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

[mickey mouse]

My very humble point of view on 51% attack is BULLSHIT! unless someone proves it.

I am pleased that there are others prepared to call "foul" on this one.

I can't find a single scholarly article to back it up. All references lead back to a single source, often quoted verbatim. I remain a skeptic. I require proof.

One has to ask why it has never been demonstrated. Could that be because it is practically impossible? As I understand it, an attacker needs to 1) solve a minimum of two consecutive transaction blocks before anybody else does AND 2) convince the rest of the network to cooperate. Logically, it falls down at stage 1 because no matter how much hashpower you have, you cannot guarantee that someone else will not solve the block before you.

Feathercoin was assaulted with a 51-percent attack in 2013

http://www.coindesk.com/feathercoin-hit-by-massive-attack/

[Spexx]

Feathercoin was assaulted with a 51-percent attack in 2013

http://www.coindesk.com/feathercoin-hit-by-massive-attack/

You might like to think of it as a "51% attack" but in fact that was an "88% attack".

Total hashrate went from around 0.2 to 1.5 Gh/s during the attack.

88% greatly increases the chances of a successful attack and the blockchain is solely POW in Feathercoin's case. At the time, Feathercoin was vulnerable to such attack due to lack of mining support.

[ElMacho20000]

Feathercoin was assaulted with a 51-percent attack in 2013

http://www.coindesk.com/feathercoin-hit-by-massive-attack/

You might like to think of it as a "51% attack" but in fact that was an "88% attack".

Total hashrate went from around 0.2 to 1.5 Gh/s during the attack.

88% greatly increases the chances of a successful attack and the blockchain is solely POW in Feathercoin's case. At the time, Feathercoin was vulnerable to such attack due to lack of mining support.

The total hashrate went from 0.2 Gh/s to 1.5, 7.5 times more than before, that is NOT a 51% attack is a "I-Controll-All-The-Hashrate" attack.

With the 51% you stastitically have an advantage in generating blocks, but you need far more power than that for realistically orphan all the blockchain.

Other point is, why would you do that? You crash that particularly coin, earning what? More volatility for trading?
Another point is, if the coin is PoM + PoS, how do you deal with the stake-generated blocks?

[helmy77]

xmg @ bittrex maintenance??

[cryptonit]

https://bitcointalk.org/index.php?topic=1079851.0

Just post this topic here for your (all Magi community) information.
I will not ask our community to post or vote because it is not the first topic with this subject and also not the last!!!
 

lol without reading ur post we share 3 of 5

Radomly: Bitcoin, DMD, Monero, Doge and for sure Magi (XMG)

Here is also a poll you guys might like  to check.
https://bitcointalk.org/index.php?topic=1071351.0

DMD Diamond: 2 years on market, no premine, no IPO, fair coinrollout, high POS rewards but still constant decreasing inflation, POW/POS hybrid, awesome website https://bit.diamonds/
XMG Magi: high active community, dedicated people, some nice coinrollout mechanism, far undervalued, POW/POS hybrid
Bitcoin: not as much potential for value gain but will stay the backbone of cryptobusiness
NEM: even if after launch still lot stuff is missing it have potential as a true own codebase crypto ecosystem
XPY: after get rid of joker garza and a big value loss this coin have the potential of comeback of the year once the dev team releases the changes in primecontroller mechanics

[111magic]

xmg @ bittrex maintenance??

Yes no worries! Will be active after the maintenance

[cryptonit]

Feathercoin was assaulted with a 51-percent attack in 2013

http://www.coindesk.com/feathercoin-hit-by-massive-attack/

You might like to think of it as a "51% attack" but in fact that was an "88% attack".

Total hashrate went from around 0.2 to 1.5 Gh/s during the attack.

88% greatly increases the chances of a successful attack and the blockchain is solely POW in Feathercoin's case. At the time, Feathercoin was vulnerable to such attack due to lack of mining support.

feathercoin = pure POW coin
a above 51% hashrate attack is a valid szenario for such coins

for hybrids worst case to much hashrate and stubborn pools create a fork where big hashrate fork itself away from majority of network

DMD in his long history did explore this area so yes to much hashrate at one coin producing source can lead to troubles even at POW/POS hybrids

but it cant be abused to inject some double spend in a blockchain and the manipulated  blockchain still stay the valid main blockchain

this can happen to pure POW coins

[helmy77]

xmg @ bittrex maintenance??

Yes no worries! Will be active after the maintenance

ok thx for the answer...

[111magic]

https://bitcointalk.org/index.php?topic=1079851.0

Just post this topic here for your (all Magi community) information.
I will not ask our community to post or vote because it is not the first topic with this subject and also not the last!!!
 

lol without reading ur post we share 3 of 5

Radomly: Bitcoin, DMD, Monero, Doge and for sure Magi (XMG)

Here is also a poll you guys might like  to check.
https://bitcointalk.org/index.php?topic=1071351.0

DMD Diamond: 2 years on market, no premine, no IPO, fair coinrollout, high POS rewards but still constant decreasing inflation, POW/POS hybrid, awesome website https://bit.diamonds/
XMG Magi: high active community, dedicated people, some nice coinrollout mechanism, far undervalued, POW/POS hybrid
Bitcoin: not as much potential for value gain but will stay the backbone of cryptobusiness
NEM: even if after launch still lot stuff is missing it have potential as a true own codebase crypto ecosystem
XPY: after get rid of joker garza and a big value loss this coin have the potential of comeback of the year once the dev team releases the changes in primecontroller mechanics

Thanks Cryptonit! Appreciate that. 

