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

[gogo3a]

When can we trade XMG we need to trade XMG to BTC

[The Frisian]

When can we trade XMG we need to trade XMG to BTC

Why, I only collect them.

[kosmato]

When can we trade XMG we need to trade XMG to BTC

Why, I only collect them.

not only you, with all this mess I am too becoming a collector

[The Frisian]

Joe said in 2015:

In just the last few days we've seen nearly the entire block rewards vanish and or go to one large miner, at this point that large miner is single handedly controlling the coin rewards, that day has already come and we really should do something to fix it.

I really like the idea of greatly reducing PoW rewards and adding merged mining - and increasing PoS interest - that is very interesting to me and would be my choice of fixing this issue but undoubtedly this is a complex change to implement so let me bring up what I think is probably easier to do first.

The simplest solution I know of is to switch to full PoS right now and increase the interest rate to about 15% yearly to start.  The interest rate has to be high enough to make it worthwhile to invest in and save while also offsetting the potential mining loss that might have occurred.  I'll list the pros and cons as I see them.

Pros
1  Green!  Way more energy efficient, no more wasting electricity, just run your wallet once in a while.
2  More fair way of earning coins: rather than competing with large miners or bot farms, and using even more energy in the process, you now earn an equal percentage as everyone else based on your own balance.
3  This encourages holding and saving coins in your wallet, this can also be looked at as a con because some people will not spend their coins.  Maybe this increases demand?

Cons
1  No more mining which is a fun hobby for many people.  Suggestion, mine another coin and buy more XMG.  Win-Win!
2  PoS encourages saving and holding coins which might equal less trading and spending in commerce, then again, it might just increase demand while we fill our wallets.
3  More difficult for a newcomer to get into XMG because they would need to buy coins to get started.  This can be fixed with promotions, giveaways, better faucets, and let Magic111 do his thing!  This can be turned into a Pro very easily with the right marketing and ease of use!

Security - This is neither a Pro or Con with the current system as it is.  Hybrid PoW/Pos or full PoS are both secure when implemented correctly.  There are many pure PoS coins out there that are working as intended.

Assuming we did make this change, we then can focus more effort on expanding and adding new features and merchants without the fear of losing mining profits.  I mean, can you imagine a Magic111 unleashed to spread the wealth even more than he already is, that would be fun to watch!

Either way, we have a major problem right now and we need to fix it asap!  Waiting or having patience will not make this go away, it will get worse, so let’s fix it now!

[ex33s]

Every thing has two sides, and here's how i think they operate.

When block reward is ~10xmg, they accumulate as much as they can. When they are ready to offload their earnings from mining, they give full power. This will lower block reward but also and more important, it will increase the demand for magi since it's easier to buy then to mine in that case. This in turn causes the price to go up. When they think the price is good enough, they sell and get's back to normal mining.

They can't do that now because of exchanges have their wallets in maintenance mode and not allowing transfer of xmg to exchanges. So now is actually a pretty good time to create a high demand of xmg then to create a high supply of magi.

It's what i'm thinking.

And nothing you can do. Rules written by the victors. You have only two variants - play this game or not. Silly to blame miners because of magi alghorithm.

Well, you are wrong there. Information can always be given. It's matter of you listen or not.

But on the bigger picture, no - I can't do a thing but give information.

Why are you against magi?

I'm not against magi, in this case I wouldn't be here. I against moronic "Gods" with moronic rules, who tries to "fix" magi "features" with administrative pressure. Do you want petty tyranny reputation for magi? I'm not.

Currently, magi have a great balance - botnets have no advantages over home users. With 10 Mh you have not 100x coins over home user with 100kh - all have nothing. So, big miners cannt mine everyday with full power. Here is "swing", but it's better situation then (for example) bitcoin - 5% buy Radeons - and CPU mining died, 5% buy asic - and Radeon's mining died. Botnet can increase difficulty to 4 or even 10, but botnet admin will have nothing. All have nothing. But in long-term perspective everyone can mine coins, because nobody wants to lose, botnet owners too.

It will be mich more interesting to put info about hashrate/reward to every pool. And ask home users (with hashrate <200k) do not stop mining even with zero profit. The only way we can defeat the botnets.

In that case, I can tell you magi team is not god, they listen more then you think to all of the community members. They are not trying to "fix magi features". At this point all the team is putting it's efforts into is fixing the problem that made the chain fork. No more No less.
In the case you are talking about affects all coins, not just magi. First there was cpu, then gpu and then asics (i'm ofc talking about bitcoin here in this case). I remember when I started with cryptocurrency back in 2011.

And the last is just what we all been saying, information. Pool owners knows this, most community members knows this too (or at least those i'm aware of).  And with that we are back at giving information, the most powerful tool we have.

So in the bottom line, you want magi to be successful, spread the word. Inform people of the benefits. Tell the average home user that they can mine with their computer. Tell them about the community we actually have here and how we stay strong in these times or anytime.

[oxothuk]

It will be mich more interesting to put info about hashrate/reward to every pool. And ask home users (with hashrate <200k) do not stop mining even with zero profit. The only way we can defeat the botnets.

Anyway there is a left weak side.. overall cap hr.. it limit not only big hashers but limit amount of solo miners..
And admins can manually change this cap, this is not how  decentralization mechanizm works..

