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

[tittiecoiner]

I agree with you guys too. If we think of the situation further, it is complicated and the problem could be contradicted one to another. In a simple word, it is because magi intends to stay at low hashrate that makes chances for single person to plugin such a miner. According to prior discussions, I am not yet to see a chance to make simple algo switch to disable a super hashrate miner; for example, what if he owns a CPU mining farm, then there is no way to get rid of it with whatever algos. We could go for huge amount hashrate allowed by the network, like the bitcoin and then the hash of the current one is trivial; but I don't think this would be good to go.

Of course he could mine with GPU or FPGA too as people talked earlier. Certainly I'd like to work on this situation in whatever approaches we can take to deal with it, allow me some time to take serious look at it, but I've learned that this isn't that easy to make changes that disable them at all. But wait if one takes miners leaving as a killing (surely it sounds like very disappointing situation), that might be too earlier to say about that. Well this needs a must work.

Well spoken.
There are a lot of coins out there, most have no real purpose, are only used for mining and trading (p&d). Only a few ones really work hard, together with their community, to give their project a real purpose: Using it in the real world as an alternative payment solution.
But in order to provide a secure, unexpensive and fast worldwide payment solution, potential problems needs to be prevented as much as possible.
No customer or merchant will deal with a coin that i.e. stops processing transactions as some stupid kids plays with an ASIC or a GPU miner developer tries to make some profit selling his custom code.

If you want to succeed, you need to be aware that there are 2 point of views:
- people experienced with cryptos (miners, "investors", traders, exchanges,...)
- people who have never heard of Bitcoin or crypto in general

A business owner mostly is not interested in dealing with wallets, mining tools, pump and dump and what else we, "crypto nerds" are used to deal with.
They simply want a robust and easy to use payment option to reach a new audience and receive their customer payments without high fees, chargebacks and currency conversion loss.

@111magic
I really appreciate your efforts, you keep the community alive and try to spread the word!
BUT: in nearly each of your posts, your solution to all problems and questions is:
"The Magi community is awesome, our developer is a genius and will find solutions to solve all problems, Magi will be the be a success, lets start another giveaway."

Sorry Dude, but serously spoken, stop that nonsense. Magi is an interesting coin, your Dev seems to be a honest guy with good ideas and a lot of knowledge. But as he has stated several times, he currently doesn't have a solution for the current problems and needs input and ideas from the community (which is totally legit!).

So instead celebrating the community and coin in each post, you/we all should start thinking about how to make Magi more robust against big hashpower attacks. Start generating volume on exchanges instead of telling the people to sit on their coins to gain more attention and to generate a stable price(although I need to mention that the price of XMG is very stable, compared to most other coins).

For example, have a look at Dogecoin. There's no real spread, you need some funds to move the price considerably, so this helps to keep the price at a more or less stable rate (mostly between 40 and 50 satoshi on average). That helps merchants to reduce risk to lose money and makes a coin more interesting for them.

Just my 2 satoshi, some points to think about.

[z0n0]

I agree with you guys too. If we think of the situation further, it is complicated and the problem could be contradicted one to another. In a simple word, it is because magi intends to stay at low hashrate that makes chances for single person to plugin such a miner. According to prior discussions, I am not yet to see a chance to make simple algo switch to disable a super hashrate miner; for example, what if he owns a CPU mining farm, then there is no way to get rid of it with whatever algos. We could go for huge amount hashrate allowed by the network, like the bitcoin and then the hash of the current one is trivial; but I don't think this would be good to go.

Of course he could mine with GPU or FPGA too as people talked earlier. Certainly I'd like to work on this situation in whatever approaches we can take to deal with it, allow me some time to take serious look at it, but I've learned that this isn't that easy to make changes that disable them at all. But wait if one takes miners leaving as a killing (surely it sounds like very disappointing situation), that might be too earlier to say about that. Well this needs a must work.

Well spoken.
There are a lot of coins out there, most have no real purpose, are only used for mining and trading (p&d). Only a few ones really work hard, together with their community, to give their project a real purpose: Using it in the real world as an alternative payment solution.
But in order to provide a secure, unexpensive and fast worldwide payment solution, potential problems needs to be prevented as much as possible.
No customer or merchant will deal with a coin that i.e. stops processing transactions as some stupid kids plays with an ASIC or a GPU miner developer tries to make some profit selling his custom code.

