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Author Topic: [ANN] [XMG] Magi | 1st PoS-II | 1st PoM | Fair Distr | Tor | M7M CPU 1st POI  (Read 65028 times)

111magic

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Rightfully after Spexx; thanks Spexx for all, and magic. It was a little hard for me as to where to start; magic made contacts with me, and believed that I am alive, to magi.  ;) (of course!)

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Congratulations to everybody who joined the second Proof of Interest campaign.
Sorry have to quote a message drafted by magic.  ;D

A real case for me is that was being hard into something that make me being away of putting hands on the right things, though as I messaged magic I did run into ideas from time to time and be passionate about that. Rest assured that I would talk those out at some point.

We're proposing Saturday meetup in IRC, myself with magic privately; anyone interested, welcome to check vibrations out there.
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111magic

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About the Proof of Interest: All walletaddresses have been checked.
Looks like this Proof of Interest will give a nice interest.
The development of the info-website is in progress.
When its ready the link will be posted here.


Magi passed 11.000 votes on Cryptsy!   ;D
Keep voting!!

https://www.cryptsy.com/coinvotes
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webgrup

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I want to ask you a few things to my blog   :)
please answer one of my questions

   
  • what is the purpose magicoin to reproduce spot exchange?

Please explain
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111magic

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Awesome job Kondiomir! Thanks for this one!
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AltProm0

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oh, so coooool !!!

111magic

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magic and I had a talk over IRC, a brief list:

* wallet issues as he received from few people
* concerns about PoS
* Many people lend help to magi -- thank you
* PoM-II / PoI -- will complete PoM payout and end this campaign soon
* Launching PoM/PoI as well in the future
* New code base, features and misc; all point to a thing, making magi to be something useful.  
** The major / biggest concern is the big miners, while this is a dilemma, and certainly this is the top one in the list to be looked into and solved/improve in a timely fashion.

Almost mentioned all above, not a NEXT plan list though but concerns mostly; let this community know if you come across any interesting or concerns to you.

As Joe already mentioned above Magi team will work on new developments to bring Magi to higher level in the world of digital currencies.
The questions Magi received about PoSII, mining and the wallet have been discussed.
Also other topics were discussed such as the various campaignes, updating the OP, marketing, etc.
The outcome of all this is very good.

The outcome of this is very good.
Indeed this post seems like an ordinary post as many others.
But I think all of us will not forget this moment.
Our genius developer has enormous good ideas.
To protect some unique plans there will not much information given in advance.
Some of these are unique again!
These developments will amaze the whole Cryptoworld.
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111magic

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We talked about changing the algo, and/or going a smarter adjustment system regarding the block reward. Magi operates on the basis of dynamic adjustment; further optimization would be beneficial and that will surely mitigate in part the issue of big miners. Frankly the best effort in magi algo - M7M is no widely the best, and there always are smarters who tend to tackling. I heard quite a lot talking about the gnu miners.

Here I'd open up discussion about the algo switch strategy: anyone interested in a switch of algo? I'd rather go that way straightforwardly, as I have been already blamed when we changed to M7M-II; equally changing algo simply because of the suspicion is superficial and not a solid reason for the practical action. In any case, I hope people in this community can vote for changing or no changing, and if you want to change, what's algo you're up to?

There are a lot pain in switch; unless we can take care of algo properly and would no longer need to look back and forth, bringing a new algo could be less meaningful in the long run. Having all the pools switching is another pain. Provided that most of people say NO, we'll solidly head for taking measure and improving the block reward system.

I think switching to another algo can be a good option. The important part of that is that is must have some unique details. In development the time never stands still. Mago is the next generation currency and needs to be ahead of new developments. I know you can do that Joe!
 :)
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okae

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magic and I had a talk over IRC, a brief list:

* wallet issues as he received from few people
* concerns about PoS
* Many people lend help to magi -- thank you
* PoM-II / PoI -- will complete PoM payout and end this campaign soon
* Launching PoM/PoI as well in the future
* New code base, features and misc; all point to a thing, making magi to be something useful. 
** The major / biggest concern is the big miners, while this is a dilemma, and certainly this is the top one in the list to be looked into and solved/improve in a timely fashion.

Almost mentioned all above, not a NEXT plan list though but concerns mostly; let this community know if you come across any interesting or concerns to you.

thats pretty awesome, i was inactive at the irc when you have the meeting :( but magic told me what you talk about, and im really think that some of these new features are simply needed and awesome.

