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

[Lightsplasher]

if you want large miner POW frustration, I'll give it to you:

you should kill pools, rework magi daemon to accept up to 250Kh/s - roughly three i7 CPUs

centralization is bad for any coin, the more miners mine solo, more good for the network, the more miners mine at single pool the less secure is network, then we have botnet, botnet is bad and good, it's bad for POW miners as they get less for same Watt/hour invested, but it's good for POS miners as they purchase those POW blocks @ bellow cost Watt/hour(price they pay is less than if they payed for electricity to POW those blocks)
 
POW miners will either have to adapt or leave, I was POW @ bitcoin, then I adapted to mine scrypt and convert to/buy bitcoins, then adapted to mine x11 and convert to/buy bitcoins and at last I left, but I still have/use it!

there is a service that converts other coins to magicoin a few pages behind, adapt, use it!

coin was advertised as green, mine when you idle, make it so, kill pools, botnet can't create/manage hundreds of daemons that easily.

I like this solution but I'm thinking there may not be enough people geeky enough to configure a system to solo mine.  But what the heck, I certainly would vote for it! 

[111magic]

And yes, like I thought, cryptsy is hacked and my coins are gone.

https://bitcointalk.org/index.php?topic=1237953.0

https://www.cryptocoinsnews.com/tag/cryptsy-hacked/

What coins are gone? Btc?
I notice Cryptsy is working fine for me.
Coins are still there.
Could you provide us with little more info?

[111magic]

We need to have 135 likes more to gave those 300 xmg`s away and then go on to the next step for 1000 xmg`s
So if you didnt like yet go to https://www.facebook.com/CoinMagi/ and like us

Getting closer, thats good!

I believe magic111 and other members of the community have done an exemplary job building community through social media, contests and giveaways.  I think this is every bit as important as technical issues so long as the coin functions well enough not to create gross imbalances.  It is a very fine art to give coins away without encouraging the creation of sock puppet accounts, awarding the deceitful, or dumping large amounts of coins on people for trivial tasks.  This is an age old way of building community and growing demand for anything.  The companies that gave away some product for free, for example, giving out a free razor could build demand and sell a bunch more razor blades than the competition.  A job very well done in my mind magic111 and others.

Thank you very much Lightsplasher for those nice words. I really appreciate that. And for sure I will continue with promoting Magi and searching for new investors, merchants, services and other things.

[The Frisian]

And yes, like I thought, cryptsy is hacked and my coins are gone.

https://bitcointalk.org/index.php?topic=1237953.0

https://www.cryptocoinsnews.com/tag/cryptsy-hacked/

What coins are gone? Btc?
I notice Cryptsy is working fine for me.
Coins are still there.
Could you provide us with little more info?

Have you tried those links?
And more : http://blog.cryptsy.com/post/82992987380/4162014-maintenance-post-mortem
or : https://www.cryptocoinsnews.com/withdraw-bitcoins-cryptsy-now/

But the last sentence is craptsy : - We are now on the new ledger system and everything is working normally. -
No way - I have a btc withdrawal which is still pending, since last night.

[goldlabel]

"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."

I dont even give a comment about this

[111magic]

And yes, like I thought, cryptsy is hacked and my coins are gone.

https://bitcointalk.org/index.php?topic=1237953.0

https://www.cryptocoinsnews.com/tag/cryptsy-hacked/

What coins are gone? Btc?
I notice Cryptsy is working fine for me.
Coins are still there.
Could you provide us with little more info?

Have you tried those links?
And more : http://blog.cryptsy.com/post/82992987380/4162014-maintenance-post-mortem
or : https://www.cryptocoinsnews.com/withdraw-bitcoins-cryptsy-now/

But the last sentence is craptsy : - We are now on the new ledger system and everything is working normally. -
No way - I have a btc withdrawal which is still pending, since last night.

Hmm strange. Let us know if the pending will receive confirmations. I thought you meant Cryptsy hacked that the whole exchange was down.

[fragilefungi]

if you want large miner POW frustration, I'll give it to you:

you should kill pools, rework magi daemon to accept up to 250Kh/s - roughly three i7 CPUs

centralization is bad for any coin, the more miners mine solo, more good for the network, the more miners mine at single pool the less secure is network, then we have botnet, botnet is bad and good, it's bad for POW miners as they get less for same Watt/hour invested, but it's good for POS miners as they purchase those POW blocks @ bellow cost Watt/hour(price they pay is less than if they payed for electricity to POW those blocks)
 
POW miners will either have to adapt or leave, I was POW @ bitcoin, then I adapted to mine scrypt and convert to/buy bitcoins, then adapted to mine x11 and convert to/buy bitcoins and at last I left, but I still have/use it!

there is a service that converts other coins to magicoin a few pages behind, adapt, use it!

coin was advertised as green, mine when you idle, make it so, kill pools, botnet can't create/manage hundreds of daemons that easily.

