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

[111magic]

Thanks all for the nice responses!
--------------------------------------------------------
GOOD NEWS: Magi's Proof of Interest campaign IV will come! More info will follow!

[serjent05]

Thanks all for the nice responses!
--------------------------------------------------------
GOOD NEWS: Magi's Proof of Interest campaign IV will come! More info will follow!

This really is a good news!  I hope this is 10 times more succesful than the last one!  Waiting patiently for the details of this campaign.  This is a good timing as for the wallet update gather interest, this Proof of Interest will add up to the effect of the update!  I wish to see more and more new holder of XMG to come into this thread!

[cryptonit]

effective ratio in coin rollout
POW vs POS is like 10:1
one of the next releases should get that into 1:1 or even 1:2

because people who POS have to invest and hold coins
people who POW can instant sell coins and still earn and market suffer from constant sellpressure

people buy coins to be able stake them generate buy pressure

that POS returns on global coin rollout is so low is because 60% of total coins dont participate in POS
because of the ruleset that require u to run ur wallet 24/7
basically a very good idea
just the balance in POW vs POS coin rollout doesnt fit any longer
while at POW more coins are rolled out if  less people participate
at POS are less coins rolled out if less people participate

to make POS similar and reward people more if there is less competition
a static POS blockrewward instead a year based  pos reward can help
this way u also clear able to estimate how much POS coins are produced each year

[starmman]

Thanks all for the nice responses!
--------------------------------------------------------
GOOD NEWS: Magi's Proof of Interest campaign IV will come! More info will follow!

Great news, looks like there are a lot of things going on right now. Hopefully that will generate more interest.

Will the sig campaign be running at the same time as the POI? If so, that could really help boost volume.

[batesresearch]

Hey guys,

We are planning some Coin Magi focused discounts on our ordering system starting in the next few weeks, if anyone has any ideas they would like to bring forward for discount offers please let us know.

We would like to thank the Coin Magi team for the long support of CryptoCloudHosting!

[Abiky]

Thanks all for the nice responses!
--------------------------------------------------------
GOOD NEWS: Magi's Proof of Interest campaign IV will come! More info will follow!

That is very good to hear. I have been so excited about this and been anxious to join it since it was announced. I'd bet that this will be the best Proof of Interest campaign yet. Magi's cheap prices makes it a good entry point to grab some coins before POI starts. Then, after the interest is paid you will get a nice profit when the price increases. It will be a win-win situation. I'm very glad that XMG keeps moving forward. Among the list of altcoins that I hold, this is my most favorite. I mine, stake and hold XMG. 

[joelao95]

Thanks all for the nice responses!
--------------------------------------------------------
GOOD NEWS: Magi's Proof of Interest campaign IV will come! More info will follow!

Magic, you sure? I hope we will not burn your time, and burn it permanently. You know, I had a hard time, and have to take time to recover. Anyway, let's discuss. I'll also need to discuss with you about the PoI rule. Let's not put any launch time until we discuss and fully get ready.

[joelao95]

effective ratio in coin rollout
POW vs POS is like 10:1
one of the next releases should get that into 1:1 or even 1:2

because people who POS have to invest and hold coins
people who POW can instant sell coins and still earn and market suffer from constant sellpressure

people buy coins to be able stake them generate buy pressure

that POS returns on global coin rollout is so low is because 60% of total coins dont participate in POS
because of the ruleset that require u to run ur wallet 24/7
basically a very good idea
just the balance in POW vs POS coin rollout doesnt fit any longer
while at POW more coins are rolled out if  less people participate
at POS are less coins rolled out if less people participate

to make POS similar and reward people more if there is less competition
a static POS blockrewward instead a year based  pos reward can help
this way u also clear able to estimate how much POS coins are produced each year

Thanks for the inputs, cryptonit. I can see your points; however, I'm afraid that this would suppress the miners' interests:

1) I always believe that staking should not be a major channel of minting coins, and never..

2) Though we have issues in PoW, we have to find solutions, instead of dropping it off...

[Coins-R-Us]

I agree with Abiky, Magi is my most favorite altcoin too!
For so many reasons:  It has a great name and coin image,
for starters.  Magi can be mined on any regular computer or
tablet or android phone, even.  Designed for a more fair and even
distribution, which increases decentralization.  It stakes much
faster than peercoin, which takes forever to stake lol.

I use the coin image as my avatar at some bitcoin poker sites.
Also the huge community attracted me to this coin, and now
we have active development going on.  These are exciting times!

