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

[Derko]

honest i would like to hear fron the pool owners. so far they have been nothing but quiet about the whole thing.

Pool owners cant do anything about it and its not they fault just like bittrex cant do anything about ppl trying to lower price of magi by buying lower bids instead of higher ones so they are loosing small amounts of money in hope they will bring price down to 6-7k satoshis to buy and pump again, they are ready to crush magi one day completely just to earn they daily bag of peanuts. Magi finally has some worth and where is worth there is greed unfortunately

sorry i dont buy that. about the pools cant do anything about it.

if speed limiting pools can ban/block high hashers. other pools can to0.

you can not limit or stop the hashers; they will create own (and/or private) pool and the situation will be the same.

[1714700172]

1714700172

[1714700172]

1714700172

[1714700172]

1714700172

[1714700172]

1714700172

[1714700172]

1714700172

[HeftyMagi]

honest i would like to hear fron the pool owners. so far they have been nothing but quiet about the whole thing.

Pool owners cant do anything about it and its not they fault just like bittrex cant do anything about ppl trying to lower price of magi by buying lower bids instead of higher ones so they are loosing small amounts of money in hope they will bring price down to 6-7k satoshis to buy and pump again, they are ready to crush magi one day completely just to earn they daily bag of peanuts. Magi finally has some worth and where is worth there is greed unfortunately

sorry i dont buy that. about the pools cant do anything about it.

if speed limiting pools can ban/block high hashers. other pools can to0.

they dont need pools they can just solomine and situation will be the same for small miners

Exactly.  Miners just naturally like to go to one big pool because it makes their rewards more consistent and less dependent on luck.  Pool operators like getting their 2% cut.  Forcing the big miners to solo mine will just make it so the pools hardly ever find any blocks and the pool operators won't get their 2%.

Buy the price dips and stake the coins is probably a better strategy then hoping that mining with cpu will be profitable again.  It also isn't certain that all of this hash rate is due to the price rise.  The whole reason for the price pump could be that a person or group of people was planning on mining with lots of hashrate, so they made the price go up so they could mine profitably.

Exactly, or they push hashrate so high with losses just so that miners cant mine anything and had any influence on the market. Who knows 

[CoinKK]

Hi Guys,

I'm currently struggeling with PoS. It always says: "not enough weight".
I already opened up a new wallet, put on all 3 adresses 500 XMG and encrypted everything.
But it still says I don't have enough weight.  

[RR3US]

Hi Guys,

I'm currently struggeling with PoS. It always says: "not enough weight".
I already opened up a new wallet, put on all 3 adresses 500 XMG and encrypted everything.
But it still says I don't have enough weight.  

When i did this i needed to wait for +-1 day. Then it added the weight.

[CoinKK]

Hi Guys,

I'm currently struggeling with PoS. It always says: "not enough weight".
I already opened up a new wallet, put on all 3 adresses 500 XMG and encrypted everything.
But it still says I don't have enough weight.  

When i did this i needed to wait for +-1 day. Then it added the weight.

Alright, thanks for your fast reply

[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.

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.

You can't assume that the electricity consumption for a mining whale is the same proportionally as the publicly available miner.  If they are truly a whale they can afford to pay 1 BTC for a GPU miner and never share it with anyone else.  9 MH/s is probably a single 6 AMD rx580 rig drawing about 880W. "GPU/ASIC resistant" never meant that it was impossible.  

I have noticed a lot of ASICS being offered for algos that used to be GPU only.  The Antminer D3 shipped 2 weeks ago for the last batch and people are probably starting to receive them.  Google the Baikal Giant X10.  All 7 of the supported algorithms used to be ASIC resistant.  Ethereum Asic miners (LIGHTMINER Z02, Geass miner, and maybe others)  and  are also out now but they are mostly not being shipped out of China yet, and probably won't be until they stop being profitable for the manufacturer to run themselves.

What I think is probably happening right now with 80MH/s on magi's network is that the new Chinese ASIC miners being "tested" by the manufacturer, or those like the Antminer D3 that recently shipped, are slamming those coins with huge hashrates.  GPU mining rigs, now unprofitable on their former coins, are being forced onto other coins like Magi in search of a coin that can still be mined at a profit.  At a high enough price, even 0.1 XMG blocks will be profitable for them and they won't go away because they don't have anything else to go back to.

Speeding limiting the public mining software would do nothing because not all mining software is public.  A speed limit would have to be coded into the wallet and would require another hard fork, but without other changes this also wouldn't stop anything.  Someone running a 9MH/s mining rig could just have the wallet running 30 different times and split the hash rate between each one.

m7m algo can't be mined on a GPU or ASIC miner, it doesn't work. That's one of the things that makes Magi different.

[abraxsis]

honest i would like to hear fron the pool owners. so far they have been nothing but quiet about the whole thing.

