Have ASICS really ruined all GPU mining? And damaged the future of crypto?

[#Darren]

I mean apart from jumping in fast on some new startup coins before the ASICS get at them, is there any point GPU mining at all?  Primecoin has given CPU a chance but that is rather unique atm.

And what future does crypto have anyway if everything is dominated by ASICS, I mean won't it ultimately devalue everything, including bitcoin?  Isn't it really a poison to the future of cyrpto?

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[ElectricMucus]

Mining will exist till somebody figures out of how to use useful computational work to secure transactions.

Once that is done bitcoin and every other project based on it is useless.

[Carra23]

A bit too dramatic. Just wait and see.

Where did you get a Scrypt ASIC miner btw?

Mining will exist till somebody figures out of how to use useful computational work to secure transactions.

Once that is done bitcoin and every other project based on it is useless.

XPM seems to be the first on that path.

[mustyoshi]

ASICs ensure the survival of cryptocoins.

The amount of energy that goes into the network has to be minimized for it to be viable.

[ElectricMucus]

XPM seems to be the first on that path.

How so?

[markm]

Maybe proof of stake and/or some kind of consensus akin to what Ripple uses will turn out to be as secure and less energy-consuming than proof of work.

-MarkM-

[#Darren]

Where did you get a Scrypt ASIC miner btw?

I don't have a ASIC miner.

[AgentME]

Why would ASICs devalue anything? They just make certain kinds of proof-of-work more power efficient.

[Hydroponica]

Where did you get a Scrypt ASIC miner btw?

I don't have a ASIC miner.

I don't think he realizes that ASIC's only work on Sha coins, and not Scrypt

[tonyback]

Where did you get a Scrypt ASIC miner btw?

I don't have a ASIC miner.

I don't think he realizes that ASIC's only work on Sha coins, and not Scrypt

only BTC

[Hydroponica]

Where did you get a Scrypt ASIC miner btw?

I don't have a ASIC miner.

I don't think he realizes that ASIC's only work on Sha coins, and not Scrypt

only BTC

No, any SHA256 coin, actually.
Bitcoin, PPCoin, Terracoin, Freicoin, Namecoin, IXCoin, DevCoin

[ethought]

ASICs taking over Bitcoin might be a blessing for scrypt based coins.

When the masses decide it is finally uneconomical to mine bitcoin on GPUs there will be many miners looking for the next best thing -> altcoins. More hash on altcoins means more secure blockchains..

[TheSwede75]

I mean apart from jumping in fast on some new startup coins before the ASICS get at them, is there any point GPU mining at all?  Primecoin has given CPU a chance but that is rather unique atm.

And what future does crypto have anyway if everything is dominated by ASICS, I mean won't it ultimately devalue everything, including bitcoin?  Isn't it really a poison to the future of cyrpto?

I wish people were smart enough to not ask this question. Let me re-word it for you so you can see how stupid you look asking it: "Did GPU mining ruin all CPU mining and damage the future of crypto?"

ASIC is not some damn 'black magic', its just a technological shift just as GPU before it, and FPGA after GPU.. And yes, there will be 1st (Avalon), 2nd, 3rd etc. generation ASIC and I expect the same stupid question in between every tech shift.

[markm]

Is there even any point in accounting anymore now that people can write with ink on papyrus instead of carving marks into stone or making little clay pouches with miniatures in them?

-MarkM-

[paraipan]

I mean apart from jumping in fast on some new startup coins before the ASICS get at them, is there any point GPU mining at all?  Primecoin has given CPU a chance but that is rather unique atm.

And what future does crypto have anyway if everything is dominated by ASICS, I mean won't it ultimately devalue everything, including bitcoin?  Isn't it really a poison to the future of cyrpto?

NO, get a clue about economics and then come back and comment.

[TheSwede75]

Also: GPU mining is JUST a damn technology. NOTHING about crypto implies that it should 'keep being profitable'. GPUs were not created for mining and coins should NOT be 'targeted' for a certain technology. The only people that think otherwise are just kids that are now stuck with close to worthless GPU-spac-heaters and somehow thinks that crypto 'owes them' profit somehow.

[ethought]

NOTHING about crypto implies that it should 'keep being profitable'.

How so, who is going to mine if it is not profitable - ASIC or GPU alike?