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

[111magic]

BTC and Altcoins persist because we use them to pay, to play, mine them etc. I think it is good that a altcoin is to mine for everyone. In this way, more people can use their regular computer trying and learning. This will also have a positive effect for other coins. People read / hear about the different coins. The self can only try it with coins be appropriate.
Magicoin, XMG is that currency.

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[Zlush1337]

Hey,

can someone explain to me:

- how can I start to mine
- where I have to register
- where can I download the wallet
- how to setup the CPU miner?

(- what can I do with my old MagiCoins?)

 

[joelao95]

Hey,

can someone explain to me:

- how can I start to mine
- where I have to register
- where can I download the wallet
- how to setup the CPU miner?

(- what can I do with my old MagiCoins?)

 

Will setup a guide soon later once I issue the miner (tonight or tomorrow morning); magicoin will be swapped with XMG, will give detail instructions.

[Zlush1337]

alright, thanks for the fast answer!

[nanoprobe]

Sure, CPU only coins are the best balanced solution. It's fair and safer.

Really? Think botnets, data centers and universities.

[joelao95]

Sure, CPU only coins are the best balanced solution. It's fair and safer.

Really? Think botnets, data centers and universities.

Here following post is "soft" control, any opinions on the maximum block rewarding and diff?

https://bitcointalk.org/index.php?topic=735170.msg8755719#msg8755719

Idea case is unprofitable mining XMG with a supercomputer compared to mining other coins. Universities should be unlikely in this case. Not speaking of most fairness, rather CPU coin should be much fair than GPU farm backed coins, in particular those only having 7 days PoW.

Edit: nanoprobe looks like you work with academy according to your name . For any worries about university mining, read this story - nice try:

http://www.businessinsider.com/researcher-bitcoin-supercomputers-2014-6

[feryjhie]

i'm really exciting waiting this coin will be launch in 2 days

[billotronic]

Sure, CPU only coins are the best balanced solution. It's fair and safer.

Really? Think botnets, data centers and universities.

AWS...

I would mostly agree with the part about CPU being the best solution, but balanced not at all. There is always going to be someone either smarter, or richer etc that will have an unfair advantage. . . I do not think any coin/project has really found a good balanced disto / emission method yet.

[paulthetafy]

Sure, CPU only coins are the best balanced solution. It's fair and safer.

Really? Think botnets, data centers and universities.

AWS...

I would mostly agree with the part about CPU being the best solution, but balanced not at all. There is always going to be someone either smarter, or richer etc that will have an unfair advantage. . . I do not think any coin/project has really found a good balanced disto / emission method yet.

I think it depends on what your idea of balanced or fair distribution is.  For me, balanced and fair would mean that each person receives an amount of coins proportional to the time, money, and effort they expend to obtain them.  In which case PoW is perfect, as long as the rewards increase with difficulty as it does on this coin. In other words, you should receive the same amount of coins for your work on day 1 as on day 100.  Why should early miners receive vastly more coins?   Yes people can use VPS's, hire rigs etc, but everyone has access to those, so it is generally fair.  And yes there are people with bigger bank rolls to hire more machines to mine with, but they also incur bigger cost and more financial risk.  Proportionately it is fair.

On another note, what is not clear to me with this coin is what is the attraction for new/early miners, given a vast amount of the coins will be in circulation from day one due to the swaps with the old magicoins? 

[joelao95]

Sure, CPU only coins are the best balanced solution. It's fair and safer.

Really? Think botnets, data centers and universities.

AWS...

I would mostly agree with the part about CPU being the best solution, but balanced not at all. There is always going to be someone either smarter, or richer etc that will have an unfair advantage. . . I do not think any coin/project has really found a good balanced disto / emission method yet.

I think it depends on what your idea of balanced or fair distribution is.  For me, balanced and fair would mean that each person receives an amount of coins proportional to the time, money, and effort they expend to obtain them.  In which case PoW is perfect, as long as the rewards increase with difficulty as it does on this coin. In other words, you should receive the same amount of coins for your work on day 1 as on day 100.  Why should early miners receive vastly more coins?   Yes people can use VPS's, hire rigs etc, but everyone has access to those, so it is generally fair.  And yes there are people with bigger bank rolls to hire more machines to mine with, but they also incur bigger cost and more financial risk.  Proportionately it is fair.

