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

[Lightsplasher]

The new wallet works great so far for me!  It builds fine in Ubuntu and the split threshold appears to work and it loads up much, much faster!  Thank you. I haven't seen it combine any blocks yet but maybe my older smaller blocks don't have any coin weight now as pointed out by fragilefungi.  I'm looking forward to a few months of set it and forget it after a long period of combining blocks all the time to tweak the PoS return up.  Maybe a small boost in the interest rate might keep us hardcore PoS guys from grumbling so much.  Nudge nudge, poke, poke. 

I do see your point in keeping it as it is though, coins are all over the place in the interest, block reward cap and PoW rewards and the ones that don't do to well tend to have higher rates of coin production.  I keep thinking that some sort of project to actually make a use for XMG would be a better use of resources than trying to adjust the coin production but we could certainly do both.

I was thinking at one time about doing a multi-player game in PlayCanvas where we could rain coins like we can in IRC but it seems like a lot of work and I'm not sure if there would be enough interest to make it worthwhile.

Other things I have thought about are a virtual reality video in stereo 360 showing a world with XMG coins dropping in it.  It would be viewable in Google Cardboard.

I'm feeling pretty motivated now to do some type of work but can't promise what is going to get done at this point. I've been having a few issues and a recent hospitalization but things are much better now.

[1714713765]

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[fragilefungi]

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.

Yes it is always good to have backups.  Medical stuff always sucks and myself I am recovering from dental work recently done and about to be performed.

For an example of how easy it is to trade compared to stake I bought up on Poloniex right after I made the last post with 6.5 mBTC.  A few hours later I sold them for 5000 satoshi more after fees.  The XMG i staked all day was worth 308 satoshi.  I wanted to add coins to my wallet to stake but it just seemed easier to take the 0.8% in 12 hours.

We should also talk about increasing the average hash rate on the network in the most energy efficient ways possible.  I have some ideas and some chips lying around.

I understand your concerns Joe about over-inflation with PoS, but I don't think doubling the PoS rewards would be enough to do this because the actual number of coins created through PoS each day is so much less then is theoretically possible.  There is an efficiency factor for coin creation through PoS that needs to be considered because things happen in the real world and coins sitting on exchanges sell for higher values.  

I think that a more fair allocation of rewards would lead more people to want to buy XMG to stake long term.  It would also give people more incentive to mine and hold, rather then having small miners who see mining XMG as another faucet that they can dump each day and use for gambling or other things.   It is more likely that coins created by PoS are going to be held long term then with PoW, which is why I think that making changes will increase price stability and is a goal that I think you want as well.

Maybe a smaller change to PoS to start would be easier.  You could add the staking efficiency factor into the code where Stakerate%/(CoinsStaking/CoinTotal)=Stakerate%

This would only get the number of coins each day created through staking up to what was originally intended.

[Coins-R-Us]

hmmm yes it had crossed my mind about the offline coins losing
weight, which could cause the auto split/merge to NOT work.
I'm glad some of you brought this matter up.

All the discussion about POS/POW is very interesting.  I have
faith in our developer that he will make smart decisions.
Personally, I don't really care what the ratio is, and I will keep
staking and mining and holding this coin.  But maybe I am not
your average Joe lol.  I don't mean any disrespect to anyone.

Another good point mentioned is that Magi needs a use, or game.
We could set up a donation/lottery of some kind to fund it.  Of course
the game development might need to be funded also.
Or we could get integrated into the Dragon Knights of Valeria game,
which seems perfect to get some Magi coin exposure. They use 8 coins.
Also could get integrated at fortunejack(dot)com, they use 9 coins already.
Just some of my random "brainstorming" thoughts.

[starmman]

I'm not sure if anybody else has noticed, but it looks like m-chain.info hasn't been working for the last few days

Does anybody know who is responsible for the service?

