Post
Topic
Board Bitcoin Discussion
Re: ASIC or other fast homemade machine will kill BTC
by
lassdas
on 24/01/2013, 17:51:06 UTC
before ASIC, we can say "everyone use same cpu or gpu and mining in a pool to get little btc and support the network working"
but now we must say "everyone is mining with a machine, well, the machine is made a guy well known in btc world, the guy made all machines and he doesn't play the game." hey, am i talking about pyramid schemes?
>50% of all BTC that will ever exist are already mined and on the market.
Even if a single person mines all the remaining coins (which is highly unlikely), it wouldn't turn Bitcoin into a pyramid scheme somehow

if ASIC kick all GPU out, the market will never be a free market, for a long time it'll be in a mass and controlled by several ASIC manufactures.
ASICs will kick GPUs out just the same way as GPUs kicked CPUs out, but that doesn't change the market.

It's not miners that drive the market, it's buyers and sellers, supply and demand.
The demand isn't changed in any way by miners at all, the supply more or less fixed, the number of coins mined per day/week is always the same, no matter if there's just 1 guy mining, or a million guys, no matter what hardware they use.