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

[joelao95]

Joe could you check this? Link is from old website.

Yeah, will check this.

[111magic]

Joe could you check this? Link is from old website.

Yeah, will check this.

Thanks Joe. Anybody who noticed a link in the more than 500 pages of posts what needed to be add in the updated OP let us know!

[fragilefungi]

price is going down every days.... make me want to sell all my magi coin

Price has been lower some time ago.
I have 100% trust in Magi and his Dev, Community and team.

i think faucet make the price down... to many people sell magi coin in small item look in sell history on bitrex

There are only two faucets that have reasonable payouts,  cryptospout.com and magi.steep.rocks.

I am 99.9% sure that the faucets are actually making the price higher then it otherwise would be.  I am actually the one who suggested to the community that we try to get xmg on cryptospout, which was a great thing in my opinion.  The site operator buys xmg with btc earned from ad revenue to continue payouts.  This buy pressure makes the price go up.  I do the faucets almost everyday and I keep the xmg to stake.  If more people used the faucets and then kept the magi coins, the price will go up because more outside money from advertising will be going into the coin.

[fragilefungi]

I think that is probably the best option.  I don't think huge changes are needed for PoS-III, but only improve the rate for small stakers.  Earning 0.01 XMG by staking 1000 XMG is a small reward, and is less than a PoW block would be to confirm the same number of transactions.  PoS rewards being too high defiantly cause inflation and the price to drop, but so can the PoW reward being too high.  What is also important is market perception.  The stake rate should be high enough that people think that the rewards are worth it so they have the desire to buy more, but not so high that price stability is a concern.

I don't think that increasing the reward on small blocks will increase inflation, mainly because it will encourage people to split their blocks smaller and stake with a lot of small blocks.  This will create a liquidity trap because all the blocks will not stake and mature at the same time.  If someone with lots of small blocks wants to sell any significant amount, they will have to destroy weight and spend blocks that have not yet staked, which will keep actual rewards earned much less then if they would have not sold.  I think raising the stake rate for small blocks will encourage more small miners to keep what they mine, and could actually increase buy support because more people will want to buy and keep small amounts in their personal wallets.

You're right inflation won't be a big concern compared to other things affecting the price. People are actually getting the same type of blocks with the reward calculated in terms of:

Code:

[PoS-block-reward] = [Coin-age] x APR / [days in a year]

What we can play around are the coin age and APR; based on that, there would be no good solutions to "improve the rate for small stakers". One way to have "big" or "small" block is to apply high APR for small stake holders and low APR for big holders; however, big holders can divide their holding into small pieces, say launching 10 wallets instead of all in one wallets, and appear to be small stakers. So it won't be a practical solution. The PoS-II deals with the coin age; one has to maintain a proper number of coins to maximize [Coin-age], so does the [PoS-block-reward]; this is an extra effort, and I believe we can do some thing more along this point.

Is the [Coin-age] = [blocksize] * [age] ?  Well i don't know too much about coding, but could you add a line like:  IF [PoS-block-reward] < 0.1 AND [Coin-age] < 200 THEN [PoS-block-reward]=[PoS-block-reward]*4

This might not be exactly right, but if a 100 XMG block stakes in under two days it would get a higher reward.

Increasing the block reward for small blocks will definitely encourage big holders to divide their coins into small pieces.  I think that this will be a good thing for the long term.  Suppose someone has 10,000 XMG and divide it into 100 XMG blocks to maximize stake earnings.  They find a PoS block and get a 0.1 XMG reward, instead of the 0.025 XMG reward that they would currently get.  The amount of their total coins that staked is 1%.  After the PoS block matures, to go on and sell their total balance of 10,000.1 they would have to spend the weight of the 99% of their coins that have not yet staked.  The extra 0.075 XMG reward from the single block is actually less of a total reward then what would be earned if all 10,000 XMG staked all at once at the lower rate.  I think that smaller blocks getting a higher reward will therefore discourage dumping, because it creates an opportunity cost of lost PoS reward for selling coins with a higher coin-age.

[111magic]

 

price is going down every days.... make me want to sell all my magi coin

Price has been lower some time ago.
I have 100% trust in Magi and his Dev, Community and team.

i think faucet make the price down... to many people sell magi coin in small item look in sell history on bitrex

There are only two faucets that have reasonable payouts,  cryptospout.com and magi.steep.rocks.

