[ANN] [XMG] MAGI | CPU mining | mPoW | mPoS | [MagiPay]

[111magic]

guys
cloud2b.de is down for me, what happened.

This is what I got 9 days ago:

Dear ***,

Hi, miningpool.cc will stop all services within the next few days. Please payout all left coins from your account to your offline wallet. Stratum services will stop in the next few hours. Thank you for being part of miningpool.cc

I suppose cloud2b.de=miningpool.cc

https://bitcointalk.org/index.php?topic=1095475.msg11974574#msg11974574
Lahlor post this on 26 july
Think he has not solved the problem with his pool yet!
This one seems ok: https://bitcointalk.org/index.php?topic=1114449.0

My magi wallet crashes every x hours. I dont know why. Logs ok and stops immediatly and magid cashes. Maybe DoS attacks?

That's strange! My wallet works fine!

Windows wallet is fine. i mean the daemon and wallet on linux for the pool. I dont know what is happening. Will do some investigations. So far the pool keeps closed. Payout will work so far.

[1715602632]

1715602632

[1715602632]

1715602632

[1715602632]

1715602632

[joelao95]

price is going down every days.... make me want to sell all my magi coin

The situation is not bad actually, though price rising seems everyone's dream and can be one of the ways call for wide attention. The coin is yet happy to the specs, and concerns need a care; all are just happening before on rocketing if it would be.

[markzedi]

price is going down every days.... make me want to sell all my magi coin

The situation is not bad actually, though price rising seems everyone's dream and can be one of the ways call for wide attention. The coin is yet happy to the specs, and concerns need a care; all are just happening before on rocketing if it would be.

Nobody wants to buy
http://s1.postimg.org/4ch7pe3hb/xmg4.jpg

[111magic]

Looks still nice if you look for longer period!

[prfagun1]

It's time to buy 

[joelao95]

As to prior posts for PoS, thanks.

I might talk over some weakness. First off there are not many PoS coins on the top of the list -- a simple feel; there were some top coins but seem having dropped down. PoS gets value diluted in particular with high interest; PoS make people tend to accumulating -- seems good, but not quite; PoS could be easier to manipulate, and tend to be a P & D which can quite be done if one is able to do that. These issues wouldn't matter much if the market value is so huge that no single person is able to do that, but not good for young magi at this stage. And importantly, PoS means one must buy in order to engage into it.

Speaking of the security, there exist weakness in PoS too. People who hold a great deal of coins having the ability to launch an attack, by having offline stake days and coming online at a moment; people might not intentionally fire up an attack but simply a desire to get more PoS coins and they know how-to. The consequence might be an attack like, minimum - hard fork, that would be a severe incident enough to a coin. Again this is easy to be accomplished for a young coin. Such issues were talked over in NOBL when switched to PoS (and given the try to PoS-II then, to be exact). Magi's PoS-II did some tricks along that, but I won't be able to guarantee 0% risk at this time.

In my view, PoW & PoS is most secure, but feel free to discuss, I might be wrong.

Thanks for the prior PoW comments; I'd think & figure & talk again, it may take time as I am still limited to free time.

[helmy77]

price is going down every days.... make me want to sell all my magi coin

Price has been lower some time ago.
I have 100% trust in Magi and his Dev, Community and team.

i think faucet make the price down... to many people sell magi coin in small item look in sell history on bitrex

[111magic]

As to prior posts for PoS, thanks.

I might talk over some weakness. First off there are not many PoS coins on the top of the list -- a simple feel; there were some top coins but seem having dropped down. PoS gets value diluted in particular with high interest; PoS make people tend to accumulating -- seems good, but not quite; PoS could be easier to manipulate, and tend to be a P & D which can quite be done if one is able to do that. These issues wouldn't matter much if the market value is so huge that no single person is able to do that, but not good for young magi at this stage. And importantly, PoS means one must buy in order to engage into it.

Speaking of the security, there exist weakness in PoS too. People who hold a great deal of coins having the ability to launch an attack, by having offline stake days and coming online at a moment; people might not intentionally fire up an attack but simply a desire to get more PoS coins and they know how-to. The consequence might be an attack like, minimum - hard fork, that would be a severe incident enough to a coin. Again this is easy to be accomplished for a young coin. Such issues were talked over in NOBL when switched to PoS (and given the try to PoS-II then, to be exact). Magi's PoS-II did some tricks along that, but I won't be able to guarantee 0% risk at this time.

In my view, PoW & PoS is most secure, but feel free to discuss, I might be wrong.

