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

[joelao95]

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 

I will surely take over whatever I am able to if that is the case. 

[joelao95]

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.

fragilefungi, I guess there are some points deserving in-depth consideration, sorry for delayed response. The idea of rewarding small stakers is very much appealing and coincident with magi's goal, while the barrier to overcome is how we avoid big stakers. I believed this is already done in PoS-II, as people stake with 10,000 XMG won't get benefits compared to staking with 1000 XMG. This is mostly considered from security point of view.

Speaking of the present focus, the stake shares, "Increasing the block reward for small blocks will definitely encourage big holders to divide their coins into small pieces", that actually means we aren't benefiting small stakers. One can launch 100 wallets with 100 XMG in each, and he can only make transactions within a few wallets without affecting the rest of others, so the affected wallets regarding PoS staking are actually not throughout, but just a few. So the big staker is still benefitting, point me out if I missed the point in your post.

 "IF [PoS-block-reward] < 0.1 AND [Coin-age] < 200 THEN [PoS-block-reward]=[PoS-block-reward]*4" is doable and would be interesting; however, we may need some careful thinkings to plugin some tricks -- extra efforts, that small stakering are willing to take. I can't talk this approach clearly as I don't have clear idea yet, but I guess it won't be straightforward to embed the above your mentioned equation into the code, or the big stakes will be getting the same benefits. But that seems something interesting I have to take a deep thinking along that.

[Coin-age] = [number of coins] x [effective stake days], [effective stake days] is a function of actual stake days and number of coins in PoS-II. [Coin-age] is maximized at certain conditions with a middle size of coins in stake, and stake for a few days less than a week. So the current scheme is actually encouraging small stakers. In other words, people won't be able to get significant high stakes in any cases unlike the conventional PoS, that's the fair point. And of course, your equation is doable, but I have to give it a more serious thinking. My primary concern is that we have to be careful about increasing interest that leads to benefits throughout (it would be very much appealing if benefiting small stakers ONLY). Also I deeply believe that when we increase interest, people would be willing to accumulation more than selling. However, I guess there are some basic lines to hold, and making people commit into accumulating rather than selling because of a desire to stake for more coins is a less solid reason.

[111magic]

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

Yes thats right! It will happen sometimes!

I got a tip too, thank you! 

Lol. Think there are more people who received a tip here. It's always good to have Magi (XMG) walletaddress in your signature.

[cryptonit]

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.

same as POW diff spike and the adjust reward delay can be abused by miners
any kind of POS that allow to have better results by micromanage will have people abuse this

in my opinion thats the wrong path to reward abuser or lets say min/maxer

the path u should go is to avoid any

fancy mine with full power when rewards are high and dont care about diff
and stop mining once reward adjustment did kick in taktiks

or place ur coins in some pattern for max POS results

it should be as simple as just POW mine

or just enable POS minting mode

and u have no disadvantage

for pos easy path is minimum size on coin pile for split stake happens guess for ur coin amount like 200 XMG would fit
and make sure that reduce of POS rewards wont kick in in a average 24/7 open wallet that have lot 200 XMG pile

u dont want to hurt 24/7 minter u want to make sure people who minte once any few months wasted POS rewards for not active support network as a node

regarding POW some interesting paths in discussion already with wolf u have a gpu mining pro who can help ya customize a algo solution that even if GPU mineable it wont outperform CPU in area hashrate/watt

also i strong belive in mobile wallets as a solution for the future

mobile wallet that is able to stake and even mine when loading over night would be ideal solution

storage on mobile devices will grow blockchain size as issue will be less and less each year

[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.

fragilefungi, I guess there are some points deserving in-depth consideration, sorry for delayed response. The idea of rewarding small stakers is very much appealing and coincident with magi's goal, while the barrier to overcome is how we avoid big stakers. I believed this is already done in PoS-II, as people stake with 10,000 XMG won't get benefits compared to staking with 1000 XMG. This is mostly considered from security point of view.

Speaking of the present focus, the stake shares, "Increasing the block reward for small blocks will definitely encourage big holders to divide their coins into small pieces", that actually means we aren't benefiting small stakers. One can launch 100 wallets with 100 XMG in each, and he can only make transactions within a few wallets without affecting the rest of others, so the affected wallets regarding PoS staking are actually not throughout, but just a few. So the big staker is still benefitting, point me out if I missed the point in your post.

