ASICS killing BTC ?

[sidhujag]

For those confused on why asics are hurting us more than helping us here is a short explanation of when asics would help:

The % of ppl using asics vs the rest buying bitcoins for spec/holding/trading/buying goods is too high. When that % is low OR when the price of asics falls to a rate at which it stops those hoarding or is a very small amount of bitcoins to recover intial investment is where you will see asics actually help the community. Until then it is destorying it. You can't get any more simple than that.

I can only imagine asic producers becoming more widespread, aswell as difficulty rising thus leveling off the demand from buyers purely from trying to profit quickly rather than to hold over a long period of time allowing for more stable growth in our eyes. Thus I would assume to see some very cheap asics hiting the market sometime in a year or so, coupled with high difficulty and low btc rates should provide breeding grounds for the next base in the chart.

[justusranvier]

All this dramatic, existential angst over temporary growing pains...

[bitbybit2]

If you can modify a simple desktop computer you can make it a more energy efficient bitcoin miner. Start with removing your mouse. ASICS are just for showing off.

[DeathAndTaxes]

If you can modify a simple desktop computer you can make it a more energy efficient bitcoin miner. Start with removing your mouse. ASICS are just for showing off.

Sarcasm or stupid?  I just don't know.

(most serious miners have run rigs headless for a long time sempron processor, linux on usb stick, no mouse, no keyboard, no monitor, a power cable and ethernet).

[benjamindees]

Bitcoin GPU miners march into battle with flintlock rifles 

/holds up Radeon

From my cold, dead hands...

[kjj]

If you can modify a simple desktop computer you can make it a more energy efficient bitcoin miner. Start with removing your mouse. ASICS are just for showing off.

Sarcasm or stupid?  I just don't know.

Just another scammer inflating their post count to circumvent the PM sending limits.

[hate_the_face]

A lot of people on here just don't seem to get it.

There is no difference between using Altcoins to purchase goods and using Bitcoins, except the amount and variety of goods that can be purchased at the moment and that (according to bitheads) minor caveat of confirmation time.

One of those differences is going to change with time, the other will always be set in stone.

We live in the age of convenience, and waiting 60+ minutes just to buy one thing online is anything but convenient

[jbreher]

Memory is a lot cheaper than people seem to realize. 

When on a single die, with no complex logic, memory is pretty darned cheap.

Try to combine it on a single die with more complex logic (e.g. hashing engines), and you've shot up one or two orders of magnitude in cost.

Semi processes that lend themselves to endless repetitions of tiny circuits (DRAM) do not lend themselves to orders of magnitude of vastly more complex circuits (logic).

Please don't take this as an endorsement of Litecoin. I hope it dies a speedy death. I think the prime reason people desire CCs is the so-called inflation-proof aspect. If a second coin such as Litecoin catches on too quick, it opens the floodgates to endless inflation - not per-coin, but of so many copyscamcoins. Thereby leaving the masses saying (correctly) 'why would I put my money in something that is trivially inflated into nothingness?'

[hate_the_face]

Please don't take this as an endorsement of Litecoin. I hope it dies a speedy death. I think the prime reason people desire CCs is the so-called inflation-proof aspect. If a second coin such as Litecoin catches on too quick, it opens the floodgates to endless inflation - not per-coin, but of so many copyscamcoins. Thereby leaving the masses saying (correctly) 'why would I put my money in something that is trivially inflated into nothingness?'

Re-read your last sentence

now apply that to Bitcoin

now let's pause for a moment for station identification

"This message brought to you by: Reality , she's quite a bitch sometimes but at the end of the day you can either live with her or die trying to kick her out"

[jbreher]

Re-read your last sentence

now apply that to Bitcoin

Hi Hate. I did re-read the last sentence. And I tried to apply it to a world where there was only Bitcoin, and no (meaningful) copycoins.

I could not see any conflict.

Please enlighten me.

[hate_the_face]

Bitcoin is was trivially inflated into nothingness

why would the masses put money into it?

You want to apply it to a world where there is only Bitcoin? So you're referring to a fantasy world?

They aren't copycoins because that would imply they did not make improvements.

ASICs themselves aren't killing bitcoin: unwelcome, unabashed, and undeserved greed is. ASICs are merely the axe being swung by the executioner

[stdset]

"This message brought to you by: Reality , she's quite a bitch sometimes but at the end of the day you can either live with her or die trying to kick her out"

Yeah, that's reality. If bitcoin dies, litecoin will inevitably die as well. Because it is not unique, there are tons of scamcoins like litecoin (in fact they are all, including litecoin, copypaste of bitcoin).

