Quote from: mindfox on July 02, 2014, 06:37:05 AM

Quote from: YouIsPeng on July 01, 2014, 09:56:20 PM

OMG, "asic resistant algos" - LOL there is no such thing.

ASICs (Application Specific Integrated Circuits) are simply a chip that has been designed to perform one function very well and very quickly. It has been done for SHA256, it has been done for Scrypt
and it can be done for any algorithm.

If everyone switches to X11 then guess what? There will soon be X11 ASICs. I would hazard a guess that somewhere in China there is already one being designed. The only difference between X11 and Scrypt is that it doesn't stress GPUs as much meaning they run cooler and use less power, which I agree is a good thing but it doesn't mean much else. ASICs already use a fraction of the power of GPUs and produce next to no heat. And hash-for-hash don't cost much more. Remember, GPUs are not designed for mining coins but for playing games so whatever algorithm is used they will never be the most efficient way of doing it.

When you talk about 'centralisation' you seem to be referring only to miners - cryptocoins are not there just to make miners money you know, they are supposed to be USED as currencies without any interference from governments or banks etc. Their decentralised nature comes from the fact that the blockchain is downloaded and stored on individual users' computers all over the world and is not reliant on one institution. So the only requirement for someone to be involved is access to a computer or smartphone or whatever. Not everyone has to be a miner!

It is inevitable that anyone with more money to invest in the first place will be able to mine more currency for themselves, whether they are buying GPUs or ASICs. That's not the point, these currencies need to have a reason to be USED by people - which, I believe CWC has in abundance (once all the bugs are ironed out!) So moan however much you like about 'the elite' it will make no difference to you whether Scrypt, X11 or whatever is used, someone else out there will always be able to mine a lot more coins than you.

Bitcoin is now not widely mined except by the super rich as the difficulty is so high but you don't see it dying because none of us mere mortals can afford to mine it profitably do you? No, it is successful because it is USED. The only thing that makes a coin survive is its popularity. If a coin is popular and being used, the difficulty goes up which in turn makes it less profitable for everyone to mine, which in turn means more people switch to ASICs. This will happen whatever algorithm is used as it is designed into the very concept of cryptocoins. If the only reason you're into this is to make money, there are really only 2 ways you can do this- 1) Find and research a new coin which you think has potential and get in early and mine a bunch to hold onto until the price rockets (Imagine if you'd mined 10000BTC a couple of years ago when the difficulty was nice and low and held onto them!) or 2) Invest some fiat currency and do some day trading betting on which coin is going places. Neither strategy will guarantee you big bucks!

That's why they are called ASIC resistant.

To create an ASIC is not a quick, cheap and easy process. It takes a serious amount of money (we're talking about 7 digit figures only for production), long time of designing/testing and well paid engineers/designers for it. Also, ASICs don't do well with "memory hungry" algorithms, because as you can understand you can't fit everything in one (or even more chip layers), so the board design complexity increases a lot, adding to the total cost of creation/production (memory controllers, data bus, etc).

Overall, it needs quite some time to create, thus making it harder/more expensive to produce.

Yes I realise it takes time and money to design and produce a new chip, my point was the previous post was claiming:

Quote from: Captain_Dirk on July 01, 2014, 06:52:08 PM

Eventually asics will kill the whole concept and need to be stopped.

..which is nonsense. It will only alienate people who have invested, however little, in ASICs. I don't agree with scrapping scrypt just because ASICs are available, the difficulty of CWC hasn't shot up because ASICs are available - why? Because it has yet to become popular enough to make many people want to mine it. Scrapping scrypt will just alienate anyone who has invested in some ASICS, and we're not talking about super-rich investors only - I personally have 6 GPUs and 10 Gridseeds and the Gridseeds use a tiny amount of power and are much more efficient hashers. They also cost a lot less for 10 than I spent on 6 decent GPUs. If people want X11 then add it as an option, this coin was launched as a scrypt coin and so scrypt should remain at least as an option.

I would suggest that other, more important priorities are addressed first anyway, like a stable wallet that syncs properly.