"Capitalizing, Capitalizing, Capitalizing." Paraphrasing Fake Yoda (Mel Brooks) from Space Balls
BitTorrent inventor announces eco-friendly Bitcoin competitor Chia
71–80 of 309 posts
Re: BitTorrent inventor announces eco-friendly Bitcoin competitor Chia
#72Earlier quoted context omitted.
If Bitcoin reached 2 trillion dollars, it would use about 2% of the world's power. It seems tough to argue that a 2 trillion dollar GDP doesn't merit a 2% increase in power output.
Bitcoin's total value being 2 trillion dollars is not the same thing whatsoever as bitcoin being responsible for 2 trillion dollars of GDP. There is no "merit" here. We can have $2 trillion in GDP with paper money, too, and that uses 0% of the world's power.
To be fair, paper money requires banks & bank employees, bullet-proof transportation trucks, government regulation, anti-counterfeit research & technology, and perhaps more.
Re: BitTorrent inventor announces eco-friendly Bitcoin competitor Chia
#73What is the advantage (if any) of this over proof of stake?
Re: BitTorrent inventor announces eco-friendly Bitcoin competitor Chia
#74One of the only things I dislike about bitcoin and other cryptocurrencies is the flagrant use of power that doesn't necessarily compute anything. With the proof of chia being used in storage, does that imply a lower power cost? I'm not sure what proof of time is either... Does anyone know more about this and can clarify things?
Yes, I watched Bram's talk in Berkeley two weeks ago. It indeed runs with much lower power costs. The cost is the power to do a hard-disk seek every long once in a while, rather than to compute sha256 over and over again. It does incentivize a buildup of physical disk drives. And if it becomes successful, it'll likely spur specialized datacenters and hardware (think specialized tape drives) to try to outcompete in sp…
Proof of Stake is worth being highly skeptical of. The fact that most people blindly support the idea when it seems to leave fundamental questions swept under the rug is worrying.
I wish I could give a further critique, but I'm not familiar enough with the subject. There have been several persuasive comments posted to HN on the brittle nature of Proof of Stake, and the lack of hard answers to basic problems. Tacking it on as "this would use even less power" is a sign that perhaps these alternate schemes (including the one in the article) should be taken with a dash of salt and pepper.
Re: BitTorrent inventor announces eco-friendly Bitcoin competitor Chia
#75There are already blockchains that do not require proof of work (Lisk, Nav, Dash, NEO, etc) and already storage based blockchains (Filecoin, Storj, Sia, Maidsafe, etc). It is unclear to me what Chia brings to the table that is really new.
The storage based blockchains don't use storage space as a means of verification- they're storage product focused (you buy/rent/use/sell storage space on the platform as a commodity). That's not what Chia does; it seems like its primary use will be store of value/transactions like Bitcoin. It's the "green" alternative to BTC- I wouldn't call Filecoin, Storj, Sia, Maidsafe, etc. competitors to Bitcoin (and I don't think they're trying to be that).
While Lisk, Nav, Dash, etc do use alternatives to proof of work, what Chia is doing, from my understanding of what they're saying, is using the lowest cost alternative to proof of work, which is proof of storage (disclaimer, I don't know the math behind proof of storage, just that it's their alternative to PoW). However, proof of storage alone has some inherent vulnerabilities so they compensate with another mechanism, proof of time (again, not sure of the math).
Edit: punctuation
Re: BitTorrent inventor announces eco-friendly Bitcoin competitor Chia
#76Earlier quoted context omitted.
Do you mean a 2 trillion dollar market cap? That's not the same as GDP. I mean, Apple is close to a 1 trillion dollar market cap. I'd argue a 1% increase in world power output simply for Apple to store its money and make transactions would be a remarkably poor use of power.
Unfair comparison. Bitcoin benefits all who hold it, not a single corporation. If anything, my "GDP" comparison was off the mark because GDP typically represents a country's total wealth, and bitcoin can't have a GDP. But it's a useful abstraction that comes pretty close. Those bitcoin paper millionaires are investing in startups like Pinkapp, and Pinkapp is hiring programmers. All of this is happening outside the le…
Oh man, the legal system is gonna surprise anyone who thinks they are operating outside of it. And not in a good way.
Re: BitTorrent inventor announces eco-friendly Bitcoin competitor Chia
#77Earlier quoted context omitted.
Unfair comparison. Bitcoin benefits all who hold it, not a single corporation. If anything, my "GDP" comparison was off the mark because GDP typically represents a country's total wealth, and bitcoin can't have a GDP. But it's a useful abstraction that comes pretty close. Those bitcoin paper millionaires are investing in startups like Pinkapp, and Pinkapp is hiring programmers. All of this is happening outside the le…
Oh man, the legal system is gonna surprise anyone who thinks they are operating outside of it. And not in a good way.
Re: BitTorrent inventor announces eco-friendly Bitcoin competitor Chia
#78There are already blockchains that do not require proof of work (Lisk, Nav, Dash, NEO, etc) and already storage based blockchains (Filecoin, Storj, Sia, Maidsafe, etc). It is unclear to me what Chia brings to the table that is really new.
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Re: BitTorrent inventor announces eco-friendly Bitcoin competitor Chia
#79There are already blockchains that do not require proof of work (Lisk, Nav, Dash, NEO, etc) and already storage based blockchains (Filecoin, Storj, Sia, Maidsafe, etc). It is unclear to me what Chia brings to the table that is really new.
Beyond the tech, it brings a somewhat famous person, which is not to be underestimated. Hype is important, it makes this coin pop out a little bit more than some of the others competing for the same mind share.
Re: BitTorrent inventor announces eco-friendly Bitcoin competitor Chia
#80There are already blockchains that do not require proof of work (Lisk, Nav, Dash, NEO, etc) and already storage based blockchains (Filecoin, Storj, Sia, Maidsafe, etc). It is unclear to me what Chia brings to the table that is really new.
The storage based blockchains don't use storage space as a means of verification- they're storage product focused (you buy/rent/use/sell storage space on the platform as a commodity). That's not what Chia does; it seems like its primary use will be store of value/transactions like Bitcoin. It's the "green" alternative to BTC- I wouldn't call Filecoin, Storj, Sia, Maidsafe, etc. competitors to Bitcoin (and I don't thi…
Ahhhh. I somehow missed that while reading the article. Thanks that makes more sense.
When I saw Bittorrent and storage I think my brain immediately jumped to the storage based tokens.
Curious to read about and see how that works