[ANN][MAG] MAGNET - GOES STELLAR - More in description / magnetwork.io

[blockonomy]

Hi guys!

The project looks good. I have decided to setup a master node. I have read the pdf manual, but I still don't get a few things:

1. are the funds safe on the master node's wallet?
2. is it encrypted?
3. Who controls the wallet?
4. How to withdraw funds? (there is nothing about it in the manual)

I'm totally new to this, so apologies for the noob's questions...

Hi, to setup a masternode you have several options. The official guide covers one setup where the wallet resides on the VPS.

1) The funds are as safe as the machine hosting them is. As long as the host machine (VPS) is not compromised then the security is as strong as the Magnet blockchain for the funds.

2) It is recommended to encrypt your wallet (RPC encryptwallet) so that any interaction requiring private keys (sending, signing) will also require your passphrase.

3) The wallet is always controlled by you.

4) You can use RPC command sendtoaddress to withdraw funds from your VPS wallet. Make sure you leave the collateral amount.


The alternative option is to setup a cold (local) wallet so that you can run the Windows GUI to interact with your wallet while the Masternode runs on the VPS (check this link out: https://magnetworks.slack.com/files/U7PEYAK60/F8BJQTS3X/cold_wallet___masternode_setup_on_linux.pdf)

[blockonomy]

Have a problem with masternode.

root@Node-Magnet:~/magnet# ./magnetd masternode start
not capable masternode: Could not find suitable coins!
root@Node-Magnet:~/magnet# ./magnetd getbalance
10233.23305413

You need to send exactly 10K to an address so first thing is to confirm that exactly 10K (not more) can be located.
If you have sent more you can do the following:

./magnetd getnewaddress
new_address_generated
./magnetd sendtoaddress new_address_generated 10000

Wait for confirmation and type the following:
./magnetd masternode outputs

This should print your new transaction ID and index, update your masternode.conf file with it.

If more assistance required feel free to join Slack/Discord

[Mylastdance]

Have a problem with masternode.

root@Node-Magnet:~/magnet# ./magnetd masternode start
not capable masternode: Could not find suitable coins!
root@Node-Magnet:~/magnet# ./magnetd getbalance
10233.23305413

You need to send exactly 10K to an address so first thing is to confirm that exactly 10K (not more) can be located.
If you have sent more you can do the following:

./magnetd getnewaddress
new_address_generated
./magnetd sendtoaddress new_address_generated 10000

Wait for confirmation and type the following:
./magnetd masternode outputs

This should print your new transaction ID and index, update your masternode.conf file with it.

If more assistance required feel free to join Slack/Discord

Thanks, already done. How can i check, that masternode is active?

[Kennedy]

Have a problem with masternode.

root@Node-Magnet:~/magnet# ./magnetd masternode start
not capable masternode: Could not find suitable coins!
root@Node-Magnet:~/magnet# ./magnetd getbalance
10233.23305413

You need to send exactly 10K to an address so first thing is to confirm that exactly 10K (not more) can be located.
If you have sent more you can do the following:

./magnetd getnewaddress
new_address_generated
./magnetd sendtoaddress new_address_generated 10000

Wait for confirmation and type the following:
./magnetd masternode outputs

This should print your new transaction ID and index, update your masternode.conf file with it.

If more assistance required feel free to join Slack/Discord

Thanks, already done. How can i check, that masternode is active?

just go to bed , check your wallet is there any reward  when you wake up next day, happy mining!

[Mylastdance]

just go to bed , check your wallet is there any reward  when you wake up next day, happy mining!

 

[Beny9313]

Hi guys,

Do we now the maximum coin supply for Magnet coins?

I saw that they say that there will be approximately 144 000 000 coins. But how can somebody be sure about this? How can we be sure, that the same story which happened with B3 coin (they said to have a max supply of 2 000 000 000, and now they have 600 000 000 000) won't happen?

[fuck miners]

Hi guys,

Do we now the maximum coin supply for Magnet coins?

I saw that they say that there will be approximately 144 000 000 coins. But how can somebody be sure about this? How can we be sure, that the same story which happened with B3 coin (they said to have a max supply of 2 000 000 000, and now they have 600 000 000 000) won't happen?

