fall of coins with asics?

[chowdan]

With the announcement of alpha technologies launching an asic miner for litecoins, will we see the fall of cryptocurrency?

The point of having miners is to create a decentralized system however asic miners moving into litecoins will shutdown the gpu miners as we saw with bitcoins.

That being said, where will the gpu miners move to? And at this point, ltc is now no different than btc which means....could we see the fall of cryptocurrency?

[Resetif]

a link to the asic miner for litecoins please

[User705]

Bitcoin went up with asics because it brings in new people buying money printing machines then they stay.

[caminilegroup]

http://alpha-t.net/

[chowdan]

So where are the gpu miners expected to move to?

And yes we saw bitcoins increase as it brought new people in, but litecoins were originally sold as cpu only coins, then gpus came in and people were told asics wont function with ltc....which is what made ltc/btc different.

Now you just have a clone of bitcoins that just mines differently....why would you choose ltc over btc? Btc can have more value due to the lesser amount in circulation making it more rare.

So again, why would one pick ltc over btc?

[MisO69]

Who knows how far away they are from an actual working product. Right now with $3000.00 you can build yourself a nice 6 card 4500Kh/s rig. Yes, it eats electricity like a pig.

[Kontakt]

There is no algorithm that a GPU can do that an ASIC cannot be designed to do faster and more efficiently. GPU mining is dead, it just doesn't know it yet.

[teddyb797]

where GPUs will move to? how about back in its place, Gaming.

[Kontakt]

GPUs are the groundbreakers. Now that I think about it, GPUs will always be the first to mine new algorithms, before they become profitable.

[dustofdeath]

Thats the massive failure of all crypto currencies - centralized high power ASIC mining.

The whole decentralized part is a failure.
Those with most hardware and money get the most.

The scene needs a new type of coin that - perhaps hardcaps the maximum mining speed it works with. Which means no pooled mining or billionhash asic mining rigs - so it  spreads out everywhere.

[Kontakt]

Thats the massive failure of all crypto currencies - centralized high power ASIC mining.

The whole decentralized part is a failure.
Those with most hardware and money get the most.

The scene needs a new type of coin that - perhaps hardcaps the maximum mining speed it works with. Which means no pooled mining or billionhash asic mining rigs - so it  spreads out everywhere.

I'm still thinking of any way that would be feasible.

[DeathAndTaxes]

I think your right.  Bitcoin has plummeted in value, interest, media attention, and adoption since the first ASIC was released. 

[chowdan]

I think your right.  Bitcoin has plummeted in value, interest, media attention, and adoption since the first ASIC was released. 

The way I worded it was kind of wrong (on a phone so my posts arent as detailed as I wanted.

The value of btc has increased...yes.  but it also kicked out the gpu miners and created a centralized currency. Yes one location is not incontrol, however the point of btc was for the purpose of bringing people together, not massive warehouses.

The asics are not helping as its kicking the small timers out of the system.

[User705]

The more popular bitcoin is the more participants there are the more decentralized it is.  Mining now is way more distributed then before.  Also how are small time miners being kicked out.  You can buy a USB miner for pocket change.  You are wanting large easy mining profits but those don't exist in the real world and they shouldn't exist in the bitcoin world.

[Doom4535]

I was reading something on this (maybe by company, can't remember), where the developers said that at least with this generation in developement the only main benefit would be efficiency (the memory required for scrypt is still relatively expensive, expecially for smaller orders (asic demand is still small compared the world wide gpu market (although it is probably growing faster than the gpu market))).  Currently these things will be extremely expensive when comparing Mh/$ with gpu's, so people who have access to cheap electricity won't benefit much yet.

[dustofdeath]

small miners ARE kicked out.

your "pocket change" usb miners are 60$+ that will take  6-12 months to break even.

Everyone is forced into pools or own massive asic hardware. This is centralized.

At least you can still somewhat mine altcoins at home, without 5000$+ hardware - and it is possible with small pools or none at all.

[User705]

Why do you think it's normal to achieve 200% per year returns with minimal effort?

[pand70]

Why do you think it's normal to achieve 200% per year returns with minimal effort?

Because people that are into the crypto currencies achieve much higher returns with no effort at all. Just by hoarding.
Actually to do nothing is the greatest strategy in cryptos 

[chowdan]

The more popular bitcoin is the more participants there are the more decentralized it is.  Mining now is way more distributed then before.  Also how are small time miners being kicked out.  You can buy a USB miner for pocket change.  You are wanting large easy mining profits but those don't exist in the real world and they shouldn't exist in the bitcoin world.

Usb miners are not cheap. 60$ a unit for something that takes close to a year to pay off if not more!

Btc has increased in popularity,  and has more users than before....I would say you are incorrect sir. Yes we have more people using it...but look at the $...everyone in the usa uses it...does that make it decentralized?  No. People are buying into btc by buying them, NOT mining them.

The small time miners can not continue to mine btc due to the fact that it COSTS them money. There is absolutely no reasom for someone to jump into btc mining even with  5Gh/s. The cost of hardware for a small timer isnt a problem as you can get a jalapeño for $270. But really 5gh/s come middle of next year will not be worth it whem we see single units pushing multiple th/s and soon ph/s.

Ltc is going towards the btc route, however btc is NOT decentralized. We have companies launching factories with multiple ph/s and being backed by tens of millions of dollars. BTC is becoming more centralized than it was expected.  Ltc will follow this route

[Buffer Overflow]

I think your right.  Bitcoin has plummeted in value, interest, media attention, and adoption since the first ASIC was released.