If you want to succeed, you need to be aware that there are 2 point of views:
- people experienced with cryptos (miners, "investors", traders, exchanges,...)
- people who have never heard of Bitcoin or crypto in general

A business owner mostly is not interested in dealing with wallets, mining tools, pump and dump and what else we, "crypto nerds" are used to deal with.
They simply want a robust and easy to use payment option to reach a new audience and receive their customer payments without high fees, chargebacks and currency conversion loss.

@111magic
I really appreciate your efforts, you keep the community alive and try to spread the word!
BUT: in nearly each of your posts, your solution to all problems and questions is:
"The Magi community is awesome, our developer is a genius and will find solutions to solve all problems, Magi will be the be a success, lets start another giveaway."

Sorry Dude, but serously spoken, stop that nonsense. Magi is an interesting coin, your Dev seems to be a honest guy with good ideas and a lot of knowledge. But as he has stated several times, he currently doesn't have a solution for the current problems and needs input and ideas from the community (which is totally legit!).

So instead celebrating the community and coin in each post, you/we all should start thinking about how to make Magi more robust against big hashpower attacks. Start generating volume on exchanges instead of telling the people to sit on their coins to gain more attention and to generate a stable price(although I need to mention that the price of XMG is very stable, compared to most other coins).

For example, have a look at Dogecoin. There's no real spread, you need some funds to move the price considerably, so this helps to keep the price at a more or less stable rate (mostly between 40 and 50 satoshi on average). That helps merchants to reduce risk to lose money and makes a coin more interesting for them.

Just my 2 satoshi, some points to think about.

I must admit I highly agree with you, well said sir!

[tittiecoiner]

//bla bla//

I must admit I highly agree with you, well said sir!

Thanks. I'd like to point out that I don't want to spread FUD or attack someone. I just mean it's a bit too much partying although not much has been happened so far (next to creating a coin and growing a community). It's time for the next steps.

[okae]

http://magipi.tk/

MagiPi  | The first COIN MAGI Pool on a RaspberryPi 

Nice Welcome in our awesome Magi community!!

aaannnnddd those type of things ( as i always said ) must be mentioned at the translated ANN threads , so spanish thread done

also some others forum have been updated too.

AWESOME, since there is lot of people who will be interested on it, good job guys!!

[MagiPi]

I'd like to say that the first MAGI Coin pool on a RaspberryPi has been opened, with 0% FEE.

Supported by the developers of the coin!

Join us @ https://magipi DOT tk/

[okae]

I'd like to say that the first MAGI Coin pool on a RaspberryPi has been opened, with 0% FEE.

Supported by the developers of the coin!

Join us @ https://magipi DOT tk/

thats another great gift from the guys who supported it, people should start to notice that this team is something different from the rest

from what i'm seeing, more people are joining on that pool, hell, i want a pi to

[fragilefungi]

I think the easiest solution to the high hash rate problem is to lower the PoW reward.  I think the biggest problem right now is that hashrate goes down for a couple days before the big miner comes back on, and then they find a bunch of blocks in a row and get a lot of coins.  If the reward never went up so high, there would be less incentive to hitting it with super high hashrate.  Maybe the PoW reward should vary between 0.5 XMG and 5 XMG.  I have seen it go above 20 XMG and that is just too high.  Lowering the PoW rewards will stabilize the price and give those staking more incentive to hold.  Small miners with old cpus can be rewarded through a new PoM campaign that requires miners to hold a minimum of 1000 XMG in their own wallet to qualify.

[goldlabel]

//bla bla//

I must admit I highly agree with you, well said sir!

Thanks. I'd like to point out that I don't want to spread FUD or attack someone. I just mean it's a bit too much partying although not much has been happened so far (next to creating a coin and growing a community). It's time for the next steps.

I dont agree with you, wat magic does is also a way there r difrerent ways to do thing and his way is one of them and for so far i read you did attack hime and if you think you know a other way to make this great coin greater do  something about it and stop saying its time for the next step.
This communitie is so big coz magic is doing what he does.

[111magic]

@111magic
I really appreciate your efforts, you keep the community alive and try to spread the word!
BUT: in nearly each of your posts, your solution to all problems and questions is:
"The Magi community is awesome, our developer is a genius and will find solutions to solve all problems, Magi will be the be a success, lets start another giveaway."

