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

[cryptonit]

There will be a meeting in the irc tomorrow.
It will be in the evening USA time, meaning late for European time. If you are interested in joining send me a pm and I keep you informed about the time.


Subject will be: PoS-II, PoW, Promotions, Merchants, exchanges etc...
All with the goal to bring Magi to higher level in the world of digital currencies!

i would be interested but im from saturday to saturday on holydays

maybe next time 

[1714022258]

1714022258

[joelao95]

Very nice pics. Thanks guys; I will be sitting in IRC, Saturday, Sunday, except some family stuffs to be out mostly in the evening. Got any thing to talk/send, drop me a message, or just come in say hello, PM / email (1st OP).

[joelao95]

Think it would be good to add some items we would like to talk about on a list. That would also be good for the new roadmap Magi needs to add here.
If you have a specific questions you can post them here or send it pm to me.

Any thoughts on how to combat the whales that are mining and destroying the block reward or will this just stay like this?
What about increasing the POS % to encourage more people to save in wallets?

mmm i didnt think on it, i mean increased the POS%, but i start to think this will be a good idea, right now the pos % is very very low, maybe by increasing it more ppl will hold  his coin and maybe will be more interesting.

i think we should talk about it on saturday, dont gorget it guys #magi at freenode

Personally not a fan of high PoS, but keen to be convinced, welcome to have a talk.

[111magic]

Awesome job Kondiomir! Thanks for this one!

[Spexx]

^^ Agreed this is a superb image. That's another one for the Windows Benchmark Utility

[joelao95]

magic and I had a talk over IRC, a brief list:

* wallet issues as he received from few people
* concerns about PoS
* Many people lend help to magi -- thank you
* PoM-II / PoI -- will complete PoM payout and end this campaign soon
* Launching PoM/PoI as well in the future
* New code base, features and misc; all point to a thing, making magi to be something useful.  
** The major / biggest concern is the big miners, while this is a dilemma, and certainly this is the top one in the list to be looked into and solved/improve in a timely fashion.

Almost mentioned all above, not a NEXT plan list though but concerns mostly; let this community know if you come across any interesting or concerns to you.

[okae]

magic and I had a talk over IRC, a brief list:

* wallet issues as he received from few people
* concerns about PoS
* Many people lend help to magi -- thank you
* PoM-II / PoI -- will complete PoM payout and end this campaign soon
* Launching PoM/PoI as well in the future
* New code base, features and misc; all point to a thing, making magi to be something useful.  
** The major / biggest concern is the big miners, while this is a dilemma, and certainly this is the top one in the list to be looked into and solved/improve in a timely fashion.

Almost mentioned all above, not a NEXT plan list though but concerns mostly; let this community know if you come across any interesting or concerns to you.

thats pretty awesome, i was inactive at the irc when you have the meeting but magic told me what you talk about, and im really think that some of these new features are simply needed and awesome.

The major / biggest concern is the big miners

yes this is a big problem but im sure you will find a solution

btw i didnt know if you guys already talk about it or not, but i was thinking on a new console command like other coins already have and is very usefull, i mean something like this:

setstakesplitthreshold 4000, then that would mean your wallet won't split the blocks if it results in each block being less than 4k XMG. So in the example above, it would have produce one block of 6k and not split them. If you set the threshold to 2000, then it would have split them.

[111magic]

magic and I had a talk over IRC, a brief list:

* wallet issues as he received from few people
* concerns about PoS
* Many people lend help to magi -- thank you
* PoM-II / PoI -- will complete PoM payout and end this campaign soon
* Launching PoM/PoI as well in the future
* New code base, features and misc; all point to a thing, making magi to be something useful.  
** The major / biggest concern is the big miners, while this is a dilemma, and certainly this is the top one in the list to be looked into and solved/improve in a timely fashion.

Almost mentioned all above, not a NEXT plan list though but concerns mostly; let this community know if you come across any interesting or concerns to you.

As Joe already mentioned above Magi team will work on new developments to bring Magi to higher level in the world of digital currencies.
The questions Magi received about PoSII, mining and the wallet have been discussed.
Also other topics were discussed such as the various campaignes, updating the OP, marketing, etc.
The outcome of all this is very good.

The outcome of this is very good.
Indeed this post seems like an ordinary post as many others.
But I think all of us will not forget this moment.
Our genius developer has enormous good ideas.
To protect some unique plans there will not much information given in advance.
Some of these are unique again!
These developments will amaze the whole Cryptoworld.

[pomelo]

Looking very nice. Keep up the good work boys

[prfagun1]

Guys, you are awsome, I am proud to be part of this Magic.     

