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

[yrtrnc]

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

[1715082400]

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[1715082400]

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[crazyates]

This has been asked 100x over. Either sell the GPUs, or move to LTC mining.

[yrtrnc]

This has been asked 100x over. Either sell the GPUs, or move to LTC mining.

So you will move on to LTC?

[mufa23]

Yup, like crazyates said.

GPU's are still useful for Litecoin. I was up all night looking into Litecoin Mining. I am convinced that the value of GPU's aren't over yet. Litecoin has no FGPA/ASIC tech, and CPU and GPU mining are it's only methods. I am convinced that Litecoin miners will be getting a deal on everyone's old cards, then the value of them will shoot back up a little later. I might do some Litecoin mining for awhile, then I'll sell off my stuff once I get a bit of LTC. I have a feeling that LTC may shoot up to a dollar by this time next year. Sort of like BTC did.

[crazyates]

This has been asked 100x over. Either sell the GPUs, or move to LTC mining.

So you will move on to LTC?

No. I do not believe in LTC, as I believe any LTC mining just detracts from the strength and growth of the Bitcoin network. I don't buy any of this "Gold vs Silver" stuff - they're competitors, and I'd rather see one really good cryptocurrency, rather than 2 mediocre ones.

Me personally? I've already sold my GPUs and pre-ordered a bunch of ASICs.

[meebs]

No. I do not believe in LTC, as I believe any LTC mining just detracts from the strength and growth of the Bitcoin network. I don't buy any of this "Gold vs Silver" stuff - they're competitors, and I'd rather see one really good cryptocurrency, rather than 2 mediocre ones.

Me personally? I've already sold my GPUs and pre-ordered a bunch of ASICs.

I don't see them as competitors necessarily as the USD doesn't necessarily compete with the EUR. They just are different currencies serving a different purpose.

[tbcoin]

No. I do not believe in LTC, as I believe any LTC mining just detracts from the strength and growth of the Bitcoin network. I don't buy any of this "Gold vs Silver" stuff - they're competitors, and I'd rather see one really good cryptocurrency, rather than 2 mediocre ones.

Me personally? I've already sold my GPUs and pre-ordered a bunch of ASICs.

I don't see them as competitors necessarily as the USD doesn't necessarily compete with the EUR. They just are different currencies serving a different purpose.

What is the utility/purpose of LTC?.Someone accepts LTC?

We have decimals to spare and no problem using them, we do not need "silver".

It's difficult that anyone to accept bitcoin, is not neccesary talk about more crypto currencies.

Edit:

Although I respect the other crypto currencies, this is all very interesting, but I get the impression that the only aim is profit.

I do a fork of bitcoin so that I can have tons of them and waited to see if he succeeds as bitcoin and I'm rich.

[Desolator]

I see them as competitors!  Not for supply side issues or hoarding or exchange rates or anything other than the fact that it's hard enough for people to adopt bitcoins.  Now you have 2 that they can adopt, splitting them up even more.  It definitely damages bitcoin.  Plus the reputation of bitcoin doesn't look so good when someone can write an alternative currency extremely quickly and launch it like it's a equivilant system.  Outsiders don't necessarily know how stabilized and widely accepted bitcoins are so it makes them all look "pretend."  Plus, haven't a dozen or so alternative coins already failed?  Like that one from BTCGuild that they eventually replaced with a troll face?

[Frequency]

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

BTC of course ....big gpu miners will just adjust and buy big ASIC rigs so nothing changes,  some could give away there GPU,s almost for free already ROI them.   ..... if you have no money for gpu farm and making BTC today you will be behind when ASIC are availble also...IF you are in it for the money..  

this is how it works money makes money if u are broke now you will keep broke then...i bet on that..it,s just the way it is..

To all broke guys preordered 1 or 2 ASICs devices and talking LOTS of crap i say this: Who thinks to get rich when they get there.. are dump mf sorry to say so..wake tf up.. and i don,t have to do the math for u because there are enough posts about that ( hash rate, difficulty ect.ect.ect...)

[JohnBigheart]

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.

[goxed]

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.

 I see a bunch of people selling silver coins and bars for LTC. https://bitcointalk.org/index.php?board=67.0

[crazy_rabbit]

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.

