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

[joelao95]

The fluctuation of hash rate is correlated with the average time to find a block. The faster a block is found means the higher the hash rate; however finding a block is a random process with many miners keep hashing to find the target number. The net hash rate should be stable on the whole, however if you look at block by block, then there is uncertainty in the block finding time, that correspondingly leads to jumping hash rate which is calculated based on the random block time.

Way better than my explanation, i did it a bit technical

Sy, what is your opinion about the following idea? We talked about it long time ago, but didn't push it further (had a discussion with Bojcha too):
modify the algo, keep it half-closed source, and pool setting a limit to the hashrate.

I am pretty sure we won't touch the code neither right now nor in coming weeks; ... We won't change anything unless that is really a need by people in this community (sufficient agreements for sure).

@Bojcha, let's see if we can get enough votes on this option.

[1715200635]

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[joelao95]

Website looks good.
Nice job Dev.

www.cryptomagic.com

Any reason why not magicoin.com?

hmm, dnt like the **coin** style, seems like I had different preference on the things, plus www.cryptomagic.com spent me 250 bucks

besides speaking what we like, how do you feel www.cryptomagic.com this domain

[Bojcha]

What is your opinion about the following idea? We talked about it long time ago, but didn't push it further (had a discussion with Bojcha too):
modify the algo, keep it half-closed source, and pool setting a limit to the hashrate.

That was mine proposal for this hashrate limiting. If this 5 coin reward stays so and hashrate does not fall under 50MH/s, it will be needed much longer time to mine all coins. This can be double-edged sword for sure but it's possible. Here is how it should work, by also looking and learning on errors of other coins that used same thing.

- Source is (how i like to call it) half-closed, meaning olny dev, pools and exchange have source.
- wallet mining disabled
- pools limit hashrate
- pools need to have worker limit (1 worker) - if more PC's are in use, all can be pointed to 1 worker without problems.
- etc..

This way hashrate will be easy controlled and easy to follow by everyone. Everyone can follow blocks on pools so if some blocks are missed then someone is mining out of system. However when POS blocks starts in the middle of POW those block will be missed on pools ofc!

So what you all think?

[Digithusiast]

Am mining at nonce-pool.  The hashrate KH/s and the XMG/day values change all the time.
Not a little, but huge changes. This is happening while my CPU's are running at a constant pace.

Does anyone know why KH/s and the XMG/day fluctuate so much?

[cakir]

Am mining at nonce-pool.  The hashrate KH/s and the XMG/day values change all the time.
Not a little, but huge changes. This is happening while my CPU's are running at a constant pace.

Does anyone know why KH/s and the XMG/day fluctuate so much?

Because of block prize is constantly adjusting.
If you check Statistics > Blocks you can see last 20 blocks' prizes.

[MarcusDe]

What is your opinion about the following idea? We talked about it long time ago, but didn't push it further (had a discussion with Bojcha too):
modify the algo, keep it half-closed source, and pool setting a limit to the hashrate.

That was mine proposal for this hashrate limiting. If this 5 coin reward stays so and hashrate does not fall under 50MH/s, it will be needed much longer time to mine all coins. This can be double-edged sword for sure but it's possible. Here is how it should work, by also looking and learning on errors of other coins that used same thing.

- Source is (how i like to call it) half-closed, meaning olny dev, pools and exchange have source.
- wallet mining disabled
- pools limit hashrate
- pools need to have worker limit (1 worker) - if more PC's are in use, all can be pointed to 1 worker without problems.
- etc..

This way hashrate will be easy controlled and easy to follow by everyone. Everyone can follow blocks on pools so if some blocks are missed then someone is mining out of system. However when POS blocks starts in the middle of POW those block will be missed on pools ofc!

So what you all think?

Are those proposals a JOKE?

I don't know what were you thinking about, but those are voilating fundamental rules for crypto:
- open source
- avaiable for everyone
- no single person or group can limit others if they can use it

"If you want to give freedom by security, you fail at both!"

