1 year ago

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In this video, I discuss the downsides to trying to make your crypto "ASIC resistant," as the Monero community has attempted to do.

It is impossible to make your cryptocurrency permanently ASIC-resistant or ASIC-proof. It's possible build specialized hardware to run ANY hashing algorithm.

And once your crypto's market cap is large enough, you can be sure that someone will be running ASICs to mine it, whether or not you are aware of it.

ASIC resistance ironically has the effect of empowering large corporations that have the capital and talent to deal with repeated hard forks.

By contrast, Bitcoin has successfully passed the "ASIC horizon." Bitcoin is being secured by ASICs, but the SHA-256 ASIC manufacturing market has become much more diverse and less centralized over the years.

This is a good thing, since ASICs are much more energy-efficient, and they create a much stronger energy barrier that discourages rewriting the chain.

Bitcoin has already won. It's just not fully priced into the market yet. Even hardcore Monero supporters are now moving over to Bitcoin instead, further helping to strengthen Bitcoin's network effects.

Not investment advice! Consult a financial advisor.

SHA-256 online calculator:
https://emn178.github.io/online-tools/sha256.html

Gold mines are really dirty and toxic:
https://upload.wikimedia.org/wikipedia/commons/8/8d/Kalgoorlie_The_Big_Pit_DSC04498.JPG

Secret ASICs in Monero:
https://www.newsbtc.com/all/insiders-reveal-asic-mining-inevitable-cryptocurrency/

Satoshi's Secret Weapon and ASIC Resistance:
https://www.youtube.com/watch?v=6FdPd-ZP9_I&ab_channel=BitcoinUniversity

List of ASIC manufacturers:
https://www.asicminervalue.com/manufacturers

Whatsminer being built in the US:
https://twitter.com/SinoCrypto/status/1582812239022940161

Blockstream developing ASICs:
https://www.prweb.com/releases/blockstream_raises_210m_makes_move_into_asic_development/prweb18139105.htm

Why BCH and BSV Are So Fragile:
https://www.youtube.com/watch?v=f5RNsgvEd7o&ab_channel=BitcoinUniversity

Why LTC and ETC and DOGE are slower than Bitcoin:
https://howmanyconfs.com/

The brain drain from Monero into Bitcoin:
https://sethforprivacy.com/posts/why-i-focus-on-bitcoin/

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#Bitcoin
#monero
#bitcoinmining

Disclaimer
Neither Bitcoin University, nor any of its directors, officers, shareholders, personnel, representatives, agents, or independent contractors (collectively, the “Operator Parties”) are licensed financial advisors, registered investment advisors, or registered broker-dealers. None of the Operator Parties are providing investment, financial, legal, or tax advice, and nothing in this video or at www.Trader.University (henceforth, “the Site”) should be construed as such by you. This video and the Site should be used as educational tools only and are not replacements for professional investment advice. There is a high risk in trading.

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