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

[cryptonit]

that's very good interest. My problem is I can't run a computer all day long in order to stake. Any suggestions to do with my XMG?

Hi, you don't need to Stake for POI, you simply leave your balance in an account without touching it and 111magic will send the interest in form of payment - you have to register your address in order to participate in the scheme.

i meant in general if i'm a long term holder what can i do with Magi if i can't stake it.

Don't worry too much about staking. Magi staking profit is less than minimal.
I'm not even staking my 30k XMG.

this is a alarm signal as i stated before
the incentive to contribute to network and have a 24/7 active wallet
is not provided by POS the way its set up now

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[111magic]

that's very good interest. My problem is I can't run a computer all day long in order to stake. Any suggestions to do with my XMG?

Hi, you don't need to Stake for POI, you simply leave your balance in an account without touching it and 111magic will send the interest in form of payment - you have to register your address in order to participate in the scheme.

i meant in general if i'm a long term holder what can i do with Magi if i can't stake it.

Don't worry too much about staking. Magi staking profit is less than minimal.
I'm not even staking my 30k XMG.

this is a alarm signal as i stated before
the incentive to contribute to network and have a 24/7 active wallet
is not provided by POS the way its set up now

Is Joe working on improvements for that? Might missed that during the holidays!

[Redrover]

that's very good interest. My problem is I can't run a computer all day long in order to stake. Any suggestions to do with my XMG?

Group your coins into a few blocks of around 2000 - 2500 and you really only need to open the wallet once a day or every other day and they should stake relatively quickly, (couple hours), at least this works for me.

How often would coins stake normally if wallet is open at all the time.

I could be wrong on this but what I've seen, it makes no difference if you leave the wallet open 24/7 or just open it once every day or two and let all of the coins stake before you close the wallet, as long as you are using coin control (old wallet) and/or have the config file setup in the new wallet to maintain your block sizes around 1200 - 2500 then it becomes automagic. 

At current rates, we aren't getting rich via staking.  I'd estimate that a stack of 2000 xmg in one block stakes an average 1/2 a coin every 1-2 days but this fluctuates so it's difficult to put an exact number to it.
In my wallet, I keep the blocks close to 1400 per and they stake almost once every day and each block will generate anywhere from 0.1 - 0.3 xmg in stake "almost daily" so it's not a lot but it is consistent when you maintain the block sizes.  I open the wallet before I go to bed and close it when I get up, this has been working great especially with the new wallet and the config file.

One other thing to keep in mind, the staking sweetspot, if I'm not mistaken, is less than 6 days before you start losing weight.  Once your coins get to approximately 6 days and have not staked, you might as well just resend them back to yourself and start the timer over again.  I don't think I've seen a single block ever stake in my wallet that was older than 6 days but then again, I've used coin control to manage my block sizes since I started collecting magi.

Thanks for that Redrover - I'm getting nowhere near as much though staking but I dont send my coins back to myself.
Do you have to send to a different address to regain the weight?
How can you ensure that you send the older coins (or is this automatic)?
Cheers

You can send the coins back to yourself (the same address) or create a new address in the same wallet if you like, remember to make a new backup if you create a new address.
Choose the oldest coins via coin control - enable this via settings, options, display - check the box to display coin control features.
After this is enabled, you have new info in the Send tab, click Inputs, then List mode, and sort by confirmations and you will have the oldest coins at the top.  Any blocks with more than about 7000 confirmations would be considered old and are most likely losing weight.

Using coin control, you can now bundle the exact blocks of coins of your choice and send them back to yourself, this is also how you bundle tiny amounts into one larger block of coins that will be ready to stake within a day.

There are many tutorials on using coin control, even a few in this thread that will explain it more in depth.  It's a great tool for managing your wallet.

@cryptonit - yes this is an alarm signal when 30k of coins is not really cost effective to stake due to the very low interest rate.  There is not much incentive to keep the wallet running 24/7 and securing the network at these rates and lately (the last 2 weeks) some big miners have completely messed up the mining rewards again, and this has also hurt staking even more due to the difficulty swings.

Right now, the best way to 'profit' with magi is buying and selling the market swings, unfortunately you can't do that and stake the coins at the same time unless you don't mind moving coins quite often.  On the plus side, moving coins on and off the exchanges is fast.

The latest wallet from Joe is a HUGE time saver for those of us who are staking and were using coin control every single day to manage the wallet.  Now we have an automatic solution via the config file that maintains the block sizes for us and we only really need to use coin control now to initially setup our block sizes and for combining small amounts from mining rewards.

[Redrover]

that's very good interest. My problem is I can't run a computer all day long in order to stake. Any suggestions to do with my XMG?

