Hash rate on the rise
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I think that someone is buying time and trying to make FTC not much attractive for ASIC mining.
Scenario:
1. Haters ( if there are any :D ) of FTC are mining coins with GPU ( they have already paid of the hardware for mining with another crypto ) and they are releasing them to the market/exchanges.
2. In that way the price drops and real miners ( FTC lovers ) will come to the situation were they just quit/switch to another currency. After certain amount of time there will be enough coins that will guide the new ASIC miners to avoid FTC as the first choice of mining => low hashrate / difficulty => low price :s
3. Go to step 1 and switch the word GPU with n-th generation of scrypt ASIC.Disclaimer: This was my first attempt to write scenario for the soap series :D
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ASICs will be the future be part of it adopt it and use it … 8)
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I’m gonna be blunt. I’m new and uneducated.
If it is even feasible, would hardforking ftc to a new algo make or break us.
When everyone can afford asics for ftc, it shall be glorious. BUT, would it be a smart move to change our algo to a new one when there are currently no ASICS in circulation.
Or, once again, hypothetically, if we changed our algo on the week the scrypt asics come out, would it be beneficial in the long term.
Would it be wise to stall until we can swap back to scrypt when the average user can afford the gear?
Am I been hedonistic, controversial, or just naive? Maybe on the off chance, this is a good idea, I’ve always wanted to get every ones opinion on the matter. Sorry fellow noobs, but I am sorta more interested in the Devs opinions here. (Although I do want to hear what everyone has to say)
Looking at you, Bushstar and friends.
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[quote name=“chrisj” post=“50877” timestamp=“1389251995”]
Actually no, if you look at what @Lizhi is doing in the recent newsletter it looks like it may be quite affordable. It needs to be managed well, which is where we come in.
[/quote]I agree, that @Lizhi’s approach will mitigate the effect of expensive ASICs showing up.
I’ll happily go for some of his devices, if they are affordable[quote author=Kevlar link=topic=6739.msg50883#msg50883 date=1389255911]
+1 Chris.This idea that GPU mining shouldn’t become obsolete, and ASICs will be unreachable expensive is just anti-progressive nonsense and unfounded rumors.
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I for one welcome our new ASIC overlords, and when the next generation of hashing chip comes out, I’ll scoff at all you pathetic ASIC miners too. You can’t stop progress.
[/quote]I don’t want to stop progress, but I also don’t want to spend a fortune to continue mining and stay up to date with the increasing hashrates. Sorry, if my remark was misleading here.
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[quote name=“Calem” post=“50914” timestamp=“1389271850”]
I’m gonna be blunt. I’m new and uneducated.If it is even feasible, would hardforking ftc to a new algo make or break us.
When everyone can afford asics for ftc, it shall be glorious. BUT, would it be a smart move to change our algo to a new one when there are currently no ASICS in circulation.
Or, once again, hypothetically, if we changed our algo on the week the scrypt asics come out, would it be beneficial in the long term.
Would it be wise to stall until we can swap back to scrypt when the average user can afford the gear?
Am I been hedonistic, controversial, or just naive? Maybe on the off chance, this is a good idea, I’ve always wanted to get every ones opinion on the matter. Sorry fellow noobs, but I am sorta more interested in the Devs opinions here. (Although I do want to hear what everyone has to say)
Looking at you, Bushstar and friends.
[/quote]you can’t swap hashing algorithms that easy!!!
changing the algo -if it is possible- means a hard fork and that generates a big disturbance, as all miners need to update their mining configuration and/or software as well as the wallet and this must be done in one day or less.
Simply take it as a NoGo
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[quote name=“Wellenreiter” post=“50917” timestamp=“1389272317”]
Simply take it as a NoGo
[/quote]That is what I thought. I didn’t mean to rock the boat but this is a question I have been wanting to make public since I found out that ASIC’s can be developed for scrypt coins.
Fingers crossed, Lizhi’s miners can be distributed across the feathercoiners here for an achievable price.
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Hard forks can be accomplished. They can be miner forks, which require a percentage of the network to be of a specific version before the change kicks in. This means the code can be deployed for a long time before activating, allowing for gradual change overs before the event and ensuring a statistically significant acceptance of the new protocol on the network. Hard forks don’t have to be difficult.
But they are economically devastating. A hard fork means that the blockchain continues in two incompatible directions, which means the pre-fork coins being spent can now be spent twice, once on the pre-fork chain, and once on the post-fork chain. If even a small minority continues on the pre-fork chain, this can have devastating economic effects as confusion ensues about which blockchain is the ‘real’ blockchain, and chaos ensues. Scisms can form between mining pools and exchanges making them mutually incompatible, dogs start sleeping with cats, and Cutuhlu rises again.
