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

[jrdudley20]

Would the DEV of Magicoin be interested in adding the coin to a staking pool that is in development and almost ready for launch? Maybe even contributing some coins to get it started? This staking pool website will be different then other previous sites that have tried and failed to run a staking site. The users will be in control of the coins they invest in the pool because they will have access to the private keys. This way the site owner cannot run off with all the coins and the users can trust the site owner. Early adopters to Magi coin will have a good opportunity to actually earn coins from stake rewards without having to purchase large volumes. There will also be a faucet available so technically a user of the site could start earning coins and stake rewards with no initial investment. There will be many other POS coins available on the site for the same purpose. I think it will be a huge success and be beneficial to POS coins in general.

Giving access to the the Private key does'nt means that the DEV can't transfer all the coins and run away.
Sorry to be negative, but in crypto world I've learnt the hard way to NOT TRUST ANYBODY, even myself.

I maybe willing to try your pool, but we will see what really the site will be.
Good luck...

Yeah you are right about that but I just think its a new way to do it that might make users feel a little bit more easy about storing their coins in the online wallet. I think we will be launching the site in about a week so I will post the link when we launch if you want to give it a shot or support it in any way you can. Thanks for your honest opinion.

Thanks for your post here amigo.
I will watch your launch of the website.
Welcome in our awesome Magi community!

Hey there, was going to let you know that our staking pool web site is live now. There is also a faucet available as well. Would love for you to check it out and maybe even contribute some coins in the staking pool.

Check us out:

POSWallet.com

[joelao95]

Thanks for new wallet running great can you upload somewhere magi.conf or what I have write inside.

Please have a look at http://coinmagi.org/bin/example-conf/magi.conf, and these two lines:

Code:

# Transaction under stake with a value greater than the threshold is being splitted
stakesplitthreshold=500

# Transactions with values less than the threshold will combine into one
stakecombinethreshold=250

You can check whether settings are set properly by running commands from Console (on Qt wallet):

Code:

getstakesplitthreshold
getstakecombinethreshold

the default values are mixed up and the description is wrong

splittreshhold should be always lower than stakecombinetreshhold


if u have splittreshhold at 100 for example and merge treshhold at 1000

what will happen is coin pile split each stake if its above 100 size

and later on the below 100 size coin piles will merge together towards 1000 or higher

i tested ur wallet and it behave exact as i said

wont split coin pile below splittreshhold size

and merge below splittreshhold size together into a combinestreshholdsize pile

As you may notice, "Transaction greater than the threshold is being splitted" for splitthreshold; "less than" will combine for combinethreshold. I don't see difference between mine an your description.

"wont split coin pile below splitthreshold size" = split when coins greater than splitthreshold

"merge below splitthreshold size together into a combinestreshholdsize pile" should be "merge below combinethreshold"

splitthreshold and combinethreshold are two different things. If your intention is to combine those coins with values less than splitthreshold, I think this is not what splitthreshold is supposed to be.

Let me know if I'm missing something.

Regarding the numbers, when following number are set:

Code:

stakesplitthreshold=100
stakecombinethreshold=1000

What happens is that if there are transactions of 200 XMG going through stake, these transactions will merge since they < stakecombinethreshold, and in the mean time they satisfy splitting too since they > stakesplitthreshold.

If you look at the actual code implementation: https://github.com/magi-project/magi/blob/1.3.0rc/src/wallet.cpp#L1660, once splitting is initialized, splitting will be done definitely. In other words, whatever transactions to be merged (as inputs), they will split into two equal outputs too; so merging & splitting take place in the same time. This also means stakecombinethreshold is not so effective, since coins with values < 1000 still split. For the above reasons, I believe splitthreshold should be greater than combinethreshold; then coin values > splitthreshold (> combinethreshold too) will split (no combing), and coin values < combinethreshold (< splitthreshold too) will combine (no splitting); no mixing at all.

The goal is that, once coins combined, the final value should be between combinethreshold and splitthreshold, so that ultimately they will neither split nor combine, but stay stable and staking.

This is what I understood. I have no actual stakings for above verification; if you see something different, let me know.

[joelao95]

Hey there, was going to let you know that our staking pool web site is live now. There is also a faucet available as well. Would love for you to check it out and maybe even contribute some coins in the staking pool.

