Budget proposal: Change of X11 mining algorithm because of ASICs

Is this a good idea?

  • Total voters
    68
raganius , thanks for you opinion on that. If I get you right your main concern is just that DASH would grow further and become more and more successful company. I respect this desire. That is definitely possible in case that DASH provides to its users many useful services. But we have dozens of such successful companies already. Paypal, Google, Microsoft and so on. What would be the difference between DASH and Paypal then, if DASH becomes centralized. IMHO, the key value of any cryptocurrency for the ordinary users is that it is decentralized. Otherwise it's just another private (fiat in future?) money.
 
Last edited by a moderator:
SnowHater said:
raganius , thanks for you opinion on that. If I get you right your main concern is just that DASH would grow further and become more and more successful company. I respect this desire. That is definitely possible in case that DASH provides to its users many useful services. But we have dozens of such successful companies already. Paypal, Google, Microsoft and so on. What would be the difference between DASH and Paypal then, if DASH becomes centralized. IMHO, the key value of any cryptocurrency for the ordinary users is that it is decentralized. Otherwise it's just another private fiat money.
Click to expand...

I respect your concerns, but don't think this is as alarming as you sound.

Anyway, first, one needs to reach a consensus on "what is centralised"... I have heard some people say that DASH is centralised because of the Masternodes network... go figure...

... one way or the other, no worries from my part, considering what I've seen and can foresee up to now: I fully agree with stan.distortion that there are certainly more elegant solutions to an eventual such problem.
 
The smaller the number of live members the less the value of the whole network, dash price too

masternod amount multiplied by the number of miners and to the best of our technology = high price!

ASICs are like cancer which kills miners (in terms of users number), decentralization and price.

UPD. I as the owner of the master node in the first place is important price, but I know that it will have the same low with no real users. Masternody - users, Miner - users. All affect the price. I would not want to get all the DASH, otherwise I did them myself impaired.

UPD2. Dash - not agriculture. This currency. The more people involved - the better+

ASIK makes manufactured products cheaper ... Do we need it?
 
Last edited by a moderator:
One thing to consider is that higher network hash rate means that botnets are significantly less effective. There has been much discussion over the last few months over the alleged Dash mining botnet triggered by a GTA download. ASICs will significantly mitigate that problem.

I'm also unsure who would be doing the actual coding. I doubt any of our current developers would be interested in stopping what they are currently working on in order to code a new algo, and the 5 DASH funding amount was simply enough to pay for the proposal itself, not enough to fund a new developer.
 
David said:
One thing to consider is that higher network hash rate means that botnets are significantly less effective. There has been much discussion over the last few months over the alleged Dash mining botnet triggered by a GTA download. ASICs will significantly mitigate that problem.

I'm also unsure who would be doing the actual coding. I doubt any of our current developers would be interested in stopping what they are currently working on in order to code a new algo, and the 5 DASH funding amount was simply enough to pay for the proposal itself, not enough to fund a new developer.
Click to expand...
What about the possibility that the alleged botnet you mentioned was in fact secret ASIC mining?
 
SnowHater said:
What if this botnet was only 1% of additional hashrate, and the other 99% were ASICs. How would you recognize it, when you can only see overall network hashrate?
Click to expand...
It's about dumping. When the (CPU and GPU) bot mines DASH, it is dumped immediately creating downward price pressure. If higher hashing rate ASICs increase difficulty, then the bot earns less. When the bot earns less, there are less DASH dumped.
 
oaxaca said:
It's about dumping. When the (CPU and GPU) bot mines DASH, it is dumped immediately creating downward price pressure. If higher hashing rate ASICs increase difficulty, then the bot earns less. When the bot earns less, there are less DASH dumped.
Click to expand...
Can't ASIC miner dump his coins immediately too?
 
What I'm trying to say that both botnet and ASIC miners can dump their reward immediately, so there is no difference in overall downward price pressure in that case between them. One can't say for sure that coin dump are caused by the botnet or by ASICs. I'm not sure about that though.
 
SnowHater said:
What I'm trying to say that both botnet and ASIC miners can dump their reward immediately, so there is no difference in overall downward price pressure in that case between them. One can't say for sure that coin dump are caused by the botnet or by ASICs. I'm not sure about that though.
Click to expand...

Code: 
Technology           Rate of Dumping
--------------- ----------------------
CPU                 Somewhere between 0 and 100%
GPU                 Somewhere between 0 and 100%
ASIC               Somewhere between 0 and 100%
Game Virus          100%

If "Game Virus" has less DASH, overall downward dumping pressure goes down. Got it?
 
i-give-up.jpg
 
changing mining algorithm could help

Why can't virus creator hold his coins instead of dump it? Maybe he concernes about DASH future the same way that ASIC manufacturers do.
 
Last edited by a moderator:
ASIC mining vs mining with universal devices (video card). Let's cover all possible outcomes for both cases of mining.

What will happen if a dictator comes to power? If he forbid the issuing of "money substitutes"? Who will first stop mining then, the people that mine at home on universal devices or several large mining farms? Big corporation can never run more universal devices then the rest of the people. Will regular people keep "special devices for money substitutes issuing" in that case? How many people will go to the demonstration in defense of their rights? Will be all of them arrested and put in prisons? It's all apart of decentralization, the popularity and thus prices.
 
Last edited by a moderator:
eduffield said:
Another very important point to make about the Satoshi Roundtable was the very large issue with mining centralization in the Bitcoin space. When Satoshi originally invented Bitcoin, he did not anticipate the excessive mining centralization that has become a dominant force in the Bitcoin space. Due to this, we now have a small group of people that literally control the protocol consensus and their short term interests may be in conflict with the long term interests of other stakeholders, industry, users, etc. We definitely do not want our ecosystem to follow the same failed course and we definitely would have under the pooled ASIC mining paradigm. This is mainly because there are differences in efficiency that a miner can gain depending on where they live, which can give a huge advantage when their higher investment returns are compounded. Efficiencies such as cheaper labor, cheap or free electricity and even withholding newer advanced ASICs for their own mining operations, then selling them after they become less effective. After many iterations of these phenomenon in BTC we have come to a situation where the ones who have access to these advantages effectively control Bitcoin.

After hours of discussions, we believe we have found the solution to the unfair mining advantages that produce centralization around certain jurisdictions that control the production of ASICS. We will be releasing much more information about this soon, but are feverishly working on this project for v12.1. We’re going to be releasing much more information about this in the coming weeks; it’s going to be a giant advantage for the Dash project.
Click to expand...

Really glad to read this.
 
You must log in or register to reply here.
Back
Top