Author

Topic: Will there be an ASIC manufacturer's association like OPEC? (Read 1570 times)

sr. member
Activity: 448
Merit: 250
No, for many reasons. First of all it would be illegal, in the US at least, and be shut down pretty fast.

Why exactly would it be illegal?  Huh
sr. member
Activity: 434
Merit: 250
From consumer's side, Oil is basic necessities, but Bitcoin is not.

Bitcoin is a necessities (maybe not now but in the future), just like fiat.
newbie
Activity: 14
Merit: 0
From consumer's side, Oil is basic necessities, but Bitcoin is not.
hero member
Activity: 798
Merit: 1000
www.DonateMedia.org
Miners are not global conglomerates or corporate bankers, they are tech enthusiasts and futurists. Even if one coin were subverted that way, one of the others could feasibly replace it and simple dis-adoption would remove that OPEC like power structure like cancer. Bitcoin is more self corrective than people give it credit for. It could be true if Bitcoin itself was the only crypto in existence, but Bitcoin and Litecoin have spawned many derivative coins that all ride the same network and hardware.
full member
Activity: 224
Merit: 100
I am forming a group now.  If you want to be a price setter rather than a price payer, you need to sign up today!
Good luck with that...  Roll Eyes

If you want to be a price setter, design a product that people want. End of story.
hero member
Activity: 924
Merit: 501
I am forming a group now.  If you want to be a price setter rather than a price payer, you need to sign up today!
hero member
Activity: 546
Merit: 500
No, for many reasons. First of all it would be illegal, in the US at least, and be shut down pretty fast.

Second of all, the price people are willing to pay for miners is directly related to how much money they can make off using one. So the market will determine the miners price and the sellers will adjust their price to maximize their profits.
full member
Activity: 174
Merit: 100
No, because someone else would just make miners. OPEC only works because they control the oil is only in specific places. ASICs can be made anywhere.
hero member
Activity: 924
Merit: 501
so they can all be a little profitable other than only a few, is not the worst idea. 

So the only way to mine is to have 3 major mining companies fixing the price of coins.  Bitcoin is broken, no?
legendary
Activity: 1330
Merit: 1026
Mining since 2010 & Hosting since 2012
Like OPEC?  That criminal cartel that price fixes across the board?  I bloody hope not  Wink

An ASIC cartel could not "fix" prices.  But the idea of miners working something out so they can all be a little profitable other than only a few, is not the worst idea.  Many people complain about the centralization of Bitcoin mining, they is one way people could try and find a solution.   Not sure how you could get enforcement, at the pool level maybe.
hero member
Activity: 924
Merit: 1000
Watch out for the "Neg-Rep-Dogie-Police".....
Like OPEC?  That criminal cartel that price fixes across the board?  I bloody hope not  Wink
sr. member
Activity: 373
Merit: 250
No, bitcoin is not big enough for anyone to seriously organize a "ASIC miner" organization.
legendary
Activity: 1988
Merit: 1012
Beyond Imagination
It's obviously the more and faster they produce ASIC, the worse their products will be priced due to rising difficulty caused by their delivery Cool

And control the speed of rise in difficulty also has a benefit of stablize the bitcoin price appreciation so it could be more predictable
Jump to: