Topic: Bitcoin is Dead - page 11. (Read 7684 times)

Those ones that mine like thousands of BC every single day?
http://www.asicminer.co/about.html

And they happen to be behind the bitcoin foundation which is supposed not to be involved in bitcoin transaction but at the same time they are actually the biggest miners in the world, getting like 500 Bitcoins every 10 minutes.

Notice this does not seem to be a pool that distributes between a few members, I think we are going to see more of this miners in the future.

Also, you do realized that you cannot get ASIC devices right now even if you want even while tons of peoples are mining with them already. The first one will always have a huge leap over the rest, and they are only releasing ASIC devices or selling them to the market, once they see there are not threat to them.

Pray tell what is this mythical ASIC foundation, good sir?

I´m sorry but I just had to post this.


Did you all noticed the more ASIC devices enter the mining market, the less Bitcoin is worth?

There is a reason for this. Bitcoin is going from a decentralized systems to a centralized system.

Miners like ASIC foundation have the power and money to disrupt a crypto coin. They are just an example, of how the usual guy is going to be left out eventually.

I read that most miners from Bitcoins jumped into LiteCoins. Well, I see the same happening to LiteCoin eventually.

Both crypto coins are dead as dead in water in the future because once they grow they kill the novelty that made is so attractive in their beginnings.

Lets see. Miners do it for profits, not just novelty. At least most do, eve if you generate 1 BC a month, that is something, but once a standard machine will generate 1 BC in year, the story is another one. Why? Because this coins do not depend on numbers of hooks or peer, or computing power as a whole distributed, they just require raw computing.

So being more efficient, putting huge clusters, ASIC chips, is the only way to go in the future. Is there something wrong with this? Absolutely not, this is why datacenters exists and huge companies have a price advantage over the little guy but you all forget something. Is not that exactly what made Bitcoin such a novelty? That Joe at home could run their system as mining at nights, to generate a few coins? Not for living, not as income, just for fun. But the fun is over once you generate nothing...

Don´t you all see the problem here? This novelty users are stopping to promote Bitcoins heavily on the Internet, some that invested heavily in GPU moved to Litecoin and are probably promoting that, in order to increase the prices on their interests.

Bitcoins does not have enough business and companies that accept it as payment and neither its circulating enough (distributed) on the wild to make it an Internet currency.

How many ASIC manufacturers are in the world? Probably one.

And you can count with 3 or 4 hands the people or companies that can get this. And what ever you think, want or do, Chinese will get this chips sooner than you do if they want. Its absolutely inevitable since they are produced there.

Do you want to spend hundreds of thousands or millions on chips that can only do one job? Mining? And once they can´t mine anymore, would they accomplish another use? Like processing transactions for a fee? Currently no.

Bitcoin is getting centralized, the small miner is going to die, the big miner, companies or centralized in organizations is the future. Once they kill each other off, probably there will be left 2 or 3 major ones, and this ones will have such huge setups that you would not even think on making 0,0000000001 bitcoins a year with the best hardware.

Is this wrong? Well if you think Bitcoin is so strong because its P2P, its wrong. The whole system will be vulnerable and have a few single points of failures.

There is absolutely nothing at all, that incentive the coin to be P2P at all. Because it all relies on raw computing power, regardless of where it comes and in how much quantities. It does not promote or distribute load. It does not distribute mining, the whole system is build so that actually 1 person can cash everything if they had enough hashing power and money.

I feel sorry for all those buying ASIC devices thinking they are the future. Just think for a minute. What makes you think one huge company or organization is not directly going to the manufacturers and buying all chips in advance? People like the ASic mining foundation where using ASIC way before the little Joe even had them. There is absolutely no point in selling technology to the consumer, if you can sell it directly to business for a huge profits at once.

Once the Bitcoin network runs only on ASIC devices, it will be running on a single chip, the whole network !!!! And once the the big guys come in and the little ones are left out, it will get centralized very fast.

Both LiteCoin and Bitcoin suffer from exactly the same huge flaw. It only promotes a Peer to Peer user network on its beginning stages, once they have value and as people get greedy, they try to extract profits as fast and as hard as they can. Nothing wrong with that, except this does not promote a peer to peer network. You don´t need me, or Joe with his laptop, or mom at home with her Android device, or Jim that has a rack in a datacenter (as ram and cpu alone is pretty much useless anyway)

The Bitcoin network does not need anyone of you. All it needs is 100,000 ASIC chips running a high efficient datacenter on one single place.