What's the difference between an ASIC and an FPGA? Which ...

ProgPoW resources

Informational

May 2, 2018 EIPs/eip-1057.md at master · ethereum/EIPs · GitHub
May 3, 2018 ProgPOW/README.md at master · ifdefelse/ProgPOW · GitHub
May 3, 2018 EIP-ProgPoW: a Programmatic Proof-of-Work - EIPs - Fellowship of Ethereum Magicians
May 29, 2018 The Problem with Proof of Work - K. L. Minehan - Medium
October 25, 2018 Understanding ProgPoW - IfDefElse - Medium
Nov 17, 2018 progpow-wiki/ProgPoW.md at master · MariusVanDerWijden/progpow-wiki · GitHub
December 10, 2018 ProgPoW - A Programmatic Proof of Work by Kristy-Leigh Minehan (Devcon4) - YouTube
January 10, 2019 ProgPoW FAQ - IfDefElse - Medium
January 14, 2019 What GPU miners may not know about ProgPoW - Andrea Lanfranchi - Medium
January 17, 2019 ProgPoW: Progress Update #1 - IfDefElse - Medium
February 14, 2019 Council of Denver - HackMD
February 17, 2019 The Miners Benchmark ProgPoW - Theodor Ghannam - Medium
February 21, 2019 Ethereum ProgPoW Explained - Crypto Mining Blog
March 18, 2019 13 Questions about Ethereum’s Movement to ProgPow by Jon Stevens - Medium
March 20, 2019 Skeptical about #ProgPoW? I am too! - Bryant Eisenbach - Medium
March 27, 2019 Comprehensive ProgPoW Benchmark by Theodor Ghannam - Medium
March 28, 2019 My stance on Progpow by Martin Holst Swende
March 30, 2019 The Cost of ASIC Design - IfDefElse - Medium
April 12, 2019 Ethereum ProgPoW Update - Crypto Mining Blog
September 23, 2019 In Defense of ProgPow : ethereum
February 4, 2020 Antminer E3 Stops Mining Ethereum Classic, Just Over a Month Remaining for Ethereum - Crypto Mining Blog

Ethereum Magicians

August 2, 2108 Final Request From the GPU Mining Community - EIPs - Fellowship of Ethereum Magicians
August 26, 2018 EIP-1355: Ethash 1a - EIPs - Fellowship of Ethereum Magicians
September 3, 2108 What has to be done to get ProgPoW on Ethereum - EIPs - Fellowship of Ethereum Magicians
January 1, 2019 Guidelines for ProgPow Hardware Developers - Primordial Soup - Fellowship of Ethereum Magicians
February 2, 2019 On the progpow audit - Action Item - Fellowship of Ethereum Magicians
March 3, 2019 My technical take on ProgPow’s weakest link - EIPs - Fellowship of Ethereum Magicians
March 4, 2019 Governance concerns after listening to ~all ProgPow discussions on Core Dev calls - Process Improvement - Fellowship of Ethereum Magicians
March 29, 2019 Motion to NOT include ProgPow without audit - EIPs - Fellowship of Ethereum Magicians
March 30, 2109 ProgPoW - A Compilation of Reference Material - Core EIPs - Fellowship of Ethereum Magicians
May 23, 2019 ProgPoW Audit Delay Issue - EIPs - Fellowship of Ethereum Magicians
July 8, 2019 Ensuring ETH 1.x’s Success Without Disenfranchising The Community - Ethereum 1.x Ring - Fellowship of Ethereum Magicians
August 8, 2019 EIP-centric forking - Process Improvement - Fellowship of Ethereum Magicians

YouTube

October 8, 2018 Cardano Rust Project | Petro Public Sale | ProgPow | WSJ Attacks Shapeshift (October 2nd, 2018) - YouTube
October 23 2018 Ethereum Mining News | FPGA’s Mining | ProgPoW LIKELY | Profitability | Hard Fork Delayed 2019 - YouTube
December 13, 2018 Why ProgPoW is BAD for Ethereum - YouTube
December 19, 2018 Bitcoin Rallies Towards 4k - Why? Ethereum Launches ProgPoW GPU Mining Testnet | New HD Minable Coin - YouTube
January 4, 2019 Ethereum moving to PROGPOW! What’s it mean for Miners? - YouTube
January 4, 2019 Ethereum ProgPoW CONFIRMED! - YouTube
January 5, 2019 Mining on the ProgPoW Gangnam Ethereum Testnet! - YouTube
January 6, 2019 6 x Asus RX 570 4GB ProgPoW Gangnam Ethereum Testnet TEST! - YouTube
January 7, 2019 ProgPOW Explained - A Brave New World for Ethereum Miners? - YouTube
January 20, 2019 CES2019 - North American Bitcoin Conference - GRIN / BEAM - PROGPOW and more! - YouTube
January 23, 2019 Ethereum to ZERO? Eth Chain Split. ProgPow & ETC 51 % Attack. GPU vs ASIC Miners. - YouTube
January 29, 2019 Nick Johnson: Future of the Ethereum Name Service and thoughts on ProgPOW - YouTube
February 19, 2019 Ethereum Hard Fork Soon? ProgPoW Voting? - YouTube
February 20, 2019 ProgPoW Merged Into Parity Ethereum | ETHNews Brief - YouTube
February 25, 2019 How does R7 370, R9 380,380x,390 and more perform on PROGPOW and other Cryptocurrencies in 2019? - YouTube
March 7, 2019 PROGPOW Explained in under 4 min. & why it matters to GPU Miners - YouTube
March 19, 2019 What is BBT doing with PROGPOW, Why all of the testing? - YouTube
March 25, 2019 eVGA RTX 2080Ti FTW3 11GB DDR6 Cryptocurrency Performance Test PROGPOW ETH RVN BEAM GRIN29 GRIN31 - YouTube
March 29, 2019 Ethereum & ProgPoW… What Is Going On? - YouTube
May 2, 2019 Ethereum ProgPow Audit Has Been Funded & Approved - YouTube
July 5, 2019 Mining News! Monero RandomX | Ethereum ProgPoW 2019 Update | Grin Embraces ASIC miners | Zel Zelhash - YouTube
July 24, 2019 Ethereum ProgPoW AUDIT Is Finally Getting Started… - YouTube
September 13, 2019 Ethereum ProgPoW Algorithm Audits Finalized - YouTube
September 24, 2019 An Argument Against ProgPoW a Day - Part 1 - YouTube
October 4, 2019 82 - Defending ProgPoW with Kristy-Leigh Minehan - YouTube
October 10, 2019 #36 - Kristy-Leigh of ProgPow discusses the EIP, Satoshi, Code Contributions, and Crypto Mining 2020 - YouTube
November 24, 2019 Ethereum Classic REJECTS ProgPoW… - YouTube
December 16, 2019 Ethereum ProgPoW Implementation Is STILL Coming Right? - YouTube
December 26, 2019 Panel: Least Authority’s ProgPoW Audit (Devcon5) - YouTube

