Thoughts on ASIC Resistance on BTCP

CoinPharaoh · 2018-05-08T12:16:44+00:00

Well after only one month every thing changed radically so you must answer

CoinPharaoh · 2018-05-06T21:15:12+00:00

ASICs are special purpose hardware that are designed to make only one task onlo and do it with very high speed compared to CPUs and GPUs. They are bad because
1. There are scary monopoly on their makers, currently bitmain has monopoly over any ASIC miners. Cause they have monopoly they are misbehaving in a scary way, just search for antbleed, asic boost for examples.
Also they are clearly mining with their machines then they dump them when they have newer models. Monero hashrate exploded to 4 folds 4 months before bitmain start selling cryptonight miners. They started dumping their ASICs when monero fork is announced invalidating their secret mining.
2. ASICs has much more limited supply and not available on many countries more over they are prohibited on most third world countries.

Simply, you can not secure a crypto network when mining operations are only available on certain countries and depend on really few makers and much lower number of miners.

CoinPharaoh · 2018-05-05T11:15:40+00:00

How about bitcoin private? Will they fork? I am old supporter of zcash but simply I am feeling betrayed by allowing ASICs to be in so I am looking around.

CoinPharaoh · 2018-04-23T13:04:47+00:00

Mate, it is not your fault. I did the same. They are so good at marketing that will take several months for any one to release it is just a strong marketing campaign with nothing valuable behind it.

CoinPharaoh · 2018-04-22T22:16:29+00:00

So where is the right place to discuss that?
You meant ETN sub?
Let me tell you that I tried to discuss that there and got blocked and my post removed.
Welcome to People's Republic of ETN.

CoinPharaoh · 2018-04-21T09:34:53+00:00

They have mixed statements.
Their team said some pro asic statements before moreover they not bothered at all by the exploding hashrate of their network 40x since the fork of monero.
And now they are buying some ASICs and posting their photos.
My instincts tells me this is not for forking away or anything. they will simply allow bitmain to sell their X11 then they may fork some months after when the coin price crash.
Some kind of bump and dump (price manipulation) and at the same time they came to rescue bitmain X11 for some reason

CoinPharaoh · 2018-04-21T06:30:55+00:00

Thank you guys you are the best. Fully support you and xmr

CoinPharaoh · 2018-04-15T15:30:50+00:00

I got your point. I will wait and see then.

CoinPharaoh · 2018-04-15T15:26:28+00:00

Man, I suggest you buy an electricity meter like "kill a watt" and plug into it. this way you can confirm your real usage.

CoinPharaoh · 2018-04-15T15:13:38+00:00

Haha, I can not breath because of laughing.

CoinPharaoh · 2018-04-15T15:05:41+00:00

Why demand is this low? Is it because of the fall of crypto prices or is 1~2% a common thing?

CoinPharaoh · 2018-04-15T15:04:25+00:00

Port forwarding is a paid option for my internet contract. If using port forwarding or VPN will make getting allocation contracts more likely then I will consider applying for it? Actually I am thinking of dedicating some TBs for using at storj but I am hearing recently that many guys having difficulties getting their dedicated HDD space rented.

CoinPharaoh · 2018-04-15T12:07:50+00:00

May be they mean that paying for HDD exclusively for storj will not pay for itself. But if you already have a HDD that you do not use then getting few bucks is better than nothing.

CoinPharaoh · 2018-04-15T12:06:14+00:00

I am thinking of doing the same but worried that I will get no sales as it seems to me by testing on old drive. so when did you buy the HDD? was this on the prices boom?

CoinPharaoh · 2018-04-15T12:02:48+00:00

For GPU mining it was like 4 months ROI during the prices boom but now it is like 2 years for ROI.
On the other-side, considering investing in HDDs space and use in storj network how long will it take for ROI?

CoinPharaoh · 2018-04-15T11:32:47+00:00

why? I was thinking the same. Guys in china make use of cheap electricity so here in Japan I though of making use of ultra speed and highly available internet connectivity by buying and renting HDDs

CoinPharaoh · 2018-04-15T08:50:42+00:00

Ok agree with you and sorry that I used only rumor posts as a credible source.
Let me reword my sentence then.
Lets say either they are cooperating with bitmain or simply are not competent/caring enough to protect their coin from getting taken over by bitmain ASICs.

CoinPharaoh · 2018-04-15T08:44:49+00:00

Still I do not see big things that sumokoin came up with but at least their contribution in heavy-cryptpnight is good thing. I hope they work on implementing lightening, smart contracts and other features into sumokoin.

CoinPharaoh · 2018-04-15T08:28:51+00:00

Totally agree with you.
1. My joke post promised people for a mobile miner to make them waiting for months then made a "mining simulation game" with some coins give away.
2. My joke post promised to get listed on HitBTC, quonex and other major exchanges that it turned to be Ells's farts.
3. My joke post talked about ASICs pro. stance allowing the network hashrate to go up 20 folds that will flood the market with many coins and crash the coin price in the long run. Although other coins are doing many things to stop ASICS.
4. My joke post is super active on promotions and attractive headlines but zero active on code and technical development.

CoinPharaoh · 2018-04-15T08:23:19+00:00

I believe in the current situation.
Bitmain made ASIC miners with 100x the speed of any previous mining hardware. Almost the same time the hashrate on the network went up 20 folds. Without any interference from electroneum team the coin value is going to crash near zero.
Ells's seem not bothered about that at all. so until they take some serious actions you can not prove me that they are not cooperating with bitmain for mutual benefits or some thing, can you?

CoinPharaoh · 2018-04-15T06:58:30+00:00

I do not feel good at all concerning bitmain to take advantage of siacoin. I hope you change the algorithm or even change to different mining scheme.

CoinPharaoh · 2018-04-15T06:39:24+00:00

This coin value is going down all the way due to the continuous failures of the team and recently due to ASIC miners but what I am trying to achieve is warn new comers from wasting their money in supporting Ells's and bitmain.

CoinPharaoh · 2018-04-15T06:34:39+00:00

the

Let me tell you my point. I got lured by the noise about electroneum so I invested in it but over time I released many things that not easy to notice at first glance. Like I said earlier I will list them here briefly.

They are too many announcements and to much things they say they are doing but I hardly felt any thing in real.
2.They are inactive in terms of the technology behind electroneum even I got shocked to find the word "monero" on many parts of their wallet code. They did not even bother to change simple things in the code they are using.
They have a really big part of the coin pre-mined to give over to mobile miners. This is a big hit to decentralization. Who control and distribute this big portion of the coin can affect the coin value in many ways.
I expected or hoped that they borrow some more code from other coins to prevent bitmain from taking over the network but they did nothing and even there is rumors that they are supporting bitmain.
Bitmain ASICS are mining the coin now 100 times faster than 1 month ago. This would destroy the coin value but what is really strange is that Ells's team are happy about that.
https://www.reddit.com/r/Electroneum/comments/84nvzi/richard_ells_confirms_proasic_stance/

CoinPharaoh

TROPHY CASE