Topic: ASIC or other fast homemade machine will kill BTC - page 2. (Read 4076 times)

thanks for reply, i'd like to discuss about it. if i'm wrong i'll be very happy.
u talked about gold.
but gold is different.
in the ancient time, people like gold just because it looks wonderful and rare and easy to store.
now we know it's really rare.
but if alchemy can change something to gold.
do u think gold it worthy?
just like ruby and sapphire.
several hundred years before, it was very expensive.
but how about now? why?
everyone like diamond, but any country has diamond reserve? why not?

as a virtual currency.
BTC must stand on the top of current technology.
since GPU is not the most efficient way to mine, it'll be kick off sooner or later.
ASIC is a good plan, if ASIC machine is made by TI and well tested for a year, that's great!
but homemade? it's a nightmare.

and...anyone can tell me why butterflylabs website is blocked by GFW?

It IS a perfect system, becourse there isn,t one ASIC hanging on the chain yet in amounts that could be dangerous for the system  and the system is now protected by the (mostly) GPU en FPGA rigs..

So as long as there is a lot of talking en theories about ASIC nothing happens ..look at some quotes from september/oktober 2012 lots of theories about the hashrate would (for sure) be 100th and al kind of predictions IF ASIC would hit the market...wel here we are today hashrate still between 20000 - 25000 GH vs 3000000 Diff BTC@ $19,- very good news en numbers for Gpu miners who now really building big stacks of coins even due to halving day its very profitable if you started building a farm 1 year ago, even 1/2 year ago...

So in theory IF ASIC keeps delaying this makes gpu and fpga farms ROI even better, also keeping out the new people finding out about BTC mininng who will not throw 10k in a new GPU rig at this moment..they just wait (good thing for miners with gpu/fpga) or pre-order some non proven devices becourse they think the now shit..maybe the ASIC guys run big GPU/FPGA farms or mining pools and waiting to ROI them by keep delaying the new ASIC..could make sense to me after al these Bulsh!t like bASIC, Avalon ( we will now very soon) and ofcourse BFL Labs.

Good luck the system will be safe, your pockets could get empty believing the wrong people...but he whats new about that...??  

i know of millions of people that buy gold and trade gold. but they dont mine it because its expensive to buy the machinery and too time consuming. they would rather continue with their regular day job and buy gold for other reasons, whether its for investing or for making things from.

bitcoin will be the same. hobbyists that gpu mine btc will start to either up their game and make it into a proper profession by buying / making their own bigger rigs or change their method of accumulating wealth.

much like gold miners had to upgrade from pan washing gold to using excavators and wash machines.. or they became gold merchants, trading mined gold which other people mined, for fiat currency and pocketing the profit margin in the middle.

bitcoin will be the same. you will notice more fiat exchanges pop up and other bitcoin related ventures. use this time to think up new avenues of income. EG google "drop shipping" and see if you can find legit products that you can sell for bitcoin without the hassle of packaging up the goods, as the supplier handles all that.

and if you truly want to help the economy and help increase future strengths of bitcoin. aim your plans at the outsiders.

try not to be a sheep making yet another gambling site that only those within the community will use, or another coin lending site only the community will use.all that will achieve is stirring the pot of cash within the same group of people. no wealth creation, just diluting wealth within the community.

and as for the identity of these secretive ASIC creators i think its now widely known that Sonny Vleisides and josh zerlan are behind BFL.. and their address.. you could probably find it..

but with that in mind about trust. do you know steve jobs or bill gates home address off the top of your head? yet people dealt with their companies without issue a few year back before they stepped off their CEO thrones for differing reasons.

i do agree that bitcoin businesses need to be transparent and honest as it creates alot of scepticism when they hide certain facts about themselves. and even now people are not 100% sure about BFL due to the vagueness of facts BFL decide to release. Which is totally understandable.

their PR does suck and i think aswell as miners having to up their game when asics come out, i think bitcoin businesses need to up their game too.

there are only a handfull of bitcoin businesses which i find great, and they are bitinstant, moneydealers, bitcoinstore bitpay. and strangely enough they are all linked together by certain people.

i think other businesses, oops i should say other hobby stores should learn from the legit businesses and up their game.

bitcoin is still growing, not dying. so look forward to change and roll with it.

What makes it less perfect now?

When everyone was mining on CPUs, those with more money were able to afford more CPUs than others,
when everyone was mining  on GPUs, those with more money were able to afford more GPUs than others,
when everyone will be mining on ASICs, those with more money will be able to afford more ASICs.

If you have a shitload of money to spend, you can go ahead and try to attack the network.
I don't see any big changes there.

i'm not talking about hardware or market
i'm thinking about BTC sys.
it was a perfect sys
but now......

maybe i should post it to Economy discussion?

Anyone is free to build something that would dominate the market, much like anyone with truckloads of cash can dominate a niche. It's the beauty of the free market.

Hi Admin, dont move this post to mining hardware, i'm not just talking about hardware.

i noticed that every miner r looking forward for the ASIC machine and worry about their GPUs.
why dont u worry about BTC itself?

when u join the BTC game, u must have asked urself a question
"Is BTC trustworthy"
the answer is yes because
1. BTC not base on the trust on any human even the creater but only math and logic.
2. anyone who wanna make a 50% attack to put many btc to his pocket will pay huge money and get nothing.
3. all miners r using same CPU or GPU made by INTEL or AMD, u'll never buy a 20% faster 5870 in any country, right?
so the game is fair and trustworthy.


but when we focus on ASIC machine
it's super faster than GPU and it's made by mom and pop store.
the guy who make ASIC machines is just a forum id
u dont know his real name, address or phone number, is he professional or just a liaer.
u dont know if any time bomb or bug in the machine
when many miners place orders for ASIC machine, some guy will have enough calculation power to make a 50% attack and dont need to pay a penny.

ok, let's back to the question
do u still think BTC is trustworthy when ASIC or other fast homemade machines join in the game?