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Author Topic: [ANN][MAG] X11 POS/POW+Masternodes MAGNET / magnetwork.io  (Read 32183 times)
seddik
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November 16, 2017, 10:28:29 AM
 #141





We have been setting up the masternodes (and actually still are) for the network to be stable from the start. This is the standard procedure for setting up networks.
The same goes for the hashrate - this is needed for the network to be safe from outside attacks.

Most of the coins that were mined during testing the mainnet period will be sold cheaply on the exchange once its established.

can not see any real dump except small amounts from the miners.
you said you would sell those coins for cheap price i think you still hold that 250k.

still waiting for those cheap coins

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nikita_gricanenko
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November 16, 2017, 10:29:19 AM
 #142

what difference in POW and POS??
idev
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November 16, 2017, 11:45:06 AM
 #143

hello guys,
can anyone that have mined this coin on mimingrentalrigs or nicehash give approximatly how much BTC would a masternode costs?
thanks in advance.

On MiningRigRentals.. its hard to say because it depends on the rewards. We are POS/POW coin then roughly half of the blocks are POS that makes it very difficult to calculate the end result when You acquire MN through mining.

Right now purchasing MN from coinexchange.io gets You the MN for around 0.2 - 0.5 BTC and is way less time costly procedure considering there is decent amount of people already mining.
blockonomy
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November 16, 2017, 12:10:33 PM
 #144

I'm hoping someone can help me out with building the wallet in windows, I was following the instructions on github, but when I got to line 10 I do not have a "dev" folder at C:/, nor do I have 49-32-qt5.bat.  I'm new to this, I'm hoping someone can point out what I'm missing.  I have followed the instructions to install qt, python, already figured out I had to install MinGW, that's set up, I'm at step 10 but I've run searches of C:/ for the 49-32-qt5.bat and variations of that name, but I come up with nothing.  I would appreciate any help I can get.
Indeed the instructions are outdated (from previous forks but build system was changed and it does not work out of the box). The easiest way is to do a cross-compile with mxe on linux (this is how the binary was build).
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November 16, 2017, 12:20:50 PM
 #145

what difference in POW and POS??
Proof of Work is like bitcoin where miners try to compute a block header hash below a specific target - not so "equitable" since it essentially requires hash power.
Proof of Stake is more accessible in that you can contribute to mining the chain without the need for hash power and are only required to "lock" some coins (staking). Your staking coins are then eligible to receive the coinbase reward (reward amount is based on coin age).
danieljefrry
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November 16, 2017, 12:24:12 PM
 #146

Guys why the reward for each block reduced to 100, in most pool? Supposedly 200 isn't it?

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November 16, 2017, 12:28:24 PM
 #147

Guys why the reward for each block reduced to 100, in most pool? Supposedly 200 isn't it?

50% to the masternode ?
blockonomy
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November 16, 2017, 12:28:50 PM
 #148

Guys why the reward for each block reduced to 100, in most pool? Supposedly 200 isn't it?

50% to the masternode ?
correct.
jr_007
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November 16, 2017, 12:32:23 PM
 #149


How much do you get with 10GHz Hash ? Planning to mine .
cryptojai
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November 16, 2017, 12:33:14 PM
 #150


Good that this is already in an exchange .
idev
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November 16, 2017, 12:35:19 PM
 #151





We have been setting up the masternodes (and actually still are) for the network to be stable from the start. This is the standard procedure for setting up networks.
The same goes for the hashrate - this is needed for the network to be safe from outside attacks.

Most of the coins that were mined during testing the mainnet period will be sold cheaply on the exchange once its established.

can not see any real dump except small amounts from the miners.
you said you would sell those coins for cheap price i think you still hold that 250k.

still waiting for those cheap coins


We released some of the coins already to the market.
We will never do a so-called dump - it is very unconsiderate of the price + users. In approx. months time we release slowly, but steadily portion of our coins to stimulate the market.

Ofcourse the 250k we hold on to - it is reserved in masternodes that are making the network secure and every user that connects to the network with their wallet also uses those masternodes to sync up their own wallet.
Just in case if You are unfamiliar with MNs - to set up a masternode, one needs to reserve 10 000 MAGs and those coins will be locked the whole time masternode is running.

