How many of you have already purchased an ASIC or are planning to?

To answer the basic question: I haven’t decided, but probably no.

A core mechanism of mining with POW is its competitive nature. I see ASICs as simply a dimension of competition. There has always been some investment requirement to get into the game and compete. The necessity to buy ASIC equipment is simply an extension of this requirement and a natural, perhaps unavoidable evolution of the process. It is unfortunate that the ASIC supplier has a current monopoly but that is to be expected in the early days of any market. One might say that the limited set of GPU suppliers has been an oligopoly. One mitigating factor is that the algorithm for difficulty adjustment prevents the introduction of ASICs from instantly obliterating the system, and to be fair, Bitmain is selling ASICs to all takers. That they are restricting sales in a way that distributes availability is an indication that they do not want the market for Zcash to collapse. But that’s logical: Why kill the golden goose? It’s unfortunate that they will have enormous power for the near future, but not unprecedented in financial markets.

That stated, uncertainty is detrimental to the market for any asset. This is reflected in option pricing models, for example. Speculators will buy risk from hedgers. So it is disturbing that early assurances that Zcash would remain ASIC resistant seem to be unreliable. This should be cause for serious introspection for those responsible for the determining the path forward. Stop dithering and reinforce the foundation. What will be?

Like we tell the uninitiated and the unwashed: Don’t invest (in equipment) what you can’t afford to lose. This is not a child’s game. But, Zooko, et al, your reputations are on the line.

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