Topic: ASICS killing BTC ? - page 5. (Read 15908 times)
What a load of nonsense. Seems to be an amazing number of LTC supporters showing up this week talking nonsense. Part of the FUD campaign against BTC in preparation for MtGox's launch of LTC trading I've no doubt. LTC has been pump-and-dump since inception. Please take note everyone.
I disagree. Most of his points are accurate and reflect the people that I know. The price lowering though is coming more from the larger ASIC players not only controlling the supply of BTC's but also selling more of them then a typical small miner would do. A small miner is more likely to spend BTC in the Bitcoin economy while a larger player is most likely selling most coins right into the market. The real failure is that many small miners DID invest in ASIC hardware and they DO NOT HAVE IT. If they had that hardware now, the price would probably be more stable and higher.
The largest ASIC player is owned by thousands of shareholders each who receive a relatively small amount of Bitcoins. If Joe Smith average AsicMiner shareholder gets 3 BTC in dividends and sells them how is that any different than Joe mining 3 BTC and selling them.
No one average is getting 3 BTC in dividends. That is an early adopter big shot not the average Joe Smith. You probably don't own a single share.
Asics are good for btc, they are easier to operate than GPU's so they provide a large mining base, and smooth transactions.
Asics could kill people's interest in BTC, though, since many people will be excluded from mining.
Asics could kill people's interest in BTC, though, since many people will be excluded from mining.
I ran the numbers and they are depressing
https://bitcointalksearch.org/topic/asics-are-the-reason-the-price-is-dropping-and-it-will-not-stop-251347
Incoming hashrates:
ASICminer = 800 - 1000 TH
Avalon Chips = 300 TH
Avalon Batch 2 = 30 TH
KNCMiner= 200 - 400 TH
BFL = 100 - 1000 TH
Hash rate : 1430 TH/sec - 2730 TH/sec
Difficulty : 203396803 - 388302987
Marginal rate for plebs to buy hardware (KNC miner) : 17,500$ per TH/sec.
Price of BTC if set by plebs
Low diff: 49$
Max diff: 93$
Marginal rate for ASICminer to buy hardware : <10,000$ per TH/sec. We'll be conservative and use 10,000$. In reality it's probably closer to 5,000$, which means halve these numbers.
Price of BTC when set by ASICminer
Low diff: 11$
Max diff: 21$
https://bitcointalksearch.org/topic/asics-are-the-reason-the-price-is-dropping-and-it-will-not-stop-251347
Quote
Incoming hashrates:
ASICminer = 800 - 1000 TH
Avalon Chips = 300 TH
Avalon Batch 2 = 30 TH
KNCMiner= 200 - 400 TH
BFL = 100 - 1000 TH
Hash rate : 1430 TH/sec - 2730 TH/sec
Difficulty : 203396803 - 388302987
Marginal rate for plebs to buy hardware (KNC miner) : 17,500$ per TH/sec.
Price of BTC if set by plebs
Low diff: 49$
Max diff: 93$
Marginal rate for ASICminer to buy hardware : <10,000$ per TH/sec. We'll be conservative and use 10,000$. In reality it's probably closer to 5,000$, which means halve these numbers.
Price of BTC when set by ASICminer
Low diff: 11$
Max diff: 21$
they're raping the original intentions behind it
So how do we take our Decentralized Revolution back ?
Want to slow these asics down ? SOLO MINE.
If just 25% of the sha-256 and scrypt hashpower was to suddenly switch to soloing BTC or one giant GPU only pool, what would that do to the asic hoarder's getwork/s rate ?
Like a swarm of locusts..
HT xD
Exactly ! And thus why we must act before the network explodes.
and what exactly you gonna do.
You wouldn't be asking that, had you read (instead of erasing) everything I said after ".. network explodes."
HT xD
I cut it because I do not understand it. imagine what, thousands p2p nodes and what. 80ths of hashing power and what then. Please dont take it as personal offense, just trying to figure out, what can be done.
as I see situation with GPU mining, they are doing pretty well by mining LTC which in no way to be attacked by ASIC and mining LTC is much more profitable then BTC. 1.5 times more profitable most of the time.
ASICS are not killing Bitcoin, they are moving it into the future.
they're raping the original intentions behind it
So how do we take our Decentralized Revolution back ?
Want to slow these asics down ? SOLO MINE.
If just 25% of the sha-256 and scrypt hashpower was to suddenly switch to soloing BTC or one giant GPU only pool, what would that do to the asic hoarder's getwork/s rate ?
Like a swarm of locusts..
HT xD
Exactly ! And thus why we must act before the network explodes.
and what exactly you gonna do.
You wouldn't be asking that, had you read (instead of erasing) everything I said after ".. network explodes."
HT xD
they're raping the original intentions behind it
So how do we take our Decentralized Revolution back ?
Want to slow these asics down ? SOLO MINE.
If just 25% of the sha-256 and scrypt hashpower was to suddenly switch to soloing BTC or one giant GPU only pool, what would that do to the asic hoarder's getwork/s rate ?
Like a swarm of locusts..
HT xD
Exactly ! And thus why we must act before the network explodes.
and what exactly you gonna do.
It seems that ASIC is the evolution of mining, surely ASIC's will even become more powerful as time/difficulty increases. The important thing to remember is that Bitcoin promotes trade and there are a lot of great ways to make Bitcoin besides mining. There are lots of ways to get btc, if u dont like ASIC's then stop mining..
I give thanks for companies like ASICminer that actually delivered.. u snooze u looze..
Anyways bitcoin wont be monopolized like diamonds.. my opinion
I give thanks for companies like ASICminer that actually delivered.. u snooze u looze..
