Topic: [ANN] [XMG] MAGI | CPU mining | mPoW | mPoS | [MagiPay] - page 731. (Read 2375995 times)

That's right The Frisian. From what exchange did you received that message?

Already waiting for 10 hours :

I apologize for the inconvenience this may have caused you. We are experiencing a delay when it comes
to processing BTC transactions especially with withdrawal requests. Our technical support team is already
aware of the issue and is currently working on a fix. We appreciate your patience as we get the coins moving
to you. Thank you kindly for your patience and understanding.

 
This is the real problem for accepting crypto as real money.

Really nice posts everyone!  I agree that a quick and easy fix is going to full PoS and could buy some time to come up with other possibilities.  Bumping up the PoS rate to 15% or even 20% would be good imho - I've always been thinking that it should be higher.  With a lower number of coins out there I think we have room for growth and having a reasonably high PoS rate should help provide more volume on exchanges.

Right now on average we are producing 9.5 coins per PoW block so maybe 9.5 x 480 = 4560 new PoW coins plus PoS coins at .04 * 3307977 / 365 = 362 new coins per day.  (This is when the coin is not being molested by big miners) Jumping to as high as even 50% PoS would make only 4531 new coins per day and this would be less than what we are making now.  I've seen a lot of low interest rate PoS only coins come and go so there is a danger that if people turn to just holding their coins or find it uninteresting the market won't do so well.  (Is my math right?)

I would recommend adding a block reward cap to to limit inflation if we go higher on the rate.  Maybe a 5 coin cap so that at most 1440 x 5 = 7200 new coins can be created daily.  With the other features of PoS II I think this will work nice.  Without a cap at a higher rate the inflation may get out of control.  We can always focus efforts in a giveaway based on community donations if we want to do more to attract newer community members.  I'm glad people are talking this over, these kinds of decisions are important to the coins future and difficult to figure out - I'd recommend doing some type of vote to see how people feel about changing things.

Thanks for the trust and nice words Redrover.
Good to read the ideas from Lightsplasher, tittiecoiner, fragilefungi and you.
Because Iam not a coder just a marketing man the next question might be stupid.
But I think I can ask it here. Is there an option to improve Magi with higher PoS reward and PoW reward what only will generate coins with low hashrate. So I mean the unique blockreward will adjust to each miner. Like a intelligence blockreward system. If something like that could be done Magi has the advantage from PoS and the fun with mining without wasting electricity. In this case the intelligence blockreward system must be able to check the hashrate the miner uses. If it's too high it will block the miner from receiving coins.
Or is it too early for this kind of development?

I must say all posts are appreciated; bit running out of time, must catch up some sleep for early morning tomorrow, bit tough days. ill make some replies/thoughts to the prior posts I haven't yet, but I guess we've spoken many and people wait for fixes. The situation is very much clear to me; my posts seem to reiterate the idea that was there. I guess you all are clear of that. I am running my some own stuffs and have to make it over. This is something.  @Lightsplasher, the post is likely a solution but the actual happening might bring up some other issues, btw the future view on the value is interesting, the issue then is yes but could be likely no (there exists an equilibrium state that is maintained by the number of miners, which is in turn affected by the coin value), I'll post some thoughts.

Thanks for that friend, but I am neither genius, nor smart. )

It's ok tittiecoiner. No worries you opinion is welcome here and its good to read some feedback. Indeed sometimes words from one person can be read different by the other person.
You don't have to be silence. Keep sharing your ideas with us. It can help to make Magi stronger and gives good ideas for solutions.

This is actually what's happening right now. But yes here is more or less an issue with reward adjustment.


The ideal adjustment should be done in a much nice way, and this is exactly where we should make a fix at. For example, whenever a big miner comes in, the reward goes down, and back to normal when he is leaving. Lowering the maximum XMG rewards would make frustration to the big miner, but to all others as well; the consequence will take place throughout at this time I can imagine. The issue is all about people mining with less number of coins generated that causes miners leaving until a new equilibrium is created. 

You're doing good job, mate, bring us Cryptsy, the first thing I'd say, and there are many many others, it's very hard for me to make the list.

No, no, you were wrong, I have enjoyed reading your posts, and appreciate the idea; and I believed others too.

And you don't have to, really.


You guys may have a misunderstanding to each other; what I can see is that each one has tried to come up with an idea or to help magi out in the way he is comfortable with. One must have a sort of way of talking / doing things; I guess this is all about.

You're a good guy and doing a good job, no doubt about that.  Maybe my words were a bit too harsh.
It seems you got me wrong. I don't mean your job or actions are nonsense.
I was talking about the fact that most requests or problems, probably as you don't know what to say, how to help, you just always state how great coin and the community are. True, but that doesn't solve the problems. Magi is a very interesting project and it's sad to see that newer coins with shady people behind it, have a more significant progress than Magi. Also I mentioned that I think it's time for the next step. So instead of only starting one giveaway after the next, investing time in tasks like getting more merchants, increasing the trading volume, trying to solve real world problems in regards of payment processing and so on. But as goldlabel said, it's better for me to be silent and trying to help other coins whose communities appreciate critical thoughts and thinking outside the box.

