Proposal to change Bitcoins hashing algorithm to Scrypt-Jane

[Frizz23]

This ASIC arms race has gotten out of hand. To give Bitcoin back to the majority of Bitcoiners I hereby propose to change the hashing algorithm to Scrypt-Jane.

PS, yes I'm serious.

[phantastisch]

This ASIC arms race has gotten out of hand. To give Bitcoin back to the majority of Bitcoiners I hereby propose to change the hashing algorithm to Scrpyt-Jane.

PS, yes I'm serious.

Only miners have voting power. You cannot change that.

[bitman442]

I think somebody owns stock in AMD lol.

[herzmeister]

This ASIC arms race has gotten out of hand.

I think that's the whole purpose.

[greyhawk]

This ASIC arms race has gotten out of hand. To give Bitcoin back to the majority of Bitcoiners I hereby propose to change the hashing algorithm to Scrpyt-Jane.

PS, yes I'm serious.

Only miners have voting power. You cannot change that.

Doesn't sound very libertarian to me.

[Birdy]

Then people will do a new arms race with new devices for scrypt, the only thing it will do is piss off everyone who bought mining equip or mining shares (quite a lot of people) and thus hurting Bitcoin. -> clear No

[jaywaka2713]

ASICs shouldn't bother anyone. A rig with 4 7970 GPUs can only get barely 4 GH/s and costs over $3000. Now, for $649, you can get a rig that gives you 4.5 GH/s. ASICs are so much cheaper, with the tradeoff of having only one purpose. Also, imagine how mad CPU miners were when GPU miners came out. Must have been infuriating. Advancement of technology will always happen. ASICs just happen to be the next step past GPUs. There will be something to pass up ASICs in something like 10 years. Just watch.

[SeanArce]

Are gpu's still worth investing in if you get free electricity?

[shawshankinmate37927]

This ASIC arms race has gotten out of hand. To give Bitcoin back to the majority of Bitcoiners I hereby propose to change the hashing algorithm to Scrpyt-Jane.

Why not just create a new competing currency and let the free market choose?

[jaywaka2713]

Are gpu's still worth investing in if you get free electricity?

Are ASICs worth investing in if you get free electricity?

2 7970s will cost you $950 for just under 2 Gh/s
$650 can get you a 4.5 Gh/s rig.

[franky1]

This ASIC arms race has gotten out of hand. To give Bitcoin back to the majority of Bitcoiners I hereby propose to change the hashing algorithm to Scrpyt-Jane.

PS, yes I'm serious.

already done
cough litecoin cough
litecoin is for the noobs wanting the sandbox of crypto currency to dip their feet into, learn the ropes, get into business, make some money and then decide if they want to get into the big business of bitcoin, or develop the litecoin further. much like growing up in africa, starting with new economy. do you stay and develop a new economy. or get on a plane and move to the developed world. your free to decide


also to add, thinking that mining is the only way to make money is very narrow minded and shows you have no clue what economy is.

think about todays real bricks and mortar world.

are your family getting an income from minting bank notes or being gold diggers.. no. the creation of the currency should be less then 1% of the total ways to make money.

think about retail, domestic services, fast food, manufacturing.. bitcoin has opened up a new economy just like opening a fresh new country. mining is not the only job vacancy listing.. open your mind. find a niche and become a bitcoin millionaire.

imagine it like this. looking at the fiat market and wishing you could go back 100 years and be right at the start of the "big boys" of business.. well here is your chance

[Joe_Bauers]

This ASIC arms race has gotten out of hand. To give Bitcoin back to the majority of Bitcoiners I hereby propose to change the hashing algorithm to Scrpyt-Jane.

Why not just create a new competing currency and let the free market choose?

Someone already did - it's called YACoin.

[shawshankinmate37927]

This ASIC arms race has gotten out of hand. To give Bitcoin back to the majority of Bitcoiners I hereby propose to change the hashing algorithm to Scrpyt-Jane.

Why not just create a new competing currency and let the free market choose?

Someone already did - it's called YACoin.

There you go OP.  Just convert all of your Bitcoins to YACoins and start mining them.

[jaywaka2713]

This ASIC arms race has gotten out of hand. To give Bitcoin back to the majority of Bitcoiners I hereby propose to change the hashing algorithm to Scrpyt-Jane.

Why not just create a new competing currency and let the free market choose?

Someone already did - it's called YACoin.

There you go OP.  Just convert all of your Bitcoins to YACoins and start mining them.

https://vircurex.com/welcome/index?alt=yac&base=btc&locale=en
https://www.cryptsy.com/markets/view/11

[Elwar]

Just be happy that there is no new technology beyond ASICs for a long time.

[jaywaka2713]

Just be happy that there is no new technology beyond ASICs for a long time.

Give it 5 to 10 years. 2nd Gen ASICs will probably come out in 2 to 3 years though.

[greyhawk]

Just be happy that there is no new technology beyond ASICs for a long time.

[rograz]

Give it 5 to 10 years. 2nd Gen ASICs will probably come out in 2 to 3 years though.

If KNC actually gets their 28nm asics out the door we are pretty much done with rapid asic progression, after that we will be at the mercy of node shrinks like the rest of the industry.

[jaywaka2713]

Just be happy that there is no new technology beyond ASICs for a long time.

Thats a quantum computer, not an ASIC. Quantum Computing actually isn't as efficient as ASICs are, and it is not a threat. Quantum Computing cannot compute SHA256 math at a fast pace.

Give it 5 to 10 years. 2nd Gen ASICs will probably come out in 2 to 3 years though.

If KNC actually gets their 28nm asics out the door we are pretty much done with rapid asic progression, after that we will be at the mercy of node shrinks like the rest of the industry.

What are node shrinks?

[atariguy]

ASICs shouldn't bother anyone. A rig with 4 7970 GPUs can only get barely 4 GH/s and costs over $3000. Now, for $649, you can get a rig that gives you 4.5 GH/s. ASICs are so much cheaper, with the tradeoff of having only one purpose. Also, imagine how mad CPU miners were when GPU miners came out. Must have been infuriating. Advancement of technology will always happen. ASICs just happen to be the next step past GPUs. There will be something to pass up ASICs in something like 10 years. Just watch.

Until I can order an ASIC on Amazon and have it delivered the next day and for less money than the same hashpower in a GPU, that is purely hypothetical.