I think the general consensus has been that there will likely be some regulation as a result of this, but it's unlikely a flat out ban will stick.
Chinese money has been propping up the crypto world since 2011 - it's not likely to go away anytime soon.
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any of the coin list sites. There are new ones made every day, most of them never go anywhere.
Such as which one for example? Coinmarketcap.com seems to have a very compreshenskce list but I don't see a column that indicates the algorithm? https://www.cryptocompare.com/coins/#/btc
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Great buying opportunities... Under 20 now.
It's definitely in a wild ride right now, it will be interesting to see if it recovers any time soon.
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any of the sha256 btc clones are mineable with a btc asic. A GPU can mine anything that's had the code built for it.
Where is there a definitive list of which those are? any of the coin list sites. There are new ones made every day, most of them never go anywhere.
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I can see the points of both sides, however I remain unconvinced entirely by either side, however intuitively I feel like GPU mining in the hands of many user/miners is better than large mining farms with expensive specialized hardware.
Let's do a thought experiment and make some assumptions.
Let's say cyrptocurrency A is GPU minable and cryptocurrency B is ASIC mineable.
ASIC of reasonable power for mining for cryptocurrency B cost $1,000 USD each. You have a few miner players but mostly large farms with thousands of machines in each. Let's say there are 100,000 of these machines with 20% spread across smaller players and the remaining 80% spread across 5 large players.
GPUs with reasonable mining power for cryptocurrency A cost $100 USD each. You have 800,000 user/miners running 1 million cards. Most of these people just have one or two graphics card running. You have just a flew players with large GPU mining farms.
It seems to me like you can make a good argument that cryptocurrency A is more secure, at least from the point of being resistant to centralized control and subversion of the system. And isn't that whole point with cyrptocurrencies? To avoid centralization?
As as side note, aren't there a lot of things you can mine with a bitcoin ASIC? I know even as of a few years ago there were a few different things you could do with it. Does anyone have a definitive list of all the cryptocurrencies you can also mine with a bitcoin ASIC?
any of the sha256 btc clones are mineable with a btc asic. A GPU can mine anything that's had the code built for it.
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what are the prospects for litecoin?
Smart contracts and atomic swaps and lightning network are all coming. It seems to me these things are going to have a significant impact on ltc's use and therefore may increase its value. There are some rumors about Litecoin have big update in September. From June, the price of Litecoin has increase after long time stand still low price around @0.012x - @0.010x BTC. Today, I also know detail about that update, thanks for information! forget rumors. the reality is what matters most. we already have SegWit on both bitcoin and litecoin. they have been working on Lightning Network too. and i heard yesterday that it was tested and was successful. it is getting ready to release soon. with it the price will shoot up fast. as for smart contracts i believe it is RSK that will work on both bitcion and litecoin. and it has been a very promising project so far too. and whenever a rise like that happens the FOMO follows and makes things move even faster. p.s. for litecoin it is also best to look at its USD price too. because most of the time that is keeping it up and rising. (eg. from $50 to $70) I still think ltc ought to be around 25% of btc price. I don't know that it will ever get there, but atomic swaps and the lightning network are likely to push it much higher than it is today.
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The thing with litecoin is there is nothing at this time to really makes it special other than being the second coin. The value seems to hold overtime without that much fluctuation and even though I trust the value of bitcoin much more, I suppose I would feel too crazy leaving a balance in Litecoin overnight. Some of the things that made it popular in the past are just not there anymore.
There's also the fact it's tested, stable, and fast in comparison to btc.
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First you have to understand the network security or 51% attack The more network hashrate it is secure more So now if any one wants to attack your blockchain and destroy it or ruined it if that network is based on GPU only he just have to point his GPU towards your blockchain destroy it and go again mining some other coins and there are some pools powerful enough to destroy many altcoins And he loses nothing except for a certain time of mining lost and his GPU will go mine other altcoins
Now come to ASIC miners If a network is based on asic miners the attacker has to build or purchase that specific algorithm miner and that costs a lot and for every algorithm there is only 1 major coin with some minor coins and if he some how manages to get hold of 51% mining power of asics which is very hard to get and very capital intensive if he destroys that blockchain than his miners will also be of no use and he will loose a substantial amount also So there is a huge monetary loss to him also which no one can afford That's why blockchains with asic are more secure than those who are GPU based
Close but wrong. I am bitmain tons of cheap gear and cheap power. I destroy btc. And switch to bcc my mining gear is good. Which is the point of the op. My point is if bitmain did this and succeeded it killing btc then switched to bcc the risk is bcc might fail. If you study the switching to bcc where it almost had more hash power then btc. I would say ASIC mining is not as secure as it was before bcc was created. Yet btc continues.
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It's hard to buy a thousand GPUs.
Yes, ASICs do contribute somewhat to centralization -- that is an issue. But look at the hashrate for bitcoin compared to some of the altcoins with asic-hostile hash algorithms, and compare the difficulty of a double-spend on the btc network compared to how little hardware it would take to overwhelm a network like sia or one of those.
You'd have to spend billions to double spend on btc. It might take a few million to overwhelm and take over the network on some of the altcoins and build your own chain.
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The general concept of proof of work is that you need a lot of hash power to secure the network so no one can build a second chain and double spend.
