HR,
Are you a miner? What do you believe will be the impact of the multi algo on DGB?
YC
I'm a miner, and long term investor (with what I mine). Unfortunately, the "long term" investment part of the picture hasn't been working out so well (unless you have been doing what the majority seem to have been doing by moving all their mining proceeds to BTC).
Hopefully that will change, and I think the multi algo approach is a move in the right direction – even if not in the short run, it still looks like the best bet to me in the long run. We need look no further than early 2014's *star* coin, DOGE, to see where immobility in the face of the advent of ASIC will get you.
That having been said, I think there's still much more to be done if one really wants to take a coin "mainstream" and achieve wide scale adoption. One of the key points I've been focusing on as of late is the necessity to avoid being "just another coin". It seems to me that most devs are caught in the 'gimmick' trap where they are concerned with partnered vendors, cute promotions, and the like. It certainly looks like everyone is putting the cart before the horse and I've come to the conclusion that the best advice I could give any developer would be to stay true to time tested business principles and center efforts on first producing a world class product and then letting the future take care of itself as the world beats a path to your door (as the old saying goes). Remember, even Ronald McDonald needed a good hamburger and fries to stay alive.
The world class product in this case would be: Coin - Wallet - Network (meaning officially sponsored P2Pools) in that order.
I also think that the playing field needs to be further ‘handicapped’ to help the small guy be more competitive - IMO this is central to the world class product itself and eventually being able to take it “mainstream".
Here's a reproduction of something on that subject that I recently posted on another thread that I’ve adapted for DGB:
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Here’s a Radical [Not So Novel] Idea (please don’t laugh)
Would you be interested hearing an idea that could take DGB ballistic and worldwide (in the truest sense of the word)? Well, sit back and read on if you answered yes.
This is an idea that could really cause DGB to go 'viral'. Can you imagine people from all over the world automatically mining DGB on startup of their PC? What could possibly get millions of people all over the world (including the underdeveloped world) doing that?
Let’s step back for some background and start out by remembering and taking into account some of my logical anti-ASIC arguments (I haven’t been too bad with my predictions in recent months either) and then move forward going one step further by looking at the opposite end of the spectrum.
Just like at one end of the spectrum we have an ever more concentrated and centralized network in combination with price under serious pressure, at the other end we also have an authentic widely distributed network with a stable and generally rising price, and if hardware specialization leads to the first, then, the opposite, namely, hardware generalization, should logically lead to the second.
Economies of scale are generally a good thing when referring to competitive markets; the only problem exists when those markets become concentrated (centralized) in a few hands, and then economies of scale can work against the common good. We need look no further than the fiat banking system to see what eventually happens.
One of the most important ideas at the heart of the crypto ethic was the idea that decentralization was key for creating a viable 'alternative' storage of wealth that could compete with the traditional fiat system.
Have we by some chance become sidetracked with our obsessions for short term profit? What with, hey, we’ve even got a website dedicated to this extreme distraction. What’s the name? Oh, yeah, here it is, Crypto Pump of course (how could it be named anything else?).
http://cryptopump.com Was this what we all had in mind when starting out with cryptocurrencies?
Decentralization is all about making something as available as possible to as many people as possible. Are we really going in the right direction to accomplish that by favoring specialized and centralized economies of scale? Okay, a large market cap would be great for PR, but how long lived would it be if it’s not built on a real foundation. Selling out to short term specialization and centralization is nothing more than assured short term gain in exchange for long term pain.
So, if centralized specialization leads to ruin, then generalization, or decentralization as it were, should lead to system health and vitality – exactly what is desired for a solid and authentic vehicle for storage of wealth. And just what do I mean by “generalization”? I’m referring to making something as “generally” available as possible, and not just in words, but in real deeds as well. It’s one thing to say that even CPUs can mine, and it’s quite another altogether to say (and make real) that they can do so
competitively (and we all know that the little guy can only be competitive in a “little guy world” where the rules are fair and designed to protect the little guy, and not one where major competitors are swallowing up what little guys are still left).
Have you guessed where I’m going with this?
CPU mining that is just as profitable as GPU mining, and also with ASIC?
