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?

[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