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

[Spexx]

Wow, I really had to laugh a lot. Thans for your excellent explanation. You convinced me to buy some MAGI, I have no clue about mining.

Buy low. Sell high.

There was a time when I knew nothing about mining. Being a computer geek helps, but it is still a learning curve. I don't really like the word "mining". It conjures up images of old 49ers with pick-axes, pans and riffle-boards. "Bookeeping" would be more descriptive of what miners are actually doing and being paid for. Now it looks a bit different - like a room full of old bespectacled gentlemen in suits tapping away at calculators. Hmmmm .... computers are rather good at crunching numbers .... let's get rid of the old gentlemen then and be done with it. Let the machines do the work and we watch the pennies rolling in. All we have to do is feed the machine electricity and dust it down from time to time and make sure that it does not get too hot.

Simples

[vince232]

Wow, I really had to laugh a lot. Thans for your excellent explanation. You convinced me to buy some MAGI, I have no clue about mining.

Buy low. Sell high.

There was a time when I knew nothing about mining. Being a computer geek helps, but it is still a learning curve. I don't really like the word "mining". It conjures up images of old 49ers with pick-axes, pans and riffle-boards. "Bookeeping" would be more descriptive of what miners are actually doing and being paid for. Now it looks a bit different - like a room full of old bespectacled gentlemen in suits tapping away at calculators. Hmmmm .... computers are rather good at crunching numbers .... let's get rid of the old gentlemen then and be done with it. Let the machines do the work and we watch the pennies rolling in. All we have to do is feed the machine electricity and dust it down from time to time and make sure that it does not get too hot.

Simples

hey thanks for the miner program. i have a question though. my cpu mines at around 55C is that a good temp to leave my cpu mining more than 16 hours a day?

[Spexx]

hey thanks for the miner program. i have a question though. my cpu mines at around 55C is that a good temp to leave my cpu mining more than 16 hours a day?

It rather depends on what CPU you have and where the temperature is measured. In general, if your machine is a regular desktop (i.e. not a laptop, notebook etc), well ventilated and the heatsink and fan are clean, it should run just fine with the miner 24/7 if required. When the CPU is overclocked, you need to be much more vigilant.

55 degrees C is not a temperature that I would worry about, but if that is the temperature measured at the heatsink, it is a bit hotter than is wise. Internal core temperature will be much higher. In my system, when the case/heatsink temperature is 40 degrees, running the miner flat out, the core temperature is over 60 but that is still safe for most electronic devices generally.

Intel chips run hotter than AMD chips and there are problems of heat dissipation with the newer Intel Haswell class chips. Some people go so far as to remove the lids of their CPUs to get a better thermal contact between the chip and heatsink heatspreader. Scary stuff. This will make you cringe :-

https://www.youtube.com/watch?v=8SFh4LA_byE

[111magic]

Spexx  you are sort of Magi helpdesk.
Appreciate you helping other people with answering questions. Thank you very much for that!

[Erkallys]

Trying to figure out how to change my avatar, it's not showing up as an option, any help?

You need to be member to do so.

Also, Magi is at 6691 satoshis !

[jethromoonbeam]

Spexx, I can almost see that infinite number of monkeys with an abacus and coming up with the entire works of Shakespeare :-)
Correct me if I am wrong, but keeping your wallet open and staking also helps against people with bad-51-intentions?
Currently 68% of coin extraction is of Proof of Stake ( see https://chainz.cryptoid.info/xmg/#!extraction ), so many of us are staking.
The largest wallets have only near 6% of coins total.
The staking is a very good defense isn't it?

Can someone please explain me the PoS thing in simple words? I read a couple of articles but I don't really seem to understand it. In simple words, if I leave my wallet running will I earn more XMG?

[hefty]

hey thanks for the miner program. i have a question though. my cpu mines at around 55C is that a good temp to leave my cpu mining more than 16 hours a day?

It rather depends on what CPU you have and where the temperature is measured. In general, if your machine is a regular desktop (i.e. not a laptop, notebook etc), well ventilated and the heatsink and fan are clean, it should run just fine with the miner 24/7 if required. When the CPU is overclocked, you need to be much more vigilant.

55 degrees C is not a temperature that I would worry about, but if that is the temperature measured at the heatsink, it is a bit hotter than is wise. Internal core temperature will be much higher. In my system, when the case/heatsink temperature is 40 degrees, running the miner flat out, the core temperature is over 60 but that is still safe for most electronic devices generally.

