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

[GAZK]

I told yall this situation would come sooner or later back in 2015? I don't even remember. Everyone thought I'd be crazy, "nobody" would waste resources to earn nothing. Hahaha, funny stuff.

I love this coin, but things need to get changed.

definitely. staking rewards compared to mining is bullshit. people who are new are getting basically nothing, while people who have 10000 coins just sit back and get richer. similar to capitalism pretty much, which is fine, except for the fact that this time noobs can't do anything to move up

You could always buy some XMG.

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[geralv]

hi

www.xpoolx.com/magindex.php is up and working again. Hope all the problems fixed for a long time!

it's sad that in the process of correcting errors I lost everything I had mined so far, although it wasn't much, it makes me distrust your pool.

[ljuni0rl]

You can mine XMG at suprnova.cc now I am mining there as i am writing this post.

[SolsticeFV]

You can mine XMG at suprnova.cc now I am mining there as i am writing this post.

Did you guys ban the whales messing everything up yet?

[abraxsis]

2.1MH/s whale sitting in m-hash

*sigh*

The spike in magi's value brought a lot of new blood to the platform ... sadly, those individuals aren't able to read, or just refuse to do so. I understand the premise behind Magi, but if there is no way to enforce a speed limit then, by definition, there isn't a speed limit. I don't see why they just don't hardcode it into the platform that any shares from an account producing more than 400 kH/s are automatically forked into the ether. If you get zero, you'll be less likely to break rules.

Right now, these people know they can just pound the network like crazy, get the majority of what small amount falls out of the block, and still makes WAY more than the typical miner. Now, correct me if I am wrong, but the sweet spot refers to total network hashpower, meaning all the pools and solo miners combined. Which means the fact that Suprnova has the right not to have limits only serves to ruin all the other pool's payouts, even if they do abide by speed limits to optimize payouts. That isn't eco-friendly/equal by design, it is eco-friendly/equal in ideology only. It's like the ozone layer and CFCs, if you only ASK people to stop using CFCs and it's more profitable to ignore those rules, they do and will. There has to be some kind of penalty or freeze out, otherwise mining is only equal in spirit, not reality.

Kind of sours me on mining XMG altogether now, because it just isn't equal in application. Which, honestly, is really the only thing that sets Magi apart at this point.

[Foo_Plinger]

hi

www.xpoolx.com/magindex.php is up and working again. Hope all the problems fixed for a long time!

And my account balance there is now 0!  WTH?

[tazzz013]

I told yall this situation would come sooner or later back in 2015? I don't even remember. Everyone thought I'd be crazy, "nobody" would waste resources to earn nothing. Hahaha, funny stuff.

I love this coin, but things need to get changed.

definitely. staking rewards compared to mining is bullshit. people who are new are getting basically nothing, while people who have 10000 coins just sit back and get richer. similar to capitalism pretty much, which is fine, except for the fact that this time noobs can't do anything to move up

You could always buy some XMG.

Can you suggest a site for buying XMG?  

[starcrys]

Payout for the past many mining blocks have all been around 0.3XMG...Is that not a little bit too low?

[HeftyMagi]

I told yall this situation would come sooner or later back in 2015? I don't even remember. Everyone thought I'd be crazy, "nobody" would waste resources to earn nothing. Hahaha, funny stuff.

I love this coin, but things need to get changed.

definitely. staking rewards compared to mining is bullshit. people who are new are getting basically nothing, while people who have 10000 coins just sit back and get richer. similar to capitalism pretty much, which is fine, except for the fact that this time noobs can't do anything to move up

You could always buy some XMG.

Can you suggest a site for buying XMG?  

bittrex

[tazzz013]

I told yall this situation would come sooner or later back in 2015? I don't even remember. Everyone thought I'd be crazy, "nobody" would waste resources to earn nothing. Hahaha, funny stuff.

I love this coin, but things need to get changed.

definitely. staking rewards compared to mining is bullshit. people who are new are getting basically nothing, while people who have 10000 coins just sit back and get richer. similar to capitalism pretty much, which is fine, except for the fact that this time noobs can't do anything to move up

You could always buy some XMG.

Can you suggest a site for buying XMG?  

bittrex

Not excepting new signups

[Foo_Plinger]

It appears XPOOL has lost/taken/deleted my XMG earnings there.  I would stay away from them until someone can explain this.

[s0litaire]

2.1MH/s whale sitting in m-hash

*sigh*

The spike in magi's value brought a lot of new blood to the platform ... sadly, those individuals aren't able to read, or just refuse to do so. I understand the premise behind Magi, but if there is no way to enforce a speed limit then, by definition, there isn't a speed limit. I don't see why they just don't hardcode it into the platform that any shares from an account producing more than 400 kH/s are automatically forked into the ether. If you get zero, you'll be less likely to break rules.