What about P2Pool? I'm not very familiar with it, could it help?
If you need a local wallet in order to solo mine, it would make it impossible to use other low power devices (as has been discussed before).

The problem with requiring an address with no funds or putting a max hash limit in somehow it would be that someone with a very high hashrate could split it between a thousand different addresses and make it appear that they are many small miners.  That is why I think the best option is to reduce the PoW reward, and then reimburse small miners through an automatic proof of mining that they can sign up for on the coinmagi.org website, and sign a message in their wallet to verify their address.  There needs to be a 1000-2000 XMG minimum to make it expensive for a single miner to sign up a lot of different addesses.  The thing that we still need to figure out is how the website will calculate an individuals hashrate.  I was thinking that this might be able to be accomplished by having miners set their pool payout to some specific value that would then be seen in the blockchain.  Anyone have any ideas for this?

[The Frisian]

And yes, like I thought, cryptsy is hacked and my coins are gone.

https://bitcointalk.org/index.php?topic=1237953.0

https://www.cryptocoinsnews.com/tag/cryptsy-hacked/

What coins are gone? Btc?
I notice Cryptsy is working fine for me.
Coins are still there.
Could you provide us with little more info?

Have you tried those links?
And more : http://blog.cryptsy.com/post/82992987380/4162014-maintenance-post-mortem
or : https://www.cryptocoinsnews.com/withdraw-bitcoins-cryptsy-now/

But the last sentence is craptsy : - We are now on the new ledger system and everything is working normally. -
No way - I have a btc withdrawal which is still pending, since last night.

Hmm strange. Let us know if the pending will receive confirmations. I thought you meant Cryptsy hacked that the whole exchange was down.

No confirmations, not even send from Cryptsy. It's residing in their wallet.
They have not enough in hot wallet to payout. Also maybe a problem with their cold wallet.
Look at all the 4 links above for more info.

[Lightsplasher]

if you want large miner POW frustration, I'll give it to you:

you should kill pools, rework magi daemon to accept up to 250Kh/s - roughly three i7 CPUs

centralization is bad for any coin, the more miners mine solo, more good for the network, the more miners mine at single pool the less secure is network, then we have botnet, botnet is bad and good, it's bad for POW miners as they get less for same Watt/hour invested, but it's good for POS miners as they purchase those POW blocks @ bellow cost Watt/hour(price they pay is less than if they payed for electricity to POW those blocks)
 
POW miners will either have to adapt or leave, I was POW @ bitcoin, then I adapted to mine scrypt and convert to/buy bitcoins, then adapted to mine x11 and convert to/buy bitcoins and at last I left, but I still have/use it!

there is a service that converts other coins to magicoin a few pages behind, adapt, use it!

coin was advertised as green, mine when you idle, make it so, kill pools, botnet can't create/manage hundreds of daemons that easily.

What about P2Pool? I'm not very familiar with it, could it help?
If you need a local wallet in order to solo mine, it would make it impossible to use other low power devices (as has been discussed before).

The problem with requiring an address with no funds or putting a max hash limit in somehow it would be that someone with a very high hashrate could split it between a thousand different addresses and make it appear that they are many small miners.  That is why I think the best option is to reduce the PoW reward, and then reimburse small miners through an automatic proof of mining that they can sign up for on the coinmagi.org website, and sign a message in their wallet to verify their address.  There needs to be a 1000-2000 XMG minimum to make it expensive for a single miner to sign up a lot of different addesses.  The thing that we still need to figure out is how the website will calculate an individuals hashrate.  I was thinking that this might be able to be accomplished by having miners set their pool payout to some specific value that would then be seen in the blockchain.  Anyone have any ideas for this?

I think most pool software can graph out the average hash rate over 24 hours.  I think if you just verify that some hashing was done above a certain required minimum that might be enough.  I'm wondering about where you would get the funds for PoM payments though if your reducing the PoW reward and have a very low PoS rate.

