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What exactly is ASIC? I thought it was just a bank of graphics cards. How can ethereum be considered ASIC proof?
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Mar 30, 2018 09:38
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It's a chip designed for a specific application. In this case, mining using that algo. They aren't general purpose at all and can be very efficient because of it.
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Mar 30, 2018 09:42
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ASIC just stands for "Application-specific integrated circuit". Basically, a circuit with the necessary mathematical and logic operations for a particular usage(3D graphics, for example. Or bitcoin mining) built as much as possible into the physical hardware, rather than more generic hardware (your computer's CPU, for example) where the complex mathematical and logical operations are done by software breaking the complex stuff into simpler parts to run through the generic hardware. So presumably Ethereum's hash guessing rules were intended to optimize the amount of math and logic that would be easily done by graphics cards, and minimize the benefit provided by bitcoin-centric ASICs, until someone was willing to invest the money in designing an Ethereum-centric ASIC. I think. I'm an idiot but that's my understanding of it, at least. hailthefish fucked around with this message at 09:58 on Mar 30, 2018 |
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Mar 30, 2018 09:50
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Dead Like Rev posted:What if Lockheed Martins attempt to create a cold fusion device were all so they had infinite energy for Crypto? they were beaten by the ICO promoters  the main guy is also a UFO chaser
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Mar 30, 2018 10:30
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lol a literal alchemy project and it's raised closed to 600k there really is no limit to stupidity
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Mar 30, 2018 10:44
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Hey, it says right there that the smart contract will pay out as soon as he transmutes trash into platinum, checkmate, nocoiners!
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Mar 30, 2018 10:46
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ilmucche posted:What exactly is ASIC? I thought it was just a bank of graphics cards. How can ethereum be considered ASIC proof? As mentioned, ASICs are built for a specific purpose. If that purpose is simple, like computing SHA for bitcoin, you can put a lot of processors doing the same in a single circuit, instead of having a lot of generic circuitry that isn't used for the simple guessing process of bitcoin. ASICs are specific to the computation, so each shitcoin in principle needs their own ASIC. You can make it hard to make an efficient ASIC by requiring that the circuitry for one computation is complex. This is typically done by requiring a lot of memory for each computation in a way that cannot be shared. If your computation needs 1024 bytes of memory, you can have a million circuits in an ASIC with one GB of memory. If each computation needs 1 MB of memory, you can only have one thousand. GPUs typically have gigabytes of memory and thousands of cores, so they are hard to beat for computations that require 1 MB (they are memory bounded), but for a simple computation like bitcoin, you are bounded by the number of cores and keep all of those GBs of memory powered for no reason. The reason Ethereum is now getting ASICs is that you don't have to be efficient to win at butts, you just have to be less inefficient than the others (use less electricity per guess), and Ethereum is reaching the point where making ASIC might be profitable now.
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Mar 30, 2018 10:54
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Mar 30, 2018 11:13
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At this point when people are selling "rigs" to mine coins over just using them to mine themselves it's over. Rip. Sell it off.
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Mar 30, 2018 11:27
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numberoneposter posted:At this point when people are selling "rigs" to mine coins over just using them to mine themselves it's over. Who's ready for "only used 3 months" burned out 1080ti's for sale everywhere?
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Mar 30, 2018 11:31
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This ”crash” is just institutional money Prepping the Bull
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Mar 30, 2018 11:52
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who's ready for nvidias stock price to just absolutely crater
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Mar 30, 2018 11:54
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I've been waiting 3 months to buy a graphics card, this poo poo needs to fall faster.
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Mar 30, 2018 11:58
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Buy freddie mac/fannie mae.
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Mar 30, 2018 12:10
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abigserve posted:who's ready for nvidias stock price to just absolutely crater After reading poo poo like this: https://www.cnbc.com/2018/03/29/nvidia-ceo-jensen-huang-cryptocurrency-blockchain-are-here-to-stay.html Yeah, burn that company to the ground.
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Mar 30, 2018 12:12
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someone showed up at the OKEx office threatening to commit suicide by drinking a bottle of insecticide because he had a large margin position liquidated in a flash crash https://www.newsbtc.com/2018/03/30/okex-incident-shows-responsible-trading-importance/ https://twitter.com/8bitandstuff/st...fw_site=newsbtc
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Mar 30, 2018 13:01
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Kobayashi posted:Yeah that’s my biggest beef with bitcoin (or, more accurately, all proof of work variants): By outsourcing “trust” to computers, the energy consumption necessary to secure the network scales to infinity as the value increases. If all these coin assholes had their way, then you’d essentially end up with the combined computing power of the US squaring off against that of China and/or Russia, plus some conglomeratation of rear end in a top hat libertarians, all vying for control of the global economic system. Bitcoin’s success implies a dystopian future. Data 100 zettabytes public ledger Breathable Air 100 km^3 Dyson Sphere Cryptomining 380 yottawatts Laborers 2 million someone who is good at the economy please help me budget this. my planet is dying
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Mar 30, 2018 13:04
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abigserve posted:who's ready for nvidias stock price to just absolutely crater There is so much pent up demand from gamers, only way I could see that happen is a double whammy of miners flooding the used market until Christmas and big shiny automobile names cancelling their partnership with Nvidia. Even then their core markets of gaming and professional/datacenter are too strong.