But Rare metals still have value- just because it's not easy to exchange a bar of platinum doesn't mean it doesn't have value. LTC could be a store of wealth rather then a day-by-day currency.

That said, I think we will see an explosion of growth in the LTC economy as more and more people posses LTC and thus become stakeholders in the currency.

[btc-bullion]

Yup, like crazyates said.

GPU's are still useful for Litecoin. I was up all night looking into Litecoin Mining. I am convinced that the value of GPU's aren't over yet. Litecoin has no FGPA/ASIC tech, and CPU and GPU mining are it's only methods. I am convinced that Litecoin miners will be getting a deal on everyone's old cards, then the value of them will shoot back up a little later. I might do some Litecoin mining for awhile, then I'll sell off my stuff once I get a bit of LTC. I have a feeling that LTC may shoot up to a dollar by this time next year. Sort of like BTC did.

Why wont ASIC's also work for Litecoin mining? Aren't they built off the same original protocols as Bitcoin?

[greyhawk]

Yup, like crazyates said.

GPU's are still useful for Litecoin. I was up all night looking into Litecoin Mining. I am convinced that the value of GPU's aren't over yet. Litecoin has no FGPA/ASIC tech, and CPU and GPU mining are it's only methods. I am convinced that Litecoin miners will be getting a deal on everyone's old cards, then the value of them will shoot back up a little later. I might do some Litecoin mining for awhile, then I'll sell off my stuff once I get a bit of LTC. I have a feeling that LTC may shoot up to a dollar by this time next year. Sort of like BTC did.

Why wont ASIC's also work for Litecoin mining? Aren't they built off the same original protocols as Bitcoin?

Nope. Different hashing algorithm.

[Gabi]

Yup, like crazyates said.

GPU's are still useful for Litecoin. I was up all night looking into Litecoin Mining. I am convinced that the value of GPU's aren't over yet. Litecoin has no FGPA/ASIC tech, and CPU and GPU mining are it's only methods. I am convinced that Litecoin miners will be getting a deal on everyone's old cards, then the value of them will shoot back up a little later. I might do some Litecoin mining for awhile, then I'll sell off my stuff once I get a bit of LTC. I have a feeling that LTC may shoot up to a dollar by this time next year. Sort of like BTC did.

Why wont ASIC's also work for Litecoin mining? Aren't they built off the same original protocols as Bitcoin?

No 

[Desolator]

According to their website:

Litecoin manages to maintain the unique traits and attributes of Bitcoin, while adding to the mixture CPU-specific mining and a 2.5 minute block rate

So I don't know why GPUs work when it's CPU-specific but whatever.  Anyway, the code is built to run on a standard computer processor instead of code that sort of works on a processor but works better on a GPU and way better on a completely differently structured chip.  So in theory, to build a faster miner than a computer processor, you'd have to build a faster computer processor than Intel and AMD.  Like I said, no idea why GPU mining works when they specifically say it's CPU-friendly only but who knows

[dentldir]

So I don't know why GPUs work when it's CPU-specific but whatever.  Anyway, the code is built to run on a standard computer processor instead of code that sort of works on a processor but works better on a GPU and way better on a completely differently structured chip.  So in theory, to build a faster miner than a computer processor, you'd have to build a faster computer processor than Intel and AMD.  Like I said, no idea why GPU mining works when they specifically say it's CPU-friendly only but who knows

Unlike SHA256, scrypt is both compute and memory hungry.  Current GPUs have enough of both to go around, but require a lot more creative programming to get scrypt working on them.  The author of cgminer was clever enough to make that happen, although I think he wishes it would just go away.

[yrtrnc]

I know what you mean.

People are making roi calculations with current conditions. We must calculate that the reward will half and the difficulty will increase as mining speeds will go sky high. ( there goes moore's law  ) BUT dont forget that demand is steadily increasing, as you know, people like money. So expect price increase. This will give better returns for people with asics anybody else stuck with the old equipment will be at a loss, unless their electricity is free. So, I believe people who invest in the smallest Asic device will get a return on their investment. It just may take longer than they expect.

Of course there may be new version asics with higher speeds but nno major breakthroughs for at least another year or so. I think this will be enough time to make your money back and enjoy a little profit if all goes well for BTC.