Sorry Dude, but serously spoken, stop that nonsense. Magi is an interesting coin, your Dev seems to be a honest guy with good ideas and a lot of knowledge. But as he has stated several times, he currently doesn't have a solution for the current problems and needs input and ideas from the community (which is totally legit!).

So instead celebrating the community and coin in each post, you/we all should start thinking about how to make Magi more robust against big hashpower attacks. Start generating volume on exchanges instead of telling the people to sit on their coins to gain more attention and to generate a stable price(although I need to mention that the price of XMG is very stable, compared to most other coins).

I had to think a while about your post.
I appreciate your opinion and feedback.
I also do understand you are not trying to fud.
Yes Magi indeed have a great community. (Almost 600 pages and no fud but friendly people who are helping eachother and Magi)
and Joe did indeed put forward solutions. (Maybe you missed those posts)
But some improvements have adverse effects and thats is something Magi has to check very good!
Iam not a coder but a marketing man. So maybe you opinion might be difference if you know this.
My job is working on new campaigns, contacting exchanges, other social media, find new investors and promote Magi in different ways.
Hope that no nonsense!
Tell me your ideas about making Magi more robust agains hashpower attacks, generating volume and spreading the word.
Its always good to listen to different opinions!

[fragilefungi]

http://magipi.tk/

MagiPi  | The first COIN MAGI Pool on a RaspberryPi 

Nice Welcome in our awesome Magi community!!

Somebody mining with PI here already?
All works ok?

I almost bought one, but I gave up, it is to expensive in Brazil

Maby The banana pi is better, its btw cheaper and better then the raspberry pi

I think the odroid is even better than the banana pi, I am looking at getting one.  People who have them tell me they like them a lot better than the pi.  http://www.hardkernel.com/main/main.php

[xms]

hey guys,

i like this community and the MAGI coin, i'm here more than a year now and i will stay here a lot more years

do what you know is best for the coin Magic, i do believe Joelao wil find a solution.

greatings

xms

Magi Community Member

[111magic]

I'd like to say that the first MAGI Coin pool on a RaspberryPi has been opened, with 0% FEE.

Supported by the developers of the coin!

Join us @ https://magipi DOT tk/

Thanks for the 0% fee !

[Lightsplasher]

He'll make blocks stop to generate coins; I hope miners stay mining.

I agree with you.
You'll need to find a solution to prevent someone will be able to get so much power over the (PoW) mining process.

sry for the confusion, there was a lot of discussion going on about the hashrate so it seems that i missed the info.
btw, i still find the calculation for coinamount in relation to hashrate one of the best things in whole crypto world.
but tittiecoiner is also right, it is not the way to go if somebody can concentrate hashrate and "kill" the coin.

... but i have no better solution at this time

I agree with you guys too. If we think of the situation further, it is complicated and the problem could be contradicted one to another. In a simple word, it is because magi intends to stay at low hashrate that makes chances for single person to plugin such a miner. According to prior discussions, I am not yet to see a chance to make simple algo switch to disable a super hashrate miner; for example, what if he owns a CPU mining farm, then there is no way to get rid of it with whatever algos. We could go for huge amount hashrate allowed by the network, like the bitcoin and then the hash of the current one is trivial; but I don't think this would be good to go.

Of course he could mine with GPU or FPGA too as people talked earlier. Certainly I'd like to work on this situation in whatever approaches we can take to deal with it, allow me some time to take serious look at it, but I've learned that this isn't that easy to make changes that disable them at all. But wait if one takes miners leaving as a killing (surely it sounds like very disappointing situation), that might be too earlier to say about that. Well this needs a must work.

Here's the socialized, partially centralized solution, are you ready comrades?

Is it possible to fix the PoW block reward at perhaps 5 xmg and pay it out to only one address in the network, no matter which miner finds it?  Then using an advanced form of PoM rewards we can then pay out miners with equal amounts from funds in this address.

Each miner having at least 2000 XMG could register their address and use it for mining.  PoM payments could automatically go out evenly each day to all miners with at least this minimum balance and a consistent 24 hour hash rate.

Having a certain amount of XMG (2000?) at an address that gets the PoM payments is needed so that people who are not supporting the coin through saving value can't register multiple miners for PoM payments.

In this way the total net hashrate can do whatever it wants and there is no economic incentive for a single person with a overpoweringly large hashrate to take all the PoW block rewards.

