ASICMINER: Entering the Future of ASIC Mining by Inventing It

[Pinwheel]

ASICMINER  works for mining any SHA-256 alt coin pretty well. I mined today TRC and later PPC. Today morning profitability of TRC vs BTC was 187%. People jumped mining it and difficulty went from 12000 to 120000 in few hours profitability dropped to 37%.  So, question is not if ASICMINER can mine alt coins or not, but if it make any sense to do.

[kaerf]

ASICMINER  works for mining any SHA-256 alt coin pretty well. I mined today TRC and later PPC. Today morning profitability of TRC vs BTC was 187%. People jumped mining it and difficulty went from 12000 to 120000 in few hours profitability dropped to 37%.  So, question is not if ASICMINER can mine alt coins or not, but if it make any sense to do.

it probably does not make sense.

AM could easily contribute > 50% to any sha256 altcoin...basically destroying it.

if AM were to use a small (relative) amount of hash power on an altchain, they would still need to dump the coins on the market. the huge dumps everyday would dramatically reduce the price of the coin.

not worth the time.

[muyuu]

ASICMINER  works for mining any SHA-256 alt coin pretty well. I mined today TRC and later PPC. Today morning profitability of TRC vs BTC was 187%. People jumped mining it and difficulty went from 12000 to 120000 in few hours profitability dropped to 37%.  So, question is not if ASICMINER can mine alt coins or not, but if it make any sense to do.

it probably does not make sense.

AM could easily contribute > 50% to any sha256 altcoin...basically destroying it.

if AM were to use a small (relative) amount of hash power on an altchain, they would still need to dump the coins on the market. the huge dumps everyday would dramatically reduce the price of the coin.

not worth the time.

Destroying a couple useless alt-coins would probably be a good deed though. As long as it's profitable, why not?

[Mausini]

ASICMINER  works for mining any SHA-256 alt coin pretty well. I mined today TRC and later PPC. Today morning profitability of TRC vs BTC was 187%. People jumped mining it and difficulty went from 12000 to 120000 in few hours profitability dropped to 37%.  So, question is not if ASICMINER can mine alt coins or not, but if it make any sense to do.

it probably does not make sense.

AM could easily contribute > 50% to any sha256 altcoin...basically destroying it.

if AM were to use a small (relative) amount of hash power on an altchain, they would still need to dump the coins on the market. the huge dumps everyday would dramatically reduce the price of the coin.

not worth the time.

Destroying a couple useless alt-coins would probably be a good deed though. As long as it's profitable, why not?

that's the reason why bitcoin is superior to all sha256 altcoins. in theory asicminer alone could just screw them, which might even be a good practical idea from time to time. scrypt however somehow makes sense as a real, smaller alternative to bitcoin.. something like silver compared to gold.

[muyuu]

If you destroy what you mine, how is that "profitable"?

If you destroy it through a profitable last dump, it's doable. Then you switch immediately and never look back.

The proliferation of me-too coins is an argument of the naysayers, too. Inflation though "substitutable coins". Coins that don't contribute anything to the cryptocurrency landscape should be ravaged. Plain and simple.

[ThickAsThieves]

ASICMINER  works for mining any SHA-256 alt coin pretty well. I mined today TRC and later PPC. Today morning profitability of TRC vs BTC was 187%. People jumped mining it and difficulty went from 12000 to 120000 in few hours profitability dropped to 37%.  So, question is not if ASICMINER can mine alt coins or not, but if it make any sense to do.

it probably does not make sense.

AM could easily contribute > 50% to any sha256 altcoin...basically destroying it.

if AM were to use a small (relative) amount of hash power on an altchain, they would still need to dump the coins on the market. the huge dumps everyday would dramatically reduce the price of the coin.

not worth the time.

Destroying a couple useless alt-coins would probably be a good deed though. As long as it's profitable, why not?

1. Make a bitbet that says X altcoin will fall to some very low value.
2. Spam that bet in trollbox
3. Use AM's mined altcoins to crash that coin the day before the bet expires.
4. Profit.
5. Altcoiners realize altcoins really are too risky, and get back into bitcoin
6. Altcoiners see that AM is the best asset to invest in and buy shares
7. Profit.

[kokojie]

ASICMINER  works for mining any SHA-256 alt coin pretty well. I mined today TRC and later PPC. Today morning profitability of TRC vs BTC was 187%. People jumped mining it and difficulty went from 12000 to 120000 in few hours profitability dropped to 37%.  So, question is not if ASICMINER can mine alt coins or not, but if it make any sense to do.

it probably does not make sense.

AM could easily contribute > 50% to any sha256 altcoin...basically destroying it.

if AM were to use a small (relative) amount of hash power on an altchain, they would still need to dump the coins on the market. the huge dumps everyday would dramatically reduce the price of the coin.

not worth the time.

Destroying a couple useless alt-coins would probably be a good deed though. As long as it's profitable, why not?

that's the reason why bitcoin is superior to all sha256 altcoins. in theory asicminer alone could just screw them, which might even be a good practical idea from time to time. scrypt however somehow makes sense as a real, smaller alternative to bitcoin.. something like silver compared to gold.

Except PPC, AM hash rates can go up 10X and still pose nearly no threat to the PPC chain.

