I'm back from a long break from altcoins and crypto in general. During which I was occasionally checking up on BTC news, but didn't really follow anything else. Recently got back into it after some curiosity. There is one altcoin that pretty much came out of nowhere that's making a lot of noise. Instantly I'm super skeptical about it after only reading into it very lightly. Seeing how Bitmain and so many other ASIC makers would suddenly have an ASIC for it (so much quicker than I've seen for any other altcoin). The coin itself has no utility, it's not any any major exchange, and isn't really that ground breaking, and looks way too 'polished' from a marketing perspective. I doubt that an ASIC maker would take such a risk on it. Then, I see the exorbitant price gouging on these ASICS that probably cost no more than a few hundred dollars to make.
Can you elaborate few points? Maybe you lost me here. I start by saying that i am not advocating Kaspa in any way, i know too little of them to do so.
But you are saying it doesn't have an utility? To me it sounds like another L1 solution that tries to solve age old problems and be improvement of the likes of bitcoin. Coins work as an incentive to keep the chain secure, so i am not sure what other utility they would need to have. And when a PoW coin has $3.2 billion marketcap, obviously ASIC makers want to cash out on that.
I don't see anything wrong with trying to make something better or different than bitcoin. It's not an attack to bitcoin, but just normal development. Bitmain would obviously be interested to push this because it's Proof of Work. And i am not sure why it would be strange that they tried to use PoW coin with a 3.2 Billion marketcap on their advantage.
- The entity drives/sponsors the development of a new altcoin/blockchain, gathers some open source community support. Ultimately, the majority development is fully driven by those employed by the entity. Many 'community' members are actually employees.
This used to be a common thing with "community" driven projects, and it's natural that project attracts professionals who want to participate. And what would be more motivated worker then a person who have fallen love with the coin, who is also total believer and fanatic.
Maybe i am missing out something here. People with certain type of rigs are usually lobbying projects that benefit them. I am guessing that lot of FuD against Eth2.0 PoS was organized by people who used to mine eth.