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Author Topic: ASIC or other fast homemade machine will kill BTC  (Read 3949 times)
Fuzzy
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January 24, 2013, 07:35:04 PM
 #21

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GPU killed the CPU star.
GPU killed the CPU star.

Pictures came and broke your heart.
Oh-a-a-a oh

--The Miners
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franky1
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January 24, 2013, 11:03:39 PM
 #22


thanks for reply, i'd like to discuss about it. if i'm wrong i'll be very happy.
u talked about gold.
but gold is different.
in the ancient time, people like gold just because it looks wonderful and rare and easy to store.
now we know it's really rare.
but if alchemy can change something to gold.
do u think gold it worthy?
gold is wonderful because it can be used for jewelry, decoration, in electronic devices and many other things. it also has a limited supply. hence why its the 'big thing' in investments
just like ruby and sapphire.
several hundred years before, it was very expensive.
but how about now? why?
you cant do as much with rubys and sapphires as you can do with gold. so yes in ancient times pretty things meant alot more to the rich then today, multifunction of limited resource matters more these days, take gold and platinum for instance.
everyone like diamond, but any country has diamond reserve? why not?
diamonds can be man made... need i say more
as a virtual currency.
BTC must stand on the top of current technology.
since GPU is not the most efficient way to mine, it'll be kick off sooner or later.
ASIC is a good plan, if ASIC machine is made by TI and well tested for a year, that's great!
but homemade? it's a nightmare.
i agree home made is a nightmare. but going back to the gold analogy once gold miners dropped their pickaxes and wash bowls and started to convert cheap second hand farm machinery into makeshift mining machinery the 'game' increased. yes it was a nightmare but it kickstarted a new industry and then came the professional machines. gold miners use to buy a pickaxe for under £50 now they spend a few hundred thousand on professional machinery.
with bitcoin what you will find is that those that do not have ASICS will start diversifying their business plans. to either not mine at all and start producing products to aid others mining, and profit from product sales. offer services to change the mined coins into native currencies for the miners, or create other wonderful businesses/services. creating new industries revolving around bitcoin.

back hundreds of years ago only the kings metalsmiths were the only ones able and skilled to do anything with the gold once it was mined. now anyone can do anything with it. take samsung for instance. they invest alot of time and money into getting gold for their components. and solar panel company's are currently right now seeking out alot of silver to ensure adequate supply to make solar panels. but you would never imagine them to be gold miners or investors as that is not their niche. but they are part of the gold//silver industry.

i will say bitcoin is not a commodity. it is a asset. so using a gold analogy has its limits. as bitcoin only has one purpose a store of value. (you cannot make jewellery out of a bitcoin).

although the program to generate coins is called a miner, i have always felt that satoshi's paper was a work of art and that using gold mining analogies was a failed comparison due to its limits in comparisons. if only miners were called vectors or designers or something more related to the art, people would not be seeing bitcoin as a commodity purely on its gold references everyone uses, but as its true representation, an asset.

so lets take an asset that cannot be used for any other purpose but to view, admire and store value... ART:
paint brush companies, canvas companies, art galleries, auction houses, art schools, and many other 'rich' businesses have succeeded in increasing wealth without themselves putting paint to paper to create the asset themselves. bitcoin will be the same. it will change the game.. not kill it.

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January 24, 2013, 11:11:53 PM
 #23

The introduction of ASICs may cause issues with the distribution of reward blocks and control over the networks though it is unlikely.  Sure there will be winners and losers but long term it has to happen.  If ASICs are slowly added to the network until they make a majority of the network, more of the coins will go back into the economy then now.  The reason for this is that some percentage (maybe 10%-25%) of the network hashrate comes from botnets.  The owners of these botnets probably do not care much for bitcoin (though I could be wrong!) and just want the cash.  The reason is that they have not invested in the hardware or the electricity that does their mining. 

Once ASICs control the network, botnets will be out of the picture.  It is unlikley that an ASIC controller is going to get compromised, and if so not for long.   The hands getting the reward blocks will probably be friendlier to the bitcoin economy. 

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January 24, 2013, 11:25:07 PM
 #24

I agree with OP. ASICs means centralization, which is opposite to BTC "definition".

25Khs at 5W Litecoin USB dongle (FPGA), 45kHs overclocked
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RobertM
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January 25, 2013, 01:36:53 AM
 #25

hey, it's me
i said i wont reply, but i ate my tongue.  Grin

because i realize i made a mistake.
i post this issue and speak in a Chinese way.
that means i just lift a corner of the mask, the rest need u to think more in that way.
if u work in a Chinese company
sometimes u'll get a strange question from ur boss
but remember, no strange question from boss, never
he must wanna say something else, u need to think more for that strange question.
it's a funny game, only smarter can survive. u'll like it.

to agree with me or not is not important, the market is the final judge.
if i'm right, BTC will drop and LTC will rise
when btc drop to $10, i'll back to this post.
good luck, everyone.
Littleshop
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January 25, 2013, 02:27:29 AM
 #26

I agree with OP. ASICs means centralization, which is opposite to BTC "definition".

If there is just one company making ASICs then it is centralization.  But with multiple players in the market it is not unlike the GPU market.  With CPU's AMD is the primary supplier, but there are other was such as FPGA.

If Avalon and BFL both make asics the situation is not that different.  There may be other players in the market soon as well. 

TalkingAntColony
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January 25, 2013, 03:45:12 AM
 #27

if i'm right, BTC will drop and LTC will rise

What is stopping someone from making an ASIC for litecoin?

Furthermore, your claims that there will just be a few big players in ASIC manufacturing are already happening with GPUs. How many GPU manufacturers are there? Two. And really only one of them is used for bitcoin mining (AMD). Does bitcoin still work? Yes.
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