Hey Tom,
Are you making a change in the algo to boot off the ASICs?
Are you making a change in the algo to boot off the ASICs?
Not sure about it now. We will adopt all Zcash changes (if any) for VoteCoin, so basically it depends what Zcash does.
From my point of view, asic resistance brings no benefit to VoteCoin at this moment, but if Zcash implements it, we will backport it too, to stay as close to zcash core as possible.
-Tom
Hi Tom,
As always, I love your work and I have invested a lot into buying the coin. But now I am somewhat disappointed to see this to say the least.
A short reason ASICs are terrible:
Mining hardware cost is about residual value, not initial cost. The "price" of the equipment is irrelevant. The "price drop" over time is the actual cost. GPU Rigs are worth 60% of their original value in one year. ASICs are worth 5% in one year. So on average the ASIC hardware is depreciating 12x faster than a GPU mining rig. Since most of the ASIC buyers get their ASICs very late, it is even worse for them. So this forces them to "Mine-N-Dump", meaning they keep dumping whatever they mine just trying to money back that they paid for the ASIC equipment first. That ever happens because typically the equipment starts making $5/day per $1000 worth of ASIC and quickly drops to $0/day (remember X11? same is going to happen to A9 and Z9 buyers, except for the YouTube celebrities who get their ASICs 3 months before others to put up video ads). While the ASIC buyers never pay off their equipment, their Mine-N-Dump process (selling every altcoin the mine the same day) continuously lowers the price of the coin. Do the math, even if 10% of those who mined VOT dumped it on an exchange the same day, the price would go down to zero in a week and people stop mining which will in turn kill the coin or make it so easy for someone to do a 51% attack and drain large accounts out of their coins.
Look at this list, you see the ASICs that say they ROI in say 100 days? Thats utterly incorrect because the calculation assumes a flat income on a daily basis while the income quickly drops on the ASIC miner which is logically accurate too because if it was profitable then Bitmain was not STUPID to ship it out, they would just continue to mine with it. https://www.asicminervalue.com/opportunities
So that is why we need the ASICs out of this project or you will watch the price of VOT dwindle down to zero which hurts some of us who bought VOT with actual FIAT money.
Again, I love your project, you have the only VOTING system in the whole Equihash verse.
I just wish you had a mobile app or would do a fork of Bitpay Android app so I could watch the mined coins come to my phone instead of an exchange or my home computer that I never turn on.
