A GPU miner unreleased to the public will likely destroy the price of XPM. No one likes a coin being instamined by a small group.
For once, I agree with you. Nobody wants a small group of miners getting all the coins and driving the diff up, then dumping them on exchanges, destroying the price. That's one of the best ways to kill a coin, right there.
How is GPU mining any different than botnets targeting XPM? ASICS didn't destroy BTC, GPUs won't destroy XPM. We'll find out soon enough.
Over and over we see the same process, and over and over we see the same 'Chicken Little's running around and screaming about the sky falling at each step in the process. It's just one of the cycles of nature. Embrace it, smile, and mine on
We're not saying a GPU miner is bad. We're saying having a GPU miner available to only a small group is bad.
Every innovation starts with a small group, or a single individual.
BS. The entire concept of cryptocurrency and open source is dependent on group effort and colaboration. If ONE person with a GPU mining cluster turns on 50 million PPS the coin dies.
One person with a GPU/cluster is the mining equivalent of a monopoly. There's a reason regulatory agencies' sole purpose is to ensure non-monopolistic business practices in the private sector. It's unfair both from a competitive standpoint as well as from an open source/p2p standpoint. Was I thrilled about spending $6k for my 10mh GPU setup so to stay competitive with other miners, earlier this year? No, but I wanted to get involved with cryptocoins as more than just a hobby. The technology and agorist motivations resonate with me. The point is, the opportunity to expand into GPU mining was open, financial prerequisites notwithstanding.
It's not a monopoly if there is nothing stopping you or others from duplicating the effort yourself. Anybody with sufficient technical expertise could do this if they chose to do so, and others will - regardless of what happens with this effort. Even if there may be a short while where one party has a GPU miner, and no one else, that situation will only persist briefly until someone else with the necessary skill finds it worthwhile to make the effort to change that.
I can only assume you have never heard of a 51% attack or what happens when a coin forks. A single GPU cluster = 51% instantly. Have fun with that.
Why didn't that happen to bitcoin when the first GPU miner was created? It sounds like you believe that the very existence of any crypto-coin is dependent on the technical elite being good people who are not greedy. If you are right, there is no way any crypto-coin can last over time. Better sell all you have right now.
History lesson time: BTC WAS FORKED! And if you take a look at the price/BTC for the first 2 years I bet you can figure out a few events.
Strangely enough, though, last time I looked, Bitcoin was still doing fine. It survived all that.
