I want the future to be fairWe all love Bitcoin and Litecoin, but they're not fair. Having to pay $5,000 for a machine that will break you even, if your shipment arrives on time, is not fair. The fact that the operator of a pool can get so close to 51% of the nethash is not fair. In fact it's dangerous. We shouldn't be trusting people with power, we should be trusting cryptography. I like what Vertcoin, Groestlcoin, Darkcoin, Execoin, and Groestlcoin stand for: trying to keep GPU mining alive and fending off the ASICs as long as they can. Certainly, it's cheaper, easier, and a less risky investment to get a GPU rig up and running than it is to jump on the ASIC train, but I think we can do better than that. GPUs are everywhere, but you constantly need to upgrade to the next model and who do you buy from? ATI and Nvidia, these are the only makers of profitable cards. Not exactly decentralised. Not to mention the wastefulness of resources being poured into all the redundant hardware components of a GPU mining rig that aren't necessary for hashing, but they do make entry into mining more expensive.
I think we can do better than that and I think Myriad can do better than that. We can have a coin with 5 mining algorithms. A coin that already taps into the Bitcoin ASIC market, and the Litecoin ASIC market, while still leaving room for the GPU miners and the CPU miners. Maybe some day there will be ASICs for all of the Myriad algorithms, but whoever comes up with a product will have to be pretty competitive because they're up against the existing ASIC markets and the GPU/CPU miners on an even playing field. I welcome diversity of hardware and competition. Imagine a world some day where anyone can pick up an ASIC for twenty bucks and keep it running in exchange for a few bucks profit a week. A free coke every week. Or maybe a chance to really help out putting food on the table if you are among the world's most poor. That to me sounds like a much safer network, and I don't know of any other coin that's had serious thought put into its design about how we'll get to this world some day.
Long live the Myrtopia.Taken from:
http://www.reddit.com/r/myriadcoin/comments/259xqk/i_want_the_future_to_be_fair/ Allegedly, Bitcoin was originally setup to be a lottery, and I think it will return to that point. I believe in the future, bitcoin asics will have 5+ years return on investment if you mine in a pool. What will be appealing will be the chance to find a block, which in the future, will be enough for most people to retire. Also, it will be interesting to see how energy independence will be influenced by future asics.
I believe the biggest problem plaguing asics stems from the horrible companies producing the asics--at least NVidia and AMD have reputations. If current asic companies actually had standards, yea there would really be no difference between buying a bunch of gpus vs buying asics. It still requires initial investment, and it still requires energy to mine.
I wish MyriadCoin incorporated an NFactor scrypt-chacha algo like YACoin. The only thing keeping MyriadCoin asic-resistant in the future is lack of profitability--not really a motivating selling point. I love the innovation of MyriadCoin, but I just imagine a coin coming out in the near future that improves immensely upon the initial idea: a coin which includes all mining algorithms out there.
