Scrypt mining is dead - a real thread discussing what the title says

[anonuser777]

Even with ASIC, the mining mode will be discarded by the users.
Look at the coinmarketcap, a lot of Scrypt coins with GH/s hashpower and tens BTC IPO have only the similar value as those free distributed coins, such as C2 and Faircoin.

I can't see that situation lasting long. Faircoin was recently 51% attacked, forked, and then dumped on next-e and poloniex. It's changing to POS to prevent it happening again. C2 is likely next.

I thought faircoin was PoS in the first place? Evidently though PoS is not as secure as advertised?

Maybe because they forgot to have the first X number of blocks not require aged coins in order to start PoS mining or something?

-MarkM-

I'm not sure of the details. I just assumed that POS hadn't kicked in yet. There was some funny business with the distribution where the dev claimed to have lost half of the premine. Nxt-e claim the dev performed the attack and have refused to reimburse customers. I guess it's possible the dev performed some kind of POS 51% attack. Again, this is total speculation, I have no idea what really happened and I don't have the time to read through the whole faircoin thread to check details about the coin.

[1713913366]

1713913366

[s1gs3gv]

So much irrational panic about ASICS these days …

In a very short time, they will be the price of GPUs (or less) and everybody will have a lots of them in their basement/garage happily mining scrypt coins and securing the block chains.

Use of malicious negative feedback to suppress free speech brings discredit on the bitcoin community

[TrollboxChamp]

Amateur hour is over boys. Buck up or get off the horse!  

https://www.youtube.com/watch?v=LQ8HzyMiLd0 My rig...Been running for over 2 weeks now.

I upgraded from my 8 r9 280x's 5.5mh to 30-32MH with the addition of 80 gridseeds.

[ChekaZ]

Take a look at Feathercoin. They are looking for a solution to this new arriving Asics.

https://forum.feathercoin.com/index.php?/topic/6626-changing-the-hashing-algorithm/

[markm]

Feathercoin is finally admitting it is just a toy/hobby not a serious currency, eh? About time I guess...

-MarkM-

[rumlazy]

I don't get why people have to be on one side or the other when it comes to asics, both gpus and asics can coexist and they're basically different tools for a job.  

GPU's are versatile and have/can/will be used for the early stages of any new algo/technology/ect.  If you want to mine as an early adopter, gpu's are the way to go.  There will be new coins, there will be new innovations, and gpu's will be right there mining it.  I know many people are working on coins that actually do something with hash (like primecoin, which is a bad example because its still GPU resistant) and asics will be even harder to implement there.  If you decide you don't wanna be a GPU miner anymore, gamers will happily buy your video cards for a decent price.  

Asics arent versitile but they're a key component in securing a mainstream coin. If litecoin gets as big as bitcoin I'd rather it secured by asics rather then GPU's. For the end user, having the blockchain secured by asics is a good thing and gives a lot of reason to be confident in the security of a coin.  Asics will push out "the little guy" in favor of a more cooperate mining scenerio, but that's a good thing if you want your coin to be mainstream.

I remember this same exact discussion taking place with bitcoin when asics were hitting.  So many people sold off their GPU farms and declared GPU mining dead period.  All those people probably heavily regret selling off their GPU farms as there was still a lot of life left in it. (and there still is)

[markm]

Feathercoin is not a new innovation though is it? Deliberately avoiding securing it seems pathetically stupid. Let ASIC miners secure one's feathercoin wealth and move on to mine other things with one's GPUs seems a more sensible approach, glad that one's adaptable tools adaptable to new fresh coins are being freed up from the onerous task of securing the feathercoins one already mined...

-MarkM-

[rumlazy]

Feathercoin is not a new innovation though is it? Deliberately avoiding securing it seems pathetically stupid. Let ASIC miners secure one's feathercoin wealth and move on to mine other things with one's GPUs seems a more sensible approach, glad that one's adaptable tools adaptable to new fresh coins are being freed up from the onerous task of securing the feathercoins one already mined...

-MarkM-

It's been a long time since I paid any attention to feathercoin but...

Feathercoin was released with no innvoations but after several 51% attacks earlier in its life they came up with a new checkpointing system that supposedly helped stop that from happening.  Outside of that its just another litecoin clone.  Not to forget it was part of UNOCs which turned out to be a huge scam.  For me FTC has absolutely no reason to believe in it as a real currency.

[markm]

Oh its one of the solidcoin-style-privileged-nodes systems, is it, like many of the PoS coins? A centralised checkpointing node or group of such nodes?

-MarkM-

[GoatGuy]

I thought the Scrypt ASIC things were a scam?

[Trafficlearn]

The kids who operated their toy mining operations too ineffectively to be able to afford ASICs will try to make more and more toy coins to play with, but there is no good reason for serious money to buy such toy garbage, rather the serious investors will want to invest in secure currencies, and that means families of merged mined coins secured by ASICs.

(Assuming they are going to invest in proof of work blockchain based currencies at all, of course.)

-MarkM-

Although i hate to agree with you....if you are not Asic....you REALLY have no shot at going mainstream....this is the simple truth

And what most people forget about crypto is....we are changing the way the WORLD views alternative digital currencies...they do not EXIST to put $$ in your OWN pocket....Asics will provide this....they old way of viewing coins is obsolete....adapt or die.

