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Author Topic: The MagiCurrency  (Read 52709 times)
Magicoin
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March 29, 2014, 03:13:51 PM
 #1

Update:  wallet v1.1 link - https://mega.co.nz/#!gEZiRT4S!x8BUZDxj__Jirko4CjLeV73q8PfcYtC-eMbcjgKr61M

Please update to wallet v1.1. This update will stop mining rewards at block 75,000, which happens in about two weeks. This allows us to carry on coin swap basically in "unlimited" time without too worry about coin minting in the old block chain. Schedule will be a new coin launch within this period followed by coin swap . About 4.5 mil magicoins will be minted by the end of this period. We will handle the same amount of coin swap. Stay tuned for more info.  

The MagiCurrency
http://www.cryptomagic.com
       


MAGIC

EXCHANGES
SwissCex | SwapHole | RockyTrade | CoinNext


________________________________________________________________
SPECIFICATIONS
  • Algorithm: Scrypt
  • Magicoin distributes coins using the pattern similar to LTC; simply count its value by comparing with LTC, however, we do magicoins, see below for details
  • 2.5 minute block targets
  • Subsidy halves in 840k blocks (~4 years)
  • ~84 million total coins
  • 90% coins distributed "normally", i.e., halving every ~4 years, while 10% coins distributed magically (details explained below)
  • In average, 50 coins per block
  • 2016 blocks to retarget difficulty (use Kimoto Gravity Well - KGW algorithm)

FAUCETS
http://faucet.cryptomagic.com/
http://www.yougotmagic.net/

POOLS
1. Charity Pool
2. CryptoPoolMining
3. Webcoin.us
4. 24hash
5. CryptoArmy
6. http://magic.n50.ru/

FORUM
Link

RESOURCES & SERVICES
1. Market cap rank: www.coinmarketcap.com
                           www.cryptocoinrank.com
2. Magicoin Showcase - Market Capitalization & Statistics
3. MagiCoin mining calculator & CoinTweak Mining profitability
4. whatmine

CONNECTING US:
1.        
2. Facebook group page (Indonesia community): https://www.facebook.com/groups/MagicoinIndonesia (We must say thanks to wakhidNkcom. He has organized 50+ Indonesia MagiFans; here is his facebook page: https://www.facebook.com/wakhidNkcom)
3. Facebook group page: https://www.facebook.com/groups/MagiCoin/

GIVEAWAY
https://bitcointalk.org/index.php?topic=626179

BOUNTIES
= News & Articles: 10,000 MAGIC reward - feature us an article (good quality); 5,000 reward to who recommend us an editor/site and get us published; 2,500 MAGIC reward to who provides us info towards article publication. More rewards upon your request.
= Mac os and linux wallets: 1,000 per wallet
________________________________________________________________
MERCHANTS

(https://bitcointalk.org/index.php?topic=548368.msg7043001#msg7043001)


NEWS & ARTICLES
06/08/2014: cryptosailor.com
06/01/2014: Magicoin Magic, Koin Apalagi Ini?? (Indonesia)
05/27/2014: Magicoin blogsite - The Magicoin new virtual currency.
5/26/2014: Bitcoin Garden - Magicoin (MAGIC): The MagiCurrency 90% coins distributed “normally”, while 10% coins distributed magically
05/26/2014: http://scn.youngeasy.com/show/crypto-news/86799439593.html#.U4OZenbiglk
05/25/2014: Business mkreative group - Magicoin virtual currency

UPDATES
06/08/2014 - Check market cap rank here: http://coinmarketcap.com/
06/03/2014 - Slogan contest three winners: hepi, dearbesz, Russell1
05/27/2014 - Magicoin Showcase - Market Capitalization & Statistics from CryptoShowcase.
05/01/2014 - NEW exchange: SwissCex.
04/27/2014 - www.cryptomagic.com up and running.
04/23/2014 - New wallet (v1.0.1.2).
04/23/2014 - A new exchange: RockyTrade.
04/23/2014 - Two mining pools available:
                   http://pool.webcoin.us/magic
                   http://magic.nitro-pool.com
04/09/2014 - Thanks wzttide, we're on exchange: SwapHole.
04/08/2014 - MGC (previous name; now MAGIC/MAGI) launched.


