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What is Chia cryptocurrency and why is it bad news for hard drives?

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Re: What is Chia cryptocurrency and why is it bad news for hard drives?

#41

Post by briefcomment »

joecool1029 wrote: post #9
theshadowknows wrote: post #4

I asked this recently but the topic died before I got many answers. Basically, I’m not a cryptocurrency denier. I just don’t understand it. Do people want cryptocurrency because they want to spend it on stuff? Or do they want cryptocurrency because they want to sell it for other currencies? In other words, at what point will a cryptocurrency stand on its own as something that’s worth a pair of shoes? Instead of being…

> Do people want cryptocurrency because they want to spend it on stuff? Some of us did. Last month marks 10 years since I was introduced to the community and registered on the bitcoin-otc. We bought and sold all sorts of random crap (food items, laptops, gadgets, one regular even paid people bitcoin to have them buy him lunch. A brief time existed where some of the more idealists expected bitcoin to replace Paypal. T…

What about BCH? It seems like a reasonable solution still in the running

Re: What is Chia cryptocurrency and why is it bad news for hard drives?

#42

Post by arcticbull »

gruez wrote: post #17
Hjfrf wrote: post #8

Earlier quoted context omitted.

We can always hope that trading Chia is made illegal, along with proof of work algorithm based currencies in general. Governments so-far failing to regulate existential threats to themselves is honestly odd.

>Governments so-far failing to regulate existential threats to themselves is honestly odd. Is it the job of the government to hang onto power at all costs?

Officially, no, but it is an emergent property of their other responsibilities.

For instance, a government cannot maintain law and order without power, and a society without law and order is the definition of a failed state ([edit] well, more specifically one in which the government has lost its monopoly on violence). It's not an unreasonable interpretation to therefore say any non-failed state must retain power.

Re: What is Chia cryptocurrency and why is it bad news for hard drives?

#43

Post by Dylan16807 »

ChrisClark wrote: post #29

Why would Chia be the threat here? Filecoin(IPFS) is already a threat, it already has a capacity of 4.81 EiB of data, 4810 PetiBytes! (Is that how you spell it? In contrast to Petabytes) And to store 1 GiB of data per year it only costs the user $0.00082 USD. That shows harddrives are already being gobbled up by miners at an incredible rate. Has this made a noticeable rise in storage prices? Anyone know of any data t…

> And to store 1 GiB of data per year it only costs the user $0.00082 USD.

How can filecoin possibly be that cheap?

Providers like B2 and wasabi are 6-7 cents. Sia spent a while in the single digits is currently around 10. This is less than a tenth of a cent?

Re: What is Chia cryptocurrency and why is it bad news for hard drives?

#45

Post by Graffur »

lsiebert wrote: post #36

Interesting. There are a bunch of variants, but it seems like there are three main ways of handling crypto. Bitcoin is proof of work, which of course requires a lot of electricity. Some coins, like Neo/CutCoin are proof of stake, which basically let you stake some money, which I guess you can't spend and use that to handle transactions, so instead of running mining rigs, you just stake the money and earn a return. Et…

I am fascinated by the POS coins you chose to list. Why list neo and cutcoin over Cardano? I've never heard of either!

Re: What is Chia cryptocurrency and why is it bad news for hard drives?

#47

Post by meowface »

lottin wrote: post #40
CharlesW wrote: post #24

Earlier quoted context omitted.

Chia is not Proof of Work, FWIW. Their technical and business whitepapers are helpful resources for learning more about what they call "Proof of Space and Time".

All of them are Proof of Waste.

Is Proof of Stake proof of waste? It has some of its own unique challenges, but I think it seems better in that it doesn't require committing lots of physical resources.

Re: What is Chia cryptocurrency and why is it bad news for hard drives?

#48

Post by dang »

Recent related threads:

Thoughts on a “HDD shortage” from an industry insider - https://news.ycombinator.com/item?id=27008295 - May 2021 (106 comments)

SSD makers start warning that mining products like ChiaCoin will void warranty - https://news.ycombinator.com/item?id=27001848 - May 2021 (381 comments)

Chia surpasses 1 exabyte of hard drive space - https://news.ycombinator.com/item?id=26975734 - April 2021 (151 comments)

New Chia coin crypto with Proof of Space may create shortage of storage device - https://news.ycombinator.com/item?id=26879278 - April 2021 (19 comments)

Chia Blockchain mainnet successfully launched today at 14:00 UTC - https://news.ycombinator.com/item?id=26515025 - March 2021 (14 comments)

Re: What is Chia cryptocurrency and why is it bad news for hard drives?

#50

Post by [deleted] »

Igelau wrote: post #11

Field Notes, Terran Expedition 6, Chief Archivist Blaxarll: "Terran life took a sudden dramatic shift after the fall of Hominid dominance. The turning point appears to have occured when the sacrificial demands of Blockchain worship spiraled out of control after fuel-based offerings were supplanted by info storage based offerings. This, in and of itself, was not terribly harmful, but the model was used by the Cult of…

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