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

[K1lo]

A classic trading error imho, even when one might be indulging in a bit of "scalping". It is better to hang back a fair bit and just wait. Patience is usually rewarded.

If you insist on putting your bid/ask at the top of the pile, all it means is that you will be buying at a higher price than the next guy, or selling at a lower price than the next guy. You will not buy/sell coins any quicker unless you take somebody's price and be done with it.

Buy low. Sell high. Not rocket science

The problem is, in commodity or FX trading there is an underlying value based on many factors. With cryptocurrency, to my mind, this is based on the notion of trust and perceived liquidity. Cryptocurrency traders seem to be very easily rattled and when the pack moves this 'artificial' change becomes real. Like lemmings off of a cliff. This can work to inflate or deflate the price of a coin and can lead to some rather fun trading but it also introduces fear into a market and fear is dangerous.

That problem you spotted on XMG pool is known technically as "a glitch" lol.

It happens when they change something in the Matrix...

[LordCoder]

If there are some GPU's running on the XMG network, there's no way the price remains like that. It should increase. And btw if there is a GPU miner, this coin is practically dead for CPU miners.

Sorry but that is simply not true. It doesn't matter what or how many devices are used for mining. As we can see, if too much hashrate is thrown at the blockchain the rewards just sink to near zero. A CPU farm or a GPU miner would have exactly the same effect. An army of Raspberry Pi would have exactly the same effect. The graph says it all.

You didn't understand me. GPU's are much powerful than CPUs. If someone managed to create a GPU miner then CPU mining is dead simply because the hashrate is much lower.
Let's say for example a lot of people start XMG mining. Then it would have the same effect on the block reward as GPU mining, increasing it's price and therefore making it worth for GPU miners and useless for CPU. If not then this coin is dead because it will only be worth for botnets.

The system of XMG isn't perfect. The algorithm was interesting but exploitable as you can see a R9 290 (or similar) is hashing at 50 Mhash/sec while a decent CPU can only dump 50-100 khashes.

Regards,
LordCoder

[Spexx]

I didn't misunderstand you, but your persistence with missing the point is breath-taking.

A GPU hashing at 50 Mh/s is just as useless for XMG mining as a CPU farm doing the same thing. The block rewards will be next to zero either way. That's it. End of story. People either play the game as intended or get nothing. That does not mean that this coin or CPU mining is dead. That is a non-sequitur.

There is far more than just POW mining in any case. If people want to kill the POW mining then there is always the POS mining/minting/whatever you want to call it. I already said that there have been days when I got more rewards from POS than POW. Kill the POW mining, keep the coin rare. The less competition in POS the better from my point of view. Maybe we should do away with the POW altogether? That would solve a lot of problems in one fell swoop.

Anyway I am tired of this endless debate. The bulldozers have gone quiet again and the block rewards are rising again. I assume that we just have to get used to this daily annoyance from these ******* [expletive deleted].

[The Frisian]

Let's say for example a lot of people start XMG mining. Then it would have the same effect on the block reward as GPU mining, increasing it's price and therefore making it worth for GPU miners and useless for CPU.

You are connecting things which should not definitly be true. Why should the price go up, because the coin is hard to get?
Bitcoin is now much harder to get than a year ago, a year ago the price was around 1000 dollar, now around 230.
One thing is for sure, working on your computer and mining with cpu costs you nothing compared to mining with a gpu.
(unless the energy is for free, and some people don't pay for their energy, that's true)

Like Spexx said, a little mining a little staking, it's nice, and the weather is good....

[111magic]

He Spexx your signature is better with the walletaddress.
Can you add the code here?

Code:

[center][b][url=https://bitcointalk.org/index.php?topic=735170.0/][color=blue][XMG] Coin Magi | CPU mining | PoS-II | PoM | Unique block reward | Coin Source: Trust Verified [ ★ ★ ★ ★ ★ ★ ★ ][/color]
[color=orange]Proud to be a member of the[/color] [color=black]Coin of the Magi XMG[/color] [color=orange]community. Come and join us![/color][/url]
[color=black]XMG: ** Your XMG wallet address goes here **[/color][/b][/center]

There you go

Everybody feel free to use this awesome Magi signature!

[NeedIfFindIt]

I didn't misunderstand you, but your persistence with missing the point is breath-taking.

A GPU hashing at 50 Mh/s is just as useless for XMG mining as a CPU farm doing the same thing. The block rewards will be next to zero either way. That's it. End of story. People either play the game as intended or get nothing. That does not mean that this coin or CPU mining is dead. That is a non-sequitur.