I am 99.9% sure that the faucets are actually making the price higher then it otherwise would be.  I am actually the one who suggested to the community that we try to get xmg on cryptospout, which was a great thing in my opinion.  The site operator buys xmg with btc earned from ad revenue to continue payouts.  This buy pressure makes the price go up.  I do the faucets almost everyday and I keep the xmg to stake.  If more people used the faucets and then kept the magi coins, the price will go up because more outside money from advertising will be going into the coin.

Hope to share info about another Magi faucet soon!
 

[go6ooo1212]

Hey, guys and girls , how are we
Im very exited about conversation about changing the code and additional features recently.

I received an unexpected TIP today, and just wanna thank for it to the sender.
Did you check your accounts mates ?!

[fragilefungi]

I got a tip too!  Thank you very much.  Another faucet is great news!

[Redrover]

Yep, I got a 'magical' tip as well, Thanks!

[kondiomir]

It is called Magic(111) stake guys! Remember!!

[go6ooo1212]

It is called Magic(111) stake guys! Remember!!

Hey , my friend , I thought you are on vacation. I've been missing you these days...
You don't replay my calls anymore ,are U dating someone else ?!

[helmy77]

if i sell all my magi coin the price will be 0.00000014.... buy support is the only problem

[111magic]

It is called Magic(111) stake guys! Remember!!

Yes thats right! It will happen sometimes!

[111magic]

I think that is probably the best option.  I don't think huge changes are needed for PoS-III, but only improve the rate for small stakers.  Earning 0.01 XMG by staking 1000 XMG is a small reward, and is less than a PoW block would be to confirm the same number of transactions.  PoS rewards being too high defiantly cause inflation and the price to drop, but so can the PoW reward being too high.  What is also important is market perception.  The stake rate should be high enough that people think that the rewards are worth it so they have the desire to buy more, but not so high that price stability is a concern.

I don't think that increasing the reward on small blocks will increase inflation, mainly because it will encourage people to split their blocks smaller and stake with a lot of small blocks.  This will create a liquidity trap because all the blocks will not stake and mature at the same time.  If someone with lots of small blocks wants to sell any significant amount, they will have to destroy weight and spend blocks that have not yet staked, which will keep actual rewards earned much less then if they would have not sold.  I think raising the stake rate for small blocks will encourage more small miners to keep what they mine, and could actually increase buy support because more people will want to buy and keep small amounts in their personal wallets.

You're right inflation won't be a big concern compared to other things affecting the price. People are actually getting the same type of blocks with the reward calculated in terms of:

Code:

[PoS-block-reward] = [Coin-age] x APR / [days in a year]

What we can play around are the coin age and APR; based on that, there would be no good solutions to "improve the rate for small stakers". One way to have "big" or "small" block is to apply high APR for small stake holders and low APR for big holders; however, big holders can divide their holding into small pieces, say launching 10 wallets instead of all in one wallets, and appear to be small stakers. So it won't be a practical solution. The PoS-II deals with the coin age; one has to maintain a proper number of coins to maximize [Coin-age], so does the [PoS-block-reward]; this is an extra effort, and I believe we can do some thing more along this point.

Is the [Coin-age] = [blocksize] * [age] ?  Well i don't know too much about coding, but could you add a line like:  IF [PoS-block-reward] < 0.1 AND [Coin-age] < 200 THEN [PoS-block-reward]=[PoS-block-reward]*4

This might not be exactly right, but if a 100 XMG block stakes in under two days it would get a higher reward.

Increasing the block reward for small blocks will definitely encourage big holders to divide their coins into small pieces.  I think that this will be a good thing for the long term.  Suppose someone has 10,000 XMG and divide it into 100 XMG blocks to maximize stake earnings.  They find a PoS block and get a 0.1 XMG reward, instead of the 0.025 XMG reward that they would currently get.  The amount of their total coins that staked is 1%.  After the PoS block matures, to go on and sell their total balance of 10,000.1 they would have to spend the weight of the 99% of their coins that have not yet staked.  The extra 0.075 XMG reward from the single block is actually less of a total reward then what would be earned if all 10,000 XMG staked all at once at the lower rate.  I think that smaller blocks getting a higher reward will therefore discourage dumping, because it creates an opportunity cost of lost PoS reward for selling coins with a higher coin-age.

Very good thinking along fragilefungi.
Thats really nice to see!

[fragilefungi]

if i sell all my magi coin the price will be 0.00000014.... buy support is the only problem

DO IT!!!! I will start panic selling other coins to buy XMG....you won't get it under 1000 sats 

[feldenthorne]

Is the [Coin-age] = [blocksize] * [age] ?  Well i don't know too much about coding, but could you add a line like:  IF [PoS-block-reward] < 0.1 AND [Coin-age] < 200 THEN [PoS-block-reward]=[PoS-block-reward]*4

This might not be exactly right, but if a 100 XMG block stakes in under two days it would get a higher reward.

