Sia PoW Reset - They are finally bricking all asic miners

[abstractHaze]

bro they got there version 15z22f already minting out hence the news of the fork.
They gonna switch the algo and already have miners 50X more powerful on top of there fail miners .

 this shit is just garbage let it die.

[nsummy]

bro they got there version 15z22f already minting out hence the news of the fork.
They gonna switch the algo and already have miners 50X more powerful on top of there fail miners .

 this shit is just garbage let it die.

What is version 15z22f?

[Agozyen]

Basically their own 28nm ASIC was delayed by so long time so it was made obsolete by Bitmain and Innosilicon, so they just forked the network to brick them and leave only their own miner as monopoly. There's yet another  upcoming Obelisk that will be released when another manufacturer decides to create a private ASIC for the network.

Let's not forget that Bitmain was mining SIA with their ASICs and beat Obelisk to the punch by releasing their miners before Obelisk could.  They should have done this the day Bitmain announced their hardware.

[abstractHaze]

bro they got there version 15z22f already minting out hence the news of the fork.
They gonna switch the algo and already have miners 50X more powerful on top of there fail miners .

 this shit is just garbage let it die.

What is version 15z22f?

a joke dur. can u not notice that. 

there reputation is to screw you over. and now they screwing current miners over and half the people who got there obelisk already trashed it soo...  even though im pulling it out my ass on the half. its obvious that some people didn't care to pay the 100 dollars customs or what ever it was cause it was a door stop, now after all this time they are like LOL JK not a door stop.

i repeat. sia is only good at one thing. to be sold on an exchange.  and it is BEYOOOOOOOOOOOOOND obvious with the sia pumps in the past. its all a money grab. huge pumps and bigger sell offs every time.

snake oil. stay away.

i wont lie i bet there will be another pump. but  i know now it will be a trap.

[nsummy]

Basically their own 28nm ASIC was delayed by so long time so it was made obsolete by Bitmain and Innosilicon, so they just forked the network to brick them and leave only their own miner as monopoly. There's yet another  upcoming Obelisk that will be released when another manufacturer decides to create a private ASIC for the network.

Let's not forget that Bitmain was mining SIA with their ASICs and beat Obelisk to the punch by releasing their miners before Obelisk could.  They should have done this the day Bitmain announced their hardware.

They couldn't because their miners weren't even close to being ready.  And if they would have forked then it would have gave these asic companies advanced notice to make changes to their upcoming asics. Its no coincidence that they said the weren't going to fork, only to change their mind once they got their first batch out of the door. 

[adaseb]

I think when something like this happens it doesn't really hurt Bitmain but instead it hurts the people who bought some ASICs to begin with and are waiting for ROI which now will never come. I don't think Bitmain really cares about them bricking their ASICs they already got boatloads of money and the miner revenue for SC alone is already pretty low compared to other coins.

[chup]

I think when something like this happens it doesn't really hurt Bitmain but instead it hurts the people who bought some ASICs to begin with and are waiting for ROI which now will never come. I don't think Bitmain really cares about them bricking their ASICs they already got boatloads of money and the miner revenue for SC alone is already pretty low compared to other coins.

There is place for everyone in cryptocoins space. Prepare your SIA bags to collect SIAclassic... 

[adaseb]

I think when something like this happens it doesn't really hurt Bitmain but instead it hurts the people who bought some ASICs to begin with and are waiting for ROI which now will never come. I don't think Bitmain really cares about them bricking their ASICs they already got boatloads of money and the miner revenue for SC alone is already pretty low compared to other coins.

There is place for everyone in cryptocoins space. Prepare your SIA bags to collect SIAclassic... 

It'll be a repeat of what happened after the DAO hack with Ethereum. They forked to a new algo and the old blockchain grinded to a halt and then someone started to mine it again. And to my suprise it was crazy profitable for like a day or two because it essentially had no miners on that network. I remember the Nicehash and MiningRig Rental prices were thru the roof for that week.

