Soon comes the ASIC onslaught, what about the aftermath..

[Zeek_W]

 

[🏰 TradeFortress 🏰]

What will be the aftermath? It's quite simple - individual miners will not longer be able to make a profit and will back their bags and leave.

[loadrs2009]

What will be the aftermath? It's quite simple - individual miners will not longer be able to make a profit and will back their bags and leave.

i dont agree i think Litecoin will be next bitcoin for individual miners ,after ASIC Out it will be for pro miners

[Desolator]

I can't figure out if Litecoin basically doubled the supply side of coins or not.  Litecoin mining means 2 currencies instead of 1.  But then litecoin to BTC trades increases the BTC demand, except some people will then sell the BTC so it doesn't really increase the price.  I dunno.

[creativex]

Can anyone tell me how/why litecoins are going to survive, while namecoins, solidcoins(+2.0), I0coins, IXcoins, devcoins, liquidcoins, etccoins are all going to go the way of the dodo?

[bitboyben]

What will be the aftermath? It's quite simple - individual miners will not longer be able to make a profit and will back their bags and leave.

i dont agree i think Litecoin will be next bitcoin for individual miners ,after ASIC Out it will be for pro miners

Sell GPUs and live like a King... or reinvest in hardware or direct trading of bitcoins.

Can litecoins actually purchase anything?

[creativex]

Sell GPUs and live like a King... or reinvest in hardware or direct trading of bitcoins.

Can litecoins actually purchase anything?

A Bitcoin if you have about 133 of them.

[DiCE1904]

Moving all GPUs to LTC and selling FPGAs to buy more GPUs for LTC.

[bobitza]

Can anyone tell me how/why litecoins are going to survive, while namecoins, solidcoins(+2.0), I0coins, IXcoins, devcoins, liquidcoins, etccoins are all going to go the way of the dodo?

Or if I may rephrase the question: Is our (yet) small crypto-currency world big enough to sustain two functioning currencies?

[crazy_rabbit]

Can anyone tell me how/why litecoins are going to survive, while namecoins, solidcoins(+2.0), I0coins, IXcoins, devcoins, liquidcoins, etccoins are all going to go the way of the dodo?

Or if I may rephrase the question: Is our (yet) small crypto-currency world big enough to sustain two functioning currencies?

I bet you that after ASIC they will all get a rebirth to some degree, with the exception of LTC which is doing fine on its own.

That said, a coins success is determined by the people who hold the coin. LTC is doing so well because it was able to get a relatively wide user/miner base before GPU mining hit- and now there will be many more spare GPU's available thanks to ASIC's. Just recently LTC's were worth 10cents each- so people with coins have a big incentive to build the economy. The world is big, there are lots of real world currencies, each worth billions and billions. I would be fine if all the LTC in the world was worth 1 billion.

[Desolator]

Can anyone tell me how/why litecoins are going to survive, while namecoins, solidcoins(+2.0), I0coins, IXcoins, devcoins, liquidcoins, etccoins are all going to go the way of the dodo?

The Litecoin protocol was designed with at least 3 much more desirable features like a shorter block delay so transactions happen faster.  Also, the code to hash on it was made very unfriendly to ASICs and FPGAs and more friendly towards GPUs and everyone's GPU is about to be extremely useless for the BTC network.  The ones you mentioned that I've heard of all used the exact same protocol as BTC, making it just another currency with zero reason to use it.

[sounds]

@Desolator: yes, but LTC was designed for CPUs, it just so happens that it can be shoehorned onto a GPU and since GPUs are orders of magnitude faster, that killed CPU mining of LTC.

[ElectricMucus]

What will be the aftermath if every ASIC turns out to be a scam?

What will people do then? I still think this is a major possibility, even while avalon acts more professional than the others, it wouldn't surprise me.
Especially since BFL came under so much scrutiny recently.

Can anyone tell me how/why litecoins are going to survive, while namecoins, solidcoins(+2.0), I0coins, IXcoins, devcoins, liquidcoins, etccoins are all going to go the way of the dodo?

Most of them were premined or otherwise a scam. And the different hashing method on it's own is enough to justify it's existence. That doesn't mean it's gonna survive though, it's a gamble, just like bitcoin was back then.

[Korbman]

What will be the aftermath if every ASIC turns out to be a scam?

The mantra "Trust No One" will finally hit home for everyone, leading to an impressive amount of negative press associated with Bitcoin and a fallout of hundreds (if not thousands) of users. Who wants to be a part of a virtual currency where 95% of its user base is bent on scamming you, including established companies?