Anyways bitcoin wont be monopolized like diamonds.. my opinion
Please elaborate a little as to where and how people can aquire BTC without having to deal with a centralized source.
The manner in which this technology was released, REAKS of collusion between the devs and companies involved. They sold Mr. Nakamoto's soul for a handful of 3M diff blocks.
Btw, the only thing Asicminer delivered, was black market pricing.
HT
It seems that ASIC is the evolution of mining, surely ASIC's will even become more powerful as time/difficulty increases. The important thing to remember is that Bitcoin promotes trade and there are a lot of great ways to make Bitcoin besides mining. There are lots of ways to get btc, if u dont like ASIC's then stop mining..
I give thanks for companies like ASICminer that actually delivered.. u snooze u looze..
Anyways bitcoin wont be monopolized like diamonds.. my opinion
I give thanks for companies like ASICminer that actually delivered.. u snooze u looze..
Anyways bitcoin wont be monopolized like diamonds.. my opinion
they're raping the original intentions behind it
So how do we take our Decentralized Revolution back ?
Want to slow these asics down ? SOLO MINE.
If just 25% of the sha-256 and scrypt hashpower was to suddenly switch to soloing BTC or one giant GPU only pool, what would that do to the asic hoarder's getwork/s rate ?
Like a swarm of locusts..
HT xD
Exactly ! And thus why we must act before the network explodes.
Gpus are irrevelant only if 100% of the asics were in the hands of the hoarders. Imagine a 80 Thash, 20k node P2P pool chomping away at the blocks....
HT xD
I'm drooling at the thought of thousands of p2p nodes.
fatal as they will permanently remove the perception of BTC as a viable long term investment.
Do you think, in that case, LTC could be percieved as a viable long term investment?No, or at least it will be massively reduced compared to the expectations that have been built around BTC. If BTC ever ceases to be be a viable long term investment then it takes every other coin with it because it will be obvius the LTC would also have a successor some day. But I wouldn't be surprised if it takes several such successions until people finally realize that the value in crypto-currency is the CODE not the COINS and we are going to see a succession of innovative coins that gradually supplant each other on technical merits, much as we treat every other piece of software ever made.
I don't see anyone losing here or anything being killed, except people who overvalued coins when they were hot, and weren't planning to hold them long-term are getting the shaft. That's the inherent risk in any market.
Agree
------------------
Bitcoin is an idea worth more than its exchange value
So, people who invested heavily in mining equipment with hopes of getting rich quick are causing a surplus of bitcoin supply, thus driving the price down and selling their newly minted bitcoin to people who want to hold on to/spend bitcoin at a reduced rate.
I don't see anyone losing here or anything being killed, except people who overvalued coins when they were hot, and weren't planning to hold them long-term are getting the shaft. That's the inherent risk in any market.
I don't see anyone losing here or anything being killed, except people who overvalued coins when they were hot, and weren't planning to hold them long-term are getting the shaft. That's the inherent risk in any market.
Not to mention BFL selling all the coins they have been mining with the asics they are selling as "NEW"
This is not hard to understand people..
This is where you are trolling. BFL is not the ASIC mining culprit. If they are mining it is on a small scale to test. Avalon has obviously done some mining but I also think it is not large scale. ASICMINER is the one that is doing the large scale mining. If you compare the other two to them, BFL and Avalon are not on the radar.
It is just a bubble burst. That would have happened even if there were no ASICs at all. People are spending money on their vacations now. I expect speculative pumps and dumps during summer. Then people will come back with their money and start buying again thus stabilizing the price. I hope so 
Asics will continue to devalue bitcoin, plain and simple..
People did not buy asics to secure network, they bought it to make money..
Asics owners are selling their coin to recoup the cost of the asic themselves..
More and more asic owners will continue to put downward pressure on the market..
Not to mention BFL selling all the coins they have been mining with the asics they are selling as "NEW"
This is not hard to understand people..
People did not buy asics to secure network, they bought it to make money..
Asics owners are selling their coin to recoup the cost of the asic themselves..
More and more asic owners will continue to put downward pressure on the market..
Not to mention BFL selling all the coins they have been mining with the asics they are selling as "NEW"
This is not hard to understand people..
they're raping the original intentions behind it
So how do we take our Decentralized Revolution back ?
Want to slow these asics down ? SOLO MINE.
If just 25% of the sha-256 and scrypt hashpower was to suddenly switch to soloing BTC or one giant GPU only pool, what would that do to the asic hoarder's getwork/s rate ?
Like a swarm of locusts..
HT xD
We gain very little in security with a high hash rate if it is all controlled by one or two entities. Security is a high enough hash rate that it is hard to mount a 51% attack AND that hash rate being distributed across many different unconnected people and groups. I do not think litecoin is better then bitcoin, but right now litecoin would be harder to do a 51% attack on then BTC. This is because one way to do a 51% attack is to compromise existing (concentrated) hashing power, not just adding new hashing power to compete.
The second issue of course is that many small GPU and CPU miners were interested in bitcoins. They are the ones that purchased stuff through me and others and spent BTC vs just cashing it out. Large consolidated miners cash out, and do so in volume as they get coins. We can all see what this does to the price.
they're raping the original intentions behind it
So how do we take our Decentralized Revolution back ?
Want to slow these asics down ? SOLO MINE.
If just 25% of the sha-256 and scrypt hashpower was to suddenly switch to soloing BTC or one giant GPU only pool, what would that do to the asic hoarder's getwork/s rate ?
Like a swarm of locusts..
HT xD
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