Whatever algorithm is used to distribute the funds should be open source so that the community can verify that the funds are being distributed properly among the addresses that are registered and providing hashrate.  (Maybe modified pool software?) I'm not sure how workable this is or if people even think it is worth trying?

In the long run I feel we need to gradually decrease the PoW block reward and go full PoS.  (I thought this was the original plan)  This will reduce potential issues.  The way things stand right now can you imagine the problem that would happen if XMG was worth $500 a coin?  A large hash rate miner can take almost the entire PoW block rewards for themselves - as a guess maybe over 400 or 500 xmg in a day?  (The low PoS rate by comparison generates maybe one or two XMG per day for large holders.)  That kind of potential would cause many investors and business some issues and I think it is best we do something about it before the coin gets more valuable.  Kudos to people for pointing this out by the way, if there is a problem with the system we should address it, even though it is difficult.

[tittiecoiner]

PoM payments could automatically go out

That's one of the points I mentioned. You can't do that manually in the long run, it needs to be done automatically.

In this way the total net hashrate can do whatever it wants and there is no economic incentive for a single person with a overpoweringly large hashrate to take all the PoW block rewards.

100% agree. The question is, if this not really decentralized idea suits to the plans of Magi and the Developer.

Whatever algorithm is used to distribute the funds should be open source so that the community can verify that the funds are being distributed properly among the addresses that are registered and providing hashrate.  (Maybe modified pool software?) I'm not sure how workable this is or if people even think it is worth trying?

Sounds interesting and is an idea to think about.

The way things stand right now can you imagine the problem that would happen if XMG was worth $500 a coin?  A large hash rate miner can take almost the entire PoW block rewards for themselves - as a guess maybe over 400 or 500 xmg in a day?  (The low PoS rate by comparison generates maybe one or two XMG per day for large holders.)  That kind of potential would cause many investors and business some issues and I think it is best we do something about it before the coin gets more valuable.  Kudos to people for pointing this out by the way, if there is a problem with the system we should address it, even though it is difficult.

Good to see I'm not the only one trying to warn about this possible scenario. Even if some guys here think I'm an idiot for pointing out such kind of problems, they can and probably will appear. Bitcoin is a good example: Huge chinese farms invested tons of money and more or less control a big part of the mining process. What if manufacturer A starts mining with a new, more efficient farm and starts a 51% attack? Don't forget: It's more or less money, you're playing with. People around the world have been cheaten in different ways and want a secure payment system to use/invest in. You're competing with Credit Card processors, Paypal, Banks and so on. Their systems can be cheaten, too. But they invested a lot of money to secure them and have the manpower to fix bugs immediately. Imagine Mastercard would say: Sorry, your incoming payment can't be processed until we've switched over to a new algo or something like this.

If you are looking for another way to ensure PoW won't stop due to miners leaving: Make it merge mineable with another coin. This way no one cares about the reward as mines are getting those coins "on top" of the other coin(s) they are mining. Just a thought...

Again: That's no attack on the Developer, he did a good job and started an interesting coin with a totally different approach. Just thinking about future problems. If this awesome community doesn't appreciate it, prefers to wait for problems until they occur, it's ok for me, too.

[tittiecoiner]

I dont agree with you, wat magic does is also a way there r difrerent ways to do thing and his way is one of them and for so far i read you did attack hime

Really, all you wanna do is just to celebrate yourself? Plz read again what I wrote, the whole post. It seems you did't understand my intention and arguments.
I can't believe you don't accept any criticism and different points of view. Count the posts of the whole thread, how many posts are nothing more than "magi is great, community is great". Don't get me wrong, I didn't say this isn't true!!

What I said is that a coin needs more than mining, sitting on the coins and starting one giveaway after the next. Where is the demand, the volume on exchanges? Where are the merchants? Where is the real world use? What if someone wants to hurt the system and pushes some huge hasrate onto the network for weeks to make miners leave? You really want to ignore those thoughts and just continue celebrating?

Furthermore I didn't say that magic111 is doing a poor job. I'm following Magi for nearly one year, so I'm not new to it. magic did a great job to keep this thread alive, growing the community, spreading the word.

if you think you know a other way to make this great coin greater do  something about it

It's not my job to develop tools or to get merchants. That's the job of the Dev team. My part is to mine (no matter if the reward is 20 or 0.1) and sell or hold the coins. Next to this I was trying to give some input, a different point of view, pointing out problems that might occur in future. That's what I can do. If you think that's wrong, it's not my problem.

stop saying its time for the next step.