[Grout]

Hi everyone,

I'm wondering if there is a way to know the optimal hashrate WITHOUT using SweetSpot.
The miner is running on my linux dedicated server.

Right now, I've limited it to 2 threads, which gives around 26kH (just because 22 is the default value for SweetSpot). But how can I know if it is enough? Or too much?

I do believe that you have misinterpreted the way Sweet Spot is designed to work.

The default limit (better referred to as a threshold) of 22 Mh/s (note Mega hashes not Kilo hashes) refers to the total network hashrate, not to your miner output.

The idea is to let your miners full at full power UNLESS the XMG block rewards are too small to be worth mining, so as the save wasted effort and electricity costs

AND

restrict your miners to low power while block rewards are low UNLESS the network hashrate is very low, which might indicate that a) the network needs more support or b) the block rewards are going to go up again very soon (which is the most likely scenario).

I advise you to read that several times to understand the logic of it. You should just run your miners at full power and let Sweet Spot take care of the rest of it for you.

Right now for example, the XMG block reward is about 4 XMG and the total indicated hashrate is about 35 Mh/s (while the true total hashrate is around 42 Mh/s). The way I have my Sweet Spot configured means that my processor is only running at 20% of maximum output while the block reward is this low. Once the block reward goes above 5 XMG then my output will increase a bit and if the block reward goes much higher than that, my output will be 100% full power.

Hope this helps.

OK, thanks for the explaination. I confused the network hashrate with my own. Understood now.
You seem to have missed an important part of my post: my miner is running on Linux and I can't use sweetspot.
I switched back to using all my cores and I guess I will have to rely on you guys to throttle the network's hashrate :-/

[Spexx]

You seem to have missed an important part of my post: my miner is running on Linux and I can't use sweetspot.
I switched back to using all my cores and I guess I will have to rely on you guys to throttle the network's hashrate :-/

Yes I did miss that bit lol

I guess Windows people are a bit ahead with that. Maybe we have some Linux gurus among us who might pick up the challenge on that side.

[kondiomir]

Magi (XMG) keeps going on with awesome developments!
With the great support from theFruitsClan a new project will be in progress!
If you have a special request just post them here.



 

To ask the community for their favorite game TheFruitsClan will make a form where you can tell us what's you're favorite game!

Hi you all,
i want to ask you to fill out the from, we want to make some gameservers for you and we want to know what game would you like to have.
http://www.thefruitsclan.nl/index.php/nl/?option=com_content&view=article&layout=edit&id=108

thx

Voted!  Well, voted for CS:S and CS:GO if that is allowed...but did my vote go through?  There was no confirmation.  Put up a results chart!

BTW, I'll message you or hop on TeamSpeak in the next hour or so, if that's okay.  Doing some work from home because of my injury

Nice, Pick your favorite!! 


XMG coin of Magi
Counterstrike Source
Counterstrike go
Team Fortress 2
Others

Community new options for Magi pick the game you like!!! 

[111magic]

http://www.thefruitsclan.nl/index.php/nl/?option=com_content&view=article&layout=edit&id=108

Here is the link for that!

[TF_Outlaw]

Hello,
I'm new here 111magic told me to create an account, so here I am.
Goldlabel told me to use only 5% of my mining power but I don't know if 5Mhs will be enough ,
hope to hear from you soon what I should do.
Kind regards.

[goldlabel]

Hello,
I'm new here 111magic told me to create an account, so here I am.
Goldlabel told me to use only 5% of my mining power but I don't know if 5Mhs will be enough ,
hope to hear from you soon what I should do.
Kind regards.

its abit low, but you need to start somewhere

[ALTminer]

when's the android wallet planned for???

[OBAViJEST]

Goldlabel told me to use only 5% of my mining power but I don't know if 5Mhs will be enough ,
hope to hear from you soon what I should do.
Kind regards.

You should lend me some of that extra mining power

[Spexx]

Hello,
I'm new here 111magic told me to create an account, so here I am.
Goldlabel told me to use only 5% of my mining power but I don't know if 5Mhs will be enough ,
hope to hear from you soon what I should do.
Kind regards.

Welcome to this Magical community

That's a very powerful burner you have there. What is the coolant? Liquid Helium? 

[Spexx]

For anybody who has recently gained the status of Jnr Member or above, please take a look at the poll for the XMG currency symbol here:-

https://bitcointalk.org/index.php?topic=994840.0

We need a lot more votes before the prize can be awarded. Donations to the prize fund can be made to this non-staking address:-

XMG:   97bVCnhx8QmPJQFekK9wXuAvGSzhtSEXkp

Many thanks

[Lightsplasher]

Most of you probably know that I'm a big fan of PoS and have been pushing to up the rate to around 10 percent but heck things seem to be mining along just fine so why rock the boat?    If you want you can check out my latest article on PoS here: http://lightsplasher.com/2015/impact-of-pos/ ‎

Additionally, I switched my hosting to the new Crypto Cloud Hosting service that 111magic posted about.  I've been really happy with it so far they are very responsive with questions and issues.  Plus I can pay for the hosting with XMG which is really fun!