Sure, CPU only coins are the best balanced solution. It's fair and safer.
Really? Think botnets, data centers and universities.
AWS...
I would mostly agree with the part about CPU being the best solution, but balanced not at all. There is always going to be someone either smarter, or richer etc that will have an unfair advantage. . . I do not think any coin/project has really found a good balanced disto emission method yet.
I think it depends on what your idea of balanced or fair distribution is. For me, balanced and fair would mean that each person receives an amount of coins proportional to the time, money, and effort they expend to obtain them. In which case PoW is perfect, as long as the rewards increase with difficulty as it does on this coin. In other words, you should receive the same amount of coins for your work on day 1 as on day 100. Why should early miners receive vastly more coins? Yes people can use VPS's, hire rigs etc, but everyone has access to those, so it is generally fair. And yes there are people with bigger bank rolls to hire more machines to mine with, but they also incur bigger cost and more financial risk. Proportionately it is fair.
On another note, what is not clear to me with this coin is what is the attraction for new/early miners, given a vast amount of the coins will be in circulation from day one due to the swaps with the old magicoins?
I am sure this is a concern (maybe a major) to the new miners. We may mostly have the prior miners as well continuing their mining here.
I am pretty sure if we launched XMG as brand new, we will attract quite a lot interests, far more than what we have now. However, the existing of XMG is simply based on our prior community efforts, faith and constantly communication/promotions by members (activities have been on facebook over the course of magicoin life). I've gone through a very tough time since made decision towards innovative features. All supporters just supported the decision and the coin; without any profits they can gain from this coin, they simply keep supporting the community, though once the community is small but a very nice one. I cannot drop off magicoin to let it die, and announce a new coin. The growth of XMG belongs to all people around, and I am just accomplishing what I promised.
I can simply go away the magicoin, let it die and start off new XMG from scratch, get a hype and then out, something like that. But that's simply not my style. I wish I will hold the trust of all people, that what I have been with magicoin will last for XMG.
XMG starting with magicoin swap does not mean something similar to a situation that there is a significant pre-mine. Rather coins will be in the hand of prior community. If this is a real big concern, let's do something (below) to minimize that.
For the fairness, I've decided the 1st phase PoW to generate 5.5 million XMG, that is more than the prior coins. I've been thinking (initially) to have even more, like 10 million XMG, simply trying to reduce the concern.
Here below is the overview of coin distribution in different stages posted priorly. We can do something to minimize the influence of coins to be swapped; for example, we can increase total coins to 50 mil, PoW 1st mining to be 10 mil; the rato of swapped coins over the total coins will be then much reduced. Additional to that, I guess there will be "significant"coins unswapped. We will make sure this part of coins being distributed to the community (fairly & freely), or simply destroyed, in order to further reduce concerns.
1) coins to be swapped: 4.5 million (existing magicoin)
2) PoW 1st phase: 5.5 million (short-term)
3) PoW 2nd phase: 5 million (long-term)
4) PoS-II: 10 million (long-term)
In addition to these, XMG offers a unique CPU algo, PoS-II; more are to be announced, for these I believe are very interesting to miners and holders.
Simply please let me know concerns & what solutions you like; the thread existing here is just to pick up your opinions. In case we cannot fully remove it, we will try to mitigate it.
Wow! Premine on other way! great! bye...