It is not? You think Magi should remain where it currently is? Wow, in this case I'm glad you are not responsible for the business development of Magi.

This communitie is so big coz magic is doing what he does.

No doubt about that, I never said something else. But is the purpose of Magi only to have a big community?
I always thought it should be something else than 99% of the other existing altcoins that are only used to make holders rich, being used for p&d.
Where are the other team members who aquire merchants, develop tools for the average Joe (like Spexx, I miss him) and create an own eco system around the coin?


To be honest, a friend of mine is working on a shop with several altcoins included as payment option in order to give those coins a real purpose, allowing holders to spend their coins for items, generating volume and getting more attention. He asked me if Magi is a coin that's worth to include. I was sure it is. But your reply makes me think that I'm probably wrong with that opinion. Maybe I'm also wrong here as it seems criticism and other aspects next to celebrating is not wanted in this community.

[Redrover]

PoM payments could automatically go out

That's one of the points I mentioned. You can't do that manually in the long run, it needs to be done automatically.

In this way the total net hashrate can do whatever it wants and there is no economic incentive for a single person with a overpoweringly large hashrate to take all the PoW block rewards.

100% agree. The question is, if this not really decentralized idea suits to the plans of Magi and the Developer.

Whatever algorithm is used to distribute the funds should be open source so that the community can verify that the funds are being distributed properly among the addresses that are registered and providing hashrate.  (Maybe modified pool software?) I'm not sure how workable this is or if people even think it is worth trying?

Sounds interesting and is an idea to think about.

The way things stand right now can you imagine the problem that would happen if XMG was worth $500 a coin?  A large hash rate miner can take almost the entire PoW block rewards for themselves - as a guess maybe over 400 or 500 xmg in a day?  (The low PoS rate by comparison generates maybe one or two XMG per day for large holders.)  That kind of potential would cause many investors and business some issues and I think it is best we do something about it before the coin gets more valuable.  Kudos to people for pointing this out by the way, if there is a problem with the system we should address it, even though it is difficult.

Good to see I'm not the only one trying to warn about this possible scenario. Even if some guys here think I'm an idiot for pointing out such kind of problems, they can and probably will appear. Bitcoin is a good example: Huge chinese farms invested tons of money and more or less control a big part of the mining process. What if manufacturer A starts mining with a new, more efficient farm and starts a 51% attack? Don't forget: It's more or less money, you're playing with. People around the world have been cheaten in different ways and want a secure payment system to use/invest in. You're competing with Credit Card processors, Paypal, Banks and so on. Their systems can be cheaten, too. But they invested a lot of money to secure them and have the manpower to fix bugs immediately. Imagine Mastercard would say: Sorry, your incoming payment can't be processed until we've switched over to a new algo or something like this.

If you are looking for another way to ensure PoW won't stop due to miners leaving: Make it merge mineable with another coin. This way no one cares about the reward as mines are getting those coins "on top" of the other coin(s) they are mining. Just a thought...

Again: That's no attack on the Developer, he did a good job and started an interesting coin with a totally different approach. Just thinking about future problems. If this awesome community doesn't appreciate it, prefers to wait for problems until they occur, it's ok for me, too.

I agree with Lightsplasher and tittiecoiner here.  In just the last few days we've seen nearly the entire block rewards vanish and or go to one large miner, at this point that large miner is single handedly controlling the coin rewards, that day has already come and we really should do something to fix it.

I really like the idea of greatly reducing PoW rewards and adding merged mining - and increasing PoS interest - that is very interesting to me and would be my choice of fixing this issue but undoubtedly this is a complex change to implement so let me bring up what I think is probably easier to do first.

The simplest solution I know of is to switch to full PoS right now and increase the interest rate to about 15% yearly to start.  The interest rate has to be high enough to make it worthwhile to invest in and save while also offsetting the potential mining loss that might have occurred.  I'll list the pros and cons as I see them.

Pros
1  Green!  Way more energy efficient, no more wasting electricity, just run your wallet once in a while.
2  More fair way of earning coins: rather than competing with large miners or bot farms, and using even more energy in the process, you now earn an equal percentage as everyone else based on your own balance.
3  This encourages holding and saving coins in your wallet, this can also be looked at as a con because some people will not spend their coins.  Maybe this increases demand?

