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Author Topic: Litecoin IMMUNE to Bitcoin ASICs  (Read 3335 times)
smoothie
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January 31, 2013, 05:46:54 AM
 #1

All I can say is BOOYAH!

Try and mine litecoin with them asic units.

Congrats to AVALON. BFL can go eat some shit.

 Cheesy

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January 31, 2013, 08:38:56 AM
 #2

For the moment, Bitcoin seems immune to ASICS as well.

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January 31, 2013, 08:39:45 AM
 #3

For the moment, Bitcoin seems immune to ASICS as well.

Immune meaning "not mineable".

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January 31, 2013, 08:41:22 AM
 #4

I was making a joke about how it seems like ASIC's are never coming out anyway. :-)  Grin

EDIT: Looks like I was wrong:

https://bitcointalk.org/index.php?topic=140099.40

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January 31, 2013, 09:08:07 AM
 #5

yeah ASICs are very real!!!
http://bitcoinmagazine.com/working-avalon-asic-confirmed/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+BitcoinMagazine+%28Bitcoin+Magazine%29

what happened to all those bets about ASICs not being released till march... and not being delivered till 2014... anyone got links to them?? would be nice to follow up and flush out any scammers etc

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January 31, 2013, 10:18:22 AM
 #6

Good to see Avalon get their kit out there. Waiting on BFL now to get me my Single Smiley
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January 31, 2013, 10:59:48 AM
 #7

Good to see Avalon get their kit out there. Waiting on BFL now to get me my Single Smiley

same here u got a little single?? or the 60Ghas single on order?? also u in the first shipping bracket or not? ... I'm not Sad 60 ghash ordered at start of sept... so as long as i get b4 the end of march i'll be happy Smiley

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January 31, 2013, 12:55:32 PM
 #8

I've got a 60GH ordered. I only just upgraded my order in December from a little single so I guess I'm at the back of the queue. My original order was at the beginning of October and was for a Jalepeno.
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February 01, 2013, 02:16:58 AM
 #9

Good to see Avalon get their kit out there. Waiting on BFL now to get me my Single Smiley

 Same here, i hope that BFL haste his orders.

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February 01, 2013, 02:59:42 PM
 #10

It's too bad too, because the Litecoin network would only gain from the power and security that would come from ASIC's on the network. Other Alts like TRC/PPC/FRC are vulnerable to an ASIC owner 51% the chain, but they also take only a couple ASICs to make them an order of magnitude more secure. ASIC's are a natural upgrade in the security of a coin. While there are dangers at the start, if a small coin can escape being 51%, then they will end up much stronger. Litecoin needs an entire new development to build ASIC, and until the Market cap of LTC starts reaching the hundred million dollar mark, no one will be willing to do that.

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February 01, 2013, 03:24:30 PM
 #11

Litecoin IMMUNE to the massive increase in security provided by Bitcoin ASICs

FYPFY.
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February 01, 2013, 03:27:00 PM
 #12

Meh. It just means that Litecoin isn't significant enough to be taken seriously yet. That's not something proud or good for Litecoin.

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February 01, 2013, 09:01:49 PM
 #13

Litecoin IMMUNE to the massive increase in security provided by Bitcoin ASICs

FYPFY.

Security in bitcoin is a double edge sword by design. Point was that ASIC miners can't willy nilly point their ASIC at lite coin which they can do currently with gpus.

Your problem D&T is that you obviously can't see both sides of a topic. Asics are good for bitcoin if distributed in a mindful manner.

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February 01, 2013, 09:07:16 PM
 #14

Just like litecoin couldn't be mined with a GPU. Ooops. You mean, no one has made an ASIC yet because there is no market/profit for it. If that ever changes, there will be ASIC's for litecoin. I don't think that Litecoin = bitcoin so probably won't see one.

Now something like TRC, those are ready built for ASIC's and their network isn't very strong to start. Hopefully some firm believers in coins like that will protect their networks.

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February 01, 2013, 09:10:25 PM
 #15

Meh. It just means that Litecoin isn't significant enough to be taken seriously yet. That's not something proud or good for Litecoin.

See my point above to D&T.

Litecoin being segregated in the mining business from bitcoin is healthy.