Check us out:

POSWallet.com

Thanks for the work. I'll check out; we'll contribute some coins for your hard work, if it does work as you stated that there is no risk of losing coins from users side.

[joelao95]

Hm... Strange thing. On Win64 the new wallet shows only zeros on price ticker...

...

I usually work with linux and didn't notice this issue. However, when I compiled and ran the wallet, this issue came up. I'll set up Qt debug in Windows to see what's going on, and fix the issue.

[joelao95]

Great to see a brand new release of the RC version of the Magi wallet! Hopefully, it will only be a matter of time before we could get our hands in a stable version of the wallet. In the meantime, I will test this on my Debian VPS and see if everything works fine. It would be pretty amazing to see the speed increase (which I think it has been implemented in the new release) as it will be a great way to get quick access to the GUI of the wallet. Can't wait for more new and exciting stuff like these! Proof of Interest IV here we come.  

Speeding was already implemented; took me about half minute to load up the wallet. Let me know after your testing.

I'll get daemons included at the stable release (didn't have enough time to get all things perfectly ready, bit rush); if I have enough time, I like to have some handy features such as block rewards, staking time/weight put under a mint menu too.

It really is indeed! The speed is really fast. I have got to the wallet in less than a minute on my Debian VPS. Before running the wallet, I have managed to install LXDE GUI into the VPS. After doing this, I got into the Magi client in no time and I have to say that I am very impressed with the interface, speed and new features. There is a price ticker built right into the wallet to keep track of XMG fiat value (USD) anytime.

Below, you can see the screenshots of the wallet running on Debian VPS:

...

I'm very glad that you're happy with the new Qt wallet. It isn't my intention to put some rich information into the client which functions effectively from a coin point of view. I like to have an alternative wallet containing information unrelated to the coin implementation, but something like coin markings etc. If you have any suggestions regarding the present interface, let me know. I could make these into the stable wallet in about two weeks if I have time to accomplish the changes.

[mozsi]

Do we have a telegram group chat? It is a very good platform IMO, and I prefer it over irc.

Never give up on magi, heads up to joelao95, magic111 and to all who are in.

[joelao95]

Okay, so I assume it's nothing bad? What is stake? Yes after the transactions I am few fraction of coin higher.

https://chainz.cryptoid.info/xmg/address.dws?9Eqzf11G2GkGmGrbrQbdJXcCthE3zzotuv.htm

You are right about the stake, I use this one and doesn't show it.
http://m-chain.info/address/9Eqzf11G2GkGmGrbrQbdJXcCthE3zzotuv

Sorry to be as pain but what is stake?

It's Proof of Stake, an alternative way of mining coins to your regular CPU mining; google search "Proof of Stake".

[serjent05]

Okay, so I assume it's nothing bad? What is stake? Yes after the transactions I am few fraction of coin higher.

https://chainz.cryptoid.info/xmg/address.dws?9Eqzf11G2GkGmGrbrQbdJXcCthE3zzotuv.htm

You are right about the stake, I use this one and doesn't show it.
http://m-chain.info/address/9Eqzf11G2GkGmGrbrQbdJXcCthE3zzotuv

Sorry to be as pain but what is stake?

It's Proof of Stake, an alternative way of mining coins to your regular CPU mining; google search "Proof of Stake".

For a deeper meaning this context is taken from wikipedia

Proof-of-stake (PoS) is a method by which a cryptocurrency blockchain network aims to achieve distributed consensus. While the proof-of-work (PoW) method asks users to repeatedly run hashing algorithms or other client puzzles to validate electronic transactions,[1] proof-of-stake asks users to prove ownership of a certain amount of currency (their "stake" in the currency).

[cryptonit]

The goal is that, once coins combined, the final value should be between combinethreshold and splitthreshold, so that ultimately they will neither split nor combine, but stay stable and staking.

