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

[111magic]

Magi has new / extra addnode:

192.198.88.226

 

[quantumgravity]

I am excited for all of the upcoming developments!

I agree that the staking reward needs to be increased. Maybe shift some of the coins generated in new blocks from mining to new blocks from staking? I've staked 24/7 for a couple months now and there is pretty much no reward.

Maybe when the mining block reward goes lower due to the hashrate being too high, those coins could be shifted to staking blocks instead?

[cryptonit]

I am excited for all of the upcoming developments!

I agree that the staking reward needs to be increased. Maybe shift some of the coins generated in new blocks from mining to new blocks from staking? I've staked 24/7 for a couple months now and there is pretty much no reward.

Maybe when the mining block reward goes lower due to the hashrate being too high, those coins could be shifted to staking blocks instead?

thats not a good way because how much POS u earn would deepend on luck

thats not the way it should be



to be able attract investors they must have a clear picture of returns

how much POS in what timeframe a clear coin rollout plan and a max amount of coins when it reach ultra low inflation of max 1%

the coin rollout timeframe should be at least 10 years and upwards to that constant decreasing rewards and constant decreasing inflation

most part of new coins should be generated by POS

POW just used as additional security feature with some but no big rewards

thats the best way to keep cpu botnets and non public gpu mininer away of the landscape

POS and "coins needed to generate coins" is the best engine for demand and help to survive the time until real services and apps are existing to give the coin added value

if u want POW as a way to get in for fresh people intact just run other PoM campaigns and fund them with big dev team managed staking wallets

[Lightsplasher]

I am excited for all of the upcoming developments!

I agree that the staking reward needs to be increased. Maybe shift some of the coins generated in new blocks from mining to new blocks from staking? I've staked 24/7 for a couple months now and there is pretty much no reward.

Maybe when the mining block reward goes lower due to the hashrate being too high, those coins could be shifted to staking blocks instead?

thats not a good way because how much POS u earn would deepend on luck

thats not the way it should be



to be able attract investors they must have a clear picture of returns

how much POS in what timeframe a clear coin rollout plan and a max amount of coins when it reach ultra low inflation of max 1%

the coin rollout timeframe should be at least 10 years and upwards to that constant decreasing rewards and constant decreasing inflation

most part of new coins should be generated by POS

POW just used as additional security feature with some but no big rewards

thats the best way to keep cpu botnets and non public gpu mininer away of the landscape

POS and "coins needed to generate coins" is the best engine for demand and help to survive the time until real services and apps are existing to give the coin added value

if u want POW as a way to get in for fresh people intact just run other PoM campaigns and fund them with big dev team managed staking wallets

Long rambling opinion:  To me it boils down to who you want to pay and how much you want to pay them for maintaining the block chain.  If you don't have some type of inflation control on PoS you can run into a run away exponential inflation problem as holders block up their UTXO amounts into really large amounts and funds start doubling and tanking the price.  If you give large rewards on a CPU mined PoW coin you can run into issues with botnets, and other large LAN's taking over and playing hogs of the block rewards or people possibly running private GPU miners.

I would look at the average number of coins that have been generated per day over the last few months and leave that value about the same.  That way exchange pricing shouldn't be effected too much.  I would switch most of the reward to PoS and run PoM campaigns with funding from the dev team managed staking wallets as  suggested by cryptonit.  The PoS interest rate will need to be increased to mint the same average number of coins per day if the PoW block reward is reduced.  I would add inflation controls on PoS so that in the long run we can make a smooth transition from exponential growth to a more sustainable growth rate – somewhat like the universe did during the first few seconds of the big bang.  

The PoM campaigns should be a good way of dispersing the coins to smaller miners so that funds are not all just dispersed and held by the PoS stakeholders.  In this way you can reward your core investors and attract new people as well as keep the price more stable as compared to a higher interest rate PoS coin.  I would not put much effort into the PoW algorithm as most things can be cracked with enough time and effort and nothing gets the community frothing more than thinking there are some unfair bulldozing miners out there on botnets and GPU's from what I've seen.  