Thanks for the prior PoW comments; I'd think & figure & talk again, it may take time as I am still limited to free time.

So PoS coins do have also a risk!?
I think there are some nice ideas already posted it the thread. Maybe the option of adjusting and improving M7M with mix of yescrypt and PoS-III would be a good idea.

[The Frisian]

price is going down every days.... make me want to sell all my magi coin

Price is going down, because nobody wants to buy.
Price is going up, when people are buying.

So do not sell your magi coin, but buy as much as you can.
Then you will see the price will rocket.  (if we all do)

Just keeping your coins and waiting, waiting, will not help.

Price will rise by buy support and commercial support, I guess.
So buy and let all your friends know you're buying.

[111magic]

Just received message that gorilla.exchange is down for security reasons! Hope to receive more info what will happen or happend with the XMG there!
Btw I agree with the Frisian. If you like to purchase some XMG this might be the best moment! Or set buy-orders.

[okae]

I guess it's dependent; by the current market, 0.01xmg by 1k magi staking values trivial, but would be not that low when magi is valued as much as btc, though the latter situation is very much no more than an imagination for now; imo it'll depend on how we keep the way going then and the overall view.

well yes, its always depends on how we keep the way going then and the overall view, you are in truth, you know all of us really want to see a great future on this coin, i only suggested that, but i understand your point of view.

It's time to buy 

jaja, yes man, and who know, maybe the price is a little bit low for just few days

[111magic]

Just received message that gorilla.exchange is down for security reasons! Hope to receive more info what will happen or happend with the XMG there!
Btw I agree with the Frisian. If you like to purchase some XMG this might be the best moment! Or set buy-orders.

Received message that gorilla.exchange is closed!
Received no answer what will happen or happend with my balance there.

[fragilefungi]

As to prior posts for PoS, thanks.

I might talk over some weakness. First off there are not many PoS coins on the top of the list -- a simple feel; there were some top coins but seem having dropped down. PoS gets value diluted in particular with high interest; PoS make people tend to accumulating -- seems good, but not quite; PoS could be easier to manipulate, and tend to be a P & D which can quite be done if one is able to do that. These issues wouldn't matter much if the market value is so huge that no single person is able to do that, but not good for young magi at this stage. And importantly, PoS means one must buy in order to engage into it.

Speaking of the security, there exist weakness in PoS too. People who hold a great deal of coins having the ability to launch an attack, by having offline stake days and coming online at a moment; people might not intentionally fire up an attack but simply a desire to get more PoS coins and they know how-to. The consequence might be an attack like, minimum - hard fork, that would be a severe incident enough to a coin. Again this is easy to be accomplished for a young coin. Such issues were talked over in NOBL when switched to PoS (and given the try to PoS-II then, to be exact). Magi's PoS-II did some tricks along that, but I won't be able to guarantee 0% risk at this time.

In my view, PoW & PoS is most secure, but feel free to discuss, I might be wrong.

Thanks for the prior PoW comments; I'd think & figure & talk again, it may take time as I am still limited to free time.

So PoS coins do have also a risk!?
I think there are some nice ideas already posted it the thread. Maybe the option of adjusting and improving M7M with mix of yescrypt and PoS-III would be a good idea.

I think that is probably the best option.  I don't think huge changes are needed for PoS-III, but only improve the rate for small stakers.  Earning 0.01 XMG by staking 1000 XMG is a small reward, and is less than a PoW block would be to confirm the same number of transactions.  PoS rewards being too high defiantly cause inflation and the price to drop, but so can the PoW reward being too high.  What is also important is market perception.  The stake rate should be high enough that people think that the rewards are worth it so they have the desire to buy more, but not so high that price stability is a concern.

I don't think that increasing the reward on small blocks will increase inflation, mainly because it will encourage people to split their blocks smaller and stake with a lot of small blocks.  This will create a liquidity trap because all the blocks will not stake and mature at the same time.  If someone with lots of small blocks wants to sell any significant amount, they will have to destroy weight and spend blocks that have not yet staked, which will keep actual rewards earned much less then if they would have not sold.  I think raising the stake rate for small blocks will encourage more small miners to keep what they mine, and could actually increase buy support because more people will want to buy and keep small amounts in their personal wallets.

[xms]

Just received message that gorilla.exchange is down for security reasons! Hope to receive more info what will happen or happend with the XMG there!
Btw I agree with the Frisian. If you like to purchase some XMG this might be the best moment! Or set buy-orders.