We have already been in touch in the past, check your message history. So you know I'm not a newbie in the crypto scene and have worked for an other coin. Next to an other coin I only hold my XMG, I usually sell all the coins I mined with my mining hardware. So probably it's not pure bullshit I'm telling. But TBH, I'm a bit shocked that critical thoughts are not wanted by this community (or is it only because of me).

My credo is: A coin is worth nothing without a real purpose, people that use it. And if you don't find companies accepting it for payments, start building your own eco system. Even if only the coins' community will use it at the beginning, the more users it has, the more attention it will get and more and more people will follow.

What are the problems companies have when receiving customer payments via Credit Card, Bank Wire, Paypal, Amazon Payments, Western Union and so on? And what can we do / Magi provide to solve those problems? I've worked for an adult related coin and asked the same questions, started working on solutions and contacted business owners. Nearly all of them were not interested as not even accepting Bitcoin made them so much more sales as they expected. What does that mean? I think there are several ways to answer this question. Just something to think about.

If you feel attacked, pissed off or unappreciated, I apologize, that wasn't my intention. Just a different point of view and some ideas to think about. From now on I will remain silent and go on mining, holding and enjoying the giveaways. Peace!

Awesome, I couldn't agree more. You made a short summary of what I was trying to point out but did't find the words like you. Where's the like button? 

I agree with Lightsplasher and tittiecoiner here.  In just the last few days we've seen nearly the entire block rewards vanish and or go to one large miner, at this point that large miner is single handedly controlling the coin rewards, that day has already come and we really should do something to fix it.

I really like the idea of greatly reducing PoW rewards and adding merged mining - and increasing PoS interest - that is very interesting to me and would be my choice of fixing this issue but undoubtedly this is a complex change to implement so let me bring up what I think is probably easier to do first.

The simplest solution I know of is to switch to full PoS right now and increase the interest rate to about 15% yearly to start.  The interest rate has to be high enough to make it worthwhile to invest in and save while also offsetting the potential mining loss that might have occurred.  I'll list the pros and cons as I see them.

Pros
1  Green!  Way more energy efficient, no more wasting electricity, just run your wallet once in a while.
2  More fair way of earning coins: rather than competing with large miners or bot farms, and using even more energy in the process, you now earn an equal percentage as everyone else based on your own balance.
3  This encourages holding and saving coins in your wallet, this can also be looked at as a con because some people will not spend their coins.  Maybe this increases demand?

Cons
1  No more mining which is a fun hobby for many people.  Suggestion, mine another coin and buy more XMG.  Win-Win!
2  PoS encourages saving and holding coins which might equal less trading and spending in commerce, then again, it might just increase demand while we fill our wallets.
3  More difficult for a newcomer to get into XMG because they would need to buy coins to get started.  This can be fixed with promotions, giveaways, better faucets, and let Magic111 do his thing!  This can be turned into a Pro very easily with the right marketing and ease of use!

Security - This is neither a Pro or Con with the current system as it is.  Hybrid PoW/Pos or full PoS are both secure when implemented correctly.  There are many pure PoS coins out there that are working as intended.

Assuming we did make this change, we then can focus more effort on expanding and adding new features and merchants without the fear of losing mining profits.  I mean, can you imagine a Magic111 unleashed to spread the wealth even more than he already is, that would be fun to watch!

Either way, we have a major problem right now and we need to fix it asap!  Waiting or having patience will not make this go away, it will get worse, so let’s fix it now!

Really, all you wanna do is just to celebrate yourself? Plz read again what I wrote, the whole post. It seems you did't understand my intention and arguments.
I can't believe you don't accept any criticism and different points of view. Count the posts of the whole thread, how many posts are nothing more than "magi is great, community is great". Don't get me wrong, I didn't say this isn't true!!

What I said is that a coin needs more than mining, sitting on the coins and starting one giveaway after the next. Where is the demand, the volume on exchanges? Where are the merchants? Where is the real world use? What if someone wants to hurt the system and pushes some huge hasrate onto the network for weeks to make miners leave? You really want to ignore those thoughts and just continue celebrating?

Furthermore I didn't say that magic111 is doing a poor job. I'm following Magi for nearly one year, so I'm not new to it. magic did a great job to keep this thread alive, growing the community, spreading the word.


It's not my job to develop tools or to get merchants. That's the job of the Dev team. My part is to mine (no matter if the reward is 20 or 0.1) and sell or hold the coins. Next to this I was trying to give some input, a different point of view, pointing out problems that might occur in future. That's what I can do. If you think that's wrong, it's not my problem.


It is not? You think Magi should remain where it currently is? Wow, in this case I'm glad you are not responsible for the business development of Magi.