This is what I understood. I have no actual stakings for above verification; if you see something different, let me know.

the goal of the mechanics in PPC was to gurantee POS competition = difficulty
but still avoid endless split to dust

thats why there is a additional requirement to merge coins
that is not only the size but also the coin age

this means u could even set a lower splittreshhold of lets say 30
and a higher mergetreshhold of lets say 3000

but that merge treshhold get activated also need that the coin pile is older than (that value need to be defined well because ur POS is different from PPC)
it must be a time that when a 30 XMG coin pile not POS in that timeframe u know u have a healthy POS difficulty

auto split/merge mechanic have not only the purpose to remove dust
but also to autoadjust network POS difficulty by increase/decrease competition
(increase/decrease amount of coin pile in network that compete for POS)

u did dig deeper than most people in this mechanic
most coins just made splittreshhold working and this way avoid stake to endless dust

but i think XMG deserve to utilize the full power and have it also as a well adjusted mechanic to guide the POS difficulty in the right direction

a that well adjusted split/merge mechanic have just a few POS coins
including the inventors PPC/NVC DMD and maybe soon XMG

[joelao95]

Works like a charm,
...

goldlabel, considering you're expert on the image stuffs, I am wondering if you could be able to make some changes to the new logo:

http://coinmagi.org/files/logo/version-2/

It's a simple design originally by GIMP (.xcf). The current appearance is little bit dazzling. I like it be gentle but stay distinct even at 16x16 pixels. Much appreciated. 

p.s., the original version is here: http://coinmagi.org/files/logo/version-1/

[goldlabel]

Works like a charm,
...

goldlabel, considering you're expert on the image stuffs, I am wondering if you could be able to make some changes to the new logo:

http://coinmagi.org/files/logo/version-2/

It's a simple design originally by GIMP (.xcf). The current appearance is little bit dazzling. I like it be gentle but stay distinct even at 16x16 pixels. Much appreciated. 

p.s., the original version is here: http://coinmagi.org/files/logo/version-1/

Hi Joe,
I will try my best, did you read your pm?

[joelao95]

The goal is that, once coins combined, the final value should be between combinethreshold and splitthreshold, so that ultimately they will neither split nor combine, but stay stable and staking.

This is what I understood. I have no actual stakings for above verification; if you see something different, let me know.

the goal of the mechanics in PPC was to gurantee POS competition = difficulty
but still avoid endless split to dust

thats why there is a additional requirement to merge coins
that is not only the size but also the coin age

this means u could even set a lower splittreshhold of lets say 30
and a higher mergetreshhold of lets say 3000

but that merge treshhold get activated also need that the coin pile is older than (that value need to be defined well because ur POS is different from PPC)
it must be a time that when a 30 XMG coin pile not POS in that timeframe u know u have a healthy POS difficulty

auto split/merge mechanic have not only the purpose to remove dust
but also to autoadjust network POS difficulty by increase/decrease competition
(increase/decrease amount of coin pile in network that compete for POS)

u did dig deeper than most people in this mechanic
most coins just made splittreshhold working and this way avoid stake to endless dust

but i think XMG deserve to utilize the full power and have it also as a well adjusted mechanic to guide the POS difficulty in the right direction

a that well adjusted split/merge mechanic have just a few POS coins
including the inventors PPC/NVC DMD and maybe soon XMG

I can neither give a direct connection of the combining / splitting to difficulty thing, nor imagine that would lead to something of significant concern.

What's matter is securing the block chain and to avoid likability of attack to the block chain. This is rather important than anything else.

From this point of view, the original ppc design encourages splittings, and any other PoS coins with similar staking principle should do so too. Of course splitting into dust is not what one would like to see.

So there is a reason that the coin splitting age is set to 30 days too.

IMO, the splittingthreshold and combinethreshold in the general PoS coins could cause potential risks. Imagining that the whole network keep combining coins into big ones; For those who have big stack in staking, they can rather readily make unintentional attacks compared to those who have less coins. The reason is that one who has a number of coins has big coin age too, and can easily mine blocks via PoS. It's analogy to one having huge mining force in PoW mining. You cannot avoid this potential consequence in general PoS design, though it could rarely take place, it could. Unfortunately, splittingthreshold and combinethreshold are not consensused by the network, so any one can make changes to them. These are basically the reasons why I believe they relate to the security concern; the other consequences are really the minors. My suggestion is that coins with the general PoS design should NOT play around splitting/combing too much; it is certainly completely fine if one has the security design in mind.

Fortunately, MAGI have made a change to avoid the consequence that one having a number of coins has big coin age (mining force). As I mentioned in the prior post, I'd revisit the PoS implementation to make it even safer.

[joelao95]

Hi Joe,
I will try my best, did you read your pm?