[joelao95]

What is your opinion about the following idea? We talked about it long time ago, but didn't push it further (had a discussion with Bojcha too):
modify the algo, keep it half-closed source, and pool setting a limit to the hashrate.

That was mine proposal for this hashrate limiting. If this 5 coin reward stays so and hashrate does not fall under 50MH/s, it will be needed much longer time to mine all coins. This can be double-edged sword for sure but it's possible. Here is how it should work, by also looking and learning on errors of other coins that used same thing.

- Source is (how i like to call it) half-closed, meaning olny dev, pools and exchange have source.
- wallet mining disabled
- pools limit hashrate
- pools need to have worker limit (1 worker) - if more PC's are in use, all can be pointed to 1 worker without problems.
- etc..

This way hashrate will be easy controlled and easy to follow by everyone. Everyone can follow blocks on pools so if some blocks are missed then someone is mining out of system. However when POS blocks starts in the middle of POW those block will be missed on pools ofc!

So what you all think?

Are those proposals a JOKE?

Bojcha is proposing an idea to make the coin be minable by most of people that will eliminate the 10-MHps miners;  some other coins already used this idea. Just a thought, would say, if more people follow, that will be something seriously to be taken, what would you say?

[MarcusDe]

What is your opinion about the following idea? We talked about it long time ago, but didn't push it further (had a discussion with Bojcha too):
modify the algo, keep it half-closed source, and pool setting a limit to the hashrate.

That was mine proposal for this hashrate limiting. If this 5 coin reward stays so and hashrate does not fall under 50MH/s, it will be needed much longer time to mine all coins. This can be double-edged sword for sure but it's possible. Here is how it should work, by also looking and learning on errors of other coins that used same thing.

- Source is (how i like to call it) half-closed, meaning olny dev, pools and exchange have source.
- wallet mining disabled
- pools limit hashrate
- pools need to have worker limit (1 worker) - if more PC's are in use, all can be pointed to 1 worker without problems.
- etc..

This way hashrate will be easy controlled and easy to follow by everyone. Everyone can follow blocks on pools so if some blocks are missed then someone is mining out of system. However when POS blocks starts in the middle of POW those block will be missed on pools ofc!

So what you all think?

Are those proposals a JOKE?

Bojcha is proposing an idea to make the coin be minable by most of people that will eliminate the 10-MHps miners;  some other coins already used this idea. Just a thought, would say, if more people follow, that will be something seriously to be taken, what would you say?

Yea, but that's not the way... it's like trying to stop diseases by limiting access to medicine ;-)

[joelao95]

What is your opinion about the following idea? We talked about it long time ago, but didn't push it further (had a discussion with Bojcha too):
modify the algo, keep it half-closed source, and pool setting a limit to the hashrate.

That was mine proposal for this hashrate limiting. If this 5 coin reward stays so and hashrate does not fall under 50MH/s, it will be needed much longer time to mine all coins. This can be double-edged sword for sure but it's possible. Here is how it should work, by also looking and learning on errors of other coins that used same thing.

- Source is (how i like to call it) half-closed, meaning olny dev, pools and exchange have source.
- wallet mining disabled
- pools limit hashrate
- pools need to have worker limit (1 worker) - if more PC's are in use, all can be pointed to 1 worker without problems.
- etc..

This way hashrate will be easy controlled and easy to follow by everyone. Everyone can follow blocks on pools so if some blocks are missed then someone is mining out of system. However when POS blocks starts in the middle of POW those block will be missed on pools ofc!

So what you all think?

Are those proposals a JOKE?

Bojcha is proposing an idea to make the coin be minable by most of people that will eliminate the 10-MHps miners;  some other coins already used this idea. Just a thought, would say, if more people follow, that will be something seriously to be taken, what would you say?

