BurtW are you saying a Alt coin with ASIC-proof technology could replace Bitcoin, if it has the same functionality as Bitcoin, but just need to be tweaked to be ASIC-proof? Why has nobody implemented something like this before and replaced Bitcoin?
I guess my previous post was not clear. Many alt coins have tried to create an "ASIC proof" coin to replace Bitcoin
and have failed. Part of the reason is that the alt coin space is filled with scam coins but the other reason is that proof of work requires work and work adds value. The main point being Bitcoin is Bitcoin and any change, especially something major like a change to the mining algorithm, is no longer Bitcoin - it is just another alt. So you can't change Bitcoin at a fundamental level like this
by design.
I agree with the ASIC's being more energy efficient and adding value with the energy/work being spend to sustain it, but there should be some better solution to place some mining power back into the hands of the general users, without sacrificing the value?
I do not understand concern about getting "mining power back in the hands of the general users".
When I got into mining I bought a very large tower computer with a very large 3000W power supply, added six GPU cards, ran them as fast as I could, joined a pool, and started mining. Total cost to me was about $2500 and this thing used a lot of electricity. Taking all the electricity bills into account [including AC] I probably just about broke even on the deal. I would have been much better off by far to just have bought 500 BTC for the $2,500 and just held them.
Today you can buy an S7 for about $1,500, set it up, join a pool and go for it. I expect you will just about break even and that buying and holding $1,500 worth of BTC will probably make you more money in the long run.
So, it appears to me that not much has really changed.
there is no asic proof technology, if it can be mined with a gpu it can be mined with an asic, the difference is the cost involved, and forced by a certain algo, especially on the memory side
but if for the asic company this will be profitable they will certain jump on it, right now some algo seems immune to asic, only because their alt is useless, not worth anything
This. The point is that if any "ASIC proof" coin were to actually take off and become worth anything then there would be a profit in creating machines to do it better, faster and more efficiently. Since there would be a profit in it someone would do it.
The economic success of any coin pretty much dooms it to centralization.