Topic: Asics are scam nothing will arrive and it will be the end of bitecoin - page 2. (Read 16277 times)

Yes the GPU days will be over, but it doesn't exclude the little guy.  In fact it's a lot easier to grab a $150 Jalapeno (assuming it comes to fruition) and just plug it into a USB port than it is to try to setup CGMiner with all the correct flags and worry about temps (I'm talking for a layman).  For those who have $ and are into running GPU farms there's always the possibility of custom modding he ASIC units in the future.

Don't tell me people are "mining" with their 5450 GPU which costs $50 and don't have $150 for a jalapeno (or whatever low end device any manufacturer may put out).

To be honest, I don't really want the ASIC's to arrive. When they do, gpu miners are gonna lose out big time. And people who can't afford an ASIC aren't gonna have enough hash rate to compete

So you disagree with this?:

Any E-Currency that is easy to crack is doomed to fail.

Mainstream joe public has little to do with anything. They are just consumers who will only shape the interface as producers try to please them.

Large growth will be garnered by large vendors getting on board, granted the CEOs of these companies may not be computer whizzes or know anything about cryptography but they have employees and freelance advisors who are cold and objective and VERY good at math like Spock.

BTC is a fungible asset based on proof of work, ecenomically it is identical to gold; Imagine if somebody worked out a way to quantumly lock onto gold atoms within 1000m and teleport them into the back of their van lab. Word spreads and gold funneling vans are zipping around everywhere. do you not think this softened security would undermine golds value as an asset? I think you'll find it would! Even if all the gold bugs knew nothing about the details of quantum teleportation.

The fundamental worth of any currency is ONLY related to its ease of use (liquidity) and its security.

Of course fiat currency, does not abide by these fair laws, it has its own set of laws that are enforced by its issuers and accepted by its users. So maybe you're still thinking with a fiat mindset? Fiat currency is only as secure as a few people choose it to be, with quantitive easing a handful of big-wigs can inflate the currency at the push of a button as and when they please, that's pretty dodgy when you think about it.

I disagree. The only reason this has been true in the past is because a relatively large portion of people involved with Bitcoin at the moment are involved in mining or investments in mining. The average user of the future wouldn't know anything about the security of the Bitcoin network. How many people who do online banking know what https or a public and private keypair are?
We are not talking about the worth of a storage facility when we are talking about Bitcoin as it becomes mainstream. We are talking about the worth of a currency.

Sure ASIC are possible for scrypt mining, but it does not have as big of an advantage, due to huge memory requirement, it'll mostly just be more power efficient, while costing roughly 1/3 or 1/4 of GPU per MHash. Those who mine with GPU on a free electricity basis will continue be able to profitably do so, with very reasonable ROI time frame.

I dont known i have the feeling they are using ASIC pre-orders to build up the things but them using them instead of deliver, if i make a ASIC today why should i sell it? today it makes its own cost in less than a week.

ASIC will make botnets less viable for example.

But I agree litecoin can keep GPUs in the game for alot longer and is suited to GPU architecture. I have a feeling that $LTC$/BTC value is going to accelerate from here on out. But GPU mining will still be profitable on LTC for some time to come.

From litecoin.org:


I would change that quote to this though:


Might happen sooner than you think?

hehe,  Mr. optimistic

much challenging how? surely the "large entity" can just order ASICs just the same as everyone else. In fact I think ASIC makes it easier (once they become readily available).

With GPU mining, if you wants to acquire a large amount of GPU in a short time, you have to compete with regular gamer demand, it's very difficult to do, as we have seen previously with all the top AMD GPUs sold out everywhere during the 2011 bubble.

With ASIC mining, the "large entity" only has to compete with other miners, or heck he could invest in building his own ASICs, it's very cheap to mass produce once the initial cost has been invested. If a 22 yr old Chinese guy from Brooklyn could do it in a few months, surely this "large entity" can build it too. Good luck with building your own GPU though.

This is why I think Litecoin's scrypt mining is superior, because ASIC for scrypt does not have as big an advantage over GPU due to large memory requirement, so GPU will remain viable to mine.

I think ASICs are the beginning of bitcoin being a serious system.

For a large entity with the agenda of overpowering the network, without ASIC the system is a cheap combination bike lock.

When all asics come on line the hashpower makes overpowering the chain much more challenging.

This will be reflected in bitcoins worth. what is worth more? a 4 barrel combination bike lock or a bank vault?

More hashpower means more security. worth of a storage facility is proportional to its security.

After the first genesis block was laid, when difficulty was 1, had you been privvy to the network you could have overpowered it with trivial computing power. Would you prefer it stay like that, just so you can mine easier?

Sorry but the needs of the network outweigh the needs of the nodes. There will come a point when mining is not profitable, but hashing transactions will be a steady earner.

Cars are coming, time to sell your horse.

I asked already a similar question, what could be an alternative? Or is their anything different, more powerful already in developement?

Everyone, please calm down.. and cash out: https://bitcointalksearch.org/topic/bitfunder-mining-difficulty-futures-now-available-coinbridiff-140608

I think you should stay off satoshidice for a while.

scammer tag?

Cough Cough.

bitecoin? one word... IDIOT!

Again, why will the value fall?

and if it does fall, it will be a buying op.

.... You do realise when there is a high demand for something and it becomes rare the price rises right? We've also got the ability to break up the Bitcoin too.

God this thread is more about his irrelevant typo of bitcoin. He raised a point but no it won't be the end of bitcoin although the value will fall.