It will happen!
DEV asshole, most large coins made good profit (eth,ltc,zec,omg and more) and many altcoins. Only this scam is worth and eats your investment, MAG coins every day more and more to total supply. His shit coin will soon be printed as USDT + no have progress to new exchanges!
Fuck you dev!

[Achillis]

I'm very much interested in building the windows wallet from source but the github instructions seem to be missing steps or are possibly referring to older versions of the software and I cannot follow properly. For example on step 5) "Run msys.bat located in C:\MinGW49-32\msys\1.0", there is no MinGW49-32 directory at all and I even made sure to install MinGW 5.3.0 from the Tools menu in the latest version of Qt installer (Qt 5.10.0). The closest I can find is C:\Qt\Qt5.10.0\5.10.0\mingw53_32 but it does not contain an msys directory or msys.bat. I then downloaded and installed the latest MinGW from http://www.mingw.org and lo and behold I now have the msys.bat so I was able to continue through step 7 and build leveldb but once again on step 10 there is no C:/dev directory and that is where I am stuck. Step 11 mentions running the 49-32-qt5.bat file which I have nothing similar on my machine so I did a search and pulled up instructions on how to build similar windows wallets for some other coins: https://github.com/CoinProjects/AmsterdamCoin and https://github.com/coinonat/CoinonatX. I mean the steps for those are pretty much word-for-word identical instructions which may make sense for these Qt wallets since they are basically the same thing with slightly different code to work with a different blockchain, but nothing is explained about how these folders should magically appear on a computer.

I saw a msg here about joining slack to ask the devs but when I try to enter the magnet slack it says I cannot log in (Sorry, you entered an incorrect email address or password) - and yes, I am able to log into other slack channels just fine so it appears this is invite only or locked? (I admit I know very little about slack at this moment as I have not had to use it up to this point).

Truthfully the only reason I want to build from source instead of just download the compiled wallet is because of the virus warnings. Apparently other wallets have this same warning but I am staking in 6 other coins, all in qt wallets and zero of them give me virus warnings. I need to prove to myself that compiling from source will trip the same warnings before I can truly trust this wallet but Im almost feeling like the instructions are intentionally vauge and difficult to follow. If someone can point me in the right direction I would be more than happy to write some up-to-date instructions so that even the non-developers among us can follow along. It seems I am not the only one who is having troubles with this process as there is a recent issue posted on git about this very problem https://github.com/magnetwork/magnet/issues/2. For the record, I am a software developer by trade and could probably figure the rest out on my own if I spend a few more hours on this problem but I have never done much with python development so the tools are foreign to me currently. Has anyone else been able to successfully build the windows wallet?

Hello.

There is no window guides or instructions because as most of the developers - we are more comfortable in linux.
There is lot of people who compiled from source in Ubuntu and we have not recorded not 1 problem.

If You are programmer by trade You should be able to understand the concept of open source. Everybody is running the same code and wallets are compiled from it as well. Who would go on with the lengths of creating a whole new codebase with added trojan for every OS and then giving them out publicly so everybody with a bit of knowledge can link the virus infested code to Us?  Does not sound like a realistic scenario, does it?

If You need help getting into slack or discord then i am starting really to question Your abilities as a programmer. Programmer does not give up when they insert their email wrong.


Too many scare stories and FUD is going on lately. Lets just recap what has happened in the short lifetime of Magnetwork:

START

I saw here earlier someone again spreading the FUD about premine being huge again and we are not being transparent about it. Also that network security does not take 9 days to establish or doesnt need to be cared that much. Our start was so rough because after starting our mainnet and renting miners to test it out.. someone with a 100TH mining power started to mine on our just established network without it being public.. it stopped at some point but we were puzzled about it. That much mining power at that early in networks start can corrupt the network consensus on some wallets. We realized the connection was hostile. We fought with the illegal miners few more times and decided to go public first chance with the chain instead of trying to make sense of it or make it safer.. because the answer to the problem was more nodes and being public could solve it.