[lassdas]

Can anyone tell me how/why litecoins are going to survive, while namecoins, solidcoins(+2.0), I0coins, IXcoins, devcoins, liquidcoins, etccoins are all going to go the way of the dodo?

The Litecoin protocol was designed with at least 3 much more desirable features like a shorter block delay so transactions happen faster.  Also, the code to hash on it was made very unfriendly to ASICs and FPGAs and more friendly towards GPUs and everyone's GPU is about to be extremely useless for the BTC network.  The ones you mentioned that I've heard of all used the exact same protocol as BTC, making it just another currency with zero reason to use it.

Much more desirable features?
Ok, transactions are confirmed faster, but that's no biggie.

What's desirable on an ASIC/FPGA-unfriendly hashing-algorithm? From a users/consumers/merchants perspective I can't see anything. It's only desirable to bitcoin-late-coming-miners that want to make a quick buck on their crappy CPUs. And as sounds mentioned it didn't even work out CPU-only as planned, it's GPUs today.

And the 3rd one, what was that? GPUs becoming extremly useless (i guess you meant not profitable) on the Bitcoin network is a feature of LTC? That's new to me.  

For me LTC is just (to use your own words) another currency with zero reason to use it.

The only alt-coin i ever cared about was Namecoin (and still is), simply because of its completely currency-unrelated purpose, all others just smell fishy to me.

[YipYip]

Is there any goods or services that can be exchanged for LTCs?

The sudden rush of ex-BTC mining capacity will just drive the difficulty up in LTC. But as there is still nothing you can buy for LTCs that will pretty quickly plunge the economy. Imagine it like a rare metal that is hard to mine but ultimately useless to possess. Like Wolfram 100 years ago.

LTC\BTC..there will be a payment processor like bitpay for LTC soon

Also www.cworld.com.au will be accepting LTC\BTC using this new payment processor

LTC\BTC there is plenty of room for everybody...BTC\LTC has different purposes & uses's due to dramatically different price point

There will never be a situation where a merchant would say I only accept LTC not BTC..the infrastructure is there..it is not constrained by a 5 individuals like namecoins (so i am told) ..

I am not going to change some peoples view point but I am going to just do things to build the economy... a lot of talk & complete focus on the mining process..this is a means to an ends ..Mining focus is the tail waging the dog...

The glass is half full...( i prefer LTC world as BTC really sucks with all the bullshit at the moment..honestly FUCK ASIC's lets get past this issue..hopefully this will settle soon )

I have been working/building payment systems for the last 7 years and currently work @ 1 of the big four banks in OZ...am i 21 year old kid in my bedroom with 3 6990 cards saying "LTC is rubbish and they compete with BTC"  no . Do i know how to make this a reality ..Yes

Am I motivated to make this happen..Sure I have Bitcoin fever

[Frequency]

What will be the aftermath if every ASIC turns out to be a scam?

The mantra "Trust No One" will finally hit home for everyone, leading to an impressive amount of negative press associated with Bitcoin and a fallout of hundreds (if not thousands) of users. Who wants to be a part of a virtual currency where 95% of its user base is bent on scamming you, including established companies?

Hold on there,  95% ? NO WAY Maybe 50% were telling U guys it could be another SCAM 6 months ago...but we were just TROLLS..!!! and there are no established companies out there just because they sold some fpga,s or so..it,s two diffrent worlds and u now that..i believe there will be some replacement for GPU in the future but the ASIC believers were told WATCH THE RED FLAGS over and over and over again, if it turn out to be a scam it will NOT hurd the BTC system at all, only some guys will have to lick there wounds.and read back there posts ..thats all,

the first thing U get told when you are a noob over here is to : "Don,t trust anyone"

[Miner99er]

Why not play both sides of the coin...

Order (or preorder) your ASIC's from whichever vendor you trust. Dedicate those to Bitcoin mining (since that's all they're good at.) Profit like a mofo till Difficulty goes through the roof. Order more, Profit more, order more, etc.

Meanwhile, migrate your GPU's over to LTC and keep them running, use Litekoin to pay for electricity and upgrades of GPU's to the new 8K series coming out in Q2. Doing this will also act as a Hedge if the Bitcoin algorithm changes AT ALL, (not that I think it will, but of it does... simple matter to swap them back to BTC mining after the software miners update.)

It doesn't HAVE to be either BTC or LTC or nothing... learn to diversify and be agile in this market. Mine other coins that can be merged mined with BTC... SO WHAT if they torn into .05c for 10 million of them. There's a chance it can torn into 5 Million for 1 of them. Who knows?

[NEO2012]

So what will happen to all the GPU miners? Which currency do you guys plan on moving on to mining?

gpu miners:) lol

thats so 2011:)