Hi,
I’m new to crypto so please be gentle…
With regards to changing algorithms, the reason ASIC developers create new ASIC is because it can be profitable. Both for the creators of the ASIC and potential miners.
So using litecoin as an example, it became the next best after bitcoin so ASIC developers started working on production units.
Clearly very soon, ltc is going to be for the people that can afford asics.
What if we make the stance that FTC is ready to switch to any one of 2-3 different algorithms at any given moment.
All the homework is in place and all 3 algorithms are tested and ready to implement.
Now all of a sudden, there is a deterrent - if it becomes imminent that an ASIC is coming to market for scrypt-n, we can switch.
Now no developer is going to want to develop an ASIC, when they know their product would be useless almost immediately.
Doesn’t really matter what algorithm is switched to.
Thoughts?