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

[joelao95]

I think your old i7 are better than my server CPU, my i5 is more powerfull than the intel avoton for mining 

I mine too in a pool, pom.m-hash, with the sweet spot controller so the CPU ran only at 100% when the block reward is greater than 12 XMG and the rest of the time he is at 10%.

It's more profitable to mine in pool I think, you always have a little reward but the majority of the time the block reward is 1 XMG, when I look the graphs on the pool there are only 2-3 hours per 24H where my CPU > 10%.

I like magi and the fact that it is designed for little miners with CPU but in reality magi is only profitable to the big miners, they come when the block reward is big and when the block reward is low they can quietly put their power for mining another coin and we, the little miners, have only 1 XMG blocks to mine for the majority of the time.

If you want try to solo mine it's not very complicated to setup, I wrote what I did in this topic for linux, I used a tuto that I found in this topic and just changed a few things. For windows I have an option for solo mining in the sweet spot controller program but I never tried it.

You will not be rich in solo mining, only happy when you find a block

I agree, though small miners are capable, concerns remain somehow like the profits; solo mining does sound made a point. Anyway we're looking into rejecting big miners sharply with a more comprehensive consideration of the likability and a solution in the incoming release.

[starmman]

I am talking about on the exchanges, there's been a spike of activity in the past 24hr and the price went up by 10-15%.

Don't know the reason. Exchanges have there own lives.
Sometimes price goes up because of a Magi update, sometimes prices goes down because of the value of btc.
I know one thing; Magi team & community are very active and working on a awesome future for the coin of the Magi.
We will continue with that for a long long time.

hey 111magic,  I am Looking for great coins with group,if you can help me to understand what makes you to hold  Magi for longer period of time , means salient features of it , unique developments ahead, and price appreciation since launch.

Hi tangcrypt/TheOATeam,

IMO Magi is a very unique coin - it has its own M7M hashing algorithm (CPU based) and reduces the block reward as hashing power increases to keep the larger miners away and help the smaller miner. It therefore makes it difficult to accumulate large quantities of coin in the traditional way.
My opinion/theory is that as interest increases in the coin, the number of coins that can be mined will decrease due to this dampening effect, I suspect that this will have a very positive impact on the price point. I can see more people looking into the coin these days. The market cap and volume of the coin have grown steadily (and significantly) over the last 12 months and I think the coin is in a good position to increase this growth as there has been a quite bit more interest especially over the last couple of months.

It'll be interesting to see where Magi takes us - I hope you both join us for the ride LOL

[mozsi]

I agree, though small miners are capable, concerns remain somehow like the profits; solo mining does sound made a point. Anyway we're looking into rejecting big miners sharply with a more comprehensive consideration of the likability and a solution in the incoming release.

I consider this as great news

By the way, Cryptopia market is back online.

[TheOATeam]

I am talking about on the exchanges, there's been a spike of activity in the past 24hr and the price went up by 10-15%.

Don't know the reason. Exchanges have there own lives.
Sometimes price goes up because of a Magi update, sometimes prices goes down because of the value of btc.
I know one thing; Magi team & community are very active and working on a awesome future for the coin of the Magi.
We will continue with that for a long long time.

hey 111magic,  I am Looking for great coins with group,if you can help me to understand what makes you to hold  Magi for longer period of time , means salient features of it , unique developments ahead, and price appreciation since launch.

Hi tangcrypt/TheOATeam,

IMO Magi is a very unique coin - it has its own M7M hashing algorithm (CPU based) and reduces the block reward as hashing power increases to keep the larger miners away and help the smaller miner. It therefore makes it difficult to accumulate large quantities of coin in the traditional way.
My opinion/theory is that as interest increases in the coin, the number of coins that can be mined will decrease due to this dampening effect, I suspect that this will have a very positive impact on the price point. I can see more people looking into the coin these days. The market cap and volume of the coin have grown steadily (and significantly) over the last 12 months and I think the coin is in a good position to increase this growth as there has been a quite bit more interest especially over the last couple of months.

It'll be interesting to see where Magi takes us - I hope you both join us for the ride LOL

This seems like a great coin for development into a broader less concentrated hashing network: peoples PCs at work, home, IoT devices (possibly), anything with a general purpose processor can be made into a node.