HOW DOES THE MAGIC WORK?
In simple, 10% of total coins are used as bonus and randomly embedded in the course of mining:

Initial launch takes two weeks to stabilize; this is to prevent some "big" miners from taking over at the beginning when not many miners are involved. The very first few blocks have zero bonus; wait! this isn't insane? As compensation, Magic hours occur very soon: within the two-week period, there are three magic hours every day which produce the significant number of coins. Because of this, the average coins per block is 25 for the 1st day; when mining proceeds, coins per block exponentially increase to 45 at the 14th day of launch, which is the normal value. So don't go away, or you'll only get zero.

For all the future mining, 45 coins per block are normally mined. If you have enough patience staying with us for a 2-week long, you will get Magicoins. There are 80 coins per block occurring in randomly selected two consecutive magic days in every two weeks. This process repeats; Magicoins get halved every ~4 years. So again don't go away, or you'll only get 90% of the coins.

ARE YOU MAGIC?
See here what matrix961 gotShocked
I've been solo mining at about 750 kh/s and my first few blocks were around 6 coins each. I then had 1 or 2 at around 7 coins each this morning. I went home for lunch to check again and was surprised. I had gotten another 2 blocks around 12:00-12:16pm EST for 188 each! Is that right?

*Edit* I'm assuming the 2 blocks were from the magic time as stated above... Tongue

PREMINE & PUBLIC LEDGER
As you can see, the first 1000 blocks are premined as funds of this project as well as for test purpose, which is about 0.95% of total coins. We don't want avoid this fact. We will be happy to disclose where these coins have been spent and are to be spent. Magicoin DEV will make sure you all know about this, and will make sure all premines are spent in various ways, rather than dumping in exchanges. A ledger will be listed in our official website.

FAQ
  • How to CPU pool mine?
Quote
1. Download Stratum mining proxy (Link; Linux users: compile the source)
2. Create a .bat file (windows), e.g., start_scrypt_PRC.bat, using a text editor to open it, and adding the following (be sure file extension is really .bat):
Code:
mining_proxy.exe -o mgcus.charityminingpools.com -p 3338
The bat file and mining_proxy.exe should lie in the same folder; Above Stratum mining proxy points to pool: mgcus.charityminingpools.com, 3338 is the port; feel free to use any other pools of your choice.
3. Double click .bat file and run it in a DOS command window; if no obvious errors occur, you are good to go.
4. You can do cpu mining in the same computer you run the stratum proxy, or in a different computer. Now download a cpu miner (Link)
5. In the folder having the cpu miner (minerd.exe), create another bat file, and add:
Code:
minerd.exe -a scrypt -t 4 -o http://127.0.0.1:8332 -u username -p password
if you cpu mine in the same computer, or
Code:
minerd.exe -a scrypt -t 4 -o http://192.168.0.10:8332 -u username -p password
if you cpu mine in a different computer. Here, username and password should be the worker's username and password you should create in the mining pool
NOTE: "-t 4 " means using 4 threads. If you have a 8-core cpu, you can use up to 8. You'll need to optimize the number of threads such that CPU mining does not affect GPU mining. Also, using maximum number of threads does not mean maxim hashing. Usually, leaving 1 thread for GPU should be fine, but you may give more.
6. Run the bat file, you will see the hashing!