Yea, but that's not the way... it's like trying to stop diseases by limiting access to medicine ;-)

considering somewhere around 5MHps, so people can still get the amount paid proportional to their rig (not so powerful to freak out small miners )

[Digithusiast]

It is an illusion to think you can have a Fair distributed coin if you leave it up to the market. The coin market is corrupt as hell.

If the XMG goal is to become a Fair distributed coin, the devs will have to take control and steer in the right direction.

Instead of thinking "it's like trying to stop diseases by limiting access to medicine"  you could also think of it as  "realising peace by taking away the weaponry"

[Lightsplasher]

What is your opinion about the following idea? We talked about it long time ago, but didn't push it further (had a discussion with Bojcha too):
modify the algo, keep it half-closed source, and pool setting a limit to the hashrate.

That was mine proposal for this hashrate limiting. If this 5 coin reward stays so and hashrate does not fall under 50MH/s, it will be needed much longer time to mine all coins. This can be double-edged sword for sure but it's possible. Here is how it should work, by also looking and learning on errors of other coins that used same thing.

- Source is (how i like to call it) half-closed, meaning olny dev, pools and exchange have source.
- wallet mining disabled
- pools limit hashrate
- pools need to have worker limit (1 worker) - if more PC's are in use, all can be pointed to 1 worker without problems.
- etc..

This way hashrate will be easy controlled and easy to follow by everyone. Everyone can follow blocks on pools so if some blocks are missed then someone is mining out of system. However when POS blocks starts in the middle of POW those block will be missed on pools ofc!

So what you all think?

Are those proposals a JOKE?

Bojcha is proposing an idea to make the coin be minable by most of people that will eliminate the 10-MHps miners;  some other coins already used this idea. Just a thought, would say, if more people follow, that will be something seriously to be taken, what would you say?

Yea, but that's not the way... it's like trying to stop diseases by limiting access to medicine ;-)

considering somewhere around 5MHps, so people can still get the amount paid proportional to their rig (not so powerful to freak out small miners )

Sounds like a lot of work and I really don't think your going to change the situation much or limit the hash rate per person if that is the intent.  There is nothing that prevents the same person from making multiple accounts on the pool and sending payments to multiple wallet addresses.  Even a limit of one worker per ip address won't really change anything for someone the least bit technical.  Plus open source helps everyone have confidence in the coin so that things like this are less likely: http://blog.cryptsy.com/post/84830322907/asiacoin I trust you guys but I shouldn't have too.  

In many ways this is really nice right now, price is high, large community involvement, enough hash rate to secure the coin, I would just leave it as is.

[SamWalters]

Digi,

The dev is doing things right, and we the community, believe in this coin.

But what is to say, we should present this to investors who would provide great liquidity?

Sounds like you have some ideas.. go ahead and share your solutions to improve liquidity.

[SamWalters]

Marcusde,

you said:

I don't know what were you thinking about, but those are voilating fundamental rules for crypto:

I don't think he is doing this at all, in fact, its a bright idea to set conditions to how the future of the coin goes..

If dev didn't care about 1 year from today, do you think he would be setting conditions in place for better outcomes?  This is why we have developers in the first place, and I am happy it's not some random dev who can simply copy and paste a clone coin...  Dev is on the right track, he is simply getting feedback from us, no need to give him the 'RULES OF CRYPTO'

I'm willing to listen to his thoughts.  Carry on Joe

[Bojcha]

I can't agree that price is "nice", actually it's far from that. I hardly can accept that i need to mine this coin (5-10 coins/day) for much longer time then it should be. I can happily accept that my ~150kH/s is not much lower then higher worker at, let's say, 300kHs.
As Joe ask himself, how this can be profitable for guy that has 11MH/s. Well i don't know ether.

@MarcusDe Do you mine this coin? What hashrate? What is your costs? Maybe i can calculate for you how profitable is your mining.