So you are saying that the algorithm adjusts based on the number / types of devices? Or is it a randomly scheduled thing? Also - there are some big benefits from spreading out hashing power. The biggest disadvantage of Bitcoin IMO is that the power can easily be concentrated among a few, and that can lead to biased voting in the direction that the coin will go (if it isn't a world wide phenomenon like bitcoin especially).

Fair path of development, hardened proof of work. Sounds nice

How does the idea of XMG hold up to the proof of stake type coins?

[starmman]

This seems like a great coin for development into a broader less concentrated hashing network: peoples PCs at work, home, IoT devices (possibly), anything with a general purpose processor can be made into a node.

So you are saying that the algorithm adjusts based on the number / types of devices? Or is it a randomly scheduled thing? Also - there are some big benefits from spreading out hashing power. The biggest disadvantage of Bitcoin IMO is that the power can easily be concentrated among a few, and that can lead to biased voting in the direction that the coin will go (if it isn't a world wide phenomenon like bitcoin especially).

Fair path of development, hardened proof of work. Sounds nice

How does the idea of XMG hold up to the proof of stake type coins?

In theory - the dampening happens as total hash power (for the entire network) increases - so the community as a whole will mine more with less power. Right now there is a lot of hash so the rewards are low - but as the larger miners go away the hash rate is reduced again (currently some larger miners are exploiting the block reward by pushing mining only when block rewards are high - but as mentioned earlier on the page Joe, the dev is planning to improve the algorithm to counter this)

POS reward if I remember off hand is between 3 and 5% which is a good level in my opinion - any higher and there can be a deflationary effect on the coin - there is some more logic to do with coin age and staking volume to allow the smaller holders a larger cut of the PoS - this is explained in the OP in a better way than I can.

[TheOATeam]

In theory - the dampening happens as total hash power (for the entire network) increases - so the community as a whole will mine more with less power. Right now there is a lot of hash so the rewards are low - but as the larger miners go away the hash rate is reduced again (currently some larger miners are exploiting the block reward by pushing mining only when block rewards are high - but as mentioned earlier on the page Joe, the dev is planning to improve the algorithm to counter this)

POS reward if I remember off hand is between 3 and 5% which is a good level in my opinion - any higher and there can be a deflationary effect on the coin - there is some more logic to do with coin age and staking volume to allow the smaller holders a larger cut of the PoS - this is explained in the OP in a better way than I can.

Perhaps there will be a future where a smart AI controls the algorithm response to hashrate so that the difficulty is always changing, requiring users to constantly come up with new ways to outsmart the system

Too much coffee today

[alfaboy23]

Just asking, is this normal?



It's been like that since last week.

Thanks!

[joelao95]

Just asking, is this normal?



It's been like that since last week.

Thanks!

Move cursor to the top of the price info (BTC/XMG or USD/XMG) to show tooltips; price updates only occur by clicking in order to avoid any interference with the wallet operation. 

[jediwashuu]

My wallet frequently shows my Stake number as 0.00XMG, but if i hover over the icon on the lower right, it will say I am staking, give me a weight, a network weight, and a time.  is that normal?
i have seen the Stake number increase every now and then, but it almost always goes back to 0 very quickly

[starmman]

My wallet frequently shows my Stake number as 0.00XMG, but if i hover over the icon on the lower right, it will say I am staking, give me a weight, a network weight, and a time.  is that normal?
i have seen the Stake number increase every now and then, but it almost always goes back to 0 very quickly

Hi Jediwashuu,

That's totally normal, the staking amount only happens when you have coins that are being staked. For me its once every hour or so - but it used to be once per week before I built up more coins in the wallet. When coins are used for staking - you can't spend them - so its better to not have them being staked so often. The time is the estimate of time before your coins are next staked again.

Hope that was clear enough - if you have any more questions feel free to ask

[starmman]

Not sure if you guys have been following this - The Bitcoin ETF decision was rejected hence the 15% drop in BTC/USD overnight.

[111magic]

Not sure if you guys have been following this - The Bitcoin ETF decision was rejected hence the 15% drop in BTC/USD overnight.

Hmm are they not ready for it? They are waiting for Magi!

[joelao95]

i originally bought this cointo hold n stake longterm but it seems pretty crazy if u have 300k 400k n cnt get a reward, so while i dnt make it a habit of atoring large amount coins on polo seems not logical keep in wallet tht reaps no benefits

Well, I'd believe most did stakesplitthreshold and stakecombinethreshold for optimum staking that isn't difficult at all. Personally I got a wallet running and staking 24/7. I recommend you try this (example for simplicity only though it's not necessary exactly the way I'm saying):

1) Get a fresh wallet, and a fresh address
2) Send an amount say 10,000Σ to the fresh address
3) Lock the wallet with a password, and unlock to enable staking, just like the way of PoS staking normally
4) Keep the wallet running until you get stakes
5) Repeat 1) ~ 4) for the rest of coins if you have.

