Ok let’s keep this honest shall we? It hasn’t been 2.5 years, The mainnet was launched October 26th 2016. The coin itself isn’t even 2 years old. The ASIC rumor was first heard in January 2017, and everybody believed it to be vaporware (the rumored company wasn’t even Bitmain). We didn’t confirm it existed until a few months ago. So it hasn’t been 2.5 years of stalling, it’s been a few months. They aren’t even stalling. They have essentially said no they aren’t interested, at least not for the foreseeable future. Even if they did they have already said the absolutely earliest they would consider it is April 2019.
Don’t get me wrong, I’m one of the louder voices against ASIC invasion of Zcash. I see no good ever coming from it. However, you are doing exactly the same thing I constantly go after the Pro ASIC folks for. Making claims without a shred of fact to back them up. You can “feel” and “believe” whatever you like, but you can’t make comments like this in a public forum without a shred of evidence to back up the claim. This isn’t a mud slinging contest, and you have to be able to substantiate any claims you make. If you thumb through the comments you will see tons of links, charts, historical articles backing up MANY of the posts on here. That’s how it’s done here.
Today Bitmain earns at least 1076 USD of premium on E3 and their ROI for E3 is at least 2.4 times less than their customers’. Imagine how much premium there is in Z9, Z9 mini and in Inno’s miner. In general purpose hardware market we pay for development of better harware for anyone. Here Bitmain, Innosilicon etc ask us to pay for their arms race. without any profit for society. Money that were intended to be spread over community goes to them(however they don’t accept Zcash only BTC,LTC,BCH,USD). That’s why people like me offer making their life harder by forking and algo development. They should be limited in their possibilities just to ensure everyone’s equality in access to mining hardware and coins.
P.S PoS doesn’t ensure everyone’s equality in access to coins cause it makes people go on exchange with fiat
That is one of the down sides of PoS, the minimums tend to be cost prohibitive for a lot of folks as the number of coins required to stake prices them out. I’ve seen talk of staking pools which would be akin to mining pools, but I haven’t seen very much so far in the way of legitimate staking pools (AKA a Flypool, Nano, etc). That avenue would be very risky at the moment in my opinion. I don’t see PoS as the solution to a ASIC/GPU centralization issue. I do however see it as the natural progression when mining reaches the end state where most of the coins are mined, and the reward has dwindled down to a state where mining isn’t sustainable for the network any longer.
Your thinking here is plain wrong in my opinion when you bring in here fiat and exchanges.
I doubt every miner bought his hardware with Zcash or BTC, you all bought it with just plain FIAT currencies.
Nobody can convince me that it’s more easier to buy and setup a rig of 6 than buying a stake of USD 100 or even USD 1.000 on a given crypto currency. NO way this can hold true.
Actually thinking more about it, it’s even a pro POS argument what you wrote because:
no need to buy hardware with fiat.
no need to pay high electricity bills with fiat
no need to pay for software with fiat
no need to pay anything with fiat expect once for a stake.
There is no single argument that POS doesn’t give more people access to crypto than mining.
It all depends on how much stake you’ll need. Say Eth. they mention you would need at lease 32 coins. At just on the marketcap eth is $462.39 and at 32 that’s $14,796.48 the stake if you have to pay in fiat to get eth. If you already mined it then it’s a lot different. So if someone only can afford say 1 rig of 6 gpu’s that will take a very long time. To me POS is one sided for the one’s that have big farms. Or a lot of money. So it’s not really fair. Am I wrong?
Coin 9 , USD 160 stake, reward predicted to be in 700 days, no idea how much, not really of interest
Coin 10, USD, new, coin switched from POW to POW/POS yesterday, USD 300 minimum stake. Rewards up to how long the coins are locked, minimum 1 month, maximum 3 years, Witness POS POW2 hybrid, no idea yet about the rewards, but looks promising.
My honest results from about 1 month POS testing, more to come as i try to setup more of course.
I try these to find out how the different POS systems work, how the rewards are, minimum stakes to get rewards and just to see if it works and if it’s profitable.
So far i wold say that i’am with 75%+ more than happy, some just don’t work out as you can see in my small review above. But as you see, no big investments are needed, obviously. Have in mind that mine are just test setups with smaller amounts just to check them.
