Topic: You guys are wrong about ASIC. There's nothing to fear. (Read 777 times)

Wasn't this mainly because BTC was, for a good while, the only way to get Scrypt coins in to FIAT?

It in effect had a monopoly on the altcoin to FIAT exchange.

I'm doubting that the same thing will happen to existing Scrypt coins, as people can already exchange Jane/N/X11 for BTC.

Pools are far more of a problem than ASICs. Long before ASICs came along all the GPU miners were already constantly trying to centralise.

The more different manufacturers come out with ASICs the better, of course. How many GPU manufacturers are there, are there more ASIC makers than that yet?

-MarkM-

Thats actually pretty funny coming after your nonsense centralization argument.

You could make the same argument and say their all centralized, because they require electricity. Where does the nonsense end?

Bitcoin price didn't increase because asics got developed, so all of you that are hoping scrypt coins will increase in value
when asics come out are in for a big surprise.
Asics for bitcoin are creating a centralization problem that will eventually need to be solved one way or another or btc will fail
because one of its core values (decentralization) will be undermined.
You guys need to look at the bigger picture of what btc/crypto coins are trying to accomplish and not just its speculative value
(which is what most altcoins are). We need ways to keep the system decentralized and if we fail to do that crypto coins are doomed.

i dunno.. all i know is patterns exist in altcoins already but we are treading on new territory here with Scrypt Asics
It can't be compared to SHA256 Asics either that is like comparing apples and oranges i think.

myself i have dumped what ever scrypt coins i had and i loaded up on Vertcoin..
what is going to happen i have no idea and i am not overly worried about it either
if i was i would go the the 'Speculation' sub-forum here and read all kinds of topics (where this one might end up)

Is VTC "the" answer ? i don't know but i feel better holding those than i do any other plain scrypt coin lol

and anything IPO screams scam and i would never in a million years get involved with IPO crap.. screw that scammy shit lol

edit:
@markm
or ADT ? ..a POS coin last i heard that had no mining at all.

But why use proof of work at all for an "IPO coin" instead of cloning NXT or Ripple or whatever other "no work required" system?

-MarkM-

For the most part I agree, however, what we could see is an influx of 'IPO' coins, in scrypt, using 'new fangled' super hashz0r powers to essentially protect the IPO value..ehh who knows.. just a theory.

THIS is correct.

hence much less crapcoin launching.

all crapcoins will be launched on N-Scrypt.. etc.
You do the math.

Scrypt is far from dead, on the contrary it is about to mature like SHA256 did into a secure family of merged mined coins or maybe a winner takes all one coin to dominate the field.

In either case, hopefully into a mature technology sufficiently secure to be used for real world financial applications.

-MarkM-

Yet again, why scrypt is pretty much dead, LTC will be the king of that 'beast'

Hopefully only on  those that do not pre-arrange with the merged mining pools to be ready and willing to add the new coin to their merge at launch and which neglect to have sufficiently large ASIC farms of their own in place before launching a new coin.

-MarkM-

There will be less chance of forking LTC yes, but INSTA forks on new scrypt coins could become commonplace.

So you think ASIC is bad? think again.
It is those with ASIC resistances that will miss out when the price goes up.

Just logically think about it.

When you see Litecoin price going up, but difficulty too high for you to mine, what will you mine and sell to buy Litecoins with?
Isn't that exactly the reason why people are dumping altcoins for bitcoins today?

Just saying folks, Most of you guys got freaked out and believed into the Propaganda that ASIC is bad for a coin.

Truth is, wherever profit is, ASIC will follow. ASIC isn't suppose to happen for Scrypt, here it is. (soon)

Bitcoin all the while, was it killed by ASIC?
Was PPC killed by ASIC? was NMC killed by ASIC?

nope. ASIC only made their network (and merge mines) stronger and more secure.

Further, coins like Dogecoin doesn't much longer before it is mined out.
same with Megacoin, Quark, Mint, all coins with extrememly work lives have nothing to worry at all.
It is not like there be much coins left to be mined then.

When more people have ASIC for Scrypt, there be less chance of Forking. It is a GOOD thing for a coin.
I bet doge community leaders are already working on order some asic to secure network hashrate later.

I am ordering mine, I will be mining Litecoin with it.

People without ASIC won't get enough coins, and will be forced to buy in the market instead. (as less sell orders come in)
and I will sell SLOWLY on top, making sure my investment is paying at optimal rates.