There is far more than just POW mining in any case. If people want to kill the POW mining then there is always the POS mining/minting/whatever you want to call it. I already said that there have been days when I got more rewards from POS than POW. Kill the POW mining, keep the coin rare. The less competition in POS the better from my point of view. Maybe we should do away with the POW altogether? That would solve a lot of problems in one fell swoop.

Anyway I am tired of this endless debate. The bulldozers have gone quiet again and the block rewards are rising again. I assume that we just have to get used to this daily annoyance from these ******* [expletive deleted].

Maybe it would be good to think about:
- make the max POW reward in half (25 instead of 50)
- increase the POS reward * 5
- decrease the blocks needed to calculate the POS block reward

The coin will still be mineable but it make the botnet/gpu miners go somewhere else

But actually XMG is good as is now.  The bulldozer will go away as soon as XMG get under 5000 satoshi. Nobody is so stupid in wasting resources...  even if he is using stolen resources. There are other coins that could bring him better profit with this amount of power... here the only to achieve is "low block reward for everyone" and since this affects the trust in Magi negatively... we see price drop (instead the expected price increase).

As I said 100-200 pages before Magi is as good as gold because it is able to preserve wealth (it will never see real pump nor real dump). The other precious thing about Magi is the community,  all of us working/sharing ideas for the better future of

[MaxDZ8]

One thing is for sure, working on your computer and mining with cpu costs you nothing compared to mining with a gpu.

Because of course loading CPUs don't increase power consumption.

[NeedIfFindIt]

One thing is for sure, working on your computer and mining with cpu costs you nothing compared to mining with a gpu.

Because of course loading CPUs don't increase power consumption.

If the block reward is lower than desired it cost you almost nothing (less than 2 extra Watts) while running at 10%.

[LordCoder]

I didn't misunderstand you, but your persistence with missing the point is breath-taking.

A GPU hashing at 50 Mh/s is just as useless for XMG mining as a CPU farm doing the same thing. The block rewards will be next to zero either way. That's it. End of story. People either play the game as intended or get nothing. That does not mean that this coin or CPU mining is dead. That is a non-sequitur.

There is far more than just POW mining in any case. If people want to kill the POW mining then there is always the POS mining/minting/whatever you want to call it. I already said that there have been days when I got more rewards from POS than POW. Kill the POW mining, keep the coin rare. The less competition in POS the better from my point of view. Maybe we should do away with the POW altogether? That would solve a lot of problems in one fell swoop.

Anyway I am tired of this endless debate. The bulldozers have gone quiet again and the block rewards are rising again. I assume that we just have to get used to this daily annoyance from these ******* [expletive deleted].

Don't be rude, I have never talked here in this thread about that. But you simply don't want to see my point, yet you're seeing everyday with the so-called "bulldozers". The point is to be hybrid, not only POS because (I think) this coin was created for that reason: CPU mining. But don't worry you will see when GPU miners are public and block reward is near zero.

Let's say for example a lot of people start XMG mining. Then it would have the same effect on the block reward as GPU mining, increasing it's price and therefore making it worth for GPU miners and useless for CPU.

You are connecting things which should not definitly be true. Why should the price go up, because the coin is hard to get?
Bitcoin is now much harder to get than a year ago, a year ago the price was around 1000 dollar, now around 230.
One thing is for sure, working on your computer and mining with cpu costs you nothing compared to mining with a gpu.
(unless the energy is for free, and some people don't pay for their energy, that's true)

Like Spexx said, a little mining a little staking, it's nice, and the weather is good....

The Bitcoin price is based on supply demand, meaning that if someone is capable of producing Bitcoins for a very low price (talking about electricity) then the price decreases. That's it. It's not the same as this scheme where the more higher is the hashrate, the less you earn. That way nobody except those who have free electricity would mine XMG with the block reward near zero, simply because it's not profitable.

[Spexx]

But don't worry you will see when GPU miners are public and block reward is near zero.

I would welcome that. They can all compete with bulldozers for nil reward while maintaining the blockchain for us. Nothing would change one iota, except that I would stop mining POW with my machines and save on my electricity bill. If others want to turn the XMG POW into a mindless arms race, then so be it.

XMG would become more valuable (if your value logic holds true) so bring it on

Having said all that, surely you must see that it is better to limit one's hashrate and gain a much higher reward.

I mean ... do you even mine XMG, or are you just playing devil's advocate?

[111magic]

LordCoder as you know Magi welcomes everybody.
I just don't understand the reasons of your posts.
I noticed you post in the Magi thread since June 07.
I appreciate every opinion. Please take the time to read all information. Than you will learn more about this great coin.
Thanks in advance!