I suggest use "rubber cap" limit written in algo... for example if net works fine, everyone have revenue,
and big guy come and start mining,  for some time we see no rewards... but if big hash continue for a long time - cap should adapt for new power and start raising reward.
Speed of adapting can be point of discussion.

[pmsk]

In that case, I can tell you magi team is not god, they listen more then you think to all of the community members. They are not trying to "fix magi features". At this point all the team is putting it's efforts into is fixing the problem that made the chain fork. No more No less.

I talk about pool owners, not devs.

[111magic]

In that case, I can tell you magi team is not god, they listen more then you think to all of the community members. They are not trying to "fix magi features". At this point all the team is putting it's efforts into is fixing the problem that made the chain fork. No more No less.

I talk about pool owners, not devs.

Thanks for your opinion. Indeed Magi team is following the thread very good. Personal i read all posts. At this moment more than 900 pages with posts.
We learn a lot from all feedback.
Just a reminder Magi team started without big fund an is not looking for own greed. Simple we like the Magi concept are willing to put a lot of energie & free time in building a great future for Magi.
And we will continue doing that.

[vervetech]

I actually dont mind the exchange wallets staying in dev maintenance mode its making me keep my magi for once instead of just sending it to bittrex and reselling it between 5000 and 6000 then buying ethereum with the profits

I sat there last night and worked it out and im making $3.45 a day mining magi coins with half a dozen i7 ish machines just using their spare processing power as they are on all the time

You cant complain about $1250 a year in income from mining magi on your office computers its a great community coin

** edit ** plus it doesnt generate enough heat to warm a skyscraper like my ethereum and ZCASH rigs

[coolestcool]

Sorry about this stupid question

i put possi=1 for stake

so i get 251. xmg  of my available in the stake section

with the legend Total coins that was staked, and do not yet count toward the current balance

when or how will be return to available?  i never pos before, pls give me some light

txs

[malafaya]

Sorry about this stupid question

i put possi=1 for stake

so i get 251. xmg  of my available in the stake section

with the legend Total coins that was staked, and do not yet count toward the current balance

when or how will be return to available?  i never pos before, pls give me some light

txs

Currently, it requires 520 confirmations (blocks) until it becomes available again.
If you hover the transaction, you can seen how many confirmations it has at the moment.

[abbeytim]

could we make a p2pool  instead of mining pools and every one mine on that or solo like if u could implement a built in miner in the client for p2pool and solo and close all the pools down would that fix it then everyone would be solo or on p2pool so there would only be one pool or solo so even if someone had lots  of hash they wouldnt have more than p2pool

[ex33s]

When can we trade XMG we need to trade XMG to BTC

Why, I only collect them.

Me too

But i also keep a portion on the exchange for trading. Think it's fun to trade a bit, and the earnings from those trades I use to buy some more xmg and collect them
That also increases the amount of stake i'm doing

[The Frisian]

When can we trade XMG we need to trade XMG to BTC

Why, I only collect them.

Me too
But i also keep a portion on the exchange for trading. Think it's fun to trade a bit, and the earnings from those trades I use to buy some more xmg and collect them
That also increases the amount of stake i'm doing

That's the way, I do this for 3 years now.
First in 2015 I mined my first XMG and started directly with trading (In the meanwhile, most of those exchanges are already gone)
I'm still mining with around 100 KH/s.
Now I have a staking wallet with more than 200K and 100K on bittrex to trade.
I trade whole day long.

[abbeytim]

another idea is lower the block size for pow to make it less profitable  and increase the pos interest size

[abbeytim]

an old pm i got after i asked Wolf0 a question

have u tried mining xmg "magicoin" m7m on a gpu

I'm just wondering cause I see somepeople with very high hashrates on xmg pools

and was wondering if people are using gpus or just botnets

I've done it once, with a miner I borrowed. It's pretty efficient.

[starmman]

The simplest solution I know of is to switch to full PoS right now and increase the interest rate to about 15% yearly to start.  The interest rate has to be high enough to make it worthwhile to invest in and save while also offsetting the potential mining loss that might have occurred.  I'll list the pros and cons as I see them.

I think a rate of 15% would have to be for a very short period to push demand - 15% over a prolonged period would cause some serious hyperinflation and cause devaluation.

Still like the idea of mining - but only if we can counteract the exploitation -

Personally, I don't mine much these days, probably earn 1XMG/day if I'm lucky and earn less than 1XMG /day through staking - I make many more magi through trading =)

I used to mine 30-50XMG per day in the early days with the same hardware - although back then the value of Magi was <$0.01, so I guess its still relative in dollar terms =)

[starmman]

an old pm i got after i asked Wolf0 a question

have u tried mining xmg "magicoin" m7m on a gpu

I'm just wondering cause I see somepeople with very high hashrates on xmg pools

and was wondering if people are using gpus or just botnets

I've done it once, with a miner I borrowed. It's pretty efficient.

Interesting =) so its pretty likely that there is a XMG CPU miner somewhere out there

[abbeytim]

yah very likely  theres a gpu miner

[ex33s]

In that case, I can tell you magi team is not god, they listen more then you think to all of the community members. They are not trying to "fix magi features". At this point all the team is putting it's efforts into is fixing the problem that made the chain fork. No more No less.

I talk about pool owners, not devs.

Alright. Thought you where bashing magi team for how pools are running.