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

[Jeremy450]

330 - 340mhz now

correction
350 - 360mhz

[Hugh_the_Wizard]

The project sounds very cyberpunk or something for me as a newcomer.

Eagerly awaiting the guide for newbies! Good luck with your project - though it's hard to understand it seems very excitig!

[Jeremy450]

The project sounds very cyberpunk or something for me as a newcomer.

Eagerly awaiting the guide for newbies! Good luck with your project - though it's hard to understand it seems very excitig!

to put it in a nutshell

the project lets you earn by using devices like Reberry Pi, laptops, desktops, tablets, phones, etc. Old or new to do whats called mining

you run a certain software that mines blocks (using complex calculations to solve it) and once a block is solved you get a share of the rewards from that block

but the more the overall network hash is the less you earn.

The key to it is low hashrate and low power consumption. the lower the overall network rate is the more earnings there are. but also too keeping your own rate should be low like 250 or low helps you earn cos you are using less power.

the coin is about energy efficient.

yes you could use more hashrate maybe earn a little more, but you hurt yourself and the network. by using more power and by reducing the returns for everyone.

you could say its a community network that shares.

this is my summary of it. if anyone wants to correct by all rights do so.

[JustAGnome]

I really wanted to believe in Magi Coin. As the only "CPU-only" mineable coin, I did a lot of research, bought some extra machines to hash, and went headfirst into the project. So far, I've mined 0.8 coins after leaving my machines running for days, due to ridiculous adjustments in the payout, orphaned shares, and some reward which hasn't been credited to me because of a database error at Minerclaim. I'm starting to give up, and that makes me sad

If this is a botnet, with free electricity, then the coin is dead for the small time miners who just believed in the project. If this is a Chinese ASIC manufacturer testing their new toys, then the coin is dead for the small time miners who just believed in the project. I don't want to discourage the developers, but WHAT is the answer! What weapons do any of us have to defend against this sort of hashpower? Even if you are mining from solar power, it would be more profitable to just sell your electricity back into the power grid ... so ... where do we go from here?

[esprit577]

I don't understand why poloniex is remove the XMG, which is a very nice coin, and the volume is good, and it turns out polo was wrong.

[Ginzink]

So much issues now with mining etc and staying low power cpu coin is the feat of xmg. So if it was whales trying to push us out they succeded with me unfortunately.
But i do hope the devs get it sorted, the project it self sounds very good, we need some coins focusing on low power consumption!

[icedfiend]

For now I've stopped mining for the lack of profitability... but I'm not giving up on Magi! Meanwhile I'll try out trading and keep an eye on the network.

There is something that haven't been addressed here yet, and that's thinking that the amount of miners will be always the constant and that the whales are the only ones to blame...

Over time, people will get interested in the coin and start mining... The thing is, even if those people mine at a reasonable speed (250mh/s), if 1000 new miners start mining, the hashrate of the network skyrockets to 250000 mh/s. It's simple math, and given the premises of the coin, it's easy to see it happening. Even if people come and go, the low power/low budget premise is what draw me here and what will draw many more. (I'm new on the forum but I've seen at least 4-7 new people since I joined a week ago)

A solution might be to regulate rewards over time... I'll try to explain myself... Take this just as an example

Lets say we start with stable 40mh/s for the network for a period of time -> reward is 30 coins.
The network's hashrate increases to 80mh/s -> reward start decreasing to 15 coins.
The network stabilizes on 80mh/s for a long period of time -> reward start increasing to 30 coins again.
The network decreases to 40 mh/s -> reward start increasing to 60 coins
The network stabilizes on 40 mh/s for a long period -> reward start decreasing to 30 coins again.

Lets say it's based a sliding window of the past N network hashrates with a base reward when it's stable. This way if new miners join the network, wont disturb the rewards that much.

My 2 cents on this matter.

[HeftyMagi]

I really wanted to believe in Magi Coin. As the only "CPU-only" mineable coin, I did a lot of research, bought some extra machines to hash, and went headfirst into the project. So far, I've mined 0.8 coins after leaving my machines running for days, due to ridiculous adjustments in the payout, orphaned shares, and some reward which hasn't been credited to me because of a database error at Minerclaim. I'm starting to give up, and that makes me sad

If this is a botnet, with free electricity, then the coin is dead for the small time miners who just believed in the project. If this is a Chinese ASIC manufacturer testing their new toys, then the coin is dead for the small time miners who just believed in the project. I don't want to discourage the developers, but WHAT is the answer! What weapons do any of us have to defend against this sort of hashpower? Even if you are mining from solar power, it would be more profitable to just sell your electricity back into the power grid ... so ... where do we go from here?

