Bitcoin is Dead

[ozoner]

ASICs appear to have killed bitcoin. I can't see this stopping until the ASIC buyers stop dumping cheap BTC to pay for their rigs.

[tanya.cryptocurrency]

ASICs appear to have killed bitcoin. I can't see this stopping until the ASIC buyers stop dumping cheap BTC to pay for their rigs.

I believe this is what is occouring.

But this is a sort of redistribution as well so it is interesting.

[boed]

Hey all. This is my first post on the forums.

Thought perhaps I could get some answers in this thread instead of posting a new one as the topic is fairly relevant to my questions.

Is it worth investing and getting in the ASIC mining game now? I can have it going in about a month or two.
Some of my friends adviced me not to investing in a few ASICs due to the topic here, its dead, or soon to be.

Can these ASIC devices be used for mining any other altcoins, like, name- or litecoins?

Best regards.

[monkofnothing]

From what I understand the Asia's will mine any clone of the bitcoin. And you would stick to more memory and GPU rigs for litecoin clones. If I'm wrong I'm sure a correction is on the way.

[krudkeeper]

Bitcoin and Litecoin will be around for a long time... Just ride the waves and chill...

[Mr.Dreamanonym]

Bitcoin not dead you UNDERSTAND ? !

[boed]

Bitcoin and Litecoin will be around for a long time... Just ride the waves and chill...

Thats what I wanted to hear.

What will happen when BFL and Avalon get their new batches out? How much will the difficulty rise?
Will bitcoins end by the time they get these asic batches out?

[fxj]

Well, I see the same happening to LiteCoin eventually.

The effect of ASiCs on BTC is obvious. But how do you see the same happening with scrypt based altcoins?

Scrypt is designed to be memory intensive, in order to exponentially increase the cost of breaking the encryption. This of course is the reason for the litecoin designers to pick scrypt instead of SHA256. I've seen people say that ASICs will eventually be pointed towards scrypt based altcoins as well. But throwing processing power on a scrypt problem won't be helpful, due to the mentioned need for massive RAM, so what would be the point?

Which leaves the possibility of someone hoarding GPUs to dominate scrypt mining, but given the proliferation of GPUs throughout the world, and the associated cost for accumulating them en masse, that won't happen either.

[Mr.Dreamanonym]

71.49 USD ! ♥ TRADE ON !

[dazzle]

You are totally missing the whole point of bitcoin, MR THREAD STARTER.








Bitcoins are earned NOT THROUGH MINING.



Open ur mind, and think outside the box:
1. I get bitcoins if I buy from Mtgox. I EARN INTERESTS.
2. I get bitcoins by doing online services. i EARN BITCOIN SALARY.
3. I get bitcoins by online donations. iEARN BITCOINS PASSIVELY.


...
4. I start to think about mining:
-I buy a new rig.
-I get frustrated by the price.
-I hope to get bitcoins.
-I start my new expensive dual 7990 HD Radeon rigs (around 46 of them, total hash rate is 100GHash/sec)
-I wait for a month.
-I scream "WTF!! OMG!! I only got 5000 USD for my 42,000 USD investment on hardware??!?"


-I sell all my equipment on the buy an sell section at half the price and go back to number 1.

[Pastelarts]

71.64 $  i want to down THIS FUCKING PRICE !

[A+S]

Bitcoins is not dead... just the price is dropping after a big bubble burst!

[bestmarketer004]

It's now stable at $60 to $70.

[meekstav876]

It's not dead yet.

[gambit1]

1. I get bitcoins if I buy from Mtgox. I EARN INTERESTS.

Could I ask what you mean by that?

[DeathAndTaxes]

Well, I see the same happening to LiteCoin eventually.

The effect of ASiCs on BTC is obvious. But how do you see the same happening with scrypt based altcoins?

Scrypt is designed to be memory intensive, in order to exponentially increase the cost of breaking the encryption. This of course is the reason for the litecoin designers to pick scrypt instead of SHA256. I've seen people say that ASICs will eventually be pointed towards scrypt based altcoins as well. But throwing processing power on a scrypt problem won't be helpful, due to the mentioned need for massive RAM, so what would be the point?

Scrypt doesn't use a massive amount of RAM unless you consider 128KB (yes Kilobytes not Megabytes or Gigabytes) a "massive amount".

Even full strength scrypt doesn't use "massive" amounts just enough that CPU with their significant cache are better optimized than other choices.  The scrypt used in litecoin is significantly crippled.  The low security (realtime) settings for Scrypt recommend by the author are 2^14, 8, 1 and the high security settings 2^20, 8,1.  Litecoin uses 2^10, 1, 1 making it roughly 100x less memory intensive then real time scrypt recommendations and ~8,000x less memory intensive than high security scrypt recommendations.

[Maxou]

It's not dead yet.

+1

[petterj]

yes, indeed.

[GigaDice]

Bitcoin is far from being dead, we're just experiencing coming off a bubble. We have still yet to break into mainstream use.

[gambit1]

Bitcoin is not dead. Bitcoin is life!