Pool owners cant do anything about it and its not they fault just like bittrex cant do anything about ppl trying to lower price of magi by buying lower bids instead of higher ones so they are loosing small amounts of money in hope they will bring price down to 6-7k satoshis to buy and pump again, they are ready to crush magi one day completely just to earn they daily bag of peanuts. Magi finally has some worth and where is worth there is greed unfortunately

Yes, pool owners CAN stop it, that's the point, lol.

[HeftyMagi]

honest i would like to hear fron the pool owners. so far they have been nothing but quiet about the whole thing.

Pool owners cant do anything about it and its not they fault just like bittrex cant do anything about ppl trying to lower price of magi by buying lower bids instead of higher ones so they are loosing small amounts of money in hope they will bring price down to 6-7k satoshis to buy and pump again, they are ready to crush magi one day completely just to earn they daily bag of peanuts. Magi finally has some worth and where is worth there is greed unfortunately

Yes, pool owners CAN stop it, that's the point, lol.

You cant stop net hashrate, lol they will solomine or have many different accounts, ips, wallets whatever. Even pool owners would make more profit with lower net hashrate and bigger block rewards so they are on your side.

[fragilefungi]

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.

You can't assume that the electricity consumption for a mining whale is the same proportionally as the publicly available miner.  If they are truly a whale they can afford to pay 1 BTC for a GPU miner and never share it with anyone else.  9 MH/s is probably a single 6 AMD rx580 rig drawing about 880W. "GPU/ASIC resistant" never meant that it was impossible.  

I have noticed a lot of ASICS being offered for algos that used to be GPU only.  The Antminer D3 shipped 2 weeks ago for the last batch and people are probably starting to receive them.  Google the Baikal Giant X10.  All 7 of the supported algorithms used to be ASIC resistant.  Ethereum Asic miners (LIGHTMINER Z02, Geass miner, and maybe others)  and  are also out now but they are mostly not being shipped out of China yet, and probably won't be until they stop being profitable for the manufacturer to run themselves.

What I think is probably happening right now with 80MH/s on magi's network is that the new Chinese ASIC miners being "tested" by the manufacturer, or those like the Antminer D3 that recently shipped, are slamming those coins with huge hashrates.  GPU mining rigs, now unprofitable on their former coins, are being forced onto other coins like Magi in search of a coin that can still be mined at a profit.  At a high enough price, even 0.1 XMG blocks will be profitable for them and they won't go away because they don't have anything else to go back to.

Speeding limiting the public mining software would do nothing because not all mining software is public.  A speed limit would have to be coded into the wallet and would require another hard fork, but without other changes this also wouldn't stop anything.  Someone running a 9MH/s mining rig could just have the wallet running 30 different times and split the hash rate between each one.

m7m algo can't be mined on a GPU or ASIC miner, it doesn't work. That's one of the things that makes Magi different.

The thing about computers is they advance so rapidly that what is impossible today is possible tomorrow.  Difficult isn't the same thing as impossible to make work at any cost.  Top of the line GPUs now have 4gb of ram, unlike when the algorithm was developed.  It would probably cost a few $million to make an entire batch of new asic chips to mine m7m, but it doesn't mean that the Chinese guy who works at the chip company couldn't make a prototype for a few $thousand and use it himself.  Money is a good motivation for people to make things work.

[mimokrokodil]

So far 0.1-0.12 XMG in 10 hrs with roughly 220 kh/s on 2 pools in summary.
Call me when there will be some profit

[tazzz013]

Everything I show in my account for transactions in Suprnova is "Unconfirmed"

[GAZK]

Looking forward towards the fork thanks devs for all the hard work.

Have started a new MAGI pool!

http://magi.bitcoinemail.org

Auto payouts 3 MAGI
0.9% to Pool
POS

Thanks!

Seems to be very unreliable. Would not recommend.

[blajlehliu]

https://beat.10ztalk.com/2017/10/24/how-to-install-coin-magi-wallet-on-your-raspberry-pi/

Don't know if the guide above is up to date but it might be handy!

The link to the new m-wallet for MacOS (on the m-core.org website) is dead:

http://m-core.org/bin/m-wallet-1.4.5.3/m-wallet-1.4.5.3-osx.dmg

Not good for new users!

Best

[blajlehliu]

https://beat.10ztalk.com/2017/10/24/how-to-install-coin-magi-wallet-on-your-raspberry-pi/

Don't know if the guide above is up to date but it might be handy!

I tried once more to withdraw my Magi coins from Cryptopia. The following error message is displayed:

Status: Maintenance

Unfortunately we are unable to process your withdrawal at this time.

Status: Maintenance
Reason: 3/1/2018 Wallet upgraded. Waiting on devs to request it removed from maintenance (Hard fork @ block #1606950) More Info: https://bitcointalk.org/index.php?topic=735170.msg27192013#msg27192013
[/color]
What's going one?

[GAZK]

honest i would like to hear fron the pool owners. so far they have been nothing but quiet about the whole thing.

