Again, it was never designed to be asic proof, just resistant. And again you skipped over my post addressing this and your other issues. Please re-read and please comment as you feel needed. Thank you
'specifically designed to resist creation of efficient GPU, FPGA and even ASIC implementations'
Almost nothing is ASIC-proof. asics just perform specific function, in proof of work the purpose is acceleration.
yet if designing an
efficient application specific implementation is not cost effective then for all intents and purposes it is asic proof. SHA256 pow was never marketed as asic resistant, that's why scrypt came-- as a safe haven, a diversification or a hedge, with the knowledge btc was going to be overtaken by centralised mining ops and manafacturers who make huge profit it provided an alternative which aimed at bringing back decentralised mining.
I didn't write that it was ASIC proof. of course someone can port to FPGA. i wrote ASIC resistant.
Would you argue that litecoin has resisted efficient GPU, FPGA and even ASIC implementations? It may have in past but now it's not resisting shit.
I hold shares in a mining company that will bring online 300GH/s worth of ltc hashpower starting next months. just ONE company, there are others like it. total network hashrate over past 3 years only just recently surpassed half of that. If that looks resistant to you then you are deluded, it's failed at it's main selling point and now offers no tangible benefits over BTC. .
The very idea that LTC dilutes BTC value is not only pure speculation, its FUD and should be treated as such.
since coins are constantly mined, we see constant inflation. Those who mine can either sell these coins or hold them. Larger mining operations and ones with bills to pay will be selling.
with Bitcoin, Peta-hash level mining farms already dumping huge amounts outside of dark pools onto open markets, it's a fact that fiat needs to come in to offset otherwise price will fall.
Now bigger and bigger farms are existing for LTC. some of these farms have developed own hardware. Since they have already paid off all NRE and various other expenses they can scale up massivelly and sell at almost any profit now instead of 1000's of distributed miners who all have small slice of pie you may have 3-5 large farms and 10+ medium farms, mining majority of the supply they have huge influence...BUY support needs to offset this sell pressure if/when they decide to sell. The higher the price of LTC the more buy support needs to appear. when sell pressure increases and buy support can't be sustained. price simply falls.
LTC does dilute BTC value, If I pour fiat into buying LTC instead of BTC and so does 50% of everyone else it's easy to see what would happen.
If every day just $100k went into LTC infrastructure that didn't go into BTC btc would take a hit. also unfortunately, if BTC fell 50% overnight, LTC would also fall. despite it supposedly being a strong independent altcoin who dont need no bitcoin and supposedly the silver to btc's gold