Nethash dropped to 70mhs now, many different coins are getting attacked probably that was what happening to magi nethash, atleast magi blockchain and wallet and everything else is working ok. Easiest way to attack magi is to push nethash high we just need to wait it out  

[LordCoder]

For now I've stopped mining for the lack of profitability... but I'm not giving up on Magi! Meanwhile I'll try out trading and keep an eye on the network.

There is something that haven't been addressed here yet, and that's thinking that the amount of miners will be always the constant and that the whales are the only ones to blame...

Over time, people will get interested in the coin and start mining... The thing is, even if those people mine at a reasonable speed (250mh/s), if 1000 new miners start mining, the hashrate of the network skyrockets to 250000 mh/s. It's simple math, and given the premises of the coin, it's easy to see it happening. Even if people come and go, the low power/low budget premise is what draw me here and what will draw many more. (I'm new on the forum but I've seen at least 4-7 new people since I joined a week ago)

A solution might be to regulate rewards over time... I'll try to explain myself... Take this just as an example

Lets say we start with stable 40mh/s for the network for a period of time -> reward is 30 coins.
The network's hashrate increases to 80mh/s -> reward start decreasing to 15 coins.
The network stabilizes on 80mh/s for a long period of time -> reward start increasing to 30 coins again.
The network decreases to 40 mh/s -> reward start increasing to 60 coins
The network stabilizes on 40 mh/s for a long period -> reward start decreasing to 30 coins again.

Lets say it's based a sliding window of the past N network hashrates with a base reward when it's stable. This way if new miners join the network, wont disturb the rewards that much.

My 2 cents on this matter.

This is a very nice idea, however I believe that the calcs are made based on the time it takes to obtain a block and so recalculate the diff.

[nikochanbtc]

Sounds good, I will try to mining.

[icedfiend]

For now I've stopped mining for the lack of profitability... but I'm not giving up on Magi! Meanwhile I'll try out trading and keep an eye on the network.

There is something that haven't been addressed here yet, and that's thinking that the amount of miners will be always the constant and that the whales are the only ones to blame...

Over time, people will get interested in the coin and start mining... The thing is, even if those people mine at a reasonable speed (250mh/s), if 1000 new miners start mining, the hashrate of the network skyrockets to 250000 mh/s. It's simple math, and given the premises of the coin, it's easy to see it happening. Even if people come and go, the low power/low budget premise is what draw me here and what will draw many more. (I'm new on the forum but I've seen at least 4-7 new people since I joined a week ago)

A solution might be to regulate rewards over time... I'll try to explain myself... Take this just as an example

Lets say we start with stable 40mh/s for the network for a period of time -> reward is 30 coins.
The network's hashrate increases to 80mh/s -> reward start decreasing to 15 coins.
The network stabilizes on 80mh/s for a long period of time -> reward start increasing to 30 coins again.
The network decreases to 40 mh/s -> reward start increasing to 60 coins
The network stabilizes on 40 mh/s for a long period -> reward start decreasing to 30 coins again.

Lets say it's based a sliding window of the past N network hashrates with a base reward when it's stable. This way if new miners join the network, wont disturb the rewards that much.

My 2 cents on this matter.

This is a very nice idea, however I believe that the calcs are made based on the time it takes to obtain a block and so recalculate the diff.

The thing is that the difficulty is still calculated the same, what changes is the calculation of the reward.

[s0litaire]

For now I've stopped mining for the lack of profitability... but I'm not giving up on Magi! Meanwhile I'll try out trading and keep an eye on the network.

There is something that haven't been addressed here yet, and that's thinking that the amount of miners will be always the constant and that the whales are the only ones to blame...

