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Author Topic: [ANN] [XMG] MAGI | CPU mining | mPoW | mPoS | [MagiPay]  (Read 1422950 times)
joelao95
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Coin of the Magi!


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September 11, 2014, 07:33:17 AM
 #421

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.

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joelao95
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September 11, 2014, 07:48:24 AM
 #422

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.

lionheart78
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September 11, 2014, 08:16:25 AM
 #423

just stay with the cap ratio swapping  and the original cap of 25m coins i think it's fair to both existing community and new comers, let's just work around this setup; besides mining imo, doesnt give the real value of the coin, mostly ppl are just to mine and dump; "profitable to mine" ^^, if it isnt profitable atm, let's find a way to make it profitable to mine along the way; if the community is dedicated to give life to this coin, the coin will certainly rise in value

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mylover2009
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September 11, 2014, 08:42:10 AM
 #424



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.

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

Wow! Premine on other way! great! bye...
2cV5S3zAuz
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September 11, 2014, 08:49:40 AM
 #425

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?)

 Sad

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.



looking for this guide too. thanks in advance.
tersagun
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September 11, 2014, 08:54:16 AM
 #426

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?)

 Sad

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.



looking for this guide too. thanks in advance.

Some kind of a Linux script would be awesome for the dummies :-)

"Just copy/paste this into a brand new Ubuntu/Debian (without forgetting to replace your wallet address) and you will start mining in 5 seconds"
NeuroticFish
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September 11, 2014, 08:59:51 AM
 #427

The "CPU-only" part sounds interesting.
I will be missing the launch (3 PM EST? That's Saturday morning, really...), but maybe until Monday everything will be on track and I can join.

If you need Romanian translation for the Announcement and offer a fair price, PM me.

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[]
tersagun
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September 11, 2014, 09:03:23 AM
 #428

Have to agree that the launch date is kinda weird; ruling out Europe completely.
As I've suggested for the SuperNET launch, 14:00 GMT is probably the perfect time if you considering the whole world.

SuperNET launch was a success BTW :-)
sponone
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September 11, 2014, 09:05:36 AM
 #429

Interesting.
I will follow this project though i can't mine it but when this coin lauch on an exchange i can buy some
lionheart78
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September 11, 2014, 09:08:07 AM
 #430



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.

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

Wow! Premine on other way! great! bye...


this is existing coin to be swapped to preserve the old community ^^ and besides try to read the thread ^^, there are some adjustment prior to the swap ratio of old magicoin and xmg, the dev cant set aside the first community who supported this coin just to please you i guess ^^,

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September 11, 2014, 09:14:35 AM
 #431

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.

2) 25 million total XMG, with 1.25 million XMG swapped with magicoin
+ delay the swap for minimum 1-2 months(ideally if coins mature step by step, something like - 1-st month-10% , 2-nd month-10%  etc...)

I think this steps will give the chance to XMG market goes up.  
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September 11, 2014, 09:23:27 AM
 #432

just stay with the cap ratio swapping  and the original cap of 25m coins i think it's fair to both existing community and new comers, let's just work around this setup; besides mining imo, doesnt give the real value of the coin, mostly ppl are just to mine and dump; "profitable to mine" ^^, if it isnt profitable atm, let's find a way to make it profitable to mine along the way; if the community is dedicated to give life to this coin, the coin will certainly rise in value
Who want to mine NEW unprofitable coin? We have much unprofitable coins with very strong markets like Monero, DUCK... People will be mine them than a new coin.
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September 11, 2014, 09:45:15 AM
 #433

Me, myself, I and many others will mine because we like the coin, the team and their open communication.
If you do not like it, please don't make a fuzz about it and move along. It's a free world.
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September 11, 2014, 09:58:36 AM
 #434

just stay with the cap ratio swapping  and the original cap of 25m coins i think it's fair to both existing community and new comers, let's just work around this setup; besides mining imo, doesnt give the real value of the coin, mostly ppl are just to mine and dump; "profitable to mine" ^^, if it isnt profitable atm, let's find a way to make it profitable to mine along the way; if the community is dedicated to give life to this coin, the coin will certainly rise in value
Who want to mine NEW unprofitable coin? We have much unprofitable coins with very strong markets like Monero, DUCK... People will be mine them than a new coin.

profitable or not; it's too soon to say that; the very initial stage of mining is all speculation; it is about the plan being executed perfectly; the demand; innovations and interest of ppl to use and adopt the coin... miners contribute primarily by bringing the coin out of the block; but sad most of miners stop at that; those who have them can make it profitable by bringing in economy to the coin; and to answer that question of course no one if their intention is a quick profit and move out after dumping;

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sleepdog
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September 11, 2014, 10:27:16 AM
 #435

Have to agree that the launch date is kinda weird; ruling out Europe completely.
As I've suggested for the SuperNET launch, 14:00 GMT is probably the perfect time if you considering the whole world.

SuperNET launch was a success BTW :-)

Yep, launch time is 1 AM Saturday here. I can't access my mining machines until the Monday anyway so I guess the time isn't important... Smiley
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September 11, 2014, 10:29:02 AM
 #436

Have to agree that the launch date is kinda weird; ruling out Europe completely.
As I've suggested for the SuperNET launch, 14:00 GMT is probably the perfect time if you considering the whole world.

SuperNET launch was a success BTW :-)
gonna qoute this ^^, if xmg dev find this a good time to launch he will for sure adjust to this time XD

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September 11, 2014, 01:37:27 PM
 #437

Is there a miner binary available somewhere? Or do I have to compile it myself? It would be nice to have a working binary on the time it releases Tongue
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September 11, 2014, 02:15:02 PM
 #438

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.

2) 25 million total XMG, with 1.25 million XMG swapped with magicoin
+ delay the swap for minimum 1-2 months(ideally if coins mature step by step, something like - 1-st month-10% , 2-nd month-10%  etc...)

I think this steps will give the chance to XMG market goes up.  

Thanks for heads up; will take care this advice and will make sure NEW miners are profitable.


I am gonna get back other comments / requests soon later, including reconsidering launch time (some work stuffs need to be taken care of and then come back).

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September 11, 2014, 03:18:08 PM
 #439

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.

I don't think it matters if the diff rises slowly and PoW1 takes long, that's more incentive for the old coins to work hard for the new one to succeed. They could not just wait, they have to work to get community stronger and number of miners increase for their old coins to have some value. This way you are holding back any complaints from the people who have no old coins since they have nothing to do with how the new Magi works out. Good for both sides of the community.

5 months continuous swap sounds great, it would be easier to incorporate those coins without the quick price impact.
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September 11, 2014, 04:16:57 PM
 #440

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.

I don't think it matters if the diff rises slowly and PoW1 takes long, that's more incentive for the old coins to work hard for the new one to succeed. They could not just wait, they have to work to get community stronger and number of miners increase for their old coins to have some value. This way you are holding back any complaints from the people who have no old coins since they have nothing to do with how the new Magi works out. Good for both sides of the community.

5 months continuous swap sounds great, it would be easier to incorporate those coins without the quick price impact.
this is a  good idea, and btw  there is a solution in mind that  if  it's successful will negate entirely the impact of the coin swap;

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