Quote from: Kiah07 on April 13, 2014, 06:09:40 PM

I believe you're correct about the ASIC "scam".

1. If a product exists, people will buy it, even for a small gain.
2. The above forces everyone to buy it because of difficulty.
3. Repeat at NO. 1 and most spend more than they earn due to delays.

The only solution seems to be a coin that does change algorithm on a monthly basis. I don't think bitcoin will implement this, so mining BTC you agree to play the 3 step game above.

i wouldnt call it a scam. i would just call it greed. everyone is shooting themselves in the foot trying to get a bigger slice of the block reward pie% while selling their coins instantly causing the price to tank.

miners are not investers of bitcoin. they sell coin back to fiat to pay electric and equipment costs. so miners are basically investing in electric companies. which makes me laugh at the whole mining community. its pure greed and thoughtlessness.

mining pools are now ruining the benefits of bitcoin. because they cant afford to mine, or hold out for good bitcoin prices to sell for profit. their impatients makes them now want to demand everyone pay a bitcoin tax so they can keep mining. (transaction fee).

miners do not realise that without greed the blockchain would survive with just 2 ETHICAL and HONOURABLE people mining the network.
i blame the miners for telling all their friends and everyone they know about mining.. because now their friends are the ones competing against them and causing them to lose money.
again totally shooting themselves in the foot.

meanwhile the smart people are not in the 'rat-race' of mining, we are making more bitcoin per day trading on exhanges, selling products and services with nice profit margins. whilst not having huge equipment/electricity costs.

bitcoin has moved away from the gold speculation of the wild west where the dream of being rich through mining is left to the guys digging holes for themselves..., now people are setting up small businesses selling merchandise..