[SamWalters]

I can't agree that price is "nice", actually it's far from that. I hardly can accept that i need to mine this coin (5-10 coins/day) for much longer time then it should be. I can happily accept that my ~150kH/s is not much lower then higher worker at, let's say, 300kHs.
As Joe ask himself, how this can be profitable for guy that has 11MH/s. Well i don't know ether.

@MarcusDe Do you mine this coin? What hashrate? What is your costs? Maybe i can calculate for you how profitable is your mining.

I got to agree with you... the price is just getting started. This hasn't even attracted 1/3 of the mining industry yet. We still need to bring in those old timers who have been mining Bitcoin, Litecoin, WorldCoin,  for years..  This is the thing guys, Joe asked if others want to donate for marketing, no one stepped up. Who is going to step up? If you guys want to see rewards go up, lets collaborate as a community.. Joe has given us something innovative, and a solution to the crypto's problem... in the future, we will look back at how this was solved because of Joe.

But it is good these questions are coming out now, so we can figure it out together, before we make massive marketing pushes.

I am thinking we need press releases all over on CoinDesk, Crypto Magazine, CoinReport, Crypto News, Bitcoin Magazine, and many other sources of PR

What about some financial media and news outlets? (however this costs money.. upwards of $800) to get it done..

But like I said before, Investors, and wide range of miners have not yet heard of magi.. This is where it really begins taking effect.

Just my 2 cents of being here early on.

[111magic]

I agree with Sam.
There is far too much talked about how many coins are mined and how much it costs to power.
Think and contribute to the marketing of this fantastic coin. I also agree with you that the price is too low.
Do not understand that people have a currency that is difficult to mine is put away so cheap. I'm sure that if there are multiple marketing plans performed XMG will come above the initial selling price.
Think and work with the team to expand the XMG community.

[joelao95]

What is your opinion about the following idea? We talked about it long time ago, but didn't push it further (had a discussion with Bojcha too):
modify the algo, keep it half-closed source, and pool setting a limit to the hashrate.

That was mine proposal for this hashrate limiting. If this 5 coin reward stays so and hashrate does not fall under 50MH/s, it will be needed much longer time to mine all coins. This can be double-edged sword for sure but it's possible. Here is how it should work, by also looking and learning on errors of other coins that used same thing.

- Source is (how i like to call it) half-closed, meaning olny dev, pools and exchange have source.
- wallet mining disabled
- pools limit hashrate
- pools need to have worker limit (1 worker) - if more PC's are in use, all can be pointed to 1 worker without problems.
- etc..

This way hashrate will be easy controlled and easy to follow by everyone. Everyone can follow blocks on pools so if some blocks are missed then someone is mining out of system. However when POS blocks starts in the middle of POW those block will be missed on pools ofc!

So what you all think?

Are those proposals a JOKE?

Bojcha is proposing an idea to make the coin be minable by most of people that will eliminate the 10-MHps miners;  some other coins already used this idea. Just a thought, would say, if more people follow, that will be something seriously to be taken, what would you say?

Yea, but that's not the way... it's like trying to stop diseases by limiting access to medicine ;-)

considering somewhere around 5MHps, so people can still get the amount paid proportional to their rig (not so powerful to freak out small miners )

Sounds like a lot of work and I really don't think your going to change the situation much or limit the hash rate per person if that is the intent.  There is nothing that prevents the same person from making multiple accounts on the pool and sending payments to multiple wallet addresses.  Even a limit of one worker per ip address won't really change anything for someone the least bit technical.  Plus open source helps everyone have confidence in the coin so that things like this are less likely: http://blog.cryptsy.com/post/84830322907/asiacoin I trust you guys but I shouldn't have too.  

In many ways this is really nice right now, price is high, large community involvement, enough hash rate to secure the coin, I would just leave it as is.

You're right that when sort of limitation placed comes some other issues; people may make fud according to some "hidden" facts unless carely being taken care of. Any way this is yet a thought under discussion.