Had you guessed?
Yes, CPU on par with ASIC!
If you do that, if you make DGB the cryptocurrency that everyone who owns a computer could competitively mine (seriously now,
everyone), you’d have millions of users all over the world configuring their DGB wallets to launch on system startup!
Okay, there are some details to work out, like having a launch on boot setting in the wallet, and, of course, the automatic mine on launch 'plug and play' coding as well.
The wallet would need pre-configured mining parameters so that the new user could mine with a simple click, either solo, or better yet, with official DGB worldwide P2Pools (worldwide really meaning worldwide with scores of active nodes all over the world).
The pre-configured, in wallet, miner would only mine using the CPU, or CPU equivalent that would be limited by a throttling mechanism that either matched the most powerful end-user CPU, or an average of the most common CPUs in active use (meaning that it would be possible to mine with a GPU miner, but never at a hashrate that exceeded the CPU throttling level per address, and never independent or outside of the wallet).
Rewards would look something like this:
Throttled Qubit CPU pre-configured wallet restricted mining = 4000 coins per block
Groestl = 450 coins per block
Skein = 450 coins per block
SHA-256 = 50 coins per block
Scrypt = 50 coins per block
And, with that, you'd put DGB on the world map as the first truly fair cryptocurrency in the world where everyone who owns a computer is looked at funny if their DGB wallet isn’t running 'in the background'.
How’s that for an idea for taking DGB mainstream?
You’re right. This would be even beyond mainstream!
Isn’t that what we really had in mind when getting involved in cryptos?
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Okay, it's not exactly a level playing field. If you look at the payout numbers closely, you'll notice how the GPU still has a very handsome advantage over CPU, and ASIC over GPU, but it is fair[er] FOR ALL since the less specialized miners would be made more competitive thereby giving them more incentive to mine (and really get emotionally attached to DGB in the process) while at the same time technological advances (R&D, innovation and capital investment) would also still be rewarded.
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In short, to answer your question in no uncertain terms, I'm not sure. If you look at MYR's price over recent weeks, the market seems to be telling us that multi algo is not enough, so I wouldn't get my hopes set too high. On the other hand, like I said here yesterday, having a real face with a very positive track record behind DGB might be the difference (I may be more or less on target with this, but Jared has steered the ship without incident so far, and I would think that it’s a fairly good bet to think he will continue to do the same by listening to the community, consulting with investors, promoting at conventions, etc., and, ultimately, making the right decisions for DGB).
Gone are the days when we would just point our miners at the most profitable coin and walk away (and don’t get the wrong idea, I’m not a “farmer”, I’m just a little guy, like most – you can count my miners with the fingers of one hand). Gone are the days when you could rack up windfall ‘profits’ mining DOGE (oh, how I wish I’d sold some of those earlier on). Gone are the days when time was on our side (now we’ve all got to make some serious bets very soon – if we haven’t already – since I very much doubt the majority of cryptos will ever get off the life support they’re currently on).
Personally, after having made the rounds in a serious, direct and businesslike manner (here on BitCoinTalk, on other major forums, individual coin forums, a few mining forums, and the like – here as ‘HR’, elsewhere as someone else), my conclusion is that the crypto world is full of kids and/or scammers, neither of which is a recipe for success. Add to that a preponderance of incompetence – not that these people are incompetent per se, but that they are in way over their heads – to the point where you almost want to throw up your hands in desperation and give up on the crypto dream by throwing in the towel altogether. Some will likely blunder along picking up the rear and survive as secondary, niche coins, but the real winners will be few and far between, and I think one of them will be DGB.
And so my days of crypto-globe trotting have come to an end as I’ve made the decision that DGB is the best bet out there for both major price appreciation and long term success – as I've said, based mainly on its track record and the seriousness and integrity of its visible founder. As such, this is where I’m staying, again, not sure at all mind you, but considering all the facts that I’ve gathered these last 6 months, this is the coin that I think has the highest probability for long term success . . . and price should follow . . . if not sooner, then later.
). Hence you can only regulate a miners efficiency by the mathematic mechanics a hashing algo uses.