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Mar 30, 2018 13:23
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 If you ask a true believer though the crash from 20,000$ was just the first sell off and we are in the bear trap headed for $100,000
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Mar 30, 2018 13:27
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Uranium 235 posted:also there's a rumor that a big mining group found a way to make ASICs for mining ethereum, which is supposed to be ASIC-resistant. this has let them massively increase the hash power for ethereum and take a very large share of mining rewards, which they're dumping Wasn't a rumor though, the main asic supplier bit something i cant loving remember confirmed they have a working ASIC prototype for eth and are releasing it this summer~ish. I think they are even doing loving pre-orders. Edit: Bitmain is the name of the outfit. And hilariously the Eth kool-aid drinkers (its like a loving jonestown thing) want to fork off from eth and create eth 2.0 thats "ASIC resistant" until it gets cracked by an ASIC but literally starting over again.
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Mar 30, 2018 13:28
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No, but you see it's fine because the graph is actually forming a classic hyperbolic tea cozy shape. Further, my technical analysis tells me that the price can't help but go up as soon as we find the albino sorceress that's caused this current irregularity.
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Mar 30, 2018 13:39
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someone make this into a loss edit with bitcoin in the last panel tia
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Mar 30, 2018 14:25
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Mar 30, 2018 14:35
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Lol btc is at 6000 ish again Anyone know why??
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Mar 30, 2018 15:30
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Linear progression of time
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Mar 30, 2018 15:31
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AEMINAL posted:Lol btc is at 6000 ish again It's 7000ish.
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Mar 30, 2018 15:33
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I hope it breaks through that previous low and make a new even lower low 
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Mar 30, 2018 15:35
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Waltzing Along posted:It's 7000ish. We always round towards the thread title here.
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Mar 30, 2018 15:35
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divabot posted:they were beaten by the ICO promoters The philosophers stone... but with a blockchain.
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Mar 30, 2018 15:53
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So if it rounds down to 6k, is the thread title appt?
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Mar 30, 2018 16:01
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Sneaky Wombat posted:So if it rounds down to 6k, is the thread title appt? At that point we'll set the title to 4k to further influence the price
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Mar 30, 2018 16:07
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Andy Dufresne posted:At that point we'll set the title to 4k to further influence the price Look, I don't think any of us wants some crazy Bitcoiner to start sending Lowtax death threats or anything because they think the goons are crashing the market. Leave well enough alone, IMO
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Mar 30, 2018 16:20
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AEMINAL posted:Lol btc is at 6000 ish again sometime back in december, CNBC was talking about cryptocurrency every day for a week or two. people where i work (not a place prone to crypto enthusiasts) were talking about crypto. my parents were talking about it. just about everyone who would ever think of buying crypto had already heard about it and bought in, so the supply of new 'investors' was depleted and there wasn't enough new money coming in to keep the prices up. there's also the element of manipulation, which i'm sure had a big role in the price going up so much and so fast. it's likely playing a role on the way down, too. anecdotally, the crypto market has gotten much more difficult to trade profitably in the last month so i'm moving a lot of money out of crypto to use for other things. i know other traders who are doing the same thing--there are much better opportunities in stocks right now. so i think that has something to do with it, too
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Mar 30, 2018 16:25
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Tether was a lot more brazen back then, too.
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Mar 30, 2018 16:26
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Pendent posted:Look, I don't think any of us wants some crazy Bitcoiner to start sending Lowtax death threats or anything because they think the goons are crashing the market. Leave well enough alone, IMO Bitcoin is crashing! Sell! Sell! Sell!
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Mar 30, 2018 16:32
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And here I thought I was making a huge mistake cashing out 1 ETH at 900 to buy stupid poo poo I didn't need. Joke's on you, coinhavers/nocoiners/someone/me.
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Mar 30, 2018 16:33
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Bitcoin is having a monthly sale. Time to buy buy buy! Because that's what you do with things that are on sale. You buy them. Even if they are useless. Can't pass up a good deal.
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Mar 30, 2018 16:33
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I've made this post 3 times and someone else in the thread made it recently as well. It's really very simple math to know why the bitcoin price is dropping. What's harder to understand is why it didn't drop sooner. 12.5 BTC are created ("mined") every 10 minutes on average (more frequently when the miner arms race picks up, but I'm ignoring that). At a price of $7000 that's $12.6 million created every day. The people who are mining must trade those BTC to fiat to cover their costs, and so the only way for demand to equal supply is for $12.6 million of new money to enter the ecosystem every single day. For all the talk you'll hear on crypto or bitcoin forums about a deflationary currency, lol, it might potentially be someday but right now we are printing mad cash. It's only deflationary if 1800 btc private keys are lost per day. We're now more than 3 months past the point where everyone on the planet heard about bitcoin when the price spiked to $20k. Anyone who wanted to buy already did, so why did the price remain relatively stable in the 8-10k range for so long? My guess is that people who want to clean sanctioned currency in exchange for clean "crypto income" currency were happy to pay some portion of that $12.6 million per day as the vig. Here comes Ham Sandwiches to offer an alternative explanation for the price stability.
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Mar 30, 2018 16:40
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And tether.
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Mar 30, 2018 16:46
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Uranium 235 posted:well the answer is probably something along the lines of "the rise to 20k was fueled by speculation, delusion, euphoria, greed, and fear of missing out on sick gainz... but was unsustainable" I don't think the big sell-off has even started yet. Loads of people who bought in December are still holding on to their coins, and desperately trying to convince themselves that it's actually a long-term investment and the current price doesn't matter. As the price keeps dropping more and more people will lose their nerve, and just dump everything. Tether can't possibly keep vacuuming up all the sell orders.
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Mar 30, 2018 16:50
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