you can already start to see the changes. If someone releases an ASIC on preorder, it no longer sells out immediately (or sells at all). Things will level out. Now we don't need to give all money to a single company (AMD graphic chips) but to many companies. Don't forget when Avalon first made the chips, they could have taken over the entire network immediately. That is no longer the case. Soon buying a miner will become one of those things you can order and have the next day and maybe you will make your money back in 4 months, but that will be the choice when you order.
All is well.
Topic: did ASIC ruin bitcoin ? - page 4. (Read 8993 times)
a plus is that confirmations will be in seconds now with miners running on asics
Well, that would have benefits. But it's not how it works; the whole point of the difficulty adjustments is to ensure that new blocks (confirmations) are generated at a rate of one every 10 minutes, no more, no less, regardless of total network hash rate.
It's awesome that "anyone can do it" when not very many people are doing it. When more people do what "anyone can do" that's when it gets ruined by all those messy people that are doing it. But ultimately you cannot have it both ways. Either anyone can do it and your efforts are not special, or else only a few can and it will be profitable to each of those few.
Well said. More people need to understand this.
Bitcoin was not invented to give us a free lunch, it was invented to give us a free economy.
Well said.
a plus is that confirmations will be in seconds now with miners running on asics
Does it really matter though? The difficulty was bound to rise either way the more coins were produced. The only inconvenience ASICs caused was not being able to make the late comers rich.
Well, the same number of coins would be produced either way. That's why the difficulty went up. But yeah.
And I think that's the frustration. Mining is a zero-sum game. You can't get in on it without diluting everyone else's share. I'm not saying there's anything wrong with that, but miners have to understand that (after the first few) we are not producing something that wouldn't exist without us; we are taking a slice of a set amount of wealth that is being created.
And again, the point of Bitcoin is not to make people rich, but to create the medium in which people can become rich through their non-Bitcoin-related efforts.
It's one thing to say, "woo! The more the merrier!" but the more people that are involved in mining, the smaller each of our shares will be. As Bitcoin grows, you have to put more and more hashing power in just to keep the same proportion. That is a given and a constant: the diff will (almost) always increase, especially when Bitcoin gains traction with wider numbers of people.
It's awesome that "anyone can do it" when not very many people are doing it. When more people do what "anyone can do" that's when it gets ruined by all those messy people that are doing it. But ultimately you cannot have it both ways. Either anyone can do it and your efforts are not special, or else only a few can and it will be profitable to each of those few.
It only ruined Bitcoin for those that were looking to make money off minting the currency. Everyone else just either gets paid in BTC or provides a service or good for sale in exchange for BTC.
when you spend up the ass for the equipment it takes months to deliver and when you have the equipment in hand the difficulty is so high you risk losing money cause you cant make ROI i think that makes bitcoin look like a joke and a huge gamble thus making bitcoin less attractive and could lead to panic selling and collapse.
Does it really matter though? The difficulty was bound to rise either way the more coins were produced. The only inconvenience ASICs caused was not being able to make the late comers rich.
Sure, the difficulty is high. As a fellow miner, I empathize. I'll hoist a glass of beverage and reminisce about the "good old days" or whatever. But you have to realize that that is not what you asked. The poll asks whether ASICs ruined Bitcoin, which if you'll forgive my bluntness is childish and petty.
ASICs have made it more possible for anyone to participate as miners, not less. They have also made it more difficult for miners to be professional miners. Most of us won't quit our day jobs, and a very small number of us will have huge self-sustaining farms. That is as it should be. Bitcoin was not invented to give us a free lunch, it was invented to give us a free economy.
ASICs have made it more possible for anyone to participate as miners, not less. They have also made it more difficult for miners to be professional miners. Most of us won't quit our day jobs, and a very small number of us will have huge self-sustaining farms. That is as it should be. Bitcoin was not invented to give us a free lunch, it was invented to give us a free economy.
ASIC making Bitcoin more secure. Bigger difficulty = more secure = better.
But im not biased because i dont mine
But im not biased because i dont mine
i knew it would go up but not like this. look at this chart. it makes mining very unattractive.
http://bitcoindifficulty.com/
http://bitcoindifficulty.com/
i am making money with BTC. i have been making money with BTC. i will continue making money with BTC. even if not mining.
however, like many of us i have invested in ASIC. and when the difficulty shits on my return i am well within my right to cry bitch or moan.
however, like many of us i have invested in ASIC. and when the difficulty shits on my return i am well within my right to cry bitch or moan.
Did you buy those ASICs with the expectation that the difficulty wouldn't skyrocket???
Sounds like the problem is with the company you chose to purchase from, not with the devices that offer greater hashing rates for less energy expenditure (since you chose to purchase one.)
i am making money with BTC. i have been making money with BTC. i will continue making money with BTC. even if not mining.
however, like many of us i have invested in ASIC. and when the difficulty shits on my return i am well within my right to cry bitch or moan.
however, like many of us i have invested in ASIC. and when the difficulty shits on my return i am well within my right to cry bitch or moan.
I'm saying it sounds like OP's complaint is that he can't earn money mining Bitcoin.
This.
The only sure winner are those chip manufacturers like TSMC
Whos that ASIC guy? I keep hearing his name 
It ruined gpu mining
Something about "worthless" and "big money" being in the same sentence is ringing as dissonance in my ears.
they will make the money and bail just like mining for gold oil or diamonds in third world countries. they will be there when its profitable and fuck you when they cant make no more off you.
why not? When 2141 rolls around and BTC is the world currency and mining for TX is highly profitable.
Bitcoin != mining
Indeed. ASICs made Bitcoin far better, but they made mining less profitable. But the general purpose of Bitcoin is not to make money mining. It's to have a secure independent quasi-anonymous trust free online currency system.
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