[quantumgravity]

I am excited for all of the upcoming developments!

I agree that the staking reward needs to be increased. Maybe shift some of the coins generated in new blocks from mining to new blocks from staking? I've staked 24/7 for a couple months now and there is pretty much no reward.

Maybe when the mining block reward goes lower due to the hashrate being too high, those coins could be shifted to staking blocks instead?

thats not a good way because how much POS u earn would deepend on luck

thats not the way it should be



to be able attract investors they must have a clear picture of returns

how much POS in what timeframe a clear coin rollout plan and a max amount of coins when it reach ultra low inflation of max 1%

the coin rollout timeframe should be at least 10 years and upwards to that constant decreasing rewards and constant decreasing inflation

most part of new coins should be generated by POS

POW just used as additional security feature with some but no big rewards

thats the best way to keep cpu botnets and non public gpu mininer away of the landscape

POS and "coins needed to generate coins" is the best engine for demand and help to survive the time until real services and apps are existing to give the coin added value

if u want POW as a way to get in for fresh people intact just run other PoM campaigns and fund them with big dev team managed staking wallets

Long rambling opinion:  To me it boils down to who you want to pay and how much you want to pay them for maintaining the block chain.  If you don't have some type of inflation control on PoS you can run into a run away exponential inflation problem as holders block up their UTXO amounts into really large amounts and funds start doubling and tanking the price.  If you give large rewards on a CPU mined PoW coin you can run into issues with botnets, and other large LAN's taking over and playing hogs of the block rewards or people possibly running private GPU miners.

I would look at the average number of coins that have been generated per day over the last few months and leave that value about the same.  That way exchange pricing shouldn't be effected too much.  I would switch most of the reward to PoS and run PoM campaigns with funding from the dev team managed staking wallets as  suggested by cryptonit.  The PoS interest rate will need to be increased to mint the same average number of coins per day if the PoW block reward is reduced.  I would add inflation controls on PoS so that in the long run we can make a smooth transition from exponential growth to a more sustainable growth rate – somewhat like the universe did during the first few seconds of the big bang.  

The PoM campaigns should be a good way of dispersing the coins to smaller miners so that funds are not all just dispersed and held by the PoS stakeholders.  In this way you can reward your core investors and attract new people as well as keep the price more stable as compared to a higher interest rate PoS coin.  I would not put much effort into the PoW algorithm as most things can be cracked with enough time and effort and nothing gets the community frothing more than thinking there are some unfair bulldozing miners out there on botnets and GPU's from what I've seen.  

Yes this is more or less what I was suggesting. If the block reward per day was fixed and divided between PoW and PoS blocks on an equilibrium basis, then it would encourage more staking while discouraging very large miners. When the 30-100+ mh/s of GPU miners out there turn on, they take destroy the PoW block reward. But, what if as the PoW block reward goes down, the PoS block rewards increase proportionally. This way, you eliminate unpredictable PoS inflation by getting rid of the interest and replace it with the hybrid PoW/PoS block rewards that rely on some function of the relevant variables.

[111magic]

Interesting ideas. Think Joe will take a better look at all this!

[thefix]

I think everything is working fine, the only thing I would like to see is less energy consumption from mining.

[111magic]

I think everything is working fine, the only thing I would like to see is less energy consumption from mining.

Like that opinion! Thanks. Let's see if Magi can improve that also. Although Magi is already in the right direction with mining with less energy consumption. Only thing is the mindset change!

[LordCoder]

Block reward these days is kinda low.

[111magic]

Block reward these days is kinda low.

If we look at the marketing-side of Magi
Magi is still growing.
More new people follow Magi.
The thread keeps very nice, people are friendly and helping eachother.
Awesome developments are in progress.
Dev is active and working on improvements. Bockreward is prio 1.
We are Magi and will show MAGIC in this crypto world.
Faith, patience and working together will give Magi an awesome future!

[LordCoder]

Block reward these days is kinda low.

