[ANN] [XMG] MAGI | CPU mining | mPoW | mPoS | [MagiPay] - page 360.

The Frisian

legendary

Activity: 1019

Merit: 1003

Senior Developer and founder of ViMeAv ICT

Quote from: Jookly on September 12, 2017, 05:20:29 PM

I understand and appreciate the idea behind XMG and I don't see how you interpret what you just quoted to mean that a person will be protected from a losing day of mining, which is the comment of mine you were responding to. What you quoted says that there will attempt to be a more fair distribution of coins regardless or hash-rate. edit: which i think is a good idea!

Anyone that has mined XMG, or any other cryptocurrency for that matter, can understand immediately that trying to guarantee such a thing as protection from a day of lost mining is completely impossible and misleading. Right up there with promising a certain amount of overall return. Thankfully, I have never seen anyone actually promise a miner such a thing and after following this thread for 3 years this is the first time i have even seen someone imply that they should have such protection.

Anyway I support XMG still and into the future. But we cannot have miners thinking they are somehow protected form losses while mining XMG, that is totally disingenuous.

I thought you named the fair distribution of coins as a protecting from a losing day of mining.
Which I guess is a totally wrong interpretation of the reward algorithm.
Therefore I quoted the statement of Joe about XMG's fair distribution.
And I agree with you that a protection from a losing day of mining would be totally disingenuous.

Jookly

legendary

Activity: 1131

Merit: 1007

I understand and appreciate the idea behind XMG and I don't see how you interpret what you just quoted to mean that a person will be protected from a losing day of mining, which is the comment of mine you were responding to. What you quoted says that there will attempt to be a more fair distribution of coins regardless or hash-rate. edit: which i think is a good idea!

Anyone that has mined XMG, or any other cryptocurrency for that matter, can understand immediately that trying to guarantee such a thing as protection from a day of lost mining is completely impossible and misleading. Right up there with promising a certain amount of overall return. Thankfully, I have never seen anyone actually promise a miner such a thing and after following this thread for 3 years this is the first time i have even seen someone imply that they should have such protection.

Anyway I support XMG still and into the future. But we cannot have miners thinking they are somehow protected form losses while mining XMG, that is totally disingenuous.

The Frisian

legendary

Activity: 1019

Merit: 1003

Senior Developer and founder of ViMeAv ICT

Quote from: amitim on September 12, 2017, 05:07:35 PM

But we must admit that this artificial restriction is not a good case. Capital itself must regulate the situation. Karl Marks also talked about this

I can't disagree with you more! (in case of a unique coin)

amitim

newbie

Activity: 59

Merit: 0

Quote from: The Frisian on September 12, 2017, 04:47:37 PM

Quote from: Jookly on September 12, 2017, 04:27:13 PM

I have never before seen the idea that miners, whether ordinary or not, need to have "protection from losing days". That is absurd to me and I don't think anyone with experience mining coins expects something like that.

Well, it is just the basic idea behind XMG, and I guess also was the basic idea behind BTC.

"To summary, we have proposed a new block rewarding system to achieve fair distribution of block rewards
among miners and to prevent mining equipment competition as seen in cryptocurrency, such as bitcoin. Under
this system, earlier adopters don’t have significant advantages over the latter adopters. High hashrate is discouraged
through adjusting the rewards: high rewards are issued at low network hashrate. It is also observed that
the new system emphasizes the participation of miners instead of their hashing power, allowing for a new mining
mechanism, i.e., proof-of-mining. It is anticipated that the new block rewarding system leads to a more
decentralized cryptocurrency."

Actually the idea behind XMG makes it still possible for you to mine, after three years.
There are not many coins which can be mined profitable after three years, without enormous investments.