Podcasts

April 11, 2019 https://podcasts.apple.com/us/podcast/blockchannel/id1307284590?i=1000434669782
September 10, 2019 https://podcasts.apple.com/us/podcast/ethhub-weekly-recap-78-ethboston-compound-drama-eth2/id1443920565?i=1000449269536
September 25, 2019 https://podcasts.apple.com/us/podcast/ethhub-weekly-recap-80-progpow-discussion-doj-extortion/id1443920565?i=1000451214746
October 4, 2019 https://podcasts.apple.com/us/podcast/82-defending-progpow-with-kristy-leigh-minehan/id1436674724?i=1000452312677

Official Updates

May 18, 2019 Dev Call #38 - May 18, 2018
August 24, 2018 Dev Call #45 - August 24, 2018
September 28, 2018 Dev Call #47 - September 28, 2018
January 4, 2019 Dev Call #52 - January 4, 2019
January 18, 2019 Dev Call#53 - January 18, 2019
February 1, 2019 Dev Call #54 - February 1, 2019
February 11, 2019 Ethereum Cat Herders Update#1 : EthereumCatHerders
March 15, 2019 Dev Call #57 - March 15, 2019
May 24, 2019 Dev Call #62 - May 24, 2019
July 18, 2019 Dev Call #65 - July 18, 2019
September 10, 2019 ProgPoW Audits Released - Ethereum Cat Herders - Medium
September 6, 2019 Dev Call #70 - September 6, 2019
November 1, 2019 Dev Call #74 - November 1, 2019
December 13, 2019 Dev Call #77 - December 13, 2019
January 24, 2019 Dev Call #79 - January 24, 2020
February 21, 2020 Dev Call#81 - February 21, 2020

