To all newbies

[satcircle]

I've been involved in the Bitcoin community for a long time as an entrepreneur, community organizer, and investor.

Any newbies with questions about Bitcoin, ask away.

[coin-tree]

I've been involved in the Bitcoin community for a long time as an entrepreneur, community organizer, and investor.

Any newbies with questions about Bitcoin, ask away.

asking away:  when did you first use bitcoin?

[Mr.Dreamanonym]

What do you know about the bitcoin? 

[ozoner]

Do you see any end to the slide in BTC, and do you think ASICs are killing everyone's profitability not only of BTC but of all the altcoins as well? 

There you go

[Stubie]

I am a total newb, still haven't mined into double digit BTC yet.

Anyway wanted to chime in with my 0.02btc...

The slowness of mining on BTC made me take a look at the alt-coins, and afaict the majority of them use scrypt rather than sha256 as the mining algorithm. As far as I understand it, none of the ASICs presently (or soon to be) out there can mine in the scrypt arena, so while the proliferation of ASICs will make small BTC miners less profitable, I don't think they will make much difference to say litecoin or feathercoin.

If my lack of knowledge here is showing please educate me.

S.

[Trillium]

I am a total newb, still haven't mined into double digit BTC yet.

Anyway wanted to chime in with my 0.02btc...

The slowness of mining on BTC made me take a look at the alt-coins, and afaict the majority of them use scrypt rather than sha256 as the mining algorithm. As far as I understand it, none of the ASICs presently (or soon to be) out there can mine in the scrypt arena, so while the proliferation of ASICs will make small BTC miners less profitable, I don't think they will make much difference to say litecoin or feathercoin.

If my lack of knowledge here is showing please educate me.

S.

You are pretty much right. The thing is though that there will be changes to the litecoin market because of more GPU miners appearing with pick axes ready to swing. Because litecoin can't be used to 'buy things' as easily as bitcoin, most people are going to be exchanging litecoins for bitcoins, to either cash out or to use to buy things with. The significant variation in the bitcoin trade price lately will also affect litecoin (and all the other altcoins) so it very difficult to predict what will happen over the following months.

[knightlife999]

I am a total newb, still haven't mined into double digit BTC yet.

Anyway wanted to chime in with my 0.02btc...

The slowness of mining on BTC made me take a look at the alt-coins, and afaict the majority of them use scrypt rather than sha256 as the mining algorithm. As far as I understand it, none of the ASICs presently (or soon to be) out there can mine in the scrypt arena, so while the proliferation of ASICs will make small BTC miners less profitable, I don't think they will make much difference to say litecoin or feathercoin.

If my lack of knowledge here is showing please educate me.

S.

If I may, to answer your question: Asics will affect scrypt based coin mining. As more GPU farms leave BTC mining due to the fast increasing difficulty, they will turn to mining LTC and other Alt-coins. So in an indirect way, asics do affect scrypt mining. I turned my farm from mining BTC to LTC 3 months ago. (I've been waiting for my 1.3 TH/s of pre-ordered asics for over 8 months.) There are some co-ops and new companies talking about modifying FPGAs to mine scrypt, but those projects look to be in the design phase. FPGAs don't have the ram or ram speed necessary to mine scrypt effectively. When someone works it out, it will be time for yet another pre-order party. 

[iram1096]

Why bitcoin is crashing now? Will bitcoin recover? What is the affect of asic mining?

[inceptor]

before LR gone , BTC was very high in rates

after lr gone rates down too much


hope its up and stable soon