Hi folks. I just got back online after a temporary absence, so I have a lot to catch up on.

I see there is talk about an updated POS system which sounds interesting. My immediate thought on this is "keep it as simple as possible" for the end user. This whole business of having to send one's coins to oneself every so often is a pain on several levels.

Mobile wallet is a good idea, but having spoken to somebody experienced with mobile devices (quite a few times) I have reservations about staking on the move. Staking is a form of mining which uses energy and we might have issues with heat generation and battery life, particularly with smaller devices.

I have Windows software in the pipeline which gives me a type of "mobile wallet" i.e. I can have the software and blockchain on a memory stick, plug that into any Windows PC that I encounter and be up and running almost straightaway.

I am doing exactly that right now

My current situation means that I am using this often and thus giving it a good testing "in the field". It works well enough but still needs some clunkiness removed, some creases ironed out, a shave and a good haircut before release. I am not sure yet when I will be able to settle into a new place and complete this software, but efforts continue.

I still have some catching up to do on this thread ...

^^ Agreed this is a superb image. That's another one for the Windows Benchmark Utility

A palace? I think that they are reserved for Royalty and Archbishops. I don't qualify on that score lol

I would not mind getting out into the country a bit. Currently in negotiations for a nice modern flat some way outside London where the air is cleaner.

It is no secret that I am from London, United Kingdom

Greetings to all

You may know that I was made temporarily homeless a month ago. The practical upshot of this was that I was unable to complete the Windows software suite/project that I was working on - a self-contained, portable XMG Magi wallet and mining manager - during July as planned. The software is safe and so is all my hardware, but I am still trying to find a new permanent place to live and re-establish myself.

On the plus side, my circumstances have meant that the new software has been thoroughly tested by me "in the field" and the end result will be a better piece of software with all the bugs ironed out.

Hurrah

It is just possible that I will find a new place over the next two weeks or so. I am looking forward to getting back up to speed with everything.

I am a very active member of the XMG Coin Magi community and keep a constant eye on POW mining activity. I have made representations to mining pools on two occasions where suspicious activity has been detected. On both occasions this resulted in the suspicious activity being stopped and the perpetrators banned from the mining pool.

Obviously, even this pro-active monitoring cannot prevent all abuse, but XMG is a hybrid POW/POS coin that resists "50% attack". There is also the unique XMG block reward algorithm that reduces the POW block rewards to near zero if the the coin is being over-mined, so a very large hashrate from a server farm or botnet for example will gain next to nothing in returns. This is the reason why most XMG mining pools now apply a hashrate limit.

Not yet unfortunately Booo!

I see the price of XMG leapt up today Yaaay!

I think you might have spotted XMG just in time! The exchange price seems to have bottomed-out and there is much less for sale now than there was two or three weeks ago. It's buying time. Grab 'em cheap while you can and with the Proof of Interest campaign starting soon, there is all the more reason to have some right this minute.

I think this coin should be worth at least ten times what it is now. I mean at least ten times

Thanks for this. I asked months ago if anybody had a vanitygen for XMG with no replies. Now I can have a play!

Updates:

I have included the new XMG mining pool Minerclaim in the list of pools supported by my Autominer software for Windows. If you are already using this software, run the setup program C:\XMGminer\Setup.bat and choose "Download latest list of mining pools" when prompted on the drop-down menu. This will only take a few seconds and then return to the menu. Choose "Proceed with setup" and continue as usual to complete the setup procedure as required.

I see that this new mining pool could do with some more support right now so if you can switch some hashpower over that would be good

I have recovered all my possessions from the dangerous building that I was housed in previously, but have yet to find a new permanent place to live so it will be some time yet before I am back up to speed with everything. In the meantime, rest assured that I will be looking in from time to time and will offer as much support as I can with the limited resources at my disposal.

You don't get rid of me that easily

I have been monitoring the price of XMG on the exchanges. There seems to be rather less XMG for sale now so I think the price may have bottomed-out. I have some BTC burning a hole in my pocket ...

Love that Magic bike.

Great stuff as always Goldlabel

Due to my current housing crisis, the project is on hold. I am in temporary accomodation and cannot access my machines, since they are in a dangerous building which needs to be made safe. Fortunately, all data and software is backed up and in my possession so I may be able to resume work shortly. I will not be mining for some time though. Also, I cannot provide the data feed for the Windows PoolStats utility right now so apologies for that.

