[ANN][MGN] | 🚀MAGNA COIN🚀 | MASTERNODES | ZEROCOIN | ATOMIC SWAPS [ANN]

[Eatbatterys]

If that's the case then you royally screwed up your PoS system because it's directly competing with PoW and blowing them out of the water.

we do not intend to keep this coin as pow, this is going to be pure pos soon

You've effectively made it PoS/MN where the only way to accumulate a sufficient amount of coins is by purchasing them directly from you.

Also, I hope you know that saying it's not an ICO doesn't make it not an ICO.

For reference: "In an ICO campaign, a percentage of the cryptocurrency is sold to early backers of the project in exchange for legal tender or other cryptocurrencies"

You may want to go back and relabel this post before a moderator removes it.

[MagnaCoinDev]

Could this be a cost affective way to get into masternodes?

No. Too many coins held by dev and they mined too many coin and jacked the diff too high with their private pool. The rewards are too low for and since master nodes are getting 70% of the mining reward that makes it not worth it at all.

PoW/PoS: 30%
Masternodes: 70%

Firstly, there was never a private mining pool. The large hash rate was a result of network overload from staking, which is completely normal. It clearly states in the ann that all of the rewards gained from staking and masternodes from devs would be burnt once there were 70 active nodes running. The only reason we are staking is to increase network stability. With a pre-mine already it would be irrational to create baseless FUD through use of a private mining pool.

[rptr]

Still not a single block on public pool...

[epicfailman]

If that's the case then you royally screwed up your PoS system because it's directly competing with PoW and blowing them out of the water.

we do not intend to keep this coin as pow, this is going to be pure pos soon

So for now you have.

1. YOUR already staking 2000000 MGN. (about 100+ coins by POS block)

2. YOUR working masternodes.

3. YOUR mined 1400+ POW blocks.

Community have.

1. No POW mining.

2. No staking.

3. Can buy you coins for 1000 sat for 1 coin.

Good job.

[TimC]

If that's the case then you royally screwed up your PoS system because it's directly competing with PoW and blowing them out of the water.

we do not intend to keep this coin as pow, this is going to be pure pos soon

So for now you have.

1. YOUR already staking 2000000 MGN. (about 100+ coins by POS block)

2. YOUR working masternodes.

3. YOUR mined 1400+ POW blocks.

Community have.

1. No POW mining.

2. No staking.

3. Can buy you coins for 1000 sat for 1 coin.

Good job.

The master node will also take 70% of each mined block. So you forgot to say that the Dev will take 70% of all miners work and that is if they can ever find a block. 2.7 GH/s on public pool showing 44 minutes to find a block

[Eatbatterys]

Anybody have 75Gh/s I can borrow so I can get 10 of these bad boys?

[MagnaCoinDev]

Waiting for first block from pool. After it we will take a look for nethash and diff. If this is POW diff and nethsh, it will rise. If they will get block too many time, diff 900+ is POW. Everything is easy, isn't it?

Well, the pool had about 2GH and it was showing 37 minutes to find a block and now the pool is down to 923 MH and it shows 67 minutes to find a block.

Good job Dev your coin is DOA or should I say DOL (dead on launch)

I think many are assuming the devs have a super strong mining rig, making it impossible for others to mine. The reality is that the 70/30 split is in place to deincentivise pow.

[Imaha486]

Hello DEV.
I sent pm.

[rptr]

Waiting for first block from pool. After it we will take a look for nethash and diff. If this is POW diff and nethsh, it will rise. If they will get block too many time, diff 900+ is POW. Everything is easy, isn't it?

Well, the pool had about 2GH and it was showing 37 minutes to find a block and now the pool is down to 923 MH and it shows 67 minutes to find a block.

Good job Dev your coin is DOA or should I say DOL (dead on launch)

I think many are assuming the devs have a super strong mining rig, making it impossible for others to mine. The reality is that the 70/30 split is in place to deincentivise pow.

Somebody is getting all the blocks and it aint the public pool...

[Eatbatterys]

Waiting for first block from pool. After it we will take a look for nethash and diff. If this is POW diff and nethsh, it will rise. If they will get block too many time, diff 900+ is POW. Everything is easy, isn't it?

Well, the pool had about 2GH and it was showing 37 minutes to find a block and now the pool is down to 923 MH and it shows 67 minutes to find a block.

Good job Dev your coin is DOA or should I say DOL (dead on launch)

I think many are assuming the devs have a super strong mining rig, making it impossible for others to mine. The reality is that the 70/30 split is in place to deincentivise pow.

You haven't incentivized anything other than paying you to obtain a suitable amount of coins. PoW is showing minuscule rewards provided they stay long enough to actually find a block.

What you have here is an ICO scam in a fair launch costume.

[epicfailman]

Height
2923
Size
189
Number of Transactions
1
Value Out
0.00000000 MGN
Fees
0.00000000 MGN
Generated
14.85000000 MGN
Timestamp
2017-11-23 03:14:45
Difficulty
1493.3314
Bits
455860886
Nonce
2146116467
Version
3
Hash
0000000000111e01b2f42fca23d815729c3569fc8ff5085481919e9ade2513eb
Merkle Root
f361cc8e8f522f3457833d38b22f84d38dc8455aaf96ac0539d44837f0002227


Block 2923. POW (!)
Who has found?

