Bitcoin and maybe Zcash are undervalued. Everything else is 10x+ overvalued. Come back to this tweet 3 years from now.
every PoW algorithm is susceptible to ASIC / specialized hardware creation.
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Well we agree on that. Nothing is ASIC proof however the Cryptonight coins cleared showed the ability to stay ahead of ASIC centralization and there are new algos getting created that with make ASICs development very difficult such as x16r.
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Agreed but changing the algorithm every 6 months while you wait for greater commoditization is unsustainable.
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Altering the algo is less work than retaping out a new ASIC. That is the point. They are forcing the ASICs to risk syncing money into developing hardware that may be bricked before it comes to makert.
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This reduces total hashpower and security of the system. Coins secured by GPUs would be much more susceptible to attacks like we seen with recent 21-block deep Monero reorgs. I believe ASICs should be embraced.
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If the market was healthy but it is not and Bitmain has shown numerous times that they are willing to abuse their monopoly for economic. If competition improve, possible entries from Intel or Samung , we may reach a place where the open market functions as it should.
End of conversation
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