Topic: [XMG] Coin Magi swap discussion thread (Read 4030 times)

Where do you fit in?

Exactly what I said would happen, and another reason I said the the valuation of current coin prices to get to the 16:1 ratio was RIDICULOUS!  You evaluated the current coin values right after the new magi hit the exchanges, when the coin's value would be at its highest for many months to come.  It is now doing what ALL coins do after first launching, dropping and dropping and dropping. 

When do we get the rest of our coins from the swap?!?!?  We are continuing to lose more and more everyday!  I am so fucking pissed I supported this god damn coin at all........

I didn't respond to your post brother, because I feel it was pointless and I don't want to interrupt this thread just repeating what I have already said.....what is going to be done will be done, whether I agree with it or like it!  I have already answered your question multiple times about "why not 1:16", for the record NEVER have I said or even felt that it should be a 1:1 ratio so I am not sure where your related comments to this are coming from.

Here is my answer to your question again since it seems you don't feel I have answered it.

There was already a debate about the swap, it went on for several days I believe......honestly I stayed out of this debate as I was cool with whatever was decided and was having a hard time keeping up with the discussions here as they had gone to a technical level I simply could not follow.  The decision was made and was PUBLICLY announced that it would be a 4:1 ratio, the swap was opened with this information released.......so I sent in my coins, essentially agreeing to those terms right?! 

Then AFTER sending in my coins the terms were changed, there was an agreement created......likely legally binding if someone wanted to pursue as it was stated to the public and old coins were accepted under this agreement.  You guys are aware that verbal contracts are in fact legally binding in most cases right, this was in writing and publicly announced so I am pretty confident that legally this could be enforced, however not my cup of tea!  This is WRONG no matter how you shake a stick at it or compare apples to oranges with the new and the old coin, an agreement was broken after the terms were being executed.  I don't understand how this is not a problem for anyone else here, or how everyone can just be ok with an agreement being made and then broken after their coins were accepted under the previous terms!

I have made it NO secret that I am an investor in this coin and am in crypto to make money, yes I enjoy partaking and watching this amazing technology grow but this is business to me and this was one of my precious holdings that I put forth quite a bit of resources to SUPPORT and INVEST in.  I was able to mine the first coin, the new coin has just sucked my time away trying to even understand how to mine the damn thing so I just gave up.  This leaves me with only what I collected from my previous efforts.

Let me make this clear, if I had sent in my coins under the agreement that I would be receiving a 16:1 ratio I would likely have had nothing to complain about.  This has become an issue of trust and lost investments and wasted resources for me, it has also become VERY VERY obvious new investors are being HIGHLY favored over this project's EARLIEST investors.....a really stupid business decision if you ask me!  Am I wrong about this, I don't think so......the dev openly and publicly admitted that one!!  While it's true this project would not be where it is at without the new investors and supporters, the same holds even truer for those that supported it when things were worse and interest was almost non existent!!

I have stated remembering many times seeing just a very small handful of people mining Magi (I believe numerous times I was the ONLY person mining Magi!)......I was one of them that kept mining and kept the coin and blockchain moving when nobody else gave a shit about this coin......now we get put on the bottom of the list to make way for people that are now interested in this coin.......why?  Money and greed, new investors want their fucking coins to be worth more by lessening what previous investors EARNED.......what's the difference I ask you, I also am trying to protect MY investments.  A 4:1 swap was in FACT fair to both parties and showed concern for both new AND old investors.......a 16:1 is in support of only new investors!

I am NOT the type of person to like these kinds of back and forth disagreements, I feel like the fudster in this thread and I fucking hate it!!  All I did was try and speak my mind in a respectful and HONEST way, I felt completely wronged and lied to and spoke my mind.  It is obvious that I am the minority here and since I am not the type of person who enjoys this kind debate or being around negativity I have let it go (hence me not responding directly to you.....I didn't want to be labeled as the fudster and that was surely coming....i also felt I had shared my peace and there was no point in continuing), what will be will be......I have no interest to pursue these discussions or really support this project anymore.  I will take the 16:1 swap ratio and leave it at that, however it IS wrong and will forever be WRONG the way this went down and for me personally will forever tarnish my outlook on this coin and project.  I suspect these talks will also make others question the trust in this team.  I would hope however that with these new terms, we no longer have to wait 5 months to get our coins.......if we are to take such a huge loss with the original agreement being broken, I would expect our coins to be sent in full immediately.

