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Topic: fall of coins with asics? (Read 1678 times)

legendary
Activity: 2674
Merit: 2965
Terminated.
December 01, 2013, 03:52:04 AM
#25
Thats why I hate litecoin with passion, first they lie about being cpu-only, and the creator starts pre-minning in large scale before releasing the coin, too much shadows. It do not deserve the second place after bitcoin.

They did not lie about CPU only. They WERE at the time they were created. Anything that can be done on a CPU can be extended to a GPU.
Mostly anything.
sr. member
Activity: 266
Merit: 250
November 30, 2013, 11:24:28 PM
#24
Thats why I hate litecoin with passion, first they lie about being cpu-only, and the creator starts pre-minning in large scale before releasing the coin, too much shadows. It do not deserve the second place after bitcoin.

They did not lie about CPU only. They WERE at the time they were created. Anything that can be done on a CPU can be extended to a GPU.
sr. member
Activity: 266
Merit: 250
November 30, 2013, 08:37:48 PM
#23
 time limited and pos clubs are the future
full member
Activity: 134
Merit: 100
November 30, 2013, 07:30:28 PM
#22
They have zero information about their ASIC. Either they are a scam, or they will have Butterfly labs delivery dates.

Regardless if they are delayed by months or a year. The inevitable will come and again we will follow suit.
legendary
Activity: 2674
Merit: 2965
Terminated.
November 30, 2013, 02:36:51 AM
#21
They have zero information about their ASIC. Either they are a scam, or they will have Butterfly labs delivery dates.
legendary
Activity: 1652
Merit: 1016
November 30, 2013, 01:43:27 AM
#20
I think your right.  Bitcoin has plummeted in value, interest, media attention, and adoption since the first ASIC was released. 

 Grin
full member
Activity: 134
Merit: 100
November 29, 2013, 05:46:47 PM
#19
The more popular bitcoin is the more participants there are the more decentralized it is.  Mining now is way more distributed then before.  Also how are small time miners being kicked out.  You can buy a USB miner for pocket change.  You are wanting large easy mining profits but those don't exist in the real world and they shouldn't exist in the bitcoin world.

Usb miners are not cheap. 60$ a unit for something that takes close to a year to pay off if not more!

Btc has increased in popularity,  and has more users than before....I would say you are incorrect sir. Yes we have more people using it...but look at the $...everyone in the usa uses it...does that make it decentralized?  No. People are buying into btc by buying them, NOT mining them.

The small time miners can not continue to mine btc due to the fact that it COSTS them money. There is absolutely no reasom for someone to jump into btc mining even with  5Gh/s. The cost of hardware for a small timer isnt a problem as you can get a jalapeño for $270. But really 5gh/s come middle of next year will not be worth it whem we see single units pushing multiple th/s and soon ph/s.

Ltc is going towards the btc route, however btc is NOT decentralized. We have companies launching factories with multiple ph/s and being backed by tens of millions of dollars. BTC is becoming more centralized than it was expected.  Ltc will follow this route
sr. member
Activity: 476
Merit: 250
November 29, 2013, 05:22:06 PM
#18
Why do you think it's normal to achieve 200% per year returns with minimal effort?

Because people that are into the crypto currencies achieve much higher returns with no effort at all. Just by hoarding.
Actually to do nothing is the greatest strategy in cryptos  Embarrassed
legendary
Activity: 896
Merit: 1006
First 100% Liquid Stablecoin Backed by Gold
November 29, 2013, 05:13:13 PM
#17
Why do you think it's normal to achieve 200% per year returns with minimal effort?
member
Activity: 98
Merit: 10
November 29, 2013, 05:08:33 PM
#16
small miners ARE kicked out.

your "pocket change" usb miners are 60$+ that will take  6-12 months to break even.

Everyone is forced into pools or own massive asic hardware. This is centralized.

At least you can still somewhat mine altcoins at home, without 5000$+ hardware - and it is possible with small pools or none at all.
full member
Activity: 158
Merit: 100
November 29, 2013, 05:05:59 PM
#15
I was reading something on this (maybe by company, can't remember), where the developers said that at least with this generation in developement the only main benefit would be efficiency (the memory required for scrypt is still relatively expensive, expecially for smaller orders (asic demand is still small compared the world wide gpu market (although it is probably growing faster than the gpu market))).  Currently these things will be extremely expensive when comparing Mh/$ with gpu's, so people who have access to cheap electricity won't benefit much yet.
legendary
Activity: 896
Merit: 1006
First 100% Liquid Stablecoin Backed by Gold
November 29, 2013, 04:57:59 PM
#14
The more popular bitcoin is the more participants there are the more decentralized it is.  Mining now is way more distributed then before.  Also how are small time miners being kicked out.  You can buy a USB miner for pocket change.  You are wanting large easy mining profits but those don't exist in the real world and they shouldn't exist in the bitcoin world.
full member
Activity: 134
Merit: 100
November 29, 2013, 04:40:26 PM
#13
I think your right.  Bitcoin has plummeted in value, interest, media attention, and adoption since the first ASIC was released. 

The way I worded it was kind of wrong (on a phone so my posts arent as detailed as I wanted.

The value of btc has increased...yes.  but it also kicked out the gpu miners and created a centralized currency. Yes one location is not incontrol, however the point of btc was for the purpose of bringing people together, not massive warehouses.

The asics are not helping as its kicking the small timers out of the system.
donator
Activity: 1218
Merit: 1079
Gerald Davis
November 29, 2013, 04:19:01 PM
#12
I think your right.  Bitcoin has plummeted in value, interest, media attention, and adoption since the first ASIC was released. 
sr. member
Activity: 266
Merit: 250
November 29, 2013, 04:17:58 PM
#11
Thats the massive failure of all crypto currencies - centralized high power ASIC mining.

The whole decentralized part is a failure.
Those with most hardware and money get the most.

The scene needs a new type of coin that - perhaps hardcaps the maximum mining speed it works with. Which means no pooled mining or billionhash asic mining rigs - so it  spreads out everywhere.

I'm still thinking of any way that would be feasible.
member
Activity: 98
Merit: 10
November 29, 2013, 04:07:33 PM
#10
Thats the massive failure of all crypto currencies - centralized high power ASIC mining.

The whole decentralized part is a failure.
Those with most hardware and money get the most.

The scene needs a new type of coin that - perhaps hardcaps the maximum mining speed it works with. Which means no pooled mining or billionhash asic mining rigs - so it  spreads out everywhere.
sr. member
Activity: 266
Merit: 250
November 29, 2013, 03:43:25 PM
#9
GPUs are the groundbreakers. Now that I think about it, GPUs will always be the first to mine new algorithms, before they become profitable.
member
Activity: 66
Merit: 10
Peercoin
November 29, 2013, 03:38:18 PM
#8
where GPUs will move to? how about back in its place, Gaming.
sr. member
Activity: 266
Merit: 250
November 29, 2013, 03:37:04 PM
#7
There is no algorithm that a GPU can do that an ASIC cannot be designed to do faster and more efficiently. GPU mining is dead, it just doesn't know it yet.
legendary
Activity: 1946
Merit: 1005
My mule don't like people laughing
November 29, 2013, 03:35:48 PM
#6
Who knows how far away they are from an actual working product. Right now with $3000.00 you can build yourself a nice 6 card 4500Kh/s rig. Yes, it eats electricity like a pig.

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