But we must admit that this artificial restriction is not a good case. Capital itself must regulate the situation. Karl Marks also talked about this

The Frisian

legendary

Activity: 1019

Merit: 1003

Senior Developer and founder of ViMeAv ICT

Quote from: Jookly on September 12, 2017, 04:27:13 PM

I have never before seen the idea that miners, whether ordinary or not, need to have "protection from losing days". That is absurd to me and I don't think anyone with experience mining coins expects something like that.

Well, it is just the basic idea behind XMG, and I guess also was the basic idea behind BTC.

"To summary, we have proposed a new block rewarding system to achieve fair distribution of block rewards
among miners and to prevent mining equipment competition as seen in cryptocurrency, such as bitcoin. Under
this system, earlier adopters don’t have significant advantages over the latter adopters. High hashrate is discouraged
through adjusting the rewards: high rewards are issued at low network hashrate. It is also observed that
the new system emphasizes the participation of miners instead of their hashing power, allowing for a new mining
mechanism, i.e., proof-of-mining. It is anticipated that the new block rewarding system leads to a more
decentralized cryptocurrency."

Actually the idea behind XMG makes it still possible for you to mine, after three years.
There are not many coins which can be mined profitable after three years, without enormous investments.

malafaya

sr. member

Activity: 490

Merit: 256

Quote from: Lord Cryptocurrency on September 12, 2017, 02:42:13 PM

Hi, guys, i have a transaction that stands in the way. My wallet stopped receiving the rewards of mining. I consulted one of these transactions and it appears in the Magi Blockchain Explorer that the reward "Not yet redeemed". What does that mean?

PS.:Sorry for my English

"Not yet redeemed" means simply you haven't spent that amount yet.
Check if your wallet hasn't forked and it's following the "main peer" (104.128.225.215), using the "connect=" .conf command.

Jookly

legendary

Activity: 1131

Merit: 1007

I have never before seen the idea that miners, whether ordinary or not, need to have "protection from losing days". That is absurd to me and I don't think anyone with experience mining coins expects something like that.

The Frisian

legendary

Activity: 1019

Merit: 1003

Senior Developer and founder of ViMeAv ICT

Quote from: Myth888 on September 12, 2017, 04:15:44 PM

Quote from: Minerproffi on September 12, 2017, 01:41:59 PM

So ordinary miners do not have protection from losing days?

XMG is not perfect. the profitability adjustment is what set XMG mining apart from any other POW. When it started maybe the reward system was optimal but of course miners would adjust and learn how to get more profit jumping in and out. Thats the game. So i believe it needs to be adjusted again but definitely the adjusting reward system should be kept. I suggested just a few days ago or maybe a week ago to incorporate a more random reward system. But dev thinks its not the way. Maybe he has another plan to tackle it.

Let us remember that the adjusting reward system was meant to prevent big farms from mining. Its meant to make the coin more centralized. Dev means well. unfortunately the flexible reward system is too straight forward so it can be exploited. And it is being exploited. Temporary or permanent reduction in max reward really wont solve anything in the long run as long as max is still profitable. Regular miners would suffer more than big farms. Big farms farm more than 1 type of coin thats why they jump in and out.

Unfortunately whatever reward you get is also same for everybody. Nobody has the upper hand. Just people with more resources.

In the beginning we did the same using coinwarz for mining bitcoin.
Switching to the coin which was the most profitable.
Actually I guess it's still being used by bitcoin farms nowadays.
Also you have https://www.multipool.us/, where they do the switch for you.
But until recently this did not happen with XMG, that's rather new.

Myth888

full member

Activity: 343

Merit: 102

Quote from: Minerproffi on September 12, 2017, 01:41:59 PM

So ordinary miners do not have protection from losing days?

XMG is not perfect. the profitability adjustment is what set XMG mining apart from any other POW. When it started maybe the reward system was optimal but of course miners would adjust and learn how to get more profit jumping in and out. Thats the game. So i believe it needs to be adjusted again but definitely the adjusting reward system should be kept. I suggested just a few days ago or maybe a week ago to incorporate a more random reward system. But dev thinks its not the way. Maybe he has another plan to tackle it.