As far as I can see, the last update was 2016-06-24 02:03:13

Thanks =)

[cryptonit]

the most fair way would be switch to a static POS system that rewards each block found
if each POS and each POW block earn static 5 XMG then u have a daily coin rollout of around 7200 XMG
and then slowly reduce the coinrollout over time the close the coin come to its total coins
to make it fair rollout between POS and POW u could just adapt blocktimes to same time so 50% of blocks are POW and 50% are POS


u have to see the positive aspects of POS that are by far not matched by the positive aspects of POW

a static reward POS need u to have ur wallet up and  minting as much as possible for rewards
(i know actual system also punish  closed wallets but still u could just mine every 2rd day and not be punished)

POS increase number of active wallets on network

POS adds buy support because u need to own coins to start earning coins

POS add security by hybrid secure the chain

POW add security by hybrid secure the chain

POW allow get hands on coins without buy on exchange


if u compare that POW have his place but in my opinion sure not above 50% of coin rollout

and its 90-95% of daily coins that goes towards POW rewards

[batesresearch]

We have introduced discounts on orders paying with XMG - Coin Magi, discounts are 20% off monthly orders, 25% off 6 monthly orders and 30% off annual orders.

[fragilefungi]

the most fair way would be switch to a static POS system that rewards each block found
if each POS and each POW block earn static 5 XMG then u have a daily coin rollout of around 7200 XMG
and then slowly reduce the coinrollout over time the close the coin come to its total coins
to make it fair rollout between POS and POW u could just adapt blocktimes to same time so 50% of blocks are POW and 50% are POS


u have to see the positive aspects of POS that are by far not matched by the positive aspects of POW

a static reward POS need u to have ur wallet up and  minting as much as possible for rewards
(i know actual system also punish  closed wallets but still u could just mine every 2rd day and not be punished)

POS increase number of active wallets on network

POS adds buy support because u need to own coins to start earning coins

POS add security by hybrid secure the chain

POW add security by hybrid secure the chain

POW allow get hands on coins without buy on exchange


if u compare that POW have his place but in my opinion sure not above 50% of coin rollout

and its 90-95% of daily coins that goes towards POW rewards

One of the unique things about magi is that when hashrate goes up, PoW rewards go down.  Going static rewards for PoW would lead to higher hashrates at all times of the day.  This would lead to higher energy consumption to maintain the network, while one of the goals of this coin is to have as energy efficient of a network as possible.

The problem with going static rewards for PoS would be that sizing blocks would be extremely important.  This would be hard for new users to compete with people who are more staking experts.  One advantage to how staking currently works is that casual users can get normal sized transactions through normal use and they will occasional get stakes.  If there was a better use case for the coin casual users would be able to get stakes.  I personally like how magi stakes, but I just want all of the dust rewards to add up to something slightly more.

You make a lot of great points about advantages to PoS, including active wallets on the network.  One thing that reading your post made me think of is that if 90% of coins are being created through PoW, the network is not as energy efficient as possible.  It takes an insignificant amount of energy for me to stake.  My computer is already going to be on, and it is running other PoS wallets.  When over 90% of coins are created through PoW, we as a network are paying for more energy to maintain the network then is necessary.  Getting the network to more of a 60% PoW/40% PoS creation split would reduce energy consumption while not negatively affecting price or network stability.

[joelao95]

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

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Thanks for creating the signatures. I got to try during weekend. Busy work days. 

[joelao95]

The new wallet works great so far for me!  It builds fine in Ubuntu and the split threshold appears to work and it loads up much, much faster!  Thank you. I haven't seen it combine any blocks yet but maybe my older smaller blocks don't have any coin weight now as pointed out by fragilefungi.  I'm looking forward to a few months of set it and forget it after a long period of combining blocks all the time to tweak the PoS return up.  Maybe a small boost in the interest rate might keep us hardcore PoS guys from grumbling so much.  Nudge nudge, poke, poke. 

I do see your point in keeping it as it is though, coins are all over the place in the interest, block reward cap and PoW rewards and the ones that don't do to well tend to have higher rates of coin production.  I keep thinking that some sort of project to actually make a use for XMG would be a better use of resources than trying to adjust the coin production but we could certainly do both.

