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

[The Frisian]

Nice to hear that Magi likely wasn't under attack - most likely just a lack of due diligence
Seems to be a big drop in crypto today, magi not so badly affected (as usual), any idea what is causing the drop?

Well I see big red candles on XMG today.

[kadok29]

Nice to hear that Magi likely wasn't under attack - most likely just a lack of due diligence
Seems to be a big drop in crypto today, magi not so badly affected (as usual), any idea what is causing the drop?

Well I see big red candles on XMG today.

Today all in red!!  (my ass no.... )

[starmman]

Nice to hear that Magi likely wasn't under attack - most likely just a lack of due diligence

Seems to be a big drop in crypto today, magi not so badly affected (as usual), any idea what is causing the drop?

china prohibe ICO !!

I didn't hear of that - I must be looking in the wrong place for news =)

[kris BTC]

This wallet seems to be fixed and working okay now, does anyone know how much longer the exchange wallets will be in maintenance for? Thanks

[gogo3a]

Can you allow to trade XMG the wallet seems to be fixed we need to trade

[starmman]

This wallet seems to be fixed and working okay now, does anyone know how much longer the exchange wallets will be in maintenance for? Thanks

As far as I am aware, the current fix is a temporary one since most people are connecting to just one node - I think we are waiting for a new version to be released before the wallets in exchanges are activated again

[The Frisian]

Can you allow to trade XMG the wallet seems to be fixed we need to trade

The wallet is NOT fixed, until Joe says it's fixed.
We now use a temporary wallet with only one peer/node.
Hopefully the new wallet will come soon.
After that you can use the exchanges to buy more of your favorite coin and put them in your wallet to stake!

[gogo3a]

Can you allow to trade XMG the wallet seems to be fixed we need to trade

The wallet is NOT fixed, until Joe says it's fixed.
We now use a temporary wallet with only one peer/node.
Hopefully the new wallet will come soon.
After that you can use the exchanges to buy more of your favorite coin and put them in your wallet to stake!

Ok but I dont stake coins I trade buy and sell so you see this is not good because I cant use XMG anymore to sell and buy

[starmman]

Can you allow to trade XMG the wallet seems to be fixed we need to trade

The wallet is NOT fixed, until Joe says it's fixed.
We now use a temporary wallet with only one peer/node.
Hopefully the new wallet will come soon.
After that you can use the exchanges to buy more of your favorite coin and put them in your wallet to stake!

Ok but I dont stake coins I trade buy and sell so you see this is not good because I cant use XMG anymore to sell and buy

I'm mostly trading too, but staking a bit - profits for Magi are down a bit - but I have confidence that there will be a bit more volatility once we are back up again.

[HR]

Saturday afternoon, relaxing with a good beer, and asking myself: why not just junk the POW?

AMEN brotha I've been askin myself that too

It's very simple, dudes.
There are few easy stages that will follow: 1) thousands past miners who want to sell Magi junked; 2) all exchanges junk the Magi due to low volume; 3) Magi junked at all.
Do you want this scenario for Magi?
I do not.

In my opinion, Magi is more about giving the smaller players a chance - if we go PoS only, it'll give proportionally more to the people who already have a lot (maybe they have to run a few extra wallets for this if there is a reduction in % based on balance), PoW under XMG is a great way for new people to get a foot in the door of crypto and try some mining. Yes, its being exploited now by a couple of big players - however if we can dampen that exploit a little I think we could attract a lot of fresh blood into the community which will be a driver for longer term value and enable more liquiduty on the markets.

I understand and appreciate what you're saying starmman, but is it really worth it? The ROI on mining? Is it the same that you'd get if you just took your money to the open market to buy? (And this is not to say anything about how exchange only acquisition would help to bolster exchange volume.)

As far as distribution goes, Magi is one of the most evenly distributed coins out there. https://chainz.cryptoid.info/xmg/#!rich

Now, don't get me wrong. I'm not pushing anything here, just suggesting, and inviting healthy debate. What is the return on mining compared to just buying on the open market? Magi has risen an average of $.0010143 USD a day since January, or about 3 cents a month for each Magi. Is mining equally profitable? Considering that Magi will only have a total supply of 25 million, there's a lot more growth coming. I'm speaking from personal experience here, not with CPU, but with ASIC. I bought Baikal miners with 1/2 of my investment in January, and directly invested the other half. I've got more than a 80x on the direct buy, and less than a 20x on the miners - biggest mistake of my life.    And with CPU mining and its botnets, and other issues, man, I don't know, seems like a lose-lose to me, but I'll keep an open mind to what everyone here has to say.

Another matter that would have to be addressed would be the 18 million remaining coins still to be issued. That's a bit more difficult to deal with. A BTC airdrop? Take a snapshot and give one XMG for every BTC? That would be a huge publicity stunt ...

Just throwing this stuff out there for everyone to think about.

Cheers

 

[jcreyesb]

Can you allow to trade XMG the wallet seems to be fixed we need to trade

The wallet is NOT fixed, until Joe says it's fixed.
We now use a temporary wallet with only one peer/node.
Hopefully the new wallet will come soon.
After that you can use the exchanges to buy more of your favorite coin and put them in your wallet to stake!

Tic Tac....

[sedatnet]

Still waiting for tve activation and trading since 22th of last month.  and do not know til when.

[catfish78]

HR:

A BTC airdrop? Take a snapshot and give one XMG for every BTC? That would be a huge publicity stunt ...

I just got one - bhc cash or something...
as soon I got those free coins I dumped those and never gonna touch that btc-cash crap again!

So, I think, that's not a very good idea...