News Articles

January 4, 2019 Ethereum Core Devs to Move Forward With ASIC-Resistant PoW Algorithm
January 5, 2019 Ethereum (ETH) Developers Plan to Implement ASIC-Resistant Proof of Work Mining Algorithm
January 7, 2019 BREAKING: Ethereum Classic (ETC) Hit With 51 Percent Attack A Week Before Ethereum (ETH) Constantinople Hard Fork – Crypto.IQ | Bitcoin and Investment News from Inside Experts You Can Trust
January 8, 2019 ETH Dev Suggests Moving to ‘ASIC-Friendly Algorithm’ After ProgPoW Decision
January 8, 2019 Ethereum Miner Linzhi Calls Out Project Coders for Proposed ASIC Ban - CoinDesk
January 8, 2019 Ethereum (ETH) Core Developers Propose an ASIC Resistant Upgrade - Ethereum World News
January 9, 2019 Ethereum Classic (ETC) 51% attack proof that shitcoins have no hope of succeeding? | CaptainAltcoin
January 9, 2019 What’s ProgPoW? Meet the hot new debate in the Ethereum community | finder.com.au
January 18, 2019 Ethereum Core Devs Constantinople Meeting to Be Held on Jan 18
February 1, 2019 Ethereum Core Dev Call #54: Waiting for ProgPoW - The Block
February 3, 2019 Will Ethereum Adopt ‘ProgPoW,’ the ASIC-Resistant Mining Algorithm? | CryptoSlate
February 4, 2019 Is Ethereum Going to be Adopting ASIC-Resistant ‘ProgPow’ as a Mining Algorithm?
February 15, 2019 Ethereum Core Dev Call #55: ProgPoW audits and Vitalik’s Phase 2 updates - The Block
February 15, 2019 Recompensas por minería en Ethereum llegan a mínimo histórico | CriptoNoticias
February 28, 2019 Coinhive dice adiós a la minería web por caída del mercado | CriptoNoticias
March 6, 2019 Ethereum Core Dev Meeting : ProgPow Implementation Receives More Than 50 Percent Votes from Miners - CryptoNewsZ
March 7, 2019 The ASIC Resistant Mining Campaign from Ethereum Miners Is Just Getting Started
March 12, 2019 Ethereum’s ProgPoW Proposal: An Expensive Game of Whack-a-Mole - CoinDesk
March 12, 2019 Ethereum’s ProgPoW Mining Change to Be Considered for Istanbul Upgrade - CoinDesk
March 14, 2019 As ProgPoW Aimed at Stopping ASIC Mining Gets Supporting Votes, New Conspiracies and Debates Appear
March 15, 2019 Ethereum’s ProgPow Mining Change Approved Again, But Timeline Unclear - CoinDesk
March 17, 2019 Ethereum Devs Once Again Approve ASIC-Resistant Algorithm ProgPoW
March 18, 2019 Ethereum (ETH) to Be ASIC-Resistant, No Date Set However - Cryptovest
March 27, 2019 Aumentan desacuerdos en Ethereum por decisión de avanzar con ProgPoW | CriptoNoticias
March 29, 2019 Bitmain Co-founder, Jihan Wu: ASIC Miners Makes a Blockchain Network More Decentralized - Coindoo
April 8, 2019 A Fight Over Specialized Chips Threatens an Ethereum Split | WIRED
April 26, 2019 Funding Approved for Audit of Ethereum’s ProgPoW Mining Proposal - CoinDesk
April 28, 2019 Ethereum Core Devs: Funding for ProgPoW 3rd-Party Audit Approved
April 20, 2019 Ethereum’s Recent Decline in Hashrate ‘Not Surprising’: Cyber Threat Expert Explains | CryptoGlobe
June 14, 2019 Proposed Ethereum Istanbul Hard Fork Combed With A Fine Tooth at Cat Herders Meeting
July 13, 2019 ¿Qué es ProgPoW? La propuesta de algoritmo contra mineros ASIC en Ethereum | CriptoNoticias
August 17, 2019 Ethereum: ProgPow will be activated on the mainnet next year as a part of Istanbul 2 - AMBCrypto
August 18, 2019 Ethereum’s ProgPoW To Be Released The First Quarter Of 2020 | UseTheBitcoin
August 19, 2019 Ethereum to Switch to ProgPoW Mining Algorithm in Upcoming Istanbul Hard Fork
September 8, 2019 Ethereum: ProgPoW high level design goals are reasonable towards achieving its intended economic effect - AMBCrypto
September 11, 2019 Chinese Firm Linzhi Set To Mass Produce Ethereum and ETC ASIC Miners As Tests Go Live
September 18, 2019 Ethereum ProgPOW author uninvited from ETC Summit due to Craig Wright association | CryptoSlate
September 19, 2019 Ethereum reveals launch dates for testing Istanbul - Decrypt
September 19, 2019 Hashing Out: ProgPoW Debate Kicks Up in Ethereum Community Again
September 19, 2019 ETC Summit Invitees List Has No Space for Kristy Minehan
September 22, 2019 Ethereum ProgPoW upgrade causing chain split more likely to be from the user side instead of the miner side - AMBCrypto
September 23, 2019 ProgPow advocate uninvited to Ethereum Classic Summit over links to Craig Wright
September 24, 2019 ProgPoW backer steps down from controversial role - Decrypt
September 25, 2019 ProgPOW author steps down as Core Scientific CTO, vows to implement algorithm on Ethereum | CryptoSlate
September 25, 2019 Ethereum ProgPoW proponent Kristy-Leigh Minehan steps down citing perceived conflict of interest - AMBCrypto
September 25, 2019 Core Scientific CTO Steps Down To Push Through Ethereum ProgPOW
September 25, 2019 ProgPoW author Kristy-Leigh Minehan resigns as CTO of Core Scientific | Cryptopolitan
September 26, 2019 New Ethereum ASIC dominates GPU mining performance | CryptoSlate
September 26, 2019 New Ethereum ASIC Fuels Discord Among Ethereum Community
September 28, 2019 The (alleged) plot against the Ethereum network - Decrypt
October 9, 2019 ProgPoW, the Algorithm Dividing the Ethereum Community: a GPU Manufacturer Ploy? - Ethereum World News
October 9, 2019 Ethereum Hard Fork Is Coming — Here’s What You Need to Know About ‘Istanbul’ – BeInCrypto October 27, 2019 Ethereum ProgPoW’s raison d’etre: To be or not to be - AMBCrypto
November 4, 2019 Aragon Opposes Change to Ethereum’s Mining Algorithm Before 2.0 Version
November 7, 2019 Aragon community against Ethereum ProgPOW
November 8, 2019 Ethereum Istanbul Hard Fork Release Date Confirmed By Core Developer
November 16, 2019 Ethereum ProgPoW audit contributors on Gitcoin to be refunded in full - AMBCrypto
November 26, 2019 Ethereum’s Buterin: PoW algorithms offering medium-level ASIC resistance can be created - AMBCrypto
December 17, 2019 Ethereum devs move ProgPoW into ‘Eligible for Inclusion’ list - AMBCrypto
January 1, 2020 [Is the ASIC Resistance dream closer to reality, despite claims of it being a myth? - AMBCrypto](https://eng.ambcrypto.com/is-the-asic-resistance-dream-closer-to-reality-despite-claims-of-it-being-a-myth/
submitted by greerso to ethereum [link] [comments]

Technical Cryptonight Discussion: What about low-latency RAM (RLDRAM 3, QDR-IV, or HMC) + ASICs?

