Re: Vertcoin | Scrypt N | Beat ASICs | Must upgrade wallet due to a bug in OpenSSL
I don't see the point, well maybe one, of holding onto GPU rigs even if is for Scrypt-n. Right now I can mine Scrypt altcoins on a multipool with ASICs that auto converts to VTC. For this reason I'm thinking of reducing the number of GPU rigs and just getting more ASIC sometime in June. The one thing that's stopping me from pulling that trigger is to wait and see how the adoption of side-chains pan out. I'm not dead-set in this personal point of view otherwise I wouldn't be posting in a forum to hear counter ideas. Monocle is an amazing working proof of concept. Much respect to the coders.
General big picture musings:
I'm a fan of Vertcoin. With the developers and growing mindshare I can't see how it won't continue to gain more acceptance. A trifecta of SHA256, Scrypt, and Scrypt-n is a good thing for the cryptocurrency ecosystem. Don't create imaginary boundaries in your head between the 3 because one flows into the other which can flow into the next and back again. The word 'currency' is exactly that, the flow, the current. In the end they will all help to strengthen each other. The creation of side-chains is, I think, a response to the exclusivity of hash power, ie competing for hash rates. I think more folks in this space are realising that inclusivity is far more advantageous. We are not competing with each other, we are trying to undermine (pun!) the arseholes like paypal, credit card companies, and western union to name but a few.
Vertcoin has already been mentioned on Cavirtex (the real Canadian one) to be added into the main exchange in an email sent out to all Cavirtex members. I also voted for it to be added into the exchange, a linked poll in the email, as I'm sure many others have too. Although I'm not a fan of the suits in charge of Cavirtex.
Current status:
As always, cautiously optimistic
General big picture musings:
I'm a fan of Vertcoin. With the developers and growing mindshare I can't see how it won't continue to gain more acceptance. A trifecta of SHA256, Scrypt, and Scrypt-n is a good thing for the cryptocurrency ecosystem. Don't create imaginary boundaries in your head between the 3 because one flows into the other which can flow into the next and back again. The word 'currency' is exactly that, the flow, the current. In the end they will all help to strengthen each other. The creation of side-chains is, I think, a response to the exclusivity of hash power, ie competing for hash rates. I think more folks in this space are realising that inclusivity is far more advantageous. We are not competing with each other, we are trying to undermine (pun!) the arseholes like paypal, credit card companies, and western union to name but a few.
Vertcoin has already been mentioned on Cavirtex (the real Canadian one) to be added into the main exchange in an email sent out to all Cavirtex members. I also voted for it to be added into the exchange, a linked poll in the email, as I'm sure many others have too. Although I'm not a fan of the suits in charge of Cavirtex.
Current status:
As always, cautiously optimistic
Let me tell you what will happen when ASICs are mainstream:
ASICs will rule the Scrypt mining ecosystem, the same way that they do on BTC now.
The difficulty of the Scrypt coins will increase, whereas the number of people who mine them will decrease.
Those GPU miners will leave Scrypt for the **ASIC Resistant** coins, such as VTC, UTC, EXE.
The difficulty on those ASIC Resistant coins will increase, so does the number of people who mine them.
As demand for Scrypt coins goes down, the price also goes down, because even though difficulty is high, it's still **really** low per the number of people who mine them.
Multipools will dump Scrypt coins to buy ASIC Resistant coins or PoS coins, but in the meantime, the difficulty of those ASIC Resistant coins is high with a high number of miners, this would derive their price high.
=> Investing in ASICs = Buying expensive hardware to mine cheap coins, in order to swap them with expensive coins. Bad investment. I think GPU mining will NEVER be more profitable than when ASICs come out.