I was thinking at one time about doing a multi-player game in PlayCanvas where we could rain coins like we can in IRC but it seems like a lot of work and I'm not sure if there would be enough interest to make it worthwhile.

Other things I have thought about are a virtual reality video in stereo 360 showing a world with XMG coins dropping in it.  It would be viewable in Google Cardboard.

I'm feeling pretty motivated now to do some type of work but can't promise what is going to get done at this point. I've been having a few issues and a recent hospitalization but things are much better now.

Lightsplasher, I am excited again that old members are still around, very much motivating us to invest efforts. I will do review the games; interesting.   

[joelao95]

I tried to get specific ideas on the implementation of bridging PoW and PoS I've mentioned, and imo, this could be, in part, an elegant way to solve the concerns. Conclusions may be derived and made from the very general level and very top where we agree on the obvious facts. I shall be done such thinkings.

[starmman]

I'm not sure if anybody else has noticed, but it looks like m-chain.info hasn't been working for the last few days

Does anybody know who is responsible for the service?

As far as I can see, the last update was 2016-06-24 02:03:13

Thanks =)

I've noticed the following message at the bottom of all of my wallets some located in different places (black writing on almost black bar so difficult to read)

WARNING: Checkpoint is too old. Wait for block chain to download or notify developers.

Can anybody else spot the text on the status bar (difficult to see), or is it just me? I'm using two different 64-bit builds of the wallet (1.2.2.1 and I think a newer version), but didn't try the rc version yet.

Could this also have anything to do with the error on m-chain.info?

[starmman]

I'm not sure if anybody else has noticed, but it looks like m-chain.info hasn't been working for the last few days

Does anybody know who is responsible for the service?

As far as I can see, the last update was 2016-06-24 02:03:13

Thanks =)

I've noticed the following message at the bottom of all of my wallets some located in different places (black writing on almost black bar so difficult to read)

WARNING: Checkpoint is too old. Wait for block chain to download or notify developers.

Can anybody else spot the text on the status bar (difficult to see), or is it just me? I'm using two different 64-bit builds of the wallet (1.2.2.1 and I think a newer version), but didn't try the rc version yet.

Could this also have anything to do with the error on m-chain.info?

I should mention that the block chain is still synchronising, the error message is showing however - I first noticed it yesterday - but since its difficult to notice I'm not sure how long it could have been there for

[cryptonit]

I tried to get specific ideas on the implementation of bridging PoW and PoS I've mentioned, and imo, this could be, in part, an elegant way to solve the concerns. Conclusions may be derived and made from the very general level and very top where we agree on the obvious facts. I shall be done such thinkings.

thats a very good way to think

looking forward to hear more about the idea

[111magic]

We have introduced discounts on orders paying with XMG - Coin Magi, discounts are 20% off monthly orders, 25% off 6 monthly orders and 30% off annual orders.

Very nice thanks!!!!

[111magic]

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

Code:

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Thanks for creating the signatures. I got to try during weekend. Busy work days. 

Good job Lionheart78.

[111magic]

Hi all

Below the OLD RULES from the Magi Proof of Interest campaign III
Could you all take a look and give me some feedback?

Question 1: Whats your opinion about those rules? Are the rules good or would you like to see some rules different?

Thanks in advance!

------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Banks do give interest but not very much! Magi does this better!
The Coin of the Magi is the digital currency of the future, fair unique and for all people living everywhere!

Rules for the Magi Proof of Interest 3 2016!

The base is very simple.
Time period: The Proof of Interest will last 3 months.

When can I register to participate? Registration will be open: 01-12-2015

How do I sign up? Tell me that you want to join the PoI here: http://bitcoingarden.tk/forum/index.php?topic=5721.msg103927#msg103927   Registration is done by posting your XMG address replying here on Bitcoingarden or PM me here or make a post here with MAgi wallet-address in your signature!