On another note, what is not clear to me with this coin is what is the attraction for new/early miners, given a vast amount of the coins will be in circulation from day one due to the swaps with the old magicoins?  

I am sure this is a concern (maybe a major) to the new miners. We may mostly have the prior miners as well continuing their mining here.

I am pretty sure if we launched XMG as brand new, we will attract quite a lot interests, far more than what we have now. However, the existing of XMG is simply based on our prior community efforts, faith and constantly communication/promotions by members (activities have been on facebook over the course of magicoin life). I've gone through a very tough time since made decision towards innovative features. All supporters just supported the decision and the coin; without any profits they can gain from this coin, they simply keep supporting the community, though once the community is small but a very nice one. I cannot drop off magicoin to let it die, and announce a new coin. The growth of XMG belongs to all people around, and I am just accomplishing what I promised.

I can simply go away the magicoin, let it die and start off new XMG from scratch, get a hype and then out, something like that. But that's simply not my style. I wish I will hold the trust of all people, that what I have been with magicoin will last for XMG.

XMG starting with magicoin swap does not mean something similar to a situation that there is a significant pre-mine. Rather coins will be in the hand of prior community. If this is a real big concern, let's do something (below) to minimize that.

For the fairness, I've decided the 1st phase PoW to generate 5.5 million XMG, that is more than the prior coins. I've been thinking (initially) to have even more, like 10 million XMG, simply trying to reduce the concern.

Here below is the overview of coin distribution in different stages posted priorly. We can do something to minimize the influence of coins to be swapped; for example, we can increase total coins to 50 mil, PoW 1st mining to be 10 mil; the rato of swapped coins over the total coins will be then much reduced. Additional to that, I guess there will be "significant"coins unswapped. We will make sure this part of coins being distributed to the community (fairly & freely), or simply destroyed, in order to further reduce concerns.

1) coins to be swapped: 4.5 million (existing magicoin)
2) PoW 1st phase:         5.5 million (short-term)
3) PoW 2nd phase:        5   million (long-term)
4) PoS-II:                     10  million (long-term)

In addition to these, XMG offers a unique CPU algo, PoS-II; more are to be announced, for these I believe are very interesting to miners and holders.

Simply please let me know concerns & what solutions you like; the thread existing here is just to pick up your opinions. In case we cannot fully remove it, we will try to mitigate it.

[Hix]

1) coins to be swapped: 4.5 million (existing magicoin)

This is kill my intresting of this coin The holders of old coins don`t give this coin to up in price. 4.5 M that 25%(Premine) of ALL coins! this is very much.
At current price XMG will be unprofitable to mine for new miners.

[paulthetafy]

1) coins to be swapped: 4.5 million (existing magicoin)

This is kill my intresting of this coin The holders of old coins don`t give this coin to up in price. 4.5 M that 25%(Premine) of ALL coins! this is very much.
At current price XMG will be unprofitable to mine for new miners.

Yeah that's where my head is at too.  Sorry dev, I know you want to bring new miners in and resurrect this coin, but if there is no existing market with 4.5M coins in circulation, there's going to be nothing supporting the price of these and new coins.  They will be instantly worth next to nothing.  I like the algo, I like the increasing reward with diff, but can't see the value being worth the mining. 

[joelao95]

1) coins to be swapped: 4.5 million (existing magicoin)

This is kill my intresting of this coin The holders of old coins don`t give this coin to up in price. 4.5 M that 25%(Premine) of ALL coins! this is very much.
At current price XMG will be unprofitable to mine for new miners.

Yeah that's where my head is at too.  Sorry dev, I know you want to bring new miners in and resurrect this coin, but if there is no existing market with 4.5M coins in circulation, there's going to be nothing supporting the price of these and new coins.  They will be instantly worth next to nothing.  I like the algo, I like the increasing reward with diff, but can't see the value being worth the mining. 

Ok, what do you suggest? Since we're not launched, we are still able to change.

[joelao95]

1) coins to be swapped: 4.5 million (existing magicoin)

This is kill my intresting of this coin The holders of old coins don`t give this coin to up in price. 4.5 M that 25%(Premine) of ALL coins! this is very much.
At current price XMG will be unprofitable to mine for new miners.