No doubt about that, I never said something else. But is the purpose of Magi only to have a big community?
I always thought it should be something else than 99% of the other existing altcoins that are only used to make holders rich, being used for p&d.
Where are the other team members who aquire merchants, develop tools for the average Joe (like Spexx, I miss him) and create an own eco system around the coin?


To be honest, a friend of mine is working on a shop with several altcoins included as payment option in order to give those coins a real purpose, allowing holders to spend their coins for items, generating volume and getting more attention. He asked me if Magi is a coin that's worth to include. I was sure it is. But your reply makes me think that I'm probably wrong with that opinion. Maybe I'm also wrong here as it seems criticism and other aspects next to celebrating is not wanted in this community.

That's one of the points I mentioned. You can't do that manually in the long run, it needs to be done automatically.

100% agree. The question is, if this not really decentralized idea suits to the plans of Magi and the Developer.

Sounds interesting and is an idea to think about.

Good to see I'm not the only one trying to warn about this possible scenario. Even if some guys here think I'm an idiot for pointing out such kind of problems, they can and probably will appear. Bitcoin is a good example: Huge chinese farms invested tons of money and more or less control a big part of the mining process. What if manufacturer A starts mining with a new, more efficient farm and starts a 51% attack? Don't forget: It's more or less money, you're playing with. People around the world have been cheaten in different ways and want a secure payment system to use/invest in. You're competing with Credit Card processors, Paypal, Banks and so on. Their systems can be cheaten, too. But they invested a lot of money to secure them and have the manpower to fix bugs immediately. Imagine Mastercard would say: Sorry, your incoming payment can't be processed until we've switched over to a new algo or something like this.

If you are looking for another way to ensure PoW won't stop due to miners leaving: Make it merge mineable with another coin. This way no one cares about the reward as mines are getting those coins "on top" of the other coin(s) they are mining. Just a thought...

Again: That's no attack on the Developer, he did a good job and started an interesting coin with a totally different approach. Just thinking about future problems. If this awesome community doesn't appreciate it, prefers to wait for problems until they occur, it's ok for me, too.

Here's the socialized, partially centralized solution, are you ready comrades?

Is it possible to fix the PoW block reward at perhaps 5 xmg and pay it out to only one address in the network, no matter which miner finds it?  Then using an advanced form of PoM rewards we can then pay out miners with equal amounts from funds in this address.

Each miner having at least 2000 XMG could register their address and use it for mining.  PoM payments could automatically go out evenly each day to all miners with at least this minimum balance and a consistent 24 hour hash rate.

Having a certain amount of XMG (2000?) at an address that gets the PoM payments is needed so that people who are not supporting the coin through saving value can't register multiple miners for PoM payments.

In this way the total net hashrate can do whatever it wants and there is no economic incentive for a single person with a overpoweringly large hashrate to take all the PoW block rewards.

Whatever algorithm is used to distribute the funds should be open source so that the community can verify that the funds are being distributed properly among the addresses that are registered and providing hashrate.  (Maybe modified pool software?) I'm not sure how workable this is or if people even think it is worth trying?

In the long run I feel we need to gradually decrease the PoW block reward and go full PoS.  (I thought this was the original plan)  This will reduce potential issues.  The way things stand right now can you imagine the problem that would happen if XMG was worth $500 a coin?  A large hash rate miner can take almost the entire PoW block rewards for themselves - as a guess maybe over 400 or 500 xmg in a day?  (The low PoS rate by comparison generates maybe one or two XMG per day for large holders.)  That kind of potential would cause many investors and business some issues and I think it is best we do something about it before the coin gets more valuable.  Kudos to people for pointing this out by the way, if there is a problem with the system we should address it, even though it is difficult.

Thanks for the 0% fee !

hey guys,

i like this community and the MAGI coin, i'm here more than a year now and i will stay here a lot more years

do what you know is best for the coin Magic, i do believe Joelao wil find a solution.

greatings

xms

Magi Community Member

I think the odroid is even better than the banana pi, I am looking at getting one.  People who have them tell me they like them a lot better than the pi.  http://www.hardkernel.com/main/main.php

I had to think a while about your post.
I appreciate your opinion and feedback.
I also do understand you are not trying to fud.
Yes Magi indeed have a great community. (Almost 600 pages and no fud but friendly people who are helping eachother and Magi)
and Joe did indeed put forward solutions. (Maybe you missed those posts)
But some improvements have adverse effects and thats is something Magi has to check very good!
Iam not a coder but a marketing man. So maybe you opinion might be difference if you know this.
My job is working on new campaigns, contacting exchanges, other social media, find new investors and promote Magi in different ways.
Hope that no nonsense!
Tell me your ideas about making Magi more robust agains hashpower attacks, generating volume and spreading the word.
Its always good to listen to different opinions!

I dont agree with you, wat magic does is also a way there r difrerent ways to do thing and his way is one of them and for so far i read you did attack hime and if you think you know a other way to make this great coin greater do  something about it and stop saying its time for the next step.
This communitie is so big coz magic is doing what he does.