[mabturm]

How does consensus work on sia? If the asic miners vote with their hashpower against this update, then the result will be a minor fork with the new algorithm, and the old network will just continue with a massive hashrate on the old algorithm

[abstractHaze]

sia's project is bunk. more hashrate doens't help the stoarge prices for what they offer.
now they lowering the hash and the prices of there storage will go up making anyone who uses it's service a fucking moron.

[nsummy]

How does consensus work on sia? If the asic miners vote with their hashpower against this update, then the result will be a minor fork with the new algorithm, and the old network will just continue with a massive hashrate on the old algorithm

They claim they will still support both forks if that happens, but who knows.  They truly hold the keys.  This isn't some decentralized project

[VoskCoin]

https://blog.sia.tech/sia-proof-of-work-reset-24b5ec439625

This ought to be interesting

Comming from the guys who were all PRO asics. I could not care less. For me projects like that don't exist.

It was an interesting read for about the first 6-7 paragraphs, just to see what their thought process was, but it quickly devolved into a shitload of fluff that tried to put lipstick on a pig.  A few of my favorite quotes:

"In parallel and in secret, two larger manufacturers also began development of ASICs for Sia. The first one, Bitmain, did not announce their product until 10 days before shipping, effectively disrupting a multi-million dollar project from the community without warning and nearly causing a civil war."

"And indeed, Innosilicon is Sia’s largest miner, mining a stable 37.5% of the Sia hashrate."   (meaning 62.5% of the hashrate is coming from other companies!)

"For the Sia network, an important line was crossed when secret ASIC projects superseded a public project that had substantial community investment. Though the Obelisk project got a few things wrong, largely Obelisk went about ASIC development and manufacturing in the right way."

"Sia is forking today to reprimand the current ASIC monopoly for the damage it did to the Sia community, to make whole the supporters of Sia’s community ASIC project, and to send a clear message to all future Sia ASIC manufacturers: we will not tolerate an abusive ASIC monopoly."

"In the short term, this is a step backwards for Sia’s security. The hashrate will decrease substantially, which means our security margin against an attacker will be lower. In the long term, this sets the stage for a healthy mining community and a higher overall difficulty. We fully expect that the 28nm Obelisk ASICs will be replaced by a 16nm chip from another manufacturer, who will become the new manufacturing monopoly for Sia."

lol this quote, definitely comment of the week

[reb0rn21]

1. they had private GPU miner at start... a lot faster then public
2. later plan was to dump price and mine alone for months
3. next plan was to pump/dump the shitcoin and produce their own fpga/asic

Here I am Bitmain side as they fucked their evil centralization scam called SIA!

[VoskCoin]

Put together a video on my research / experience with mining Sia, this fork announcement and nsummy your comments are in the reddit post part lol

https://www.youtube.com/watch?v=kcAXIHQxYWQ

[nsummy]

Glad my reddit username could make a cameo in the video 

[jasta more]

"To the best of my knowledge, no ASIC mined coin has ever been hit by a 51% attack*"
it happen to pretty much every equihash coin(except zec)when asics came out...We are all about decentralisation but only if you buy our gear

[VoskCoin]

Glad my reddit username could make a cameo in the video 

haha more than deserved mate

[Tailgunner]

"To the best of my knowledge, no ASIC mined coin has ever been hit by a 51% attack*"
it happen to pretty much every equihash coin(except zec)when asics came out

I suspected that had to be going on seeing global hashrate spikes double for just a few minutes a few times a day on these smaller coins.

[lunobird]

Obelisk asics sc1 are now selling on eBay much higher now. Back to initial buy price. I call the Sia fork move a success. Obelisk SC miners are made whole from dirty practices from China manufacturer.

Time that we figure out how to make DCR obelisk with switch on and make the obelisk DCR community whole.

All I gota say is.

USA!! USA!! USA!!

Let's make obelisk great again!

[shuweee]

LOL brick the competitor's ASIC and keep their own. if this isn't centralized, I don't know what is. As much as it pains me to say PoW need and will eventually be a thing in the past.

Project like this i stay away from.