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

[Spexx]

Good words Sy.
I stand by XMG. I have confidence in the developer and the community. XMG has only just begun. Great things will come. In my eyes it is still a unique currency.

I'll second that.

[Bojcha]

well, if i sell all what i mined i will have 12$.

[Arsenay]

Today build wallet for Debian 6 , ok
I rated it
thanks for the work )

[kl8847]

Good words Sy.
I stand by XMG. I have confidence in the developer and the community. XMG has only just begun. Great things will come. In my eyes it is still a unique currency.

I'll second that.

Count me in

[Anonz]

I am with you guys on this.  I'm actually having fun mining this coin.

[Anonz]

There are still way more coins coming in than being traded, last 4 days yielded 108k plus some from the coinswap, it is bound to go down - either sell now and buy back later or wait it out.

Once PoW is done the block reward will be set to 15 XPM (in theory more than now but 4 days avg was 80) which results in 7200 per day and 216k per month, that's when a price will be found if the coin is still interesting.

Great point.  and...  trades = volume... the more trades it receives the higher the volume.

[joelao95]

Thanks guys, I realized people who liked this coin.

[joelao95]

The point is, everyone (me included) is mining for the wrong reasons nowadays, we don't mine anymore for idealistic reasons or to strengthen a network, if the numbers don't add up we stop mining - and that's the main flaw.

In the beginning BTC was mined for fun, there was no real money in it, people just used their spare time, others did folding for example, they just liked the idea...

So what i am trying to say, it should basicly be unimportant what the current price is, if you think this is nice - keep one miner instance running and just ignore the market - you will accumulate enough over time to make it worth your while IF this plays out - and that's the whole story, if you don't think the coin is nice and interesting you just shouldn't mine it imho ^^

Just came from a typical weekly meeting (every Monday or Tuesday morning), back & forth discussion on non-conclusive stuffs, kinda boring; just seen many posts popped up.

I was a bit depressed too in the last few days as to the price. Some people on this coin are most likely just mining, dumping, and then moving to the next coin. Fortunately we have many people who are around not solely for this purpose. All their supports are the reason that XMG is and remain to be here.

For people who care about the price, we may need to notice the connection with the daily trading volume. We need to work out some more exchanges along that, as well as to make XMG to be known by more people. Following are the exchanges you can vote for XMG: 

https://www.cryptsy.com/coinvotes/
https://bter.com/voting

[joelao95]

The above mentioned is a serious problem. In fact it makes mining for small miners a bad choice, as it is lots cheaper to buy than to mine, and the free miners will continue to keep the price down.

Joe, one idea could be to buy all this cheap positions, manually or probably with a bot. Don't know if you have some funds left for this (call it a campaign "Proof of value" or something like this), before daytraders make cash with these cheap coins.

We are lack of funds, so this could be unlikely; also, it could also not be wise to do so. Some IPO coin projects do support this kind of buying support, but in my opinion, market is the market which should reflect the real situation; big intervention could be lead to misunderstanding for the miners.

[joelao95]

Yes it is. I think dev is sleeping now. 04:55hour at his place now.
I still believe in XMG.
That is your opinion loonb. If you've read the thread properly, there is not much of that huge amount left after the swap ratio of 4 -1
In addition, the swap is further postponed to protect XMG and miners.
So I find XMG still the fairest currency

Don't get me wrong, I am a XMG supporter and have been buying a lot and mining a little,
but on the richlist the swap wallet still has 1,165,995.0 XMG = 70.75 % of all coins. How do you mean there is not much of that huge amount left?

How many coins have been swapped the last 3 days? That could also be the reason for the price drop; swappers selling off their new XMG rightaway.

I think thats the swap wallet.

https://bitcointalk.org/index.php?topic=735170.msg8950501#msg8950501
https://bitcointalk.org/index.php?topic=735170.msg9098733#msg9098733

Right, then only 60,000 XMG have been distributed as swap uptil now. That means 1,165,995.0 XMG are still waiting to be swapped. Thats is a HUGE amount and will not be very supportive with regards to any upwards price movements. Add tot that the miners that are dumping, we got ourselves a situation.

Let me give an update on this and some other updates & plans.

[Digithusiast]

Please don't get me wrong, I am a big XMG supporter and am currently buying and holding all the way into the top 10 holders,
only for me it feels off if I am running my miners, burning energy and money, while it is less energy/money-consuming to just buy on the market.

[Anonz]

its good you support and all that Digi; I think "we" need to some how help out with the growth of Magi in our own ways.

Anons might need to tweet it, so we got to let the other Anons know, they have a chance to get into the crypto industry.
Anyone in touch with YourAnonNews?  http://twitter.com/YourAnonNews

Please don't get me wrong, I am a big XMG supporter and am currently buying and holding all the way into the top 10 holders,
only for me it feels off if I am running my miners, burning energy and money, while it is less energy/money-consuming to just buy on the market.

and dev, any updates on the TOR inputs? I know you have been very busy working on the mining aspect, which can only improve from here. We are fan of your developments!

[111magic]

XMG thread has been read more than 100.000 times
 

[Anonz]

XMG thread has been read more than 100.000 times
 

nice start for the future

[jawitech]

The above mentioned is a serious problem. In fact it makes mining for small miners a bad choice, as it is lots cheaper to buy than to mine, and the free miners will continue to keep the price down.

Joe, one idea could be to buy all this cheap positions, manually or probably with a bot. Don't know if you have some funds left for this (call it a campaign "Proof of value" or something like this), before daytraders make cash with these cheap coins.

We are lack of funds, so this could be unlikely; also, it could also not be wise to do so. Some IPO coin projects do support this kind of buying support, but in my opinion, market is the market which should reflect the real situation; big intervention could be lead to misunderstanding for the miners.

