After ASIC what comes next?

[timk225]

Instead of spending all the cash to set up a huge ASIC farm and try to get someone of what the greedy big money people mine, I now advocate the idea of STEALING from them.  Bitcoin is unregulated and largely unrecognized, so it's not exactly a crime.  

You just have to find out the miners, their wallet addresses, and passwords, and you're all set!  Get into their wallets, send coins to wallets you control, and sell them for cash!  That's it!

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[getfreebtc]

Will be POS or DPOS!

[jrose120]

Instead of spending all the cash to set up a hue ASIC farm and try to get someone of what the greedy big money people mine, I now advocate the idea of STEALING from them.  Bitcoin is unregulated and largely unrecognized, so it's not exactly a crime.  

You just have to find out the miners, their wallet addresses, and passwords, and you're all set!  Get into their wallets, send coins to wallets you control, and sell them for cash!  That's it!

Having been a whale a one point, you'd understand that people who invest 100k + know how to keep cold wallets offline leaving only a few hours worth of BTC in their live wallet at any given time. Plus people doing this on large scale will typically cash out several times a day to maintain an average selling price within market fluctuations. Go after the pools, not that I condone that, but the big miners know how to protect their coins. Pools are probably the easiest target.

[luciajenifer]

Im sure ASICS will be around for a while
Maybe an upgrade to same ASICS is possible?

[Tyger]

Indeed, i think we are all waiting on Spondoolies now, they will come out with new stuff end Q1 en and 2015. i heard something about 0.1GHs/W chips.

[Ayers]

other strongest asic, low nm number, now we are at 28nm, so the next step is 20 or directly to 16, i heard that antminer s5 use 22 nm, if i'm not mistaken

[SargeR33]

Need to boot all the chinese out of the network, that will bring the hashrate back down and mining back to where it was. Those greedy pricks are ruining btc. I bet every single time a block is found by discuss fish its sold in a heart beat.

[Xian01]

i heard that antminer s5 use 22 nm, if i'm not mistaken

The S5 uses an improved 28nm design.

[innocent93]

Just a question: after the hitting to new low and the increasing difficulties , Does mining still profitable?

[newIndia]

Just a question: after the hitting to new low and the increasing difficulties , Does mining still profitable?

If u r into cloud mining, then it actually depends on at what rate your buying the Ghs.

[Jcar797]

A little random, but Im supprised that everyone seems so sarcastic about quantum computing: certain labs have been able to send data using quantum computing and were even able to run the most basic algorithm that would be predicted to work. It may not sound like much, but quantum computing will be something will have access to relatively soon.

[mwizard]

A little random, but Im supprised that everyone seems so sarcastic about quantum computing: certain labs have been able to send data using quantum computing and were even able to run the most basic algorithm that would be predicted to work. It may not sound like much, but quantum computing will be something will have access to relatively soon.

Quantum computing has a few issues.

1) We are a very very long way from making a working quantum computer.  All that we can do at the moment is create a quantum bit (qbit) and manipulate it in simple ways.  

2) Quantum computing is not deterministic with exact answers as in traditional computing.   Instead a quantum computer would give results with a probability of being correct.   A program run on a quantum computer may give a slightly different result each time it is run.

Quantum computing has some similarities to analog computing.

3) Quantum computers cannot solve anything beyond that possible with traditional computers.  They are just theoretically faster for specific problems.


In more detail a qbit is the quantum equivalence of the traditional computing 0 and 1 except it has a probability of being any value between 0 and 1.  For example a qbit could be loaded with a 25% probability of being 1, thus an 75% probability of being a 0.  Various operations are then available to manipulate and combine qbit probabilities.  It is only when the final result is read out that everything reverts to the traditional 0 and 1 world based on the final probabilities.  

See for example http://gizmodo.com/whats-wrong-with-quantum-computing-1444793497
and
http://www.cs.virginia.edu/~robins/The_Limits_of_Quantum_Computers.pdf

[alh]

So somebody develops the "Uber Quantum Bitcoin Mining Gadget". It's 100x the speed of anything we have today, and uses 1/10 the power. The owners of this magical device light it off. Assuming the normal difficulty adjustment rules apply, a few periods later difficulty has literally "skyrocketed" (not just the usual hyperbole).

What did it cost? What happens next? Most all the existing mining hardware has been rendered obsolete, and people literally turn off gear and scrap. They can't just sell it, since there are no buyers.

Sounds like we have just one "centralized" mining entity, doesn't it?

[Gumbork]

So somebody develops the "Uber Quantum Bitcoin Mining Gadget". It's 100x the speed of anything we have today, and uses 1/10 the power. The owners of this magical device light it off. Assuming the normal difficulty adjustment rules apply, a few periods later difficulty has literally "skyrocketed" (not just the usual hyperbole).

What did it cost? What happens next? Most all the existing mining hardware has been rendered obsolete, and people literally turn off gear and scrap. They can't just sell it, since there are no buyers.

Sounds like we have just one "centralized" mining entity, doesn't it?

im with you pal, the next move for big miner is eco mining, it seems that miners are more worry about energy consumption and electricity cost then the price of btc at some points.

[GigaBit]

Cathode Ray Tubes 

jk....

[mistercoin]

My friend, it is hard to honestly say. When BTC first came out, none of us expected we could mine it at hashrates so high that dozens of graphic cards wouldn't even be able to compete. So really, it will just be something super unexpected or crazy.

Maybe it will be like the evolution of Jump drives and SD cards? At one time you had to pay like 350$ for 128MB SD card, but now you wouldn't pay that much for a 1TB external hard drive.

[iglasses]

after ASIC comes BSIC.....literally

[MarketNeutral]

after ASIC comes BSIC.....literally

As in "Bitcoin Specific Integrated Circuit"?

While a BSIC would be a type of ASIC, you got me thinking about this from a marketing perspective.

Very interesting.

[iglasses]

after ASIC comes BSIC.....literally

As in "Bitcoin Specific Integrated Circuit"?

While a BSIC would be a type of ASIC, you got me thinking about this from a marketing perspective.

Very interesting.

I'm happy to have provided the spark but TBH I was just being silly...BSIC coming after ASIC as in AFTER you buy an ASIC you will BE SICK! (no ROI, falling coin, etc.).

[MarketNeutral]

after ASIC comes BSIC.....literally

As in "Bitcoin Specific Integrated Circuit"?

While a BSIC would be a type of ASIC, you got me thinking about this from a marketing perspective.

Very interesting.

I'm happy to have provided the spark but TBH I was just being silly...BSIC coming after ASIC as in AFTER you buy an ASIC you will BE SICK! (no ROI, falling coin, etc.).

Even better. I'm a sucker for bad puns!