Topic: Sia PoW Reset - They are finally bricking all asic miners (Read 1222 times)

https://blog.sia.tech/sia-proof-of-work-reset-24b5ec439625

This ought to be interesting

Well deserved punishment for Bitmain.

"To the best of my knowledge, no ASIC mined coin has ever been hit by a 51% attack*"
it happen to pretty much every equihash coin(except zec)when asics came out

Glad my reddit username could make a cameo in the video 

It was an interesting read for about the first 6-7 paragraphs, just to see what their thought process was, but it quickly devolved into a shitload of fluff that tried to put lipstick on a pig.  A few of my favorite quotes:

"In parallel and in secret, two larger manufacturers also began development of ASICs for Sia. The first one, Bitmain, did not announce their product until 10 days before shipping, effectively disrupting a multi-million dollar project from the community without warning and nearly causing a civil war."

"And indeed, Innosilicon is Sia’s largest miner, mining a stable 37.5% of the Sia hashrate."   (meaning 62.5% of the hashrate is coming from other companies!)

"For the Sia network, an important line was crossed when secret ASIC projects superseded a public project that had substantial community investment. Though the Obelisk project got a few things wrong, largely Obelisk went about ASIC development and manufacturing in the right way."

"Sia is forking today to reprimand the current ASIC monopoly for the damage it did to the Sia community, to make whole the supporters of Sia’s community ASIC project, and to send a clear message to all future Sia ASIC manufacturers: we will not tolerate an abusive ASIC monopoly."

"In the short term, this is a step backwards for Sia’s security. The hashrate will decrease substantially, which means our security margin against an attacker will be lower. In the long term, this sets the stage for a healthy mining community and a higher overall difficulty. We fully expect that the 28nm Obelisk ASICs will be replaced by a 16nm chip from another manufacturer, who will become the new manufacturing monopoly for Sia."

How does consensus work on sia? If the asic miners vote with their hashpower against this update, then the result will be a minor fork with the new algorithm, and the old network will just continue with a massive hashrate on the old algorithm

There is place for everyone in cryptocoins space. Prepare your SIA bags to collect SIAclassic... 

I think when something like this happens it doesn't really hurt Bitmain but instead it hurts the people who bought some ASICs to begin with and are waiting for ROI which now will never come. I don't think Bitmain really cares about them bricking their ASICs they already got boatloads of money and the miner revenue for SC alone is already pretty low compared to other coins.

Let's not forget that Bitmain was mining SIA with their ASICs and beat Obelisk to the punch by releasing their miners before Obelisk could.  They should have done this the day Bitmain announced their hardware.

What is version 15z22f?