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February 01, 2013, 10:32:32 PM
 #16

They need to actually ship something that can mine Bitcoin first, then they can see about Litecoin.
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February 01, 2013, 10:33:26 PM
 #17

They need to actually ship something that can mine Bitcoin first, then they can see about Litecoin.

Jeff Garzik's Avalon doesn't mine bitcoins?

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February 01, 2013, 10:53:09 PM
 #18

Security in bitcoin is a double edge sword by design.  Asics are good for bitcoin if distributed in a mindful manner.

There is no double edged sword.  ANYTHING presents a risk is hashing power is concentrated.  There is nothing unique about ASICs.  Litecoin for example is very vulnerable to Botnets.  The limitations of LiteCoin make is highly likely that hashing power will never be decentralized enough to overcome that risk.  LTC "bad" scrypt params are what made GPU mining even marginally competitive and for those bemoaning no "pure CPU coin" had LTC been made more memory hard (and thus non competitive on GPUs) it would have been even MORE vulnerable to Botnets.

Nobody built Bitcoin to be a "GPU coin" or "FPGA coin" or "ASIC coin".  It was simply built to be efficient and secure on available hardware and overtime that openness lead to more and more efficient hardware.  Today Bitcoin has the potential to secure the network with 17,000% higher efficiency than the first CPU miners.  There is no possible scenario where that is a bad thing.
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February 02, 2013, 01:15:35 AM
 #19

Security in bitcoin is a double edge sword by design.  Asics are good for bitcoin if distributed in a mindful manner.

There is no double edged sword.  ANYTHING presents a risk is hashing power is concentrated.  There is nothing unique about ASICs.  Litecoin for example is very vulnerable to Botnets.  The limitations of LiteCoin make is highly likely that hashing power will never be decentralized enough to overcome that risk.  LTC "bad" scrypt params are what made GPU mining even marginally competitive and for those bemoaning no "pure CPU coin" had LTC been made more memory hard (and thus non competitive on GPUs) it would have been even MORE vulnerable to Botnets.

Nobody built Bitcoin to be a "GPU coin" or "FPGA coin" or "ASIC coin".  It was simply built to be efficient and secure on available hardware and overtime that openness lead to more and more efficient hardware.  Today Bitcoin has the potential to secure the network with 17,000% higher efficiency than the first CPU miners.  There is no possible scenario where that is a bad thing.

Security is only as good as its decentralization D&T. So yes there is a double edge sword when it comes to bitcoin hash power in terms of security. The more concentrated it gets the more it hurts the network.

Who said securing the network was a bad thing? If that security comes from a centralized source then you have a problem.

You overlook the fact that ASICs as powerful as they are could harm the network should some wealthy investor decide to build an army of them and point them at the bitcoin network. Hence "double-edged sword". Don't be naive and think that people with deep pockets can't harm bitcoin if they chose to in terms of "securing" the network with hash power. Only an ignorant person would believe that could never happen.

Litecoin has yet to be bombarded by botnets. And dont think for a second that those botnets will bother to come mine litecoins when they are hardly worth a dime yet. As more hashpower comes online for litecoin, botnets will become irrelevant. Currently there is at least 12 TH/s of GPUs pointed at bitcoin. So there is quite a large amount of hash power in existence that may look for a new home if ASIC demand cant be met with supply fast enough.

BFL right now is just Unicorns and Rainbows. A select few (mostly avalon asic customers) will have a true edge over the rest as ASICs are released. Those who have GPUs will  not be able to justify mining bitcoin if the diff for bitcoin skyrockets suddenly.

They are left with...

1. I can keep mining bitcoins at a loss.

2. I can sell my GPUs/other hardware and put in an order for ASICs (and get them someday).

3. Point my GPUs where I can convert what I mine to BTC.

(4). And once there is a payment processor for Litecoin that is linked to the banks, be sure people will start to spend litecoins as merchants remove the risk of market fluctuations in the price of litecoin.

Then things will be much different when it comes to the mentality of miners. They wont necessarily convert instantly to BTC.




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debianlinux
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February 02, 2013, 01:19:34 AM
 #20

I've never followed the logic of:

Step 1. Be rich

Step 2. Spend Obscene amounts of money on sufficient technology to threaten network

Step 3. Leverage technology to destroy network thus making all coins worth effectively zero

Step 4. Show me the profit ffs.
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