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Board Beginners & Help
Re: Bitcoin is Dead
by
esenminer
on 02/07/2013, 20:54:30 UTC
The current drop is Bitcoin price is probably due to the uncertainty that ASIC miners are creating not the actual ASIC miners themselves. People aren't sure what's going to happen - (especially the GPU Bitcoin miners) so they are likely selling pushing the price down. Once the adjustment period is over, price will likely rebound.

You're missing OP's point:  ASICS don't bring uncertainty, the outcome is *certain.*  If you had a money press that prints real money, why would you sell it?  
Edit: ASICs are, or are claimed to be, these printing presses.  If they make more bitcoins than you pay for them & the juice to run them -- a no-brainer win unless... THE VALUE OF BITCOINS GOES DOWN.  That's the only sound reason to sell the printing press Sad  And they're being made.  And sold.

I think you misunderstood - they create uncertainty in the future of Bitcoin - i.e. will it survive the concentration of mining power that ASICs are being used for?

The real winners of ASICs are the companies that produce and sell them. Anybody mining with ASICs especially those high end ones mentioned will always see a declining return even if Bitcoin remains the same price. It's a losing battle, the more power they add to the network the more difficult if becomes and the less bitcoins they make. This is the reason that ASIC companies simply couldn't produce all their machines and turn them all on to make $$$ - after a couple of days the difficulty would shoot so high that it wouldn't make sense.