The Cryptonight algorithm is described as ASIC resistant, in particular because of one feature:
A megabyte of internal memory is almost unacceptable for the modern ASICs. 
EDIT: Each instance of Cryptonight requires 2MB of RAM. Therefore, any Cryptonight multi-processor is required to have 2MB per instance. Since CPUs are incredibly well loaded with RAM (ie: 32MB L3 on Threadripper, 16 L3 on Ryzen, and plenty of L2+L3 on Skylake Servers), it seems unlikely that ASICs would be able to compete well vs CPUs.
In fact, a large number of people seem to be incredibly confident in Cryptonight's ASIC resistance. And indeed, anyone who knows how standard DDR4 works knows that DDR4 is unacceptable for Cryptonight. GDDR5 similarly doesn't look like a very good technology for Cryptonight, focusing on high-bandwidth instead of latency.
Which suggests only an ASIC RAM would be able to handle the 2MB that Cryptonight uses. Solid argument, but it seems to be missing a critical point of analysis from my eyes.
What about "exotic" RAM, like RLDRAM3 ?? Or even QDR-IV?

QDR-IV SRAM

QDR-IV SRAM is absurdly expensive. However, its a good example of "exotic RAM" that is available on the marketplace. I'm focusing on it however because QDR-IV is really simple to describe.
QDR-IV costs roughly $290 for 16Mbit x 18 bits. It is true Static-RAM. 18-bits are for 8-bits per byte + 1 parity bit, because QDR-IV is usually designed for high-speed routers.
QDR-IV has none of the speed or latency issues with DDR4 RAM. There are no "banks", there are no "refreshes", there are no "obliterate the data as you load into sense amplifiers". There's no "auto-charge" as you load the data from the sense-amps back into the capacitors.
Anything that could have caused latency issues is gone. QDR-IV is about as fast as you can get latency-wise. Every clock cycle, you specify an address, and QDR-IV will generate a response every clock cycle. In fact, QDR means "quad data rate" as the SRAM generates 2-reads and 2-writes per clock cycle. There is a slight amount of latency: 8-clock cycles for reads (7.5nanoseconds), and 5-clock cycles for writes (4.6nanoseconds). For those keeping track at home: AMD Zen's L3 cache has a latency of 40 clocks: aka 10nanoseconds at 4GHz
Basically, QDR-IV BEATS the L3 latency of modern CPUs. And we haven't even begun to talk software or ASIC optimizations yet.

CPU inefficiencies for Cryptonight

Now, if that weren't bad enough... CPUs have a few problems with the Cryptonight algorithm.
  1. AMD Zen and Intel Skylake CPUs transfer from L3 -> L2 -> L1 cache. Each of these transfers are in 64-byte chunks. Cryptonight only uses 16 of these bytes. This means that 75% of L3 cache bandwidth is wasted on 48-bytes that would never be used per inner-loop of Cryptonight. An ASIC would transfer only 16-bytes at a time, instantly increasing the RAM's speed by 4-fold.
  2. AES-NI instructions on Ryzen / Threadripper can only be done one-per-core. This means a 16-core Threadripper can at most perform 16 AES encryptions per clock tick. An ASIC can perform as many as you'd like, up to the speed of the RAM.
  3. CPUs waste a ton of energy: there's L1 and L2 caches which do NOTHING in Cryptonight. There are floating-point units, memory controllers, and more. An ASIC which strips things out to only the bare necessities (basically: AES for Cryptonight core) would be way more power efficient, even at ancient 65nm or 90nm designs.

Ideal RAM access pattern

For all yall who are used to DDR4, here's a special trick with QDR-IV or RLDRAM. You can pipeline accesses in QDR-IV or RLDRAM. What does this mean?
First, it should be noted that Cryptonight has the following RAM access pattern:
QDR-IV and RLDRAM3 still have latency involved. Assuming 8-clocks of latency, the naive access pattern would be:
  1. Read
  2. Stall
  3. Stall
  4. Stall
  5. Stall
  6. Stall
  7. Stall
  8. Stall
  9. Stall
  10. Write
  11. Stall
  12. Stall
  13. Stall
  14. Stall
  15. Stall
  16. Stall
  17. Stall
  18. Stall
  19. Read #2
  20. Stall
  21. Stall
  22. Stall
  23. Stall
  24. Stall
  25. Stall
  26. Stall
  27. Stall
  28. Write #2
  29. Stall
  30. Stall
  31. Stall
  32. Stall
  33. Stall
  34. Stall
  35. Stall
  36. Stall
This isn't very efficient: the RAM sits around waiting. Even with "latency reduced" RAM, you can see that the RAM still isn't doing very much. In fact, this is why people thought Cryptonight was safe against ASICs.
But what if we instead ran four instances in parallel? That way, there is always data flowing.
  1. Cryptonight #1 Read
  2. Cryptonight #2 Read
  3. Cryptonight #3 Read
  4. Cryptonight #4 Read
  5. Stall
  6. Stall
  7. Stall
  8. Stall
  9. Stall
  10. Cryptonight #1 Write
  11. Cryptonight #2 Write
  12. Cryptonight #3 Write
  13. Cryptonight #4 Write
  14. Stall
  15. Stall
  16. Stall
  17. Stall
  18. Stall
  19. Cryptonight #1 Read #2
  20. Cryptonight #2 Read #2
  21. Cryptonight #3 Read #2
  22. Cryptonight #4 Read #2
  23. Stall
  24. Stall
  25. Stall
  26. Stall
  27. Stall
  28. Cryptonight #1 Write #2
  29. Cryptonight #2 Write #2
  30. Cryptonight #3 Write #2
  31. Cryptonight #4 Write #2
  32. Stall
  33. Stall
  34. Stall
  35. Stall
  36. Stall
Notice: we're doing 4x the Cryptonight in the same amount of time. Now imagine if the stalls were COMPLETELY gone. DDR4 CANNOT do this. And that's why most people thought ASICs were impossible for Cryptonight.
Unfortunately, RLDRAM3 and QDR-IV can accomplish this kind of pipelining. In fact, that's what they were designed for.