Even with a lower PoW reward there is still the issue of somebody way overpowering things and taking all the limited reward.  It is better to me to distribute the funds correctly in the first place than try to fix things afterward with redistribution, hence my idea of mining all the block rewards to a single address to be divided evenly.

Yes, in the long run hash limiting might have issues too, perhaps you might need to tie it in somehow to having a requirement for a minimum 1000 – 2000 XMG investment as well but that gets more complex.

Some possible voting suggestions:

Nothing needs changing
Lets talk about it more
PoS only same rate
PoS only 15%
PoS only 20% with 5 XMG cap
PoS only 50% with 5 XMG cap
Hash limit PoW to solo mining
Mine PoW to a single address
Make adjustments to PoW
Voting is worthless in an oligarchy (Just kidding)

[feldenthorne]

And yes, like I thought, cryptsy is hacked and my coins are gone.
https://bitcointalk.org/index.php?topic=1237953.0
https://www.cryptocoinsnews.com/tag/cryptsy-hacked/

Have you tried those links?
And more : http://blog.cryptsy.com/post/82992987380/4162014-maintenance-post-mortem
or : https://www.cryptocoinsnews.com/withdraw-bitcoins-cryptsy-now/
But the last sentence is craptsy : - We are now on the new ledger system and everything is working normally. -
No way - I have a btc withdrawal which is still pending, since last night.

No confirmations, not even send from Cryptsy. It's residing in their wallet.
They have not enough in hot wallet to payout. Also maybe a problem with their cold wallet.
Look at all the 4 links above for more info.

You do realize that all those links, except the post about recent withdrawl issues, are about events from 1-2 years ago, right? Just file a support ticket if you haven't already and they will probably get back to you in a day or so.

[The Frisian]

And yes, like I thought, cryptsy is hacked and my coins are gone.
https://bitcointalk.org/index.php?topic=1237953.0

No confirmations, not even send from Cryptsy. It's residing in their wallet.
They have not enough in hot wallet to payout. Also maybe a problem with their cold wallet.

You do realize that all those links, except the post about recent withdrawl issues, are about events from 1-2 years ago, right? Just file a support ticket if you haven't already and they will probably get back to you in a day or so.

I only left the current bitcoinpost, thanks.
The other ones were old posts, but they had a new post today. (because of the same new problems, I assume)
And a few new links:
https://bitcointalk.org/index.php?topic=1173703.480
https://cryptsy.freshdesk.com/support/discussions/topics/4000324618

Of course i filed a few support tickets during the last 24 hours.

[raetsch]

i withdrawed 6 hours ago and it took not very long.
well ok, it was not much, only 0.04btc.

[111magic]

if you want large miner POW frustration, I'll give it to you:

you should kill pools, rework magi daemon to accept up to 250Kh/s - roughly three i7 CPUs

centralization is bad for any coin, the more miners mine solo, more good for the network, the more miners mine at single pool the less secure is network, then we have botnet, botnet is bad and good, it's bad for POW miners as they get less for same Watt/hour invested, but it's good for POS miners as they purchase those POW blocks @ bellow cost Watt/hour(price they pay is less than if they payed for electricity to POW those blocks)
 
POW miners will either have to adapt or leave, I was POW @ bitcoin, then I adapted to mine scrypt and convert to/buy bitcoins, then adapted to mine x11 and convert to/buy bitcoins and at last I left, but I still have/use it!

there is a service that converts other coins to magicoin a few pages behind, adapt, use it!

coin was advertised as green, mine when you idle, make it so, kill pools, botnet can't create/manage hundreds of daemons that easily.

What about P2Pool? I'm not very familiar with it, could it help?
If you need a local wallet in order to solo mine, it would make it impossible to use other low power devices (as has been discussed before).

The problem with requiring an address with no funds or putting a max hash limit in somehow it would be that someone with a very high hashrate could split it between a thousand different addresses and make it appear that they are many small miners.  That is why I think the best option is to reduce the PoW reward, and then reimburse small miners through an automatic proof of mining that they can sign up for on the coinmagi.org website, and sign a message in their wallet to verify their address.  There needs to be a 1000-2000 XMG minimum to make it expensive for a single miner to sign up a lot of different addesses.  The thing that we still need to figure out is how the website will calculate an individuals hashrate.  I was thinking that this might be able to be accomplished by having miners set their pool payout to some specific value that would then be seen in the blockchain.  Anyone have any ideas for this?

