ASIC BFL. is the end of the BTC?

[makkuto]

The little miner is down. and only powerfull could be., or not?

[luke.watson]

this wouldnt be the end of bitcoin it would be the evolution of bitcoin

its the end of graphics card mining, it hasn't happened yet but soon graphics mining will be redundant like cpu mining

[makkuto]

Ok.
The evolution.....for who?.
Is like i said....first the money...and then the banks!= the evolution!.
The power of ASIC, and the next generations powerfull, are the "banks" of the BTC. What can you do for get BTC in the near future...nothing my friend. Time to time.

[iANDROID]

That is why: LTC(or any other scipt base currency)>BTC

[Gabi]

Yes this is the end of the BTC, please uninstall the client and delete your wallet.dat 

That is why: LTC(or any other scipt base currency)>BTC

Since when there can't be ASIC for LTC? 

[Deafboy]

If LTC will be as sucessfull as BTC, it's just a matter of time when average PC will mine next to nothing. Because it's not important what hashing algorithm is used, but how much $ are big players able to invest. And "advantage" over BTC will be gone...

[Smipp]

But asics are making bitcoin even better?

[luke.watson]

Ok.
The evolution.....for who?.
Is like i said....first the money...and then the banks!= the evolution!.
The power of ASIC, and the next generations powerfull, are the "banks" of the BTC. What can you do for get BTC in the near future...nothing my friend. Time to time.

A miner is not a bank, your private key is your bank guard it with your life, you could have 1 cpu mining the bitcoin network it doesnt make your wallet easier to crack, but it makes it much easier for someone to perform a 51 attack (actually with 1 cpu mining the network, its very easy to perform a 51 attack as you have 100% of the network)

The only thing to change when more miners join the party is the difficulty, this changes how hard it is to mine bitcoin, so if anyone else wants to effectively mine they will need a more powerful machine

If a bank or a rich person wanted to buy a ton of ASIC miners and run them on the network they could in theory get enough hashing power to manipulate the network, perform a 51 attack, but as more powerful machines are build and sent all over the world the difficulty is constantly rising, this means that bitcoin is actually more secure as the rich person(s) who might want to break the network will require even more hashing power to even dent the network..

The current hash rate is 87,656.67 GH/s

Lets say an ASIC miner can do 80 GH/s you would need about 550 miners to perform a 51 attack, as more asics are build and sold the number required will increase


Bottom line, ASIC will not KILL bitcoin, ASIC will make Bitcoin stronger

[Blue88]

The continual evolution of mining architecture is arguably on its way to slowly monopolizing the hashing network though isn't it?  

It’s a consolidation cycle, each time the big players increase their hardware to another generation, another group of miners has to pull out due to increased expense.  It seems to me the only possible way to ensure this power erosion doesn't happen is to ensure the big players are continually met with new opposition to feed into the competitive market which is only possible with media exposure.  Something we've thankfully started to generate at an alarming rate.  

I have to say though, allowing the handful of companies that have the expertise (and perhaps more importantly the interest) to develop ASIC to have access to the sort of financial resources we’re throwing at them for their hardware is concerning.  Just how hard would it be to perform a 51 attack across several aliases?  It’s trivial right?  Am I completely mistaken or could there be thousands of dummy accounts owned by BFL et al, sitting across many different pools waiting for the right time to surge?  

[Fuzzy]

Yes this is the end of the BTC, please uninstall the client and delete your wallet.dat 

That is why: LTC(or any other scipt base currency)>BTC

Since when there can't be ASIC for LTC? 

The sky is falling, haven't you heard?

[Portnoy]

What can you do for get BTC in the near future...nothing my friend. Time to time.

Do something to earn it. Sell a product or service. 

What do you do to get money now?

[lentil-soup]

Nope. It makes bitcoin stronger and more valuable. The more someone has to invest in creating the coins, the less they'll be willing to part with those coins on the cheap, therefore the value rises. ASICs are definitely a good thing for Bitcoin.

[feucht]

Nope. It makes bitcoin stronger and more valuable. The more someone has to invest in creating the coins, the less they'll be willing to part with those coins on the cheap, therefore the value rises. ASICs are definitely a good thing for Bitcoin.

My thoughts exactly.

[Melon_Bread]

What can you do for get BTC in the near future...nothing my friend. Time to time.

Do something to earn it. Sell a product or service. 

What do you do to get money now?

Kinda like what one would do in the real world 

[pichadpi]

What can you do for get BTC in the near future...nothing my friend. Time to time.

Do something to earn it. Sell a product or service. 

What do you do to get money now?

^^^
The sooner people, as a whole, stop looking at mining as the only means to making BTC the better. This type of effortless 'mine and find' mentality is discouraging to merchants' willingness to accept BTC; only adding to the treatment of it as a volatile store of wealth instead of a valid form of currency. Want more BTC and a stronger, more valuable BTC market? Ask to be paid in BTC or offer something someone wants in exchange for it. Still waiting for hookers with QR codes tattooed on their ass. Maybe you want to look into that?

BOT: For the time being, yes, ASIC may be out of the reach of some due to financial restraint or simply coming too late to the game, but at some point there will be opportunities for those individuals to get a slice of the pie. This professional mining market is essentially in the fetal stage, and you should expect to see more approachable products, and particularly services that we haven't yet seen, from new emerging businesses and entrepreneurs. Just have to give it time. Until then, get out on that street corner and make some damn coin!

[Thujone]

Dont see it being the end...

[buddrulez]

I haven't seen an asic able to produce a phiscyial  btc yet though!

[kuriboh]

I don't think so.

Soon there will be ASIC (probably not so soon the BFL ASIC's) but that doesn't mean that GPU mining wouldn't be profitable.

When ASIC reach a cheaper point and everyone can get one then theres next step in BTC. But the Difficult will only increase, pretty similar to the jump CPU>GPU mining.

Right now GPU miner won't drop, if they do the difficult would go down and GPU miner who don't drop will have more BTC.

Well that's what I think.

[elCamo]

Are these things actually being shipped?

[pichadpi]

....
When ASIC reach a cheaper point and everyone can get one then theres next step in BTC. But the Difficult will only increase, pretty similar to the jump CPU>GPU mining.

Right now GPU miner won't drop, if they do the difficult would go down and GPU miner who don't drop will have more BTC.
...

When GPU miners drop out of the network en masse, their cumulative hash power will likely be a drop in the bucket in comparison to the widespread ASICs, so difficulty won't drop enough for much of a change in profitability for lingering GPU miners.

I do agree, however, that we will see a similar type of shift as you point out with CPU>GPU mining. With the only difference, and certainly a considerable difference, being that the ASICs aren't as easily re-purposed and sold (if at all) for recuperative costs. All profits are left up to the performance the ASIC had earned.