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

[LordCoder]

I am quite sure that they are making very little XMG out of it. Just do the math.

It is just utterly stupid when they could mine another algo on the XMG Multipool and get paid well in XMG - far more than by hashing away at the XMG blockchain. Some people are just total smegheads (ahh there's one I forgot).

Edit: Incidentally, the XMG nethashrate is not an accurate figure.

If there are some GPU's running on the XMG network, there's no way the price remains like that. It should increase. And btw if there is a GPU miner, this coin is practically dead for CPU miners.

[111magic]

I am quite sure that they are making very little XMG out of it. Just do the math.

It is just utterly stupid when they could mine another algo on the XMG Multipool and get paid well in XMG - far more than by hashing away at the XMG blockchain. Some people are just total smegheads (ahh there's one I forgot).

Edit: Incidentally, the XMG nethashrate is not an accurate figure.

Indeed it would be better to use XMG multipool.
If they mine the right coin there the results for collecting XMG would be higher!

[Spexx]

If there are some GPU's running on the XMG network, there's no way the price remains like that. It should increase. And btw if there is a GPU miner, this coin is practically dead for CPU miners.

Sorry but that is simply not true. It doesn't matter what or how many devices are used for mining. As we can see, if too much hashrate is thrown at the blockchain the rewards just sink to near zero. A CPU farm or a GPU miner would have exactly the same effect. An army of Raspberry Pi would have exactly the same effect. The graph says it all.

[111magic]

Thanks for clearing that Spexx.
As I mentioned before the mindset for mining XMG is different than the mindset for mining btc or other coins.
It will take some time before all people will see that.

Lahlor I will try to contact them!

[MaxDZ8]

This is starting to get really funny.

[Spexx]

As I mentioned before the mindset for mining XMG is different than the mindset for mining btc or other coins.

Quite so. This is what makes Coin of the Magi so unique and why I love it so much. It is the only coin that addresses the excessive energy wasted by mining activities. The energy wasted in Bitcoin mining for example has reached stupid proportions and it would not surprise me at all if the people making the most money out of it were a) ASIC manufacturers and b) electricity companies.

Mining XMG is not an arms race like all the others, in fact it is the complete opposite. When we work together to keep the total hashrate under control, the rewards are there to be had. If we just bulldoze at it, there's nothing. Flippin' genius if you ask me.

[K1lo]

Sorry but that is simply not true. It doesn't matter what or how many devices are used for mining. As we can see, if too much hashrate is thrown at the blockchain the rewards just sink to near zero. A CPU farm or a GPU miner would have exactly the same effect. An army of Raspberry Pi would have exactly the same effect. The graph says it all.

I really feel for Spexx and the others on this thread - the number of times I have seen this graph presented and the same questions answered again and again must be driving some of you to distraction. On a side note, I really feel we need to improve the http://coinmagi.org/ site to host this information. I really don't feel as it stands that it's a good reference point in terms of content and the way it is organised. That way it would be much easier for Spexx or the others who answer these questions to point to a link with this graph and a clear concise description and it might edumacate others (bulldowzers) who don't hang around here.

On a separate note, rewards are hash rate limited, but rather than having the global hashrate being distributed amoung a large number of CPUs each getting a fair and MAGI-cal payout, now with these GPU miners very few people can effectively muscle out everyone else. What if their plan is to frustrate all the CPU guys away at the short term expense of their ROI? We end up with a war of attrition between people scrapping for control over the generation of XMG with no-one benefiting from it.

I think a good option is to buy XMG while it is cheap because if the coin sees traction in the future it's only going to get harder and harder to mine. On this note, it's trading below 6000 on bittrex today - total bargain!

[Spexx]

That is a very good point. There have been a few days recently when I have made more XMG by staking than by mining and there is an awful lot of XMG for sale right now.

Hopefully, the bulldozers will simply tire of it and go elsewhere, because they cannot win. The community is too strong and we will resist the attempts to muscle-in.

There are plans afoot to improve our public image too, but these things take time. Keep the faith.

[111magic]

Good words K1lo and Spexx.
With the raise of btc the value of Magi (XMG) remains
stable compared with $. Even a little raise!
https://www.coingecko.com/en/coins/magi

[Spexx]

Talking about Bitcoin ... I couldn't resist selling some today. I bought a shed load at around $180 in February Oops - January - when it hit the floor.

Kerching

[111magic]

Talking about Bitcoin ... I couldn't resist selling some today. I bought a shed load at around $180 in February.

Kerching

Lol thats nice Spexx! Wish I did that also!

[Samael82]

And I am waitng till bitcoin would cost 500+ 
I've bought at 700 )

[K1lo]

The XMG price is really bouncy - for a few days now there has been a cycle of buying in the high 5xxxs and selling in the mid to high 6xxxs .. surprisingly easy to do

On another note, I'm seeing a lot of panicky buying and selling of all currencies not just XMG.. people don't seem to realise if they don't lower their ASK prices then anyone who wants to buy in will either have to match that or put in a BUY someone can't refuse. However all I'm seeing is BUY and ASK values bouncing everywhere.. possibly as part of trade bots 'making' the market or people jostling with each other to put their order ahead of the others.. 

[z0n0]

And I am waitng till bitcoin would cost 500+ 
I've bought at 700 )

I'm in your range amigo 

[K1lo]

Ha, something strange just happened over at my pool. The number of workers went from 88 -> 16 -> 86 in the space of a minute. But no other pool stats change! 70 odd 'active' works doing nothing? What gives?

[111magic]

Magi XMG Proof of Interest II 2015 Launch 01-08-2015

Coin of the Magi the next generation digital currency!

twitter @103tango

Banks do give interest but not very much! Magi does this better!
The Coin of the Magi is the digital currency of the future, fair unique and for all people living everywhere!