I think most pool software can graph out the average hash rate over 24 hours.  I think if you just verify that some hashing was done above a certain required minimum that might be enough.  I'm wondering about where you would get the funds for PoM payments though if your reducing the PoW reward and have a very low PoS rate.

Even with a lower PoW reward there is still the issue of somebody way overpowering things and taking all the limited reward.  It is better to me to distribute the funds correctly in the first place than try to fix things afterward with redistribution, hence my idea of mining all the block rewards to a single address to be divided evenly.

Yes, in the long run hash limiting might have issues too, perhaps you might need to tie it in somehow to having a requirement for a minimum 1000 – 2000 XMG investment as well but that gets more complex.

Some possible voting suggestions:

Nothing needs changing
Lets talk about it more
PoS only same rate
PoS only 15%
PoS only 20% with 5 XMG cap
PoS only 50% with 5 XMG cap
Hash limit PoW to solo mining
Mine PoW to a single address
Make adjustments to PoW
Voting is worthless in an oligarchy (Just kidding)

Good see the different options here. If we could fill this list we could launch a poll and see what the community likes the most.
This period will be very important for the future of Magi.
During this time Magi would also like to receive some feedback about the app.
If you would like to test the app or already tested it send me a pm.

[111magic]

https://twitter.com/Coin_Magi_XMG/status/662401219810467844
Buy or sell XMG directly with fiat currencies here:

https://www.litebit.eu/coin/xmg/en/

[starmman]

https://twitter.com/Coin_Magi_XMG/status/662401219810467844
Buy or sell XMG directly with fiat currencies here:

https://www.litebit.eu/coin/xmg/en/

Wow, another service. You guys are doing a great job!

[fragilefungi]

if you want large miner POW frustration, I'll give it to you:

you should kill pools, rework magi daemon to accept up to 250Kh/s - roughly three i7 CPUs

centralization is bad for any coin, the more miners mine solo, more good for the network, the more miners mine at single pool the less secure is network, then we have botnet, botnet is bad and good, it's bad for POW miners as they get less for same Watt/hour invested, but it's good for POS miners as they purchase those POW blocks @ bellow cost Watt/hour(price they pay is less than if they payed for electricity to POW those blocks)
 
POW miners will either have to adapt or leave, I was POW @ bitcoin, then I adapted to mine scrypt and convert to/buy bitcoins, then adapted to mine x11 and convert to/buy bitcoins and at last I left, but I still have/use it!

there is a service that converts other coins to magicoin a few pages behind, adapt, use it!

coin was advertised as green, mine when you idle, make it so, kill pools, botnet can't create/manage hundreds of daemons that easily.

What about P2Pool? I'm not very familiar with it, could it help?
If you need a local wallet in order to solo mine, it would make it impossible to use other low power devices (as has been discussed before).

The problem with requiring an address with no funds or putting a max hash limit in somehow it would be that someone with a very high hashrate could split it between a thousand different addresses and make it appear that they are many small miners.  That is why I think the best option is to reduce the PoW reward, and then reimburse small miners through an automatic proof of mining that they can sign up for on the coinmagi.org website, and sign a message in their wallet to verify their address.  There needs to be a 1000-2000 XMG minimum to make it expensive for a single miner to sign up a lot of different addesses.  The thing that we still need to figure out is how the website will calculate an individuals hashrate.  I was thinking that this might be able to be accomplished by having miners set their pool payout to some specific value that would then be seen in the blockchain.  Anyone have any ideas for this?

I think most pool software can graph out the average hash rate over 24 hours.  I think if you just verify that some hashing was done above a certain required minimum that might be enough.  I'm wondering about where you would get the funds for PoM payments though if your reducing the PoW reward and have a very low PoS rate.

Even with a lower PoW reward there is still the issue of somebody way overpowering things and taking all the limited reward.  It is better to me to distribute the funds correctly in the first place than try to fix things afterward with redistribution, hence my idea of mining all the block rewards to a single address to be divided evenly.

Yes, in the long run hash limiting might have issues too, perhaps you might need to tie it in somehow to having a requirement for a minimum 1000 – 2000 XMG investment as well but that gets more complex.

Some possible voting suggestions:

Nothing needs changing
Lets talk about it more
PoS only same rate
PoS only 15%
PoS only 20% with 5 XMG cap
PoS only 50% with 5 XMG cap
Hash limit PoW to solo mining
Mine PoW to a single address
Make adjustments to PoW
Voting is worthless in an oligarchy (Just kidding)

Good see the different options here. If we could fill this list we could launch a poll and see what the community likes the most.
This period will be very important for the future of Magi.
During this time Magi would also like to receive some feedback about the app.
If you would like to test the app or already tested it send me a pm.

