Magi as the price right now is dirt cheap. That's nice to hear you are using the Magi paper wallet. |
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I am keen to implement a solar powered miner and make zero mining cost; this is one of the reasons we need PoW and would be great to reach more people Dev, that's are really long post. I need to read this a few times. The line above I do like very much. I also think its a very good sign you as Magi dev are this active. It's good to share your ideas and tell what can be done and what can't be done. Besides the mining part we all need to help Magi with more merchants, services, games, articles, blog and promotions. Magi has grow to big and if we all would like to see Magi grow more and more should all help with this part. Looking at other alts Magi is doing awesome but Magi has the potential to grow even bigger. Let's all forget about the value and work together. In the future this will have a positive effect on the value. There is a huge knowlegde in the Magi community. Combine those and Magi will be the next generation digital currency for sure. |
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Think it depends on the costs you have for power. At the moment Magi has a value of €0.0159 = 1 XMG. So for some it gives profit. But only if you sell them. Maybe with little patience the profit will be a lot higher! |
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Coin of the Magi, unique next generation currency for people everywhere! Coin Magi (XMG) is an online payment system, enabling instant payments to anyone in the world without needing an intermediary.
With Coin Magi, anyone in the world can issue digital coins through their personal computers and a software-based minting process. Coin Magi removes the competitive nature of minting and offers an even playing field for anyone looking to issue currencies without expensive equipment. Coin Magi distinguishes itself from other counter parties by its fairness, cost effective and energy efficiency in maintaining the operation of the system. PROOF OF WORK – POW
M7M (v2) hash function – only CPU mining
Iterative sequential algorithm and numerical computation operating through GMP floating points to disable parallel implementation
Block time: 3 minutes
MagiQuantumWave (MQW) difficulty adjustment per block
A new difficulty dependent block rewarding system to disable large mining farms PROOF OF STAKE II – POS-II
New staking mechanism PoS-II
Transaction dependent coin age; minimum coin age: 2 hours
Maximum coin age : see following explanation
Network weight dependent interest rate, maximum 5%;
Block time: 1.5 minutes;
Block hash: SHA256;
Maturity: 120 MAGI WALLETS WEBSITE:  MagiPay Standalone Payment Gateway for Coin Magi
_______________________________________________________________________________ _______________________________________________ MAGI MINING Magi is designed to be energy efficient on the whole, through a variety of dynamic adjustment mechanisms as well as its focus on the CPU mining. The general design concept is to reduce energy consumption during PoW. The use of hybrid PoW/PoS in the meantime secures the network.
Mine Magi with your computer. New in Crypto? Pools |
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Wow. Nice posts Lightsplasher and 24core.
I will check the list also and give my opinion about it.
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official launch of the Magi Android app on Friday, November 13th, 2015  |
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Hey 111magic, any update on payouts for PoM2?
Thanks.
Hmm thought I saw your address passed by today during the payouts. Check wallet pls. Yup, got it. Got it too, thanks Magic and team. Your welcome all. If you did not receive any coins yet don't worry. I will do payouts everyday because its a long list. So for some it will take few days longer. |
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Hey 111magic, any update on payouts for PoM2?
Thanks.
Hmm thought I saw your address passed by today during the payouts. Check wallet pls. |
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i withdrawed 6 hours ago and it took not very long.
well ok, it was not much, only 0.04btc.
the btc withdrawal is completed, it took almost 36 hours. Oef.... Thats good to hear amigo. It takes to much time but its nice Cryptsy gives you your coins! |
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Magi heeft in de korte periode al 35 stemmen. + een aantal newbie stemmen. Dat gaat goed. Het doel is binnen de top 5 te komen in een korte periode! Help Magi met meer stemmen! Magi staat inmiddels op de vierde plek! Op dit moment is de Magi community druk in gesprek over welke verbeteringen Magi moet gaan uitvoeren. En er is een nieuwe pool: https://magipi.tk/@magipi_poolSpeciaal voor de Pi! |
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if you want large miner POW frustration, I'll give it to you:
you should kill pools, rework magi daemon to accept up to 250Kh/s - roughly three i7 CPUs
centralization is bad for any coin, the more miners mine solo, more good for the network, the more miners mine at single pool the less secure is network, then we have botnet, botnet is bad and good, it's bad for POW miners as they get less for same Watt/hour invested, but it's good for POS miners as they purchase those POW blocks @ bellow cost Watt/hour(price they pay is less than if they payed for electricity to POW those blocks)
POW miners will either have to adapt or leave, I was POW @ bitcoin, then I adapted to mine scrypt and convert to/buy bitcoins, then adapted to mine x11 and convert to/buy bitcoins and at last I left, but I still have/use it!
there is a service that converts other coins to magicoin a few pages behind, adapt, use it!
coin was advertised as green, mine when you idle, make it so, kill pools, botnet can't create/manage hundreds of daemons that easily.
What about P2Pool? I'm not very familiar with it, could it help? If you need a local wallet in order to solo mine, it would make it impossible to use other low power devices (as has been discussed before). The problem with requiring an address with no funds or putting a max hash limit in somehow it would be that someone with a very high hashrate could split it between a thousand different addresses and make it appear that they are many small miners. That is why I think the best option is to reduce the PoW reward, and then reimburse small miners through an automatic proof of mining that they can sign up for on the coinmagi.org website, and sign a message in their wallet to verify their address. There needs to be a 1000-2000 XMG minimum to make it expensive for a single miner to sign up a lot of different addesses. The thing that we still need to figure out is how the website will calculate an individuals hashrate. I was thinking that this might be able to be accomplished by having miners set their pool payout to some specific value that would then be seen in the blockchain. Anyone have any ideas for this? I think most pool software can graph out the average hash rate over 24 hours. I think if you just verify that some hashing was done above a certain required minimum that might be enough. I'm wondering about where you would get the funds for PoM payments though if your reducing the PoW reward and have a very low PoS rate. Even with a lower PoW reward there is still the issue of somebody way overpowering things and taking all the limited reward. It is better to me to distribute the funds correctly in the first place than try to fix things afterward with redistribution, hence my idea of mining all the block rewards to a single address to be divided evenly. Yes, in the long run hash limiting might have issues too, perhaps you might need to tie it in somehow to having a requirement for a minimum 1000 – 2000 XMG investment as well but that gets more complex. Some possible voting suggestions: Nothing needs changing
Lets talk about it more
PoS only same rate
PoS only 15%
PoS only 20% with 5 XMG cap
PoS only 50% with 5 XMG cap
Hash limit PoW to solo mining
Mine PoW to a single address
Make adjustments to PoW
Voting is worthless in an oligarchy (Just kidding) 
Good see the different options here. If we could fill this list we could launch a poll and see what the community likes the most. This period will be very important for the future of Magi. During this time Magi would also like to receive some feedback about the app. If you would like to test the app or already tested it send me a pm. |
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