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

BTC of course ....big gpu miners will just adjust and buy big ASIC rigs so nothing changes,  some could give away there GPU,s almost for free already ROI them.   ..... if you have no money for gpu farm and making BTC today you will be behind when ASIC are availble also...IF you are in it for the money..  

this is how it works money makes money if u are broke now you will keep broke then...i bet on that..it,s just the way it is..

To all broke guys preordered 1 or 2 ASICs devices and talking LOTS of crap i say this: Who thinks to get rich when they get there.. are dump mf sorry to say so..wake tf up.. and i don,t have to do the math for u because there are enough posts about that ( hash rate, difficulty ect.ect.ect...)

[crazy_rabbit]

There's also the possibility that so many people get ASICS fast enough that essentially it becomes a nearly perfect balance and ROI stretches out for a long time- with people making just a touch more then the cost of running them.

 

I know what you mean.

People are making roi calculations with current conditions. We must calculate that the reward will half and the difficulty will increase as mining speeds will go sky high. ( there goes moore's law  ) BUT dont forget that demand is steadily increasing, as you know, people like money. So expect price increase. This will give better returns for people with asics anybody else stuck with the old equipment will be at a loss, unless their electricity is free. So, I believe people who invest in the smallest Asic device will get a return on their investment. It just may take longer than they expect.

Of course there may be new version asics with higher speeds but nno major breakthroughs for at least another year or so. I think this will be enough time to make your money back and enjoy a little profit if all goes well for BTC.

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

BTC of course ....big gpu miners will just adjust and buy big ASIC rigs so nothing changes,  some could give away there GPU,s almost for free already ROI them.  ..... if you have no money for gpu farm and making BTC today you will be behind when ASIC are availble also...IF you are in it for the money.. 

this is how it works money makes money if u are broke now you will keep broke then...i bet on that..it,s just the way it is..

To all broke guys preordered 1 or 2 ASICs devices and talking LOTS of crap i say this: Who thinks to get rich when they get there.. are dump mf sorry to say so..wake tf up.. and i don,t have to do the math for u because there are enough posts about that ( hash rate, difficulty ect.ect.ect...)

[Frequency]

There's also the possibility that so many people get ASICS fast enough that essentially it becomes a nearly perfect balance and ROI stretches out for a long time- with people making just a touch more then the cost of running them.

Thats true of course they will, but not before halving day and if ASIC get released to the net dif.  will go up very fast to.

Again it,s going to be a wildwest in about 2 month this forum wil or wil not blow up figurly speaking... i am looking forward to it and thats also the charme of bitcoin....Mine on..

http://www.youtube.com/watch?v=oBIxScJ5rlY

[Desolator]

There's also the possibility that so many people get ASICS fast enough that essentially it becomes a nearly perfect balance and ROI stretches out for a long time- with people making just a touch more then the cost of running them.

BFL's shipping policy states that it will ensure that that happens Btw that is going to happen.  There's like $500,000 total in pre-orders across 3 major companies and for every pre-order there's 3 people like me waiting to see if ASICs even run stable before they order one.  It's going to get really bad really fast.

[Easy2Mine]

Only $500,000 pre-orders across 3 major asic companies?
How do you get those numbers?

[Desolator]

Well according to rumors, BFL's order count is somewhere between 7,000 and 15,000 but the majority of them are artificially created DB line IDs that increment but those orders are never paid for or basically never make it to the checkout screen.  BFL said they have no idea how many pre-orders they have at the moment (concerning much?!) but they did say a while ago that they have over $250,000 in pre-orders.  So by now it's got to be a bit higher.

As for the bASIC, someone told me that the owners said they already hit the 300 order mark so split that between their high and low end rigs and adjust for more orders since then and you've got even more money.

Take those approx numbers and apply them to the Avalon but at a lower amount since they're releasing so much later.  I thought they'd have about 15 pre-orders since they're coming out like 4 months after BFL!!! But someone told me it's higher, lol.

I have to re-run the numbers yet again but it lands at somewhere near $500k.

[Easy2Mine]

I am not a big miner. I can't afford a minirig yet, but if you are right about $500.000.
Then my preorder alone already count for 2.598% of the total sum of $500.000.
Only 40 small to medium miners are needed to pre-order $500.000 worth of equipment.
What if 40 big miners are going to pre-order asics?
Something in your calculation must be wrong.