 "IF [PoS-block-reward] < 0.1 AND [Coin-age] < 200 THEN [PoS-block-reward]=[PoS-block-reward]*4" is doable and would be interesting; however, we may need some careful thinkings to plugin some tricks -- extra efforts, that small stakering are willing to take. I can't talk this approach clearly as I don't have clear idea yet, but I guess it won't be straightforward to embed the above your mentioned equation into the code, or the big stakes will be getting the same benefits. But that seems something interesting I have to take a deep thinking along that.

[Coin-age] = [number of coins] x [effective stake days], [effective stake days] is a function of actual stake days and number of coins in PoS-II. [Coin-age] is maximized at certain conditions with a middle size of coins in stake, and stake for a few days less than a week. So the current scheme is actually encouraging small stakers. In other words, people won't be able to get significant high stakes in any cases unlike the conventional PoS, that's the fair point. And of course, your equation is doable, but I have to give it a more serious thinking. My primary concern is that we have to be careful about increasing interest that leads to benefits throughout (it would be very much appealing if benefiting small stakers ONLY). Also I deeply believe that when we increase interest, people would be willing to accumulation more than selling. However, I guess there are some basic lines to hold, and making people commit into accumulating rather than selling because of a desire to stake for more coins is a less solid reason.

I would defiantly like you to think about it more, because I just pulled that equation off the top of my head.      I met someone a few days ago on bleutrade that is a miner and trader of magi.  He has 750kh/sec on supernova and mines around 150 XMG per day.  He has 7000 XMG in an offline wallet that he doesn't even bother staking because the incentive isn't worth it, and he keeps most of his coins on exchanges.  His profits on magi: PoS < PoW < Catching dumps and placing higher sell orders.  He claimed to make more than 150 XMG per day just on market volatility. 

I think any increase in PoS block reward would need to be accompanied by a reduction in PoW block rewards that led to the total coins created each day being less then is currently created on average.  Last night was a good example of why this is needed.  You can look at the network hashrate and block reward here https://bauerj.eu/xmg/ .  The block reward shot up to 37 XMG per block and then the hashrate went up to a new all time high of 141 MH/sec.  The reward eventually fell back down to 1 XMG.  The pure miners mined and dumped as they do, and the price went down 10% before recovering.  The current PoW reward system is now encouraging this in my opinion, and there is money to be made through arbitrage trades if you know which direction the rewards are going.

Smoothing out the block rewards to discourage mining and dumping might be all that is needed.  PoS blocks just seem to me to be a more energy efficient way of confirming transactions compared to PoW.  Adding a setsplitthreshold option in the wallet so blocks don't automatically split would help.  I just think the biggest problem with PoS-II currently is the medium size xmg wallet will stake a 5000 XMG block, get a 0.2 XMG reward, and then that person doesn't even start staking again for 120 confirmations.  Very little incentive to leave the wallet open while the coins are maturing with no chance to stake.  All this while the pure miners find 37 XMG blocks, send them to their exchange wallet, and autosell.  The stakers are doing valuable work to secure the network, but all the incentive goes to the pure miners.

[okae]

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

Yes thats right! It will happen sometimes!

I got a tip too, thank you!  

i can confirm that they are doing a great job, i mean that @111magic tip not only to you, he did it so many times to lot of different ppl, mostly because those ppl help, in some way, to grow up this community or they are just so helpfull; in some way is like helping ourself since we are already involve in this awesome community

So yes guys, they are really thankful as you can see

[111magic]

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

Yes thats right! It will happen sometimes!

I got a tip too, thank you!  

i can confirm that they are doing a great job, i mean that @111magic tip not only to you, he did it so many times to lot of different ppl, mostly because those ppl help, in some way, to grow up this community or they are just so helpfull; in some way is like helping ourself since we are already involve in this awesome community

So yes guys, they are really thankful as you can see

Thanks for the nice words! Always good to hear good feedback from our awesome Magi community!