What information should I include? Write your participating wallet XMG address in a reply here: http://bitcoingarden.tk/forum/index.php?topic=5721.msg103927#msg103927 (only one address allowed to join, all addresses will be made public at the end of registration in interest of fairness of the campaign.)
(only one address a person allowed to join)

The team will check the address's initial balance, and that balance will start participating in the PoI. (After confirmation participant)

When will I receive my interest? Interest will be paid on 01-04-2016

What happens if I have more XMG in my wallet on 01-04-2016? You will receive interest on the amount present in your wallet on that date. (Advantage participant)

What happens if I have less XMG in my wallet on 01-04-2016?
You will not receive any interest from campaign, if your initial balance has decreased more than 15% at the campaigns end! (Drawback participant)

What happens if I XMG have used to pay for goods? This has no negative effect on your interest. (Receipt required)

How will be interest distributed? The interest will be distributed by means of a specific calculation. This can be influenced by the number of participants, level of the fund and total number of coins that participate.Team will check addresses random and record the coins in that address. Based on that the interest calculation will be done!

Who will pay the interest for this Proof of Interest campaign? I received the donation of will follow (hope 25.000 XMG again)
(For the third time! Love this guy)
On his request, the donor will remain anonymous! Payouts will be done by me.

Interest will be paid to the designated address wallet.
Changes of participating address during the Proof of Interest is possible only once per user in the 3 months period (changing is not advisable, though).
Exchanges or wallet address on an exchange are excluded from participation.

Your XMG balance for joining the Proof of Interest has to be min. 500 XMG

NOTE: The team reserves it's right to send a warning to a drawback member, that his balance is decrease more than 15% on their regular random balance checks.
There will be a limit set for the amount of people who can join the Proof of Interest. Max 150 people!
Remember the more coins you have in your wallet the higher the amount of coins you will receive by interest!

[starmman]

Awesome, great news 111magic. I hope your wife is recovering well

[joelao95]

I'm not sure if anybody else has noticed, but it looks like m-chain.info hasn't been working for the last few days

Does anybody know who is responsible for the service?

As far as I can see, the last update was 2016-06-24 02:03:13

Thanks =)

I've noticed the following message at the bottom of all of my wallets some located in different places (black writing on almost black bar so difficult to read)

WARNING: Checkpoint is too old. Wait for block chain to download or notify developers.

Can anybody else spot the text on the status bar (difficult to see), or is it just me? I'm using two different 64-bit builds of the wallet (1.2.2.1 and I think a newer version), but didn't try the rc version yet.

Could this also have anything to do with the error on m-chain.info?

I should mention that the block chain is still synchronising, the error message is showing however - I first noticed it yesterday - but since its difficult to notice I'm not sure how long it could have been there for

I missed providing some info here. I'm actually responsible for m-chain.info; as I updated the server to the latest rc version, the database of the site seems down, that needs a resync. However, the warning of your wallet doesn't matter with this site, and will go away if you update to the rc version wallet.

[moxl]

OK Supper 

[starmman]

I'm not sure if anybody else has noticed, but it looks like m-chain.info hasn't been working for the last few days

Does anybody know who is responsible for the service?

As far as I can see, the last update was 2016-06-24 02:03:13

Thanks =)

I've noticed the following message at the bottom of all of my wallets some located in different places (black writing on almost black bar so difficult to read)

WARNING: Checkpoint is too old. Wait for block chain to download or notify developers.

Can anybody else spot the text on the status bar (difficult to see), or is it just me? I'm using two different 64-bit builds of the wallet (1.2.2.1 and I think a newer version), but didn't try the rc version yet.

Could this also have anything to do with the error on m-chain.info?

I should mention that the block chain is still synchronising, the error message is showing however - I first noticed it yesterday - but since its difficult to notice I'm not sure how long it could have been there for

I missed providing some info here. I'm actually responsible for m-chain.info; as I updated the server to the latest rc version, the database of the site seems down, that needs a resync. However, the warning of your wallet doesn't matter with this site, and will go away if you update to the rc version wallet.

Thanks 111magic =) I'll update to the RC version, I have it downloaded already - I'll try on an almost empty wallet first - just to be safe