Topic: X11 Superior algorithm, but worthless (Read 2101 times)
yes but you will do worse off than if you had mined SCRYPT, and sold scrypt for X11 coins.
There is not enough incentive to mine these coins, even though they have a massive security advantage over scrypt, and are ASIC resistant, the profitability is not there. The network effect strengthens coins, and if only a few good Samaritans will mine these coins at a loss (compared to mining scrypt), the coins and this algorithm will die. Good idea, no value.
You are thinking short term value profitability....The majority of us who mine x11 are long term..
Sure the returns aren't as high as other scrypt coins, but when the price does rise, the people who stuck through this low mining profitability phase will come out on top.
The long-term future of any cryptocurrency depends on real-world use and adoption. For merchants to accept a cryptocurrency, for people to use it for buying and selling goods and services, and for it to function as a legitimate unit of account and means of exchange, it must have a secure network. Only speculators are willing to risk capital on a coin that has poor network strength. Many new users haven't been around long enough to have seen low-hashrate coins maliciously 51% attacked, forked, and double-spent. It's happened before and it will happen again.
Bitcoin's higher price and adoption rate isn't exclusively a function of its being the first cryptocurrency and having active development. It's also a function of it having a secure network.
I and others don't mind risking hundreds of thousands of dollars on the bitcoin blockchain, because of its hashrate, which is why taking an anti-ASIC stance seems strange. ASIC miners are a good thing for this precise reason. If I am a merchant accepting a cryptocurrency, I definitely want ASIC miners securing the blockchain.
Further, calling a coin 'ASIC-proof' or 'ASIC-resistant' is misleading. If a coin becomes adopted enough, the algorithm doesn't matter if ASIC developers have the means to develop custom hardware. An X11 ASIC is entirely possible.
It is a chicken-and-egg problem to some degree, but distribution of hashing power isn't necessarily more egalitarian under one algo or another.
I think exploring different algos is very healthy for the cryptocurrency ecosystem; however, much of the anti-ASIC crowd is fueled by jealousy from not being an early adopter of bitcoin, not from a pragmatic, long-term approach to building strong altcoins.
If X11 takes off, you can be sure their will be X11 ASICS eventually.
Bitcoin's higher price and adoption rate isn't exclusively a function of its being the first cryptocurrency and having active development. It's also a function of it having a secure network.
I and others don't mind risking hundreds of thousands of dollars on the bitcoin blockchain, because of its hashrate, which is why taking an anti-ASIC stance seems strange. ASIC miners are a good thing for this precise reason. If I am a merchant accepting a cryptocurrency, I definitely want ASIC miners securing the blockchain.
Further, calling a coin 'ASIC-proof' or 'ASIC-resistant' is misleading. If a coin becomes adopted enough, the algorithm doesn't matter if ASIC developers have the means to develop custom hardware. An X11 ASIC is entirely possible.
It is a chicken-and-egg problem to some degree, but distribution of hashing power isn't necessarily more egalitarian under one algo or another.
I think exploring different algos is very healthy for the cryptocurrency ecosystem; however, much of the anti-ASIC crowd is fueled by jealousy from not being an early adopter of bitcoin, not from a pragmatic, long-term approach to building strong altcoins.
If X11 takes off, you can be sure their will be X11 ASICS eventually.
Not very often do I come across posts on here that make sense.. This is one of them.
Summercoin ? Anyone ? X11 you see where im going ?
If you steal my idea you owe me 5BTC
If you steal my idea you owe me 5BTC
The long-term future of any cryptocurrency depends on real-world use and adoption. For merchants to accept a cryptocurrency, for people to use it for buying and selling goods and services, and for it to function as a legitimate unit of account and means of exchange, it must have a secure network. Only speculators are willing to risk capital on a coin that has poor network strength. Many new users haven't been around long enough to have seen low-hashrate coins maliciously 51% attacked, forked, and double-spent. It's happened before and it will happen again.
Bitcoin's higher price and adoption rate isn't exclusively a function of its being the first cryptocurrency and having active development. It's also a function of it having a secure network.
I and others don't mind risking hundreds of thousands of dollars on the bitcoin blockchain, because of its hashrate, which is why taking an anti-ASIC stance seems strange. ASIC miners are a good thing for this precise reason. If I am a merchant accepting a cryptocurrency, I definitely want ASIC miners securing the blockchain.
Further, calling a coin 'ASIC-proof' or 'ASIC-resistant' is misleading. If a coin becomes adopted enough, the algorithm doesn't matter if ASIC developers have the means to develop custom hardware. An X11 ASIC is entirely possible.
