Topic: [ANN] [XMG] MAGI | CPU mining | mPoW | mPoS | [MagiPay] - page 1226. (Read 2375926 times)

Paul, thanks for the info. I think the scheduled test may not be necessary; I've been reviewing people's hash rate too and some of my data, all seem to be reasonably consistent. I agree with you about the block rewards too low. Since pool mining is up and running, we now can fulfill the plan increasing mining rewards, while with some smart thinking before simply increasing the rewards.

@miners, should small or big miners be excited about this news? Let's see; however, this is absolutely good news to pool owners.

Paul, that is an interesting concept

So you are saying kick out mining completely?   Make it 100% proof of stake based on distribution of coins provided from dev?

How would there be price support?  from selling the coins? Why would people buy?

I think if a Bank were to move into cryptocurrency (extremely unlikely !!) this is the way they would do it.
Your idea has merit for a coin to have value right off the bat - it is effectively supported by fiat currency and therefore has undisputed 'value'. 
The only problem I see with this is that once again the people with lots of money would snap up the lions share, and then without a large community to support the coin it would probably die like so many before it? 

I was trying to theorize a way that you could get lots of people (the community) involved in the coin process (via mining), but in a non-exclusive way (you don't need to own a server farm to get a decent stake), and would still support the minimum hashing needed to maintain the bitchain.
There is an argument that people who have paid lots of money for ASICs and large server farms deserve to get more coins, well that is fine - there are already loads of other coins out there that work like this (and from what I can see many have died due to pump-n-dump).

I decided to dip my toe into cryptocoin via XMG because I liked the Devs approach, he is definately trying to exclude the huge hash-rate guys grabbing the bulk of the coin and I hope he finds a solution.

I just saw this message from nonce pool

"We have released a new miner with 10% more speed @ https://github.com/noncepool/m7magi-cpuminer"

Source: http://magi.nonce-pool.com/index.php?page=account&action=earnings

Interesting... Thanks nonce!

Joe, I have been doing some further testing and I now concur with you that the value for netmhashps seems to be accurate.  The networkkhashps is not.

Based on that, and using an Amazon AWS 8-core instance at ~62 khash/s as a reference, this equates to approximately 12500 cores running on the network.  It's likely that the top few miners on suprnova are using AWS instances, between 100-250 instances to give 6-15 MH.  Assuming they are using spot rates of 0.065c per hour, and with a return of approx 500 XMG / MH / day (3000 coins a day for 6MH) ,and a BTC price of $420, the break-even selling price would be approximately 0.00012 XMG/BTC.

With buys on cryptoine significantly below this, and with little volume anyway, this is not even close to being profitable to mine with rented hardware.  This is a positive thing in some respects, but as soon as these miners realise this and drop out, difficulty will drop significantly and so will rewards.  The coin distribution rate overall should not be affected as the diff/reward ratio is linear, but this reinforces my point that I posted yesterday that the diff/reward ratio is too low to support the desired mint rate.  You're not going to get to 500/block because diff wont rise enough because not enough miners will join the network using VPS's as it is not profitable

Anyway, thought you would want some further feedback. 

How about just take hardware mining out of it entirely.... Let the dev put 100,000 coins on an exchange and sell them for X, then have the remaining distribution of coins be done through proof of stake at a reasonably high % (100% per year at least).  That way people get out of it what they put in financially.  There is no advantage for those who can access free mining resources and everyone gets the same % reward.  Not suggesting that approach for this coin, but it does address the ability for some people to access free mining.  The amount raised fro selling the coins could then be used to buy more, propping up the price, and used as part of the PoS distribution.  Just a thought

Well what I was trying to suggest was that in a theoretical "fair for everyone scenario" participation should be rewarded rather than the payout being based on the ability to generate the largest hash rate (though greater wealth or other means such as botnet).

By "mining involvement" perhaps the act of being connected to the XMG network and mining to a low minimum standard enables more people to gain reward, after all, the excess hashing power people are attempting to achieve in order to get more coins is effectively 'wasted energy'.   
If there was a way to reward a minimum standard of mining e.g. 5kh+ hashespersec, and there would be little extra reward in generating 100kh+ hashespersec then I suggest it would avoid an 'excess' distribution to those who can afford/bot the extremely high hashrates.
In theory this would then leave the coin more in the hands of the community rather than the pump-n-dumpers who just mine to take a quick profit ?

Anyway this is just my speculation I will be very interested to see what Joe's idea is  :-)

will take time to post.

@joelao95
How you define "mining involvement"?

This is very nice, Sam, added to OP.

This catches my eye. Simply take a look my posts with some analysis (give me sometime to prepare), and comment if that would be mining involvement. I like this anyway.

Thank you.  I think this thread post count moved fast, so I am going to show you a little teaser video I've been working on to enforce growth and adoption.

Coin Magi Video Teaser - Introduction to the First Hybrid: PoW/PoS-II

I'm still working on the pool to get it to support the network
In the mean time, I came up with this to help spread magi around



Video link: https://www.youtube.com/watch?v=W71FVD6YWM8 (2:04)

Special Thanks to developers of Coin Magi for giving us an opportunity of fair mining!
Credits go to my team who helped me make this video possible with their editing.

Please let me know what you all think, Magi community

aloney, I agree with you
, and this is completely reasonable

While we are talking about this initial coin distribution stage, I have been thinking of any I can do as to decentralization (well it quite depends). That's the reason I decided the mode of block rewards-difficulty dependence.

Simply the following situation is what I want to see (numbers are just example):

quite good
acceptable
and try to avoid


I will post the idea behind the block reward. You guys judge that. I don't want give impression I hate high hash.

Those are good words Sam.
100,000 views is feasible.
Now mining is stable the time has come to invest in promotions and marketing.
Especially if we want Magicoin XMG going to get a special status within the world of Altcoins.
That only ones who can do that, are we with each other.
There are already several ideas. For example, a private Magicoin forum. Containing various topics and private marketplace. Apps for smartphones, games, videos, shops were you can pay with XMG so on and on.

Good ideas or help are always welcome.

I was trying out solo mining and i wasn't getting much results by having about 15 Kh/s then I also went into some VPS servers as stated in the guide here on the thread, but I decided to try out pool mining just less than 24 hours ago on suprnova and I am now about 10+ XMG

I don't see how its not fair, seems to be doing fine. If I launch more VPS nodes, I am sure I can do more.

I plan to also mine with like 2-3 other laptops/computers laying around as any hashing tends to help. It seems like Pool mining is the way to go.

OMG,  don't know how those guys are doing it but some of us have barely a few coins to show for 3 days mining.  Need to take the "fair distribution" bit off the headline  LOL.

I freely admit I am new to this cryptocurrency business but it seems to me the 'fairest' way to distribute coins to the most people (thus getting more market penetration) would be to reward based on mining involvement rather than hashing power otherwise someone is going to use their financial leverage to get richer (via renting server groups/ botnet /whatever). 
i.e. have a simple algo that does not require much power and basically slice the coins up by the amount of time people mined rather than the computing power they mined with ?   Would have to come up with some pre-registration account/IP address system to prevent mass account creation but that way 2 people would get roughly the same amount of coin if they mined for the same amount of time and there would not be such a waste of energy resources running server farms?

Am sure someone will point out to me that there are loads of holes in my suggestion, but surely there is a way to 'beat the bots'  :-)

Thanks for handling the marketing... I am already inclined to help grow as I have setup a network of ads from friends in my network who can advertise heavily throughout the industry. It isn't in full course advertising yet, however, it is dependent on this community working together.

Twitter, reddit, facebook, and external sites that get traffic, should help the growth of magi, not only via bitcointalk, but we must bring in more.

I would like to see 100,000 views in this thread before the end of the month. I think its realistic.  Yes, Windows and Linux. I also have someone looking at a MAC compilation for this coin.

I think if we can setup proper marketing structures, bringing in traffic will help with the growth of the exchange rate.
Investors love coins with solid communities like this... and they are more inclined to help provide liquidity.

Rank        User Name               KH/s                    XMG/Day
1       MagiSimpson    12,543.37                  6,818.602
2       anonymous            12,411.43                   6,746.876
3       anonymous       2,849.94                 1,549.234
4       test                      1,574.61               855.962

ECC...

Ok GG this coin is Fked... i stop here mining.

http://magi.nonce-pool.com

Yes this is not fake. I am getting better results on the pools.

We do need to spread the hash power though, where are you mining?

I think nonce pool needs some support.  I got about 10 coins (24 hours) on SuprNova pool. Might try Nonce soon.

HIII


http://ekhtelas.com/w.png

This is true???
Unconfirmed!!!


http://ekhtelas.com/w.png