Let’s talk about ASIC mining


#5402

I simply love it when people say things, give absolutely no proof to back up their absurd claims which can easily be refuted.
It’s been awhile since I have been in school but I am 100% sure that 400k is more than 109k

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#5403

The problem with volume is that a majority comes from Bithumb on ZEC/KRW with around ~40% and Lbank with another ~40%, compared to Binance <1% for example.

This is more than suspect, at least to me …

I could be wrong but especially Bithumb looks like totally faked when looking on some other trading pairs as well:
BTG, 99% volume there
Omisego, 94% volume there
Dash, 48% volume there
Monero, 85% volume there

compared to the volume share on these pairs on Bithum:
BTC/KRW: 0.1%
ETH/KRW: 0.2%

In my opinion Bithumb fakes some currencies to get volume itself. At least for me it looks like that. Same goes mostly for Lbank, even no idea what exchange that is, lol.

Edit: I compared a bit further and looked into the stats of some other exchanges as well.
On Binance, Bittrex, Kraken, Bitfinex and some others the top volume currencies are all the top 5 coins, BTC, XRP, ETH, BCH, just logical.

Now compare this to Bithumb:
ZEC/KRW: $112,835,151
BTC/KRW: $5,575,781

BTG/KRW: $434,882,033
BTC/KRW: $5,575,781


#5404

there is no need to explain something to a man who can not understand difference between organic volume and fake one.


#5405

Maybe, maybe not, sometimes when some real facts, arguments, numbers are presented people change their mind. It’s human not to be perfect and not knowing everything. On first view, if you don’t dig deeper into the volume it really looks good.

But when you dig deeper and compare it gets obvious that something isn’t right there. Even worse for BTG, if these 99% on Bithumb are faked that coin is literally worthless without any volume at all…


#5406

The statement above “zcash has so little volume on exchanges… since june it was slowly dropping. thanks for asic, zooko”

Please show me where and how the volume is down all because of ASIC’s. Show this man the difference between organic and fake volume caused by ASIC’s.

I am open to looking at real facts that proves this statement


#5407

Well here is a chart for active Zcash adressses.See the sharp drop after ASICS appear on the network.


#5408

Thank you for sharing this, and this is interesting and can generate a lot of conversation and speculation; however (to me) this does not show or prove that ASIC’s are the reason why volume on exchanges are down per the post above.

You could speculate that people were jumping on the bandwagon, mining and selling while things were doing very well. It also (to me) shows that during its high there were alot of people mining Zcash but as the price of Zcash dropped (like the rest of the market) people either stopped or moved to something else.

btw ETH addresses over its lifetime.


#5409

With Ethereum you can see the peak is reached in January, and then its all down from there. However its around March that Ethereum ASICS also started selling. They didnt have as much advantage over GPU’s as Equihash ASICS tho.

Also Zcash decrease in active addresses didnt start in January, it reached its peak in May.

What you say is also true, bull market gets more people involved, but what Zcash did is drive away 84% of the community with decision not to fork, and this was after Bear market started in January.It didnt start to decrease until May.


#5411

So what’s going on with Bitmain and Zcash these days. First they dropped the mini, which was expected with the bigger version being out. But I was asked earlier today why the Z9 wasn’t showing up, actually NO equihash miners are showing up on their site now (the listing is there, but no miners show up). They go and drop equihash like a hot potato to focus on their 7NM S15 Bitcoin miners??


#5412

Chip shortage, has nothing to do with Zcash community


#5413

They are busy making war over Bitcoin Cash.


#5414

That’s kind of ironic. Not so long ago it was being touted ASIC was the solution to the scarcity of GPUs during the big bull rush…now, in a severe pull back bear market ASICs are scarce due to the same chip scarcity issues?? Should be drowning in chips at this point with GPU sales bottoming out. The longer this plays out the less of a solution the coming of ASIC to the space seems to be. I wonder where all the memory chips have disappeared to this time…guess it wasn’t caused by miners.


#5415

Crazy article, crazy people, but a good overview what mining pools are able to do in case they decide just to do so. Serously, reading this article i have a feeling that no POW alt coin can be called secure now …


#5416

Its clear to everyone by now that ASICS are not the solution, but people who invested money are sure to defend their investment even tho what they are making now is peanut money, its hard to let go.

Zcash had 86% (since May this year) of its user base reduced when it became ASIC coin, and this has affected the price as well, but bear market in general has brought down profits.

HODLers want Proof of Stake mining, as it would make direct investment best way to keep value of the coin plus some other benefits like speed of transaction and resistance to attack vectors.

@zooko promised a change that will come at much later date, and wont satisfy anyone really. It is clear what should have been done in May, but its hard to make a decision now.

For me Zcash has superior technology to Bitcoin, but 20% that goes to foundation and developers is something that bothers a lot of people. Coinbase add is sure to get some money flowing towards Zcash, but as I read in previous posts, Bakkt is looking for more coins to list other than Bitcoin, and If we could get added there, that would be ideal.


#5417

Mmmm…no
20 character


#5418

i bet if zcash would brick asics - we’d see much less inflation.

i bet much more people would participate.

network, price would be much more stable.


#5419

It might help but the reality is all Alt coins are pinned against BTC which means BTC goes up, Zcash goes up in relation to it…and the same for “down”. As long as the exchanges/trading sites keep it this way none of the altcoins can truly effect their own value.


#5420

Inflation would stay the same, only thing that would change is distribution. It would go to a lot bigger number of people. More people would mine, and more people would buy.

As @Moordrik said alts are tied to BTC $ price but not to this BTC exchange ration. I remember back in April 2017 Zcash was 0.1 BTC.


#5421

i think inflation would be much less.

asic miners have to cashout much more than gpu miners.

there are now whole facilities who mine zcash only because they were offered by supplier z9, not because they’re dedicated ZCASH long term investors. Complete opposite. Just money right here right now.


#5422

By Inflation I mean number of new coins that is mined every day and it would stay the same. But the number of coins that goes straight on sale would maybe change, but you dont call that inflation, you call that sell pressure.