@jwinterm. I do not understand. What would the difference be if Bitmain makes an Asic for a cryptocoin that is slow to verify using lowend CPUs and a for a cryptocoin that verifies quickly using the same CPU? How would more Asic proficiency differ between the 2?
Well, if you're going to "allow" ASICs on the network, then you might as well go with an algorithm that is very fast to verify on low end consumer hardware.
I agree with this point. Cryptnight with ASICs is a stupid combination.
@bbc.reporter
I honestly don't follow the logic that ASICs would result in a higher price. There are not-silly arguments in favor or against ASICs but to expect it to make a 5x difference in price doesn't seem to follow either way from my perspective. You can never fully guess what a market will do but I would more likely see any price difference as marginal. I also find it a somewhat extraordinary claim to expect AEON not to decline a lot in value from crypto-market highs when nearly every other coin has declined a lot in value.
@jwinterm. But allowing Asics was never in the roadmap of any cryptocoin, or was not something that was planned. It would also be stupid to change the algorithm to make it easier for Asic manufacturers. In Aeon's situation, it might have been better not have have hardforked to another mining algorithm.
When the community voted for a hardfork to kill the Asics, it cut its supply of hashrate and made the coin more insecure. I reckon it was a shortsighted move.
A coin is more secure if *many participants* put a lot of hash power into the network. High hashrate of any particular algorithm doesn't mean high security if the network hash power is dominated by a small group of people such as ASIC manufactures.
Mostly agree, although I would say that both dimensions matter. If horizontal axis is hash rate and vertical axis is participants (or perhaps some sort of measure that combines participant count and inverse gini of hash rate), then more secure is diagonal up to the right.
As far as hash rate meaning greater security, you really also have to adjust for algorithm/technology in terms of hash per watt. Monero is not less secure than some $100K market cap SHA256 coin even though the latter may have higher hash rate. IIRC
one S9 has a higher hash rate than the entire Monero network. It is silly that being mined by one S9 would be considered a secure network, it is anything but.