[feldenthorne]

If anyone here recently sent a 500 XMG transaction and it didn't go through (from the address 965Xfbtb...), that might be because you mis-typed the address and it went to one of my old mining addresses that I had forgotten about. I'm not going to bother sending it back or forwarding it elsewhere unless someone here either PMs me or posts proof that it's their address, but I do want to give the active members of the community a chance in case they made an honest mistake. (And I know it's a mistake because I've never given that or any address out.)

In that vein, I would recommend that anyone who is sending coins from their wallet should copy and paste the destination address and double check it before sending. If you accidentally hit backspace, don't trust yourself to remember capitalization!

[kevinjulio]

9AfGXBUXE3SCPxusVyJhkpzfWZMvyWJy96

[cryptonit]

I think any increase in PoS block reward would need to be accompanied by a reduction in PoW block rewards that led to the total coins created each day being less then is currently created on average.  

thats clear

u should have a coin rolloutplan that decide how much new coin should be produced each day and how the speed decrease to gurantee constant decreasing inflation

and the plan should be for at least 10 years or even better 30 years like DMD Diamond did....

then the mechanics of POW/POS are build around ur coin rollout goals

the other way around create some mechanics and lets see what happens will create a very uncertain situation for investors

and end of thay we want investors and not miners who enjoy a good inmcome but dont care for the coin and what it is about

update:

im talking about average values ur plan should not be able predict the new coins each day but pretty close the amount of new coin created at a month

what u need are numbers a investor can build on
and he is not victim of uncertain situations how much POW mechanics that allow produce more coins each day are "abused"

[cryptonit]

because the reward reduction happens to delayed people with access to botnets or GPU miners can ride the waves and
the goal of reward reduction turn 180° and work against the small miner and not for them

because the spike/wave style miner dont mine when rewards are low
and "everyday joe" who mine with a few CPU 24/7 mine even at low rewards keep network ruining

what we have now is we punish AFTER the "crime" happened and not the guy who did do the crime but everyone

we need a way that make spike mining unattractive

one would be just shift low of coin rollout to POS and keep POW "just" as added hybrid security
constant mininers should be earn most of their rewards by PoM campains and not froim the real blockreward

the basic POW blockreward should be so low that it attract no abuser

the PoM campains should be funded by fat staking for mining POS wallet


just my ideas how u could solve the problem

but i guess we are in the brainstorming phase so it fits to share my ideas now

[111magic]

If anyone here recently sent a 500 XMG transaction and it didn't go through (from the address 965Xfbtb...), that might be because you mis-typed the address and it went to one of my old mining addresses that I had forgotten about. I'm not going to bother sending it back or forwarding it elsewhere unless someone here either PMs me or posts proof that it's their address, but I do want to give the active members of the community a chance in case they made an honest mistake. (And I know it's a mistake because I've never given that or any address out.)

In that vein, I would recommend that anyone who is sending coins from their wallet should copy and paste the destination address and double check it before sending. If you accidentally hit backspace, don't trust yourself to remember capitalization!

Might be Joe, Spexx or me. I will check my transactions later today. I will get back on this.

[111magic]

because the reward reduction happens to delayed people with access to botnets or GPU miners can ride the waves and
the goal of reward reduction turn 180° and work against the small miner and not for them

because the spike/wave style miner dont mine when rewards are low
and "everyday joe" who mine with a few CPU 24/7 mine even at low rewards keep network ruining

what we have now is we punish AFTER the "crime" happened and not the guy who did do the crime but everyone

we need a way that make spike mining unattractive

one would be just shift low of coin rollout to POS and keep POW "just" as added hybrid security
constant mininers should be earn most of their rewards by PoM campains and not froim the real blockreward

the basic POW blockreward should be so low that it attract no abuser

the PoM campains should be funded by fat staking for mining POS wallet


just my ideas how u could solve the problem

but i guess we are in the brainstorming phase so it fits to share my ideas now

Thanks again for your ideas Cryptonit!

[Spexx]

Hi folks. I just got back online after a temporary absence, so I have a lot to catch up on.

I see there is talk about an updated POS system which sounds interesting. My immediate thought on this is "keep it as simple as possible" for the end user. This whole business of having to send one's coins to oneself every so often is a pain on several levels.

Mobile wallet is a good idea, but having spoken to somebody experienced with mobile devices (quite a few times) I have reservations about staking on the move. Staking is a form of mining which uses energy and we might have issues with heat generation and battery life, particularly with smaller devices.