Right now, these people know they can just pound the network like crazy, get the majority of what small amount falls out of the block, and still makes WAY more than the typical miner. Now, correct me if I am wrong, but the sweet spot refers to total network hashpower, meaning all the pools and solo miners combined. Which means the fact that Suprnova has the right not to have limits only serves to ruin all the other pool's payouts, even if they do abide by speed limits to optimize payouts. That isn't eco-friendly/equal by design, it is eco-friendly/equal in ideology only. It's like the ozone layer and CFCs, if you only ASK people to stop using CFCs and it's more profitable to ignore those rules, they do and will. There has to be some kind of penalty or freeze out, otherwise mining is only equal in spirit, not reality.

Kind of sours me on mining XMG altogether now, because it just isn't equal in application. Which, honestly, is really the only thing that sets Magi apart at this point.

Or bake it into the miner's code.
Either a HUGE info box informing the miner of the coins benefits if you don't flood a pool with Mhash's
Or a speed limit of 600khash (for example) built into the miner.

[HeftyMagi]

It appears XPOOL has lost/taken/deleted my XMG earnings there.  I would stay away from them until someone can explain this.

lucky pool left all coins confirmed/unconfirmed that i mined these few days before HF so i can withdraw them now, also i did manual payment - few coins from suprnova and i got coins that i mined before they stopped working.

[realbagdad]

staking rewards are not that good as you think per 10k you would get around 0.005 to 0.01 every day. When you have weight you get 2x 0.0x in one day than as your coins get older you get 1 0.00x and than it flops in few days and than you send your coins to yourself and wait hours or days before having the weight again...you need to have more like half mil to get stakes you imagining

Staking should give you 3%-5% over a year (better than most banks these days) like most things it ain't a get rich quick thing..

But from what I understand, you send the coins to yourself to reset the age right? So you can stake a lot more than 3-5% by doing this repeatedly?

definitely. staking rewards compared to mining is bullshit. people who are new are getting basically nothing, while people who have 10000 coins just sit back and get richer. similar to capitalism pretty much, which is fine, except for the fact that this time noobs can't do anything to move up

You could always buy some XMG.

Again, the rich getting richer. If you have $10k, you can buy a lot of coins and start staking something. Most of us can't, which I know, is my fault for not mining from day one, but I think it's still early for magi, and so it just sucks not being able to do much about it. Let's not even get into the fact that mining is useless if higher hash rates are destroying the network.

[s0litaire]

Payout for the past many mining blocks have all been around 0.3XMG...Is that not a little bit too low?

This happens from time to time.

Lots of new miners with a "Bitcoin" mentality of throw everything at it for more coins. which backfires on them.
They spend 8h-12h throwing more power at it to try and get more coin and they see the rewards dropping, so they throw more power at it... (they can't link the "cause and effect" of more power = less coin).

Until they realise they have wasted a wad-load of electricity costs for very little return and rage-quit in the forum...

Give it a few hours to even things out. once the big hitters get bored and move on the numbers will get back to some sort of normal...

[HeftyMagi]

@realbagdad "But from what I understand, you send the coins to yourself to reset the age right? So you can stake a lot more than 3-5% by doing this repeatedly?"

no you have 10k you send yourself 10k you unlock your wallet for staking and it will put that 10k or 9800 as a stake and you cant send them anymore while you are staking them and than you have to wait until you have enough weight to begin staking. And 5% per year is something i never seen except maybe 2015.

[fragilefungi]

i've turned off my miners.

i'm not going to spend $6.72aud(24 hours of power) for maybe only $0.50aud return.

It would definitely be more cost effective for you to just spend that money at an exchange to buy XMG.

Isn't it summer in Australia?  Summer is the worst time to mine in your house.  Here in Michigan it is currently -12 Celsius.  For my apartment to be comfortable at night I need to run my electric infrared fireplace, at least for part of the time.  It has a 700W low setting and a 1300W high setting.  I also have a really old ASIC mining rig of S1 antminers.  From a mining profitability prospective it is a HUGE loss to run these.  They are underclocked and have quiet fans, so they use 550W.  If my apartment is really cold, I can run the fireplace at low power and run the mining rig, and the room heats up pretty quick.  I would rather run the rig and the fireplace at low power because 1250W is less than 1300W.  Once the room starts to be a comfortable temperature, I turn the fireplace off first because 550W is less than 700W.  Then a little later I turn the rig off, because the only reason I turned it on in the first place was to heat the room.  Even though the mining rewards were small, did I spend any money on mining, or did I spend money on heating that I was already going to spend?  The marginal cost for running the mining rig in this case is very low.

The philosophy of Magi was to create a coin that minimizes electricity consumption, compared to Bitcoin where mining consumes more electricity then a majority of countries in the world.  Being incentivized to off turn an unnecessary computer is a feature of this coin, not a bug.  If you have a computer that already has to be on for some reason, it is going to consume power.  It isn't going to use that much extra power to mine in the background with 10% of CPU resources.  The marginal cost of mining would be the difference from the power consumption at 10% CPU minus the cost of running the computer at 0%.  This is much less then the cost of running the CPU at 100% for mining.