RLDRAM3

As good as QDR-IV RAM is, its way too expensive. RLDRAM3 is almost as fast, but is way more complicated to use and describe. Due to the lower cost of RLDRAM3 however, I'd assume any ASIC for CryptoNight would use RLDRAM3 instead of the simpler QDR-IV. RLDRAM3 32Mbit x36 bits costs $180 at quantities == 1, and would support up to 64-Parallel Cryptonight instances (In contrast, a $800 AMD 1950x Threadripper supports 16 at the best).
Such a design would basically operate at the maximum speed of RLDRAM3. In the case of x36-bit bus and 2133MT/s, we're talking about 2133 / (Burst Length4 x 4 read/writes x 524288 inner loop) == 254 Full Cryptonight Hashes per Second.
254 Hashes per second sounds low, and it is. But we're talking about literally a two-chip design here. 1-chip for RAM, 1-chip for the ASIC/AES stuff. Such a design would consume no more than 5 Watts.
If you were to replicate the ~5W design 60-times, you'd get 15240 Hash/second at 300 Watts.

RLDRAM2

Depending on cost calculations, going cheaper and "making more" might be a better idea. RLDRAM2 is widely available at only $32 per chip at 800 MT/s.
Such a design would theoretically support 800 / 4x4x524288 == 95 Cryptonight Hashes per second.
The scary part: The RLDRAM2 chip there only uses 1W of power. Together, you get 5 Watts again as a reasonable power-estimate. x60 would be 5700 Hashes/second at 300 Watts.
Here's Micron's whitepaper on RLDRAM2: https://www.micron.com/~/media/documents/products/technical-note/dram/tn4902.pdf . RLDRAM3 is the same but denser, faster, and more power efficient.

Hybrid Cube Memory

Hybrid Cube Memory is "stacked RAM" designed for low latency. As far as I can tell, Hybrid Cube memory allows an insane amount of parallelism and pipelining. It'd be the future of an ASIC Cryptonight design. The existence of Hybrid Cube Memory is more about "Generation 2" or later. In effect, it demonstrates that future designs can be lower-power and give higher-speed.

Realistic ASIC Sketch: RLDRAM3 + Parallel Processing

The overall board design would be the ASIC, which would be a simple pipelined AES ASIC that talks with RLDRAM3 ($180) or RLDRAM2 ($30).
Its hard for me to estimate an ASIC's cost without the right tools or design. But a multi-project wafer like MOSIS offers "cheap" access to 14nm and 22nm nodes. Rumor is that this is roughly $100k per run for ~40 dies, suitable for research-and-development. Mass production would require further investments, but mass production at the ~65nm node is rumored to be in the single-digit $$millions or maybe even just 6-figures or so.
So realistically speaking: it'd take ~$10 Million investment + a talented engineer (or team of engineers) who are familiar with RLDRAM3, PCIe 3.0, ASIC design, AES, and Cryptonight to build an ASIC.

TL;DR:

submitted by dragontamer5788 to Monero [link] [comments]

12 Reasons to Invest in Primecoin

‎1- Primecoin‬ is the First non Hash-Cash PoW Crypto-Currency.
2- Naturally Scarce
3- Very fast confirmations - 1min/block
4- Elastic supply
5- Primecoin is sustainable
6- Primecoin is currently the “fairest” coin to mine
7- Primecoin can introduce new participants to the new digital economy
8- Proof-of-work cryptos will gradually transition toward energy-multiuse, ie providing both security & technological computing values. And Primecoin is the pioneer in this realm.
9- Primecoin has anti-centralization features
10- Primecoin captures the Wasted Energy of Bitcoin's Algorithm - The mining is actually useful
11- Primecoin has direct by-products
12- Primecoin has been developed by Sunny King, one of the most talented crypto-technologists of the rank of Satoshi Nakamoto
submitted by crypto_coiner to primecoin [link] [comments]