The Mining Mage is under Beta test and is fully functional, but there is still a whole load of support documentation (help files) to be completed.

The Wallet Mage is a long way forward. I have a skeleton framework for handling multiple wallets with ease which only needs a good user interface to pull it all together. I have made it really quick and simple to set up a new wallet for first-time users. I need to work on the wallet backup routines but that is fairly ordinary file management (not rocket science). Once again, the support documentation will take some time, but there is far less to it than the mining side.

The one-click update function will not take much time at all

I have engineered the software so that the whole package can be stored on a USB memory stick if required. This particular feature has already proved its worth to me directly. I can plug my USB memory stick into any Windows pc (XP and upwards) and have any one of my XMG wallets up and running within minutes. If I disable any anti-virus software, I can mine XMG too

Normal service will be resumed as soon as possible. Please bear with me during this difficult time.

I do not know if anybody has compiled one yet. What worries me is power consumption and heat dissipation, so while an Android miner should be possible in theory at least, I am not sure about the practicality of it. There would also be the user interface to consider.

^^ Well said mate.

The unique XMG block reward system takes some getting used to, but I see it as a model that could be adopted by many cryptocurrencies in future. In this recent hot weather here in London, I have actually been rather relieved when the SweetSpot limiting kicks in because it means less heat generated in my "office". It was 33 degrees C in here a moment ago with everything running at max power, but the block rewards fell to 2 XMG (oh I wonder why that was) and things are cooling down.

Expect the block rewards to increase again in about 10 hours time, if the previous pattern is repeated.

It is certainly true that the maximum XMG block reward will reduce over the years to come and eventually it will become zero, at which point all POW miners of all types become "useless". That is a principle common to many cryptocoins. That is many years away though.

You are still wrong about the rest of it though and have not quite got your head around it yet. If people were focused on earning more money from XMG, they would reduce their hashrate (and we are only talking about those miners with excessive hashrates here). I have published the illustration often enough. The trouble is that people have this "Bitcoin" mindset where hashing harder means more beer. That simply does not apply to XMG. If you hash too hard, you kill it for yourself as well as everybody else. No beer for me, no beer for you either.

Well actually that is not strictly true because I can still get beer with Proof-of-Stake.

I would welcome that. They can all compete with bulldozers for nil reward while maintaining the blockchain for us. Nothing would change one iota, except that I would stop mining POW with my machines and save on my electricity bill. If others want to turn the XMG POW into a mindless arms race, then so be it.

XMG would become more valuable (if your value logic holds true) so bring it on

Having said all that, surely you must see that it is better to limit one's hashrate and gain a much higher reward.

I mean ... do you even mine XMG, or are you just playing devil's advocate?

I didn't misunderstand you, but your persistence with missing the point is breath-taking.

A GPU hashing at 50 Mh/s is just as useless for XMG mining as a CPU farm doing the same thing. The block rewards will be next to zero either way. That's it. End of story. People either play the game as intended or get nothing. That does not mean that this coin or CPU mining is dead. That is a non-sequitur.

There is far more than just POW mining in any case. If people want to kill the POW mining then there is always the POS mining/minting/whatever you want to call it. I already said that there have been days when I got more rewards from POS than POW. Kill the POW mining, keep the coin rare. The less competition in POS the better from my point of view. Maybe we should do away with the POW altogether? That would solve a lot of problems in one fell swoop.

Anyway I am tired of this endless debate. The bulldozers have gone quiet again and the block rewards are rising again. I assume that we just have to get used to this daily annoyance from these ******* [expletive deleted].

A classic trading error imho, even when one might be indulging in a bit of "scalping". It is better to hang back a fair bit and just wait. Patience is usually rewarded.

If you insist on putting your bid/ask at the top of the pile, all it means is that you will be buying at a higher price than the next guy, or selling at a lower price than the next guy. You will not buy/sell coins any quicker unless you take somebody's price and be done with it.

Buy low. Sell high. Not rocket science

That problem you spotted on XMG pool is known technically as "a glitch" lol.

Talking about Bitcoin ... I couldn't resist selling some today. I bought a shed load at around $180 in February Oops - January - when it hit the floor.

Kerching

That is a very good point. There have been a few days recently when I have made more XMG by staking than by mining and there is an awful lot of XMG for sale right now.

Hopefully, the bulldozers will simply tire of it and go elsewhere, because they cannot win. The community is too strong and we will resist the attempts to muscle-in.

There are plans afoot to improve our public image too, but these things take time. Keep the faith.