[cryptonit]

effective ratio in coin rollout
POW vs POS is like 10:1
one of the next releases should get that into 1:1 or even 1:2

because people who POS have to invest and hold coins
people who POW can instant sell coins and still earn and market suffer from constant sellpressure

people buy coins to be able stake them generate buy pressure

that POS returns on global coin rollout is so low is because 60% of total coins dont participate in POS
because of the ruleset that require u to run ur wallet 24/7
basically a very good idea
just the balance in POW vs POS coin rollout doesnt fit any longer
while at POW more coins are rolled out if  less people participate
at POS are less coins rolled out if less people participate

to make POS similar and reward people more if there is less competition
a static POS blockrewward instead a year based  pos reward can help
this way u also clear able to estimate how much POS coins are produced each year

Thanks for the inputs, cryptonit. I can see your points; however, I'm afraid that this would suppress the miners' interests:

1) I always believe that staking should not be a major channel of minting coins, and never..

2) Though we have issues in PoW, we have to find solutions, instead of dropping it off...

in my opinion the rewards should fit at least to the amount of block produced

for now 2/3 of blocks are POS blocks and protecting the network
https://chainz.cryptoid.info/xmg/#!extraction

2/3 of blocks and protecting the network for 1/10 of the daily rewards
there is something wrong

i can understand if u say u want POW to stay a major coin rollout source
but serious the balance between POW and POS is not right at this moment

[jrdudley20]

-SNiP-

Hey there, was going to let you know that our staking pool web site is live now. There is also a faucet available as well. Would love for you to check it out and maybe even contribute some coins in the staking pool.

Check us out:

POSWallet.com

There is something wrong...
I tried once to register and login after that - no luck... Keep getting the message "Incorrect login credentials, please try again."
So I do the registration once again and once again I tried to login. Still the same message...

Do I have to confirm my mail? Because there is no mail received.

I am sorry about that. When I first posted about the site the DEV had registration closed while he was working on bugs before he officially launched. Registration should be open now. You might try registering again and it should work this time.

[jrdudley20]

Hey there, was going to let you know that our staking pool web site is live now. There is also a faucet available as well. Would love for you to check it out and maybe even contribute some coins in the staking pool.

Check us out:

POSWallet.com

Thanks for the work. I'll check out; we'll contribute some coins for your hard work, if it does work as you stated that there is no risk of losing coins from users side.

The site is in beta. The DEV is rolling out new features and fixing bugs everyday. He plans on giving users access to private keys later this week. The faucet is up and working and the coin wallets with a large sum of coins are staking regularly and are working like they are supposed to be.

[th3.r00t]

There is something wrong...
I tried once to register and login after that - no luck... Keep getting the message "Incorrect login credentials, please try again."
So I do the registration once again and once again I tried to login. Still the same message...

Do I have to confirm my mail? Because there is no mail received.

I am sorry about that. When I first posted about the site the DEV had registration closed while he was working on bugs before he officially launched. Registration should be open now. You might try registering again and it should work this time.

Thanks.
Just registered and logged in normally.

A quick heads-up - the site doesn't have SSL, which is bad for site that want to make his users to trust them with their coins... 
Atleast while in beta you can use LetsEncrypt's free SSL certs...

[jrdudley20]

There is something wrong...
I tried once to register and login after that - no luck... Keep getting the message "Incorrect login credentials, please try again."
So I do the registration once again and once again I tried to login. Still the same message...

Do I have to confirm my mail? Because there is no mail received.

I am sorry about that. When I first posted about the site the DEV had registration closed while he was working on bugs before he officially launched. Registration should be open now. You might try registering again and it should work this time.

Thanks.
Just registered and logged in normally.

A quick heads-up - the site doesn't have SSL, which is bad for site that want to make his users to trust them with their coins... 
Atleast while in beta you can use LetsEncrypt's free SSL certs...

Thanks for the feedback. I will pass the SSL thing onto the DEV.

[lionheart78]

Feel free to use and improve this signature, For Hero / Legendary rank,

Code:

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[Abiky]

Designed for a more fair and even
distribution, which increases decentralization.  It stakes much
faster than peercoin, which takes forever to stake lol.

Exactly. Those are some of the advantages that Coin Magi has. Its unique mining algorithm makes it suitable for an average Joe to begin mining with any kind of hashrate without the need to compete with big miners. With this in mind, it makes the coin more decentralized due to the fact that the bigger the hashrate, the lower the reward which makes a fair distribution of XMG for everyone. 

