[Ghost of SVR4]

I am actually surprised Chase or Google or M$, someone big with lots of horsepower in their data centers just doesn't mine a competing *coin, take it over and use it as their own. Lightcoin is catching on and has more ledgers and promise than bitcoin. BTC-e show's quite a few crypto currencies around the globe that are in competition and actively being mined as I type.

Although, mining may become pointless soon when ASIC's hit the scene here in early 2014.

[Errant]

Although, mining may become pointless soon when ASIC's hit the scene here in early 2014.

ASIC miners are already here. The mining is kind of self regulating, given that mining of Bitcoin is controlled so that only a certain number are allowed to be generated within a given time frame. That leaves miners competing for available coins, so the most efficient (ASCI miners) win out. Another source of "credits" for miners, that will become more and more important and available Bitcoins to be mined fall, is transaction fees.