I think the problem maybe caused by flash mining by big miners. I've seen this before on another coin. The solution was to hard fork into a proof of stake only coin. Unfortunately this happened after after several months of struggle and the community was so fractured by problems with forks that all of the exchanges and support was lost. The coin did run well with no forks at that point but it is gone now.
My suggestion is to go to a proof of stake only coin with a reasonable coin block cap. Interest rate should be high enough to supply some liquidity with a coin cap to prevent too high an inflation rate in the long term. Once things settle down for a while perhaps we can think of adding PoW back in some better form.
I agree this can be an option, however, the PoW thing will need adjustment more or less at the point when it's up.
I tend to agree with what Lightsplasher is saying but is there a way to still have both?
What about significantly reducing PoW and significantly increasing PoS to the point that PoS is securing the network?
This would have the benefit of encouraging saving and staking for interest and still nearly everyone with a computer and wallet could continue to participate in magi.
Another plus side to this would be even less energy use with staking compared to cpu mining.
Or... What about PoS on a mobile wallet, is it feasible? If it is, this could become a great asset when combined with MagiPay. Think about it, most everyone has a cell phone now. Wouldn't it be awesome to have the option to be able to do everything 'Magi' with the cell phone and no longer require a pc?
I vote for having both. I can see some adjustment needed to be done to PoW, as I can recall MAGI launched with PoW alone and huge hash going on at that time. There was a change we brought in is difficulty adjustment algo; it has been years, however, I'll double check if it's not been in fast responding to the current situations.
