So ASICs can be used to attack a network…
…perhaps it wasn’t someone renting GPUs from NiceHash, but actually Equihash ASICs that were used to attack Zencash and Bitcoin Gold.
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From the official Bitcoin Gold statement regarding Bittrex delisting, September 1, 2018:
As a reminder, in May malicious parties used rented power from NiceHash to perform 51% attacks which they used to attack exchanges with double-spends
The attackers rented massive hashpower through the NiceHash rental market (perhaps aided by their own mining pools and/or ASICs)
As you quoted above “perhaps aided by their own mining pools and/or ASICs”.
We’ll probably never know what really happened.
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@bitcartel I disagree with the characterization that Bitmain 51% attacked BTG or Zencash because there aren’t any facts to back it up. Further, why decrease your customer base?
I get the anti-Bitmain sentiment, but let’s not venture off into conspiracy theories here.
Just think of how many things that happen in this world. But no one had the facts to back it up. But still those things actually happen!
Hold on a second… it’s Bitmain themselves who are tweeting and venturing off into conspiracy theories!
Accusing a publicly listed Japanese company, SBI (ticker TYO: 8473) of conspiring to launch an attack on Bitcoin Cash…
Accusing Jack Liao of Bitcoin Gold of conspiring to attack his own coin and Bitcoin Cash…
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Bitmain would never dare to 51% a coin to create new coins. That’s what I’m referring to specifically. There is no proof that they would and saying that they would is a mischaracterization.
As for the other stuff Jihan is tweeting, I think he means that nChain is planning to use their hashrate to control the future of BCH protocol changes. This is the ‘attack’ he is talking about.
There is a difference between actual 51% attacks that steal coins and not-actual attacks where hashrate is used to control forking or not forking in a certain direction.
I categorically distrust information that is meant to persuade people without solid facts backing it up and I’ve seen a lot of it against Bitmain since the ASIC debate started. This seems like a clear move to get people to distrust and dislike Bitmain/Jihan regardless of what is actually true or not. I disagree with what they’ve done with KYC and other things, but we can’t deny that miners created a demand for hashpower via ASICs and Bitmain satisfied that demand as any other business would.
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Look back at zec on antpool hashrate. Rally are U so sure … Or hippy-dippy?
Zcash/Monero price chart last 30 days.
Everyone off you so call ASIC lovers are just chasing ROI on your ASIC devices.
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That could be because ASIC miners are getting coins cheaply and selling them off. Price per coin mined is much cheaper than it was with GPU’s. That will last for another few months then it should stabilize and go back up.
I’d prefer having miners chasing ROI than black hats HODL’ing coins mined through malware and dumping it all at once whenever they are comfortable.
Since ASIC, ZEC spent from mined blocks has decreased and currently 60% of all mined coins are not being spent.
An ASIC miner, would need to spend less than 10% of mined coins to cover expenses.
A GPU miner wouldn’t even be able to cover eletric cost at this point.
Take a look at exchanges order books and you’ll notice the amount’s that are being traded. Miners have little to no influence in zcashs price. Mined coins < 1% amount of coins traded everyday.
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Enjoy it while you can, Soon there will be 1400W+ ASIC monsters doing MegaHashs, no energy will be saved at that point, the difficulty will just go up and same number of coins will be mined.
In theroy for the current parameters of Equihash, ASICs can get upto a Potential efficiency gain over GPUs of ~ 100X. The ~150mb of state is large but possible on an ASIC. The binning, sorting, and comparing of bit strings could be implemented on an ASIC at extremely high speed.
the z9 versions were most likely 10-20x prototypes. Im sure they already have much better money printing machines if they are selling the current ones. Why would you sell a money printing machine unless you can get more then it prints by selling it?
Zcash is lucky there has been other more profitable Equihash coins that have spread the ASICs around. If more Equihash coins would of forked, I think the difficulty would of gone much higher and faster. Look at how fast ZenCash difficulty has blown up. GPUs took a year and half to build it up and secure the network, and then they are pushed out in less then 90 days. (Another ASIC resistant only till they create one coins)
Thinking the same here and totally agree on this one. The hashrate is currently spreaded over several coins on equihash. Every change at one of these other coins will shift more hashrate towards ZEC, just logical.
logical to see how asics take control over equihash.
logical that difficulty increases.
logical that price goes down, great volume of coins being sold and it is increasing.
fun to see how people with one or two z9 minis trying to compete…
Hehe lets see how fast z9 mini will become irrelevant 
@boxalex have not posted in a while still here, hows that ASIC embrace going? (XMR US$112.87 ZEC US$118.87) as of 13/9/2018 and falling as predicted US$ 50 by start of next year as ZEC issue rate is high and all issues with coins that embrace ASIC…seems the Monero developers are in it for the long run unlike @zooko
@zooko can still save coin if you are smart announce a immediate fork to take effect late this year to a new PoW like (GitHub - ifdefelse/ProgPOW: A Programmatic Proof-of-Work for Ethash. Forked from https://github.com/ethereum-mining/ethminer); this will breath life into the project sapling is not going to do anything at this early stage in crypto currencies.
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If it was JUST Zcash that has crashed out, then your discussion that ASIC mining is the cause of this would have a valid point. ALL coins are down, this is a market issue, and nothing to do with ASIC’s. All coins at this time are tied to BTC.
BTW if Zcash is at 50.00 by the end of the year it will be because Bitcoin is valued at 2500.00 to 3200.00 AND NOTHING TO DO WITH ASIC MINING!
ETH (38% loss over 30 day high)
BCH (32% loss over 30 day high)
XMR (19% loss over 30 day high)
Zcash (27% loss over 30 day high)
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The price differential between ZCash and Monero is at the lowest; a couple of months ago it was at about US$ 100 now less than US$ 10 so you argument for just recent data is not valid look at the price movements from when this thread was started, which is early July till now; why won’t you ASIC people see reason, I am giving @zooko and ZcashCo team an out, there is no way Zcash survives long term being an ASCI coin and the trend lines are clear.
But BTC bounced 200$ today, they are full of hopium
so you don’t care at all about Zcash, for you it is just a way to make money, you won’t use it to pay something instead of fiat. otherwise ASIC shouldn’t hurt anyone. I am mining and I bought some Zcash.
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