It's hard to do this with gpus. It's easier with custom hardware.
That's all.
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I am surprised it didn't crash upon the Chinese authorities' announcements. Signs of resilience ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) The real test will be if a real ico is run on it and available to the chinese.
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what are the prospects for litecoin?
Smart contracts and atomic swaps and lightning network are all coming. It seems to me these things are going to have a significant impact on ltc's use and therefore may increase its value.
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Goal Met,
Please understand that if i did not get to respond to your e-mails calls, etc, i'm sorry. But we have met our goal. A member who is in the initial first release batch is actually flying up here to see everything, the cards, the printing facility, talk with my team.
So please no more mails asking to get in on the first batch, that offer is satisfied and fulfilled.
Just because a single Avalon chip has a hash rate of 282mh/s you have to take in other factors as well. The complexity and efficiency of the board design, access gate controllers, custom chips that have been designed to make this baby fly, Also the Efficiency of the programming also plays a factor. Also being able to hard code the mining program into a read only chip on the device helps out a lot. Since your not going through USB and having to run a program to tell a usb controller to send data to usb device A then USB device A send data back = very inefficient. A PCI-E Device is much more efficient then a stand alone USB UNIT any day of the week.
Our chip set designers are currently working on developing a new ASIC chip. The Intensive Design will not start until after the first couple of batch orders of this version have been fulfilled. But they have already started prototyping.
Were here to be the industry standard, and set the goals for other companies to try and match. Many many Good products will come out after the forst 1000 or so boards are sold.
Thanks to all who have participated, be on the lookout for e-mails coming from our listserv for important updates and announcements!
Well, if anyone had doubts that this was a scam, this post seals it.
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That is a very well thought out and technical rebuttal to my pipe dream. Thanks for ruining christmas. My (unskilled) thinking was that scrypt is ram heavy, ram is pretty cheap these days. Math, on the other hand, is not my strong suit. Thanks for the perspective and publically abusing limitless in that thread you linked to. ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) dram size is cheap, sram is expensive, and bandwidth is very expensive. GPU can easily have more than 300GB/s bandwidth, but FPGA less than 30GB/s. IF there exists a FPGA can reach a bandwidth >100GB/s, I think we can do it. There are FPGAs that can do it. The problem is they cost 5k and up.
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I am not 100% convinced there won't be a market for ASICs after the difficulty makes mining BTC unprofitable. I saw a guy on reddit that said he is going to try and use the Erupter USBs to develop an ASIC for Litecoin. If it can be done on the USB version, I am sure someone will do so for the larger ASICs as well. Alt coins are a big question mark, but if there is still interest down the line, there will be a resale potential in that market. Litecoins were supposed to be GPU-proof. They weren't. So they are most certainly not ASIC-proof either.
That statement makes no sense at all. The Avalon ASIC is a chip designed to hash SHA-256 and only SHA-256. It's not going to hash scrypt.
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1. Do you think the market and community is ready for FPGA Litecoin? Market, maybe. Community, YES! If you can pull better numbers per joule and come in cheaper on hardware cost vs gpu, people will eat em up!
This part (cheaper than GPU's for a given hash rate) is unlikely. When it comes to scrypt(1024,1,1), a modern Radeon GPU (prior to the 7xxx series, anyway) very nearly is an ASIC already optimized for scrypt, and designed at optimal process node and with economies of scale of being a consumer product. I've already given it a go with the Xilinx Artix-7 FPGA's surrounded by large quantities of DDR3 and tried a variety of approaches across the TMTO spectrum for the known methods of calculating scrypt, ranging from no use of external memory at all and pipelining the entire calculation, to replicating the way cgminer does it in OpenCL (with various lookup gaps). In the end, the best use of the prototype hardware was actually to mine the heck out of Yacoin, since scrypt+chacha20/8+keccak(N,1,1) with N=32 (as it currently is for Yacoin until tomorrow) was almost trivial to optimize for FPGA's: https://bitcointalk.org/index.php?topic=203216.msg2127307#msg2127307For the probable FPGA vs. GPU cost relationship to change, someone needs to find and disclose a method of further shortcutting the already-known TMTO of scrypt(1024,1,1). And at that point, whatever that optimization happens to be, is very likely going to be equally applicable to OpenCL to speed up GPU processing of scrypt too. What I have yet to see is either the BlockBurner team or jasinlee say "Oh yeah, we're genius cryptanalysts and found ways that scrypt(1024,1,1) can be calculated much faster and/or with significantly less logic than anyone else has figured out how to." This is what worries me, and it matches a couple of other people's analyses -- people who I believe are very good at this kind of stuff. However, if it can be done for the same price but much lower power draw, that could be a big help for those of us who have issues based on power availability. Hardware's not my thing at the moment (it's something I want to learn in the future, but probably not for a couple of years).
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Glad I found this, now if only someone made this for mobile devices.
that's an interesting thought.
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You should continue to update this one...
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I'm sending you a donation. Not because This tool helped me speed up mining. I got zero increase in mining. I guess my cards are near optimally tuned. But because I was able to optimize in another way. Also, I now have example code on how to talk to cgminer via APIs. That could be useful to me some day.
You know that there are multiple examples of how to talk to the api in different languages in the cgminer package itself, right?
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No worries... I need a project at the moment...
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