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

[lionheart78]

heya magi people!

i would like to thank Joelao95 for fixing ERM wallet issue!  It's been 2 month since we had this issue and since then ERM is stucked!  Due to this fix, the ERM team are now able to continue the planned stuff.  To XMG DEV, we owe you  big Thanks again


-lionheart78 of ERM Team

[111magic]

heya magi people!

i would like to thank Joelao95 for fixing ERM wallet issue!  It's been 2 month since we had this issue and since then ERM is stucked!  Due to this fix, the ERM team are now able to continue the planned stuff.  To XMG DEV, we owe you  big Thanks again


-lionheart78 of ERM Team

Lionheart78 nice to see you back here!

[111magic]

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?

You have a good point there. If Magi switch algo it must be very good that the exchanges don't make a problem about it.
So Magi will not rush but will make informed decisions!
We need to look carefully at every possibility to the advantages and disadvantages.

[lionheart78]

heya magi people!

i would like to thank Joelao95 for fixing ERM wallet issue!  It's been 2 month since we had this issue and since then ERM is stucked!  Due to this fix, the ERM team are now able to continue the planned stuff.  To XMG DEV, we owe you  big Thanks again


-lionheart78 of ERM Team

Lionheart78 nice to see you back here!

heya 111magic!!! Thanks , XMG community  is blessed to have a great dev and team of people like you to manage XMG and vice versa, it is always refreshing to visit your lively thread!  More Power to XMG Dev and Community!!!

[111magic]

heya magi people!

i would like to thank Joelao95 for fixing ERM wallet issue!  It's been 2 month since we had this issue and since then ERM is stucked!  Due to this fix, the ERM team are now able to continue the planned stuff.  To XMG DEV, we owe you  big Thanks again


-lionheart78 of ERM Team

Lionheart78 nice to see you back here!

heya 111magic!!! Thanks , XMG community  is blessed to have a great dev and team of people like you to manage XMG and vice versa, it is always refreshing to visit your lively thread!  More Power to XMG Dev and Community!!!

Thanks for your nice words Lionheart78. Indeed we are very happy with our community and Dev.
Give-away http://bitcoingarden.tk/forum/index.php?topic=4358.0

[kondiomir]

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.

Hey Joe.

IMHO. We need to implement masternodes to fight with the inflation. PoS % needs review too. I2P maybe ?
PoI is not necessary anymore.
Cannot understand why changing the algo? ( I'm not against this ) but what is the advantage?
This are known features.

[go6ooo1212]

I think the servicenodes are very fashionable these days. Such implementation should prevent the inflation and if there is some king of additional tech through the network, the value will be much more reasonable.
I still think we dont need changing the algo , or if we proceed to that , if should remain CPU-only!

[Jookly]

Masternodes are terrible and I really hope this coin doesn't implement them.

[kondiomir]

Any reasoning why masternodes are terrible?

[Jookly]

Any reasoning why masternodes are terrible?

From my perspective if masternodes were added to Magi it would simply be a way for the rich to get richer.  I think the same could be said for increasing the POS %.

I am interested in developments that make the playing field even for people that want to get involved, which is a good way to attract new interest.  Masternodes are pretty much the opposite in my view.

[joelao95]

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?

Thanks for suggestions; got excited about many old faces around, and yeah, it won't be just-do-it, will look around carefully before taking the leap. setstakesplitthreshold thing talked before and will take it. Some thoughts about PoS made below.

[joelao95]

Lionheart78 nice to see you back here!

heya 111magic!!! Thanks , XMG community  is blessed to have a great dev and team of people like you to manage XMG and vice versa, it is always refreshing to visit your lively thread!  More Power to XMG Dev and Community!!!

Very true, nice family.

[joelao95]

Joe - the PoW you want to use is probably the KDF Yescrypt. I'd wanna talk on IRC before recommending parameters to it, though.

Thanks for suggestion, Wolf. I'd look into Yescrypt. I read the IRC message, and will send message too; kinda busy during weekday, will find time for talk at some point.

My concerns as to the current situation which seems in existence all along are some hidden facts. Like you mentioned before, gnu miner for magi algo is possible; if you say so, I guess so. Had review of past pages and also told by some people; the fact is that most are wondering the mystery big miners in and out. This IS a concern, and to make magi step forward better to be taken care. What I wish and probably most of people wish is that magi stays at a level that everyone can mine, that equally means CPU mining, and mining should be fair that also tells any other means of mining with advantages over CPU mining should be avoided. To correct (to who like other means of mining), this is not because I hate GPU miners or things like that, but just because magi is to be what it should be and that leads to a fact that those mining wouldn't do any good to the coin.

