Re: Vertcoin-Adaptive N-factor Scrypt-No more ASICs-[EXCHANGES/AMAZON/ATM/MERCHANTS]
I think if you are making it seem like he devs "may or may not" follow their words and make changes if asics were created for the coin you probably haven't listened to many of the podcasts have you? Have you actually listen to Boristhespider talk? The guy assured everyone that they already have a plan prepared (not might do something) it is already prepared for if asics were to happen today for vertcoin...
Your responses sound like speculation when the message from the devs are very clear. There is no need for a hardfork.
I've listened to every podcast and read everything. I even spammed btc-e trollbox on every occasion at the risk of a ban Your responses sound like speculation when the message from the devs are very clear. There is no need for a hardfork.
It is irelevant if i believe if the devs will keep their word or not. What matters is what asic developers believe, and what all coin users believe.
Everyone being on the same level (ie having access to ASICs) is an improvement against threats (leveling the playing field). But we've got some things backwards as GPU miners because we like to mine with GPU and not see our profits go down. A coin that pleases miners but isn't taking its network security seriously, is just deluding itself that it is better off with low-level mining equipment (when others could have developed orders of magnitude better mining equipment).
It's exactly the same with the collective delusion of cpu only coins that are at the same time mined by gpu clients that cpu miners are unaware. "It's a botnet", "it's a server farm" etc... yep, sure. That's the kind of delusion that awaits gpu miners when unannounced ASICs will take over. When you've played your own card by stating your intention that you'll shift PoW algorithm when ASICs get out, then it's simply logical that when ASICs are made, they will not be announced. They will simply mine on the network while everyone complains about how unprofitable the coins have become compared to the electricity that they are burning (because ASICs will be taking the bulk of the profit, masquarading as GPUs).
The cryptocurrency networks are more about securing the networks than benefiting a sub-optimal class of miners with excessive energy waste and low hashrates, like the GPU miners. And let's be honest here: Most GPU miners simply "love" certain coins because they can mine them and dump them. They don't care about centralization but rather maximum profit. That's why they end up in the largest pools, hurting the coins that they are mining.
I mostly agree. But i don't believe the chance for stealth asics to be very high. Used asics would be worthless and development costs would be very hard to get back on a few asics. As soon as the asic% gets too high they would run the risk of being forked.It's exactly the same with the collective delusion of cpu only coins that are at the same time mined by gpu clients that cpu miners are unaware. "It's a botnet", "it's a server farm" etc... yep, sure. That's the kind of delusion that awaits gpu miners when unannounced ASICs will take over. When you've played your own card by stating your intention that you'll shift PoW algorithm when ASICs get out, then it's simply logical that when ASICs are made, they will not be announced. They will simply mine on the network while everyone complains about how unprofitable the coins have become compared to the electricity that they are burning (because ASICs will be taking the bulk of the profit, masquarading as GPUs).
The cryptocurrency networks are more about securing the networks than benefiting a sub-optimal class of miners with excessive energy waste and low hashrates, like the GPU miners. And let's be honest here: Most GPU miners simply "love" certain coins because they can mine them and dump them. They don't care about centralization but rather maximum profit. That's why they end up in the largest pools, hurting the coins that they are mining.