Hi, you don't need to Stake for POI, you simply leave your balance in an account without touching it and 111magic will send the interest in form of payment - you have to register your address in order to participate in the scheme.

i meant in general if i'm a long term holder what can i do with Magi if i can't stake it.

Don't worry too much about staking. Magi staking profit is less than minimal.
I'm not even staking my 30k XMG.

this is a alarm signal as i stated before
the incentive to contribute to network and have a 24/7 active wallet
is not provided by POS the way its set up now

Is Joe working on improvements for that? Might missed that during the holidays!

Several people have suggested or requested that the staking interest be increased and a while back Joe acknowledged this and I think said he will be looking into it, (or I dreamed it and it is wishful thinking) 
Joe has made it clear in the past that he favors mining over staking and that's how he set it all up to begin with.

I think now would be a good time to give people a reason to accumulate xmg - one way to do that is to increase the staking rewards (a lot) - kind of like how banks 'used' to pay us to save money, somehow that way of thinking has disappeared.

Another way is via the POI campaigns but this is only short term and actually benefits exchange trading more than the people staking.

It's complicated, you make a change in one place and it affects things in other areas but I do hope the next update will reward the holders of magi by increasing the interest rate from less than 1% to a more incentivizing rate of return of around 5-10%.  Who knows?  Joe already surprised us with a new wallet that can automatically manage our block sizes which is awesome!  In the meantime, the profits are on the exchanges.

[Johnny00]

XMG dropped to 3K satoshi now, big drop from 4.2K. i wonder if it has to do with the delisting of many coins for no reason on poloniex

[111magic]

XMG dropped to 3K satoshi now, big drop from 4.2K. i wonder if it has to do with the delisting of many coins for no reason on poloniex

Might be. Good news is Magi (XMG) stays on Poloniex.
Think the drop is ok. Few weeks ago value XMG was +- 2K Satoshi. So looks very good!

[111magic]

that's very good interest. My problem is I can't run a computer all day long in order to stake. Any suggestions to do with my XMG?

Hi, you don't need to Stake for POI, you simply leave your balance in an account without touching it and 111magic will send the interest in form of payment - you have to register your address in order to participate in the scheme.

i meant in general if i'm a long term holder what can i do with Magi if i can't stake it.

Don't worry too much about staking. Magi staking profit is less than minimal.
I'm not even staking my 30k XMG.

this is a alarm signal as i stated before
the incentive to contribute to network and have a 24/7 active wallet
is not provided by POS the way its set up now

Is Joe working on improvements for that? Might missed that during the holidays!

Several people have suggested or requested that the staking interest be increased and a while back Joe acknowledged this and I think said he will be looking into it, (or I dreamed it and it is wishful thinking) 
Joe has made it clear in the past that he favors mining over staking and that's how he set it all up to begin with.

I think now would be a good time to give people a reason to accumulate xmg - one way to do that is to increase the staking rewards (a lot) - kind of like how banks 'used' to pay us to save money, somehow that way of thinking has disappeared.

Another way is via the POI campaigns but this is only short term and actually benefits exchange trading more than the people staking.

It's complicated, you make a change in one place and it affects things in other areas but I do hope the next update will reward the holders of magi by increasing the interest rate from less than 1% to a more incentivizing rate of return of around 5-10%.  Who knows?  Joe already surprised us with a new wallet that can automatically manage our block sizes which is awesome!  In the meantime, the profits are on the exchanges.

Yes indeed. Joe can you look into the above ideas?

[starmman]

that's very good interest. My problem is I can't run a computer all day long in order to stake. Any suggestions to do with my XMG?

Group your coins into a few blocks of around 2000 - 2500 and you really only need to open the wallet once a day or every other day and they should stake relatively quickly, (couple hours), at least this works for me.

How often would coins stake normally if wallet is open at all the time.

I could be wrong on this but what I've seen, it makes no difference if you leave the wallet open 24/7 or just open it once every day or two and let all of the coins stake before you close the wallet, as long as you are using coin control (old wallet) and/or have the config file setup in the new wallet to maintain your block sizes around 1200 - 2500 then it becomes automagic. 

At current rates, we aren't getting rich via staking.  I'd estimate that a stack of 2000 xmg in one block stakes an average 1/2 a coin every 1-2 days but this fluctuates so it's difficult to put an exact number to it.
In my wallet, I keep the blocks close to 1400 per and they stake almost once every day and each block will generate anywhere from 0.1 - 0.3 xmg in stake "almost daily" so it's not a lot but it is consistent when you maintain the block sizes.  I open the wallet before I go to bed and close it when I get up, this has been working great especially with the new wallet and the config file.