Increasing the block reward for small blocks will definitely encourage big holders to divide their coins into small pieces.  I think that this will be a good thing for the long term.  Suppose someone has 10,000 XMG and divide it into 100 XMG blocks to maximize stake earnings.  They find a PoS block and get a 0.1 XMG reward, instead of the 0.025 XMG reward that they would currently get.  The amount of their total coins that staked is 1%.  After the PoS block matures, to go on and sell their total balance of 10,000.1 they would have to spend the weight of the 99% of their coins that have not yet staked.  The extra 0.075 XMG reward from the single block is actually less of a total reward then what would be earned if all 10,000 XMG staked all at once at the lower rate.  I think that smaller blocks getting a higher reward will therefore discourage dumping, because it creates an opportunity cost of lost PoS reward for selling coins with a higher coin-age.

The main issue I see with this sort of change is that while it would create an incentive to split up large stacks of coins, it would also negatively impact the earnings of someone who was not technically-minded enough to try to get the most return out of the system.

In my opinion, a successful currency is a currency that works the same, no matter how much of it you have. A dollar is a dollar and a cent is a cent and, as such, the interest gained on a dollar and the interest gained on a cent are the same. If someone were to tell me that I could get a significantly higher interest rate by having less USD in my bank account, I would likely switch banks. The effort of maintaining many small accounts for increased returns might be worth my time, but it would significantly impact the ease-of-use of such a bank. Getting back to Magi, if a person new to the coin decided to invest heavily without reading up on the "interest tiers", they would probably not be too happy to discover their mistake later on.

If investing heavily and keeping coins in a neat stack or two can negatively impact the layman, I don't think a change like this is a good idea.

[111magic]

Thanks for your comment.
Magi appreciates feedback from the community!

[fragilefungi]

Is the [Coin-age] = [blocksize] * [age] ?  Well i don't know too much about coding, but could you add a line like:  IF [PoS-block-reward] < 0.1 AND [Coin-age] < 200 THEN [PoS-block-reward]=[PoS-block-reward]*4

This might not be exactly right, but if a 100 XMG block stakes in under two days it would get a higher reward.

Increasing the block reward for small blocks will definitely encourage big holders to divide their coins into small pieces.  I think that this will be a good thing for the long term.  Suppose someone has 10,000 XMG and divide it into 100 XMG blocks to maximize stake earnings.  They find a PoS block and get a 0.1 XMG reward, instead of the 0.025 XMG reward that they would currently get.  The amount of their total coins that staked is 1%.  After the PoS block matures, to go on and sell their total balance of 10,000.1 they would have to spend the weight of the 99% of their coins that have not yet staked.  The extra 0.075 XMG reward from the single block is actually less of a total reward then what would be earned if all 10,000 XMG staked all at once at the lower rate.  I think that smaller blocks getting a higher reward will therefore discourage dumping, because it creates an opportunity cost of lost PoS reward for selling coins with a higher coin-age.

The main issue I see with this sort of change is that while it would create an incentive to split up large stacks of coins, it would also negatively impact the earnings of someone who was not technically-minded enough to try to get the most return out of the system.

In my opinion, a successful currency is a currency that works the same, no matter how much of it you have. A dollar is a dollar and a cent is a cent and, as such, the interest gained on a dollar and the interest gained on a cent are the same. If someone were to tell me that I could get a significantly higher interest rate by having less USD in my bank account, I would likely switch banks. The effort of maintaining many small accounts for increased returns might be worth my time, but it would significantly impact the ease-of-use of such a bank. Getting back to Magi, if a person new to the coin decided to invest heavily without reading up on the "interest tiers", they would probably not be too happy to discover their mistake later on.

If investing heavily and keeping coins in a neat stack or two can negatively impact the layman, I don't think a change like this is a good idea.

I understand your concerns, but does the layman user even know how to get to coin control in the wallet?  As it currently stands, someone who invested heavily without knowing how to recombine their blocks is getting shortchanged because their blocks are being split after a few days of staking to a size that is below what will likely stake.  There is already a size tier system, with blocks too small or too large not staking as efficiently.

I agree with you that educating users needs to be a primary concern.  There would have to be a wallet update.  If in the new version there was a message explaining the interest tiers in the coin control window, do you think that users would be sufficiently educated?

