Topic: [ANN] [XMG] MAGI | CPU mining | mPoW | mPoS | [MagiPay] - page 1206. (Read 2375926 times)

[Coin swap and brief of proof of mining campaign]

[Finalize] 10/07: Coin swap final, old Magicoin : XMG = 16 : 1, total swap coins no more than 10% of total coins in circulation, escrow will be used to hold unswapped coins: https://bitcointalksearch.org/topic/m.9190490 unswapped coins (except some bounties we paid, like translation, video, etc) will be destroyed. I believe this is very much a guarantee for the miners/investors; more or less we have compromised prior holders benefits.

We offer an opportunity for prior magicoin holders; we leave out some funds/bounties for active members in the MagiCommunity. Contact me for discussion on the details.

Total swapped coins will be only 0.9% of total coin supply

Prior discussion has raised a request from our prior Magicoin holders with respect to coin swap. So here we are initating the swap. In addition to XMG swapping, we request prior Magicoin holders to allocate a portion of funds to support a proof of mining campaign, currently under planning. This campaign is to protect the network, and in the meantime reward miners for their efforts. As you all can see, we have been through various issues/complaints, though we are now at "safe", we are subject to miner leaving/low-block reward complaints too. Here, we kindly ask giveaway a portion of XMG coins to support our miners (CPU). I believe all Magicoin supporters understood the importance of the cpuminers; only with the reviving of XMG community comes with the best return to our prior holders.

Coin swap will be done approximately in 5 months, with 5% swapped each week. The precondition of carrying out coin swap is not giving impacts on the XMG price. We may pause swapping any time if we see price degradation due to coin swap.

How to swap

1) Send Magicoins to: MWhrAX6sC66361s2kt57CApxpSzEsCRznM
2) Fill out this form: https://docs.google.com/forms/d/1xfBW84n4Q3gJvhmC3YzYxafxoT0iA3Vb0o2g1-5ZOfA/viewform?usp=send_form
3) We will send out 5% equivalent XMG in a week, which further splits into few parts being sent a few times in a week long.

About coin swap

# Total number of coins to be swapped: 1,237,505 XMG
# Planned coins to swap in the following week: 5% of total, i.e., 61,875 XMG
# Swap ratio: 4 Magicoin : 1 XMG

As of this time there are more than 181,533 freshly minted coin. Swap coins to be sent in a week is about 34 % of coins in circulation.

Swap ratio
(let me know questions you may have regarding the ratio)

According to the total existing Magicoins are 4.5 million, the swap ratio should be 3.6363 Magicoin : 1 XMG. As you can see, we remain a portion of XMG to support the campaign. For this reason, we decide swap ratio: 4 Magicoin : 1 XMG. This yields 112,505 XMG unswapped, available to support proof of mining campaign.

Proof of mining campaign

The campaign is still under planning. Only CPU miners can participate this campaign. Each miner is responsible for contributing a number of hash rate to the network and should remain mining in a designated period. Each participant will receive a share of available funds (about 112,505 XMG right now form Magicoin holder's conntribution, plus 2K XMG donation (by Lionheart78)). Additional XMG funds may be available from unswapped coins.

Understood this situation; that's really a challenge to get around this issue, same issue all other coins have. I've been trying thinking hard, really no direct way out (the reward system is not designed low all the time). What I don't understand is if a miner mines coin A is more profitable than mining coin B, why he stays mining coin B, even when he uses free electricity.

Edit, we are initiating a campaign to reward cpuminers, that may compensate some coins.

I explained it I believe in my other post. Hold up I'll re-post it.

Basically once a lot more new miners are introduced.. we are still missing over 2/3 of the entire industry.
Although magi does have a good community about 300 - 400 peak workers across both pools (nonce/suprnova?)

once we can obtain a higher level of miners, it will increase rewards, that is my understanding or theory.. 

I really do not see how this coin rewards the smaller miners. I myself being a small miner with only about 312khs worth of cpu power i still get alot and i mean ALOT less then people who has massive farms pulling 5-10mhs like seen on supernova's pool. So can someone please explain to me as to how XMG actually benifits smaller miners as the way its currently working does not really support that theory........

Ouch.. it doesn't want you to get your hands on XMG.. rare.

Well, no but I haven't had issues glad you solved it.

So far, Dev has made it easy for us, no issues on my end. Pretty happy with the way its simple with the new algo and all..

How are the other compilations doing from the community? I know Marcusde and others compiled their own? Spexx?
Can we get feedback on the performance guys? We need daily reports from the community so other miners can join us

Yeah.. what a lame It works after restart.. 10x

The idea is once more miners like me and you, like lion, like fart, joe, and like the hundreds of others who are mining or in this community.. have thought to realize, we are very early into the game.. as it will need more new comers to start generating along side the community. This is why I believe we should build up awareness campaigns like those videos I've been working on...

We need to also have positive effects in other threads maybe motivating more people to take a look at the mining potential and lets gradually grow the rewards ..

10 xmg then comes 20 xmg.. then 50 xmg.. then 100..

The goal should be that we can make the different even if the rewards are higher, the adoption phase grows, increasing the value beyond what it is now...

The coin is already listed on a decent exchange.. what was their rate? 0.10 % that is awesome, and its performing well...
now imagine more adoption through word of mouth... this can be very much a benefit to magi community.

Getting listed here so fast is great news: http://coinmarketcap.com/currencies/magi

Look at the charts, magi is beyond under valued between all those coins above it...

I don't see much competition under 'reddcoin' and it still didn't have the solutions magi does.



https://www.youtube.com/watch?v=W71FVD6YWM8

Wow this is really a step in the right direction!
XMG listed on Coinmarketcap came very quick.
Magicoin XMG is now on 123.
Lets try the next goal; XMG entering the top 100.

Windows? Be sure backup your wallet (always), only thing you can do is to restart ..

Cannot load my wallet.
It says "program not responding"
Tried to delete all in appdata -all the same.


Any suggestions ??

I think higher difficulty more miners. But I only see 5.00, 5.00, 5.00 and 5.00.
Better payouts?

I believe there is tons of links for you to continue reading more. However, its always good to bring in the benefits to light.

The thing is now... 300 XMG is the max rewards... the more miners that jump in, the better our payouts can be..

It's a rare coin, unlike Scrypt we know the destiny... HIGH HASH RATE = WINNER

In this case, everyone is gaining on a similar concept level for purposes that this algo will reach phase 2 - 10 XMG per bock then into PoS-ii

Other clones will follow this, as it brings more miners into the industry.

Nice, the community helped contribute to getting listed on CoinMarketCap

Also, I think this is a great start as more people are loving the algo idea.

Can't wait to see what happens in PoS-ii

http://coinmarketcap.com/currencies/magi/

Sorry a mistake, PoW-I stops at block 50000,  PoW-II starts at block 50001.

But when PoW-II started?

PoS will start at block 10080. PoW-I stops at block 50000.

All payouts have been sent.
Next payout is in 2 days!

Still don't understand the block reward, how many coins per block now? And when PoW II? When change to Pos?

Why not list clearly on OP?

Guys this is the correct video link somehow the images/video links got mixed up

https://www.youtube.com/watch?v=jpvpO0OE7Dw

This is what those pictures are about in the thread and in the coinmarketcap thread

Also made a cpu mining thread here: https://bitcointalksearch.org/topic/m.8948291