I don't think that hash limit or mining to a single address is a viable option.  Mining software can be written in such a way that submitted shares can be sent to multiple places.  This means that one person could have a worker at all of the pools but only be using one device to do it.  I think that making adjustments to PoW is a good option.  Lowering the rewards will mean less coins are produced each day, which might cause magi coin to be stable at a higher price.  Trying to make the coin viable for mining on old equipment is a tough goal to be achieved,  because something that is profitable with outdated hardware will always be more profitable with newer faster better hardware.  Moore's law is coming into play here and new hardware is orders of magnitude faster, and will continue to be so for the foreseeable future.

I would be happy with changing (increasing) the PoS rewards as well, but I think XMG is unique because it has both PoW and PoS.  Going to PoS only may cause the transaction times to increase, which would make magi less attractive as a currency coin.  Having a cap is a good idea to control inflation so that PoS blocks found with more coins as the input transaction stake at a lower rate.  One problem with this is that you can still split the coins into many ideally sized transaction, requiring more technical expertise and putting new users at a disadvantage because they don't know how to stake as well.  Another problem with PoS only is that the price could be less stable.  More incentive for staking is a good thing, but I think having a sliding scale between 5%-10% and having a hard cap on reward would be enough.  Making small tweaks to both the PoS and PoW could be the best option.

[jkminkov]

if you want large miner POW frustration, I'll give it to you:

you should kill pools, rework magi daemon to accept up to 250Kh/s - roughly three i7 CPUs

centralization is bad for any coin, the more miners mine solo, more good for the network, the more miners mine at single pool the less secure is network, then we have botnet, botnet is bad and good, it's bad for POW miners as they get less for same Watt/hour invested, but it's good for POS miners as they purchase those POW blocks @ bellow cost Watt/hour(price they pay is less than if they payed for electricity to POW those blocks)
 
POW miners will either have to adapt or leave, I was POW @ bitcoin, then I adapted to mine scrypt and convert to/buy bitcoins, then adapted to mine x11 and convert to/buy bitcoins and at last I left, but I still have/use it!

there is a service that converts other coins to magicoin a few pages behind, adapt, use it!

coin was advertised as green, mine when you idle, make it so, kill pools, botnet can't create/manage hundreds of daemons that easily.

What about P2Pool? I'm not very familiar with it, could it help?
If you need a local wallet in order to solo mine, it would make it impossible to use other low power devices (as has been discussed before).

The problem with requiring an address with no funds or putting a max hash limit in somehow it would be that someone with a very high hashrate could split it between a thousand different addresses and make it appear that they are many small miners.  That is why I think the best option is to reduce the PoW reward, and then reimburse small miners through an automatic proof of mining that they can sign up for on the coinmagi.org website, and sign a message in their wallet to verify their address.  There needs to be a 1000-2000 XMG minimum to make it expensive for a single miner to sign up a lot of different addesses.  The thing that we still need to figure out is how the website will calculate an individuals hashrate.  I was thinking that this might be able to be accomplished by having miners set their pool payout to some specific value that would then be seen in the blockchain.  Anyone have any ideas for this?

I did not said they can't split, supronova has 25 000 k/hash on their pool, to be able to get same coins they will need to run 100 magi daemons, this is possible but takes CPU and RAM on their server.

who is small miner I can easy split my i7 into (number of public pools + my private pools) and pretend to be a "small" miner with no additional costs, setting a fee for POW means POS miners have an advantage as they already hold coins, you will just give them advantage in POW.

and btw 45 XMG solo block POW all mine

[The Frisian]

i withdrawed 6 hours ago and it took not very long.
well ok, it was not much, only 0.04btc.

the btc withdrawal is completed, it took almost 36 hours.

[111magic]

i withdrawed 6 hours ago and it took not very long.
well ok, it was not much, only 0.04btc.

the btc withdrawal is completed, it took almost 36 hours.

Oef.... Thats good to hear amigo.
It takes to much time but its nice Cryptsy gives you your coins!

[chilo]

Thank you 9SEG9S.....
Not sure who you are or what it was for, but the XMG donation was very nice and most appreciated. If accidental or a mistake let me know and I will return it.
Regards
chilo