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

[kondiomir]

Bullshit! I'm a handsome dude, built, beautiful... and modest.. 

[1715122800]

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[1715122800]

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[1715122800]

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[1715122800]

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[go6ooo1212]

Bullshit! I'm a handsome dude, built, beautiful... and modest.. 

I wish to be like you... when I get old...

[111magic]

Bullshit! I'm a handsome dude, built, beautiful... and modest.. 

I wish to be like you... when I get old...

Haha you guys are comics!
Always enjoy you guys talking to eachother here or in the irc

[phillc]

My first post here now that I've paid the bitcointalk.org extortion fee (apparently connecting with the ZenMate browser privacy plugin active results in a block on posting. B0.00081322 to be paid before allowed to post.).

I was very interested to find Magi earlier this week, and posted some feedback on GitHub regarding building the wallet on Linux. I've been mining on xmgpool.org since then.

Spexx, any thoughts of a Linux version of your sweet spot miner?

I do like the fact that more power doesn't necessarily mean more coins. However, I think any hard limit on mining power needs to be thought through carefully. If a hard limit was applied to specific mining users, then they may just register under a different name or wallet, multiple times, and keep hashing thousands of KHs.

The idea of a limit for the PoM is a good idea, but again, how does one prevent people splitting their hashing power across multiple wallet and users? I don't know the answers, but something to think about.

Where can I find more information on Proof of Staking? Or is it really just as easy as keeping my wallet open and sending all my coins to another of my addresses?

Why does everyone talk here and not over on m-talk.org? I understand the need for visibility here on BTC, but the last post on Magi's own dedicated forum was March 2nd. Perhaps things like the Proof of Mining could also be announced over on that location?

Same with Reddit, although I've just reposted the Coinsource story (a few posts earlier).

Shapeshift.io is advertising quite a bit lately, but Magi is not listed there. Can someone from the core team approach them about adding it? I was pleased to see Magi on Bleutrade.

The enthusiasm here is great and hopefully Magi is a coin for the future.

[Erkallys]

Yes this one!

I dont know but I also would like to have a t-shirt with the Magi logo. (rather have the one with 7 stars).
No t-shirt shop accepting crypto coins yet?

I've something in preparation !

[go6ooo1212]

Bullshit! I'm a handsome dude, built, beautiful... and modest.. 

I wish to be like you... when I get old...

Haha you guys are comics!
Always enjoy you guys talking to eachother here or in the irc

Actually my avatar is real photo of Kondiomir !

[goldlabel]

wow,
then you did a great photoshop

[Spexx]

Spexx, any thoughts of a Linux version of your sweet spot miner?

I only do Windows stuff - sorry

I would really like to hear news about a Linux version of Sweet Spot though

NeedIfFindIt at xmg.makejar.com is the Sweet Spot person.
The source for the Sweet Spot gui (no miners) is available from:-

http://xmg.makejar.com/download/sweet-spot-0.9.9-source.zip

if that is any help

I do like the fact that more power doesn't necessarily mean more coins. However, I think any hard limit on mining power needs to be thought through carefully. If a hard limit was applied to specific mining users, then they may just register under a different name or wallet, multiple times, and keep hashing thousands of KHs.

The idea of a limit for the PoM is a good idea, but again, how does one prevent people splitting their hashing power across multiple wallet and users? I don't know the answers, but something to think about.

People could do that, fully in the knowledge that it would be equally as futile as hashing away with 5000 K/hs

Where can I find more information on Proof of Staking? Or is it really just as easy as keeping my wallet open and sending all my coins to another of my addresses?

It is as easy as that. Keep your wallet open as much as possible, unlocked for staking and send all your coins to yourself every 30 days. Remember to unlock your wallet again after starting up or sending coins.

There are references for more info about Proof Of Stake on the OP

https://bitcointalk.org/index.php?topic=735170.0

and here http://en.wikipedia.org/wiki/Proof-of-stake

Hope this helps

[phillc]

I do like the fact that more power doesn't necessarily mean more coins. However, I think any hard limit on mining power needs to be thought through carefully. If a hard limit was applied to specific mining users, then they may just register under a different name or wallet, multiple times, and keep hashing thousands of KHs.