Not being able to stake with a number of coins is a misunderstanding.

I did try to figure a way of staking rewards inversely proportional to the total number of coins, while I noticed this may not be likely in the scope of the present principle, and it's not that straightforward we should go with either. It is true, though, that I'm not a fan of simple big rewards by having simple powers. I'm not meaning going the other way around, but keeping the things under limits, that's the way of operation in nature. And I stand for a high-priority point where people contribute to the network get rewards preferentially.

[starmman]

Not sure if you guys have been following this - The Bitcoin ETF decision was rejected hence the 15% drop in BTC/USD overnight.

Hmm are they not ready for it? They are waiting for Magi!

Haha, I think that you are right there - they must be =)

There seemed to be quite a bit of market swings overnight - all seems to have calmed down a little today

[versprichnix]

my biggest issue with this coin is a few stakers seem to have configured to mazimize rewards while the avg holder wit some big coins cannot reap stake rewards

i originally bought this cointo hold n stake longterm but it seems pretty crazy if u have 300k 400k n cnt get a reward, so while i dnt make it a habit of atoring large amount coins on polo seems not logical keep in wallet tht reaps no benefits

I'm also a big holder, and I bought this coin because of this feature. I stopped staking for long, it's not profitable for me. In a human world small entities have an advantage against big entities (at least no disadvantage). We could discuss, if the disadvantage for big holders is too large. The feature is for promoting decentralisation, and this goal is welcome in my eyes, and so I stay invested.

[The Frisian]

its pretty simple in my eyes. staking secures the network. if staking is not profitable or the incentive is too small,    im not staking. if many think this way and i know they do since i have had this convo many times . this is a big disadvantage for ur coin. this is the vision of the dev and i reapect that but i have a hard time wrapping my head around it. not the way to succeed imo.

The staking reward is around 3-4%, what's the problem with this?
If you have 10K XMG you earn around 1 XMG coin a day by staking.

[111magic]

Think time will tell. I know Joe is working on different improvements for Magi. Step by step things will be better.
I also think that Magi has raised in value & might raise more in the future. This year Magi will be 3 years old.
I'am with Magi from the beginning & noticed all ups and downs during this period. Magi won the most Friendliest Community  award and think that we all are very proud that we could share our opinions here. Thats something what will make Magi stronger. Learning from eachother and working on the future of Magi. Let's continue!

[starmman]

its pretty simple in my eyes. staking secures the network. if staking is not profitable or the incentive is too small,    im not staking. if many think this way and i know they do since i have had this convo many times . this is a big disadvantage for ur coin. this is the vision of the dev and i reapect that but i have a hard time wrapping my head around it. not the way to succeed imo.

Are you using the split and combine parameters in your magi.conf? That usually helps maximise staking rewards - plus the odd bit of coin control to catch the coins that are past 10k-15k confirmations and push them back into 'the optimal staking zone'

# 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

[starmman]

Think time will tell. I know Joe is working on different improvements for Magi. Step by step things will be better.
I also think that Magi has raised in value & might raise more in the future. This year Magi will be 3 years old.
I'am with Magi from the beginning & noticed all ups and downs during this period. Magi won the most Friendliest Community  award and think that we all are very proud that we could share our opinions here. Thats something what will make Magi stronger. Learning from eachother and working on the future of Magi. Let's continue!

Great words (as usual 111magic), lets hops we can build on where we are - the coin is currently on an up trend, lets see if it moves to the next level this year.

[111magic]

Think time will tell. I know Joe is working on different improvements for Magi. Step by step things will be better.
I also think that Magi has raised in value & might raise more in the future. This year Magi will be 3 years old.
I'am with Magi from the beginning & noticed all ups and downs during this period. Magi won the most Friendliest Community  award and think that we all are very proud that we could share our opinions here. Thats something what will make Magi stronger. Learning from eachother and working on the future of Magi. Let's continue!

Great words (as usual 111magic), lets hops we can build on where we are - the coin is currently on an up trend, lets see if it moves to the next level this year.

Thanks Starmman! Yes the next level will be a goal!