[Zordon]

I minig a solo on Radeon Vega 56 and you are all losers 

[Eatbatterys]

I minig a solo on Radeon Vega 56 and you are all losers 

Congrats

[MagnaCoinDev]

If that's the case then you royally screwed up your PoS system because it's directly competing with PoW and blowing them out of the water.

we do not intend to keep this coin as pow, this is going to be pure pos soon

So for now you have.

1. YOUR already staking 2000000 MGN. (about 100+ coins by POS block)

2. YOUR working masternodes.

3. YOUR mined 1400+ POW blocks.

Community have.

1. No POW mining.

2. No staking.

3. Can buy you coins for 1000 sat for 1 coin.

Good job.

1. We are not staking 2 million MGN. The main pre-mine wallet has been disabled for pos. In actual fact we are staking a fraction of coins from secondary wallets. The staking is done to strengthen the network. Read the ANN and you can see that any coins gained from the pre-mine will be burnt once the network is strong enough.
2. All of the rewards from developer masternodes are getting burnt.The only reason they are running is to create network stability. Read the ANN.
3. The coin is not supposed to be mined. The 70/30 split was put in place to discourage people from mining.
4. People can stake, so I don't know what you're talking about.
5. 1000 satoshi is a very modest price. Under $200k market cap, which is considerably lower than other coins offering similar features.

[Zordon]

guys, the developer has nothing to do with it. I put it on my nicehash pool. Decreased speed, you can soon get blocks)))

[Eatbatterys]

If that's the case then you royally screwed up your PoS system because it's directly competing with PoW and blowing them out of the water.

we do not intend to keep this coin as pow, this is going to be pure pos soon

So for now you have.

1. YOUR already staking 2000000 MGN. (about 100+ coins by POS block)

2. YOUR working masternodes.

3. YOUR mined 1400+ POW blocks.

Community have.

1. No POW mining.

2. No staking.

3. Can buy you coins for 1000 sat for 1 coin.

Good job.

1. We are not staking 2 million MGN. The main pre-mine wallet has been disabled for pos. In actual fact we are staking a fraction of coins from secondary wallets. The staking is done to strengthen the network. Read the ANN and you can see that any coins gained from the pre-mine will be burnt once the network is strong enough.
2. All of the rewards from developer masternodes are getting burnt.The only reason they are running is to create network stability. Read the ANN.
3. The coin is not supposed to be mined. The 70/30 split was put in place to discourage people from mining.
4. People can stake, so I don't know what you're talking about.
5. 1000 satoshi is a very modest price. Under $200k market cap, which is considerably lower than other coins offering similar features.

So basically you just added a PoW phase that doesn't actually provide miners with any legitimate rewards so you don't have to technically call it an ICO?

[MagnaCoinDev]

Windows 32: https://www.virustotal.com/#/url/4dfeae0b3e5f635295b9a4e97f9a5ad2060e3afff2232be404d8f2112848c547/detection

False positives are perfectly normal for crypto wallets.

[epicfailman]

If that's the case then you royally screwed up your PoS system because it's directly competing with PoW and blowing them out of the water.

we do not intend to keep this coin as pow, this is going to be pure pos soon

So for now you have.

1. YOUR already staking 2000000 MGN. (about 100+ coins by POS block)

2. YOUR working masternodes.

3. YOUR mined 1400+ POW blocks.

Community have.

1. No POW mining.

2. No staking.

3. Can buy you coins for 1000 sat for 1 coin.

Good job.

1. We are not staking 2 million MGN. The main pre-mine wallet has been disabled for pos. In actual fact we are staking a fraction of coins from secondary wallets. The staking is done to strengthen the network. Read the ANN and you can see that any coins gained from the pre-mine will be burnt once the network is strong enough.
2. All of the rewards from developer masternodes are getting burnt.The only reason they are running is to create network stability. Read the ANN.
3. The coin is not supposed to be mined. The 70/30 split was put in place to discourage people from mining.
4. People can stake, so I don't know what you're talking about.
5. 1000 satoshi is a very modest price. Under $200k market cap, which is considerably lower than other coins offering similar features.

Now community can do NOTHING, except of buying your coins.

Stake? Which coins?

Mine? Public pool don't found blocks. Because of very high diff.


You can burn your mastenodes with their earning, yes (*All of the Developers initial masternodes, along with their earnings will get burned once there are 70 active nodes running.*)
But after appearing 70 active masternodes. How can people start them? Only buying... 7 BTC - good reward for burning 3 masternodes, yea.

[MagnaCoinDev]

If that's the case then you royally screwed up your PoS system because it's directly competing with PoW and blowing them out of the water.

So basically you just added a PoW phase that doesn't actually provide miners with any legitimate rewards so you don't have to technically call it an ICO?

The first few blocks had to be mined so there was no way to avoid implementing Proof of Work. I thought that PoW would fade into irrelevancy, but it's clear that PoS being in direct competition with PoW has created issues. Upon next release, PoW will be disabled permanently. 

[Vnforest]

HI dEV, Show me the whitepaper..