Scam Scale Rating, auditing proposal

_trendspotter at /goodcoin brought up an evaluation we can use to at least measure, rate, or review cryptocurrency based on how good they are. Here at scamcoin I think we should come up the evaluation on how BAD these guys are, just the opposite of his scale. I suggest you should use this guide also as a reference when you are looking to INVEST in a cryptocurrency.
If you guys have suggestions/ideas feel free to bring it up. It is no way being objective but at least we can try. Power to the people.
The problem I still trying to sort out is to weight some features properly:
Anyway, the proposal
Scammy Scale Rating with simple Yes or No:
1) NOT de-centralize & Not open source 2) No open-source at the release 3) "Public offering" period where one has to pay to mine early 4) No fair launch announcement, unreasonable pre-mine and/or any insta-mine 5) Extremely low starting difficulty 6) No adoption among merchants/vendors/region/country. 7) No trading at big exchanges (e.g. not on BTC-e) 8) Not offer any new feature. Clonecoins or Litecoin forking 9) Bad developer supports, lack of community or forum 10) Releasing bad software that impedes certain users from using/mining the coin. Or "faulty" start, "nodes" problem 11) Slow transaction or confirmation time 12) Short block time when mining 13) Inflated to billion of shares/coins or unreasonable supplies 14) Pseudo mumbo jumbo descriptions of the cryptocurrency 15) Poor official website, hastily done 16) No anonymity support (no Zerocoin implementation) 17) Weak security, vulnerable to 51% attack (No POS or Proof of Stake) 18) Aggressive marketing campaign, hijacking forums and threads, tons of giveaways and faucets 19) Bloat future blockchain, e.g. 2GB-60-100GB wallet you have to update even though your wallet has 2 ABC coin. 20) Weak to ASIC,GPU,FPGA miners, BotNet, or does not give everyone at least a fair chance to mine
21) Reversible transaction -- Not sure if I should leave this out
22) Low mining profitability (vs mining Bitcoin)
23) Designed to be inflationary nature
24) No interest rate of earning coin per year
25) No Multi-hashing algorithms
26) Recent release
27) Pump and dump announcements (Twitter, Facebook, subreddits or forums) associated with said cryptocurrency
28) "Rebooting" the coin, or "coin makeover" to make it fair mining/distribution again
29) Shady developers' history and/or shady major fund backers' history/intention
30) No trendsetter or no noise around the web. Use Google Trend as a way to monitor buzzes.
Example:http://www.google.com/trends/explore#q=quark%20coin%2C%20bitcoin&cmpt=q 31) Not much liquidity and being dependent. How dependent of that alt-coin to that of Bitcoin? Meaning, if Bitcoin goes down 20% in value, will it also dip 20% or more?
32) Unknown or less coins' volume/share percentage jumped through the roof while other known coins have modest or small gain. Example: SexCoin jumped 1200% in a single day while Bitcoin gained 3.8%
33) "Pay first, deliver product [Bitcoin 2.0] later" - essentially investors are convinced they have to pay first in USD/bitcoin because they are promised by the developers/company to have an "EARLY START" or "EARLY SHARES" or "PRE-SHARES" on the best next-generation "Bitcoin 2.0" coin that will make Bitcoin obsolete and will be the next biggest thing in the universe. Except for the part where "the biggest thing in the universe" is nowhere to be seen.
34) Interoperability
35) Purely Proof-of-Stake (POS) coins
We then can further breakdown and give weigh point to each feature and start ranking them.
For example:
CrappyCoin : 10 yes, 15 No. A simple solution is each Yes = 1 point and each No = 0 point. However, subjectively some features should be weight more than others. I should point how to merchant adoption and trading/buy/sell at big exchanges, multi-hashing and fair mining for everyone should be scored higher. It goes hand-in-hand with its release date.
Feel free to discuss.
submitted by etparle to scamcoin [link] [comments]

I believe it's considered a scam when...

If there was a slot machine at a casino that promised "99% payout" and when it was audited it was determined it only paid 98%, and the casino had set it like that on purpose, would you consider that a scam?
If you were led to believe a new business venture you were going into with a partner had a 20% chance of you making 10x your money, and an 80% chance of losing all your money, and your business partner had a 20% chance of losing all their money and an 80% chance of making 2.5x their money, and it turned out your business partner had knowingly reversed the odds, would you consider that a scam?
I believe most people would generally consider all of these scenarios a scam.
If a party offering an opportunity knowingly misrepresents the risk and/or reward, they are scamming you.
So.. is butterfly labs a "scam"? Even if they ship ASICs in the next few days/weeks/months?
I say: Absolutely.
Since last June they have been offering this value proposition to potential customers: give us your money now, and within a relatively short time you will receive a device that will pay for itself in two months and continue generating immense returns.
They been aggressively pushing (banner ads everywhere, the booth at CES) their investment opportunity (nobody buys an FPGA/ASIC for any reason other than to make money), and they market it as relatively low risk with a relatively high reward.
In reality though, it's been a very HIGH risk investment (due to the opportunity cost of tying up your bitcoins for approaching one year), and low reward (due to them not being first to market and the zero-sum game mining is in general).
But perhaps they acted in good faith, and simply bit off more than they could chew.
I would say that's not very likely. Let's compare them to Avalon.
Avalon took a limited number of pre-orders, just enough to get the funding necessary to get the first batch made. He did no real advertising and worked hard to get the machines actually made and started shipping before he accepted preorders for another, slightly larger batch.
BFL on the other hand has poured a ton of the money they got from taking unlimited pre-orders into advertising, so that they could get even MORE pre-orders.. estimates are that they've now literally taken tens of thousands of them... tens of millions of dollars worth!
When they finally do ship, and I believe they will eventually, those who ordered will find themselves with a machine that uses more electricity than promised, mines fewer coins than promised, started mining coins later than promised, and cost orders of magnitude (due to spending bitcoins when they were ~$10 vs ~$100) more than promised.
Scam!
submitted by zhoujianfu to Bitcoin [link] [comments]

FPGA Mining

A FPGA opensource miner has just been released running at 80Mhps but at a cost of $585. The efficiency is stated below quoted from a post in the thread.
At 80 MHps, I will need at least 3 of these to achieve a single 5830 hashrate. That is $595.-x 3 = $1785.- at full price, vs. $190.- for the 5830.
Giving the 5830 is consuming $11.- a month in electricity, and assuming this board will consume zero electricity, it will take more than 145 months, or 12 years to recover the investment, always comparing to a 5830.
BUT:
In this thread, someone mentioned he is doing 210Mhash/sec after some optimization but he will cease public posting of his development.
Apologies but no more development information will be posted. I've been offered a 25% share from someone that owns 2 FPGA clusters. If you haven't seen that type of hardware before think a 156 FPGAs per machine.
From those posts what we can understand is that the factors that affect FPGA now are high procurement cost, low running cost and ease of scalability . What this means is that with the increasing total hash rate of the network (30Ghash/day last difficultly adjustment) the question becomes when would the difficulty render GPU inefficient in contrast to running cost?
Remember to take into account FPGAs are usually run in clusters and even though it would not be beneficial to buy one outright, those who have access to FPGA are the first movers and eventual dominant forces of the mining market.
Of course, in the end, ASIC is where it's at. Anyone? =D
Edit: read more stuff, added info.
submitted by Coz131 to Bitcoin [link] [comments]

Attention all cryptocurrency aficionados, we have a problem. Stop trading, and read this, then resume. Seriously, stop.