[joelao95]

in my opinion the rewards should fit at least to the amount of block produced

for now 2/3 of blocks are POS blocks and protecting the network
https://chainz.cryptoid.info/xmg/#!extraction

2/3 of blocks and protecting the network for 1/10 of the daily rewards
there is something wrong

i can understand if u say u want POW to stay a major coin rollout source
but serious the balance between POW and POS is not right at this moment

PoS blocks vs PoW quite right bud, I'll explain more later, little bit busy.

[jrdudley20]

There is something wrong...
I tried once to register and login after that - no luck... Keep getting the message "Incorrect login credentials, please try again."
So I do the registration once again and once again I tried to login. Still the same message...

Do I have to confirm my mail? Because there is no mail received.

I am sorry about that. When I first posted about the site the DEV had registration closed while he was working on bugs before he officially launched. Registration should be open now. You might try registering again and it should work this time.

Thanks.
Just registered and logged in normally.

A quick heads-up - the site doesn't have SSL, which is bad for site that want to make his users to trust them with their coins... 
Atleast while in beta you can use LetsEncrypt's free SSL certs...

Thanks for the feedback. I will pass the SSL thing onto the DEV.

SSL was added to the site thanks for the suggestion

[fragilefungi]

Hey everyone!  I have been away for awhile but am doing fine.  I hope everyone is well.

My old computer was knocked out by a power surge (It was on a surge protector but still died), and my XMG wallet was offline for more than a month.  I finally got my new computer up and running, and nothing in my magi wallet would stake.  I left it for a few days but all of the weight was gone.  I had to resend all the coins to myself before I could start staking again.

I have read through some of the recent discussion on this thread, and I think what happened to me is one reason why coin creation through PoS is low.  Sometimes coins go offline for so long that the weight is lost.  When miners go offline more coins are created, but when stakers go offline, fewer coins are created.  Even if a transaction is online for a month, there is a nonzero chance that these coins will never stake.

The other reason I think that such a low % of total coins are actively staking is traders.  There is more money to be made buying low from one exchange and selling high on other exchanges then there is from staking.  Traders catch the miner dumps on the big exchanges and sell to stakers for a higher price on the little exchanges.  Arbitration is a good thing for the coin because it keeps the price close on all the exchanges, but I think there should be more of a penalty in terms of stake opportunity cost for traders setting large sell orders and then leaving them there for a long time until they fill.

I think changes can and should be made to the PoW and PoS rewards while still preserving the intent of the original reward structure.  As it is right now, PoS coin creation is lower then intended.  As a result of this PoW coin creation is higher as a percentage of total coin creation then intended.  If more miners were holding these coins long term this would be fine, but otherwise this is bad for price stability.  When price stability is bad, it gives stakers less of an incentive because the loss in price will be greater then the coins gained through staking.

My solution would be to half the PoW rewards and to double the PoS rewards, although I think doing either of those by themselves would be better then doing nothing.  Doing both of these things I believe would get the reward breakdown closer to what was intended, because the number of coins staking would only marginally increase.  Traders could still make quicker profits buying and selling then staking, but the incentive for people to buy coins to hold and stake will be slightly higher. Most of my stake rewards (>90%) are less than 0.1 XMG and many (>80%) are less than 0.01 XMG. Doubling the PoS rewards for me from 5 XMG per week to 10 XMG per week for staking 12k is not going to drastically increase inflation.  If the PoW rewards are also lowered at the same time so that total coin creation is lower, inflation will actually be reduced and price may be more stable.  More coins will still be created through PoW mining then staking, but the breakdown for the rewards would be closer to 1/3 from PoS and 2/3 from PoW, while 2/3 of the number of blocks are still PoS.

Stakers protect the network, and I think that increasing the incentive to stake only slightly will increase the number of people or coins staking long term.  Decreasing the total coins created through a PoW halving will help with price stability and decrease the risk of a price drop to long term stakers.

[joelao95]

Fragilefungi,

I am so glad to see you again and that your wallet was not damaged. It's been a while that I was off this thread too cause I had to recover from pains of real life business; fortunately got over.

Regarding PoW vs PoS, we had some discussions in the past as I remember. To me, it's very hard to go the direction of suppressing PoW and increasing PoS; well, I cannot simply say no with no reasons. I'll talk more on this topic during weekend.