Over time, people will get interested in the coin and start mining... The thing is, even if those people mine at a reasonable speed (250mh/s), if 1000 new miners start mining, the hashrate of the network skyrockets to 250000 mh/s. It's simple math, and given the premises of the coin, it's easy to see it happening. Even if people come and go, the low power/low budget premise is what draw me here and what will draw many more. (I'm new on the forum but I've seen at least 4-7 new people since I joined a week ago)

A solution might be to regulate rewards over time... I'll try to explain myself... Take this just as an example

Lets say we start with stable 40mh/s for the network for a period of time -> reward is 30 coins.
The network's hashrate increases to 80mh/s -> reward start decreasing to 15 coins.
The network stabilizes on 80mh/s for a long period of time -> reward start increasing to 30 coins again.
The network decreases to 40 mh/s -> reward start increasing to 60 coins
The network stabilizes on 40 mh/s for a long period -> reward start decreasing to 30 coins again.

Lets say it's based a sliding window of the past N network hashrates with a base reward when it's stable. This way if new miners join the network, wont disturb the rewards that much.

My 2 cents on this matter.

This is a very nice idea, however I believe that the calcs are made based on the time it takes to obtain a block and so recalculate the diff.

Personally I think the rewards should drop to 0 (zero) if network rate goes too high.

Not just the really low 0.2xmg a block but actually ZERO reward for that block.

Yes it will p!ss off the smaller miners but it will really annoy the Bot and Whales which would get zero for all their effort.
I know the big players probably don't pay the bills for the electricity used, but they are like most of us... they like a return on their work, how ever small.
If they see that they put in +5hours of mining, with over 70% of the power and got block after block of zero rewards, they would quickly go elsewhere.

So it comes down to:
Would you like to spend week after week getting a tiny sliver of a 0.2 payout per block...
or
Get a day or two of Zero rewards every month, or every other month, then go back to getting 10xmg-40xmg a block for the rest of the time.??

[finlaydag33k]

question slipping through:
any way to see if my magid client (not the qt!) is staking?
i have set the `-posii` flag, but I don't see anything about the staking happening...
can't find any way to see wether it's staking and what my weight it :\

[111magic]

question slipping through:
any way to see if my magid client (not the qt!) is staking?
i have set the `-posii` flag, but I don't see anything about the staking happening...
can't find any way to see wether it's staking and what my weight it :\

http://telegra.ph/MAGI-PROOF-OF-STAKE-MINTING-MANUAL-01-09

[tazzz013]

question slipping through:
any way to see if my magid client (not the qt!) is staking?
i have set the `-posii` flag, but I don't see anything about the staking happening...
can't find any way to see wether it's staking and what my weight it :\

Good question.  Prior to HF I was staking just fine.  Now, nothing. Haven't got a clue why.

[finlaydag33k]

question slipping through:
any way to see if my magid client (not the qt!) is staking?
i have set the `-posii` flag, but I don't see anything about the staking happening...
can't find any way to see wether it's staking and what my weight it :\

http://telegra.ph/MAGI-PROOF-OF-STAKE-MINTING-MANUAL-01-09

I have seen that guide fly by earlier, but this couldn't help me as i'm using the magid ONLY (so I'm not using the GUI)

[111magic]

All Magi miners & community,

Due to the fact that there is much talk about the bigger miners and the low blockreward i made a special thread focused on these topics.
In this way we get a clearer picture of the ideas and possibilities.
Think the main issue is clear for everybody. (Because huge miners use huge hashrate the blockreward drops & smaller miners will not receive enough rewards). Feel welcome to post your ideas here and ensures that the posts are constructive contributions.

https://bitcointalk.org/index.php?topic=2722175.new#new

Thanks

[dmitriy212]

Good day to all. I have a very long time ago an idea that if a group of people unite in the so-called "pool"? The essence of the idea is that to combine your speed in order to increase your earnings. Suppose a person 10-40 will work under the same account on any pool, so the speed and reward of the miner will grow, but the speed of the network will not change.
Can such an idea exist?

[txwooley]

Can anyone tell me why PoS mining says, "Expected time to earn reward 1 hour(s)" for the last 4 hours?  My weight is 142.  This almost seems as fruitless as solo mining.

[111magic]

Can anyone tell me why PoS mining says, "Expected time to earn reward 1 hour(s)" for the last 4 hours?  My weight is 142.  This almost seems as fruitless as solo mining.

http://telegra.ph/MAGI-PROOF-OF-STAKE-MINTING-MANUAL-01-09