Chia Specific

What, the , f##k wasting time,money on this coin?

Hundreds of terrabytes mining what's the flex?

I don't get it.

 

Well it’s pretty much dead regardless of what posters will say on the official chia forums, I stopped just after Covid.

 

It's slow going. USA shitstorm not doing anyone any favours. The flex is their partnership with some things that interface with the real world. Split stock certificates and real estate.

I only run my farm in winter at these prices. I have been making more Chia buying at $10 and selling at $13. Done this three times so far and each time made more than I would farm in a year.

 

Turned mine off a couple of months ago due to some issue and cbf fixing it. Will probably regret it when it moons to $200 in a few months, but there's enough there to make it a nice thing if it does.

 

Definitely easier to buy it than farm it. (Especially now in this crazy political climate.)

 

It was DOA, as "proof of space" misunderstands the "purpose" of "mining". Lot of "big quotes" there, 'cos its a big rabbit hole to go down, and most people just don't want to hear it (or read 3000 words).

In short... the "clout" that needs to be provided to "run a network", is something that you need to acquire in the present (example: energy), ideally (very!) in a way which is difficult to do anonymously.... Things like proof of "stake" or "space", mean that people spend/acquire something in the past ... as opposed to the present. The incentives fall apart.

The chia white paper poses and attempt to solve problem with bitcoin and similar, which aren't fundamental problems with the system... just problems with the way people have (perversely) interpreted / implemented them (eg. BTC and ETH intentionally distorting their incentives via huge amounts of pow, and crippling scalability).
My view is, as much as he will pretend otherwise, that Bram actually understands this very very well (!!!) .... and so in blunt terms "chia was an elaborate scam". <shrug> (it's hard to know wha's really in peoples head, of course) <shrug>.

 

I just asked on the discord if there are any further plans to manage it. (I think we at the limits of traditional compression so we have to wait if the geniuses can come up with a better mousetrap)

EDIT: Gene Hoffman responded - "We have some ideas for having a low db but otherwise mostly full node - just not time to work on them yet"

It works on compressed file system too. (ZFS level 4 compression ~130GB)

 

yeah, i moved mine to anther drive ages ago as it filled my poor 256GB boot drive.

 

There are 3rd party farmers where you don't need the dB if it's an issue.