[LordCoder]

But don't worry you will see when GPU miners are public and block reward is near zero.

I would welcome that. They can all compete with bulldozers for nil reward while maintaining the blockchain for us. Nothing would change one iota, except that I would stop mining POW with my machines and save on my electricity bill. If others want to turn the XMG POW into a mindless arms race, then so be it.

XMG would become more valuable (if your value logic holds true) so bring it on

Having said all that, surely you must see that it is better to limit one's hashrate and gain a much higher reward.

I mean ... do you even mine XMG, or are you just playing devil's advocate?

Yes, I actually mine XMG. You can check suprnova's pool statistics. But talking about "limiting one's hashrate" is impossible as you can see. Human's mind is always focused on earning more money even if they can leave all of us without anything.

LordCoder as you know Magi welcomes everybody.
I just don't understand the reasons of your posts.
I noticed you post in the Magi thread since June 07.
I appreciate every opinion. Please take the time to read all information. Than you will learn more about this great coin.
Thanks in advance!

I said talking about the PoW scheme problems. I was interested in this coin since that date but saw then some problems it might have in a future so I have posted them here. I have read all the information of this and I know how does this work. I have read the information about M7M and that block halving stuff, and if I'm correct that will make CPU miners useless. Correct me if I'm wrong.

[Spexx]

It is certainly true that the maximum XMG block reward will reduce over the years to come and eventually it will become zero, at which point all POW miners of all types become "useless". That is a principle common to many cryptocoins. That is many years away though.

You are still wrong about the rest of it though and have not quite got your head around it yet. If people were focused on earning more money from XMG, they would reduce their hashrate (and we are only talking about those miners with excessive hashrates here). I have published the illustration often enough. The trouble is that people have this "Bitcoin" mindset where hashing harder means more beer. That simply does not apply to XMG. If you hash too hard, you kill it for yourself as well as everybody else. No beer for me, no beer for you either.

Well actually that is not strictly true because I can still get beer with Proof-of-Stake.

[The Frisian]

The Bitcoin price is based on supply demand, meaning that if someone is capable of producing Bitcoins for a very low price (talking about electricity) then the price decreases. That's it.

That's not it at all. Maybe, very maybe, in the beginning.
Now there are so many bitcoins that the price is not increasing/decreasing by someone who's mining very hard.
How hard he's mining, he gets only a few bitcoins a day, peanuts without any influence on the price.

XMG is a different story you now should know enough about.

[111magic]

Register for the awesome Proof of Interest campaign will open in less than 30 minutes!
Remember read the rules before signing up!

[kondiomir]

PLS Magic111 post here a link for the registration. It will be helpful.  

[111magic]

PLS Magic111 post here a link for the registration. It will be helpful.  

Will do that. Is on its way!

https://bitcointalk.org/index.php?topic=1096217.0                                                                    No walletaddress in post allowed
http://bitcoingarden.tk/forum/index.php?topic=3990.0                                                                   walletaddress in post allowed
http://cryptotalk.us/index.php?topic=41.0                                                                                    walletaddress in post allowed
http://cryptos.us/forum/giveaways/77-magi-xmg-proof-of-interest-2015-ii-starts-on-01-08-2015          walletaddress in post allowed
https://cryptocointalk.com/topic/39029-magi-xmg-proof-of-interest-ii-2015-launch-on-01-08-2015/       walletaddress in post allowed

[111magic]

PLS Magic111 post here a link for the registration. It will be helpful.  

Will do that. Is on its way!

https://bitcointalk.org/index.php?topic=1096217.0                                                                    No walletaddress in post allowed
http://bitcoingarden.tk/forum/index.php?topic=3990.0                                                                   walletaddress in post allowed
http://cryptotalk.us/index.php?topic=41.0                                                                                    walletaddress in post allowed
http://cryptos.us/forum/giveaways/77-magi-xmg-proof-of-interest-2015-ii-starts-on-01-08-2015          walletaddress in post allowed
https://cryptocointalk.com/topic/39029-magi-xmg-proof-of-interest-ii-2015-launch-on-01-08-2015/       walletaddress in post allowed

Register is open!!

[MaxDZ8]

If the block reward is lower than desired it cost you almost nothing (less than 2 extra Watts) while running at 10%.

Same as loading GPU.

[K1lo]

One thing is for sure, working on your computer and mining with cpu costs you nothing compared to mining with a gpu.

Because of course loading CPUs don't increase power consumption.

Just to chime in, but this is not true. All CPU have dynamic power modes and halt states which limit the power draw when not under load. If you measure the power draw at 0 / 50 / 100% CPU load you will see a difference at the wall