JIM, you didn't respond to my post and you call out the reason I asked you why not 1:16? Because regardless of what was said, the swap only makes sense on the redeeming ratio, does it not? If you are redeeming 1:4 then you don't care what the price is on XMG, you only care that you can redeem huge amounts at the market giving unfair advantages. I'm just being real here with you.

The way I see the swap, it was way to build on top a new foundation of Magi instead of the OLD Magic, and which is why there was a swap. Am I wrong guys?  I don't see it as a plead to investors.  If I knew this was an investment for 1:1 based on if the magi markets both (old and new) matched the same price 0.02 USD then yes, your theory makes sense for ratio to be 1:1.  If that was the case, in my mind, I'll buy EVERYTHING and ask for 1:1 and i'll be ahead 1000% while others on the network are far behind me. See my point?

What you are asking Jim is not possible based on the circulation and market differences.  I'm not going to point you in one direction or the other.  The reason for the swap, in my eyes, was not about $$$ it was about keep the old magi users invested for the future in the NEW magi. If they wanted to, they certainly didn't have to tell us about it and made XMG anyways, so I feel fortunate I was around for all of this, even with a 1:16, I'm pretty darn satisfied what this can do in the future.

just my 2 cents

i feel you here IMJIM but what is the use of swapping 1:4 when your investment plummet to 100 sat?  I have 150k+ old magicoin but i trust the boards decision on this, rather have a few coins with higher value than tons of it at its 1 satoshi.  Hope you see the point there. Actually at first i was like 1:16 that's crazy but i see how XMG price drag down after the coins wap hope you observed the market too.  Anyway still i dont want to persuade you or whatever, just being rational here.  Quantity or Quality? that's the question here.

I think you are right with this statement, new investors are going to think twice about trusting a project that appears to be screwing their original investors.  You made a public statement saying you would do the swap at a 4:1 then AFTER taking people's coins change that to 16:1........how the hell is anyone gonna trust a project that does that?!

All I have heard is ridiculous replies to this issue, comparing current prices and justifying the numbers with this data.  Well of course the original coin's value is crap (it got dropped) and the new coin is not, as with ALL new coins its initial value is high and will certainly drop before going up.  People see foolish decisions and breaking of words, of course this will turn away MANY new investors! 

Keep hearing the same question over and over with different wording, "Explain why not 16? "........because it was publicly announced that the swap ratio would be 4:1 prior to accepting people's coins, plain and simple.....need there be any more reasons than a "public announcement stating this fact".  You have made yourselves out to be liars and untrustworthy, expect trust to be an issue from here on out!

I don't have old magi coins, so I will not tell how to do the swap. But as somebody with new XMG and as somebody that wants a bright future for this, I'd say to hurry a little bit more with this swapping.

I think that this swap "issue" gives some uncertainty on the value of XMG and may prevent investors to join in.
That an the lack of big/known exchanges.

The developer has often made ​​a request for ideas.
Few have responded. 
Now I see exactly the same.
You may disagree.
But that alone is not enough.
Give other options. Dare to think.
Taking into account the future of XMG, the community, miners and the market.

Jim,

This isn't about you personally since the swap depends on the market and circulation. That was the initial goal since the beginning when I wanted to learn more.  The timing before launch was 1:1 - yes, that made sense since it was not yet on the market.  I can tell you one thing; math doesn't add up to 1:1 when it is coming from mining circulation.

I think you are not looking at it the same way, and I thought I politely gave you some feedback on my thoughts. 

Explain why not 16?

I did the math for the calculations and a swap ratio 1:16 only makes sense and the limit of existing coins in circulation + what is being mined, will match up to the swap.

I think this is only fair to ensure the fair plans and on-going benefits of magi that already brings to the industry.

111magic and Joe both make solid recommendations here and I concur with their directions thus far.

I can imagine that people had hoped to benefit much profit from the Swap.
But if you think about it, this is not a bad option.
the communtiy of the "old" Magicoin is hugely complemented by
Members of the Magi (XMG) community.
It is clearly seen throughout the Magi thread that the developer found it very difficult to make this choice.
With mixed feelings he had, he had to make a decision.
In addition, he had to consider the future of the Coin of the Magi. There are many differences with XMG and the "old" magicoin.
I do not need to explain what they all are.
But I do want to mention a few.
XMG is harder to mine and only with CPU.
The "old" magicoin did not had that.
The future potential for XMG beam much higher than those for the "old" magicoin.
Especially now that there are many older coins lose confidence. (See news items)
Because of the unique characters of XMG, XMG will be a massive growth profile.
At this time, we demand more and more as digital currency enthusiasts.