[Wipeout2097]

The kids who operated their toy mining operations too ineffectively to be able to afford ASICs will try to make more and more toy coins to play with, but there is no good reason for serious money to buy such toy garbage, rather the serious investors will want to invest in secure currencies, and that means families of merged mined coins secured by ASICs.

(Assuming they are going to invest in proof of work blockchain based currencies at all, of course.)

-MarkM-

You brought it to yourselves when you sent money into BFL ASIC pre-orders. The arms race put aside the vast majority of the common people.

Now you can only whine ad nauseum in these threads to the level of spam, that the kids with toy mining are not willing to buy BTC and pump your holdings.

The more guys like you come here, the more I like altcoins. I like bitcoin, because it is supposed to be a peer-to-peer trustless system with no central authority. If one has to deal with this kind of ideological or antagonist crap from people that see themselves as some sort of unnoficial authorities, then I rather play with toys.

[Hollowman338]

I thought the Scrypt ASIC things were a scam?

ASICs only lay waste to GPUs when the $/mhs is much lower.  They appear to be more expensive than GPUs at the moment (deliverable units, not vaporware)

[Trafficlearn]

I thought the Scrypt ASIC things were a scam?

ASICs only lay waste to GPUs when the $/mhs is much lower.  They appear to be more expensive than GPUs at the moment (deliverable units, not vaporware)

Scrypt asics in hand doing 380-420Khs for under $200 on 7 watts or so...they are here for sure....

I am using them...

[Hollowman338]

I thought the Scrypt ASIC things were a scam?

ASICs only lay waste to GPUs when the $/mhs is much lower.  They appear to be more expensive than GPUs at the moment (deliverable units, not vaporware)

Scrypt asics in hand doing 380-420Khs for under $200 on 7 watts or so...they are here for sure....

I am using them...

Where did you buy them for <$200?

[markm]

The kids who operated their toy mining operations too ineffectively to be able to afford ASICs will try to make more and more toy coins to play with, but there is no good reason for serious money to buy such toy garbage, rather the serious investors will want to invest in secure currencies, and that means families of merged mined coins secured by ASICs.

(Assuming they are going to invest in proof of work blockchain based currencies at all, of course.)

-MarkM-

You brought it to yourselves when you sent money into BFL ASIC pre-orders. The arms race put aside the vast majority of the common people.

Now you can only whine ad nauseum in these threads to the level of spam, that the kids with toy mining are not willing to buy BTC and pump your holdings.

The more guys like you come here, the more I like altcoins. I like bitcoin, because it is supposed to be a peer-to-peer trustless system with no central authority. If one has to deal with this kind of ideological or antagonist crap from people that see themselves as some sort of unnoficial authorities, then I rather play with toys.

Bullshit, the vast majority of the common people have no desire to screw around with weird techie stuff like mining, they just want their currency to be secure and to work. The very existence of miners may even be off-putting, leading to ideas that it is unfair that miners get coins cheap or that miners got rich quick or that the security of their currency depends upon pimply kids living in their mom's basements playing videogames and occassionally turning off the game to whip up some quick coin.

The vast majority of the masses do not mine, and certainly not with GPUs, plug and play blackbox units are more their speed but even those aren't really something the masses go for.

-MarkM-

[jollyriffic]

i'll be going asic after the second version comes out.

[Wipeout2097]

The kids who operated their toy mining operations too ineffectively to be able to afford ASICs will try to make more and more toy coins to play with, but there is no good reason for serious money to buy such toy garbage, rather the serious investors will want to invest in secure currencies, and that means families of merged mined coins secured by ASICs.

(Assuming they are going to invest in proof of work blockchain based currencies at all, of course.)

-MarkM-

You brought it to yourselves when you sent money into BFL ASIC pre-orders. The arms race put aside the vast majority of the common people.

Now you can only whine ad nauseum in these threads to the level of spam, that the kids with toy mining are not willing to buy BTC and pump your holdings.

The more guys like you come here, the more I like altcoins. I like bitcoin, because it is supposed to be a peer-to-peer trustless system with no central authority. If one has to deal with this kind of ideological or antagonist crap from people that see themselves as some sort of unnoficial authorities, then I rather play with toys.

Bullshit, the vast majority of the common people have no desire to screw around with weird techie stuff like mining, they just want their currency to be secure and to work. The very existence of miners may even be off-putting, leading to ideas that it is unfair that miners get coins cheap or that miners got rich quick or that the security of their currency depends upon pimply kids living in their mom's basements playing videogames and occassionally turning of the game to whip up some quick coin.

The vast majority of the masses do not mine, and certainly not with GPUs, plug and play blackbox units are more their speed but even those aren't really something the masses go for.

-MarkM-

Those "pimply kids living in their mom's basements playing videogames and occassionally turning of the game to whip up some quick coin" are people too, and don't know better now, but some will grow interested and enthusiastic about peer-to-peer trustless system, Bitcoin itself later. But if they just want to grab some coin, they aren't more than a reflection of the adults. Or do the ASIC owners "invest" $1000, $5k, $10k+ with the purpose of altruistically process Bitcoin transactions and secure the network at operational cost?

[gpools]

I'm mine HVC . best for my gpu

[primeGPU]

I know many people are working on coins that actually do something with hash (like primecoin, which is a bad example because its still GPU resistant

Correction: primecoin is not GPU resistant anymore.