Personally i NEVER would use a staking pool, just never ever. That’s mega ultra high risk, no need for it.
But what i could think about it is that group pools could be setuped eventually. A group of friends, a school class, a working group, a family, just some people could get together and setup a POS account/wallet.
In the case of ETH i agree with you, no doubt about it. Personally i think they either have to tweak and lower it further to make their POS wider spread or if they do not than my fear is that they would like to have only indeed bigger investors/businesses involved in their POS stystem.
I have bought nothing for mining. I’ve only mined on what I’ve already had before(which I surely bought with fiat but not for mining). Later I’ve bought some staff on newegg with BTC I’ve got on exchange from ZEC. No fiat except electricity, which I think is essencial to ensure coins are not made from air.
You’ve written fiat stake sizes, which is completely wrong when we talk about PoS and masternodes. Wait till getting profit that can cover fees on converting back to fiat and recalculate. More reward - less profit as I’ve discovered looking on masternode coins and it’s price charts.
Every daily amd hourly paid reward looks like a scam without original blockchain inplementation: reward transactions should take too much space there.
ETH-like model with 1500ETH–>32ETH will be the only working PoS technically. Mining should create blocks and consensus, not just giving away some coins.
Just because YOU use only what you had and eventually you did buy some things with BTC i doubt the majority did so. Nobody can convince me that the 10 of millions gpu sold 2017/2018 are bought with crypto. They are bought with FIAT, doesn’t make even sense to go deeper here, it’s just like that.
I wrote the fiat stake sizes so the average joe gets an idea and i don’t advertise a given coin/token. And i don’t do masternodes, i even avoid them, so i can’t talk about masternodes, but only the POS i test.
If you suggest that every daily/hourly/ paid reward is a scam, than let me know what proof you have that Komodo, NEO, for example are scams, just to mention 2.
Totally disagree with ETH the only working POS. You forget even hybrid ones POS/POW or notarious POS and many other different systems. And just because POS is in the beginning doesn’t mean it doesn’t get through 100 different evolutions. And while you think that only ETH will be a working POS, i doubt the devs of about 50%+ of all tokens/coins agree with you or they wouldn’t switch daily to POS, invent and experiment with new POS systems. Time will show. You have a different view on POS and on Asics, so do i. In the end time will show who has better predicted and has a better forcast on what’s coming next.
P.S.: Blocks are generated with POS and there is consensus, it’s not just give away coins. Seems that is another gpu miner protection myth…
Mate, you wrote that from a miner point of view who NEEDS to reconvert to pay for electricity or new hardware. As a POS holder this shouldn’t even be an issue as the goal shouldn’t be to go back to fiat but to stay in crypto as no side costs like electricity are involved. You have 0 maintain cost that would force someone to cash bask into fiat. Just another big plus of POS.
I know that newegg takes btc, last year I bought 75 gpu’s use btc from newegg. And I am just one of many that have bought gpu’s with crypto.
Now from what I read in POS there still is mining involved so there still will be electricity bills.
The PoS is a deterministic concept that simply states that an individual is only able to mine or validate new blocks equivalent to the number of coins they possess in their staking account.
Yep, true, there is block creation, validiation and consensus happening, just on a different way.
I will test maybe tomorrow how much electricity it is, but my guess is below 1W.
Right now my PC uses btw. 3-7% CPU. Working on the PC: 12 staking wallets, teamview, viber, razer, awesome miner, outlock email, 49x open browser. Pretty sure if we break that down it should be in the 1W range, not?
1 watt that doesn’t sound right. My pc sitting while I am typing use about 160 watts. 1 browser with 4 tabs open. And Corsair link open to tell me that the power supply is putting out 160 watts. Oh and watching a movie.
KW/h with VAT 20% is currently ~0.14/0.15 USD where i live and pay of course. I write off the VAT 20% as i run my biz as a company. <100 asics and up to day only 2 rigs of 6 with 1080ti only left as i sold them nearly all by now.
You’ve heard of Bits Be Trippin’ ? He posted a video of his farm that they just finished. 2500 gpu’s and he does have 1 Asic a E3 that he is going to tear down. His farm cost over $1,200,000.00 US Dollars. One big power bill.
no, should i? In generally i avoid all kind of videos to keep my mind/brain more clear, lol. What’s the reference or how is it related to our conversation?