In brief, solidified CPU mining, no others. From this point of view, Yescrypt seems an option. I am kinda avoiding simply algo clone though; so the thing gets me complex; either way, what happens now are simply open discussion.

[joelao95]

I think the servicenodes are very fashionable these days. Such implementation should prevent the inflation and if there is some king of additional tech through the network, the value will be much more reasonable.
I still think we dont need changing the algo , or if we proceed to that , if should remain CPU-only!

You're right, mate, try to stay CPU mining; I'd like to some more details of service nodes you mentioned.

[joelao95]

Hey Joe.

IMHO. We need to implement masternodes to fight with the inflation. PoS % needs review too. I2P maybe ?
PoI is not necessary anymore.
Cannot understand why changing the algo? ( I'm not against this ) but what is the advantage?
This are known features.

Thought about master nodes, but didn't yet look into it. What is I2P in details? Algo thing mentioned in another post.

Any reasoning why masternodes are terrible?

From my perspective if masternodes were added to Magi it would simply be a way for the rich to get richer.  I think the same could be said for increasing the POS %.

I am interested in developments that make the playing field even for people that want to get involved, which is a good way to attract new interest.  Masternodes are pretty much the opposite in my view.

Thanks for the input about master nodes. Exactly one of the disadvantges of PoS, rich getting richer; PoS-II is supposed to do something along that; it would be needed to take cautions to increase interest in a straight way. I believe people should be aware of that when generic gains shares easily, there exist people who can get more share much quicker than rest of us, like the PoW mining things.

[111magic]

Good words Joe. It's also awesome to see so many respons from the Magical Magi community!

15 september 2015 Magi will celebrate its first Birthday. I think we all can be proud at our dev, team and awesome community! I will look and work out some ideas about Magi's birthdayparty!
For the people who already joined the tasks from the give-away here http://bitcoingarden.tk/forum/index.php?topic=4358.0 don't forget to add the links there.

[fragilefungi]

I think that if the stake rate is increased in a way that is consistent with the goals of Magi it could actually help reduce the current inflation from over PoW mining.  This could be done by improving PoS-II into PoS-III, which should reward smaller holders the most.  The stake rate should go up the most on small blocks.  I think 10% for any block under 100 XMG wouldn't be too generous, while 100-500 XMG could stake at 7.5%, 500-2500 at 5%, and any block over 2500 at 2.5%.  I get a lot of stakes from small blocks, and the reward is often 0.02 XMG for anything small, and around 0.15 XMG for a 2000 XMG block.  This is much less than any PoW block, and could be safely increased without causing inflation.  Being able to set the split threshold would also make staking much easier.

If we want Magi to stay a CPU only coin, changes to the algorithm should be made, if only as a preventative measure.  Even if the miner that turns on 48 MH/s isn't using GPUs, that doesn't mean that one couldn't be developed in the future.  If it can be done, it will if the profit motivation is there.  I would prefer that changes were made to the existing algorithm to make it more GPU resistant, instead of basing it off of something completely different.  Maybe M7M2?  This should only be done after there is an optimized CPU miner that is ready to go so people only have to download an update to the Sweetspot miner, which would be easy for the common user.

[MaxDZ8]

You don't need to clone the algo - as a matter of fact, take the opportunity to tune the parameters of the KDF to your liking.

I disagree. It will cause only confusion. People still confuses groestl^2 with groestl-myr. If it is called the same, it must be the same.

But I'll agree the KDF of yescrypt has... some very interesting properties.

[okae]

You don't need to clone the algo - as a matter of fact, take the opportunity to tune the parameters of the KDF to your liking. While GPU miners for it are obviously possible (as for M7M), the gap in between CPU and GPU is at least currently barely existing - factoring in power makes it look even better to mine on CPU. This is about as close as you'll ever get to your stated goal - i.e. GPU mining impossible.

this makes sense for me, but what about all those buldozers that will mine it only to fu*k the block rewards, this will really solve it? i mean even if is more profitable with CPU after the algo change, they will loose hash power?

[okae]

Are you trying to stop an action, or a state of mind?

i really want that this dont happend anymore, i mean to see how those buldozers fu*k others, btw im pretty sure that if you say that yescrypt is a good option, then this is because yescrypt is really a good option

all things that can improve magi will be always welcome from me.