Besides, I’ve not actually heard a good argument for not embracing progress. ASICs are nothing but a good thing for the longevity of the coin.
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Well. Ok.
So the asics come out and the difficulty goes way up. Early adopters see way beyond their ROI.
New adopters continue with GPU’s cause they can’t afford asics till they drop in price. So what little coin they can mine, in relation to what was possible pre asic, they still have the same ROI because the price of the coin will jump. (Mechanisms for price increase don’t need justifying)
If anything. Hardforking will be more hassle and cause more grief than its actually worth.
This is all considering the fact that scrypt is still essentially asic proof considering the vram bandwidth/cost catch?
Am I on the same page?
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Back to the original question, Worldcoin would seem to have been attacked / higher hash rates directed towards it 4 dec to 32st Dec then left at high difficulty.
Chinacoin, p2pool is being DDoS today.
I think Feathercoin (luckily) got too much hash power now to be 51 %, the best anyone could do is try to drive the difficulty up, and drop it high.
However, from what I’ve seen of new members who say they were starting to mine, the current steady increase in Feathercoin Hash appears entirely consistent with ~5% new members getting a rig together since 9th November 2013, 1 month member increase rush.
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Thanks for the anaylsis Wrapper I had wondered how many new users were starting to mine and if 5% are the ones that have posted then we can probably account for others that have not come onto the forum to say that they are new miners :)
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Another point to watch for the future is that the GPU miners on Litecoin (some of which moved from Bitcoin) will try / need to switch somewhere.
I’ve been predicting to myself that someone will come up with a new algorithm to defeat the Scrypt ASIC. That would be the coin to look to develop. It is the opposite to BitFeather which I proposed as a deliberate ASIC friendly SHA256 coin.
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Well it’s definitely not the multi mining through multipool and middlecoin doing it:
[url=https://www.multipool.us/multiport_stats.php]https://www.multipool.us/multiport_stats.php[/url]
They’ve mined everything but FTC and LTC at this point within the last 24 hours. Well, LKY and CGB haven’t either, but LKY hasn’t been mined by multipool since DOGE came around and I’ve only seen CGB mined by it once.
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Here’s the Daily Difficulty for December / Jan…
Feathercoin is about to reach the highest ever (none attack / steady miners) network Hash Rate, which I’d say is at 7 GHash / Day.
[attachment deleted by admin]
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[quote name=“wrapper0feather” post=“51292” timestamp=“1389390197”]
I’ve been predicting to myself that someone will come up with a new algorithm to defeat the Scrypt ASIC. That would be the coin to look to develop.
[/quote]I guess that’s one way to do it.
1. Release new coin with GPU/ASIC resistant PoW hashing.
2. Watch as developers implement GPU mining.
3. Watch as developers implement ASIC mining.
4. ???
5. Profit! -
anything that’s concerns $$, it will definitely be defeated. Its just a matter of time.
There’s nothing that’s 100% ASIC resistant, if CPU/GPU can do it. So why not ASIC, they are fabricated in the same silicon too!
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[quote name=“midwaycy6” post=“50924” timestamp=“1389272787”]
Anyone here knows the reason of the apparition of Litecoin? was a consecuence of the incoming ASICS or just new type of coin?
[/quote]A new type of coin, of course.
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I’m going to abstain on my opinion…
Actually nah…
I vote, no jumping ship. I did some research, and nothing changes for me. The crew here have come to far to put there efforts on a new coin. My current opinion is this.
Ftc has established it’s place in the market. We are doing things that 90% of other coins would never even dare venture into it. Changing algo’s is not an option. Keep mining with your gpu’s, even when asics are out. Although you will mine less ftc due to difficulty, the asics will push prices up. So ultimately, you will probably make “the same amount of money” as what you do now. I use those comma’s loosely but my point still stands.
Stand fast Feathercoiners. Bail now, or forever hold your peace =^-^=
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I agree Calem, GPUs will carry on a while. They are mass produced and the new ones are even more efficient.
It is so good that ASICs are being developed that Feathercoin can use it negates the possible problems.
If the ASICs were purchased to secure the network, and not just profit. Or later, once the network is established, ASIC would pay toward the electricity of the transaction system. I think it will be easier to convince merchants to have one as part of point of sales.
Some social development like that will be needed to fully secure the network from large actors.
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Just a thought, if we could produce a community ASIC project which was geared around keeping the costs per unit down rather than maximising profit on sales but restrict their sales to forum members with X number of posts then we could use ASIC to help the community help network security.
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Just a thought, if we could produce a community ASIC project which was geared around keeping the costs per unit down rather than maximising profit on sales but restrict their sales to forum members with X number of posts then we could use ASIC to help the community help network security.
That would be a brilliant idea! Maybe lizhi can keep us up to date with how the Scrypt ASICs are moving along.
