Topic: [ANN] [XMG] MAGI | CPU mining | mPoW | mPoS | [MagiPay] - page 636. (Read 2376030 times)

Awesome 111magic, looking forward to POI4. I'm sure that will have a positive impact on the price and markets.

https://twitter.com/Coin_Magi_XMG/status/770110525745291265

 

Looks like there is a standoff at the minute - the main sell support is at 3700 and the main buy support is at 1700 with little coin available in between. people have been unwilling to sell or buy. The price has broken the 2900 barrier overnight, so looks to me like the price is dropping due to lack of support - however there are (currently) no bears active on the market pushing the price down so it will likely take a little longer to reach a lower level before a possible rise again.  It will only take 10k XMG to push the price down to 2200. I suspect the sell support levels may drop too - but things are often crazy in the crypto world. Lets see what happens.

Waiting for price to drop...

Seems like no buying volume though. Do you think that is a problem?

Magi likes to grow step by step. No rush but long-term.
If a currency raises fast the risk might be a huge drop.
Think it would be good for Magi to have more managers.
In fact everybody in our awesome Magi community is a sort of manager. If more people work together the better the results.

what about poloniex. Why price is still 3k , what you are doing wrong , mavbe you need good manager like krypton , who did price from 2k till 30k

Dev can you say something about XMG  , what you will do next  _ after new wallet

@starmman - the specifics do vary from coin to coin so if you are staking other coins, you need to know what their specific coin weight and POS staking rules are and go by those guidelines.  Magi is the one coin I know of that reduces weight in a very short time requiring us to take action after just a few days (5-6).  Experimenting and learning all the ins and outs is part of the fun right?

Thanks for that. I didn't notice the coin control option before. I'll give this a go, as when I tried in the past I started losing weight. I'll do some research on the coin control topic. I thought it was just something perticular about Magi =) Learning more every day

Yes indeed. Joe can you look into the above ideas?

Might be. Good news is Magi (XMG) stays on Poloniex.
Think the drop is ok. Few weeks ago value XMG was +- 2K Satoshi. So looks very good!

XMG dropped to 3K satoshi now, big drop from 4.2K. i wonder if it has to do with the delisting of many coins for no reason on poloniex

Several people have suggested or requested that the staking interest be increased and a while back Joe acknowledged this and I think said he will be looking into it, (or I dreamed it and it is wishful thinking) 
Joe has made it clear in the past that he favors mining over staking and that's how he set it all up to begin with.

I think now would be a good time to give people a reason to accumulate xmg - one way to do that is to increase the staking rewards (a lot) - kind of like how banks 'used' to pay us to save money, somehow that way of thinking has disappeared.

Another way is via the POI campaigns but this is only short term and actually benefits exchange trading more than the people staking.

It's complicated, you make a change in one place and it affects things in other areas but I do hope the next update will reward the holders of magi by increasing the interest rate from less than 1% to a more incentivizing rate of return of around 5-10%.  Who knows?  Joe already surprised us with a new wallet that can automatically manage our block sizes which is awesome!  In the meantime, the profits are on the exchanges.

You can send the coins back to yourself (the same address) or create a new address in the same wallet if you like, remember to make a new backup if you create a new address.
Choose the oldest coins via coin control - enable this via settings, options, display - check the box to display coin control features.
After this is enabled, you have new info in the Send tab, click Inputs, then List mode, and sort by confirmations and you will have the oldest coins at the top.  Any blocks with more than about 7000 confirmations would be considered old and are most likely losing weight.

Using coin control, you can now bundle the exact blocks of coins of your choice and send them back to yourself, this is also how you bundle tiny amounts into one larger block of coins that will be ready to stake within a day.

There are many tutorials on using coin control, even a few in this thread that will explain it more in depth.  It's a great tool for managing your wallet.

@cryptonit - yes this is an alarm signal when 30k of coins is not really cost effective to stake due to the very low interest rate.  There is not much incentive to keep the wallet running 24/7 and securing the network at these rates and lately (the last 2 weeks) some big miners have completely messed up the mining rewards again, and this has also hurt staking even more due to the difficulty swings.

Right now, the best way to 'profit' with magi is buying and selling the market swings, unfortunately you can't do that and stake the coins at the same time unless you don't mind moving coins quite often.  On the plus side, moving coins on and off the exchanges is fast.

The latest wallet from Joe is a HUGE time saver for those of us who are staking and were using coin control every single day to manage the wallet.  Now we have an automatic solution via the config file that maintains the block sizes for us and we only really need to use coin control now to initially setup our block sizes and for combining small amounts from mining rewards.

Is Joe working on improvements for that? Might missed that during the holidays!

this is a alarm signal as i stated before
the incentive to contribute to network and have a 24/7 active wallet
is not provided by POS the way its set up now

Interesting, looks like a big chunk of the buy wall has been taken out. It was 7BTC last time I checked - now it is down to about 1.5BTC.

Thanks for that Redrover - I'm getting nowhere near as much though staking but I dont send my coins back to myself.
Do you have to send to a different address to regain the weight?
How can you ensure that you send the older coins (or is this automatic)?
Cheers

I could be wrong on this but what I've seen, it makes no difference if you leave the wallet open 24/7 or just open it once every day or two and let all of the coins stake before you close the wallet, as long as you are using coin control (old wallet) and/or have the config file setup in the new wallet to maintain your block sizes around 1200 - 2500 then it becomes automagic. 

At current rates, we aren't getting rich via staking.  I'd estimate that a stack of 2000 xmg in one block stakes an average 1/2 a coin every 1-2 days but this fluctuates so it's difficult to put an exact number to it.
In my wallet, I keep the blocks close to 1400 per and they stake almost once every day and each block will generate anywhere from 0.1 - 0.3 xmg in stake "almost daily" so it's not a lot but it is consistent when you maintain the block sizes.  I open the wallet before I go to bed and close it when I get up, this has been working great especially with the new wallet and the config file.

One other thing to keep in mind, the staking sweetspot, if I'm not mistaken, is less than 6 days before you start losing weight.  Once your coins get to approximately 6 days and have not staked, you might as well just resend them back to yourself and start the timer over again.  I don't think I've seen a single block ever stake in my wallet that was older than 6 days but then again, I've used coin control to manage my block sizes since I started collecting magi.