Rules for the Magi Proof of Interest II 2015!

The base is very simple.
Time period: The Proof of Interest will last two months.

When can I register to participate? Registration will be open: 01-07-2015

How do I sign up? Tell me that you want to join the PoI here: http://bitcoingarden.tk/forum/index.php?topic=3990.msg93574#msg93574  Registration is done by posting your XMG address replying here on Bitcoingarden or PM me here or in bitcoingarden.tk, cryptotalk.us, cryptos.us, cryptocointalk.com & altcoinsfoundation.com

What information should I include? Write your participating wallet XMG address in a reply here: http://bitcoingarden.tk/forum/index.php?topic=3990.msg93574#msg93574 (only one address allowed to join, all addresses will be made public at the end of registration in interest of fairness of the campaign.)
(only one address a person allowed to join)

The team will check the address's initial balance, and that balance will start participating in the PoI. (After confirmation participant)

When will I receive my interest? Interest will be paid on 01-10-2015

What happens if I have more XMG in my wallet on 01-10-2015? You will receive interest on the amount present in your wallet on that date. (Advantage participant)

What happens if I have less XMG in my wallet on 01-10-2015?
You will not receive any interest from campaign, if your initial balance has decreased more than 15% at the campaigns end! (Drawback participant)

What happens if I XMG have used to pay for goods? This has no negative effect on your interest. (Receipt required)

How will be interest distributed? The interest will be distributed by means of a specific calculation. This can be influenced by the number of participants, level of the fund and total number of coins that participate.Team will check addresses random and record the coins in that address. Based on that the interest calculation will be done!

Who will pay the interest for this Proof of Interest campaign? I received the donation of 25,000 XMG.
(For the second time! Love this guy)
On his request, the donor will remain anonymous! Payouts will be done by me.

Interest will be paid to the designated address wallet.
Changes of participating address during the Proof of Interest is possible only once per user in the two months period (changing is not advisable, though).
Exchanges or wallet address on an exchange are excluded from participation.

NOTE: The team reserves it's right to send a warning to a drawback member, that his balance is decrease more than 15% on their regular random balance checks.


If you have questions don't hesitate just ask me.

More info about the unique M7M PoS II PoW PoM Coin of the Magi check: https://asktom.cf/index.php?topic=735170.0

Register will open in 08:15 hours!
Getting closer!

[Spexx]

people jostling with each other to put their order ahead of the others.

A classic trading error imho, even when one might be indulging in a bit of "scalping". It is better to hang back a fair bit and just wait. Patience is usually rewarded.

If you insist on putting your bid/ask at the top of the pile, all it means is that you will be buying at a higher price than the next guy, or selling at a lower price than the next guy. You will not buy/sell coins any quicker unless you take somebody's price and be done with it.

Buy low. Sell high. Not rocket science

That problem you spotted on XMG pool is known technically as "a glitch" lol.

[K1lo]

A classic trading error imho, even when one might be indulging in a bit of "scalping". It is better to hang back a fair bit and just wait. Patience is usually rewarded.

If you insist on putting your bid/ask at the top of the pile, all it means is that you will be buying at a higher price than the next guy, or selling at a lower price than the next guy. You will not buy/sell coins any quicker unless you take somebody's price and be done with it.

Buy low. Sell high. Not rocket science

The problem is, in commodity or FX trading there is an underlying value based on many factors. With cryptocurrency, to my mind, this is based on the notion of trust and perceived liquidity. Cryptocurrency traders seem to be very easily rattled and when the pack moves this 'artificial' change becomes real. Like lemmings off of a cliff. This can work to inflate or deflate the price of a coin and can lead to some rather fun trading but it also introduces fear into a market and fear is dangerous.

That problem you spotted on XMG pool is known technically as "a glitch" lol.

It happens when they change something in the Matrix...

[LordCoder]

If there are some GPU's running on the XMG network, there's no way the price remains like that. It should increase. And btw if there is a GPU miner, this coin is practically dead for CPU miners.

Sorry but that is simply not true. It doesn't matter what or how many devices are used for mining. As we can see, if too much hashrate is thrown at the blockchain the rewards just sink to near zero. A CPU farm or a GPU miner would have exactly the same effect. An army of Raspberry Pi would have exactly the same effect. The graph says it all.

You didn't understand me. GPU's are much powerful than CPUs. If someone managed to create a GPU miner then CPU mining is dead simply because the hashrate is much lower.
Let's say for example a lot of people start XMG mining. Then it would have the same effect on the block reward as GPU mining, increasing it's price and therefore making it worth for GPU miners and useless for CPU. If not then this coin is dead because it will only be worth for botnets.

The system of XMG isn't perfect. The algorithm was interesting but exploitable as you can see a R9 290 (or similar) is hashing at 50 Mhash/sec while a decent CPU can only dump 50-100 khashes.

Regards,
LordCoder

[Spexx]

I didn't misunderstand you, but your persistence with missing the point is breath-taking.

A GPU hashing at 50 Mh/s is just as useless for XMG mining as a CPU farm doing the same thing. The block rewards will be next to zero either way. That's it. End of story. People either play the game as intended or get nothing. That does not mean that this coin or CPU mining is dead. That is a non-sequitur.

There is far more than just POW mining in any case. If people want to kill the POW mining then there is always the POS mining/minting/whatever you want to call it. I already said that there have been days when I got more rewards from POS than POW. Kill the POW mining, keep the coin rare. The less competition in POS the better from my point of view. Maybe we should do away with the POW altogether? That would solve a lot of problems in one fell swoop.

Anyway I am tired of this endless debate. The bulldozers have gone quiet again and the block rewards are rising again. I assume that we just have to get used to this daily annoyance from these ******* [expletive deleted].