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Topic: Bitcoin is Dead (Read 7742 times)

member
Activity: 77
Merit: 10
July 10, 2013, 05:05:34 AM
I agree but its not dead yet.  ASICMINER is in it for the money.  They do not care about bitcoin's future. Otherwise they should NOT be mining and just sell hardware.  They could limit the amount of GHs per order so 1 person cant order several THs.  This would at least slow down the centralization somewhat.

Bitcoin doesn't need ASICMiner to "care about Bitcoin's future".  Can you imagine how horribly fragile (and ultimately doomed to failure) a system would be if it required all actors to be altruistic?  Bitcoin just needs ASICMiner to be economically rational and as a for profit venture it is.

Spot on.  ASICMiner responds to market conditions (specifically, the increasing hashrate which is an indicator of new hardware coming online) appropriately by aggressively pricing and delivering.  Their price point is aggressive enough to entice people who are optimistic (or challenged at math) to purchase their hardware.  

However, their main source of income from their documents is by far their mining operations.  From a business perspective it means that they are making a killing off of their hardware sales even at their current relatively competitive pricing, since their mining operations are far more profitable using the same hardware.  

Their primary responsibility as a corporation is to maximize shareholder value, not to be altruistic to the Bitcoin economy.  And they have done an exceptional job for the shareholders.
legendary
Activity: 3248
Merit: 1070
July 10, 2013, 05:03:15 AM
bitcoin is dead = mean that we can buy right now, cuz of low price
full member
Activity: 182
Merit: 100
Hodl regularly and often!
July 10, 2013, 04:34:02 AM
Mining Feathercoin is more rewarding and can be converted to Bitcoin anytime you want!
member
Activity: 100
Merit: 10
Psalm 15
July 09, 2013, 10:32:35 PM
I agree but its not dead yet.  ASICMINER is in it for the money.  They do not care about bitcoin's future. Otherwise they should NOT be mining and just sell hardware.  They could limit the amount of GHs per order so 1 person cant order several THs.  This would at least slow down the centralization somewhat.

Bitcoin doesn't need ASICMiner to "care about Bitcoin's future".  Can you imagine how horribly fragile (and ultimately doomed to failure) a system would be if it required all actors to be altruistic?  Bitcoin just needs ASICMiner to be economically rational and as a for profit venture it is.

Completely 100% agree.
donator
Activity: 1218
Merit: 1079
Gerald Davis
July 09, 2013, 06:57:08 PM
I agree but its not dead yet.  ASICMINER is in it for the money.  They do not care about bitcoin's future. Otherwise they should NOT be mining and just sell hardware.  They could limit the amount of GHs per order so 1 person cant order several THs.  This would at least slow down the centralization somewhat.

Bitcoin doesn't need ASICMiner to "care about Bitcoin's future".  Can you imagine how horribly fragile (and ultimately doomed to failure) a system would be if it required all actors to be altruistic?  Bitcoin just needs ASICMiner to be economically rational and as a for profit venture it is.
newbie
Activity: 35
Merit: 0
July 09, 2013, 01:41:55 PM
I agree but its not dead yet.  ASICMINER is in it for the money.  They do not care about bitcoin's future. Otherwise they should NOT be mining and just sell hardware.  They could limit the amount of GHs per order so 1 person cant order several THs.  This would at least slow down the centralization somewhat.
newbie
Activity: 16
Merit: 0
July 09, 2013, 10:42:53 AM
It's not dead yet. It's stable at $60 to $70 and taking some rest. After 7 days rest it will start climbing again.
newbie
Activity: 2
Merit: 0
July 09, 2013, 07:56:28 AM
the fact that bitcoin can rely on asics is an advantage; asics have high per watt processing power which dramatically lowers the cost of maintaing the bitcoin network. In two identical economies which used either bitcoins or litecoins, the bitcoin network would consume a much smaller fraction of the economy to maintain
newbie
Activity: 1
Merit: 0
July 09, 2013, 04:04:01 AM
Totally agree with you.
newbie
Activity: 13
Merit: 0
July 09, 2013, 04:02:25 AM
Well mining is not the only thing about Bitcoin. * I've even hear rumors on the internets that it's anonymous currency. *ENDSARCASM*
full member
Activity: 181
Merit: 100
optical illusion
July 09, 2013, 03:35:50 AM
A drop in price is neither positive or negative, it is just what it is. Also to say that the price has "dropped" is interesting when at one point Bitcoins were valued at 50 cents.