I think the problem with mining right now are the pools, because they have no incentive to limit hashrate.  They make a % based on how many blocks are mined, so the more blocks their pool finds the more they make.  It isn't rational to expect them to limit hashrate to potentially get higher block rewards, because they don't control other pools.  High hashrate miners will just go to a competitor and the pool operator will get less money.

In my opinion the way to fix this would be to make changes that encourage solo mining.  This could be done by making it so solo miners could find blocks with a lower hashrate at a higher proportional probability.  Maybe this could be done with a new version of PoW difficulty, where the difficulty required to find a block is modified by an individual wallets coin weight.  It could also be modified by finding PoS blocks where if a wallet has coins maturing, it becomes easier to find a PoW block.  At a minimum this would encourage pool operators not to sell off the coins that they collect as fees, because if they sell them they will lose miners to another pool that doesn't sell them off and stakes them.  It might also be possible to make the wallet require a higher difficulty hash if hashpersec on the wallet is higher then a certain threshold.  This would encourage a pool to run multiple instances of the wallet, but this countermeasure would be discouraged by the need for all of those instances to have coins staking to be competitive.  Big pools are a problem and leads to centralization.  It doesn't make any sense for more than 90% of all hashrate to be on two pools.  If they go down, the blockchain will slow to a crawl again.

[akkon888]

2.1MH/s whale sitting in m-hash

*sigh*

The spike in magi's value brought a lot of new blood to the platform ... sadly, those individuals aren't able to read, or just refuse to do so. I understand the premise behind Magi, but if there is no way to enforce a speed limit then, by definition, there isn't a speed limit. I don't see why they just don't hardcode it into the platform that any shares from an account producing more than 400 kH/s are automatically forked into the ether. If you get zero, you'll be less likely to break rules.

Right now, these people know they can just pound the network like crazy, get the majority of what small amount falls out of the block, and still makes WAY more than the typical miner. Now, correct me if I am wrong, but the sweet spot refers to total network hashpower, meaning all the pools and solo miners combined. Which means the fact that Suprnova has the right not to have limits only serves to ruin all the other pool's payouts, even if they do abide by speed limits to optimize payouts. That isn't eco-friendly/equal by design, it is eco-friendly/equal in ideology only. It's like the ozone layer and CFCs, if you only ASK people to stop using CFCs and it's more profitable to ignore those rules, they do and will. There has to be some kind of penalty or freeze out, otherwise mining is only equal in spirit, not reality.

Kind of sours me on mining XMG altogether now, because it just isn't equal in application. Which, honestly, is really the only thing that sets Magi apart at this point.

I think we give it a week or so. If the energy used by the Mh/s whales is coming out of their pockets, it will become obvious that their mining is not profitable and they will leave or reduce their rate. 9 Mh/s is equal to 70-150 modern computers and their electricity cost to run is not negligible, probably between 30-100 USD depending on where they live and assuming each computer is using 100W --> 240 kWh/day. There was a post here earlier about some person spending $6.30/day or some amount like this, and that the person would leave since the mining is not profitable. For that person, they are probably using 20-40 kWh/day, which simply a huge unsustainable amount, as if the person is running 5-15 large computers for the sole purpose of mining. The nature of Magi is to irritate this person! I am running Magi on my 70W machine that I use for other purpose; the cost of this is about $0.24/day and it would be so even if I weren't mining. I believe the correction will slowly occur on its own.

If the whales are getting free energy, though, it gets more complicated. That is when there would be problem.

[realbagdad]

@realbagdad "But from what I understand, you send the coins to yourself to reset the age right? So you can stake a lot more than 3-5% by doing this repeatedly?"

no you have 10k you send yourself 10k you unlock your wallet for staking and it will put that 10k or 9800 as a stake and you cant send them anymore while you are staking them and than you have to wait until you have enough weight to begin staking. And 5% per year is something i never seen except maybe 2015.

Hmm I hope you're right then about it being negligible. I just see the PoS blocks and think they're massive, while we miners get a fraction of like 5-10 xmg at a time.

[s0litaire]

staking rewards are not that good as you think per 10k you would get around 0.005 to 0.01 every day. When you have weight you get 2x 0.0x in one day than as your coins get older you get 1 0.00x and than it flops in few days and than you send your coins to yourself and wait hours or days before having the weight again...you need to have more like half mil to get stakes you imagining

Staking should give you 3%-5% over a year (better than most banks these days) like most things it ain't a get rich quick thing..

But from what I understand, you send the coins to yourself to reset the age right? So you can stake a lot more than 3-5% by doing this repeatedly?

Not really. the 3%-5% is spread over the year if you stake / reset and stake constantly...

Staking age of a coin is between 250 (I think?!?) and 10,000 confirmations.

So as long as you cycle your coins after they have staked and before they hit 10k you can stake with the original amount + what ever you go in the last stake (i.e. basic compound interest).

Once you get over 500 coins it's best to split them in to separate bundles which you can then stake.