Go ahead, click on the handle and see that I just made it a couple of hours ago. It's ok, I don't blame you, the validity of opinions totally depend on time stamps. Like, I don't need to stay anonymous right?
There is a major communications gap between the technical, developer side, and the two groups who can actually take Bitcoin to established places: the investors, and the masses. I'm from a family of investors, and I also have a thing for technical stuff, which is why I'm spelling this out down for whomever doesn't seem to see the big problem.
Just like the majority of the population doesn't understand what a block or class is, I have a feeling lots of people on our side don't really understand what goes through the average person's on a daily basis.
While the people leading the march towards cryptocurrencies, Bitcoin in particular, are extremely able and intelligent, they have one big flaw: they're not talented business people. These are the same people that mark most low level questions on stack exchange as "unproductive", and 'off topic', and close them, even though those questions end up being the first result of a Google search. You might think that they know better. No, they don't. As harsh as it may sound, they are the Wozniaks who don't care about profitability, and they are adamant to believe that the pure beauty of their coin's technology will save the day. The other day I was speaking with a miner, and I expressed my concerns about Ripple. He asked whether or not it was open source, I said no. He immediately said, "Well then, it won't go anywhere, it's not open source, it's shit". This is a perfect example of the lack of foresight and flexibility which is at the heart of what will be BTC's downfall. It's time to realize that Bitcoin needs a Jobs, or it'll join the likes of Netscape and AskJeeves.
Bitcoin will be killed because of a lack of marketing, narrow sighted supporters, and the clout of altcoins curtailing it.
Look at my concerns about Ripple, a corporation claiming to be a decentralized cryptocurrency p2p network. Ripple has recently gained popularity, partly due to nice, Apple-esque publicity stunts, lots of shills (please, blogs on Forbes, could you be more obvious), and a website I actually feel inclined to browse. Decentralized is a buzzword for ripple, and nobody reads the second line, where they mention that to them, decentralization means having bases in multiple locations. Also surprising is the fact that they have completely severed themselves from their ties to Mt.Gox. Sure, way to gain my trust. They're holding on to half of the XRP to dole out? Thank you, but I do not need welfare.
Another nice example is Litecoin. Two months ago, I read about Litecoin, and the fact that the founder was brother to the CEO of BTC China. Speaking with a friend, I foresaw the rise of Ltc, and surprise surprise, the Lee brothers have played a nice game: http://video.cnbc.com/gallery/?play=1&video=3000219884. A single Reddit post as to why the owner of a BTC exchange refuses to take LTC, and the price drops. Amazing what a name drop and some Reddit posts can do, no?
Smart investors look for stability, and uniqueness. What will make the next big thing stand out, and will it be worth my money. Can it be easily used and understood by the masses, without making them feel dumb (iPhone vs Android, MacOS, Windows vs Linux, OpenOffice vs Microsoft Office, standard vs automatic). Sure there will be adopters of the opensource, I myself prefer standard to automatic any day, but I as a single person, don't matter, the masses, who can make 1 person a millionaire with the purchase of a .99c app, matter.
If I, the investor, see a new altcoin coming out by the hour, with a supposed new unique "specialness", not only will I feel that the main contender, Bitcoin, is lacking and not a stable and secure investment, but I'll also doubt the validity of the rest of the cryptocurrency world all together. Think about it like this, to th real investors, Sumerian and C# look awfully similar, and they need the comprehensible English words to reassure me. Go to yahoo.com, what do you see? For them, mining happens underground where you send canaries. They do not understand hashes, they don't understand ASIC, SHA-266, FPGA, and you'll be lucky if they can tell you what a CPU does. Frankly, they shouldn't, it's not their job.
Bitcoin's success depends on institutionalized money investing into the network, giving it validity, and making it an established form of currency. The more altcoins there are, the more institutions will shy away from investing: Why would they? They don't talk code, they talk money, and this one break in communication is enough to dump cryptocurrencies down the drain. Those comparing BTC to gold: there isn't a Gold 2.0, 3.0, 4.0, coming out every other day. Gold is valuable because it's unique. Altcoins destroy that uniqueness for BTC. No, Richard Branson saying he likes BTC is not enough, and no, a store in Timbuktu accepting BTC, while very comforting, will not take this anywhere. You need major players for the long term.
I want BTC to do well and become established, not because of personal investment, but because I am truly sick and tired of the big people in governments and the F500s determining everything that has to do with our lives, be it ripping us off with trade agreements that should be constitutional referendums, tax hikes on our hard earned money, or what is good or not for me to consume and put into my body.
Unfortunately, it seems like we as a society aren't ready for it yet, and seem to prefer the "pump and dump" method to altruistic sacrifices for the greater good of cryptocurrency. I don't blame anyone, we're only human, but I do hope I'm wrong.
TL;DR: Bitcoin will be destroyed by altcoins due to lack of marketing to the masses (it doesn't look sexy, ok!), and the diffusion of capital. Altcoins will go nowhere because institutionalized investment and public interest will fall due to instability. This will cause the drop of value in all cryptocurrencies, and investors will lose millions. Altcoin creators: Stop diluting the market to make a name for yourselves, start working on BTC to make it a name for everyone. Altcoin buyers: 0.5 gram of gold is worth more than 1 gram of silver. Just because you don't own one entire BTC, it doesn't make you less cool.
submitted by 2ltcornot2 to Bitcoin [link] [comments]

BTCPRO - Programs to help you captitalize on the rise of bitcoins.

