Quote from: taltamir on September 21, 2014, 02:42:15 AM

Quote from: clout on September 21, 2014, 12:06:21 AM

Quote from: taltamir on September 20, 2014, 09:44:48 PM

You are discussing the hypothetical plan with which bitcoin was created. ASICs have proven this to be an abysmal failure. Bitcoin is not and never will be free from such centralization, as ASICs make it far too easy to centralize.
Even if you could make an asic resistant algorithm for an alt coin, giant government funded computational center can easily overcome it, especially with the use of violence to coerce any private competition into cowtowing to their demands

Mining is dead. POW is an efficient consensus mechanism.

How is this in any way a response to ANYTHING I have said?

Also, POW = mining. Did you perhaps mean POS?
http://majesti.co/cryptonerd/crypto-terminology-101-pospow-part-4/

mining is the process of using POW to secure the network, for a preset amount of time (as dictated by the coin protocol on creation) it will also generate new coins for those securing the coins. Decades from now the POW protocol of bitcoin will stop issuing new coins and a new term other than mining would need to be made. But that doesn't change the fact that bitcoin is POW and it is extremely susceptible to centralization

*inefficient