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

[joelao95]

[Update: an potential adjustment of block rewards - diff]

Initial design

We have to go back to review the initial design.
https://bitcointalk.org/index.php?topic=735170.msg8755719#msg8755719

Predicted consequence is fair distribution, avoiding big mining farms and maintaining the network hash under a certain level (unlike BTC network keep increasing). It will frustrate mining farms (if existed) when network hashrate is so high that the mining rewarding is at the decline side. Mining XMG is less profitable compared to mining others; only belivers keeping mining will receive the most out of it. Same frustration applies to GPU miners if they existed.

According the above image, sorry for big miners, my initial thinking is to exclude the (personal) big hash as much as possible. Since we are initially based on M7, GPU mining is allowed at that time. The situation I am trying to avoid is the GPU farm, that is the reason of using diff-dependent rewards. As to M7M, allowing big hash in network means allowing GPU miners too if they exist. I do believe CPU miners (even with farms) would hate to see GPU farms online, same applied to individual CPU miners. This initial direction must be complied.

Issues

Network hash keeps increasing; we haven't see the arrival of rewarding peak yet while we already noticed the coming of big miners;

Current mining status in two pools:

Suprnova Workers: 244
Nonce-Pool Active Workers: 183
total works: 427
Total network hash is about 105 MHps.

It would be conclusive that individual miners have reached saturation, further increase in hash is mostly due to big miners. We haven't got into the 500 XMG/block stage. Provided the general user base won't grow (most likely), what do we expect once net hash hitting a point where gets 500 XMG/block?

Solutions

1) We intend to get 500 XMG/block into the net, but conditional

2) This is the idea; let's say we have three mining groups

Group A - CPU individual miners
Group B - CPU farms
Group C - GPU miners & farms

Though we may expect nonexisting of GPU miners, we can't exclude the possibility (individual). This must be taken care of.  

The most importance of this solution is to maintain the #A:
a. Mining hash of #A must remain the same or above during the lifetime of mining.
b. Moving the optimum diff to a point where the net hash equals to the hash of #A; optimum diff is where we get maximum rewards.



It will be clear that with the arrival of #B, #A+#B leads to less rewards; Both #A and #B suffers low rewarding. #A is a faith miner and never go way in spite of zero reward or 500 XMG, and what happened to #B. #A is a set of many individual miners; for one who mines with 1 cpu, it won't be much loss if nothing coming out in one or two days (in an extreme case, we can assume at #A+#B rewards is zero). But for #B, since #B is a big farm and running costly, it won't be acceptable for them to mine without any return. We can image the same thing for #A+#B+#C. Obviously, the only way of getting rewards for #B or #C is to lower their hashing power, so that the block rewards are available for mining; it may get them to the same hashing level as #A.

If we can go this way, we will will need to select optimum diff and reward-diff pattern. The standard can rely on the mining history so far.

Any suggestions are appreciated!

Please suggest if this is the way we can go.

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[pcshared]

What is this error???!!!

*
We are investingating issues in the backend. Your shares and hashrate are safe and we will fix things ASAP.

Findblocks disabled, new blocks will currently not show up in the frontend
Payouts disabled, you will not receive any coins to your offline wallet for the time being
*

[joelao95]

What is this error???!!!

*
We are investingating issues in the backend. Your shares and hashrate are safe and we will fix things ASAP.

Findblocks disabled, new blocks will currently not show up in the frontend
Payouts disabled, you will not receive any coins to your offline wallet for the time being
*

No worry, every thing is under control except they have issues with the payout I guess, be patient.

[hakertajniak]

OMG, yesterday 60000sat, today someone sell 5100, what a fu**ing idiot!!!

[5m4ru]

OMG, yesterday 60000sat, today someone sell 5100, what a fu**ing idiot!!!

where i cant buy !?

[joelao95]

OMG, yesterday 60000sat, today someone sell 5100, what a fu**ing idiot!!!

Volume is little, can be easily manipulated, no worries of changes when volume is at this level.  

Edit, look at the top of sell and top of buy, you will figure out what's going on.

[joelao95]

OMG, yesterday 60000sat, today someone sell 5100, what a fu**ing idiot!!!

where i cant buy !?

https://cryptoine.com/trade/xmg_btc

[aloney]

OMG, yesterday 60000sat, today someone sell 5100, what a fu**ing idiot!!!

after dev made a new post, then the price go down cause somebody know there's more coin coming, they can make profit even at 5100sat

[hakertajniak]

OMG, yesterday 60000sat, today someone sell 5100, what a fu**ing idiot!!!

after dev made a new post, then the price go down cause somebody know there's more coin comeing, they can make profit even at 5100sat

So that was very nice post...
My coins worth shit now

-1600% in 24hours... Few days of mining went to the trash...