[mimokrokodil]

It would be gerat if devs define terms what they need to bring transfers back to life, at least like some weeks(s) or month(s).
Not talking about precise ETA but some info/updates would be appreciated.

[111magic]

It would be gerat if devs define terms what they need to bring transfers back to life, at least like some weeks(s) or month(s).
Not talking about precise ETA but some info/updates would be appreciated.

Understand what you mean. At this moment the first tests are looking good. But before bringing Magi 100% back its must be for sure that the fix is perfect. Magi learned from a fast fix and will not make that mistake again.
Magi dev is doing what he can and needs to have faith in the fix so it will not happen again.
It will not take months thats for sure!

[jcreyesb]

It would be gerat if devs define terms what they need to bring transfers back to life, at least like some weeks(s) or month(s).
Not talking about precise ETA but some info/updates would be appreciated.

Understand what you mean. At this moment the first tests are looking good. But before bringing Magi 100% back its must be for sure that the fix is perfect. Magi learned from a fast fix and will not make that mistake again.
Magi dev is doing what he can and needs to have faith in the fix so it will not happen again.
It will not take months thats for sure!

Excellent.. thanks

[AngryWhiteWolf]

Understand what you mean. At this moment the first tests are looking good. But before bringing Magi 100% back its must be for sure that the fix is perfect. Magi learned from a fast fix and will not make that mistake again.
Magi dev is doing what he can and needs to have faith in the fix so it will not happen again.
It will not take months thats for sure!

Thank you Magic for the latest stats. Indeed, this time need to be perfect, otherwise Magi is at a great risk of being unlisted from the exchanges.
Meanwhile, getting some crumbs while exercising mining skills Any thoughts about recent events from China and South Korea regarding ICO regulation?
It looks anyway that bitcoins stops from falling at ~3600.

[HR]

It would be gerat if devs define terms what they need to bring transfers back to life, at least like some weeks(s) or month(s).
Not talking about precise ETA but some info/updates would be appreciated.

Understand what you mean. At this moment the first tests are looking good. But before bringing Magi 100% back its must be for sure that the fix is perfect. Magi learned from a fast fix and will not make that mistake again.
Magi dev is doing what he can and needs to have faith in the fix so it will not happen again.
It will not take months thats for sure!

Excellent.. thanks

And price is holding well on Bittrex, with decent volume too.

[joelao95]

As I'm not able to read through all the prior pages at this moment, let me be aware of the issues I missed. The forks that occurred recently turned out to be the IP banning associated with the check of difficulty in an unexpected occasions. Once that happens, nodes connect to each other and construct local networks; from what can be seen, such a check is even unnecessary; rather than a complete removal, it is to be remained within the limited situation. Regarding the fixes,

1) We will go with checkpoints and that is expected to remove the IP banning mostly by being avoided from check from time to time. In the meantime, we will restore the checkpoint master keys at this point, and nodes from the team, such as 104.128.225.215 will be responsible for checkpoints. Checkpoint master keys should be removed in the future.  

2) PoS & PoW blocks will be checked to make sure they follow a pattern, for example, in-between two PoW block are at least two PoS blocks; within continuous five blocks must be the occurrence of a PoW block.

3) Regarding PoW mining, I strongly believe the way we should be heading is the way we are right now. We might need to stick to the big vision, and fulfill the task as much as possible, by getting around the issues, or mitigating the impacts, but not by just turning off the source. From what I can see, without PoW will lead MAGI to nowhere. I propose a check on the PoW blocks on the overall network mining hashrate, say a total of 40MH/s will make all PoW blocks being rejected; in other words, PoW is turned off once network hashrate exceeds the limit, and back to life once below the limit. Until we figure out a better solution, this might help. Let me know the maximum hashrate you'd like.

I'll pull out a 2nd test on the node and post corresponding instructions shortly. Once we get rid of the forks, we will get the fix into main source and then request exchanges to recover the wallets.  

[maxeprom]

As I'm not able to read through all the prior pages at this moment, let me be aware of the issues I missed. The forks that occurred recently turned out to be the IP banning associated with the check of difficulty in an unexpected occasions. Once that happens, nodes connect to each other and construct local networks; from what can be seen, such a check is even unnecessary; rather than a complete removal, it is to be remained within the limited situation. Regarding the fixes,

1) We will go with checkpoints and that is expected to remove the IP banning mostly by being avoided from check from time to time. In the meantime, we will restore the checkpoint master keys at this point, and nodes from the team, such as 104.128.225.215 will be responsible for checkpoints. Checkpoint master keys should be removed in the future.  

2) PoS & PoW blocks will be checked to make sure they follow a pattern, for example, in-between two PoW block are at least two PoS blocks; within continuous five blocks must be the occurrence of a PoW block.

3) Regarding PoW mining, I strongly believe the way we should be heading is the way we are right now. We might need to stick to the big vision, and fulfill the task as much as possible, by getting around the issues, or mitigating the impacts, but not by just turning off the source. From what I can see, without PoW will lead MAGI to nowhere. I propose a check on the PoW blocks on the overall network mining hashrate, say a total of 40MH/s will make all PoW blocks being rejected; in other words, PoW is turned off once network hashrate exceeds the limit, and back to life once below the limit. Until we figure out a better solution, this might help. Let me know the maximum hashrate you'd like.

I'll pull out a 2nd test on the node and post corresponding instructions shortly. Once we get rid of the forks, we will get the fix into main source and then request exchanges to recover the wallets.  

H/s limit seems to be a good workaround. But I'm not sure aboute the number.
Keep in mind that actual networks hashrate is 90MH/s. Just one pool has 30MH/s, at this very moment.