Topic: [XMG] M7M CPU mining discussion thread (Read 35545 times)

the problem with that coin is that if the hashrate goes beyond certain values the block reward decrease to very low value

I know. There's a great prisoners dilemma in coins with this type of inverse-hashrate block reward (Primecoin, too). It's quite funny.

Yes, the question of how and when attack the blockchain is game-theoretic Cheesy

Quote from: dga on July 06, 2015, 11:43:53 AM

may-be I should buy it Grin

... just to pull underpriced offer from the market Wink

Indeed. I don't think I've seen quite as poorly-thought-out a design choice in an altcoin in a while.

Attacking this blockchain would be trivial. This is *one* machine using my code:

Code:

[2015-07-06 11:33:26] accepted: 407/408 (99.75%), 793.46 khash/s (yay!!!)

A single AWS c4.8xlarge is a little faster than this. One could double-spend Magi for about $30USD/hour.

which is rather expensive considering you won't make that much

It's true. But the design discourages the hash rate from going up as the value of the coin increases, which is exactly the source of security in bitcoin -- one might suspect that this would just as likely cap the value of the coin as anything else.

At least it helps answer the question of whether it's worth implementing it on a GPU. Wink

But next month will be funny for Magi when the first Skylake CPUs come out with Intel's SHA extensions. Easy ~2-3x speed boost to the miner once again. Pretty soon there will only be enough hash rate headroom for a single machine to do all the mining. And then we can rename it "central bank coin". Has a nice ring to it. :-)

djm34

legendary

Activity: 1400

Merit: 1050

the problem with that coin is that if the hashrate goes beyond certain values the block reward decrease to very low value

I know. There's a great prisoners dilemma in coins with this type of inverse-hashrate block reward (Primecoin, too). It's quite funny.

Yes, the question of how and when attack the blockchain is game-theoretic Cheesy

may-be I should buy it Grin

... just to pull underpriced offer from the market Wink

Indeed. I don't think I've seen quite as poorly-thought-out a design choice in an altcoin in a while.

Attacking this blockchain would be trivial. This is *one* machine using my code:

Code:

[2015-07-06 11:33:26] accepted: 407/408 (99.75%), 793.46 khash/s (yay!!!)

A single AWS c4.8xlarge is a little faster than this. One could double-spend Magi for about $30USD/hour.

which is rather expensive considering you won't make that much

dga

hero member

Activity: 737

Merit: 511

the problem with that coin is that if the hashrate goes beyond certain values the block reward decrease to very low value

I know. There's a great prisoners dilemma in coins with this type of inverse-hashrate block reward (Primecoin, too). It's quite funny.

Yes, the question of how and when attack the blockchain is game-theoretic Cheesy

Quote from: dga on July 05, 2015, 12:28:18 PM

may-be I should buy it Grin

... just to pull underpriced offer from the market Wink

Indeed. I don't think I've seen quite as poorly-thought-out a design choice in an altcoin in a while.

Attacking this blockchain would be trivial. This is *one* machine using my code:

Code:

[2015-07-06 11:33:26] accepted: 407/408 (99.75%), 793.46 khash/s (yay!!!)

A single AWS c4.8xlarge is a little faster than this. One could double-spend Magi for about $30USD/hour.

111magic

legendary

Activity: 1750

Merit: 1005

the problem with that coin is that if the hashrate goes beyond certain values the block reward decrease to very low value

I know. There's a great prisoners dilemma in coins with this type of inverse-hashrate block reward (Primecoin, too). It's quite funny.

Yes, the question of how and when attack the blockchain is game-theoretic Cheesy

may-be I should buy it Grin

... just to pull underpriced offer from the market Wink

I'm happy to raise the price if that makes it more interesting. Wink

I've found two blocks thus far on my little i7-4770. Not too bad - it's actually power-profitable, though not hugely so.

Oh thats nice with the i7
Nice to hear that Magi is power-profitable.
Magi likes to grow step by step.
Value will raise in time.
Wink

dga

hero member

Activity: 737

Merit: 511

the problem with that coin is that if the hashrate goes beyond certain values the block reward decrease to very low value

I know. There's a great prisoners dilemma in coins with this type of inverse-hashrate block reward (Primecoin, too). It's quite funny.

Yes, the question of how and when attack the blockchain is game-theoretic Cheesy

may-be I should buy it Grin

... just to pull underpriced offer from the market Wink

I'm happy to raise the price if that makes it more interesting. Wink

I've found two blocks thus far on my little i7-4770. Not too bad - it's actually power-profitable, though not hugely so.

smolen

hero member

Activity: 524

Merit: 500

the problem with that coin is that if the hashrate goes beyond certain values the block reward decrease to very low value

I know. There's a great prisoners dilemma in coins with this type of inverse-hashrate block reward (Primecoin, too). It's quite funny.

Yes, the question of how and when attack the blockchain is game-theoretic Cheesy