Let’s talk about ASIC mining

Actually no, you wrote:
Second planned batch only addedaccept wire transfer .

which left me think that you think only wires are accepted now. Maybe you didn’t wrote it the best way if you had not that in mind and mostly i as well missreaded/missunderstood your real intention here for which i’am sorry if this is the case as i had the impression it’s saying only wire accepted now.

Your wrong. I’m a normal person, I have to wait and pay import fees. But they are available for everyone to buy. I bought two actually. If you live in one of those countries. I feel bad, but you can flee.

I don’t agree:

Off topic

Really bad analogy

Misleading

Off topic

Just lol.

Complete BS.

Again off topic and not constructive at all.

It is a well known fact that in the Peoples Republic of China the Communist Party is “very involved” in all big business in the country. If the communist government of China was interested in “taking down” all mining business they would not try, they would just do it. This is an authoritarian regime, not a democracy. Their record of human rights abuse is well documented. See: World Report 2017: China | Human Rights Watch

For some insight on the relationship between the Chinese government and bitcoin there are sources on the web. Here is a good example:
Good Information here (most relevant part starts 5:30)

Hello moderators, why was the above quote censored? Censoring posts exposing censorship is just lame and shows everyone that you can not stand open dialog. It is SO ironic that the forum for a coin that publicly champions its ability to help people beat censorship censors its own community.

One of the reasons that ASICs worry many of the people in this space is that these specialized machines are almost 100% manufactured in communist China.
The communist government of China manipulates their own fiat currency and many commentators say that they are looking for ways to manipulate cryptocurency for their own agendas. Having large ASIC mining operations run by and supplied by people who at the very least are “influenced” by the government of China is not a good idea - especially when we are talking about a coin that presents itself as a censorship resistant privacy coin.

I couldn’t help but notice that the news article on the video suggesting that BITMAIN is supported by the chinese government and because of that they can use low-cost electricity was written on Nov 10, 2016. And also the video suggesting GoC’s interest in Cryptocurrency was posted on Jun 14, 2017.

I’m not going to say that those articles are old and no longer relevant, but I would say that things might have changed since then. Here’s what I found:

Bitmain Is Moving To Europe But MoonLite Got There First - January 12, 2018

Over the last six months, however, regulatory actions from the Chinese government have forced Bitmain to reconsider its operational approach. Sure, Mongolia is autonomous from central China, but this far from insulates Bitmain from the whims of the Chinese government and, as such, there have long existed rumors that Bitmain will diversify its geographical approach and set up shop somewhere that isn’t as susceptible to government action.

And this week, we got confirmation of these rumors.

The company just announced a brand new arm of its mining operations, a subsidiary, called Bitmain Switzerland that, as its name suggests, is located in Switzerland. Europe has proven incredibly accommodative of cryptocurrency companies both from a regulatory and a local talent pool perspective and when these factors are coupled with the geography, climate and tax aspects of a North Central European location, it looks as though Bitmain has made a smart decision.

Bitmain Recorded $2.3 Billion Turnover Following Cryptocurrency Boom in 2017 - February 6, 2018

Mining in China
One challenge that Bitmain has faced since its inception is government regulation. Much of China’s mainland authorities have banned the usage of cryptocurrency and are now looking to close the application of crypto hardware. That could end up hurting sales for Bitmain’s mining chips. However, the pressure of shutdown has led Bitmain to seek more friendly overseas investment opportunities.

Furthermore, the massive consumption of electricity is also proving to be a hurdle for the hardware manufacturer. The energy consumption needed to mine cryptocurrency is skyrocketing, and this is another red flag for authorities. The bitcoin energy consumption index reveals a much similar characteristic.

From what I understand, China used to have an interest in cryptocurrency and mining business, but now they are literally banning cryptocurrency and their companies are moving to other countries due to strict regulations.

Why would they leave the mainland if they were still on the good terms with their gorverment?

1 Like

China has already opened an order, and an account can be ordered for 100 units.
Everyone can have dozens of accounts waiting for China to become Zcash’s mine overlord again.

I really like how u guys furiously defemd bitmain . Without even realizing they are the only company with the power to destroy crypto . Specially crypto that stick it to bitmain and said fuck u bitmain we are forking . 1 of their equihash miners is = 15 1080ti approx so how are they not to be suspected of a 51 % attack .

1 Like

Idk why the team was claming asic resistant in the frist place. And then zooko be like i never said we were going to be asic resistant . However it was writen in their whitepaper and now zooko is twisting their own words . This is very suspicious from my point of view . Did zooko make a deal with bitmain and he is being quiet about it ?

1 Like

What’s the point with crypto if a company can destroy it?

