Post
Topic
Board Mining speculation
Re: I know it's too late, but aren't we shooting ourselves in foot by buying ASIC?
by
webjoe
on 22/06/2013, 03:41:58 UTC
This is textbook Prisoner's Dilemma.

Buying ASIC miners goes against the common good. It give an individual the upper hand for a while until most miners upgrade to ASIC. By that time, a 5Ghps miner will give the same a amount of bitcoins as a 200Mhps GPU miner gave 6 month before.

In the long term, we all loose and the only winners are the ASIC manufacturers.

This is a fine example how group behavior eventually goes against the common good.

But I guess it's too late for that now... the hash rate snow ball is rolling faster and getting bigger by the minute.