Will asics decrease transaction times?

[notig]

just curious. I read that transaction times are something like 10 minutes. as asics get more powerful will this be reduced? or will bitcoin be forked?

[DrG]

Transaction time are dependent on how many blocks pass through the network.  If we get a run off good luck more block pass, bad luck less pass.  If the network is rapidly expanding (when the first ASIC come online) then blocks will pass by faster and difficulty adjust every 2016 blocks.  Once a fair number of ASICs are out it will be the same as it is right now with GPUs.

Forking is another subject entirely...

[vyvy]

10 minutes is just the target time to solve a block.  As others have stated, it readjusts every 2016 blocks.

As ASICs gain dominance, there will probably be an effort to change how the blocks are hashed so that CPU/GPU miners will be able to participate again.  A controlled forking will be necessary to make the switch without causing major disruptions to the network.  This would have to be done by having the new hashing method be verifiable by older clients and then having the old and new hashing methods both running until enough miners are using the new clients.  Once that happens, the new hashing method will become a requirement and the old hashing method would be ignored by the majority of the network; those that are using old clients will be forked to an unofficial chain.

[tpantlik]

10 minutes is just the target time to solve a block.  As others have stated, it readjusts every 2016 blocks.

As ASICs gain dominance, there will probably be an effort to change how the blocks are hashed so that CPU/GPU miners will be able to participate again.  A controlled forking will be necessary to make the switch without causing major disruptions to the network.  This would have to be done by having the new hashing method be verifiable by older clients and then having the old and new hashing methods both running until enough miners are using the new clients.  Once that happens, the new hashing method will become a requirement and the old hashing method would be ignored by the majority of the network; those that are using old clients will be forked to an unofficial chain.

I don't think that this change will ever happen. For different PoW algos there is alt-coins like litecoin.

[vyvy]

I don't think that this change will ever happen. For different PoW algos there is alt-coins like litecoin.

If any of the encryption used is broken or greatly weakened, they will have start the process.

You may be right in that they won't change it due to ASIC being much more efficient than GPU, as they didn't do it when GPU took over CPU.  However, CPUs and GPUs are general purpose, commodity products while ASICs are for a specific purpose that only a few would purchase.  Everyone else would become marginal and try to have changes made.

[Gabi]

there will probably be an effort to change how the blocks are hashed so that CPU/GPU miners will be able to participate again

Bullshit.

[mjc]

+1 for Gabi

Where do these people come up wit this.

[j_gillard]

That's not gonna happen. Someone sore because they missed out on the pre-order?

[gballer]

there will probably be an effort to change how the blocks are hashed so that CPU/GPU miners will be able to participate again

Bullshit.

So are GPUs useless now? What else can I do with it if I can't mine for coins?

[greyhawk]

there will probably be an effort to change how the blocks are hashed so that CPU/GPU miners will be able to participate again

Bullshit.

So are GPUs useless now? What else can I do with it if I can't mine for coins?

I hear they sell games to play on your computer now.

[gballer]

there will probably be an effort to change how the blocks are hashed so that CPU/GPU miners will be able to participate again

Bullshit.

So are GPUs useless now? What else can I do with it if I can't mine for coins?

I hear they sell games to play on your computer now.

Oic, Litecoin. Thanks!

[Gabi]

there will probably be an effort to change how the blocks are hashed so that CPU/GPU miners will be able to participate again

Bullshit.

So are GPUs useless now? What else can I do with it if I can't mine for coins?

Dunno, the same you do with your CPU for example? Oh and i've heard that there are games for gpu