Yeah that's where my head is at too.  Sorry dev, I know you want to bring new miners in and resurrect this coin, but if there is no existing market with 4.5M coins in circulation, there's going to be nothing supporting the price of these and new coins.  They will be instantly worth next to nothing.  I like the algo, I like the increasing reward with diff, but can't see the value being worth the mining. 

Ok, what do you suggest? Since we're not launched, we are still able to change.

This is not premine, though it is a concern. Again what's your suggestion? We can't drop off prior community, but may comprise; Please suggest.

[lionheart78]

1) coins to be swapped: 4.5 million (existing magicoin)

This is kill my intresting of this coin The holders of old coins don`t give this coin to up in price. 4.5 M that 25%(Premine) of ALL coins! this is very much.
At current price XMG will be unprofitable to mine for new miners.

Yeah that's where my head is at too.  Sorry dev, I know you want to bring new miners in and resurrect this coin, but if there is no existing market with 4.5M coins in circulation, there's going to be nothing supporting the price of these and new coins.  They will be instantly worth next to nothing.  I like the algo, I like the increasing reward with diff, but can't see the value being worth the mining. 

this might be the concern of the new miners right now and  i think this is one of the major challenge of XMG on it's launch, but am sure the XMG  dev is thinking a solution on how to minimize to neutralize negative effect of the coin swap. hope they release their market plan for the coin soon

[joelao95]

All, please don't simply point out whatever you unlike. I understand that; please give me a clue how we do to satisfy both parties, and advice me ASAP...

Edit, what if instead of 1:1 swap rate but 1:x, x? So coins might be under some limit.

Edit2, we're also able to increase total coins to 50m, and increase & extend CPU ming phase.

P.s., you guys didn't read the OP carefully, coin swap was there from the beginning.

[lionheart78]

All, please don't simply point out whatever you unlike. I understand that; please give me a clue how we do to satisfy both parties, and advice me ASAP...

Edit, what if instead of 1:1 swap rate but 1:x, x? So coins might be under some limit.

this is in mind too since the previous one have higher cap while the new magi have lower cap, we can adjust the swap according to the proportion of the previous magi cap and the new one ^^, i think it's fair enough

[itod]

All, please don't simply point out whatever you unlike. I understand that; please give me a clue how we do to satisfy both parties, and advice me ASAP...

Edit, what if instead of 1:1 swap rate but 1:x, x? So coins might be under some limit.

That would be fair. Swap rate of 1:2 to 1:5 is enough to make those who believed in the coin satisfied. Is it possible to delay the swap after the PoW1 phase? This way newly mined coins would release the pressure of the old coins being quickly brought to the market before the new coins hold them back.

[joelao95]

All, please don't simply point out whatever you unlike. I understand that; please give me a clue how we do to satisfy both parties, and advice me ASAP...

Edit, what if instead of 1:1 swap rate but 1:x, x? So coins might be under some limit.

this is in mind too since the previous one have higher cap while the new magi have lower cap, we can adjust the swap according to the proportion of the previous magi cap and the new one ^^, i think it's fair enough

Thanks for binging this up, lionheart, I think this would be fair according to the cap or more.

[joelao95]

All, please don't simply point out whatever you unlike. I understand that; please give me a clue how we do to satisfy both parties, and advice me ASAP...

Edit, what if instead of 1:1 swap rate but 1:x, x? So coins might be under some limit.

That would be fair. Swap rate of 1:2 to 1:5 is enough to make those who believed in the coin satisfied. Is it possible to delay the swap after the PoW1 phase? This way newly mined coins would release the pressure of the old coins being quickly brought to the market before the new coins hold them back.

Thanks for suggestions, itod. The following is my thinking, in general, giving 5% coins for swap, so that would be (two options):

1) 50 million total XMG, with 2.5 million XMG swapped with magicoin, or
2) 25 million total XMG, with 1.25 million XMG swapped with magicoin

All, let me know what you think as to "5%" for swap.

And yes, we can delay the swap, not sure how long PoW1 last (kinda thinking maybe months). If PoW1 takes too long, we can perform the swapping slowly, for example, swap 1% in a month, that will take 5 months to accomplish swap.