Topic: [ANN] [XMG] MAGI | CPU mining | mPoW | mPoS | [MagiPay] - page 732. (Read 2375995 times)

I think the easiest solution to the high hash rate problem is to lower the PoW reward.  I think the biggest problem right now is that hashrate goes down for a couple days before the big miner comes back on, and then they find a bunch of blocks in a row and get a lot of coins.  If the reward never went up so high, there would be less incentive to hitting it with super high hashrate.  Maybe the PoW reward should vary between 0.5 XMG and 5 XMG.  I have seen it go above 20 XMG and that is just too high.  Lowering the PoW rewards will stabilize the price and give those staking more incentive to hold.  Small miners with old cpus can be rewarded through a new PoM campaign that requires miners to hold a minimum of 1000 XMG in their own wallet to qualify.

thats another great gift from the guys who supported it, people should start to notice that this team is something different from the rest

from what i'm seeing, more people are joining on that pool, hell, i want a pi to

I'd like to say that the first MAGI Coin pool on a RaspberryPi has been opened, with 0% FEE.

Supported by the developers of the coin!

Join us @ https://magipi DOT tk/

aaannnnddd those type of things ( as i always said ) must be mentioned at the translated ANN threads , so spanish thread done

also some others forum have been updated too.

AWESOME, since there is lot of people who will be interested on it, good job guys!!

Thanks. I'd like to point out that I don't want to spread FUD or attack someone. I just mean it's a bit too much partying although not much has been happened so far (next to creating a coin and growing a community). It's time for the next steps.

I must admit I highly agree with you, well said sir!

Well spoken.
There are a lot of coins out there, most have no real purpose, are only used for mining and trading (p&d). Only a few ones really work hard, together with their community, to give their project a real purpose: Using it in the real world as an alternative payment solution.
But in order to provide a secure, unexpensive and fast worldwide payment solution, potential problems needs to be prevented as much as possible.
No customer or merchant will deal with a coin that i.e. stops processing transactions as some stupid kids plays with an ASIC or a GPU miner developer tries to make some profit selling his custom code.

If you want to succeed, you need to be aware that there are 2 point of views:
- people experienced with cryptos (miners, "investors", traders, exchanges,...)
- people who have never heard of Bitcoin or crypto in general

A business owner mostly is not interested in dealing with wallets, mining tools, pump and dump and what else we, "crypto nerds" are used to deal with.
They simply want a robust and easy to use payment option to reach a new audience and receive their customer payments without high fees, chargebacks and currency conversion loss.

@111magic
I really appreciate your efforts, you keep the community alive and try to spread the word!
BUT: in nearly each of your posts, your solution to all problems and questions is:
"The Magi community is awesome, our developer is a genius and will find solutions to solve all problems, Magi will be the be a success, lets start another giveaway."

Sorry Dude, but serously spoken, stop that nonsense. Magi is an interesting coin, your Dev seems to be a honest guy with good ideas and a lot of knowledge. But as he has stated several times, he currently doesn't have a solution for the current problems and needs input and ideas from the community (which is totally legit!).

So instead celebrating the community and coin in each post, you/we all should start thinking about how to make Magi more robust against big hashpower attacks. Start generating volume on exchanges instead of telling the people to sit on their coins to gain more attention and to generate a stable price(although I need to mention that the price of XMG is very stable, compared to most other coins).

For example, have a look at Dogecoin. There's no real spread, you need some funds to move the price considerably, so this helps to keep the price at a more or less stable rate (mostly between 40 and 50 satoshi on average). That helps merchants to reduce risk to lose money and makes a coin more interesting for them.

Just my 2 satoshi, some points to think about.

That's right amigo! Miners spread the hashrate!

it is as simple as telling the miners to read the ann-thread and ask if they don't understand...
but we are in crypto, the "we" isn't what comes first. "I" is what happens.
if you are able to manage to spread all hashpower over the pools, you are also able to tell everyone, that it is a double-win when everybody reduces their hashrate to achieve the optimal output.


@joelao95
"kill" was a bit... hard spoken, but over time it will happen, without changing something.

what we need is something like a calculation of unique hashpower-relation to coin-creation.
means:
if someone (or a pool) comes with high hashing power and solves the block, the reward should be low.
but this is impossible to realize...

Simple solution is to spread hashrate amongst all pools!

We're in need of some hashrate while some other pools have too much hashrate, spread some towards www.SuchPool.pw/xmg

Thanks!

I agree with you guys too. If we think of the situation further, it is complicated and the problem could be contradicted one to another. In a simple word, it is because magi intends to stay at low hashrate that makes chances for single person to plugin such a miner. According to prior discussions, I am not yet to see a chance to make simple algo switch to disable a super hashrate miner; for example, what if he owns a CPU mining farm, then there is no way to get rid of it with whatever algos. We could go for huge amount hashrate allowed by the network, like the bitcoin and then the hash of the current one is trivial; but I don't think this would be good to go.

Of course he could mine with GPU or FPGA too as people talked earlier. Certainly I'd like to work on this situation in whatever approaches we can take to deal with it, allow me some time to take serious look at it, but I've learned that this isn't that easy to make changes that disable them at all. But wait if one takes miners leaving as a killing (surely it sounds like very disappointing situation), that might be too earlier to say about that. Well this needs a must work.

Now that's awesome! Never thought you could set up a pool on a Raspberry Pi. I would love to set up my own multipool someday. Also, I can’t wait for the Android wallet app release. It is going to be great. 

Understand amigo. It's good to know!

The conversion from dollar to Brazilian currency is 3.70:1 and it's not cheap to import because of the taxes.

Just for curiosity the minimal salary here is about 0.5 BTC

Maby The banana pi is better, its btw cheaper and better then the raspberry pi

We need to have 135 likes more to gave those 300 xmg`s away and then go on to the next step for 1000 xmg`s
So if you didnt like yet go to https://www.facebook.com/CoinMagi/ and like us

Are those very expensive in Brazil?
What is a normal price for a Pi?
http://imgur.com/EdBc2ae

I almost bought one, but I gave up, it is to expensive in Brazil

Somebody mining with PI here already?
All works ok?

Nice TonySon thanks for voting!