Just a thought: Has anyone considered the possibility of switching to the good old SHA-256 instead of one of the newer algos? I mean, if you think about it, bitcoin asics are cheap and widely available now so many miners already own them or can easily get their hands on them (unlike scrypt asics). GPUs are actually pretty expensive and use much more energy. Wouldn't asics increase the security of the network and also raise the mining difficulty making the coin more rare and thus more valuable?
I mean look what asics did to bitcoin. Didn't it actually make it a stronger coin? Perhaps bitcoin is an exception since it is the father of all coins. But the fact remains is that it seems to be a natural evolution to have more efficient ways to mine and at higher speeds i.e. asic miners. We can't depend on inefficient GPUs forever can we?
Also, since no algo is truly asic resistant, will it be forever a game of cat and mouse as newer asics come out? There's gotta be a stopping point somewhere.
There are probably a lot of points that I'm missing but just wanted to throw that thought out there as the community decides on the possibility of switching algo. Not trying to suggest anything. Just wanted to contemplate and stir up some discussion
Changing the algorithm to SHA256 for which you can already get cheap ASIC is fairly good.
However, I believe that scrypt has a much broader audience compared to SHA256 as it makes sense to use your GPU (or even CPU), which everyone has.
That is not the case for SHA256, where you are forced to buy some ASIC equipment to even get started.
I don't believe that all people who are new to mining will want to invest in dedicated mining equipment, for several reasons.
- Some people simply can't afford to buy mining equipment due to their budget
- In case they loose interest in mining, their equipment is worthless to them, and the only option is to sell it (likely for a loss)
I believe that the kind of people who will be the first to start mining, are those who are at least slightly techy.
Mining is definitely not for everyone just yet.
Therefore I'm guessing that cryptos main audience are gamers and geeks, and they are already equipped with mining equipment, which makes it higher likely they will gain interest in mining and actually start doing it, as all they have to do is download some software and create an account at a pool, if not using a p2pool which pays out directly into their (online?
) wallet.
As earlier stated, mining is not for everyone, and I think that there are 3 primary groups of miners:
- Geeks
- Gamers
- Financial people/investors
I think that 2 groups are dominating of the 3 mining groups:
- Geeks
- Financial people/investors
The largest group of ASIC owners will most definitely be the financial people/investors.
So far gamers doesn't have the big reason to be mining, but as Coino will be integrated into several groups of platforms - including gaming platforms, I believe that gamers will be more interested in mining Coino later on.
I agree that changing to anything else than scrypt and SHA256 (all of the current algoritms that is supported by ASIC) is simply buying time, but I think that will give a more fair start, rather than having investors mining all of the coins. Also, when the gamers learn of ASIC's, that will definitely scare them off and might go for other coins for which you cannot get ASICs.
One of Coino's goals is to attract new miners - not just getting current miners to switch to another coin.
The final end of changing to new algorithms to fight ASICs will be when ASIC is so mainstream that an algorithm switch vote would fail.
We do not have plans about staying completely ASIC free, as ASIC is definitely the future, as they are much more (power) efficient.
It could even stop before that, if we switch algorithm now, it could also happen to be the only time.
I am interested in this coin.
If you need any help on the marketing side then I can render assistance.
I am currently the active Developer of Extremecoin, BBQcoin and Bitcoin Scrypt, just to give you a bit of a bio.
Thanks.
Thanks for your offer to help but right now marketing will be of no use. Community Devs are working really hard to make this coin a success. There will be upgraded version of current webwallet with more games and a dedicated exchange for Coin(O). Once we have something new to offer, we will go ahead with marketing. With 50 secs confirmation speed, I think this coin will be a huge success but it will take some time. We together can make this a new big thing, not just a pump and dump like most coins.
Regards
Vipin
I think it's a cool offer, I appreciate that.
Right know I don't believe that we are in need of marketing though, as we could mostly promote "to come" features, rather than actually having our services up and running - which I believe is the point where we should really start to promote the coin.