Cons
1  No more mining which is a fun hobby for many people.  Suggestion, mine another coin and buy more XMG.  Win-Win!
2  PoS encourages saving and holding coins which might equal less trading and spending in commerce, then again, it might just increase demand while we fill our wallets.
3  More difficult for a newcomer to get into XMG because they would need to buy coins to get started.  This can be fixed with promotions, giveaways, better faucets, and let Magic111 do his thing!  This can be turned into a Pro very easily with the right marketing and ease of use!

Security - This is neither a Pro or Con with the current system as it is.  Hybrid PoW/Pos or full PoS are both secure when implemented correctly.  There are many pure PoS coins out there that are working as intended.

Assuming we did make this change, we then can focus more effort on expanding and adding new features and merchants without the fear of losing mining profits.  I mean, can you imagine a Magic111 unleashed to spread the wealth even more than he already is, that would be fun to watch!

Either way, we have a major problem right now and we need to fix it asap!  Waiting or having patience will not make this go away, it will get worse, so let’s fix it now!

[tittiecoiner]

I agree with Lightsplasher and tittiecoiner here.  In just the last few days we've seen nearly the entire block rewards vanish and or go to one large miner, at this point that large miner is single handedly controlling the coin rewards, that day has already come and we really should do something to fix it.

I really like the idea of greatly reducing PoW rewards and adding merged mining - and increasing PoS interest - that is very interesting to me and would be my choice of fixing this issue but undoubtedly this is a complex change to implement so let me bring up what I think is probably easier to do first.

The simplest solution I know of is to switch to full PoS right now and increase the interest rate to about 15% yearly to start.  The interest rate has to be high enough to make it worthwhile to invest in and save while also offsetting the potential mining loss that might have occurred.  I'll list the pros and cons as I see them.

Pros
1  Green!  Way more energy efficient, no more wasting electricity, just run your wallet once in a while.
2  More fair way of earning coins: rather than competing with large miners or bot farms, and using even more energy in the process, you now earn an equal percentage as everyone else based on your own balance.
3  This encourages holding and saving coins in your wallet, this can also be looked at as a con because some people will not spend their coins.  Maybe this increases demand?

Cons
1  No more mining which is a fun hobby for many people.  Suggestion, mine another coin and buy more XMG.  Win-Win!
2  PoS encourages saving and holding coins which might equal less trading and spending in commerce, then again, it might just increase demand while we fill our wallets.
3  More difficult for a newcomer to get into XMG because they would need to buy coins to get started.  This can be fixed with promotions, giveaways, better faucets, and let Magic111 do his thing!  This can be turned into a Pro very easily with the right marketing and ease of use!

Security - This is neither a Pro or Con with the current system as it is.  Hybrid PoW/Pos or full PoS are both secure when implemented correctly.  There are many pure PoS coins out there that are working as intended.

Assuming we did make this change, we then can focus more effort on expanding and adding new features and merchants without the fear of losing mining profits.  I mean, can you imagine a Magic111 unleashed to spread the wealth even more than he already is, that would be fun to watch!

Either way, we have a major problem right now and we need to fix it asap!  Waiting or having patience will not make this go away, it will get worse, so let’s fix it now!

Awesome, I couldn't agree more. You made a short summary of what I was trying to point out but did't find the words like you. Where's the like button? 

[tittiecoiner]

I had to think a while about your post.
I appreciate your opinion and feedback.
I also do understand you are not trying to fud.
Yes Magi indeed have a great community. (Almost 600 pages and no fud but friendly people who are helping eachother and Magi)
and Joe did indeed put forward solutions. (Maybe you missed those posts)
But some improvements have adverse effects and thats is something Magi has to check very good!
Iam not a coder but a marketing man. So maybe you opinion might be difference if you know this.
My job is working on new campaigns, contacting exchanges, other social media, find new investors and promote Magi in different ways.
Hope that no nonsense!
Tell me your ideas about making Magi more robust agains hashpower attacks, generating volume and spreading the word.
Its always good to listen to different opinions!