Quote
The major / biggest concern is the big miners

yes this is a big problem but im sure you will find a solution ;)

btw i didnt know if you guys already talk about it or not, but i was thinking on a new console command like other coins already have and is very usefull, i mean something like this:

Quote
setstakesplitthreshold 4000, then that would mean your wallet won't split the blocks if it results in each block being less than 4k XMG. So in the example above, it would have produce one block of 6k and not split them. If you set the threshold to 2000, then it would have split them.

amir55

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Fairness,fast,secure and cost effective coin, i like this coin
Unique M7M mining &amp and PoW block reward; mining with  personal computers-- this is great feature for minier

111magic

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heya magi people!

i would like to thank Joelao95 for fixing ERM wallet issue!  It's been 2 month since we had this issue and since then ERM is stucked!  Due to this fix, the ERM team are now able to continue the planned stuff.  To XMG DEV, we owe you  big :D Thanks again


-lionheart78 of ERM Team

Lionheart78 nice to see you back here!

heya 111magic!!! Thanks :D, XMG community  is blessed to have a great dev and team of people like you to manage XMG and vice versa, it is always refreshing to visit your lively thread!  More Power to XMG Dev and Community!!!

Thanks for your nice words Lionheart78. Indeed we are very happy with our community and Dev.
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111magic

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Redrover

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+1 for the PoS only option.  We can generate coins and secure the blockchain while using less electricity and would not have to figure out a way to stop whales and GPU miners.  The reward would obviously have to be increased substantially but can be tiered so that it reduces over time as necessary to prevent inflation.

111magic

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hey,

i dont know anything about changeing the algo on Magi but i believe in Joelao95 .

So whatever he's is doing about the algo, is making the best coin even better!

greatings
Really nice words xms!
I have the same and think Joelao95 is an awesome dev hè will and can do awesome things in this world of digital currencies! 100%
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111magic

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...

In my view, PoW & PoS is most secure, but feel free to discuss, I might be wrong.

...

This is unclear to me, in general I agree, however, I've lost value on PoW/PoS coins that were abandoned from hacking and technical issues.  Doing PoW and PoS adds additional complexity that can lead to problems.  (Anyone else lost value on Cinnamoncoin?) :( Additionally, PoW mining seems to cause more issues with block chain forks than PoS in my experience.

Pure PoS coins do have the weakness you pointed out but I believe there are workarounds to fix many of the issues such as a block reward cap and limits on coin weight.  I think the barrier to entry where people are required to purchase coins to get started is perhaps the biggest drawback but based on the giving nature of this community so far, I doubt that will become an issue.

Today August 13 is earth overshoot day where humanity's annual demand for goods and services exceeds what the Earth's ecosystems can renew in a year.  My guess is that a pure PoS coin is the best way to move value around globe based purely on environmental concerns, with XMG's current scheme a close second.  (It seems better than moving gold around, based on the recent spill of toxic waste into the Colorado rivers) ;)

The way things are setup now works very well and I have faith that your capable of releasing another such update based on PoW/PoS technology that functions correctly as well if that ends up being done - so whatever is best shall be.  :)
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111magic

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As to prior posts for PoS, thanks.

I might talk over some weakness. First off there are not many PoS coins on the top of the list -- a simple feel; there were some top coins but seem having dropped down. PoS gets value diluted in particular with high interest; PoS make people tend to accumulating -- seems good, but not quite; PoS could be easier to manipulate, and tend to be a P & D which can quite be done if one is able to do that. These issues wouldn't matter much if the market value is so huge that no single person is able to do that, but not good for young magi at this stage. And importantly, PoS means one must buy in order to engage into it.

Speaking of the security, there exist weakness in PoS too. People who hold a great deal of coins having the ability to launch an attack, by having offline stake days and coming online at a moment; people might not intentionally fire up an attack but simply a desire to get more PoS coins and they know how-to. The consequence might be an attack like, minimum - hard fork, that would be a severe incident enough to a coin. Again this is easy to be accomplished for a young coin. Such issues were talked over in NOBL when switched to PoS (and given the try to PoS-II then, to be exact). Magi's PoS-II did some tricks along that, but I won't be able to guarantee 0% risk at this time.

In my view, PoW & PoS is most secure, but feel free to discuss, I might be wrong.

Thanks for the prior PoW comments; I'd think & figure & talk again, it may take time as I am still limited to free time.
So PoS coins do have also a risk!?
I think there are some nice ideas already posted it the thread. Maybe the option of adjusting and improving M7M with mix of yescrypt and PoS-III would be a good idea.

I think that is probably the best option.  I don't think huge changes are needed for PoS-III, but only improve the rate for small stakers.  Earning 0.01 XMG by staking 1000 XMG is a small reward, and is less than a PoW block would be to confirm the same number of transactions.  PoS rewards being too high defiantly cause inflation and the price to drop, but so can the PoW reward being too high.  What is also important is market perception.  The stake rate should be high enough that people think that the rewards are worth it so they have the desire to buy more, but not so high that price stability is a concern.

I don't think that increasing the reward on small blocks will increase inflation, mainly because it will encourage people to split their blocks smaller and stake with a lot of small blocks.  This will create a liquidity trap because all the blocks will not stake and mature at the same time.  If someone with lots of small blocks wants to sell any significant amount, they will have to destroy weight and spend blocks that have not yet staked, which will keep actual rewards earned much less then if they would have not sold.  I think raising the stake rate for small blocks will encourage more small miners to keep what they mine, and could actually increase buy support because more people will want to buy and keep small amounts in their personal wallets.
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