One other thing to keep in mind, the staking sweetspot, if I'm not mistaken, is less than 6 days before you start losing weight.  Once your coins get to approximately 6 days and have not staked, you might as well just resend them back to yourself and start the timer over again.  I don't think I've seen a single block ever stake in my wallet that was older than 6 days but then again, I've used coin control to manage my block sizes since I started collecting magi.

Thanks for that Redrover - I'm getting nowhere near as much though staking but I dont send my coins back to myself.
Do you have to send to a different address to regain the weight?
How can you ensure that you send the older coins (or is this automatic)?
Cheers

You can send the coins back to yourself (the same address) or create a new address in the same wallet if you like, remember to make a new backup if you create a new address.
Choose the oldest coins via coin control - enable this via settings, options, display - check the box to display coin control features.
After this is enabled, you have new info in the Send tab, click Inputs, then List mode, and sort by confirmations and you will have the oldest coins at the top.  Any blocks with more than about 7000 confirmations would be considered old and are most likely losing weight.

Using coin control, you can now bundle the exact blocks of coins of your choice and send them back to yourself, this is also how you bundle tiny amounts into one larger block of coins that will be ready to stake within a day.

There are many tutorials on using coin control, even a few in this thread that will explain it more in depth.  It's a great tool for managing your wallet.

@cryptonit - yes this is an alarm signal when 30k of coins is not really cost effective to stake due to the very low interest rate.  There is not much incentive to keep the wallet running 24/7 and securing the network at these rates and lately (the last 2 weeks) some big miners have completely messed up the mining rewards again, and this has also hurt staking even more due to the difficulty swings.

Right now, the best way to 'profit' with magi is buying and selling the market swings, unfortunately you can't do that and stake the coins at the same time unless you don't mind moving coins quite often.  On the plus side, moving coins on and off the exchanges is fast.

The latest wallet from Joe is a HUGE time saver for those of us who are staking and were using coin control every single day to manage the wallet.  Now we have an automatic solution via the config file that maintains the block sizes for us and we only really need to use coin control now to initially setup our block sizes and for combining small amounts from mining rewards.

Thanks for that. I didn't notice the coin control option before. I'll give this a go, as when I tried in the past I started losing weight. I'll do some research on the coin control topic. I thought it was just something perticular about Magi =) Learning more every day

[Redrover]

@starmman - the specifics do vary from coin to coin so if you are staking other coins, you need to know what their specific coin weight and POS staking rules are and go by those guidelines.  Magi is the one coin I know of that reduces weight in a very short time requiring us to take action after just a few days (5-6).  Experimenting and learning all the ins and outs is part of the fun right?

[nodecoin5]

Dev can you say something about XMG  , what you will do next  _ after new wallet

[byter.sky]

what about poloniex. Why price is still 3k , what you are doing wrong , mavbe you need good manager like krypton , who did price from 2k till 30k

[111magic]

what about poloniex. Why price is still 3k , what you are doing wrong , mavbe you need good manager like krypton , who did price from 2k till 30k

Magi likes to grow step by step. No rush but long-term.
If a currency raises fast the risk might be a huge drop.
Think it would be good for Magi to have more managers.
In fact everybody in our awesome Magi community is a sort of manager. If more people work together the better the results.

[Johnny00]

what about poloniex. Why price is still 3k , what you are doing wrong , mavbe you need good manager like krypton , who did price from 2k till 30k

Magi likes to grow step by step. No rush but long-term.
If a currency raises fast the risk might be a huge drop.
Think it would be good for Magi to have more managers.
In fact everybody in our awesome Magi community is a sort of manager. If more people work together the better the results.

Seems like no buying volume though. Do you think that is a problem?

[z0n0]

what about poloniex. Why price is still 3k , what you are doing wrong , mavbe you need good manager like krypton , who did price from 2k till 30k

Magi likes to grow step by step. No rush but long-term.
If a currency raises fast the risk might be a huge drop.
Think it would be good for Magi to have more managers.
In fact everybody in our awesome Magi community is a sort of manager. If more people work together the better the results.

Seems like no buying volume though. Do you think that is a problem?

Waiting for price to drop...

[starmman]

what about poloniex. Why price is still 3k , what you are doing wrong , mavbe you need good manager like krypton , who did price from 2k till 30k

Magi likes to grow step by step. No rush but long-term.
If a currency raises fast the risk might be a huge drop.
Think it would be good for Magi to have more managers.
In fact everybody in our awesome Magi community is a sort of manager. If more people work together the better the results.

Seems like no buying volume though. Do you think that is a problem?