[Lightsplasher]

Is the [Coin-age] = [blocksize] * [age] ?  Well i don't know too much about coding, but could you add a line like:  IF [PoS-block-reward] < 0.1 AND [Coin-age] < 200 THEN [PoS-block-reward]=[PoS-block-reward]*4

This might not be exactly right, but if a 100 XMG block stakes in under two days it would get a higher reward.

Increasing the block reward for small blocks will definitely encourage big holders to divide their coins into small pieces.  I think that this will be a good thing for the long term.  Suppose someone has 10,000 XMG and divide it into 100 XMG blocks to maximize stake earnings.  They find a PoS block and get a 0.1 XMG reward, instead of the 0.025 XMG reward that they would currently get.  The amount of their total coins that staked is 1%.  After the PoS block matures, to go on and sell their total balance of 10,000.1 they would have to spend the weight of the 99% of their coins that have not yet staked.  The extra 0.075 XMG reward from the single block is actually less of a total reward then what would be earned if all 10,000 XMG staked all at once at the lower rate.  I think that smaller blocks getting a higher reward will therefore discourage dumping, because it creates an opportunity cost of lost PoS reward for selling coins with a higher coin-age.

The main issue I see with this sort of change is that while it would create an incentive to split up large stacks of coins, it would also negatively impact the earnings of someone who was not technically-minded enough to try to get the most return out of the system.

In my opinion, a successful currency is a currency that works the same, no matter how much of it you have. A dollar is a dollar and a cent is a cent and, as such, the interest gained on a dollar and the interest gained on a cent are the same. If someone were to tell me that I could get a significantly higher interest rate by having less USD in my bank account, I would likely switch banks. The effort of maintaining many small accounts for increased returns might be worth my time, but it would significantly impact the ease-of-use of such a bank. Getting back to Magi, if a person new to the coin decided to invest heavily without reading up on the "interest tiers", they would probably not be too happy to discover their mistake later on.

If investing heavily and keeping coins in a neat stack or two can negatively impact the layman, I don't think a change like this is a good idea.

I understand your concerns, but does the layman user even know how to get to coin control in the wallet?  As it currently stands, someone who invested heavily without knowing how to recombine their blocks is getting shortchanged because their blocks are being split after a few days of staking to a size that is below what will likely stake.  There is already a size tier system, with blocks too small or too large not staking as efficiently.

I agree with you that educating users needs to be a primary concern.  There would have to be a wallet update.  If in the new version there was a message explaining the interest tiers in the coin control window, do you think that users would be sufficiently educated?

To the layman user keeping it simple would be the best choice I feel.  The wallet should have a threshold set to stop splitting blocks to prevent the user getting shortchanged and additional complexity should be avoided IMO.  The financial world has been fraught with complex stocks, bonds, hedge funds, vulture funds, etc. - why continue to make things difficult for people to understand?   Additionally, couldn't a bunch of smaller blocks drive the difficultly up making it hard for the typical small investor to mint blocks?  But thanks for the ideas, it is always great to discuss and think over stuff.

[Lightsplasher]

It is called Magic(111) stake guys! Remember!!

Yes thats right! It will happen sometimes!

I got a tip too, thank you! 

[joelao95]

...

In my view, PoW & PoS is most secure, but feel free to discuss, I might be wrong.

...

This is unclear to me, in general I agree, however, I've lost value on PoW/PoS coins that were abandoned from hacking and technical issues.  Doing PoW and PoS adds additional complexity that can lead to problems.  (Anyone else lost value on Cinnamoncoin?) Additionally, PoW mining seems to cause more issues with block chain forks than PoS in my experience.

Pure PoS coins do have the weakness you pointed out but I believe there are workarounds to fix many of the issues such as a block reward cap and limits on coin weight.  I think the barrier to entry where people are required to purchase coins to get started is perhaps the biggest drawback but based on the giving nature of this community so far, I doubt that will become an issue.

Today August 13 is earth overshoot day where humanity's annual demand for goods and services exceeds what the Earth's ecosystems can renew in a year.  My guess is that a pure PoS coin is the best way to move value around globe based purely on environmental concerns, with XMG's current scheme a close second.  (It seems better than moving gold around, based on the recent spill of toxic waste into the Colorado rivers)

The way things are setup now works very well and I have faith that your capable of releasing another such update based on PoW/PoS technology that functions correctly as well if that ends up being done - so whatever is best shall be. 

Sometimes I have the same feeling as you, as we know there are numerous coins out there. Thanks mate, I do hope any more comments come up on the point of PoW/PoS.