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381  Alternate cryptocurrencies / Announcements (Altcoins) / Re: ★★ DigiByte ★★ [DGB] ✈ 1st Scrypt Coin to Implement Bitcoin Core 0.9.0 ✔ USD/DGB on: March 29, 2014, 04:31:28 AM
I fear it's quite possible that in few months months there are 2 people mining DGB, and both have 300mh/s asics.

I fear that no one with asics are mining DGB...that would mean its not worth anyone's hashes...

both of these are real possibilities and are my fears as well if no new algorithm is applied...in fact the 2 people mining DGB with ASICS will mine the life out of DGB then dump coins on an exchange....end result is that price keeps plummeting yet difficulty has risen, DGB would then be toast since there is no incentive to mine anymore....this is all of course hypothetical, DGB will be modified well before this will happen but it's unfortunately the reality that all scrypt coins are facing
382  Alternate cryptocurrencies / Announcements (Altcoins) / Re: ★★ DigiByte ★★ [DGB] ✈ 1st Scrypt Coin to Implement Bitcoin Core 0.9.0 ✔ USD/DGB on: March 28, 2014, 05:59:52 PM
in response to moxymore, your first few ideas are great but you are way off on your technical analysis.....ASIC will not pump the price of digibyte, it will have the exact opposite effect and decrease the price of DGB in 2 ways;

1. increasing DGB difficulty will make ASIC miners less likely to mine DGB in the first place. High difficulty means less coins generated = lower profits. The Asics will be directed towards scrypt coins that are more profitable and are more mature as a coin and as a community, such as litecoin. When there is little mining incentive for a coin, the coin will die because there is no way to secure the network. GPU miners are already taking part in a massive exodus towards X11 coins for mining because electricity costs are negligable. I would argue that all scrypt coins are at risk of death aside from litecoin, which is what the ASICS were designed for in the first place.

2. Now for those ASICS pointed towards DGB in the short term, they will be dumping 100% of DGB which will drive the price down even further. The whole point of ASICS is to centralize the hashing power and concentrate it on 1 coin to make it stronger. ASICS will destroy many scrypt coins in time. ASICS will essentially transfer the market cap of certain coins by sucking the $$$ out and pumping it into litecoin (likely). Keep an eye on mining pools for various altcoins. A massive influx of ASICS on a newer altcoin means death. These ASICS are there to destroy the coin and take it's wealth elsewhere. If you read the history of when ASICS came out for bitcoin, many SHA256 coins went through a slow painful death.

This is why I propose an X11/POS hybrid DGB. -Nscrypt is not feasible because it requires too much electricity, too much RAM and the hash rates are lower than scrypt which means that companies will be discouraged from producing ASICs for them because -Nscrypt mining doesn't generate enough coins or in other words enough profit. At the same time GPUs will stop mining -Nscrypt because they require 4GB or more RAM just to keep up. Since ASICS won't be mining -nscrypt and GPUs won't be mining -Nscrypt, who the hell is going to keep the network going? Now vertcoin is a great coin as far as security is concerned but X11 is the only way forward. If Vertcoin can address these issues somehow it will thrive otherwise it will be forced to change or die out. A good way forward for Vert would to become an Nscrypt POS hybrid if that is even possible.
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I think yes, but not really to counter ASIC because in the near future, it's maybe ASICS which are able to pump the coin value by increasing the coin difficulty. My personnal wish will be to see Digibyte with an eco-friendly algo, like n-scrypt algo but something totally new. Why? Because vertminer, execoinminer, cgminer -nscrypt and other related miners like this are ASICS resistant... but GPU resistant too when n-factor goes too high. I'm not a dev, and I don't know a lot of thing about programming. But i'm pretty sure that developing a new algo more eco(nomical) and eco(logical) friendly will be good for everybody.


383  Alternate cryptocurrencies / Announcements (Altcoins) / Re: ★★ DigiByte ★★ [DGB] ✈ 1st Alt Coin to Implement Bitcoin Core 0.9.0 ✔ USD/DGB on: March 28, 2014, 08:00:52 AM
Here are my thoughts on Digibyte incorporating POS....

A good comprimise for a POS digibyte would be a small stake...20% per year is to high but 1% per year is too low...somewhere in between say 12% per year.....pay the stake out every 7 or 15 days, most coins pay stake after 30 days (too long)...I've suggested before going with X11 as well...a sort of X11/POS hybrid....I think paying a daily stake in theory would be awesome however the block chain would get too big too fast...My point is that digibyte should evolve into something unique because digibyte is unique. Striking a balance between spending and saving is ideal for digibyte's future. It's about price stability that digibyte needs to offer and it needs to satisfy the needs of both the spender and the saver. There is no coin on the market right now that has this perfect balance. This is our chance !

I'm afraid I disagree with POS. It doesn't encourage actual use of Digibyte and is only a means of rewarding early adopters. Not sure why merchants would want to be involved with such a system?

Not entirely true, if you take a look at Mintcoin for example, their merchant list is quite extensive, I would argue better than most coins out there right now and it's growing day by day and their POS stake is 20% per year I believe. Mintcoin is almost a true POS coin that was mined via POW quickly (ie. early mintcoin adopters have an advantage, i agree with you there).

My suggestion with digibyte taking a serious look at POS (not 20% though) is that it will discourage miners to dump it which is completely raping most scrypt coins right now. Bottom line is that we want people to either;

A. mine digibyte and hold (stabilize the network and stabilize the price)...and with X11 digibyte would acquire a massive mining GPU team
B. buy digibyte and spend (keeps with the original plan)

I'm involved a fair bit with a few very specific cryptos that offer different features...There is no X11/POS hybrid in existence yet....if digibyte doesn't go this route, another coin will and that coin will be successful, guaranteed, there is a need for an X11/POS coin. This may not coincide with digibyte's future, that's for the development team and the community to decide. I'm just trying to explain that there is a serious need for this type of offering in the crypto world.

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