Looks like there is a standoff at the minute - the main sell support is at 3700 and the main buy support is at 1700 with little coin available in between. people have been unwilling to sell or buy. The price has broken the 2900 barrier overnight, so looks to me like the price is dropping due to lack of support - however there are (currently) no bears active on the market pushing the price down so it will likely take a little longer to reach a lower level before a possible rise again.  It will only take 10k XMG to push the price down to 2200. I suspect the sell support levels may drop too - but things are often crazy in the crypto world. Lets see what happens.

[111magic]

what about poloniex. Why price is still 3k , what you are doing wrong , mavbe you need good manager like krypton , who did price from 2k till 30k

Magi likes to grow step by step. No rush but long-term.
If a currency raises fast the risk might be a huge drop.
Think it would be good for Magi to have more managers.
In fact everybody in our awesome Magi community is a sort of manager. If more people work together the better the results.

Seems like no buying volume though. Do you think that is a problem?

Looks like there is a standoff at the minute - the main sell support is at 3700 and the main buy support is at 1700 with little coin available in between. people have been unwilling to sell or buy. The price has broken the 2900 barrier overnight, so looks to me like the price is dropping due to lack of support - however there are (currently) no bears active on the market pushing the price down so it will likely take a little longer to reach a lower level before a possible rise again.  It will only take 10k XMG to push the price down to 2200. I suspect the sell support levels may drop too - but things are often crazy in the crypto world. Lets see what happens.

https://twitter.com/Coin_Magi_XMG/status/770110525745291265

 

[starmman]

what about poloniex. Why price is still 3k , what you are doing wrong , mavbe you need good manager like krypton , who did price from 2k till 30k

Magi likes to grow step by step. No rush but long-term.
If a currency raises fast the risk might be a huge drop.
Think it would be good for Magi to have more managers.
In fact everybody in our awesome Magi community is a sort of manager. If more people work together the better the results.

Seems like no buying volume though. Do you think that is a problem?

Looks like there is a standoff at the minute - the main sell support is at 3700 and the main buy support is at 1700 with little coin available in between. people have been unwilling to sell or buy. The price has broken the 2900 barrier overnight, so looks to me like the price is dropping due to lack of support - however there are (currently) no bears active on the market pushing the price down so it will likely take a little longer to reach a lower level before a possible rise again.  It will only take 10k XMG to push the price down to 2200. I suspect the sell support levels may drop too - but things are often crazy in the crypto world. Lets see what happens.

https://twitter.com/Coin_Magi_XMG/status/770110525745291265

 

Awesome 111magic, looking forward to POI4. I'm sure that will have a positive impact on the price and markets.

[Logikapus]

what about poloniex. Why price is still 3k , what you are doing wrong , mavbe you need good manager like krypton , who did price from 2k till 30k

Magi likes to grow step by step. No rush but long-term.
If a currency raises fast the risk might be a huge drop.
Think it would be good for Magi to have more managers.
In fact everybody in our awesome Magi community is a sort of manager. If more people work together the better the results.

Seems like no buying volume though. Do you think that is a problem?

Looks like there is a standoff at the minute - the main sell support is at 3700 and the main buy support is at 1700 with little coin available in between. people have been unwilling to sell or buy. The price has broken the 2900 barrier overnight, so looks to me like the price is dropping due to lack of support - however there are (currently) no bears active on the market pushing the price down so it will likely take a little longer to reach a lower level before a possible rise again.  It will only take 10k XMG to push the price down to 2200. I suspect the sell support levels may drop too - but things are often crazy in the crypto world. Lets see what happens.

https://twitter.com/Coin_Magi_XMG/status/770110525745291265

 

Awesome 111magic, looking forward to POI4. I'm sure that will have a positive impact on the price and markets.

i am buying more .It looks like price will be in some months  around 20k sat or more .Magi time and party will start this year 

[Erkallys]

I have a question : I have my Magi wallet on my Rapsberry Pi, but since I'm not using it and it did not get turned on for at least six months, I'd like to transfer my XMG to my mining rigs to be able to actively stake. Does anyone has an idea how I could achieve this ? Is there a wallet.dat on Linux, like on Windows ?

[starmman]

I have a question : I have my Magi wallet on my Rapsberry Pi, but since I'm not using it and it did not get turned on for at least six months, I'd like to transfer my XMG to my mining rigs to be able to actively stake. Does anyone has an idea how I could achieve this ? Is there a wallet.dat on Linux, like on Windows ?

I didn't try running a wallet of a raspberry pi yet, but I assume you just need to run the qt take a backup and restore from another pc, or alternatively fire up the pi and transfer the coins to the other account. (Or is there something I'm missing =) )