I have Windows software in the pipeline which gives me a type of "mobile wallet" i.e. I can have the software and blockchain on a memory stick, plug that into any Windows PC that I encounter and be up and running almost straightaway.

I am doing exactly that right now

My current situation means that I am using this often and thus giving it a good testing "in the field". It works well enough but still needs some clunkiness removed, some creases ironed out, a shave and a good haircut before release. I am not sure yet when I will be able to settle into a new place and complete this software, but efforts continue.

I still have some catching up to do on this thread ...

[crairezx20]

Hi, sir
im newbie about e magi coin(XMG). how can i convert XMG to BTC or USD? i hope that you can help me..

[111magic]

Hi, sir
im newbie about e magi coin(XMG). how can i convert XMG to BTC or USD? i hope that you can help me..

You can use for example Bittrex exchange, Poloniex exchange or Bleutrade exchange.
https://bittrex.com/Market/?MarketName=BTC-XMG

https://poloniex.com/exchange#btc_xmg

https://bleutrade.com/exchange/XMG/BTC

Or Cryptopia!
https://www.cryptopia.co.nz/Home?

[111magic]

Hi folks. I just got back online after a temporary absence, so I have a lot to catch up on.

I see there is talk about an updated POS system which sounds interesting. My immediate thought on this is "keep it as simple as possible" for the end user. This whole business of having to send one's coins to oneself every so often is a pain on several levels.

Mobile wallet is a good idea, but having spoken to somebody experienced with mobile devices (quite a few times) I have reservations about staking on the move. Staking is a form of mining which uses energy and we might have issues with heat generation and battery life, particularly with smaller devices.

I have Windows software in the pipeline which gives me a type of "mobile wallet" i.e. I can have the software and blockchain on a memory stick, plug that into any Windows PC that I encounter and be up and running almost straightaway.

I am doing exactly that right now

My current situation means that I am using this often and thus giving it a good testing "in the field". It works well enough but still needs some clunkiness removed, some creases ironed out, a shave and a good haircut before release. I am not sure yet when I will be able to settle into a new place and complete this software, but efforts continue.

I still have some catching up to do on this thread ...

Sounds good Spexx.
Looking forward to your releases!
Keep us informed about the progress.

[okae]

Hi folks. I just got back online after a temporary absence, so I have a lot to catch up on.

I see there is talk about an updated POS system which sounds interesting. My immediate thought on this is "keep it as simple as possible" for the end user. This whole business of having to send one's coins to oneself every so often is a pain on several levels.

Mobile wallet is a good idea, but having spoken to somebody experienced with mobile devices (quite a few times) I have reservations about staking on the move. Staking is a form of mining which uses energy and we might have issues with heat generation and battery life, particularly with smaller devices.

I have Windows software in the pipeline which gives me a type of "mobile wallet" i.e. I can have the software and blockchain on a memory stick, plug that into any Windows PC that I encounter and be up and running almost straightaway.

I am doing exactly that right now

My current situation means that I am using this often and thus giving it a good testing "in the field". It works well enough but still needs some clunkiness removed, some creases ironed out, a shave and a good haircut before release. I am not sure yet when I will be able to settle into a new place and complete this software, but efforts continue.

I still have some catching up to do on this thread ...

so you not only come back, you come back and bring us very good news

yes there is some discussions about whats need to be changes, if there is something that need to be changed for sure, you should write your opinions

welcome back !!!!

[111magic]

If anyone here recently sent a 500 XMG transaction and it didn't go through (from the address 965Xfbtb...), that might be because you mis-typed the address and it went to one of my old mining addresses that I had forgotten about. I'm not going to bother sending it back or forwarding it elsewhere unless someone here either PMs me or posts proof that it's their address, but I do want to give the active members of the community a chance in case they made an honest mistake. (And I know it's a mistake because I've never given that or any address out.)

In that vein, I would recommend that anyone who is sending coins from their wallet should copy and paste the destination address and double check it before sending. If you accidentally hit backspace, don't trust yourself to remember capitalization!

Might be Joe, Spexx or me. I will check my transactions later today. I will get back on this.

Was not me!

[Redrover]

Thanks for the pos link magic.