Quote from: lemonginger on August 03, 2011, 07:19:51 PM

I agree with you that GPU mining will eventually be made unprofitable as ASIC mining (and botnets) takes over, but that has to do with difficulty adjustments, not price adjustments

Yes, and in the meantime those who switch to ASICs can undercut everyone mining with GPUs and still make a huge profit. That creates a downward pressure on the price of bitcoins.

It's the same as in any other resource extracting market, and always happens when there's a disruptive technology shift.

Quote from: cicada on August 03, 2011, 07:25:58 PM

I think it will be at least 6 months before you can buy an ASIC miner at all, and it'll be a year minimum before they're cost effective

https://bitcointalk.org/index.php?topic=14910.msg219049#msg219049

I don't understand what you mean with cost effective. Of course an ASIC rig will be more cost effective from the first second, the actual ROI is something else and depends as much on guesswork about the future as anything else.

Quote from: epii on August 03, 2011, 07:29:38 PM

You fail to take into account that defxor said it, and therefore it must be true.

Right. Imagining shapes in charts is of course much better Wink