You're a good guy and doing a good job, no doubt about that.  Maybe my words were a bit too harsh.
It seems you got me wrong. I don't mean your job or actions are nonsense.
I was talking about the fact that most requests or problems, probably as you don't know what to say, how to help, you just always state how great coin and the community are. True, but that doesn't solve the problems. Magi is a very interesting project and it's sad to see that newer coins with shady people behind it, have a more significant progress than Magi. Also I mentioned that I think it's time for the next step. So instead of only starting one giveaway after the next, investing time in tasks like getting more merchants, increasing the trading volume, trying to solve real world problems in regards of payment processing and so on. But as goldlabel said, it's better for me to be silent and trying to help other coins whose communities appreciate critical thoughts and thinking outside the box.

We have already been in touch in the past, check your message history. So you know I'm not a newbie in the crypto scene and have worked for an other coin. Next to an other coin I only hold my XMG, I usually sell all the coins I mined with my mining hardware. So probably it's not pure bullshit I'm telling. But TBH, I'm a bit shocked that critical thoughts are not wanted by this community (or is it only because of me).

My credo is: A coin is worth nothing without a real purpose, people that use it. And if you don't find companies accepting it for payments, start building your own eco system. Even if only the coins' community will use it at the beginning, the more users it has, the more attention it will get and more and more people will follow.

What are the problems companies have when receiving customer payments via Credit Card, Bank Wire, Paypal, Amazon Payments, Western Union and so on? And what can we do / Magi provide to solve those problems? I've worked for an adult related coin and asked the same questions, started working on solutions and contacted business owners. Nearly all of them were not interested as not even accepting Bitcoin made them so much more sales as they expected. What does that mean? I think there are several ways to answer this question. Just something to think about.

If you feel attacked, pissed off or unappreciated, I apologize, that wasn't my intention. Just a different point of view and some ideas to think about. From now on I will remain silent and go on mining, holding and enjoying the giveaways. Peace!

[joelao95]

I had to think a while about your post.
I appreciate your opinion and feedback.
I also do understand you are not trying to fud.
Yes Magi indeed have a great community. (Almost 600 pages and no fud but friendly people who are helping eachother and Magi)
and Joe did indeed put forward solutions. (Maybe you missed those posts)
But some improvements have adverse effects and thats is something Magi has to check very good!
Iam not a coder but a marketing man. So maybe you opinion might be difference if you know this.
My job is working on new campaigns, contacting exchanges, other social media, find new investors and promote Magi in different ways.
Hope that no nonsense!
Tell me your ideas about making Magi more robust agains hashpower attacks, generating volume and spreading the word.
Its always good to listen to different opinions!

You're doing good job, mate, bring us Cryptsy, the first thing I'd say, and there are many many others, it's very hard for me to make the list.

...
I'm a bit shocked that critical thoughts are not wanted by this community (or is it only because of me).

No, no, you were wrong, I have enjoyed reading your posts, and appreciate the idea; and I believed others too.

From now on I will remain silent and go on mining, holding and enjoying the giveaways. Peace!

And you don't have to, really.


You guys may have a misunderstanding to each other; what I can see is that each one has tried to come up with an idea or to help magi out in the way he is comfortable with. One must have a sort of way of talking / doing things; I guess this is all about.

[joelao95]

@joelao95
"kill" was a bit... hard spoken, but over time it will happen, without changing something.

what we need is something like a calculation of unique hashpower-relation to coin-creation.
means:
if someone (or a pool) comes with high hashing power and solves the block, the reward should be low.
but this is impossible to realize...

This is actually what's happening right now. But yes here is more or less an issue with reward adjustment.

I think the easiest solution to the high hash rate problem is to lower the PoW reward.  I think the biggest problem right now is that hashrate goes down for a couple days before the big miner comes back on, and then they find a bunch of blocks in a row and get a lot of coins.  If the reward never went up so high, there would be less incentive to hitting it with super high hashrate.  Maybe the PoW reward should vary between 0.5 XMG and 5 XMG.  I have seen it go above 20 XMG and that is just too high.  Lowering the PoW rewards will stabilize the price and give those staking more incentive to hold.  Small miners with old cpus can be rewarded through a new PoM campaign that requires miners to hold a minimum of 1000 XMG in their own wallet to qualify.

The ideal adjustment should be done in a much nice way, and this is exactly where we should make a fix at. For example, whenever a big miner comes in, the reward goes down, and back to normal when he is leaving. Lowering the maximum XMG rewards would make frustration to the big miner, but to all others as well; the consequence will take place throughout at this time I can imagine. The issue is all about people mining with less number of coins generated that causes miners leaving until a new equilibrium is created.