[tanoury]

Please Help with ubuntu_14_amd64_magi-qt_v1.0.0.2. I'm getting the following error:

Error initializing database environment /home/tony/.magi! To recover, BACKUP THAT DIRECTORY, then remove everything from it except for wallet.dat.

Removing everything form .magi dosen't help. Here is my debug.log:

Magi version v1.0.0.2-magi (2014-09-20 22:27:22 -0400)
Using OpenSSL version OpenSSL 1.0.1f 6 Jan 2014
Startup time: 14-09-25 21:22:38
Default data directory /home/tony/.magi
Used data directory /home/tony/.magi
dbenv.open LogDir=/home/tony/.magi/database ErrorFile=/home/tony/.magi/db.log
ERROR: CDB() : error Invalid argument (22) opening database environment

Here is my db.log

BDB0055 illegal flag specified to DB_ENV->open
BDB0055 illegal flag specified to DB_ENV->open

[Lightsplasher]

I can't agree that price is "nice", actually it's far from that. I hardly can accept that i need to mine this coin (5-10 coins/day) for much longer time then it should be. I can happily accept that my ~150kH/s is not much lower then higher worker at, let's say, 300kHs.
As Joe ask himself, how this can be profitable for guy that has 11MH/s. Well i don't know ether.

@MarcusDe Do you mine this coin? What hashrate? What is your costs? Maybe i can calculate for you how profitable is your mining.

I got to agree with you... the price is just getting started. This hasn't even attracted 1/3 of the mining industry yet. We still need to bring in those old timers who have been mining Bitcoin, Litecoin, WorldCoin,  for years..  This is the thing guys, Joe asked if others want to donate for marketing, no one stepped up. Who is going to step up? If you guys want to see rewards go up, lets collaborate as a community.. Joe has given us something innovative, and a solution to the crypto's problem... in the future, we will look back at how this was solved because of Joe.

But it is good these questions are coming out now, so we can figure it out together, before we make massive marketing pushes.

I am thinking we need press releases all over on CoinDesk, Crypto Magazine, CoinReport, Crypto News, Bitcoin Magazine, and many other sources of PR

What about some financial media and news outlets? (however this costs money.. upwards of $800) to get it done..

But like I said before, Investors, and wide range of miners have not yet heard of magi.. This is where it really begins taking effect.

Just my 2 cents of being here early on.

I would target speculators, investors and businesses.  Many people feel that bitcoin uses a large amount of energy and resources for transactions and security and the problems we are seeing with PoW have been issues before and the solution was to go to PoS.  If anything I would go for a higher rate for PoS so that people are more interested in supporting the network through it and holding it for longer term investment. 

I've been mining with from 20 to 120 kH/s mostly at 20 kH/s  because if I push my machine too much it has a harder time running PoS on my other coins and it is noisy and not cost effective to run more machines on this coin at the moment.  For someone that runs their machine most of the time anyway this is a good way to make a bit extra and keeps me interested in the coin.  The price is affordable for small investment now which I think is a good thing.

Just my opinion.

[joelao95]

Please Help with ubuntu_14_amd64_magi-qt_v1.0.0.2. I'm getting the following error:

Error initializing database environment /home/tony/.magi! To recover, BACKUP THAT DIRECTORY, then remove everything from it except for wallet.dat.

Removing everything form .magi dosen't help. Here is my debug.log:

Magi version v1.0.0.2-magi (2014-09-20 22:27:22 -0400)
Using OpenSSL version OpenSSL 1.0.1f 6 Jan 2014
Startup time: 14-09-25 21:22:38
Default data directory /home/tony/.magi
Used data directory /home/tony/.magi
dbenv.open LogDir=/home/tony/.magi/database ErrorFile=/home/tony/.magi/db.log
ERROR: CDB() : error Invalid argument (22) opening database environment

Here is my db.log

BDB0055 illegal flag specified to DB_ENV->open
BDB0055 illegal flag specified to DB_ENV->open

Looks like because of db. can you try compilation from source code?