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Topic: ASIC BFL. is the end of the BTC? - page 2. (Read 1158 times)

newbie
Activity: 2
Merit: 0
May 08, 2013, 04:00:42 PM
#13
Nope. It makes bitcoin stronger and more valuable. The more someone has to invest in creating the coins, the less they'll be willing to part with those coins on the cheap, therefore the value rises. ASICs are definitely a good thing for Bitcoin.

My thoughts exactly.
newbie
Activity: 6
Merit: 0
May 08, 2013, 03:45:17 PM
#12
Nope. It makes bitcoin stronger and more valuable. The more someone has to invest in creating the coins, the less they'll be willing to part with those coins on the cheap, therefore the value rises. ASICs are definitely a good thing for Bitcoin.
legendary
Activity: 2030
Merit: 1000
My money; Our Bitcoin.
May 08, 2013, 01:37:07 PM
#11
What can you do for get BTC in the near future...nothing my friend. Time to time.


Do something to earn it. Sell a product or service. 

What do you do to get money now?
hero member
Activity: 560
Merit: 500
May 08, 2013, 01:33:22 PM
#10
Yes this is the end of the BTC, please uninstall the client and delete your wallet.dat  Smiley

That is why: LTC(or any other scipt base currency)>BTC
Since when there can't be ASIC for LTC?  Roll Eyes



The sky is falling, haven't you heard?
newbie
Activity: 6
Merit: 0
May 08, 2013, 01:29:30 PM
#9
The continual evolution of mining architecture is arguably on its way to slowly monopolizing the hashing network though isn't it?  

It’s a consolidation cycle, each time the big players increase their hardware to another generation, another group of miners has to pull out due to increased expense.  It seems to me the only possible way to ensure this power erosion doesn't happen is to ensure the big players are continually met with new opposition to feed into the competitive market which is only possible with media exposure.  Something we've thankfully started to generate at an alarming rate.  

I have to say though, allowing the handful of companies that have the expertise (and perhaps more importantly the interest) to develop ASIC to have access to the sort of financial resources we’re throwing at them for their hardware is concerning.  Just how hard would it be to perform a 51 attack across several aliases?  It’s trivial right?  Am I completely mistaken or could there be thousands of dummy accounts owned by BFL et al, sitting across many different pools waiting for the right time to surge?  
sr. member
Activity: 476
Merit: 250
May 08, 2013, 10:39:59 AM
#8
Ok.
The evolution.....for who?.
Is like i said....first the money...and then the banks!= the evolution!.
The power of ASIC, and the next generations powerfull, are the "banks" of the BTC. What can you do for get BTC in the near future...nothing my friend. Time to time.

A miner is not a bank, your private key is your bank guard it with your life, you could have 1 cpu mining the bitcoin network it doesnt make your wallet easier to crack, but it makes it much easier for someone to perform a 51 attack (actually with 1 cpu mining the network, its very easy to perform a 51 attack as you have 100% of the network)

The only thing to change when more miners join the party is the difficulty, this changes how hard it is to mine bitcoin, so if anyone else wants to effectively mine they will need a more powerful machine

If a bank or a rich person wanted to buy a ton of ASIC miners and run them on the network they could in theory get enough hashing power to manipulate the network, perform a 51 attack, but as more powerful machines are build and sent all over the world the difficulty is constantly rising, this means that bitcoin is actually more secure as the rich person(s) who might want to break the network will require even more hashing power to even dent the network..

The current hash rate is 87,656.67 GH/s

Lets say an ASIC miner can do 80 GH/s you would need about 550 miners to perform a 51 attack, as more asics are build and sold the number required will increase


Bottom line, ASIC will not KILL bitcoin, ASIC will make Bitcoin stronger
newbie
Activity: 12
Merit: 0
May 08, 2013, 10:15:41 AM
#7
But asics are making bitcoin even better?
hero member
Activity: 482
Merit: 502
May 08, 2013, 08:37:05 AM
#6
If LTC will be as sucessfull as BTC, it's just a matter of time when average PC will mine next to nothing. Because it's not important what hashing algorithm is used, but how much $ are big players able to invest. And "advantage" over BTC will be gone...
legendary
Activity: 1148
Merit: 1008
If you want to walk on water, get out of the boat
May 08, 2013, 08:05:08 AM
#5
Yes this is the end of the BTC, please uninstall the client and delete your wallet.dat  Smiley

That is why: LTC(or any other scipt base currency)>BTC
Since when there can't be ASIC for LTC?  Roll Eyes

full member
Activity: 182
Merit: 100
Swiss Money all around me!
May 08, 2013, 08:03:38 AM
#4
That is why: LTC(or any other scipt base currency)>BTC
newbie
Activity: 19
Merit: 0
May 08, 2013, 08:01:34 AM
#3
Ok.
The evolution.....for who?.
Is like i said....first the money...and then the banks!= the evolution!.
The power of ASIC, and the next generations powerfull, are the "banks" of the BTC. What can you do for get BTC in the near future...nothing my friend. Time to time.
sr. member
Activity: 476
Merit: 250
May 08, 2013, 07:53:27 AM
#2
this wouldnt be the end of bitcoin it would be the evolution of bitcoin

its the end of graphics card mining, it hasn't happened yet but soon graphics mining will be redundant like cpu mining
newbie
Activity: 19
Merit: 0
May 08, 2013, 07:44:37 AM
#1
The little miner is down. and only powerfull could be., or not?
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