Topic: [ANN] [XMG] MAGI | CPU mining | mPoW | mPoS | [MagiPay] - page 818. (Read 2375972 times)

Ha, something strange just happened over at my pool. The number of workers went from 88 -> 16 -> 86 in the space of a minute. But no other pool stats change! 70 odd 'active' works doing nothing? What gives?

I'm in your range amigo 

The XMG price is really bouncy - for a few days now there has been a cycle of buying in the high 5xxxs and selling in the mid to high 6xxxs .. surprisingly easy to do

On another note, I'm seeing a lot of panicky buying and selling of all currencies not just XMG.. people don't seem to realise if they don't lower their ASK prices then anyone who wants to buy in will either have to match that or put in a BUY someone can't refuse. However all I'm seeing is BUY and ASK values bouncing everywhere.. possibly as part of trade bots 'making' the market or people jostling with each other to put their order ahead of the others.. 

And I am waitng till bitcoin would cost 500+ 
I've bought at 700 )

Lol thats nice Spexx! Wish I did that also!

Talking about Bitcoin ... I couldn't resist selling some today. I bought a shed load at around $180 in February Oops - January - when it hit the floor.

Kerching

Good words K1lo and Spexx.
With the raise of btc the value of Magi (XMG) remains
stable compared with $. Even a little raise!
https://www.coingecko.com/en/coins/magi

That is a very good point. There have been a few days recently when I have made more XMG by staking than by mining and there is an awful lot of XMG for sale right now.

Hopefully, the bulldozers will simply tire of it and go elsewhere, because they cannot win. The community is too strong and we will resist the attempts to muscle-in.

There are plans afoot to improve our public image too, but these things take time. Keep the faith.

I really feel for Spexx and the others on this thread - the number of times I have seen this graph presented and the same questions answered again and again must be driving some of you to distraction. On a side note, I really feel we need to improve the http://coinmagi.org/ site to host this information. I really don't feel as it stands that it's a good reference point in terms of content and the way it is organised. That way it would be much easier for Spexx or the others who answer these questions to point to a link with this graph and a clear concise description and it might edumacate others (bulldowzers) who don't hang around here.

On a separate note, rewards are hash rate limited, but rather than having the global hashrate being distributed amoung a large number of CPUs each getting a fair and MAGI-cal payout, now with these GPU miners very few people can effectively muscle out everyone else. What if their plan is to frustrate all the CPU guys away at the short term expense of their ROI? We end up with a war of attrition between people scrapping for control over the generation of XMG with no-one benefiting from it.

I think a good option is to buy XMG while it is cheap because if the coin sees traction in the future it's only going to get harder and harder to mine. On this note, it's trading below 6000 on bittrex today - total bargain!

Quite so. This is what makes Coin of the Magi so unique and why I love it so much. It is the only coin that addresses the excessive energy wasted by mining activities. The energy wasted in Bitcoin mining for example has reached stupid proportions and it would not surprise me at all if the people making the most money out of it were a) ASIC manufacturers and b) electricity companies.

Mining XMG is not an arms race like all the others, in fact it is the complete opposite. When we work together to keep the total hashrate under control, the rewards are there to be had. If we just bulldoze at it, there's nothing. Flippin' genius if you ask me.

This is starting to get really funny.

Thanks for clearing that Spexx.
As I mentioned before the mindset for mining XMG is different than the mindset for mining btc or other coins.
It will take some time before all people will see that.

Lahlor I will try to contact them!

Sorry but that is simply not true. It doesn't matter what or how many devices are used for mining. As we can see, if too much hashrate is thrown at the blockchain the rewards just sink to near zero. A CPU farm or a GPU miner would have exactly the same effect. An army of Raspberry Pi would have exactly the same effect. The graph says it all.

Indeed it would be better to use XMG multipool.
If they mine the right coin there the results for collecting XMG would be higher!

If there are some GPU's running on the XMG network, there's no way the price remains like that. It should increase. And btw if there is a GPU miner, this coin is practically dead for CPU miners.

I am quite sure that they are making very little XMG out of it. Just do the math.

It is just utterly stupid when they could mine another algo on the XMG Multipool and get paid well in XMG - far more than by hashing away at the XMG blockchain. Some people are just total smegheads (ahh there's one I forgot).

Edit: Incidentally, the XMG nethashrate is not an accurate figure.

I'm sure that's exactly what they're doing. And I'm sure they are making plenty of XMG for themselves while they do it.

Exactly, I really don't understand why they are doing it except to be malicious. Perhaps they are trying to muscle in when the difficulty is low and bailing out once it becomes untenable. Not sure if they could get any meaningful reward for this type of mining though...

EDIT: and just like that it's up to 100Mh/s again ... *head meet desk*
EDIT2: 120 Mh/s ... *siiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiigh*

I knew I had missed one out

I have resisted the temptation to sink into the vernacular ... for now.

Oh well. I suppose that it just makes XMG more rare and precious then. It rather makes me laugh, thinking about all the energy they are expending, confirming all the transactions for us and getting bugger-all return. More fool them.

I don't know the admin of Maxminers. How about the community writing to them? Don't just leave it to the team members folks.

Can someone of the Magi Team talk to admin to limit his hashrate or block new registration? It should be possible to identify the miner who is using GPU or whatever. We should try to talk to them. Or delete the maxminer pool of all comments and sites.
By the way can someone put my pool on the first site below the pool subject and update the links to the secon PoM?

cheers