Intel chips run hotter than AMD chips and there are problems of heat dissipation with the newer Intel Haswell class chips. Some people go so far as to remove the lids of their CPUs to get a better thermal contact between the chip and heatsink heatspreader. Scary stuff. This will make you cringe :-

https://www.youtube.com/watch?v=8SFh4LA_byE

if you want to delid go with razor method https://www.youtube.com/watch?v=7tPK6CdV_WI
but be carefull to not cut yourself and take your time, fx amd shouldnt go above
62 C, haswells can go as high as 85 C but it all depends of what is your cpu
after delid you can lower the temps from 10 - 20 C  but note that not all intel cpus can be delidded
many stock intel coolers/fans will after a month or 2 become noisy/start to die if you mine 24/7.

cheers  

[Erkallys]

Spexx, I can almost see that infinite number of monkeys with an abacus and coming up with the entire works of Shakespeare :-)
Correct me if I am wrong, but keeping your wallet open and staking also helps against people with bad-51-intentions?
Currently 68% of coin extraction is of Proof of Stake ( see https://chainz.cryptoid.info/xmg/#!extraction ), so many of us are staking.
The largest wallets have only near 6% of coins total.
The staking is a very good defense isn't it?

Can someone please explain me the PoS thing in simple words? I read a couple of articles but I don't really seem to understand it. In simple words, if I leave my wallet running will I earn more XMG?

Yep, exactly.

[light85bit]

The Magi community is growing exponentially. After some times, after some PoM campaign, the big miners will exit the Magi mining. But more and more small miners will join Magi. So the hashrate will rise. And the block reward will be always low. Is it an fictive scare or a real one ? The magical Magi team does has a wonderful solution for that ?

I have the same question too 

[th3.r00t]

You click "Profile" in the main nav bar, then "Forum Profile Information". Then first entry should be a link to change your avatar.
(Could be disabled for new accounts. Don't know.)

I cant find that option. Guess I need more post count. 

[dsyahputera]

You click "Profile" in the main nav bar, then "Forum Profile Information". Then first entry should be a link to change your avatar.
(Could be disabled for new accounts. Don't know.)

I cant find that option. Guess I need more post count. 

You can directly go to https://bitcointalk.org/index.php?action=avatar
I sure you will get error message. Yes, I'm too, the minimal account rank to set avatar is Full Member.

[Spexx]

The Magi community is growing exponentially. After some times, after some PoM campaign, the big miners will exit the Magi mining. But more and more small miners will join Magi. So the hashrate will rise. And the block reward will be always low. Is it an fictive scare or a real one ? The magical Magi team does has a wonderful solution for that ?

I have the same question too 

You may have missed my reply to this

https://bitcointalk.org/index.php?topic=735170.msg10991465#msg10991465

[jethromoonbeam]

Spexx, I can almost see that infinite number of monkeys with an abacus and coming up with the entire works of Shakespeare :-)
Correct me if I am wrong, but keeping your wallet open and staking also helps against people with bad-51-intentions?
Currently 68% of coin extraction is of Proof of Stake ( see https://chainz.cryptoid.info/xmg/#!extraction ), so many of us are staking.
The largest wallets have only near 6% of coins total.
The staking is a very good defense isn't it?

Can someone please explain me the PoS thing in simple words? I read a couple of articles but I don't really seem to understand it. In simple words, if I leave my wallet running will I earn more XMG?

Yep, exactly.

Do they just appear in your wallet? How much? How can I calculate it?

[TonySon]

  http://coinmarketcap.com/currencies/magi/  







XMG to the Moon

[NeedIfFindIt]

Spexx, I can almost see that infinite number of monkeys with an abacus and coming up with the entire works of Shakespeare :-)
Correct me if I am wrong, but keeping your wallet open and staking also helps against people with bad-51-intentions?
Currently 68% of coin extraction is of Proof of Stake ( see https://chainz.cryptoid.info/xmg/#!extraction ), so many of us are staking.
The largest wallets have only near 6% of coins total.
The staking is a very good defense isn't it?

Can someone please explain me the PoS thing in simple words? I read a couple of articles but I don't really seem to understand it. In simple words, if I leave my wallet running will I earn more XMG?

Yep, exactly.

Do they just appear in your wallet? How much? How can I calculate it?

You need to have some coins in the wallet in order to get stake.

Also every time you got a stake your input(s) split in two. So once a month you need to send the coins to the same address otherwise you will end-up with almost unspendable dust in 6-12 months.

To get a daily stake I suggest you having 500~1000 XMG in one address. There will be 2-3 days pause every time you touch coins at this address.

If you have more coins I would suggest splitting into multiple addresses 1000 XMG/address (enabling coin control). That way if you decide to spend some of your coins you will not have to wait the 2-3 days to get the first stake.

I think the interest rate is up to 2% per year. Just enough to make you keep the wallet on 24/7, but not enough to cause inflation.

[111magic]

Magi World Online Campaign!

