51–60 of 175 posts
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Is there a crash course on chia’s various requirements and models for a new participant? I moderately hate bitcoin for it’s effects on everything, but this one (yet) feels like an adequate thing to support, if their landing page is honest.
A good place to start is the official blog/wiki: https://chia.net/2021/02/22/plotting-basics.html Reddit also has some good plotting/farming recommendations among the usual chaff.
How much of it is currently utilized?
AFAIK unlike storage coins (eg. sia or storj), it's not being used for anything, it's just "burned". Proof of work burns compute cycles. Proof of storage burns storage space.
What prevents this?
What prevents this?
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Literally every issued asset in history has a "premine", but somehow last decade's crypto aficionados find this controversial. It's so strange to even care and the market obviously does not care because there is like half a millenium of it never caring. It's nice to see the crypto market maturing and ignoring these people so segregated from every other financial market because they never traded anything else. Low flo…
> simply provide all the storage space first and get the exact same "insta-mine" result while advertising it to people like you that actually care about no premines. A dozen ways to get the same result, its all marketing. You only get the same result if you completely monopolize mining for the first twenty-one years . If you control 50% of mining, it would take 119 years to achieve the equivalent. My issue is not tha…
Square Inc creates new shares for Jack Dorsey to sell like every week or so. Continual dilution that the market tolerated. Although fairly unique for the equities space, these are the case studies we are growing up with now.
Earlier quoted context omitted.
AFAIK unlike storage coins (eg. sia or storj), it's not being used for anything, it's just "burned". Proof of work burns compute cycles. Proof of storage burns storage space.
I don't understand why one would need multiple drives then. Seems like you could earn the coin, sell it for USD, erase the drive, and earn another coin with the same disk. What prevents this?
Earlier quoted context omitted.
AFAIK unlike storage coins (eg. sia or storj), it's not being used for anything, it's just "burned". Proof of work burns compute cycles. Proof of storage burns storage space.
I don't understand why one would need multiple drives then. Seems like you could earn the coin, sell it for USD, erase the drive, and earn another coin with the same disk. What prevents this?
So .. is this like FileCoin, where people provide storage services and are rewarded, or is it a proof-of-waste scheme?
With Chia anybody can get started with their spare hardware.
Right now, it is a gold rush and this is leading to shortage of supply especially in China. This is a short term phenomenon as there eventually comes a point where you cannot compete against people who just have spare hardware and therefore $0 upfront investment.
So .. is this like FileCoin, where people provide storage services and are rewarded, or is it a proof-of-waste scheme?
The more storage you invest, the more numbers you have, it's analogous to bingo in a way.
Chia pre-mined 6 years worth of block rewards. Proof-of-space may be the closest thing we have to a viable proof-of-work replacement but this instantiation of it feels like a get rich quick scheme for its founders. Edit: My calculation was based on the initial reward schedule of 64 units per block, but when you take into account the fact that it ramps down to 4 units per block shortly thereafter, it's actually a prem…
Literally every issued asset in history has a "premine", but somehow last decade's crypto aficionados find this controversial. It's so strange to even care and the market obviously does not care because there is like half a millenium of it never caring. It's nice to see the crypto market maturing and ignoring these people so segregated from every other financial market because they never traded anything else. Low flo…