EARLY STAGES

When we went public with the chain.. since ANN was messed/rushed due the unexpected miners, we had 1 little line saying "no premine" in the ANN thread. Not even in the heading but in the description. It was there because we used other ANN as a template to work on. As the mistake came to public we removed it right away and gave a proper explanation about the true premine that was 0.625% and not 1.9 million as lot of people were saying. Total supply was 1.3 millions at the time they were accusing us of premine 1.8 million so its clear someone overreacted. Explanation about the real premine during the test phase (ca.800k coins) can be found on ANN thread page [18] with detailed calculations and plans where those coins will be spent. Now.. back to the network - the minute we went public possibly the same miners started to DDOS attack our mining pool. We fought with the problem until we resolved it but attacks kept on happening to other pools. This can checked easily from ANN thread where people having trouble with DDOS alot. Someone has been sabotaging Us from the start.

RECENT EXCHANGE TROUBLE

Whoever claimed that network security is not the "thing to worry about" ... this lock out with coinexchange.io that lasted 3 days was achieved by those early attacks. Some parts of the exchange wallet were corrupted and it took so long to discover them because exchange has obligation to keep some parts of their server side code undisclosed so troubleshooting was painful.. but at last we succeeded and now back on track finally. This 3 days were a mess in the price because wallet maintenance means lot of demand without supply so price skyrocketed and people started to accuse exchange and us of being frauds and not letting people to sell when tackled the technical problem for 3 days and tried to stay calm. The price surge happens always when exchange puts the wallet in maintenance and demand it there. Absolutely normal and expected thing to happen and we notified people about it.

ACCUSATIONS VS REALITY

One of the last things popped out was someone accusing us of being in control of the market because of that premine. Real premine during testing period was around 800k coins. We have paid away around 400k to exchange fees, marketing fees, translation fees, outsourced coding when we need help and so in total we have control over about 400k mags that is put away for future developments and needs. This is around 8% of the current circulating supply right now and it is decreasing every minute. More coins get created, less our control % will be. If You consider the fact we are using most of the coins to pay for services then what centralized control we are talking about here?

As a last thought i will now list here things we have done during 1 month we have been on the market:

- established a safe network start so no loss of coins has been recorded up to date
- fixed the "masternode not in the list" problem when it occurred
- built a masternode check tool for better overview for the users (it will soon be available for the android with even more features)
- added user requested multiple node monitoring option to the tool
- took care of the exchange code problem
- released wallets for all the bigger operating systems
- we give literally almost 24h support on slack/discord and react to user suggstions
- we put out very understandable guides and tutorials for people with less experince in MN tech
- under a month and we have 250+ people on slack / 100+ on discord channel opened week ago / 380+twitter followers / 270+ masternodes and we are growing

All of the above was achieved without a proper website/roadmap and only with showing community that we care.

So now YOU are the one to decide if we are here to scam or to stay and put in the work...


P.S. Website is almost done. We are finishing up on the whitepaper and roadmap needs bit more discussing so we can put out the timeline that is solid and achievable.

We forgot the most important thing in this list :

CURRENT SITUATION

WE WANT TO THANK EVERY MASTERNODE OWNER AND EVERY MINER for being here with US and making Magnetwork a secure network!
Also everyone who is with Us on this road!
YOU ARE THE REAL REASON why we do this and YOU are the reason we get up every morning to take on those trolls and bugs!

It can be sometimes hard to see through the sarcasm veil we have to keep so our point gets through to people, but we care and we are here to see if we are needed!
By the looks of it (MN count 280+) - we are!

Don't let the trolls bother u. U have to see it end 2018 end then make the bill. I had the same problem with other MN and u are definitely not a scam. Keep up the good work and in april this gonna be huge. Don't give up please as u said without any advertising u have a good coin. Sky is the limit like xp did keep it up.  I invested because i saw u defended ure work with passion.

[ChourfL]

I have 1,000 MAG, I want to send 100 MAG out from my window wallet
But I can't send my fund. It error "Insufficient funds"
What will I do? Can some one tell me what to do?

[inzoddwetrust]

I have a strange case.

Suddenly some of my coins (and I really do not have any idea how and how many) have been stacked for a time. I saw it in my wallet (in line "Stake"), but didn't get a screenshot. So, finally MAGs were unstacked by them own, and I've got 0.08MAG as a mining income.

Transaction ID: 06b914ae4b17c178c4f914729f692715bf28a5c344fd4afa1ce473764a91d6bb-000

What is it? How to mine MAG with PoS and without MN? Is it a bug or kind of?

[Dead Things]

You just did! With Magnet, stake rewards are basically proportional - which means they are small but frequent.