[dboylc]

OMG, yesterday 60000sat, today someone sell 5100, what a fu**ing idiot!!!

where i cant buy !?

https://cryptoine.com/trade/xmg_btc

Dear Dev,
When will you start to swap coins from MAGICOIN I?
What's the way?

[SamWalters]

LOL him dont pay, no1 have no1 got bounty , sam!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Yes? you called?

Why you saying sam? like I have anything to do with bounties lol.

I don't think they are like that by the way, they've been transparent thus far.

[NeuroticFish]

The devs seem to be nice and reasonable. After a few "glitches" in the discussions, the bounty payments seem to be on the right direction.


They care about the coin and they want it to succeed.
I feel that they could have had a little more experience, buy they work hard and try to do good for all of us.
Let's give them a little more credit and the coin will be great!

And don't sell low! Buy cheap!

[SamWalters]

OMG, yesterday 60000sat, today someone sell 5100, what a fu**ing idiot!!!

after dev made a new post, then the price go down cause somebody know there's more coin comeing, they can make profit even at 5100sat

So that was very nice post...
My coins worth shit now

-1600% in 24hours... Few days of mining went to the trash...

This is the problem with the entire crypto currency space.  Not to point you out, but just because you were first... Attitude like this can really affect you more in the long run because whoever is interested in quick profits know you will panic on such a thing.  The market was thin, not many investors have heard of magi...  It needs further awareness; however, this launch was beyond successful and 90+ pages of consistent activity and positiveness, is exactly on the right track for a successful coin.

The devs are making adjustments and making consistent progress, working on giving miners the benefit..
but miners need a little more appreciation and take less advantage of the situation by aiming for a quick profit.  

My advice: Stop trying to aim at +1600% profits overnight, this will ruin your chances.

and as a community, can we focus on something more effective? How about the devs post about different things to prevent huge hash miners or if a GPU miner was to be built, how to prevent them from taking everyone's rewards... and let's talk about how we as a community should work on marketing to bring in more people. I'll re-post my post from last night.

The devs seem to be nice and reasonable. After a few "glitches" in the discussions, the bounty payments seem to be on the right direction.


They care about the coin and they want it to succeed.
I feel that they could have had a little more experience, buy they work hard and try to do good for all of us.
Let's give them a little more credit and the coin will be great!

And don't sell low! Buy cheap!

By far, I haven't seen such a strong developer, and yes, community, working together.

The pools working together was a good thing to see... it made it possible for us to get coins.

I would even suggest donating some coins to nonce pool for his awesome work on getting the compilation of the CPUMiner for Pools up and running.
Maybe donate to OCMiner (Suprnova) pool for helping collaborate with the community and testing out stuff with Goldmin.es and his pool for allowing us to test.

These guys did a great job!

[pcshared]

I'm 3x Unconfirmed   

Pool miner

10  confirmed   
30 Unconfirmed   

What is the problem?

[SamWalters]

I'm 3x Unconfirmed   

Pool miner

10  confirmed   
30 Unconfirmed   

What is the problem?

Problem? Why would you say that. Confirmation takes time. The ratio of unconfirmed to confirmed have always been atleast by double.

Plus, how much hash power do you have? That's really good for just pool mining about 12 hours ago?

[111magic]

OMG, yesterday 60000sat, today someone sell 5100, what a fu**ing idiot!!!

I think someone did not know that you can fit the asking price.
Also another has then been lucky with cheap XMG.

[NeuroticFish]

As I see the price is adjusting back nicely, so I suggest to leave the ones that don't know how to use an exchange and concentrate on what's important

Any big exchanges at the horizon?

[SamWalters]

As I see the price is adjusting back nicely, so I suggest to leave the ones that don't know how to use an exchange and concentrate on what's important

Any big exchanges at the horizon?

Yeah, off course.. people know the power of a strong developer and team, strong community working together, and strong innovation.

I think Exchanges will list..
Dev will send an 'add a coin request' with a press release, and an outline of what has been accomplished (M7M/PoS-II)
what is to come in the near future, and show them there is consistent / daily support from the community.  

Same goes with CryptoMarketCap, CoinWarz, and many other websites that can bring in more traffic.

[peerson51888]

2* dual E5 2697 only mined about 180 XMGs per day,less than $3,it is really not worth to mine !

[Pala_00]

2* dual E5 2697 only mined about 180 XMGs per day,less than $3,it is really not worth to mine !

You can try with some vps...