GLD to improvise against ASIC

[sizzflair]

We all know it's coming for scrypt based coins. Well vertcoin, which has been shooting up to the moon, is the first coin to be anti-asic scrypt based coin. I think this may help GLD gain ground again by being unique out of all these altcoins.

We have to jump on this now until others do. I know the developers are busy with the new client, but while you're at it this may be worth looking into!

[dustint]

dont quote me on this but i think the new client will be asic resistant.  An ASIC will only find 5 or 6 goldcoin blocks per 10 min. and by that time the block reward will have decreased.  With a multi-threaded client i think timers can be set to ensure blocks keep rolling in on a 2 minute average no matter what the diff. and hashrate is at.  So if a multipool or ASIC jumps on they will receive a lot of orphan blocks and when they are done blocks should still keep rolling in on a 2 minute average.  Many coins are going to fall hard due to difficulty becoming locked really high.  Scrypt coins that survive this should do very well.  Maybe microguy or akumaburn can confirm this.

[MicroGuy]

Akumaburn is in the process of unpacking after a move, so I asked him about his via Skype. Here is his reply:

"ASICs will have to mine for a long time before affecting the difficulty for appreciable values. Our block acceptance is more of a lottery than who has the largest hashpower initally.. only after a long period of sustained mining do users with large amounts of hashpower begin to feel their advantage."

[sizzflair]

Thanks for the responses...

How long is a "long time?"

We really have to get the word out of the development and get more people over to GLD once the asics roll out and people begin to go elsewhere (Scrypt-N)

Here's a list I found on vertcoin forum with current asic resistant coins: http://vertcoinforum.com/index.php?topic=238.0

[MicroGuy]

Thanks for the responses...

How long is a "long time?"

We really have to get the word out of the development and get more people over to GLD once the asics roll out and people begin to go elsewhere (Scrypt-N)

Here's a list I found on vertcoin forum with current asic resistant coins: http://vertcoinforum.com/index.php?topic=238.0

I'm not sure that ASIC technology is fundamentally a "bad thing".

It is a tool, an advancement, and perhaps simply part of the natural evolution of a blockchain.

[sizzflair]

Thanks for the responses...

How long is a "long time?"

We really have to get the word out of the development and get more people over to GLD once the asics roll out and people begin to go elsewhere (Scrypt-N)

Here's a list I found on vertcoin forum with current asic resistant coins: http://vertcoinforum.com/index.php?topic=238.0

I'm not sure that ASIC technology is fundamentally a "bad thing".

It is a tool, an advancement, and perhaps simply part of the natural evolution of a blockchain.

It is not a bad thing, except...

currently GoldCoin's community is declining in my opinion and the amount of mining in a decline as well judging by the total hash rate.  What scrypt-n (or any asic resistant coin) can bring to the table are those regular miners without asic will eventually carry over and start mining these altcoins including GLD.  More people mining can lead to a larger community and potentially an increase in the coin's value.  I believe if people out there are aware that we are asic resistant, they will look into mining GLD once asics roll into the top coins on the market.

I think we are all fully aware that GLD is not doing so hot mostly because the community is small and that not many people are aware of what GLD can be in the future.  We really need a spot light over GLD in order for it to come out ahead of the competition.  While the anticipation of the upcoming client update is something that may help us, it's not going to help at all if no one knows or cares about it.

To summarize, by promoting GLD with its 51% attack and its asic resistant nature, we can bring in more miners from other coins and build a bigger community => increase in GLD's desirability and value

[Alpha]

Nice post Sizzfair. I think your observations are spot on. (with my opinion anyway)  It's been a pretty obvious decline in the community. We have almost 975 members signed up and there are maybe what, 10-15 active?
The Dogecoin guy in the video from the other day, came right out and said the don't offer much over Bitcoin, they are just "happy".  Marketing and good community,  i don't think we can claim that we excel in either at the moment.
Sizzflair just may be right about how we can use ASIC to our advantage. We just need to make the push to get gold in the hands of the people. Not just sit back and hope they find there way here

[MicroGuy]

These are excellent points! I'll pass these along to akumaburn and get his input.

One of the problems with working to attract strictly miners is the fact that they typically (not always) mine and sell. This can put severe downward pressure on the market price. Whereas if the marketing efforts focus on the consumer side you're attracting investor/buyers.

[sizzflair]

These are excellent points! I'll pass these along to akumaburn and get his input.

One of the problems with working to attract strictly miners is the fact that they typically (not always) mine and sell. This can put severe downward pressure on the market price. Whereas if the marketing efforts focus on the consumer side you're attracting investor/buyers.

Thanks! I know all I can really do is mining and being active in the community, so I'm really relying on the devs to make things spark I try to get the word out,  but there are so many coins out there that I can't really justify or back up why I'm choosing GLD when there's no set "goal" that we are trying to achieve in the future.  We need a vision of what and how GLD will play down the road and strive towards it. Right now,  there's no vision or a mission statement for these coins. Like it was mentioned before, Doge was successful by being "happy." So I know GLD can achieve the same kind of success if we worked towards it.

While miners may bring down the value by selling GLD, it would help exponentially when that desirability for GLD is on the rise so more can purchase GLD... we just have to get it there!

[MicroGuy]

Thank you for your comments. This is some excellent food for thought. 

Just one correction. We do have a goal, and that's to become the #1 digital currency in the World. So it's not about whether we have a goal or not, but rather how do we all work together to achieve that goal.

Ultimately, success will come from the community coming together to create a network effect: http://en.wikipedia.org/wiki/Network_effect

[Viscis]

If we have a goal then we should break it down into steps on how to achieve that goal. What are the major "tasks" that need to be accomplished in order to achieve our goal.

[sizzflair]

Thank you for your comments. This is some excellent food for thought. 

Just one correction. We do have a goal, and that's to become the #1 digital currency in the World. So it's not about whether we have a goal or not, but rather how do we all work together to achieve that goal.

Ultimately, success will come from the community coming together to create a network effect: http://en.wikipedia.org/wiki/Network_effect

#1 digital currency is too big of a goal. We need to from the bottom and look for more specific goals... for instance our goal being the currency backed by physical gold or being backed by _________ or being the first for _________.

[MicroGuy]

If we have a goal then we should break it down into steps on how to achieve that goal. What are the major "tasks" that need to be accomplished in order to achieve our goal.

A most excellent suggestion! 

#1 digital currency is too big of a goal.

I agree that we need to take this in steps (crawl before we walk) but that is the goal. 

[sizzflair]

If we have a goal then we should break it down into steps on how to achieve that goal. What are the major "tasks" that need to be accomplished in order to achieve our goal.

A most excellent suggestion! 

#1 digital currency is too big of a goal.

I agree that we need to take this in steps (crawl before we walk) but that is the goal. 

My goal is to become a billionaire.

Sent from my SAMSUNG-SGH-I317 using Tapatalk

[MicroGuy]

My goal is to become a billionaire.

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Then you might want to get a few million Goldcoins now before it becomes the #1 digital currency.