I'm very skeptical of NXT, be cautious with that coin. It's still closed source too. Supposedly they are releasing the code on Jan 3, I'll wait till then to decide whether to invest.
Looks like NXT has a massive following despite its being new, and it promises advanced features that bitcoin can't offer. I wonder if it will kill bitcoin/litecoin/all the other alt-coins the same way that Facebook killed Friendster/Myspace/all the other social networks. NXT's mining is weird... I guess they call it "forging" and even the crappiest CPU does as well as the most expensive CPU. GPUs aren't even needed. This makes NXT mining way more democratic. This is a mortal threat to bitcoin/litecoin/etc. If it does take off, video card prices will crash in value, which is good for gamers.
How can you mine any coins when you don't do anything? I might have misread, but someone stated you generate coins automatically or something that made less than zero sense.
I'm not sure about that, you need a significant amount of NXT to really make any coins. The more coins you have, the more you mine. I don't really see how this is a fair system at all. The insiders (devs, and the few people that were there from day one) can easily control the coin flow this way.
It's basically a 100% premine. You are trusting the devs to handle distribution fairly. To me, that's worse than how Bitcoin handles things. Those with more mining hardware get more coins, but you aren't relying on a specific group of people to distribute them fairly. I'm not sure if a system that relies entirely on proof-of-stake can work, but we'll see. The other aspects of NXT like a decentralized marketplace and exchange are great, though.
It only has 40 confirmations at this point, I'm not sure how many that blockchain explorer requires to show as an actual balance. Best to wait for 720+ to make sure that is actually accepted by the network.
Scrypt ASICs are *hard* and expensive.Everybody is skeptical when it's not called litecoin or bitcoin. I will not cry if my easy earned fraction of BTC by mining scamcoin at low diff during 72h is wasted. I hope these kind of new gen coins will succeed cause once Asic is released for script in March, we're done.
I just don't understand the point of all this... Seems like a lot of shadyness... What exactly is the gpu working so hard to do and who is paying for it?
Scrypt ASICs are *hard* and expensive.
People are talking about $1 per kH/s - so you should expect to pay $1k a 1 MH/s ASIC board.
I just don't understand the point of all this... Seems like a lot of shadyness... What exactly is the gpu working so hard to do and who is paying for it?
Scrypt ASICs are *hard* and expensive.
People are talking about $1 per kH/s - so you should expect to pay $1k a 1 MH/s ASIC board.
Yes, a 5W ASIC is cheaper to run than a 250W GPU, but the huge cost of the ASIC is likely to mean that GPUs should be viable for a long time yet.
Looks like NXT has a massive following despite its being new, and it promises advanced features that bitcoin can't offer. I wonder if it will kill bitcoin/litecoin/all the other alt-coins the same way that Facebook killed Friendster/Myspace/all the other social networks. NXT's mining is weird... I guess they call it "forging" and even the crappiest CPU does as well as the most expensive CPU. GPUs aren't even needed. This makes NXT mining way more democratic. This is a mortal threat to bitcoin/litecoin/etc. If it does take off, video card prices will crash in value, which is good for gamers.
Btw this thread name changed, I wonder why it did not also move to Distributed Computing because some coins and NXT can only be mined via CPU?
but i am mining LTC with gpu3 and BTC with asics not any cpu coins at all!
That's the only way to go on this. I can see this being the only currency used in the future especially with the gratuitous use of resources (energy) proof of work currencies are using (BTC/LTC/etc.) The sad part about bitcoin is it will be become more centralized as more ASICs come online and less and less of your 'average joe' can afford them. Only the big players will have bitcoins or the ability to mine them and the whole purpose of bitcoin is defeated. It's a run-away greed train where you have to pay to play.