The idea of a limit for the PoM is a good idea, but again, how does one prevent people splitting their hashing power across multiple wallet and users? I don't know the answers, but something to think about.

People could do that, fully in the knowledge that it would be equally as futile as hashing away with 5000 K/hs

I guess my point was that if people want to over-mine, for whatever reason, hard limits for individual users in pools or the PoM won't actually solve the problem. I don't know what will, but a simple hard limit might not achieve the desired result.

Thanks for the additional links on the Sweet Spot miner and the PoS too.

[Spexx]

Well, we can keep an eye on things ...

New Windows Software Release

Introducing XMG Magi PoolStats

What I am doing is collecting pool statistics and uploading them to my DropBox.

Once every five minutes.

Ok, ok it isn't me it's the XMG Magi PoolStats Daemon doing it for me in a hidden window, but that is not the point.

This software downloads that information, saves it to a file with a timed name and then displays it to you in a nice information box. All you have to do is click a Desktop icon.

Download the distribution executable:-

https://www.dropbox.com/s/uxbp8tz9f2occiz/XMGpoolstats.exe

This is a self-extracting Zip file which unzips to C:\XMGminer\PoolStats by default. Run the executable, then run C:\XMGminer\PoolStats\Setup.bat which will create a startup script and Desktop icon for you. Enjoy.

Please note that the data is only updated once every five minutes, so please do not flood my Dropbox link with requests for the stats any more often than once every five minutes. Many thanks.

Please also note that the time displayed is London, England DST which is UTC +1 now, but will be the same as UTC when Winter comes around. For more information on this insanity, please visit:-
http://www.timeanddate.com/time/change/uk/london
The time used in the saved file names is the time on your own computer

We will be watching ...

[111magic]

My first post here now that I've paid the bitcointalk.org extortion fee (apparently connecting with the ZenMate browser privacy plugin active results in a block on posting. B0.00081322 to be paid before allowed to post.).

I was very interested to find Magi earlier this week, and posted some feedback on GitHub regarding building the wallet on Linux. I've been mining on xmgpool.org since then.

Spexx, any thoughts of a Linux version of your sweet spot miner?

I do like the fact that more power doesn't necessarily mean more coins. However, I think any hard limit on mining power needs to be thought through carefully. If a hard limit was applied to specific mining users, then they may just register under a different name or wallet, multiple times, and keep hashing thousands of KHs.

The idea of a limit for the PoM is a good idea, but again, how does one prevent people splitting their hashing power across multiple wallet and users? I don't know the answers, but something to think about.

Where can I find more information on Proof of Staking? Or is it really just as easy as keeping my wallet open and sending all my coins to another of my addresses?

Why does everyone talk here and not over on m-talk.org? I understand the need for visibility here on BTC, but the last post on Magi's own dedicated forum was March 2nd. Perhaps things like the Proof of Mining could also be announced over on that location?

Same with Reddit, although I've just reposted the Coinsource story (a few posts earlier).

Shapeshift.io is advertising quite a bit lately, but Magi is not listed there. Can someone from the core team approach them about adding it? I was pleased to see Magi on Bleutrade.

The enthusiasm here is great and hopefully Magi is a coin for the future.

Thanks for your post and welcome in our Magical Magi community!
Indeed we have to use m-talk more. For me the only reason is the less of time.
I will contact shapeshift. Thanks for that.

[111magic]

 

http://www.coinssource.com/coin-magi-a-cpu-miners-dream-proof-of-mining-pos-ii/

One of the most important ideologies behind cryptocurrencies is its ability to be fair, whether it be Bitcoin and its blockchain or its respective side-chain technologies. The overall demand for this “fair” attribute has driven many developers towards finding new and innovative ways of further improving the original transparency offered by Satoshi Nakamoto through the Bitcoin platform.