  • How to GPU solo mine?
Quote
1. Set .conf file using the above default. You can use any rpcport you want
2. Run Qt or daemon
3. Set up cgminer parameters, the url should be localhost and without using stratum, e.g.,
Code:
"pools" : [
                {
                      "url" : "127.0.0.1:35882",
                      "user" : "user",
                      "pass" : "password"
                }
]
 35882 is the RPC port, you can do command line too:
Code:
cgminer --scrypt -o http://127.0.0.1:35882 -u user -p password
4. Run cgminer

  • How do I mine coins when no pools are available yet?
Quote
1) Download the wallet & open it
2) Go to menu: Help -> Debug window -> then Console
3) Type in the following command and then check information using: getinfo, getbalance, getmininginfo (hash rate)
Code:
setgenerate true

  • My wallet is not syncing?
Quote
Check your configuration file <magicoin.conf> which should be in the proper folder:
Windows 8: C:\Users\username\AppData\Roaming\magicoin
Windows XP: C:\Documents and Settings\username\Application Data\magicoin
For windows user: type %appdata% in the address bar of the file explorer and "enter", then locate the folder "magicoin/Magicoin"
Linux: ~/.magicoin
If no magicoin/.magicoin folder presents, create a one

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March 30, 2014, 02:23:38 AM
 #2

update more details asap, we are waitting.

CINDICATOR.COM12 September 2017 Token Sale
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March 30, 2014, 02:52:24 AM
 #3

wow, you're so organized...
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March 30, 2014, 02:56:23 AM
 #4

Something, diving to observe

Let's flower the moon.SkMkf84Mv1gGe473kswcUwzfBc7m2QwcUA
TheSmurfsCoin.ThjHhQduSG6qfj8tMKepGmHgMK7Xp4u3ke
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March 30, 2014, 03:38:51 AM
 #5

magicoin, that image with the house looking over the ocean or lake or w/e, scares the hell out of me, i dont know why.. Tongue

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cryptmebro
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March 30, 2014, 03:43:40 AM
 #6

magicoin, that image with the house looking over the ocean or lake or w/e, scares the hell out of me, i dont know why.. Tongue

There's a face on the rock cliff to the right.
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March 30, 2014, 04:08:00 AM
 #7

magicoin, that image with the house looking over the ocean or lake or w/e, scares the hell out of me, i dont know why.. Tongue

There's a face on the rock cliff to the right.

That face keeping an eye on this thread and watching those people who will post something negative about Magicoin.  Grin

Magicoin
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April 08, 2014, 04:04:37 AM
 #8

Apologize for long delayed launch. Tough work, little free time. Finally, we are here. Enjoy!   Smiley
Magicoin
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April 08, 2014, 02:14:44 PM
 #9

update more details asap, we are waitting.

Updated & launched, see the post for how to mine; we are working on a pool too.
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April 08, 2014, 03:18:03 PM
 #10

Hmmm... sounds interesting, will look into, but premine? and what's new??

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April 08, 2014, 05:03:34 PM
 #11

Your "magic hours" make me think of "happy hours"  Tongue so I decided to start mining with you.
The effort in trying to keep miners to stick with you is a good one I hope.

Let the magic begin...  Roll Eyes
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April 08, 2014, 05:31:24 PM
 #12

Mining is not working?Huh
What am i doing wrong???
Wallet sync ok!


  Coin MAGI  . XMG  
Coin Source : Trust Verified    [ ★ ★ ★ ★ ★ ★ ★ ]
  ♓ XMG 97XBFXZX5Ce77BQWGbg5N5ygCyqmwGJ1Z8
  ANN THREAD MAGIPAY FAQ FORUM
BTC 1J7wFce3Ve8iPoY3BXQRvvLLcg6mfWSQHz
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April 08, 2014, 05:33:31 PM
 #13

pool?


  Coin MAGI  . XMG  
Coin Source : Trust Verified    [ ★ ★ ★ ★ ★ ★ ★ ]
  ♓ XMG 97XBFXZX5Ce77BQWGbg5N5ygCyqmwGJ1Z8
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Magicoin
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April 08, 2014, 05:34:09 PM
 #14

Your "magic hours" make me think of "happy hours"  Tongue so I decided to start mining with you.
The effort in trying to keep miners to stick with you is a good one I hope.

