Wednesday 18 June 2014

Why ASIC's are not bad for Litecoin

Everybody seems to think ASIC's are a bad thing for Litecoin, when in fact it is quite the opposite. As we witness many small scrypt coins threatened with 51% attacks as scrypt miners come online, it demonstrates the need to have a distributed and significant hashrate. What I'm suggesting is that the network is more secure because of the hash power delivered by these mining devices. There is not a coin on the market today that can claim to be ASIC proof (excluding pure PoS coins). Any coin that garners any significant market share will be ripe for ASIC development. What is Security worth to you? This is why mining is so important. I find the concept of hybrid Pow/Pos coins very attractive (Snuggles Peercoin). Myriadcoin provides multiple algorithms that can be used.

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