Eventually ASIC tech will be out there that will concentrate A LOT of hash in VERY FEW HANDS, and then we will be back to square one (central bank).
The best hope is an ALGO that adapts to the hash and responds by scaling the amount of RAM required to run the algo to prevent a central power from dumping a billion dollars into a chip that can match the hash of the entire network for 100watts.
How? Who is developing this all mighty ASIC tech? And what is to stop them from doing the same thing to any other algorithm? Memory is dirt cheap. Memory was supposed to be the reason ASICs couldn't mine scrypt. Oops.
Bitcoin is open source and it uses protocol SHA256. Anybody is free to develop their own ASIC or new crazy futuristic chip to mine on the network. That is what an open market means.
Changing the algorithm just sets the game back a few years so you and and a handful of others can hold onto your obsolete technology.
I don't understand, what the point of a decentralized currency is then, if we are simply to hand it over to a centralized authority all over again? it would simply endup as another FIAT system where the 1% have complete control of the network and thus the ledger and ability to edit the ledger at will.
I already Have ASICS and I am anti ASIC I have 20MH in ASICS, and about 32 MH in GPUS, MY GPUS STILL PULL IN MORE$$$ than my ASICS so I don't really care much about the current state of ASICS, its more a philosophical issue for me than money, since i don't need the money.
All i am saying is, atleast for me, I have my ASICS ON POTCOINS and I use those asics to mine coins I pretty much intend to dump (because of the low kw/cost).
The coins I mine with GPUS, I really don't dump as often and I SEE THE GPU COINS HOLDING MORE VALUE.
EVERYTIME there is a slight run in the price of any ASIC coin i mine, I am forced to dump, as I KNOW that once it breaches a threshold of $$$/perKW invested, everyone else will ALSO DUMP.
which means ASICS put a HARD-CAP on the price any normal scrypt coin could ever reach (a % above KW invested).
GPU coins have better scarcity, hold more value and are more decentralized. to me thats a win, win, win, and IMO they are more resistant to 51% attacks in general and they are more multipool resistant due to the fact that each rig needs a bit more special attention to maintain.
The best coin in 2014~2020, WILL BE the coin that manages to fuse the best decentralization strategy, with the best marketing strategy.
Thats the coin I want to be invested in with my KW/H$ for the long-term.
Potcoin has potential on the marketing front, which is why I hold about 50% of what I mine.