Magi (XMG) the unique coin of the future
launches the Magi World Online Campaign
This multiple promotion campaign rewards current community members by receiving some extra XMG and offers new members the opportunity to become acquainted with the Coin of the Magi and receive their first XMG for free.
The tour consists of multiple assignments for which you can receive some XMG.

Check here: http://bitcoingarden.tk/forum/index.php?topic=3315.msg89738#msg89738

Information about the period of this World Online Campaign will follow.

[hefty]

The Magi community is growing exponentially. After some times, after some PoM campaign, the big miners will exit the Magi mining. But more and more small miners will join Magi. So the hashrate will rise. And the block reward will be always low. Is it an fictive scare or a real one ? The magical Magi team does has a wonderful solution for that ?

I have the same question too  

the way i see it the price of magi will rise and rise more when big miners go away, as it happened with many coins. High number of small miners/holders higher the price of coin few but big miners = doom and dumping of the coin (like with spreadcoin and many others).

cheers  

[light85bit]

You may have missed my reply to this

https://bitcointalk.org/index.php?topic=735170.msg10991465#msg10991465

No man, i read your reply, but like you said, it's easier for big miners than small miners to reduce the hashrate. An example is like me, I have 125KH/s, i can lower to 50KH/s, but how about another miners? If they stay the same, hoping for another miners lower, then they'll get more than another people?  Then after some days, i'll mine with full speed again Is there anyway to make ALL miners reduce their hashrate by half?  No i think 

The Magi community is growing exponentially. After some times, after some PoM campaign, the big miners will exit the Magi mining. But more and more small miners will join Magi. So the hashrate will rise. And the block reward will be always low. Is it an fictive scare or a real one ? The magical Magi team does has a wonderful solution for that ?

I have the same question too  

the way i see it the price of magi will rise and rise more when big miners go away, as it happened with many coins. High number of small miners/holders higher the price of coin few but big miners = doom and dumping of the coin (like with spreadcoin and many others).

cheers  

not just the price will rise, but the amount will lesser, so longer the coin will live, it's good 
But what if too much more miners that the amount reduce to ~ 0XMG per block?  We'll have to wait wait wait until enough miners goes away? What if everyone think like that and stay? 

[111magic]

Announcement:
Registration for Magi Proof Of Mining 2015 campaign will start Friday, April 10th.
Keep eyes on thread or Twitter @103tango @coinmagi !

---------------
More info will follow.

[Spexx]

Can someone please explain me the PoS thing in simple words? I read a couple of articles but I don't really seem to understand it. In simple words, if I leave my wallet running will I earn more XMG?

Ok I'll try that, but it rather depends on whether you mean the Proof-Of-Stake campaign (now closed for entry) or proof-of-stake mining with the wallet. I will assume the latter.

Just leaving the wallet running is not quite enough. Every thirty days, you need to send all your coins to yourself to "renew" your stake. It all hinges on your incoming transactions and sending your coins to yourself generates, effectively, an incoming transaction which qualifies. Forget all the complicated mathematics, coin splitting etc. Does my head in. You will earn "interest" on the incoming transactions.

When you send all your coins to yourself, there is a short period when it has no value for staking purposes, but quickly grows over a few hours and you will see the "stake weight" reported by the wallet go up and up and up again over the next two weeks or so. I have observed the "stake weight" reach a value just about twice the total number of coins in the wallet after about ten days, stay up there for a while and then gradually decline. After thirty days the "stake weight" gets so low that you feel the need to send all your coins to yourself again. In that time, the wallet mines literally hundreds of individual small POS rewards, sometimes as often as once every few minutes and occasionally I have observed the wallet mine three POS rewards in under a minute. The value of individual POS rewards is highly variable. The biggest I ever got was about 0.33 XMG I think - memory fades - but generally I see rewards at about 0.01 XMG each, moreorless. What really changes is the rate at which the rewards are received. It goes up and tails off in the same way that the "stake weight" does.

I played around with sending a proportion of coins back and forth between two wallets, then experimented with sending coins around three wallets, in smaller twice-daily chunks. Nothing seemed quite as effective as simply sending the whole lot to yourself in one wallet at first glance, but when I crunched all the numbers it actually turned out that the "rate of interest" earned was about 2 percent equivalent APR on the total balance in the wallet(s) no matter what I did, just as long as I was generating incoming transactions and turning over the contents of the wallet(s) in a relatively short space of time. My conclusion with this is to keep it simple - just send the whole lot to yourself. It works like a charm. If you have a lot of coins then you may find that you cannot send the whole lot in one transaction, so split it into smaller chunks and send them to yourself at, say, ten minute intervals. If you try to send one chunk after another in quick succession, you will find that the transaction fees keep going up and up. Sneaky that.

Hope that was simple enough