If you do not believe, no amount of facts or evidence will make you believe
The mind doesn’t follow the facts. Facts, as John Adams put it, are stubborn things, but our minds are even more stubborn. Doubt isn’t always resolved in the face of facts for even the most enlightened among us, however credible and convincing those facts might be.
We tend to undervalue evidence that contradicts our beliefs and overvalue evidence that confirms them. We filter out inconvenient truths and arguments on the opposing side. As a result, our opinions solidify, and it becomes increasingly harder to disrupt established patterns of thinking.
We believe in alternative facts if they support our pre-existing beliefs. we interpret the evidence to confirm the accuracy of our initial decision.
There is a huge misunderstanding between economical and technical adobters about this question. But I am sure that giving money to non-crypto company is much better than to crypto when we talk about mining and any coin emission:
Non-crypto company doesn’t rely on profits from crypto and it’s market. That’s why we may have understandable difficulty increased based only on miners’ interest. Nvidia can sell their GPUs to anyone, Bitmain can sell ASICs only to miners. That means that every ASIC they produced will connect to the network earlier or later no matter if there is interest from today’s miners. They can dump the price or move them to their own mining facility.
Fair coin distribution includes no possibility to get high advantage in hardware price. Only hardware manufacturers may get this advantage but nor Nvidia, nor AMD use it.
No doubt on point 1. at all and as i said i’am not sure about it either. But their are some other points as well.
You mentioned the points against it, and these have of course some validity, but there are some others as well.
I have some problems with your point 2. For example Cointed, this mining facility got 125.000 custom made Nvidia GPUs. Can you get these too? Same price as you buy them? While it’s of course less in extend than with Bitmain costs it’s still an unfair advantage versus the private miner at hone.
Reference, original text from announcement: 125,000 custom-made GPUs in collaboration with Nvidia and Zotac that are especially designed for Cointed’s facilities.
Than we have another little issue with Nvidia:
Interesting view by the way and worth reading to the end.
And than we some other points. While none, neither Nvidia nor AMD does anything for Crypto i still think it’s an argument that Bitmain actually is doing something for crypto, be it with funding and sponsoring crypto projects, be it technically, be it with their crypto products. At least they are directly involved with Crypto, whereas Nvida/AMD are not. Additionally all Bitmain products can be paid with Crypto, even if it’s limited to some currencies so far, but still. Just some thoughts.
About fair coin distribution:
I personally have my problems with this term. Especially when it comes to Bitcoin, but with other POW coins as well. How is it fair when for example a miner (no matter Asic/GPU/CPU) at some time in the beginning was able to mine let’s say 100 BTC per week and a miner today begins mining in Africa and getting mostly 0.0000001 BTC per week? How is this fair coin distribution?
How is it fair coin distribution that somone with a good amount of money can invest into lot of hardware while the guy in africa can’t? Not only the initial beginning investment is of importance but this results in a daily advantage as every POW miner is exploiting his hardward to the maximum giving them daily advantage over someone that hasn’t that much funds to invest into mining hardware. Hence why i think that the whole POW mechanism and mostly the so called “fair coin distribution” is totally flawed, no matter if gpu or asic. POS would be way more fair as there are way more technical possibilities to adjust fair distribution.
That’s why i never take the argument of “far coin distribution” as it’s actually one of the most unfair coin distributions after premine.
you missed the point mate. It’s the continous effect that multiplies the outcome.
in your example buying something the proportion would be the same. Guy in USA buys stocks for 100 USD, guy in Africa for USD 10, proportion would be x10 and would stay the same in 10 years. With mining it’s not the same. Hence i call it not fair coin distribution as the more you invest the higher the multiplier over time.
If i am them i would now sell Z9 until it worth something and not buy.
Antminer L3+ for litecoin was with customs 1500$ last summer…it was making 20$ a day…now it makes 10 cents a day…and u can buy used for 100$ but still no one wants it.
BItmain and few others want alow many people to make money …i thing batch 2 people who buy will be burned
This is true, but Litecoin isn’t an innovative coin and it doesn’t have much value imo. The fact that it went up 100x in price in 2017 was more illustrative of how market participants were acting irrationally during the bull run. Dogecoin is another exmple of this. Does anybody actually believe Litecoin or Dogecoin are the coins of the future and that mass adoption is coming? If not, then what value do they have?
This is the biggest headwind that the crypto markets must overcome. Too many sh*tcoins without any purpose other than speculation, which leads to market participants getting burned and possibly turned off crypto altogether.
Zcash miners need to remember that ZEC’s future value likely exceeds its current market price by at least an order of magnitude. So while you might only reach ROI with your ASIC if you sell your mined coins at market prices, you’ll likely profit handsomely during the next crypto bull cycle if you can hold onto your coins until then. People who mine to sell coins immediately are doing it all wrong.
The L3’s from last summer long time ago ROI’ed, even bevor hitting december they have ROID. There is no doubt that it’s a bit more risky with new L3’s but as soon as BTC hits $9.000+ even a L3’s bought today will ROI pretty fast.
But it would be risk investement i personally wouldn’t take anymore. Neither i would buy a GPU now that needs 2+ years to ROI.
Lol, just asked my daughter, my wife and my mother what would be easier to do for them. To buy gpu’s, set up a rig, setup the miner software, find a mining pool, watch everything and whatever or just to buy some coins and put them into a wallet.
Damn, all of them said the later, strange not?
If you realy think that POS is a more extreme version of Asic mining than you have a lot do the next months with so many projects switching to POS.
In my opinion exactly such thinking is braking the whole crypto spreading leaving access only to a minority of miners & investors. No widespread, no mass adoption no nothing possible with such hardcore protectionism thinking. Thx god, daily more and more teams/devs realize that this is going nowhere that way…
Your comparison is pretty misleading. Many people have GPUs that can start mining right away. The average person could learn how to do it in a few minutes. There is also very little risk in this situation, and they don’t need to complete KYC on an exchange.
Proof of stake is a better option when a cryptocurrency has mostly been distributed (ideally with fair proof of work) and the block reward is not large enough to justify the electricity costs of proof of work mining. It is not an option for Zcash right now, which still has 80% of its supply to distribute.
Proof of stake is getting popular because it enriches the people who make cryptocurrencies. For instance, the people who created Ethereum own at least 12% of the coins, and possibly more if they bought into the ICO, which would have cost them nothing. If they want to earn income from Ethereum right now, they’d need to buy hardware and spend money on electricity like everyone else. When they switch to proof of stake, they will suddenly earn millions of dollars a year from their coins.
So the fact that proof of stake is getting more popular doesn’t mean it’s better – it means only that the people with a lot of power in cryptocurrency have strong incentives to support it. An average Joe like you is much better off with GPU-based proof of work mining.
If things are going to be like you say, the only fairly-distributed coin will be Bitcoin and maybe some very old coins. ASICs conquered it before the first halving so that half of it was distributed to individuals and Satoshi(something like dev fee in Zcash)
