What's best - SHA256 or Scrypt? - page 6.

Vlad2Vlad

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Quote from: Vannicke on July 10, 2013, 11:21:26 PM

Quote from: Vlad2Vlad on July 10, 2013, 11:18:20 PM

Can somebody tell me if a hard fork is easy to Implement say next year if people all of sudden wanna switch to SHA256? Hypothetically speaking - would this be hard to do with a scrypt coin? TIA.

That's a HUGE security issue to take on after a coin starts out ... the basis of the entire blockstack can't be suddenly changed to a new protocol like that ... old transactions will no longer be verifiable, etc.

I'd say it's next to impossible to do.

Well what about other coins that did hard forks, including Bitcoin or is it the fact we're switching the encryption model?

If that's true then I have a problem with this cause ASICS are the future. In a few years the only way to mine will be via ASICS. I think Satoshi knew this and he's a smart anonymous guy.

Seriously, you guys want me to launch a coin that may be obsolete in 2-3 years? You can't merge mine scrypt coins. What if I'm right and Bitcoin goes to to $1,000 next year - you guys don't want to be able to mine this coin and Bitcoin, plus a few others together? That would be so much better than mining a single scrypt coin.

Vannicke

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Quote from: Vlad2Vlad on July 10, 2013, 11:20:59 PM

To me merged mining is a huge winner but if this can be switched to a SHA256 coin next year in the event people change their minds then I'd be ok with scrypt.

I see your point with merged-mining - but I am wondering, are you starting an altcoin?

Vannicke

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Quote from: Vlad2Vlad on July 10, 2013, 11:18:20 PM

Can somebody tell me if a hard fork is easy to Implement say next year if people all of sudden wanna switch to SHA256? Hypothetically speaking - would this be hard to do with a scrypt coin? TIA.

That's a HUGE security issue to take on after a coin starts out ... the basis of the entire blockstack can't be suddenly changed to a new protocol like that ... old transactions will no longer be verifiable, etc.

I'd say it's next to impossible to do.

Vlad2Vlad

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Quote from: Vannicke on July 10, 2013, 11:17:56 PM

Scrypt is better for emerging coins, definitely, because SHA256 is now in the realm of ASICS. Getting a new coin going you'll want upstart miners, which probably are more likely GPU miners than the people that load off they're cash on ASICs. Though, I think new altcoins in general will have a hard time getting out of the gate.

But that's not true if you make it a merge-coin? People will Simply merge mine it the way they do ixCoin (which would have died had it not been for SHA256 and merge mining) and devcoin and a few others.

So for me that's not a great argument for a scrypt coin. So far I have not heard why scrypt is a better idea.

To me merged mining is a huge winner but if this can be switched to a SHA256 coin next year in the event people change their minds then I'd be ok with scrypt.

Vlad2Vlad

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Man, I'm shocked by the responses to the poll, most want scrypt.

I don't have an ASIC although I ordered some 2 months ago but I badly wanna merge-mine so for me that alone means SHA256.

I expected most to want SHA256 for the same reason.

I'm very surprised here but hey, if that's what people want I'll do it. This isn't the right time to be stubborn.

Can somebody tell me if a hard fork is easy to Implement say next year if people all of sudden wanna switch to SHA256? Hypothetically speaking - would this be hard to do with a scrypt coin? TIA.

Vannicke

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Scrypt is better for emerging coins, definitely, because SHA256 is now in the realm of ASICS. Getting a new coin going you'll want upstart miners, which probably are more likely GPU miners than the people that load off they're cash on ASICs. Though, I think new altcoins in general will have a hard time getting out of the gate.

Wolf0

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Quote from: Vivisector999 on July 10, 2013, 10:42:23 PM

You should really add to the poll that the poll is what would be the best encryption for a new alt coin. And not what is the best in existence. Since your on a Bitcoin forum. Things are going to be a bit biased towards SHA256 if they think in any way the question is related to Bitcoin vs Litecoin.

Not biased. At least not the way you think. The people have spoken, and they said: scrypt.

Vlad2Vlad

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Quote from: Vivisector999 on July 10, 2013, 10:42:23 PM

You should really add to the poll that the poll is what would be the best encryption for a new alt coin. And not what is the best in existence. Since your on a Bitcoin forum. Things are going to be a bit biased towards SHA256 if they think in any way the question is related to Bitcoin vs Litecoin.

Sorry, I thought the debate was about the mining protocol itself and not encryption. I mean, bitcoin is as secure as can be so why even debate that.

Sorry, I can't alter the question and I had no idea security was even in question here.

Vivisector999

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You should really add to the poll that the poll is what would be the best encryption for a new alt coin. And not what is the best in existence. Since your on a Bitcoin forum. Things are going to be a bit biased towards SHA256 if they think in any way the question is related to Bitcoin vs Litecoin.

FiiNALiZE

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I don't think ASIC's are going to make a huge difference to 95% of the crypto community.

Those other 5% who have heavily invested in GPU farms will be hurt the most but they could either mine Scrypt coins or sell their GPU's and get ASICs.

Vlad2Vlad

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There's a debate and many think Scrypt coins are better than SHA256 but the biggest reasons I see is a lack of belief that ASICS will be affordable.

In reality, ASICS are starting to ship in mass quantities already and by next year anybody will be able to buy an ASIC for $300 which will mine up to 20 times faster than a really good computer today while eating only 1/10th the energy.

In my mind ASICS are here and they're way better than GPU's so why launch a coin which won't be future proof?

If people prefer scrypt then that's fine but I'd like to know how difficult would it be to do a hard fork and turn a scrypt coin into a SHA256 coin if everyone does wanna use an ASIC rig next year? Is this something that can be done with ease? TIA

Topic: What's best - SHA256 or Scrypt? - page 6. (Read 3877 times)