[joelao95]

thats pretty awesome, i was inactive at the irc when you have the meeting but magic told me what you talk about, and im really think that some of these new features are simply needed and awesome.

No problems, shoot a post/PM anytime.

btw i didnt know if you guys already talk about it or not, but i was thinking on a new console command like other coins already have and is very usefull, i mean something like this:

setstakesplitthreshold 4000, then that would mean your wallet won't split the blocks if it results in each block being less than 4k XMG. So in the example above, it would have produce one block of 6k and not split them. If you set the threshold to 2000, then it would have split them.

Yes, this is exactlly what we thought about. I'd work on it whenever I can.

The major / biggest concern is the big miners

yes this is a big problem but im sure you will find a solution

This issue is essentially in the center of magi at this moment. I pull this question out below so that we can give it a focus.

[joelao95]

We talked about changing the algo, and/or going a smarter adjustment system regarding the block reward. Magi operates on the basis of dynamic adjustment; further optimization would be beneficial and that will surely mitigate in part the issue of big miners. Frankly the best effort in magi algo - M7M is no widely the best, and there always are smarters who tend to tackling. I heard quite a lot talking about the gnu miners.

Here I'd open up discussion about the algo switch strategy: anyone interested in a switch of algo? I'd rather go that way straightforwardly, as I have been already blamed when we changed to M7M-II; equally changing algo simply because of the suspicion is superficial and not a solid reason for the practical action. In any case, I hope people in this community can vote for changing or no changing, and if you want to change, what's algo you're up to?

There are a lot pain in switch; unless we can take care of algo properly and would no longer need to look back and forth, bringing a new algo could be less meaningful in the long run. Having all the pools switching is another pain. Provided that most of people say NO, we'll solidly head for taking measure and improving the block reward system.

[okae]

hard decision that people should think calmly and im talking about if we really need to change the algo or not, lets give us some time to think about it.

btw, @joelao95 ty for all of your other replys

[111magic]

We talked about changing the algo, and/or going a smarter adjustment system regarding the block reward. Magi operates on the basis of dynamic adjustment; further optimization would be beneficial and that will surely mitigate in part the issue of big miners. Frankly the best effort in magi algo - M7M is no widely the best, and there always are smarters who tend to tackling. I heard quite a lot talking about the gnu miners.

Here I'd open up discussion about the algo switch strategy: anyone interested in a switch of algo? I'd rather go that way straightforwardly, as I have been already blamed when we changed to M7M-II; equally changing algo simply because of the suspicion is superficial and not a solid reason for the practical action. In any case, I hope people in this community can vote for changing or no changing, and if you want to change, what's algo you're up to?

There are a lot pain in switch; unless we can take care of algo properly and would no longer need to look back and forth, bringing a new algo could be less meaningful in the long run. Having all the pools switching is another pain. Provided that most of people say NO, we'll solidly head for taking measure and improving the block reward system.

I think switching to another algo can be a good option. The important part of that is that is must have some unique details. In development the time never stands still. Magi is the next generation currency and needs to be ahead of new developments. I know you can do that Joe!
 

[dqy007]

Come on, I like you

[quantumgravity]

I like what I am reading. Magi is awesome. Solid coin.

[111magic]

I like what I am reading. Magi is awesome. Solid coin.

Thanks for the nice words guys!
That's very motivating.
 

[EmulatorBY]

I wish to speedup wallet startup time. On slow atom cpu it is annoying. Maybe we can change DB format (like novacoin, dash).

And I like idea to some increase of POS reward.

[joelao95]

I wish to speedup wallet startup time. On slow atom cpu it is annoying. Maybe we can change DB format (like novacoin, dash).

And I like idea to some increase of POS reward.

Thanks for comments, will check out DB things and see if that improves startup time.

Regarding PoS, what's interest you like; the APR is not that low actually by comparing with other coins, and the staking can be offset by PoS-II at some conditions.

[Lightsplasher]

I wish to speedup wallet startup time. On slow atom cpu it is annoying. Maybe we can change DB format (like novacoin, dash).

And I like idea to some increase of POS reward.

Thanks for comments, will check out DB things and see if that improves startup time.

Regarding PoS, what's interest you like; the APR is not that low actually by comparing with other coins, and the staking can be offset by PoS-II at some conditions.

I've always thought that around 10 percent would be a good rate for PoS but it is just a gut feel.  A hard fork or algorithm change might cause issues with the exchanges and I'm not sure that would be worth the risk.  I'd vote for adding setstakesplitthreshold and some feedback on coin weight to the advanced coin control dialog though.

I would not do any major hard fork unless there is a clear indication from the community – perhaps a vote could be setup for this?