Is Scrypt in trouble?I have followed a lot of coins in my time and ones that are similar to NLG, IE cryptos that are set out to make a difference and expand the market to the mainstream public.
However 2 other coins are going through the same issues as NLG and one swore to never switch algorithms.
Let me introduce you to noblecoin. Like NLG it has around 52 merchants and charities accepting it, the main dev Rofo said he would never switch from scrypt but because of price pressure and
being forked by 51% attacks they are now looking at going to POS. Below was the confirmation and reasoning behind the change. NOBL has been hit so hard that Mintpal requires 999 confirmations for each transaction.
https://bt.irlbtc.com/view/402667.msg7301375#msg7301375The next coin is Digibyte who are changing algorithm to a new multi algorithm, they also have felt the impact of asics.
Both the above are well respected scrypt coins and we now know for sure that ASICs are a bad thing for scrypt coins as people and other POS coins(with Multipools) use them to ROI and sellout on POW coins to boost there own coin prices. Litecoin and Doge might be able to weather the storm of asics but even dogecoin prices have plummeted from previous highs by 400% and that's with a reduction in block rewards from 500 000 to 125 000 at present.
ASICs vs GPUs
ASICs = Centralized Mining
GPUs = Decentralized Mining, ofc there are a few people with massive GPU farms but nothing to extent a ASIC farm can achieve.
Algorithm Change. X11
I recently tried mining a X11 coin and my GPUs were thanking me for it. With the X11 algo GPUs get *5 boost in KH over scrypt coins and use around 40-50% less power AND 30% less heat.
I used to bash algorithm changes in the past but as the saying goes, don't bash something until you have tried it and I was well impressed.
Now X11 isn't totally ASIC resistant but it's a lot better then scrypt also a lot of GPU miners would flock to NLG because mining scrypt at this stage is tough if you using a GPU.
However it will take about another 18 months for ASICs to come out that will work as intended with the X11 algorithm, this also buys NLG a year to really get this coin going.
However there is some cons to X11 so please read the below article.
http://www.cryptocoinsnews.com/news/pros-cons-x11-algorithm/2014/04/10Some of the Big name coins on X11 is DRK and Crypt
I think as a community we should decide weather it is feasible to change algorithms or just stick with scrypt and weather the storm?