[yrtrnc]

I think we are talking of millions of usd worth of BFL orders alone. But I still think that as long as bitcoin is in demand the price will have to go up. And since miners are supplying the demand, they will decide pricing.

[Desolator]

Well, my calcs assume that BFL is tied for the biggest total amount of pre-orders.  Like you're saying, that may not be the case.  I'll re-run the numbers soon in a new post and try and get a real estimate.

[yrtrnc]

I remember bfl staff mentioning the pre order number around 5000, but I cant remember where exact.

now u just round up the price per unit. Id say 70% Jalapeno 28% single and 2% rigs.. about that I recon

so 3500 x 149 + 1400 x 1299 + 100 x 29899 = 5,330,000.00 usd cha ching... beats mining

[scrybe]

Well according to rumors, BFL's order count is somewhere between 7,000 and 15,000 but the majority of them are artificially created DB line IDs that increment but those orders are never paid for or basically never make it to the checkout screen.  BFL said they have no idea how many pre-orders they have at the moment (concerning much?!) but they did say a while ago that they have over $250,000 in pre-orders.  So by now it's got to be a bit higher.

As for the bASIC, someone told me that the owners said they already hit the 300 order mark so split that between their high and low end rigs and adjust for more orders since then and you've got even more money.

Take those approx numbers and apply them to the Avalon but at a lower amount since they're releasing so much later.  I thought they'd have about 15 pre-orders since they're coming out like 4 months after BFL!!! But someone told me it's higher, lol.

I have to re-run the numbers yet again but it lands at somewhere near $500k.

Some additional data for you:

I got sick of not knowing what order number we're up to, and trying to figure out how many bASICs are ordered, so I started a wait list here:

https://bitcointalk.org/index.php?topic=117955.0

Go forth, and gimme ur info!

Although the thread is a fine idea, all you had to do was ask.

Approximately 650 bASIC units have been pre-ordered.

And

As far as ratio of 54/27 I can tell you the amount of 27's ordered is only like 50 something, so its significantly less. Although people are still ordering them little by little, people are actually still ordering ModMiner Quads believe it or not - I shipped out 4 of them yesterday (one of them was for the contest)

Looks like Tom has ~700k by himself, to the Mathcave!

[scrybe]

There's also the possibility that so many people get ASICS fast enough that essentially it becomes a nearly perfect balance and ROI stretches out for a long time- with people making just a touch more then the cost of running them.

BFL's shipping policy states that it will ensure that that happens Btw that is going to happen.  There's like $500,000 total in pre-orders across 3 major companies and for every pre-order there's 3 people like me waiting to see if ASICs even run stable before they order one.  It's going to get really bad really fast.

I think you guys are overestimating the speed at which these guys can manufacture their initial and follow-up batches.

There is going to be demand-side pressure far higher than the supply side can keep up with, we know that for sure from the BFL situation. Maintence mode for these manufacturers will certainly lower our margins of us as well as the manufacturer, but until the supply and demand sides of the equation are more balanced there will be an unusual opportunity to profit that is directly proportional to the number of ASIC-days you are able to get outin advance of parity.

I don't see parity happening (excluding USD/BTC rates) before 2014 at least, we have a long way to go before the manufacturers are at a (almost) modern process node, and lots of margin cuts to go (both leading to better BTC/Ghs) before the ROI goes out past 12 months.

[Desolator]

I remember bfl staff mentioning the pre order number around 5000, but I cant remember where exact.

now u just round up the price per unit. Id say 70% Jalapeno 28% single and 2% rigs.. about that I recon

so 3500 x 149 + 1400 x 1299 + 100 x 29899 = 5,330,000.00 usd cha ching... beats mining

I tried doing it that way and everyone reminded me that landing on the checkout page generated an incrementing order number and a gigantic portion of them were never followed through on.  People just wanted a shipping quote something, I dunno.  So if you're order number 5000 (they also claimed 7000 btw) then 50% of the other orders may not be legit.  I do know they claimed quite a while ago to get $250,000 in pre-orders though.

Also, as for manufacturing speed, they change their mind a lot but said to the effect of they're not even shipping out products until they can fill a significant enough portion of their pre-orders.  I think their own rules mathematically add up to like 85%-ish of the pre-orders.  So yeah, everyone's getting theirs at once.

