Saturday afternoon, relaxing with a good beer, and asking myself: why not just junk the POW?
AMEN brotha
I've been askin myself that too
It's very simple, dudes.
There are few easy stages that will follow: 1) thousands past miners who want to sell Magi junked; 2) all exchanges junk the Magi due to low volume; 3) Magi junked at all.
Do you want this scenario for Magi?
I do not.
In my opinion, Magi is more about giving the smaller players a chance - if we go PoS only, it'll give proportionally more to the people who already have a lot (maybe they have to run a few extra wallets for this if there is a reduction in % based on balance), PoW under XMG is a great way for new people to get a foot in the door of crypto and try some mining. Yes, its being exploited now by a couple of big players - however if we can dampen that exploit a little I think we could attract a lot of fresh blood into the community which will be a driver for longer term value and enable more liquiduty on the markets.
I understand and appreciate what you're saying starmman, but is it really worth it? The ROI on mining? Is it the same that you'd get if you just took your money to the open market to buy? (And this is not to say anything about how exchange only acquisition would help to bolster exchange volume.)
As far as distribution goes, Magi is one of the most evenly distributed coins out there.
https://chainz.cryptoid.info/xmg/#!richNow, don't get me wrong. I'm not pushing anything here, just suggesting, and inviting healthy debate. What is the return on mining compared to just buying on the open market? Magi has risen an average of $.0010143 USD a day since January, or about 3 cents a month for each Magi. Is mining equally profitable? Considering that Magi will only have a total supply of 25 million, there's a lot more growth coming. I'm speaking from personal experience here, not with CPU, but with ASIC. I bought Baikal miners with 1/2 of my investment in January, and directly invested the other half. I've got more than a 80x on the direct buy, and less than a 20x on the miners - biggest mistake of my life.
And with CPU mining and its botnets, and other issues, man, I don't know, seems like a lose-lose to me, but I'll keep an open mind to what everyone here has to say.
Another matter that would have to be addressed would be the 18 million remaining coins still to be issued. That's a bit more difficult to deal with. A BTC airdrop? Take a snapshot and give one XMG for every BTC? That would be a huge publicity stunt ...
Just throwing this stuff out there for everyone to think about.
Cheers
)