[velacreations]

1. Make a bitbet that says X altcoin will fall to some very low value.
2. Spam that bet in trollbox
3. Use AM's mined altcoins to crash that coin the day before the bet expires.
4. Profit.
5. Altcoiners realize altcoins really are too risky, and get back into bitcoin
6. Altcoiners see that AM is the best asset to invest in and buy shares
7. Profit.

Now, THAT's a business plan! 

[baloo_kiev]

change the algorithm to exclude the ASICMINER devices

Not sure if you are joking or not. How is that possible?

[gyverlb]

if AM were to use a small (relative) amount of hash power on an altchain, they would still need to dump the coins on the market. the huge dumps everyday would dramatically reduce the price of the coin.

That remains to be seen. On btc-e alone, last 24h volume for NMC was 54000+. There are 144 blocks of 50 NMC each day on average... So ASICMINER would only add 10% more volume on this exchange if it mined it at 50% and sold everything on it (in the short term until the difficulty adjusts, then only 5%).

The impact on price would depend largely on the current state of offer/demand ratio :

If most NMC miners already sell it means there is enough demand to absorb ASICMINER production, the price would only dip until the next retarget due to temporary having more offer on the market.

If most miners are hoarding NMC then the price would fall like a brick.

That said this discussion is premature: in the short term, focusing on adding more hashrate is the best way to increase income. I suppose friedcat & Co will focus on optimization details when they will have put the ~250TH online and got their well deserved rest on a beach in a paradisical island (hopefully leaving someone fresh in charge of the mining operation)...

[kano]

Actually ... the only thing that would matter is how much BTC is on offer to buy NMC
If AM makes 900 BTC a day (1/4 of the network) then if NMC is really going to add ... say ... 10% then AM would be selling 90BTC of NMC every day to make 10% .......

[kokojie]

Actually ... the only thing that would matter is how much BTC is on offer to buy NMC
If AM makes 900 BTC a day (1/4 of the network) then if NMC is really going to add ... say ... 10% then AM would be selling 90BTC of NMC every day to make 10% .......

FriedCat should really hire a trader to sell for him. If he just sell into the bid, he's gonna crash NMC price by 5% each time he sells.

[velacreations]

Got my btc today, ready to buy more shares.  And look, shares are back down on Bitfunder!  woo hoo! 

thanks to whoever sold their shares so cheap!

[ThickAsThieves]

Got my btc today, ready to buy more shares.  And look, shares are back down on Bitfunder!  woo hoo! 

thanks to whoever sold their shares so cheap!

Except that Bitfunder deposits are broken today.

[gyverlb]

Actually ... the only thing that would matter is how much BTC is on offer to buy NMC
If AM makes 900 BTC a day (1/4 of the network) then if NMC is really going to add ... say ... 10% then AM would be selling 90BTC of NMC every day to make 10% .......

I agree this is part of the equation. But how much BTC on offer is not all BTC available and it's hard to estimate what are the reserves (people waiting for the right price to post an order).

Currently and according to this: http://www.cryptocoincharts.info/orderbook.php?pair=nmc-btc&market=btc-e
if I'm not mistaken selling 50% of a day worth of mining (72 * 50 = 3600 NMC would move the price from 0.0085 BTC to 0.0083 BTC and make ~30BTC

Hey, I'm willing to manage the ASICIMINER NMC earnings for a 5% cut :-)

With their kind of hashrate ASICMINER is already in a position to make multiple deals with people setting up private pools with very low fees distributing their hashrate and picking the most stable and profitable ones. Pool operators would then be free to use merged-mining to offer better deals and win more hashrate.
If they use stratum-proxy locally, a private pool doesn't have to be on an extremely powerful system, just properly designed (hardware and net connectivity) and configured. In the context of a private pool I probably would be interested in making a proposal to friedcat myself.

[velacreations]

Except that Bitfunder deposits are broken today.

yeah, I'm still waiting on mine to go through...

nobody buy my cheap shares! 

[philipma1957]

Okay I went to vircurex and they have been hacked.  I use them to turn my NMC to BTC.  Lost about .081 in btc.

 My first question is did asicminer lose any NMC on the site?

 my second question is  where to change NMC to BTC?

  this is the second exchange that busted on me.  does anyone have a good NMC to BTC exchange in mind  for myself and for asicminer since asicminer has been earning a shitload of nmc on bitminter.

[SebastianJu]

Okay I went to vircurex and they have been hacked.  I use them to turn my NMC to BTC.  Lost about .081 in btc.

 My first question is did asicminer lose any NMC on the site?

 my second question is  where to change NMC to BTC?

  this is the second exchange that busted on me.  does anyone have a good NMC to BTC exchange in mind  for myself and for asicminer since asicminer has been earning a shitload of nmc on bitminter.

Im not sure if its possible but wasnt ripple created to do such exchanges too? If so, arent there enough users yet that such exchanges would work? I didnt use ripple much yet..

[matt4054]

BTC-e and Cryptonit are the only public NMC exchanges that come to my mind besides Vircurex. But I still think ASICMINER should mostly hold the NMC to avoid crashing the NMC/BTC exchange rate. And exchange in small quantities that can be "absorbed" by the demand.

[philipma1957]

BTC-e and Cryptonit are the only public NMC exchanges that come to my mind besides Vircurex. But I still think ASICMINER should mostly hold the NMC to avoid crashing the NMC/BTC exchange rate. And exchange in small quantities that can be "absorbed" by the demand.

 

I THINK  cryptonit was also hacked (not sure) but btc-e is working