Quote from: Francisdoge on March 29, 2014, 11:49:33 AM

Can somebody sum up this situation in layman's terms ? I don't get it how/why this coin got destroyed, or by whom interests.

It was destroyed from the start by the idiots or maybe more likely outright scammers who tried to con people into somehow imagining that scrypt is a viable method of securing a blockchain.

DOGE already showed how insanely vulnerable scrypt is, by conjuring up almost overnight so much hashpower that they could have totally screwed litecoin. It was lucky for litecoin that DOGE happened to be a "lets be yet another scamcoin" meme instead of being a "lets trash all the scrypt blockchains" meme.

Thus we already know that scrypt coins are just a meme away from being worthless.

Yet scammers keep on churning them out, since obviously they don't give a shit about other people's money except, of course, to steal it or scam people out of it.

Really what DOGE showed is not merely that scrypt is garbage but that CPU/GPU is not a viable way of securing a blockchain.

(Scrypt might actually be salvage-able, thanks to upcoming ASICs for scrypt, for one family of merged blockchains, all sharing the same massive hashing power, if that merged family controls more than half of the world's scrypt hashing power. Will that family be litecoin and friends or DOGE and friends, or will ltiecoin and DOGE adapt themselves to be merged mined together as one family so that litecoin and DOGE and friends could all be secured with the majority of the world's scrypt hashing power?)

The only reason bitcoin got away with using CPU then GPU then FPGA to secure its blockchain was that potential attackers were caught unprepared, they did not anticipate so much wealth being so easy to steal using mere raw brute computer-power.

Now they know well that blackchains can be attacked and how to attack them, and are loaded up with GPUs and CPUs and FPGAs.

Thus just a stupid meme can conjure up shitloads of raw brute computing power almost overnight.

Thus any serious attempt to secure a blockchain by proof of work needs to build ASICs before risking people's money on such a blockchain.

-MarkM-