XMG meets these requirements.
Innovation and improvements have been added to XMG.
The marketing is hugely strategic skills.
There will be many good projects and promotions follow to give XMG a huge reputation
The developer and his team have tried not to drop their old faithful magicoin community.
There are plenty of examples that people were too late for their currencies to exchange.
In this case, the developer has given a lot of time.

Yet we must also look ahead. We can not ask the current XMG community to pay for the profits of the "old community.
Miners are extremely important to the health of a coin.
Sure miners will occasionally sell coins to get their electricity costs out.
One miner will do it sooner than the other
Thats is logical.

If you look at the value of the "old" magicoin than the ratio fits perfectly.
The value of the "old" magicoin is now on 0.00000322btc.
0.00000322 BTC X 16 is approximately the value that XMG has now. (between 0.000049 and 0.000067)
The loss where some talk about they have had with the "old" magicoin.
Not with XMG.


I expect that people, who have had loss with the "old" magicoin possibly have a good change to get some profits with XMG.
Let us work together for the good future of XMG.
The XMG community is growing every day.
We should not forget that much has been achieved within a short time. XMG has only just begun.
We should be proud of the tremendous support and cooperation within our community.
Together we can achieve more!

Personally have no interest in trying to the old coin going, it is pointless.  I too am VERY disappointed with this decision and I think the logic to swap based on current values is utterly absurd!  Old coin's value is of course down as it is getting dropped and of course value on the new coin is likely way up from where it will be shortly, historically this happens with almost every new coin.....value starts high and then drops.

Way to kick your early supporters down.  To put your new investors in front of your early supporters is SOOO stupid and puts a very light on this project in my opinion.  In 3 months all the current supporters will be placed down the list of importance to new investors.......at least this shows a willingness to do so and repeat history.  The most important people in your project should be those that supported you from your early beginnings, without us this wouldn't be where it is today!

You guys have lost my trust and faith, I am sorry but I feel cheated and kicked to the curb.  4:1 down to 16:1.......give me a break!!!!!!!

If you guys have a lot of that coin maybe you could request it back and talk someone into restarting and supporting it.  Anyone with a vested interest in Magicoin could provide bounties for marketing or additional developments of the wallet.  We could change Magicoin into a high PoS coin, or simply restart the block reward or do other things to make it more lucrative if there is interest.  I liked mining Magicoin and I can mine both coins at the same time with my rig and the price seems to be about where it was before.

Things change so quick with crypto, I can understand how everyone feels, I've lost a lot in different coins and things I've tried.

Whomever gave me the generous tip earlier, hope you see this.  Thank you!

i am at loss also with this new swap ratio, not happy at all..

I got burned then by 100%, did buy old coins at 0.00000600

Kidding! 4: 1 to resume after the end of 16: 1! Why not again change his plans ?!

Our team had a meeting on the coin swap issue. The following is our decision and this decision is final. If you want to withdraw coins without swap, let us know. The deadline for sending us old Magicoins is October 19, 2014, 8:00 PM EST.

1. Swap ratio: old Magicoin : XMG = 16 : 1

The number was calculated based on the price of XMG and Magicoin.

2. Swap will be carried out each week; the total swap coins will be kept no more than 10% of total coins in circulation.

We will get escrow (poloniex, for example) to hold all unswapped coins.

Where is your wisdom? Where did she go? Should be left to the forefront and to pay interest! Otherwise, nothing to talk about! On the value of the coin it has no effect if people believe in your coin! Make innovations to people believed you!

Bro, I am sorry man....I really don't mean to be a jerk or stir up crap.  I honestly feel like I am getting shafted and it is very frustrating!  I also felt somewhat attacked as if I had to explain myself with 111magic's last post.  I don't know what other suggestions I can offer you man, I was ok with the terms how they were set before I sent in my old coins.  I honestly felt that was a fair proposal to all, I mean we gotta get something for our support all those months, and I also understand and support the need to attract new investors.  To discuss giving them all back now and not swapping anything to give to the early supporters, I just don't know what to say to that.

"we are discussing but haven't made decisions".  It was my understanding that discussions had previously taken place and a decision was in fact made, if you want my direct answer to this I have given it......I personally think it should stay as it was previously decided.  1:4 swap is fair to me.

"How long does it need", this is less important as you made it well known this would fluctuate depending how things went, I personally don't care how long.....if it is 5 months so beit, have no intention to dump and no words would be broken as you made this perfectly clear in your first proposal.

"Do you agree with a refund part", no I don't as those coins will be useless and would give the statement you are dropping one coin for another instead of making it better.

"anything else".......not that I can think of.