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

[dewdeded]

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.)

[Redrover]

Thanks, must need to have more posts for that to show up.

[ontopicplease]

After studying http://starflakenights.net/crypto/blockreward/xmg.html, I think I understand it, but I have some some questions/remarks left.

As far as I understand, MAGI implemented a blockreward that depends a lot on optimum hashrate used. Interesting to see is that, when optimum hashrate is used the blockreward is 50 XMG, when for instance the hashrate is double from optimum, the miners are punished very hard, there blockreward will only be around 2 XMG.
In case with all other coins blockrewards are fixed. When miners use double from optimum hashrate, they will only see their ROI ( rendement on investment) halved. Where in case of MAGI, the blockreward is divided by 10 or maybe 50. Please correct me if I am wrong.

Almost right there. The block reward can go all the way down to zero (or "transaction fees only")

I try to think about the consequences of this system. Putting myself in a the spot of a miner first. A miner of course likes to mine the coin that brings him the best result. To estimate his ROI on MAGI, he cannot just calculate, because blockrewards differ a lot. He probably has to mine some period of time and then make his calculations. And then even this result gives him absolutely no indication regarding results in the future.

Absolutely, yes that is correct. I have my own thoughts about ROI and profitability etc of mining in general, which I do not share in public. It is linked inextricably with the spot price available on the coin exchange(s)

Mining is just one way of acquiring coins. Buying is another (and the easiest way). Trading coins for profit works as well. Participating in XMG Magi promotions is yet another way of acquiring coins. Staking coins in the wallet generates a modest return too. Then there are XMG faucets to grab the occasional drip from as well. Some are tempted to obtain coins by dishonest means ... innit.

Let me ask a question. When you go to work and earn some money, is that profit? I don't think so. Is it more profitable to go find a job with more pay? No it isn't, but it would be a better return on your investment. Now how about you decide to get a job with more pay and hand in your notice to quit with your current employer, only to find that they were planning on promoting you with better pay than the job you are now going to? Gutted? I hope you are happy in your new job lol

I think that the true state of affairs is that many miners will stick with a coin in the hope of a massive increase in spot price in the future. If you have ever dabbled with "penny shares" then you will know exactly what I mean. If you were lucky enough to acquire some Bitcoins when they were worth a fraction of a dollar, then I am already preaching to the converted here.

Looking through the eyes of someone who is interested in a 51% attack on MAGI. As far as I Always understood, a 51% is possible when someone someone has more than 50% of the hashes used on a network. Please, correct me if this is wrong. On first site a 51% attack on MAGI looks very simple, because of the variable blockrewards. When someone wants a 51% attack, he just puts in a lot of hashes. After some time the regular miners see that the hashrate is very high and the blockrewards are only peanuts. So a lot of miners will go away from the network and mine some other coin. Resulting in a situation where the guy who wants to do the 51% attack, has an even bigger percentage of the network.

Yes, that could happen. People are at liberty to do as they want. I would like the big miners to go away. I don't always get what I want. I keep plugging away nevertheless.

But on the other side, I read MAGI is only cpu. Very to hard to believe, that when all coins, starting as cpu, never could stay only cpu, that MAGI will be able to stay purely cpu-mining. If this is the case, I can imagine a 51% attack will be extremely hard ( or better almost impossible) to do.

People are at liberty to write their own code to run an XMG (M7M algorithm) miner on a GPU, or indeed any other computing device. The mining code is open source, so grab yourself a GPU compiler, get coding and knock yourself out. When everybody is at it then expect XMG block rewards to remain steadfastly close to zero, like now. It rapidly becomes a pointless exercise. Personally, I think it would be more entertaining to employ an army consisting of an infinite number of monkeys with an abacus each to see if they could solve the next block purely by chance (either that or to come up with the entire works of Shakespeare).

Happy hashing

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.

[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