To give this notion a digital currency perspective, let us look at the original Proof of Work concept developed for Bitcoin. In its early stages, the Bitcoin blockchain was mineable with the use of CPU’s only – the processor within a computer. This, however, changed as the market matured, demand grew and the technology adapted. With this, we witnessed the introduction of GPU miners — using the computer’s graphics card/s — that were much more efficient at doing the work, so CPU miners became obsolete.

The introduction of ASIC miners had the same effect on GPU miners, as they were specifically designed to mine the Bitcoin SHA-256d algorithm. Now, to look at the PoW scenario again, this time with the understanding that we have gained through the trials and errors of Bitcoin and its partner platforms, we may start to see some unfair results. This is where a new crypto hero by the name of Magi has stepped into the scenes, with the aim of restoring the balance between advanced miners and those with smaller resources.

To put this in simple terms, imagine if you were fishing at a lake with a limited number of fish and everyone else that joined did so with a standard rod. What if suddenly people came to the same place with large fishing nets, boats with sensors, and other larger fishing equipment? It would be very easy to see the unfair advantage gained by those with larger and more efficient equipment. This is the same result that the traditional Proof of Work system would produce for regular miners.

Now, imagine that after some time, the fish evolved to a point at which they would sense the larger fishers arriving and would try to hide from everyone, leaving only a few to be caught. Using this analogy, we can see that the only reasonable method to fish would be using the standard fishing rods, as they would not trigger the fish to go into hiding. As a result, the only way to gain more fish is to bring more people to the lake; rather than bringing larger and more efficient equipment. That is where Magi has taken the leap!

A Truly Fair Digital Currency

There are some issues the community has come to face with the original PoW and its rewarding system that is implemented in almost all other PoW-based coins. For one, it favors the early adopters with a much higher payout than those that join the network later on. Secondly, as greater mining hardware was introduced to the market, the less power the outdated miners had. This was as a result of mining farms — a large group of computers put together for mining purposes — backed by large budgets that can at times dominate the mining aspect of a coin.

Magi, on the other hand, has learned from the mistakes of such systems and has introduced its own special rewarding system and its own unique PoS II. It is also of great importance to note its M7M algorithm, which is only mineable with a CPU at this stage. You may start to see the benefits of this algorithm, as the previously outdated mining hardware can now be put to good use. Magi has this proven to be a much more fair platform for miners, as mentioned by a senior Bitcointalk member:

There have also been numerous positive comments left by respected members in relation to the rewarding system and the integrity of being CPU-only:

http://4.bp.blogspot.com/-vQIUzxI-ppk/VSaUZPo_GiI/AAAAAAAAA3c/PE1fBoE02oU/s1600/Capture.PNG

Unique Algorithm and Awarding System

This appraisal is due to its highly calculated rewarding system and overall algorithm, designed by the Magi developer and founder, Joe Lao. As a scientific researcher, Joe has taken the time to bring something really special to this environment.

The M7M algorithm was introduced to overtake the originally proposed M7 algorithm and limit the possibility of GPU miners taking over the existing CPU miners. This was due to the sequential nature of this algorithm that favors CPUs as they work sequentially, as opposed to GPU mining, which works in parallel. As mentioned on the Nvidia website:

Furthermore, the rewarding system has been strategically designed to favor all miners; not just a few. There is an equilibrium point where the hash rate and block rewards are balanced to produce the most optimal outcome for all miners. As the hash rate increases, the rewards are reduced to encourage fair mining, thus greatly lowering the possibility of a blockchain mining monopoly. As mentioned in the published research paper, written by Joe Lao:

The Magi PoS II system also ensures that people with the largest share of coins in circulation do not have an unfair advantage over those with smaller holdings, by limiting the coin maturity based on the percentage of XMG held.

Strong Foundation for Future Development

Magi was launched on the 15th of September after thorough testing, with only 25,000,000 XMG to be mined through its blockchain. Magi has since risen from its average November price of 0.00002200 BTC on the Bleutrade BTC/XMG market to reach heights of 0.00006000 BTC on November 14th. It is currently being traded on the Bittrex market for 0.00003963 BTC.