Received message that gorilla.exchange is closed!
Received no answer what will happen or happend with my balance there.

hey,

sorry to hear that magic, hope you dit not lost a lot.
I only use Cryptsy and Bittrex.

[xms]

hey,

i dont know anything about changeing the algo on Magi but i believe in Joelao95 .

So whatever he's is doing about the algo, is making the best coin even better!

greatings

[111magic]

hey,

i dont know anything about changeing the algo on Magi but i believe in Joelao95 .

So whatever he's is doing about the algo, is making the best coin even better!

greatings

Really nice words xms!
I have the same and think Joelao95 is an awesome dev hè will and can do awesome things in this world of digital currencies! 100%

[Lightsplasher]

...

In my view, PoW & PoS is most secure, but feel free to discuss, I might be wrong.

...

This is unclear to me, in general I agree, however, I've lost value on PoW/PoS coins that were abandoned from hacking and technical issues.  Doing PoW and PoS adds additional complexity that can lead to problems.  (Anyone else lost value on Cinnamoncoin?) Additionally, PoW mining seems to cause more issues with block chain forks than PoS in my experience.

Pure PoS coins do have the weakness you pointed out but I believe there are workarounds to fix many of the issues such as a block reward cap and limits on coin weight.  I think the barrier to entry where people are required to purchase coins to get started is perhaps the biggest drawback but based on the giving nature of this community so far, I doubt that will become an issue.

Today August 13 is earth overshoot day where humanity's annual demand for goods and services exceeds what the Earth's ecosystems can renew in a year.  My guess is that a pure PoS coin is the best way to move value around globe based purely on environmental concerns, with XMG's current scheme a close second.  (It seems better than moving gold around, based on the recent spill of toxic waste into the Colorado rivers)

The way things are setup now works very well and I have faith that your capable of releasing another such update based on PoW/PoS technology that functions correctly as well if that ends up being done - so whatever is best shall be. 

[111magic]

It's very good Magi likes to hear many opinions from our great community. It gives Joe a good idea about what people do like and don't like.
That way hè can give Magi an awesome future!

[111magic]

[MagiTor ..]

1. MagiTor
MagiTor has been overdue; however, the Tor wallet is here now. Please make sure you have made a backup of your wallet (wallet.dat) before using ANY new wallets.

Downloads: http://cryptomagic.com/files/magi-release/magitor
(let me know if you need wallets for your OS)

 

Nodes in case you can't sync:

Code:

connect=nb57fbprx2pstey5.onion
connect=efgnprvedrxxot7l.onion
connect=mwjrcnqk6oj4s3qn.onion
connect=w7z5pnnpa377fovn.onion
connect=qpv345rnosrrfjwc.onion

Joe could you check this? Link is from old website.

[joelao95]

I think that is probably the best option.  I don't think huge changes are needed for PoS-III, but only improve the rate for small stakers.  Earning 0.01 XMG by staking 1000 XMG is a small reward, and is less than a PoW block would be to confirm the same number of transactions.  PoS rewards being too high defiantly cause inflation and the price to drop, but so can the PoW reward being too high.  What is also important is market perception.  The stake rate should be high enough that people think that the rewards are worth it so they have the desire to buy more, but not so high that price stability is a concern.

I don't think that increasing the reward on small blocks will increase inflation, mainly because it will encourage people to split their blocks smaller and stake with a lot of small blocks.  This will create a liquidity trap because all the blocks will not stake and mature at the same time.  If someone with lots of small blocks wants to sell any significant amount, they will have to destroy weight and spend blocks that have not yet staked, which will keep actual rewards earned much less then if they would have not sold.  I think raising the stake rate for small blocks will encourage more small miners to keep what they mine, and could actually increase buy support because more people will want to buy and keep small amounts in their personal wallets.

You're right inflation won't be a big concern compared to other things affecting the price. People are actually getting the same type of blocks with the reward calculated in terms of:

Code:

[PoS-block-reward] = [Coin-age] x APR / [days in a year]

What we can play around are the coin age and APR; based on that, there would be no good solutions to "improve the rate for small stakers". One way to have "big" or "small" block is to apply high APR for small stake holders and low APR for big holders; however, big holders can divide their holding into small pieces, say launching 10 wallets instead of all in one wallets, and appear to be small stakers. So it won't be a practical solution. The PoS-II deals with the coin age; one has to maintain a proper number of coins to maximize [Coin-age], so does the [PoS-block-reward]; this is an extra effort, and I believe we can do some thing more along this point.