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Interesting, thank you for clearing this up. However, I think you could have multiple competing cryptocurrencies in the ASIC class, because the ASICs are not a

Interesting, thank you for clearing this up. However, I think you could have multiple competing cryptocurrencies in the ASIC class, because the ASICs are not as generic as GPUs or CPUs, so they cannot be easily repurposed for attack unless they are FPGA-based (doubful). Anyways, I'm looking forwards to the new supply of GPUs. Hopefully we don't get the same thing again with Chia hogging up all the storage on the market or Monero hogging up all the CPUs.

latchkey 4y ago
Correct, asic's could have multiple, but in reality, don't. There is litecoin with scrypt. I was the 3rd largest scrypt miner there for a while. But these are all speculation coins without any solid utility. Nobody is going to build asics for coins that don't have demand. We saw this happen with Grin coin. Another little tidbit for you... GPU mining didn't really impact the supply as much as people like to talk it up in the press. Maybe for a short while, but it was more just a lack of manufacturing than anything. Because ethash is memory hard, older (4-5 year old) gpus are actually the most ROI profitable. It isn't the same nm hardware race as asics. People buying up the most expensive GPUs for mining were not helping themselves at all. CPU based mining is kind of a shit show... less about people buying CPUs and more about bot networks being used to mine.
- tromp 4y ago
  > But these are all speculation coins without any solid utility. Nobody is going to build asics for coins that don't have demand. We saw this happen with Grin coin. Not only is Grin the one coin, out of many thousands, that strongly deters speculation with its pure linear emission, but it did in fact have ASICs built for it (the Ipollo G1/G1-mini).
  - latchkey 4y ago
    Heh, hi tromp, you must have a grin filter? ;-) I still stand by what I said... grin doesn't have any demand (the price is in the dumps and it has no utility)... nobody is going to pay $9k for an asic to earn pennies. how many of those things have people actually bought?
    - tromp 4y ago
      Despite its anti-speculative emission, Grin still has more demand than all but 25 PoW coins [1] and a G1-mini ASIC miner costs as little as $289. Since 1 miner does about 1.2G/s the overall graph rate of 8830 G/s suggests about 7360 of these have been bought. [1] https://www.f2pool.com/coins https://www.f2pool.com/coins
      - latchkey 4y ago
        No wonder the price is so low... all the miners just dumping on retail in order to make their capex back. I appreciate that you tried to make a coin and that your algo is actually pretty interesting... but it is also too bad you didn't do a memory hard algo and be in a position to capture the 18m+ GPUs that are about to need a new home.
        tromp 4y ago
        Many miners are not selling (dumping is when you unload your big premine, which Grin doesn't have), which is why there is limited liquidity on the few exchanges that list Grin. I The Cuckoo Cycle PoW family is memory hard and Grin supported GPU mining in its first two years, but long term everything turns to ASICs...
        latchkey 4y ago
        How would you know who's selling and who isn't? Given the limited liquidity, it would have to be miners since that is the only way to get it. I use the word dumping to mean that they are mining and selling. ethash held out surprisingly well. certainly a lot of asics were sold, but it didn't fully knock out GPUs like say sha256 did with btc. where as grin... you changed your original tone on it and decided to embrace asics with specific changes to CC to support that.
        tromp 4y ago
        Yes, it's pretty much only miners selling, but only a small fraction of them sell on exchanges as apparent from the low volumes. The original Cuckoo Cycle turned out to be rather ASIC friendly; the Cuckatoo variant even more so. But it's the Cuckaroo variants that saw the most changes to make them substantially more ASIC resistant.

latchkey 4y ago

Correct, asic's could have multiple, but in reality, don't. There is litecoin with scrypt. I was the 3rd largest scrypt miner there for a while. But these are all speculation coins without any solid utility. Nobody is going to build asics for coins that don't have demand. We saw this happen with Grin coin. Another little tidbit for you... GPU mining didn't really impact the supply as much as people like to talk it up in the press. Maybe for a short while, but it was more just a lack of manufacturing than anything. Because ethash is memory hard, older (4-5 year old) gpus are actually the most ROI profitable. It isn't the same nm hardware race as asics. People buying up the most expensive GPUs for mining were not helping themselves at all. CPU based mining is kind of a shit show... less about people buying CPUs and more about bot networks being used to mine.

tromp 4y ago
> But these are all speculation coins without any solid utility. Nobody is going to build asics for coins that don't have demand. We saw this happen with Grin coin. Not only is Grin the one coin, out of many thousands, that strongly deters speculation with its pure linear emission, but it did in fact have ASICs built for it (the Ipollo G1/G1-mini).
- latchkey 4y ago
  Heh, hi tromp, you must have a grin filter? ;-) I still stand by what I said... grin doesn't have any demand (the price is in the dumps and it has no utility)... nobody is going to pay $9k for an asic to earn pennies. how many of those things have people actually bought?
  - tromp 4y ago
    Despite its anti-speculative emission, Grin still has more demand than all but 25 PoW coins [1] and a G1-mini ASIC miner costs as little as $289. Since 1 miner does about 1.2G/s the overall graph rate of 8830 G/s suggests about 7360 of these have been bought. [1] https://www.f2pool.com/coins https://www.f2pool.com/coins
    - latchkey 4y ago
      No wonder the price is so low... all the miners just dumping on retail in order to make their capex back. I appreciate that you tried to make a coin and that your algo is actually pretty interesting... but it is also too bad you didn't do a memory hard algo and be in a position to capture the 18m+ GPUs that are about to need a new home.
      - tromp 4y ago
        Many miners are not selling (dumping is when you unload your big premine, which Grin doesn't have), which is why there is limited liquidity on the few exchanges that list Grin. I The Cuckoo Cycle PoW family is memory hard and Grin supported GPU mining in its first two years, but long term everything turns to ASICs...
        latchkey 4y ago
        How would you know who's selling and who isn't? Given the limited liquidity, it would have to be miners since that is the only way to get it. I use the word dumping to mean that they are mining and selling. ethash held out surprisingly well. certainly a lot of asics were sold, but it didn't fully knock out GPUs like say sha256 did with btc. where as grin... you changed your original tone on it and decided to embrace asics with specific changes to CC to support that.
        tromp 4y ago
        Yes, it's pretty much only miners selling, but only a small fraction of them sell on exchanges as apparent from the low volumes. The original Cuckoo Cycle turned out to be rather ASIC friendly; the Cuckatoo variant even more so. But it's the Cuckaroo variants that saw the most changes to make them substantially more ASIC resistant.