Yeah, I just read.

[cryptonit]

t's analogy to one having huge mining force in PoW mining. You cannot avoid this potential consequence in general PoS design, though it could rarely take place, it could.

u can the ratio min age max age is the key thats why DMD min age /max age for weight (POS chance) is 9/30 days and this way there a max age coin pile just have 3x more weight

what u say is a true issue for coins who select min age 1 day (or even worse 2 hours) and max age 30 days

where old coins have so much more stakechance weight that it open up a lot attack vectors

XMG did take his own path to remove that risc by reducing POS chance with age after a certain time based on coin pile size

after all the new wallet have adjustable triggers and both are working so i am total happy

regarding ideal default setup of values we have different opinions

thats ok  

[Abiky]

I'm very glad that you're happy with the new Qt wallet. It isn't my intention to put some rich information into the client which functions effectively from a coin point of view. I like to have an alternative wallet containing information unrelated to the coin implementation, but something like coin markings etc. If you have any suggestions regarding the present interface, let me know. I could make these into the stable wallet in about two weeks if I have time to accomplish the changes.

Well, I was thinking about adding an extra button right next to the console button in the interface which could be called "Info" or "Information". Right from there you can see current network hashrate, difficulty (PoW and PoS), number of nodes connected, and other useful stuff similar to Casinocoin's wallet. But that is just something extra which will not be very necessary for the complete functionality of the wallet interface.

Nevertheless, the wallet is just perfect. Magi is doing great in both development and community. Keep up the good work! 

[th3.r00t]

-SNiP-

Hey there, was going to let you know that our staking pool web site is live now. There is also a faucet available as well. Would love for you to check it out and maybe even contribute some coins in the staking pool.

Check us out:

POSWallet.com

There is something wrong...
I tried once to register and login after that - no luck... Keep getting the message "Incorrect login credentials, please try again."
So I do the registration once again and once again I tried to login. Still the same message...

Do I have to confirm my mail? Because there is no mail received.

[th3.r00t]

Please have a look at http://coinmagi.org/bin/example-conf/magi.conf, and these two lines:

Code:

# Transaction under stake with a value greater than the threshold is being splitted
stakesplitthreshold=500

# Transactions with values less than the threshold will combine into one
stakecombinethreshold=250

You can check whether settings are set properly by running commands from Console (on Qt wallet):

Code:

getstakesplitthreshold
getstakecombinethreshold

I have few staking addresses with ~1000.0 XMG per address.
There are multiple inputs ranging from ~2 XMG to ~62 XMG.

I want to make M-Wallet to split everything with value >100 XMG and combine every inputs that are becoming "dust", lets say 15 XMG.
What values do I have to enter in magi.conf?

[cryptonit]

I have few staking addresses with ~1000.0 XMG per address.
There are multiple inputs ranging from ~2 XMG to ~62 XMG.

I want to make M-Wallet to split everything with value >100 XMG and combine every inputs that are becoming "dust", lets say 15 XMG.
What values do I have to enter in magi.conf?

stakesplitthreshold=30

stakecombinethreshold=100

means u split until 30 (resulting in 15)

and merge again back to above 100

merge is also happening as POS and generate rewards (its a so called group stake)

so never coin age get lost even if coin pile get merged the contribute to POS rewards of that merge POS block

[111magic]

Sorry guys. I will be offline or less online for few days. I was talking with lionheart78 on https://coinmagi.slack.com/ when I received a message that my wife had a scooter accident.
She will be ok but it will take some time.
I will be working on the rules for the new Proof of Interest campaign. ( only 5k XMG and I have the fund we need for this campaign)
I you all have some ideas about improvements for that awesome campaign, pls post it here.
Regards
111magic

[goldlabel]

Sorry guys. I will be offline or less online for few days. I was talking with lionheart78 on https://coinmagi.slack.com/ when I received a message that my wife had a scooter accident.
She will be ok but it will take some time.
I will be working on the rules for the new Proof of Interest campaign. ( only 5k XMG and I have the fund we need for this campaign)
I you all have some ideas about improvements for that awesome campaign, pls post it here.
Regards
111magic

Hi Magic,

Sry to hear about your wife, i hope she well be better soon.

If you dont get the 5k soon i will pay that amount for the new campaign.

Grtz Goldlabel