Let the magic begin...  Roll Eyes

Thanks for this inspiring post; developers will stay with miners too  Tongue
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April 08, 2014, 05:42:22 PM
 #15

Mining is not working?Huh
What am i doing wrong???
Wallet sync ok!


How did you do? Usually, open Qt, then click Help menu, select Debug window, then go to Console. Type: setgenerate true, in the command line. This is to initiate the mining, but you will not notice any changes expect CPU getting "hot". Type: getmininginfo, specifically look for the line starting with "hashespersec", followed by a non-zero value. The non-zero value is your hash rate. If this is zero, something wrong. Tell me what happend then?

Basically this is CPU solo mining, it works at this low diff. Will post detailed information later night for GPU solo mining.

Pool is not yet available, we are working a one; we give bounty to whoever can set up a pool for us.
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April 08, 2014, 05:46:59 PM
 #16

Thanks!


19:45:29

getbalance


19:45:29

0.00000000


19:45:43

getmininginfo


19:45:43

{
"blocks" : 2023,
"currentblocksize" : 1000,
"currentblocktx" : 0,
"difficulty" : 0.19179161,
"errors" : "",
"generate" : true,
"genproclimit" : -1,
"hashespersec" : 1016,
"networkhashps" : 5816894,
"pooledtx" : 0,
"testnet" : false
}


19:45:59

setgenerate true

Like this?
Is it working now?




  Coin MAGI  . XMG  
Coin Source : Trust Verified    [ ★ ★ ★ ★ ★ ★ ★ ]
  ♓ XMG 97XBFXZX5Ce77BQWGbg5N5ygCyqmwGJ1Z8
  ANN THREAD MAGIPAY FAQ FORUM
BTC 1J7wFce3Ve8iPoY3BXQRvvLLcg6mfWSQHz
Magicoin
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April 08, 2014, 05:53:13 PM
 #17

Thanks!


19:45:29

getbalance


19:45:29

0.00000000


19:45:43

getmininginfo


19:45:43

{
"blocks" : 2023,
"currentblocksize" : 1000,
"currentblocktx" : 0,
"difficulty" : 0.19179161,
"errors" : "",
"generate" : true,
"genproclimit" : -1,
"hashespersec" : 1016,
"networkhashps" : 5816894,
"pooledtx" : 0,
"testnet" : false
}


19:45:59

setgenerate true

Like this?
Is it working now?




Yes, you're doing well, 1016 is your hash rate.
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April 08, 2014, 06:01:49 PM
 #18

Hmmm... sounds interesting, will look into, but premine? and what's new??

I agree premine is a bad point. However, as mentioned, we will use bounty for setting things up. It may be noted that we use < 1% premine. There are many many things to be done, without reserved coins, all these are very difficult. We will make giveaways, time to time, to give out a part of premines, in addition to bounty. Just keep an eye on this thread.

I would say the magic coins produced randomly is an interesting idea, well, not big deal, but mostly keep a few maybe a lot miners to be staying with this coin. We will keep coming up with some new stuffs, also any ideas are welcome. We will send bounties for anyone who do improve/advertise this coin.
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April 08, 2014, 06:09:45 PM
 #19

how can i see if i made any coins?
How do i get it in my wallet?
Maybe its a stupid question but
 Huh i have never mine like this!


  Coin MAGI  . XMG  
Coin Source : Trust Verified    [ ★ ★ ★ ★ ★ ★ ★ ]
  ♓ XMG 97XBFXZX5Ce77BQWGbg5N5ygCyqmwGJ1Z8
  ANN THREAD MAGIPAY FAQ FORUM
BTC 1J7wFce3Ve8iPoY3BXQRvvLLcg6mfWSQHz
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April 08, 2014, 06:16:10 PM
 #20

how can i see if i made any coins?
How do i get it in my wallet?

If you opened you Qt, you will see mined coins either in Balance or Unconfimed under Overview. (getbalance command only shows confirmed coins, may take a while to become confirmed).
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