Let us remember that the adjusting reward system was meant to prevent big farms from mining. Its meant to make the coin more centralized. Dev means well. unfortunately the flexible reward system is too straight forward so it can be exploited. And it is being exploited. Temporary or permanent reduction in max reward really wont solve anything in the long run as long as max is still profitable. Regular miners would suffer more than big farms. Big farms farm more than 1 type of coin thats why they jump in and out.

Unfortunately whatever reward you get is also same for everybody. Nobody has the upper hand. Just people with more resources.

starmman

legendary

Activity: 1484

Merit: 1029

Quote from: The Frisian on September 12, 2017, 03:21:00 PM

Quote from: joelao95 on September 12, 2017, 12:15:19 AM

Quote from: joelao95 on September 10, 2017, 11:47:36 PM

Main net update:

Updated the main source code (v1.4.3.1):

1) fix sync issue
2) protocol ver 71062

https://github.com/magi-project/magi

Protocol ver 71062 will get us to where once we get on the latest revisions, we'll disconnect all prior versions. Pls update to this version. I'm compiling binaries and will post links once available.

Here are binaries for v1.4.3.1:

http://coinmagi.org/bin/m-wallet-1.4.3.1/

The plan of merging fixes, that is v1.4.4:

1) Get another test wallet tomorrow

2) On Wednesday, 9/13, v1.4.4 source code finalizing; depending on how much time to compile the complete set of binaries as well as documentation, we might be able to make post until 9/14

The difficulty adjustment gets little tricky since we're disturbing the way blocks are accepted by enforcing block checking. The thing is that what happens to PoW difficulty that is adjusted based on block time will make corresponding influence on the block value, that's the center of the question.

Thanks for that - I wont get a chance to update my wallet until next week - so I suspect I'll be straight on v1.4.4

bakacoin

member

Activity: 68

Merit: 10

With such a profit, I should have an electric company.
ps 100Kh

The Frisian

legendary

Activity: 1019

Merit: 1003

Senior Developer and founder of ViMeAv ICT

Quote from: joelao95 on September 12, 2017, 12:15:19 AM

Quote from: joelao95 on September 10, 2017, 11:47:36 PM

Main net update:

Updated the main source code (v1.4.3.1):

1) fix sync issue
2) protocol ver 71062

https://github.com/magi-project/magi

Protocol ver 71062 will get us to where once we get on the latest revisions, we'll disconnect all prior versions. Pls update to this version. I'm compiling binaries and will post links once available.

Here are binaries for v1.4.3.1:

http://coinmagi.org/bin/m-wallet-1.4.3.1/

The plan of merging fixes, that is v1.4.4:

1) Get another test wallet tomorrow

2) On Wednesday, 9/13, v1.4.4 source code finalizing; depending on how much time to compile the complete set of binaries as well as documentation, we might be able to make post until 9/14

The difficulty adjustment gets little tricky since we're disturbing the way blocks are accepted by enforcing block checking. The thing is that what happens to PoW difficulty that is adjusted based on block time will make corresponding influence on the block value, that's the center of the question.

starmman

legendary

Activity: 1484

Merit: 1029

Quote from: The Frisian on September 12, 2017, 01:03:24 PM

Quote from: malafaya on September 12, 2017, 12:54:09 PM

Hashrate raging again, diff high, rewards will come down again soon...

These are the best tests, to see if the sync problem is definitely fixed.
The reward algorithm is not changed, only max. blocksize is reduced till 30% of old reward,
so max 15 instead of 45 XMG. (and with raging hashrates this, as always, will be reduced until 0)

Has the new wallet been released now? - I've been out on business the last couple of days and haven'r managed to catch up

Lord Cryptocurrency

newbie

Activity: 33

Merit: 0

Hi, guys, i have a transaction that stands in the way. My wallet stopped receiving the rewards of mining. I consulted one of these transactions and it appears in the Magi Blockchain Explorer that the reward "Not yet redeemed". What does that mean?