As this coin has a limited mining method, we can be assured that it is currently protected from large accumulation and sells that is often seen with other coins. This platform has great potential to rise above the crypto ladder and set a new standard on mining standards and fair distribution through a fully decentralized platform.

I love XMG. THANK YOU VERY MUCH
 

Well done TonySon. Nice words.
In the mean time Magi has 3 pools already joining the PoM.
Hope to recieve respons from more pools soon!
Magi is growing step by step and almost every day more people are joining our Magical community.
 
Thats really great. All community members are also the Magi promoters. Spread the words about the unique Magi and his genius blockreward, 7 stars trust verification, awesome campaigns & developments, very active community with lots of support to eachother, genius dev and much more!
Magi already showed 2015 is a Magical year and is still going on his way to the top 100!
https://www.coingecko.com/en/coins/magi
104 at the moment!

[z0n0]

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

nice

[dsyahputera]

I don't know how to install it, I just know how to download it

If you have the GMP source, you need to compile it.

./configure --enable-cxx --enable-static --disable-shared --enable-alloca=alloca
(note1: you may have to specify --build=[your hardware] if config.guess gets it wrong)
(note2: using static library gives you a faster miner than shared library)

make

make check (optional test suite before installing)

make install

then run your minerd compile again.

Incidentally, you need other libraries too, such as CURL. Installation is much the same.

I will continue this tomorrow, thank you before, Spexx

Also try for debian-like os:

Code:

sudo apt-get install libgmp-dev

The result:

Code:

magi@syrinxky:~$ sudo apt-get install libgmp-dev
[sudo] password for magi:
Reading package lists... Done
Building dependency tree
Reading state information... Done
E: Unable to locate package libgmp-dev
magi@syrinxky:~$

Ah damn it

[blubberli]

The result:

Code:

magi@syrinxky:~$ sudo apt-get install libgmp-dev
[sudo] password for magi:
Reading package lists... Done
Building dependency tree
Reading state information... Done
E: Unable to locate package libgmp-dev
magi@syrinxky:~$

Ah damn it

Which kind and version of Debian? cat /etc/issue

Package lists up to date? apt-get update && apt-get dist-upgrade

Which software sources are configured? cat /etc/apt/sources.list

[dsyahputera]

The result:

Code:

magi@syrinxky:~$ sudo apt-get install libgmp-dev
[sudo] password for magi:
Reading package lists... Done
Building dependency tree
Reading state information... Done
E: Unable to locate package libgmp-dev
magi@syrinxky:~$

Ah damn it

Which kind and version of Debian? cat /etc/issue

Package lists up to date? apt-get update && apt-get dist-upgrade

Which software sources are configured? cat /etc/apt/sources.list

This is each result of your question:

Code:

Debian GNU/Linux 6.0 \n \l

Code:

- snip -

Reading package lists... Done
Building dependency tree
Reading state information... Done
Calculating upgrade... Done
0 upgraded, 0 newly installed, 0 to remove and 0 not upgraded.

Code:

deb http://http.debian.net/debian squeeze main contrib non-free
deb http://security.debian.org squeeze/updates main contrib non-free
deb http://http.debian.net/debian squeeze-lts main contrib non-free

[phillc]

Code:

Debian GNU/Linux 6.0 \n \l

Maybe try installing libgmp3-dev.

Details of libgmp in Squeeze:

https://packages.debian.org/source/squeeze/gmp

[blubberli]

Code:

Debian GNU/Linux 6.0 \n \l

Maybe try installing libgmp3-dev.

Details of libgmp in Squeeze:

https://packages.debian.org/source/squeeze/gmp

Aye.




And consider updating to Debian 7 (wheezy). Squeeze is obsolete.

[z0n0]

When can we expect official info about PoM?

[dsyahputera]

Code:

Debian GNU/Linux 6.0 \n \l

Maybe try installing libgmp3-dev.

Details of libgmp in Squeeze:

https://packages.debian.org/source/squeeze/gmp

Aye.




And consider updating to Debian 7 (wheezy). Squeeze is obsolete.

lol I just changing the OS of my vps from CentOS yesterday