Peercoin + Primecoin. The Complete Cryptocurrency Solution

This is one of those “on the surface” ideologies that make sense until you dig a little deeper.

(Not saying you), but the common misconception that ASIC’s are bad, and that they make it difficult for some one with a regular computer to mine coins.

ASIC’s or any specialized hardware is a good thing.

The reason is simple:

Mining that prefers a standard computer, without specialized hardware investment is EXTREMELY popular with botnet owners, who only need to steal tiny resources off a huge number of infected computers.

This is true yesterday, today, and tomorrow. It’s not going to change any time soon.

Now unless you have some ASIC’s hooked up to your computer, with Bitcoin’s difficulty rate, even with a 30,000 infected computer botnet mining with CPU and GPU cycles, it simply isn’t worth it to mine Bitcoin anymore.

Instead these botnet owners are mining Litecoin, and Primecoin, and other coins. These are coins that can mine in the background, with a low priority process, but make use of the entire memory region of the computer, being careful not to hit the disk swap often.

I have no doubt in my mind that Primecoin’s price kept dwindling because botnet owners were mining the hell out of it, and selling it for cheap. Even multi-algo currencies will fall victim to this problem.

When an innocent person’s computer slows down, they figure it’s Microsoft looking for more updates, or their antivirus scanner, or some other process. Rarely do they realize their computer is mining cpu and gpu capable algorithms.

So what about all the poorer majority who can’t/don’t want to make an investment into specialized mining hardware? Well then, buy your coins. The market has already shown us that buying your coins instead of trying to mine them, gives much greater rewards over time. The return on only a small investment for mining hardware rarely pays off anyway.

I own a few block erupters and that’s it. I make 25 cents every 3 days. I do it as a fun hobby.

Every one worries about a 51% attack with cryptocurrency. I’ll tell you, it’s not going to come from pools as much as it will from secret mining operations anyway.

This includes something like a massive botnet owner…

…or THIS GUY (youtube at 01:50 and again at 03:10 on the timeline).

These two groups of people don’t need pools to create a 51% attack if they don’t want to… They can simply setup their own private pool and find their own blocks.

I expect a debate from people about what I’ve written, but I can further qualify why I feel this way. :slight_smile:

By the way, I am still proud of Primecoin, I really am, and I’m not saying it can’t succeed, because it can. Just right now Peercoin is doing better and that’s okay too.