[Korbman]

Well, if you just go by BFL documented preorders alone, you get:

Jalapeno SC - 222 x $149 = $33078
Single SC - 239 x $1299 =  $310461
Mini Rig SC - 22 x $29899 = $657778
Total: $1,001,317

So that's a bit off from the $500,000 you pointed out Desolator

[Desolator]

hey, someone just randomly told me that at some unknown point in time, BFL said $250k.  I think it was a long time ago of course, where did you get those numbers?  Because "my order number is _____" is not a proper way to count.  Did BFL finally release some actual, verified counts?

[bitboyben]

Well, if you just go by BFL documented preorders alone, you get:

Jalapeno SC - 222 x $149 = $33078
Single SC - 239 x $1299 =  $310461
Mini Rig SC - 22 x $29899 = $657778
Total: $1,001,317

So that's a bit off from the $500,000 you pointed out Desolator

Bit off topic, but how much money/ how many Ths do they have to sell to make a return on their investment?

[bitcon]

just imagine if the ASICS would have invested money in BTC instead of throwing it away on hardware.

[yrtrnc]

I've seen a number in the range of 10 mil

Well, if you just go by BFL documented preorders alone, you get:

Jalapeno SC - 222 x $149 = $33078
Single SC - 239 x $1299 =  $310461
Mini Rig SC - 22 x $29899 = $657778
Total: $1,001,317

So that's a bit off from the $500,000 you pointed out Desolator

Bit off topic, but how much money/ how many Ths do they have to sell to make a return on their investment?

[yrtrnc]

There are 5000 actual confirmed orders apparently!!!

Also BFL claims they can manufacture 300 per 8 working hrs, so yeah, everyone will pretty much get their order soon after the other.

I remember bfl staff mentioning the pre order number around 5000, but I cant remember where exact.

now u just round up the price per unit. Id say 70% Jalapeno 28% single and 2% rigs.. about that I recon

so 3500 x 149 + 1400 x 1299 + 100 x 29899 = 5,330,000.00 usd cha ching... beats mining

I tried doing it that way and everyone reminded me that landing on the checkout page generated an incrementing order number and a gigantic portion of them were never followed through on.  People just wanted a shipping quote something, I dunno.  So if you're order number 5000 (they also claimed 7000 btw) then 50% of the other orders may not be legit.  I do know they claimed quite a while ago to get $250,000 in pre-orders though.

Also, as for manufacturing speed, they change their mind a lot but said to the effect of they're not even shipping out products until they can fill a significant enough portion of their pre-orders.  I think their own rules mathematically add up to like 85%-ish of the pre-orders.  So yeah, everyone's getting theirs at once.

[Korbman]

hey, someone just randomly told me that at some unknown point in time, BFL said $250k.  I think it was a long time ago of course, where did you get those numbers?  Because "my order number is _____" is not a proper way to count.  Did BFL finally release some actual, verified counts?

The BFL 'SC' homepage here on the forum lol: https://bitcointalk.org/index.php?topic=89685.0

It has all the documented preorders on the forum alone, but there's probably just as many that aren't documented.

Bit off topic, but how much money/ how many Ths do they have to sell to make a return on their investment?

I haven't a clue.

just imagine if the ASICS would have invested money in BTC instead of throwing it away on hardware.

What do you mean? Do you mean if BFL invested $1 million to research ASIC chips, that instead they should have invested a million into BTCs?

[Korbman]

There are 5000 actual confirmed orders apparently!!!

Also BFL claims they can manufacture 300 per 8 working hrs, so yeah, everyone will pretty much get their order soon after the other.

Where'd you hear this?

[bobitza]

There are 5000 actual confirmed orders apparently!!!

Also BFL claims they can manufacture 300 per 8 working hrs, so yeah, everyone will pretty much get their order soon after the other.

Where'd you hear this?

In BFL forums, can't remember exactly where but BFL_Josh mentioned that when the machines are installed and operational, they can crank up 300 devices per day.

[yrtrnc]

Thanx bobitza

Yes, I concur.

There are 5000 actual confirmed orders apparently!!!

Also BFL claims they can manufacture 300 per 8 working hrs, so yeah, everyone will pretty much get their order soon after the other.

Where'd you hear this?

In BFL forums, can't remember exactly where but BFL_Josh mentioned that when the machines are installed and operational, they can crank up 300 devices per day.

[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:)