[img]http://i.imgur.com/yWtOU1j.png[/img]
The following talks about the programs that we offer here at BTCPRO. Please read the following before installing our products just to make sure that they are for you. All of our products are free for non commercial use. If you have any questions about our products please feel free to send us a message here or with our contact us form on our website. http://btcdailytrader.com Updates: Trading Program v1.4 - Increased price refresh rate for 20% faster trades v1.3 - Added several more exchanges to supported list Prediction Program v1.1 - Now supports Altcoins Secure Wallet v1.9 - Added in Authy and Google Auth security Poll: What new feature would you like to have in our products? Trading program Ability to have it running on multiple exchanges 6 Votes Prediction Program SMS alerts when price drop or rise occurs 10 Votes Secure Wallet Mobile App 18 Votes BTCPRO Mining Chart of mining cost Vs profit 3 Vote MAKE YOUR CHOICE HEARD! TO JOIN IN ON THE POLL USE THE 'CONTACT US' PART OF OUR SITE! Our Products: 1. Prediction Program While working on our trade program we realized we could also make a prediction program using the same code. The bot takes many things into account to know when there will be a increase of decrease in cost of bitcoins and other cryptocurrency. We made this a stand alone program because we believe that some people do not trust a program to trade their valuable cryptocurrency for them and they want to do it themselves. With this program you could see a estimated prediction of 24 hours,15 days and 30 days. 2. Trading Program Our first program id like to talk about is our trading bot program. My colleague and I have spent 12 months working on this and we believe now it is almost perfect. The bot knows the right time to buy and sell bitcoins as it not only watches market cost increase and decrease but also buy and sell volume of bitcoins. In easier terms this trading program can sell before a crash is major increase is about to happening getting you on or off this bitcoin train ride. 3. Secure Wallet Our newest program we decided to make was a bitcoin wallet. This wallet has many features and we would like to see it become one of the most secure bitcoin wallets. With this you could create multiple passwords and encryption options available to secure your bitcoins. A pocket mode so you can keep bitcoins separate along with auto anonymizer for your bitcoins. If you need to send bitcoins secretly we also support stealth mode to keep your addresses private. 4. BTCPRO Mining Program This is not just a mining software for bitcoin but also for any Scrypt, X11 and X13 coins. Our mining software auto configures any GPU, ASIC, and FPGA miners. We also support custom parameters for more advanced miners that want to fine tune their mining. We tested this mining software on several GPUS and ACIS and seen a improvement of anywhere between 3-5% increase in hashrate. This small percent might not seem like a lot but if your someone that mines with a very high hashrate this small percent will definitely help your hashrate. Copyright © 2014 BTCPRO 
submitted by Paula114 to Bitcoin [link] [comments]

I Am Unplugging My Bitcoin Miners & You Should Too  ASIC ... FPGA Miner for Cryptocurrency Mining: Why Use FPGA for Mining? FPGA vs GPU vs ASIC Explained Dash Coin Mining - Asic Miner Comparison 10Gh/s 0xBitcoin Mining on FPGA The Outlook on Cryptocurrency Mining - GPU vs ASIC vs FPGA ...

FPGA vs ASIC visual comparison. FPGA vs ASIC Cost Analysis. As per Rajeev Jayaraman from Xilinx[1], the ASIC vs FPGA cost analysis graph looks like above. The cost and unit values have been omitted from the chart since they differ with process technology used and with time. FPGA vs ASIC Mining. By admin on April 20, 2017 in. ... FPGA stands for Field-Programmable Gate Array. In the bitcoin world, these devices were quite popular among miners once GPU mining became far too competitive. To offset the investment costs and electricity draw, a cheaper solution had to be created. ... I co-founded LargeCoin, Inc., and we really are developing an ASIC for Bitcoin mining. As earlier replies pointed out, the unit cost of ASICs is far lower than FPGAs once you get beyond a few hundred units. The up-front cost of ASIC production varies widely depending on the process you use. Main Difference Between FPGA and ASIC Mining. During the last years, the bitcoin mining ecosystem has been experiencing important changes. At the beginning, it was possible to mine bitcoin with a CPU processor, but later, it was possible to do it with GPUs. The bitcoin mining ecosystem has undergone some massive changes over the past eight years. During the initial stage of bitcoin mining, using a computer’s processor was more than sufficient. FPGA vs ASIC Mining

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I Am Unplugging My Bitcoin Miners & You Should Too ASIC ...

The Outlook on Cryptocurrency Mining - GPU vs ASIC vs FPGA - Duration: 19:57. VoskCoin 31,837 views. ... But how does bitcoin actually work? - Duration: 26:21. 3Blue1Brown 3,731,815 views. VoskCoin livestream on the Outlook on Cryptocurrency Mining - GPU vs ASIC vs FPGA with Q&A. Text version of todays video - http://bit.ly/2LaZA5R -- The lands... BitCoin Mining FPGA Card - Duration: ... 4:06. The Outlook on Cryptocurrency Mining - GPU vs ASIC vs FPGA - Duration: 19:57. VoskCoin 31,788 views. 19:57. FPGA ... Bitcoin Mining with FPGAs ... The Outlook on Cryptocurrency Mining - GPU vs ASIC vs FPGA - Duration: 19:57. VoskCoin 31,038 views. 19:57. Why mine with an FPGA 2018 - Duration: 9:33. Erik Szewczyk 28,219 views. Is it worth it to mine Bitcoin? Aside from the altruistic act of securing the BTC network via Proof-of-Work PoW, Bitcoin mining doesn't make cents or sense n...

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