PS.:Sorry for my English

Minerproffi

newbie

Activity: 30

Merit: 0

Quote from: Myth888 on September 12, 2017, 01:17:19 PM

Quote from: 111magic on September 12, 2017, 10:43:48 AM

Quote from: caravel on September 12, 2017, 10:25:11 AM

Quote from: Apprentice on September 12, 2017, 08:58:36 AM

are there any changes with this coin? or maybe minerclaim
been mining at minerclaim for sometime now and always have around 10 unconfirmed. now it is barely reaching 1!
Same hashrate

I've noticed the very same thing mining on m-hash.
It appears to be prevalent across multiple pools.

Hopefully someone more knowledgeable can shed a bit of light on this.

At this rate, I'd be losing money mining on my vps's.

Some info about the unique reward system

http://arxiv.org/pdf/1409.7948v1 & https://bitcointalksearch.org/topic/m.9991269

as long as everyone can predict the reward and rewards are profitable, botnets and big miners are going to jump and take advantage. The only way to stop this is preventing them or add a randomizer to the reward. Preventing them is not an option since this is after all an open blockchain. so adding some randomness to the reward system might deter a few. How effective depends on how the randomizer is applied. But this is still better than other coins where they do not have any deterrent to big miners. Unfortunately its still predictable.

In which CPU topical coins from the growth of hashed profitability can fall to zero?

Minerproffi

newbie

Activity: 30

Merit: 0

So ordinary miners do not have protection from losing days?

Myth888

full member

Activity: 343

Merit: 102

Quote from: 111magic on September 12, 2017, 10:43:48 AM

Quote from: caravel on September 12, 2017, 10:25:11 AM

Quote from: Apprentice on September 12, 2017, 08:58:36 AM

are there any changes with this coin? or maybe minerclaim
been mining at minerclaim for sometime now and always have around 10 unconfirmed. now it is barely reaching 1!
Same hashrate

I've noticed the very same thing mining on m-hash.
It appears to be prevalent across multiple pools.

Hopefully someone more knowledgeable can shed a bit of light on this.

At this rate, I'd be losing money mining on my vps's.

Some info about the unique reward system

http://arxiv.org/pdf/1409.7948v1 & https://bitcointalksearch.org/topic/m.9991269

as long as everyone can predict the reward and rewards are profitable, botnets and big miners are going to jump and take advantage. The only way to stop this is preventing them or add a randomizer to the reward. Preventing them is not an option since this is after all an open blockchain. so adding some randomness to the reward system might deter a few. How effective depends on how the randomizer is applied. But this is still better than other coins where they do not have any deterrent to big miners. Unfortunately its still predictable.

The Frisian

legendary

Activity: 1019

Merit: 1003

Senior Developer and founder of ViMeAv ICT

Quote from: malafaya on September 12, 2017, 12:54:09 PM

Hashrate raging again, diff high, rewards will come down again soon...

These are the best tests, to see if the sync problem is definitely fixed.
The reward algorithm is not changed, only max. blocksize is reduced till 30% of old reward,
so max 15 instead of 45 XMG. (and with raging hashrates this, as always, will be reduced until 0)

malafaya

sr. member

Activity: 490

Merit: 256

Hashrate raging again, diff high, rewards will come down again soon...

The Frisian

legendary

Activity: 1019

Merit: 1003

Senior Developer and founder of ViMeAv ICT

Quote from: Apprentice on September 12, 2017, 10:45:38 AM

too much uncertainty about this coin. there always an enigma every few days with no explanation whatsoever and 1 person running the coin...

you have a lot to learn Grin

Topic: [ANN] [XMG] MAGI | CPU mining | mPoW | mPoS | [MagiPay] - page 360. (Read 2375622 times)