If we look at the marketing-side of Magi
Magi is still growing.
More new people follow Magi.
The thread keeps very nice, people are friendly and helping eachother.
Awesome developments are in progress.
Dev is active and working on improvements. Bockreward is prio 1.
We are Magi and will show MAGIC in this crypto world.
Faith, patience and working together will give Magi an awesome future!

Yes, this coin is awesome. I was just telling that block reward is a bit low but nothing to worry about.
Regards,

[111magic]

Thanks LordCoder!

---------------------------------------------------------------------------------------------------------------------------------

On request: Magi launched a new contest.
The Magi XMG best picture competition-giveaway!
Show your Magic graphics skills and make a awesome Magi coin picture!
More info here:


http://bitcoingarden.tk/forum/index.php?topic=4487.msg96389#msg96389

http://cryptos.us/forum/giveaways/104-show-your-graphic-skills-in-the-magi-xmg-picture-contest-give-away#497

[prfagun1]

Hello.

Bitcoin will change, XT is comming in the end of the year, do you think people will transfer their Money to fiat currency or buy altcoins as Magi?

[111magic]

Hello.

Bitcoin will change, XT is comming in the end of the year, do you think people will transfer their Money to fiat currency or buy altcoins as Magi?

Good question. I don't know what people will do.
But if they stay in altcoins they will go for a stable and active currency like Magi!

[111magic]

Thanks LordCoder!

---------------------------------------------------------------------------------------------------------------------------------

On request: Magi launched a new contest.
The Magi XMG best picture competition-giveaway!
Show your Magic graphics skills and make a awesome Magi coin picture!
More info here:


http://bitcoingarden.tk/forum/index.php?topic=4487.msg96389#msg96389

http://cryptos.us/forum/giveaways/104-show-your-graphic-skills-in-the-magi-xmg-picture-contest-give-away#497

For if somebody needs some pictures for the contest here some links.
http://imgur.com/hPkcOad
http://imgur.com/9EqU7v4
http://imgur.com/Ox6Txbm

[birdcat90]

is there a dice site that use magi for gambling?

i mean not as deposit only but for the main balance..because im dying to use this coin..>.<

stay there magi and keep it up..

[Coins-R-Us]

It seems to me that my Magi wallet uses a lot less computer resources than my Hyper wallet, which slows down my computer a lot.  This is a very good sign for Magi.  I would like to see Magi incorporated into games right alongside Hyper.  Or someone could make a game just for Magi, please.

Also I heard there is going to be a new faucet for Magi, which will be nice.  By the way, the Cryptospout faucets are currently being worked on, and should start paying again soon.

[111magic]

It seems to me that my Magi wallet uses a lot less computer resources than my Hyper wallet, which slows down my computer a lot.  This is a very good sign for Magi.  I would like to see Magi incorporated into games right alongside Hyper.  Or someone could make a game just for Magi, please.

Also I heard there is going to be a new faucet for Magi, which will be nice.  By the way, the Cryptospout faucets are currently being worked on, and should start paying again soon.

Talking about new faucet!
Received this one today.

https://twitter.com/multifreecrypto/status/635618932527902720

http://www.free-crypto.com/
http://www.free-crypto.com/register/

So another Magi faucet is born!

[111magic]

is there a dice site that use magi for gambling?

i mean not as deposit only but for the main balance..because im dying to use this coin..>.<

stay there magi and keep it up..

Yes there is.

https://www.octoplay.net/?9GBaI2uhYN0zGCpp8kPa
But another one always will be good.
I like to plat poker. Would be nice if Magi could have a pokergame.

[okae]

is there a dice site that use magi for gambling?

i mean not as deposit only but for the main balance..because im dying to use this coin..>.<

stay there magi and keep it up..

Yes there is.

https://www.octoplay.net/?9GBaI2uhYN0zGCpp8kPa
But another one always will be good.
I like to plat poker. Would be nice if Magi could have a pokergame.

noooo now you incite to all gamblers xDD btw even if this is so good for our community in general i will never play with my XMGs, for me is like a treasure that i should keep

also i always have bad lucky with gambling, so...