[ANN] [XMG] MAGI | CPU mining | mPoW | mPoS | [MagiPay] - page 789.

I am excited for all of the upcoming developments!

I agree that the staking reward needs to be increased. Maybe shift some of the coins generated in new blocks from mining to new blocks from staking? I've staked 24/7 for a couple months now and there is pretty much no reward.

Maybe when the mining block reward goes lower due to the hashrate being too high, those coins could be shifted to staking blocks instead?

thats not a good way because how much POS u earn would deepend on luck

thats not the way it should be

to be able attract investors they must have a clear picture of returns

how much POS in what timeframe a clear coin rollout plan and a max amount of coins when it reach ultra low inflation of max 1%

the coin rollout timeframe should be at least 10 years and upwards to that constant decreasing rewards and constant decreasing inflation

most part of new coins should be generated by POS

POW just used as additional security feature with some but no big rewards

thats the best way to keep cpu botnets and non public gpu mininer away of the landscape

POS and "coins needed to generate coins" is the best engine for demand and help to survive the time until real services and apps are existing to give the coin added value

if u want POW as a way to get in for fresh people intact just run other PoM campaigns and fund them with big dev team managed staking wallets

Long rambling opinion: To me it boils down to who you want to pay and how much you want to pay them for maintaining the block chain. If you don't have some type of inflation control on PoS you can run into a run away exponential inflation problem as holders block up their UTXO amounts into really large amounts and funds start doubling and tanking the price. If you give large rewards on a CPU mined PoW coin you can run into issues with botnets, and other large LAN's taking over and playing hogs of the block rewards or people possibly running private GPU miners.

I would look at the average number of coins that have been generated per day over the last few months and leave that value about the same. That way exchange pricing shouldn't be effected too much. I would switch most of the reward to PoS and run PoM campaigns with funding from the dev team managed staking wallets as suggested by cryptonit. The PoS interest rate will need to be increased to mint the same average number of coins per day if the PoW block reward is reduced. I would add inflation controls on PoS so that in the long run we can make a smooth transition from exponential growth to a more sustainable growth rate – somewhat like the universe did during the first few seconds of the big bang. Cheesy

The PoM campaigns should be a good way of dispersing the coins to smaller miners so that funds are not all just dispersed and held by the PoS stakeholders. In this way you can reward your core investors and attract new people as well as keep the price more stable as compared to a higher interest rate PoS coin. I would not put much effort into the PoW algorithm as most things can be cracked with enough time and effort and nothing gets the community frothing more than thinking there are some unfair bulldozing miners out there on botnets and GPU's from what I've seen. Wink

Yes this is more or less what I was suggesting. If the block reward per day was fixed and divided between PoW and PoS blocks on an equilibrium basis, then it would encourage more staking while discouraging very large miners. When the 30-100+ mh/s of GPU miners out there turn on, they take destroy the PoW block reward. But, what if as the PoW block reward goes down, the PoS block rewards increase proportionally. This way, you eliminate unpredictable PoS inflation by getting rid of the interest and replace it with the hybrid PoW/PoS block rewards that rely on some function of the relevant variables.

Think Joe received some great feedback on this subject. He will work on the improvements.
I trust Joe with this and know hè can do genius things. In the mean time promotions continue.
The awesome Magi app will be launched in october.
The picture contest is running.
Magi is looking into some nice ideas for the first Magi birthday. (15-09-2015).
If you have some awesome ideas feel welcome to share them!

111magic

legendary

Activity: 1750

Merit: 1005

Joe can you adjust the OP?
You can copy the one I made and add more info in there if you like. That way people can find the right/current and working links!

joelao95

legendary

Activity: 1190

Merit: 1009

Coin of the Magi!

Quote from: ocminer on August 27, 2015, 05:34:05 PM

Hey guys,

I will be doing some database upgrades on Suprnova's XMG pool https://xmg.suprnova.cc over the weekend because its one of the oldest suprnova pools and I have some performance upgrades.

I've got backups and everything and its just a "normal" upgrade so nothing should go wrong - but you know how it is, the easiest things sometimes fail and some data could get lost.

So just to be safe, it would be cool if you could withdraw all your remaining balances from the pool.

No breaks or downtimes will occur - you can safely mine own, its just a backend thing with the shares & shares archive table.

Thanks !

Thanks for updates.

joelao95

legendary

Activity: 1190

Merit: 1009

Coin of the Magi!

Quote from: goldlabel on August 27, 2015, 01:28:14 PM

It's very cool, like it much.

Topic: [ANN] [XMG] MAGI | CPU mining | mPoW | mPoS | [MagiPay] - page 789. (Read 2375972 times)