Pool owners cant do anything about it and its not they fault just like bittrex cant do anything about ppl trying to lower price of magi by buying lower bids instead of higher ones so they are loosing small amounts of money in hope they will bring price down to 6-7k satoshis to buy and pump again, they are ready to crush magi one day completely just to earn they daily bag of peanuts. Magi finally has some worth and where is worth there is greed unfortunately

sorry i dont buy that. about the pools cant do anything about it.

if speed limiting pools can ban/block high hashers. other pools can to0.

they dont need pools they can just solomine and situation will be the same for small miners

unfortunately that is where the flaw is in this coin

they say it is ment to be energy efficient, etc. and be the best coin out. yet nothing is done about the high hashrates which destroys it.

i was all gun ho for this coin when i started almost a month ago. but after all this cr*p i'm no impressed by it at all. the current framework, etc. doesnt protect it and make the coin proud.

im only a little fish in the sea like many others, but whales need to be shot down.

Dont get me wrong the developers have done a great job and effort, etc. but seriously it needs a major step forward in how it handles the whales.

I've been watching/mining this coin for a long, long time.  It's interesting to see how it's playing out.

The concept of it's reward being driven by the net hash rate seemed interesting, but i wasn't convinced it would work out the way it was meant to.

I always felt like it was going to have trouble because a crytpocoin cannot survive without people mining it... and limiting hashrate seemed counterproductive.

That said... the coin seems to have been fairly successful.  More than I would have imagined anyway.

I don't think there is any real way to limit hashrate the way you want it to. If the coin is profitable enough, people will figure out a way to mine it.  You aren't going to stop whales.  The coin seems to be working as it was intended.  Whales hit the coin and the reward plummets.  They aren't going to stick around long if it is not profitable.  The whales will move the hashrate to Monero or something more profitable.  

Just give it a little time.

[s0litaire]

honest i would like to hear fron the pool owners. so far they have been nothing but quiet about the whole thing.

Pool owners cant do anything about it and its not they fault just like bittrex cant do anything about ppl trying to lower price of magi by buying lower bids instead of higher ones so they are loosing small amounts of money in hope they will bring price down to 6-7k satoshis to buy and pump again, they are ready to crush magi one day completely just to earn they daily bag of peanuts. Magi finally has some worth and where is worth there is greed unfortunately

sorry i dont buy that. about the pools cant do anything about it.

if speed limiting pools can ban/block high hashers. other pools can to0.

they dont need pools they can just solomine and situation will be the same for small miners

unfortunately that is where the flaw is in this coin

they say it is ment to be energy efficient, etc. and be the best coin out. yet nothing is done about the high hashrates which destroys it.

i was all gun ho for this coin when i started almost a month ago. but after all this cr*p i'm no impressed by it at all. the current framework, etc. doesnt protect it and make the coin proud.

im only a little fish in the sea like many others, but whales need to be shot down.

Dont get me wrong the developers have done a great job and effort, etc. but seriously it needs a major step forward in how it handles the whales.

I've been watching/mining this coin for a long, long time.  It's interesting to see how it's playing out.

The concept of it's reward being driven by the net hash rate seemed interesting, but i wasn't convinced it would work out the way it was meant to.

I always felt like it was going to have trouble because a crytpocoin cannot survive without people mining it... and limiting hashrate seemed counterproductive.

That said... the coin seems to have been fairly successful.  More than I would have imagined anyway.

I don't think there is any real way to limit hashrate the way you want it to. If the coin is profitable enough, people will figure out a way to mine it.  You aren't going to stop whales.  The coin seems to be working as it was intended.  Whales hit the coin and the reward plummets.  They aren't going to stick around long if it is not profitable.  The whales will move the hashrate to Monero or something more profitable.  

Just give it a little time.

Yup
We just gotta relax and 'Ride the wave...'

[cryptouser]

Whatever you might say, at this rate it becomes pointless for small miners; I really like this coin and I've been involved since the first day, but things have changed a lot ever since... I've tried mining it for a day with ~400kh/s and all i got is 0.28xmg , so i guess it's really time to move on... 
Any suggestion for a good CPU coin ??

[drgauravxmg]

Whatever you might say, at this rate it becomes pointless for small miners; I really like this coin and I've been involved since the first day, but things have changed a lot ever since... I've tried mining it for a day with ~400kh/s and all i got is 0.28xmg , so i guess it's really time to move on... 
Any suggestion for a good CPU coin ??

This comment just demoralised me to re-set everything all back again after around 17 days.

[GAZK]

Whatever you might say, at this rate it becomes pointless for small miners; I really like this coin and I've been involved since the first day, but things have changed a lot ever since... I've tried mining it for a day with ~400kh/s and all i got is 0.28xmg , so i guess it's really time to move on...  
Any suggestion for a good CPU coin ??

Well it's pointless for the whales at this reward level too... right?!

Whales are not going to waste hashes on super small rewards for very long.  It would make a lot more money for a whale to switch to Monero at this point.  And it will happen.  Be patient.

[drgauravxmg]

The application has requested the runtime to terminate it in an unusual way.
Please contact the Application's Support Team for more information.

The new update stops syncing with the network, after a while, with this error.

Please help.