I saw and read the manual (thanks), but it doesn't explain why/how PoS determines how long it will take for a reward. On a side note, I restarted my wallet and had a transaction from PoS mining. Could it be a bug that the transactions do not update to wallet unless wallet restarts? Meanwhile, time to next reward is 1 hour (as always). Thats no bug. Thats your staking award. Check the first post here. There is more info about PoS |
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All Magi miners & community, Due to the fact that there is much talk about the bigger miners and the low blockreward i made a special thread focused on these topics. In this way we get a clearer picture of the ideas and possibilities. Think the main issue is clear for everybody. (Because huge miners use huge hashrate the blockreward drops & smaller miners will not receive enough rewards). Feel welcome to post your ideas here and ensures that the posts are constructive contributions. https://bitcointalk.org/index.php?topic=2722175.new#newThanks |
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All Magi miners & community,
Due to the fact that there is much talk about the bigger miners and the low blockreward i made a special thread focused on these topics.
In this way we get a clearer picture of the ideas and possibilities.
Think the main issue is clear for everybody. Because huge miners use huge hashrate the blockreward drops & smaller miners will not receive enough rewards. Feel welcome to post your ideas here and ensures that the posts are constructive contributions.
Thanks
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question slipping through:
any way to see if my magid client (not the qt!) is staking?
i have set the `-posii` flag, but I don't see anything about the staking happening...
can't find any way to see wether it's staking and what my weight it :\
http://telegra.ph/MAGI-PROOF-OF-STAKE-MINTING-MANUAL-01-09 |
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Summary Magi (XMG) is a PoW/PoS hybrid coin (mPoW/mPoS). Magi is designed with difficulty dependent mining reward for proof-of-mining (PoW) blocks in order to put network hashrate under a certain limit. Magi at the first time implements a novel proof-of-staking mechanism, to frustrate potential attack through accumulating a large number of coins and offline staking time (read more..). Magi is at the first concentrating on the low cost in maintaining its block system, for example, through cost effective mining devices. To this end, Magi, aiming at fairness, cost effective and energy efficiency, strives for every single effort to make mining be available to everyone, and provides an even playing field for people looking to issue digital coins without expensive equipment.
mPoW, the magi's proof-of-work (PoW) protocol, in addition to required computational works to be done to deter denial of service attacks, is also a network-dependent rewarding model system. The mPoW rewards participants who solve complicated cryptographical questions not only to validate transactions but also to create new blocks and generate coins. The amout of coins generated are constantly monitored by the mPoW protocol and tuned on the basis of an attraction-repulsion model: 1) incremental rewarding to stimulate network activities during passive mining phase, and 2) decremental rewarding to mitigate redundant mining sources during agressive mining phase. mPoW can effectively govern the magi's network and limit it under a certain scale, enabling the general devices to be capable of mining magi. ++ For details - A network-dependent rewarding system: proof-of-mining
mPoS, the magi's proof-of-stake (PoS) protocol, aims to achieve distributed consensus through operations in addition to mPoW. mPoS is designed such that it rejects potential attacks through accumulating a large amount of coins or offline staking time, either of which leads to security concerns. Similar to mPoW's operation, mPoS is constructed in accordance with the concept of the attraction-repulsion model. Magi hybridizes mPoW with mPoS, and integrate both consensus approaches in order to acquire benefits from the two mechanisms and create a more robust payment system. ++ For details - magi's PoS[/center]
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Thanks for the resume Mimocrokodil. To finish the subject; a nice made picture from dury for the topic - I like you Magi, the weather is good now, praise XMG!  Btw for all mining questions/ issues there will be another thread on this forum, subforum "mining"  |
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Magi is working on guides for newbies, systems OS, Linux & Windows. They will be posted this week here also.
More news will follow!
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I want to give a huge shout out to 111Magic for his help converting LTC to XMG.
I was willing to trust this member enough to send him the LTC and then wait until he converted it to BTC and finally XMG then send me the XMG. He did not ask me for any kind of transaction fee or hold back or anything else. 111Magic did not make any monies at all from this, but he did help me to obtain XMG while the exchanges are being particularly finicky.
Kudos to 111Magic!!!
Its a kind of magic  Well done, as always a gentlemen Thanks & you are welcome |
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Hi,
Is it safe to move my coins from Cryptopia to Windows wallet now?
I'm looking forward to the new updates coming.
I should wait after they updated the wallets |
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Thanks for the quick reply 111magic.
I saw that Cryptopia was having issues. His exchange does not carry XMG or I would have just had him convert it and send it to my wallet. What other options do I have? Is Bitrex the only other exchange? I see ridiculous waiting times to register there.
Yes thats right. Cryptopia also grew huge. Magi sent 8 requests to other different exchanges. Hope to give some positive news about that soon. I don't know if this is still working. But Novaexchange will close in few months. Looks they still have Magi there. Think you can register there also. https://novaexchange.com/market/BTC_XMG/Give it a try For now, Cryptopia won't allow to withdraw Magi... I was expecting to buy some to start staking along with the small amount I'm mining, but guess I will need to trade for a while. Yes we all need to wait there for them to update the wallets. I know the are working very hard to keep up with the huge grow. |
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111Magic, I'm glad you said that. I was starting to think I was doing something wrong.