They dont need to destroy all of it just the ones who are trying to stick it to them . As soon as the equihash asic miner was announced btg said we are forking . Now 2 weeks later when bitmain can make a batch big enought boom a 51 % attack on btg . Suspicious !

1 Like

Zooko i dont like ur thinking on BTC and BCH they are asic minable they are ok . First of all no one knows who is the creator of BTC for all we know he could be dead by now or be the one that created bitmain . In your ZCash whitepaper it was writen that the algo would be asic resistant and now all of a sudden you say aaa guys dont twist my words i never said we were gonna be asic resistant . No you and your whole team did in the whitepaper . Thats called false advertising just FYI.

4 Likes

It is very simple guys… Zcash sold out to bitmain…

They do not give a crap about decentralization any longer and do not care about the community that has supported Zcash since their inception…

It’s really that simple… They do not care…

Of course the Asic guys are going to boost the price to try and pacify and turn some of us on to Asics…

This is a sad sad day for Zcash though… never thought i’d see the day honestly…

So now we have ONE company making Asics, probably the greediest company in the entire crypto space…

Zcash could fix this in 2 seconds, change the algo… and keep changing it every 6 months…

Asic’s do not save any power at all - the market will get saturated with Asic’s to the exact same level we see right now with GPU’s…

Way to go Zcash, you just made Bitmain billions and billions and destroyed any confidence i had in your project…

You’re awesome!

8 Likes

It’s quite legitimate to point out the potential conflict of interest of founders’ reward recipients in any decision that could lead to a chain split. In the interests of accuracy, however, the potential gain is determined by the total price of the split coins, relative to the price as it would have been without a split. This is likely less than double if previous chain split events (e.g. ETH/ETC and BTC/BCH) are indicative, although every chain split is somewhat different. It also applies to ZEC holders in general, not only founders’ reward recipients. (It is correct that some founders’ reward recipients are significant holders of ZEC, and that founders’ reward recipients would receive coins on both chains after the split, subject to any subsequent consensus rule change affecting this.)

Note that in general, I am flat-out opposed to chain splits except in the direst of circumstances. I have found @zooko’s conduciveness to them to be alarming, ever since the “friendly fork” blog post which I expressed significant internal opposition to. I believe that chain splits are generally harmful to the community of a coin for many reasons:

  • They split the development and user communities, duplicating effort and fostering unnecessary conflict.
  • They increase the overall maintenance overhead (preparation for upgrades, mitigation of attacks, etc.)
  • They split mining power, weakening both sides of the fork against 51% attacks.
  • They distort the market in the short term, creating an artificial price hike as people attempt to obtain coins immediately before the split in order to have them duplicated.
  • They require users to perform extra work to redeem their coins on both forks (or else lose some of the value of their stake), which is a severe usability cost.
  • They’re particularly harmful to privacy-oriented coins because they split the anonymity set.

I do not think that @zooko’s position on chain splits has fully taken into account these drawbacks, and I am absolutely opposed to any intentional action to split Zcash between ongoing “ASIC-accepting” and “ASIC-resisting” forks. (Technically, any upgrade is a split, but the whole point of our strategy for network upgrades, as implemented in Overwinter and associated policy decisions, is to make the non-upgraded branch of the block chain economically irrelevant.)

[Disclosure of interest: I am a founders’ reward recipient and ZEC holder.]

20 Likes

Daira , you are a true hero .
And more than 90% of the community supports you

3 Likes

Thanks for throwing in there @daira.

While I understand the importance of not pulling core team members away from development work, it’s refreshing to hear any input from ZecashCo that doesn’t inflame the community.

I know answering your question regarding Flypool is only incentivizing further off-topic discussion so i will try and keep this simple and specific as to why it does not belong here.

  1. The existence of ASICs does not cause a pool to go over 51%.
  2. The a pool going over 51% is not dependent on ASICs.

Neither of these topics are causal to each other, purely correlative.These are both issues that need to be addressed but they are separate issues that are not dependent upon each other to exist.

1 Like

Why didn’t you formulate it reverse?

  • The existence of Asics on equihash caused flypool going below 51%
  • The pool that went below 51% is not dependent on Asics
  • The pool that made that happen is an Asic pool

Sound more right to me and fits as a side note perfectly into the topic.
As it countains 2 of the main reasons of this topic “asic and mining”. No idea why you think that a mining pool and the asics on exactly this mining pool should not be part of this discussion?!

A warning to many of you: Stop being jerks to each other. Emotions run high, I understand that, but it is against our CoC for you to insult each other or impugn each other’s motives.

If your posts are repeatedly flagged for needless combativeness, you will be banned. ProwdClown was way over the line, so take that as an example of how NOT to conduct yourself.

If you want to discuss moderation policy, here is a separate thread for it: Moderator Discussion - Adherence to the Code of Conduct

11 Likes