Perspective...
newbie
Activity: 14
Merit: 0
July 08, 2013, 11:36:10 PM
Bitcoin is dead? I wish someone had told me sooner.


He-he imagines a Satoshi revival XD


have you seen h.i.m.? =) jedicoin coming soon!!! LOL
legendary
Activity: 1806
Merit: 1090
Learning the troll avoidance button :)
July 08, 2013, 11:31:14 PM
Bitcoin is dead? I wish someone had told me sooner.


He-he imagines a Satoshi revival XD
legendary
Activity: 2730
Merit: 1034
Needs more jiggawatts
July 08, 2013, 08:20:34 PM
Bitcoin is dead? I wish someone had told me sooner.
newbie
Activity: 15
Merit: 0
July 08, 2013, 08:15:21 PM
lol your wrong on so many things.

I'm not trying to say I'm right, I'm simply giving my opinion. Are you saying that the rapid expansion of the internet will not help mainstream use of digital currency's?

As every decade passes more people are using the internet and the more digital this world is becoming. I guess one thing that would help is making it as easy as possible to buy Bitcoins/Alt currencies for computer illiterate people that just want to buy them and spend them on products.

It would be more useful explaining to me why you think I'm wrong so everyone can read instead of just telling me I am.
member
Activity: 100
Merit: 10
Psalm 15
July 08, 2013, 08:13:17 PM
lol your wrong on so many things.

do you have anything to back up your assertion? "lol your wrong on so many things" just doesn't cut it.
newbie
Activity: 21
Merit: 0
July 08, 2013, 07:57:08 PM
lol your wrong on so many things.
newbie
Activity: 15
Merit: 0
July 08, 2013, 07:52:43 PM
I think ASIC miners will have an effect on the Bitcoin economy just not sure if it will be bad or just like the move from CPU's to GPU's. I do think that alt coins such as Litecoin will play a part in the future of crypto-currency.

At the end of the day this is one massive experiment and is still too young to predict what will happen, anyone that says that they know is a liar.

We should be trying to think about what we do know and how that could effect Bitcoin, like the future of the internet. Cisco predicts that around 50 billion devices will be connected to the internet by 2020 (over the around 8.7 billion of 2013). This will help Bitcoin/crypto-currency's get into mainstream because billions of people will be using the internet for purchasing products/services and with such a large number of people using the internet, digital currency would look more attractive to mainstream users/business owners to use over conventional USD because of low transaction fee's, anonymity etc (especially with LTC faster transaction times) .

Bottom line is if the internet is going to get as big as Cisco predicts it is then I see a bright future for crypto-currencies in general.
donator
Activity: 1218
Merit: 1079
Gerald Davis
July 08, 2013, 11:47:55 AM

Scrypt doesn't use a massive amount of RAM unless you consider 128KB (yes Kilobytes not Megabytes or Gigabytes) a "massive amount".

Even full strength scrypt doesn't use "massive" amounts just enough that CPU with their significant cache are better optimized than other choices.  The scrypt used in litecoin is significantly crippled.  The low security (realtime) settings for Scrypt recommend by the author are 2^14, 8, 1 and the high security settings 2^20, 8,1.  Litecoin uses 2^10, 1, 1 making it roughly 100x less memory intensive then real time scrypt recommendations and ~8,000x less memory intensive than high security scrypt recommendations.


Thanks for pointing this out. So are you suggesting that scrypt based coins with the current design are - at least in theory - more or less equally susceptible to the ASIC technology as SHA256 coins? And if so, wouldnt it be "easy" to just ramp up the scrypt security settings in order to keep ASICs effectively at bay, or would that cause other complications?

ASICs to execute Scrypt POW will be higher cost both in terms of $ and energy thus the performance gains will be lower than the difference between GPU and ASICs executing SHA-256.  It is unlikely you can just "ramp up" the paremters of the POW as that would be a hard fork.  For example someone could hard fork Bitcoin at a certain block and require Scrypt to be used for all future blocks.  It is just a change of a dozen or so lines of code.  Technically it is a trivial change.  Getting a consensus to agree to it sufficient to kill off the original fork is a whole different story.
legendary
Activity: 2492
Merit: 1473
LEALANA Bitcoin Grim Reaper
July 08, 2013, 08:40:16 AM
"Bitcoin is dead" being claimed is a sign of life given it is still being discussed.
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