Works again! |
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I have exceeded my messages for the hour (site rules). I did sign up for slack though.
http://slack.m-core.org/Looks like Slack has some connection issues🙈 |
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If either of those are social media, then no. Actually, no anyway. I am a merchant mariner gone from home for ~9 months a year. I have no social life.
Lol no social life😉 Check dm! |
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Nova Exchange sounds good, but there is no link to register. A Google search for their registration page finds https://novaexchange.com/register/, but that returns a 404 Not Found. It's almost like someone REALLY doesn't want me to own Magi. Hmm i'am thinking about a solution! Do you use telegram or slack? |
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Thanks for the quick reply 111magic.
I saw that Cryptopia was having issues. His exchange does not carry XMG or I would have just had him convert it and send it to my wallet. What other options do I have? Is Bitrex the only other exchange? I see ridiculous waiting times to register there.
Yes thats right. Cryptopia also grew huge. Magi sent 8 requests to other different exchanges. Hope to give some positive news about that soon. I don't know if this is still working. But Novaexchange will close in few months. Looks they still have Magi there. Think you can register there also. https://novaexchange.com/market/BTC_XMG/Give it a try |
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I am new to crypto currency, but I like the idea of Magi. I have 2 unrelated questions. First, my son-in-law has been investing in LiteCoin and did quite well. I want to invest in Magi. Now he needs cash and wants to sell some LiteCoin. This looks like an opportunity for me. Can someone spell out (for dummies) how to best convert his LiteCoin into XMG? My first thought is to DL a LTC wallet, have him send me some LTC (for cash) and then create an account on Cryptopia where I can send from the LTC wallet and receive into my Magi wallet. Is this really that simple? I see where folks are having problems with Cryptopia. Is this still the case? My second question regards solo mining. I get it that solo is not profitable, but this seems like my last chance to try it before solo mining for ANYTHING becomes obsolete. Can someone walk me through what I am looking at in the terminal (still for dummies) and/or debug logs? The terminal is running the linux cmd: ./m-minerd --url http://127.0.0.1:8232 --user XXXX --pass XXXX. It updates several times per second with a hashrate per CPU core (~13.5 khash.sec) but nothing else ever (or not for the 2 days I have been mining). m-wallet console with the command 'getmininginfo' occasionally reports 1 or 2 blocks as 'currentblocktx:2'. Does that mean I found 2 blocks? What must I find to earn any XMG? Am I looking for a whole chain? A certain number of blocks? Is there a way to find the current status/progress toward a solve? A "Solo Mining for Idiots" guide could be most helpful for guys like me. Most newb questions are how to set up or get started. I am computer savvy enough to get it up and running, but not cryptoCurrency savvy enough to know what I am looking at once I do. Thanks. Hi txwooley, Cryptopia would be an option. But.... this is there message for new customers. Due to the extremely high number of registrations that have occurred recently we have paused our registration feature while out team works to make changes in our internal systems to cope with the increased level of traffic our site is experiencing. We apologise for any inconvenence and will resume registrations as soon as we can. Thanks for your patience at this time. ------- So maybe if your son already has an account you can use that to sell ltc & but Magi (XMG). We are working on guides for newbies. We almost finished the linux guide & OS guide. If the linux guide is ready i will send it by direct message to you. |
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Happy New Years all - lets hope for a 2018 as good as 2017 for XMG
Yes. This year (2018) is already beginning and it will be full of surprises and exciting new things for XMG! As it grows in user base, and popularity, it could further rise in value and market cap establishing its presence in the mainstream world. Many altcoins out there promise constant development and exciting features, but none has come up to the point to make mining accessible to anyone in the world like Magi has done. I believe that its unique mining algorithm is its true value proposition and will attract many people who don't have access to ASICs or even high-end GPUs to get started with cryptocurrency mining. Magi is truly one of the (if not the only) most decentralized cryptocurrencies in existence today. As for new features for this year of 2018, I would like to suggest an XMG wallet for Android/iOS devices. That way, people could easily access XMG without the need to use their PC every time. This mobile wallet could have an integrated mining feature to allow users to mine Magi with their phone or tablet's CPU. It will make a major boost towards Magi popularity, if implemented. Anyways, it's just a suggestion as the dev decides what's best for the future of XMG. Together, we could make XMG huge! Thats the spirit Abiky. Thanks for those words. |
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I can't install the wallet on my Windows 10 (x 64). Do I require any other software for it to work?
What kind of error you see/have? |
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Jeremy450,
I would like to respond to this. Magi is meant for ordinary miners. What I am wondering is why big minors keep on mining xmg. If they go for money, there are other coins that gain more money if they use huge miningpower.
So maybe its just an an attempt to disrupt our friendly strong community.
Thats not going to work. Magi community grew huge in the last 3,5 years.
Without offending someone, this is a discussion that has taken place much earlier in this forum. Given the participants in this discussion (many newbies) I can imagine that not everyone is aware of this.
But think you made your point here. Great responses followed from different poolowners. Thats great community spirit
If you ask Magi team what we should stand up & do something about it and its not rocket-science than maybe you should stop with quote some many posts with your own comment & posts how it should be done!
Personal i'am not avoiding your question or remarks. The whole Magi team likes to receive feedback even if it is critical. We all can learn about it. Looking at your latest 15 posts it all about the same subject.
Nobody ever called me blind or said i don't care about the future of Magi. I ask you to look neatly in the mirror and ask yourself what you can do to improve the future for Magi.
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