You probably were referring to the coins that were mined during the mainnet testing period. We finally had a chance to look into it.
Since we are POS/POW network, half of the blocks come out as POS blocks and are based on the staking weight. This makes half of the blocks to give out small rewards so the actual amount we mined was WAY smaller than FUD spreaders at the start of this thread calculated. The number suggested was around 1.8 mil from the 9000 blocks mined before ANN.
The actual number was around 900K coins (250K masternode premine included.) so the mined coins are 0.625% of the whole network total coins planned (144millions).
This cant be translated into a HUGE PREMINE warnings by any means.
Most of it will be used as follows:
- to keep up the masternodes for the network security in the future
- to pay different fees (going on new exchanges, server fees, running miners for fast blocktime etc)
- some portion will be given out to the public, but this will happen when we have more time to focus on it in the near future
- invested into future developments

If someone wants to check up on this - download a wallet, sync it. Open up the Console (Help>DebugWindow>Console Tab) and write getinfo.
This brings a small overview of the network. There is a line "moneysupply" : 1311970.69689592. This reflects all the circulating coins at the moment. In the time of writing this reply our supply is 1.3 million.
Roughly 100-150 K coins are created daily. We have been public for 3 days so around 850-900 coins before going public should be the right premine amount.


So You see there is no point to cling to those accusations, but instead find what is important.
We have been delivering support to the users needing help.
We are here to stay and develop the network, main focus on the wallet and user experince.
We had tons of MN cheap sell propositions, but never sold 1 to keep it all fair.
We are here to communicate our efforts to users for more transparency.

FUD on here usually does not have much ground and sometimes it can make great opportunities look awful. This is the turning point where the users can make a difference for themselves. Most of the time learning about the asset and reading through all the ANN thread carefully is usually a good start. There is not much info about crypto online so next big step to make is get involved in a assets chat. This is the best way to find people who are interested in the same things that You are. If You choose to invest in an asset that makes Your gut calm and feel right - the reasearch comes more naturally as well because You are engaged in something that feels good. Being in the flow always FEELS GOOD.

I truly hope this helps to make the right choices in the future!


blockonomy
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November 16, 2017, 12:37:26 PM
 #152


How much do you get with 10GHz Hash ? Planning to mine .
Hard to tell exactly because the network difficulty has been spiking a lot in the past few days and blocks may take longer to find with adjustment time. However 10Ghz is still a decent hash rate based on total hash rate on official pool (http://magnetpool.io:8080/stats)
idev
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November 16, 2017, 12:43:45 PM
 #153

what difference in POW and POS??

POW means proof-of-work
POS means proof-of-stake

Hybrid coins like Us use both ways to mine blocks.

POW uses calculations to find a block / POS uses staking

You can read up on all those terms by using google and Your perseverance to learn on the subject.
If You plan to stay in crypto.. we suggest to start learning by googling cryptocurrencies/bitcoin basics.
There is tons of materials to satisfy Your needs.
9ine
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November 16, 2017, 01:13:59 PM
 #154

is there an official block explorer yet ?
blockonomy
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November 16, 2017, 01:19:46 PM
 #155

is there an official block explorer yet ?
Not yet, working on it.
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November 16, 2017, 01:34:34 PM
 #156

what difference in POW and POS??
One is proof of word and the other is proof of stake. That's pretty much of it.

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Renyuukito
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November 17, 2017, 01:23:25 AM
 #157

I'm hoping someone can help me out with building the wallet in windows, I was following the instructions on github, but when I got to line 10 I do not have a "dev" folder at C:/, nor do I have 49-32-qt5.bat.  I'm new to this, I'm hoping someone can point out what I'm missing.  I have followed the instructions to install qt, python, already figured out I had to install MinGW, that's set up, I'm at step 10 but I've run searches of C:/ for the 49-32-qt5.bat and variations of that name, but I come up with nothing.  I would appreciate any help I can get.
If you're just looking for the wallet binary, you can download it from their official website
http://magnetwork.io/Wallets/magnet-qt-WIN.rar


windows is absolutely dead set that the file is a virus lol.  it would be nice to gain the information and learn something new anyway.  i do appreciate the link though.
hashcrypto
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November 17, 2017, 05:02:28 AM
 #158

https://mag.hashcrypto.club
New pool launched
Join us!
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NeroZyF
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November 17, 2017, 05:39:35 AM
 #159

MagnetCoin Mining Pool

waroenkcryptopool.com

No register needed.. based on Yiimp pool..
Payout : Every Hour
Fee  : 0.5%

Code:
-o stratum+tcp://waroenkcryptopool.com:3533 -u <WALLET_ADDRESS> -p c=MAG
4 hours no payment
look what happened to the pool

minerzsmallBIG
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November 17, 2017, 05:55:18 AM
 #160

MagnetCoin Mining Pool

waroenkcryptopool.com

No register needed.. based on Yiimp pool..
Payout : Every Hour
Fee  : 0.5%

Code:
-o stratum+tcp://waroenkcryptopool.com:3533 -u <WALLET_ADDRESS> -p c=MAG
4 hours no payment
look what happened to the pool

My d3 only submit 3Gh..any solution?
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