Yeah, I see your point. I think more people should know about Magi. Each miner, no matter if asic, gpu or whatever miner can use his cpu. No extra costs, no huge efforts. And even if they are mining just a few coins, bringing just some extra kh, it increases the network/coin. More or less: Every miner (not only) at this board could join our little community.

My CPU runs 24/7 for Magi, my coins are sleeping in the wallet and if I have some free funds, I buy some cheap coins on the exchanges. That's not much but my contribution.

[lionheart78]

XMG is doing so well regardless of price going down, it's expected, since new coins come in and and awareness campaign just started, i do believe magi team have great plan for this coin, who knows one day we just wake up XMG price is  5 to 10x higher than what it is atm or maybe more  ^^, remember rest of the coin is to be mined for more than 20 years XD, (30 years if i read it right) .. well this is just my view but nonetheless it is very possible ^^,

[joelao95]

its good you support and all that Digi; I think "we" need to some how help out with the growth of Magi in our own ways.

Anons might need to tweet it, so we got to let the other Anons know, they have a chance to get into the crypto industry.
Anyone in touch with YourAnonNews?  http://twitter.com/YourAnonNews

Please don't get me wrong, I am a big XMG supporter and am currently buying and holding all the way into the top 10 holders,
only for me it feels off if I am running my miners, burning energy and money, while it is less energy/money-consuming to just buy on the market.

and dev, any updates on the TOR inputs? I know you have been very busy working on the mining aspect, which can only improve from here. We are fan of your developments!

I will try to get the TOR on the testnet this week, but before that I plan to update the wallet & algo.

[joelao95]

The above mentioned is a serious problem. In fact it makes mining for small miners a bad choice, as it is lots cheaper to buy than to mine, and the free miners will continue to keep the price down.

Joe, one idea could be to buy all this cheap positions, manually or probably with a bot. Don't know if you have some funds left for this (call it a campaign "Proof of value" or something like this), before daytraders make cash with these cheap coins.

We are lack of funds, so this could be unlikely; also, it could also not be wise to do so. Some IPO coin projects do support this kind of buying support, but in my opinion, market is the market which should reflect the real situation; big intervention could be lead to misunderstanding for the miners.

Yeah, I see your point. I think more people should know about Magi. Each miner, no matter if asic, gpu or whatever miner can use his cpu. No extra costs, no huge efforts. And even if they are mining just a few coins, bringing just some extra kh, it increases the network/coin. More or less: Every miner (not only) at this board could join our little community.

My CPU runs 24/7 for Magi, my coins are sleeping in the wallet and if I have some free funds, I buy some cheap coins on the exchanges. That's not much but my contribution.

exactly, we will need to advertise a bit more about XMG, Tweet / RT  https://twitter.com/CoinMagi

[joelao95]

[Coming updates & coin swap]

1. Regarding recent questions about the coin swap, here below are some numbers:

Initial coins the swap wallet held: 1,237,505 XMG
Total coins minted so far: 1,657,042 XMG (i.e., freshly mined: 419,537 XMG)
Other expense: translation bounties - 8,000 XMG (this is more than expected cause we promised the bounties before taking into account the actual swapping ratio)
1st coin swap 5% done between 09/24 - 10/01: 45,348.82747990 XMG

(Coin swap+bounties) : (mined coins) = 1 : 7.86

The scheduled 2nd swap has been delayed. As I have mentioned before (https://bitcointalk.org/index.php?topic=735170.msg8950501#msg8950501), we may delay or reduce the swapping ratio in order to protect the XMG market. We will keep the swapped coins over totally mined coins at 1 : 5 ~ 1 : 10. Miners and prior magicoin holders please let me know your suggestions if you have different opinions. If XMG minting happens in a significantly slow pace, swap will be accordingly extended to maintain the above ratio.

2. Wallet updates & algo

I have an update in mind regarding the mining algo. The current block-rewarding system is basically resistant to even higher hashrate. This makes generic computer still minable, though ROI remains to be a concern. I am looking into some kind of numerical computation algo which would be even unlikely programmable for the GPU. Initial attempt was made by using Fortran, however we got compiling issue and had been dropped off. I will make one more try on this (fully implemented with C++) to make us even safe with CPU mining.

The progress of coins minted so far actually proceed slower than expected. Initially we consider significant amount of new XMG minted to dilute swap coins. However, since we changed the swap plan by limiting under a ratio, we can go with the current rewarding system till the end of PoW-I. Noticing the advantage of this block-rewarding system, I now consider this system to be better to be used in the PoW-II stage; TBD

3. PoS-II initialted at block 10,080

This graph summarizes the PoS-II.

The percentage is calculated based on the base of 5,000,000 XMG, for exampe, 0.1% means 5,000 XMG in a transaction.

4. MagiAnon: TOR and other Anonymous feature

We will deliver the TOR soon nearly at the scheduled time. In the mean time, I will be looking into anonymous features, such as merging with the Darksend, in the following months. The block rewarding system seems triggering some interests in maintaining a set of rewarding nodes. While I don't think about it in details, this may get us advantages over implementing in other coins.

5. MagiConnections

In addition to the technical development, one of the focus XMG will emphasize is the connections among people using XMG. A tipping system will be the one we should look at, since we have seen the advantages in prior posts: people who help others receive tips. If you can give a hand on this, please let me know, or I will be looking into this once other stuffs are settled.

I also hope people can suggest/host a campaign, having fun as well as promoting XMG. You can think of any kinds of campaigns, for any approved XMG provides support. I am going to create a MagiCampaign tab in our subreddit /r/coinmagi. Please fill up the list. An example on-going is here: https://bitcointalk.org/index.php?topic=802681.0

I will give a roadmap for these stuffs sometimes.

[Anonz]

thank you dev for the details, this looks very through. Great work mate.