[jbreher]

You want to apply it to a world where there is only Bitcoin? So you're referring to a fantasy world?

::sigh:: perhaps. Although, Litecoin - as the king of the copycoins - is still merely a pimple on Bitcoin's ass. If it can be lanced before attaining any meaningful ratio, then the promise of CryptoCurrencies still has a chance. If not, I believe we're stuck with central banks for another century or three.

They aren't copycoins because that would imply they did not make improvements.

I say toe-may-toe, you say tuh-mah-tuh. You say improvements, I say gratuitous and ultimately insignificant changes.

ASICs themselves aren't killing bitcoin: unwelcome, unabashed, and undeserved greed is. ASICs are merely the axe being swung by the executioner

I don't believe anything is yet killing bitcoin. If there are any threats about which to worry, the arrival of ASICs ain't among them.

[hate_the_face]

"This message brought to you by: Reality , she's quite a bitch sometimes but at the end of the day you can either live with her or die trying to kick her out"

Yeah, that's reality. If bitcoin dies, litecoin will inevitably die as well. Because it is not unique, there are tons of scamcoins like litecoin (in fact they are all, including litecoin, copypaste of bitcoin).

yeah besides the whole SHA256 vs Scrypt thing, I agree with what you are saying

and you are correct in that Bitcoin itself isn't being killed, just everything it stands and was created for is

Nothing is original anyway, it doesn't have to be completely unique, just be different enough to provide incentives for its use

[bitbybit2]

If you can modify a simple desktop computer you can make it a more energy efficient bitcoin miner. Start with removing your mouse. ASICS are just for showing off.

Sarcasm or stupid?  I just don't know.

Just another scammer inflating their post count to circumvent the PM sending limits.

Yes wonderful script kiddies claiming to know how great ASIC's are.

[stdset]

yeah besides the whole SHA256 vs Scrypt thing, I agree with what you are saying

What do you mean? Scrypt centralizes control in hands of few GPU miners? I agree, with things like block erupter: https://bitcointalk.org/index.php?topic=195004.0 bitcoin mining going to be very decentralized.

[AtomSea]

What a load of nonsense. Seems to be an amazing number of LTC supporters showing up this week talking nonsense. Part of the FUD campaign against BTC in preparation for MtGox's launch of LTC trading I've no doubt. LTC has been pump-and-dump since inception. Please take note everyone.

I just watched a pump and dump on Mt Gox today.  
If you think there aren't bigtime players pumpin' and dumpin' bitcoin, then you don't watch the API feeds.

[hate_the_face]

yeah besides the whole SHA256 vs Scrypt thing, I agree with what you are saying

What do you mean? Scrypt centralizes control in hands of few GPU miners? I agree, with things like block erupter: https://bitcointalk.org/index.php?topic=195004.0 bitcoin mining going to be very decentralized.

Are you seriously trying to tell me there is an easier path to centralization via GPUs than ASICS?

What a load of nonsense. Seems to be an amazing number of LTC supporters showing up this week talking nonsense. Part of the FUD campaign against BTC in preparation for MtGox's launch of LTC trading I've no doubt. LTC has been pump-and-dump since inception. Please take note everyone.

I just watched a pump and dump on Mt Gox today. 
If you think there aren't bigtime players pumpin' and dumpin' bitcoin, then you don't watch the API feeds.

qft

it's only a scamcoin if it's not MY p&d apparently

[Rassah]

Hey, Hateface, Are you advocating that people abandon Bitcoin and switch to Litecoin, or are you just saying that Bitcoin, and cryptocurrencies in general, are a bad idea? I seriously can't tell any more.

[hate_the_face]

Hey, Hateface, Are you advocating that people abandon Bitcoin and switch to Litecoin, or are you just saying that Bitcoin, and cryptocurrencies in general, are a bad idea? I seriously can't tell any more.

I am saying that they have a time and place to be useful but it is not in everyday society. Anyone who wants Bitcoin to go mainstream is solely under the impression that they still haven't missed the boat by a long amount of time, and clearly doesn't understand why they are not viable to the common citizen.

I support Litecoin but not because I am trying to make money off of it, I just think it is more functionally sound to use for spending on goods than Btc. I don't hoard coins because I actually use them on the economy, which the majority of bitcoin holders stopped doing once more 0s got thrown around.