Bitcoin Forum

Bitcoin centralization is bad, and that's what companies such as ASICminer do !
big power / hashrarte in one hand !

when will the change in BitCoin  algorithm eliminates ASICs ?

ASICminer is not just mining, they are selling asics to decentralise mining too !

bored ?

non-specialized equipment -> specialized equipment = more centralization


not that it really matters in this case

 ??? You are joking, right?

They are making a killing selling blades and erupters.
They are NOT doing it to decentralize anything.

Why do you think this is killing, please explain

Sounds to me like someone is mad that they don't have the resources to do what others do. No one ever declared that Bitcoin should be a communist endeaver. If the bread crumbs you get aren't enough then quit mining. It takes money to make money and ASICminer found away. Why shouldn't they reap the rewards. ::)

At the Bitcoin 2013 conference, security researcher Dan Kaminsky predicted that the current algorithm will not survive the year.

Yeah....2 BTC for 333MH/s. You made a funny right?

http://www.businessinsider.com/dan-kaminsky-highlights-flaws-bitcoin-2013-4

http://www.reddit.com/r/Bitcoin/comments/1c7lzi/i_tried_to_hack_bitcoin_and_failed_dan_kaminsky/

I kind of agree. While ASICminer is held publicly the owners of the corporation are doubtlessly raking in piles of money right now.

Its sad that Bitcoin's got a corporation that owns 1/4 of the network's hashrate. You can either buy ASICminer and let them make most of the real profits from your mining investment or mine yourself and make drastically less money because they are ramping the difficulty up so much.

They are just one of the first companies to deploy their ASICs. Of course they will reap the biggest benefits in the short-medium term for this reason. I believe we will see a more level playing field when other ASICs start emerging on the marketplace.

I can't access Reddit from work, but the Business Insider article certainly didn't say anything about it not surviving the year...

http://www.youtube.com/watch?v=si-2niFDgtI#t=2436s

Time for a different prediction: He's been wrong about bitcoin before, and he'll be wrong again.

Since when are profit and decentralization mutually exclusive?  The two have nothing to do with each other, and the profit is also redistributed to shareholders.  You don't make any sense.

I agree. Changing the algorithm just means new ASICs will be made for the new algorithm. It doesn't really change anything.

He does have a point about "one dude" though.

corporate mining is unavoidable .

They have no competition and sell their h/w with 8+ mths payback time.
Their competitors cannot ship in quantity to compete. 

If they did, the prices of ASICMiner products would have to come down to 1-3 month range.

Right now they are the only game in town, so they make huge profit selling those blades/sticks.

Do you think people will stop buying their next blade?  It will sell like there is no tomorrow.
Unless BFL starts shipping minirigs in quantity, or avalon ships their batch #2/#3, chips and announce a 2nd gen chip.

Wow. It's hard to tell it's the same guy. The BI article makes it sound like he's just a semi-interested observer. He certainly has a Chicken Little attitude, doesn't he...

eh, it seems a bit foolish to me

if you believe bitcoins will go up in value enough to warrant purchasing one of those, then you should just buy the bitcoins off the market

i mentioned something about how specialized equipment leads to more centralization, not less, and then someone responded about how all this extra hashing power is good for the network (like 8 months ago?)

i guess to chase off the cpu bot miners, though im not sure the positives outweigh the negatives

yep