It is a chicken-and-egg problem to some degree, but distribution of hashing power isn't necessarily more egalitarian under one algo or another.
I think exploring different algos is very healthy for the cryptocurrency ecosystem; however, much of the anti-ASIC crowd is fueled by jealousy from not being an early adopter of bitcoin, not from a pragmatic, long-term approach to building strong altcoins.
If X11 takes off, you can be sure their will be X11 ASICS eventually.
Bitcoin's higher price and adoption rate isn't exclusively a function of its being the first cryptocurrency and having active development. It's also a function of it having a secure network.
I and others don't mind risking hundreds of thousands of dollars on the bitcoin blockchain, because of its hashrate, which is why taking an anti-ASIC stance seems strange. ASIC miners are a good thing for this precise reason. If I am a merchant accepting a cryptocurrency, I definitely want ASIC miners securing the blockchain.
Further, calling a coin 'ASIC-proof' or 'ASIC-resistant' is misleading. If a coin becomes adopted enough, the algorithm doesn't matter if ASIC developers have the means to develop custom hardware. An X11 ASIC is entirely possible.
It is a chicken-and-egg problem to some degree, but distribution of hashing power isn't necessarily more egalitarian under one algo or another.
I think exploring different algos is very healthy for the cryptocurrency ecosystem; however, much of the anti-ASIC crowd is fueled by jealousy from not being an early adopter of bitcoin, not from a pragmatic, long-term approach to building strong altcoins.
If X11 takes off, you can be sure their will be X11 ASICS eventually.
When the summer heat coming, you will see massive people realize that X11 algorithm coins are the coins to mine (Hiro or Drk or EMC2 which are changing to X11).
- Less heat
- Less noise
- Less power usage
Just by those 3 points alone... it's much more desirable from a miner's perspective especially with the coming onslaught of Scrypt ASIC.
- Less heat
- Less noise
- Less power usage
Just by those 3 points alone... it's much more desirable from a miner's perspective especially with the coming onslaught of Scrypt ASIC.
If those coins are worthless, than what does it matter if you use less heat, noise, and power???
When the summer heat coming, you will see massive people realize that X11 algorithm coins are the coins to mine (Hiro or Drk or EMC2 which are changing to X11).
- Less heat
- Less noise
- Less power usage
Just by those 3 points alone... it's much more desirable from a miner's perspective especially with the coming onslaught of Scrypt ASIC.
- Less heat
- Less noise
- Less power usage
Just by those 3 points alone... it's much more desirable from a miner's perspective especially with the coming onslaught of Scrypt ASIC.
Good point, summer is coming.
Where can i get info on New algorithm x11
https://bitcointalksearch.org/topic/x11-mining-guide-549602
Where can i get info on New algorithm x11
Yeah I want to switch over my gpus as well, at this point it's like ehh fuck it.
I did put a cpu on darkcoin the other day, and it is not working out though (profit wise) lol, so I guess cpu mining this algorithm is sort of bs.
The issue I have is there is a total lack of copy and paste command prompt guides for ubuntu, and i'm computer illiterate compared to what i should know at this point.
Where can i get info on New algorithm x11
There is not enough incentive to mine these coins, even though they have a massive security advantage over scrypt, and are ASIC resistant, the profitability is not there. The network effect strengthens coins, and if only a few good Samaritans will mine these coins at a loss (compared to mining scrypt), the coins and this algorithm will die. Good idea, no value.
Think of X11 hashrate grow when scrypt ASICs will hit the market. Now is the time for preparing ground for current GPU miners, that are still mining scrypt coins now.
When the summer heat coming, you will see massive people realize that X11 algorithm coins are the coins to mine (Hiro or Drk or EMC2 which are changing to X11).
- Less heat
- Less noise
- Less power usage
Just by those 3 points alone... it's much more desirable from a miner's perspective especially with the coming onslaught of Scrypt ASIC.
- Less heat
- Less noise
- Less power usage
Just by those 3 points alone... it's much more desirable from a miner's perspective especially with the coming onslaught of Scrypt ASIC.
in my personal experience the reward i get mining a x11 coin is same as me mining scrypt coin but my electricity use is 1 kw less and my flat is not an oven either so i am better off on x11 coin.
There is not enough incentive to mine these coins, even though they have a massive security advantage over scrypt, and are ASIC resistant, the profitability is not there. The network effect strengthens coins, and if only a few good Samaritans will mine these coins at a loss (compared to mining scrypt), the coins and this algorithm will die. Good idea, no value.
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