Re: Vertcoin-Adaptive N-factor Scrypt-No more ASICs-[EXCHANGES/AMAZON/ATM/MERCHANTS]
At that time everyone will have ASIC chip in their tablets to help process transactions.
VTC is the only coin with devs laying out plan from the beginning to fight against ASIC.
I havent seen other coin devs mention they realize an active defense against ASIC is necessary.
Elitism is bad, so ASIC is bad for now before VTC goes mainstream.
My 2c.
+1.VTC is the only coin with devs laying out plan from the beginning to fight against ASIC.
I havent seen other coin devs mention they realize an active defense against ASIC is necessary.
Elitism is bad, so ASIC is bad for now before VTC goes mainstream.
My 2c.
Vertcoin developers are the only ones who said that they are ready to change POW function for VTC if ASICs will threaten VTC.
I sold 350+ LTC and bought 3700+VTC.
This is no guarantee. If Vert, says, attain Litecoin #2 status and goes to, say, 100-200-500mn market cap, an ASIC manufacturer could create 100 VTC asics and never announce them as such but simply use them to gain an enormous share from the mining (that more than pays out his own development cost). He'd simply spread his hashpower around to various pools so that his hashpower doesn't seem very concentrated, and then rape the network while everyone is thinking that its just GPU-farms hashrate since "there are no ASICs".
What then? If there are no announced asics how can the devs take the initiative to proceed to a hardfork? Based on what? The mere suspicion that there are ASIC miners out there in the wild?
So you're saying that a company would be able to hide the hash rate needed to profit on millions of dollars invested within a ~2 year period before N changes while simultaneously out-hashing a good portion of the network?
The cost is not in the many-million dollar range, the gain could be potentially far bigger and an ASIC farm doesn't really need to outhash the network, just go for a 20-30% of it and benefit accordingly.
If scrypt-n coins are spewing, say, 1000 btcs per day in mining output and someone gains 20-30% of them while masquarading as GPU farms that switched from scrypt, it's millions of USD per month.
Well, there's a lot of hypotheticals in there. The fact of the matter is a 20-30% increase in total hash rate would be pretty noticeable and would be impossible to hide when all of a sudden these high/identical hash rates start popping up out of no where and the diff shows a massive jump.
Not if ASICs came online gradually instead of "spiking".