[Mylastdance]

Hi, will masternode stay active if i'll send coins from it, but there will be 10000+ MAG?

[Dead Things]

Yes - but the Magnet wallet doesn't support collateral-locking, so if you try to leave 10,001 in your wallet, but your smallest tx chunk is greater than 1 Magnet - then it will eat into your collateral. So make sure to leave plenty of room for your collateral to remain untouched. Once you disturb those 10,000 coins in any way, it will destroy your MN and you'll have to create a new masternode output tx hash.

[Wananavu99]

I was testing out the pools for this coin and none of them work on D3's, anybody doing anything different, I'm plugging these in and it's "dead"

x11.mine.eu1.miningpool.shop:3533
x11.mine.eu1.miningpool.shop:3533#xnsub

worker = <Wallet>
password = <nothing>

[Beny9313]

Hi guys,

Do we now the maximum coin supply for Magnet coins?

I saw that they say that there will be approximately 144 000 000 coins. But how can somebody be sure about this? How can we be sure, that the same story which happened with B3 coin (they said to have a max supply of 2 000 000 000, and now they have 600 000 000 000) won't happen?

Can somebody answer this question as it is? Without FUDing or anything else. Just plain English with logical explanation.

[shaninium]

I was testing out the pools for this coin and none of them work on D3's, anybody doing anything different, I'm plugging these in and it's "dead"

x11.mine.eu1.miningpool.shop:3533
x11.mine.eu1.miningpool.shop:3533#xnsub

worker = <Wallet>
password = <nothing>

Maybe u need a password for it to connect just type anything or try a different server

[Vababaika]

I was testing out the pools for this coin and none of them work on D3's, anybody doing anything different, I'm plugging these in and it's "dead"

x11.mine.eu1.miningpool.shop:3533
x11.mine.eu1.miningpool.shop:3533#xnsub

worker = <Wallet>
password = <nothing>

If you are going to mine magnet the password should be c=MAG
If you are using D3 the the password for you is c=MAG d=16

[Vababaika]

I was testing out the pools for this coin and none of them work on D3's, anybody doing anything different, I'm plugging these in and it's "dead"

x11.mine.eu1.miningpool.shop:3533
x11.mine.eu1.miningpool.shop:3533#xnsub

worker = <Wallet>
password = <nothing>

If you are going to mine magnet the password should be c=MAG
If you are using D3 the the password for you is c=MAG d=16

And I just noticed that the stratum is wrong, just use      eu1.miningpool.shop:3533

[may142012]

Please change a different exchange site like yobit or cryptopia. coinexchange.io is not processing my MAG coins, this is not good.

[blockonomy]

Hi guys,

Do we now the maximum coin supply for Magnet coins?

I saw that they say that there will be approximately 144 000 000 coins. But how can somebody be sure about this? How can we be sure, that the same story which happened with B3 coin (they said to have a max supply of 2 000 000 000, and now they have 600 000 000 000) won't happen?

Can somebody answer this question as it is? Without FUDing or anything else. Just plain English with logical explanation.

Hi Beny,

Magnet being an hybrid PoW/PoS coin it is currently not possible to assess the exact amount of generated coins over time as PoS rewards are proportional to the coins staking in users wallet.

However, to help answer this question more accurately, I have setup a quick spreadsheet that you can use to run various simulations on the magnet specs:

https://docs.google.com/spreadsheets/d/1HF6lb_keU1buQGgr6ynENYskai2fH5fGlRcqfMlc2ME/edit#gid=0

For example, if we consider that 20% of the money supply is staking and an exact 50% PoS blocks are generated we can say that a total of 101231999.9 MAG will be generated when the last PoW halving occurs. PoS will continue rewarding wallets proportionally to their staking balance at 7% yearly interest.

The idea from there would be to update this spreadsheet officially with actual numbers after each halving so the extrapolation gets more accurate over time.

Note also the distribution has interesting properties as PoS does not catch up as fast as the PoW halving which we hope should create rewarding trends for early investors.

Finally, Magnet is a decentralized currency (and the upcoming roadmap will highlight even more the emphasis put on this) and as such, the consensus may change if that's what the community decides. Since changes would emerge from consensus, it would likely be to the benefits of magnet users but it is important to note that the very nature of consensus based protocols is to not fall under the control of the few - including devs.


Hope this helps.