If only someone could invent a cryptocurrency that incentivises something good instead of something harmful.
Proof of Social Good. Increase your neighbor's credit score and you will earn a coin.
What is Chia cryptocurrency and why is it bad news for hard drives?
51–60 of 263 posts
Re: What is Chia cryptocurrency and why is it bad news for hard drives?
#52I hold no Chia or crypto at all, however, from what I am seeing around me, Chia is going to be really, really big.
Why?
Re: What is Chia cryptocurrency and why is it bad news for hard drives?
#53Earlier quoted context omitted.
>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.
Bank bailouts in 2008 justified? Save the rich, screw the poor and the middle class. At least the society is peaceful.
Re: What is Chia cryptocurrency and why is it bad news for hard drives?
#54Interesting. 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!
And Cardano's Proof of Stake is groundbreaking. I don't know why the commenter chose to list those coins.
Re: What is Chia cryptocurrency and why is it bad news for hard drives?
#55Earlier quoted context omitted.
> 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
BCH solved one of BTC's fatal flaws (transaction rate) but all the other fatal flaws like volatility, irrevocable transactions, being your own bank, etc. are still there.
Re: What is Chia cryptocurrency and why is it bad news for hard drives?
#56Why 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?
I think Filecoin miners are currently being heavily subsidized by mining rewards so they don't need to make a profit on storing data. At those prices, I wonder if storing data is more trouble than it's worth.
Re: What is Chia cryptocurrency and why is it bad news for hard drives?
#57Earlier quoted context omitted.
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.
I guess that depends whether an exabyte is a lot.
Re: What is Chia cryptocurrency and why is it bad news for hard drives?
#58To be honest I kind of wish someone would build a proof-of-bandwidth crypto. Miners would overtake data centers with cheap transit, driving the build out of more long-haul network. Some would then move to different neighborhoods just to get FTTH access, enabling more incentive for last-mile build out.
Re: What is Chia cryptocurrency and why is it bad news for hard drives?
#59Earlier quoted context omitted.
What about BCH? It seems like a reasonable solution still in the running
BCH solved one of BTC's fatal flaws (transaction rate) but all the other fatal flaws like volatility, irrevocable transactions, being your own bank, etc. are still there.
Hm, but if we solved for those issues, we would probably just have USD. I thought the appeal of a fixed supply, non-double spend asset was to be able to keep up with previously exclusive asset inflation .
Re: What is Chia cryptocurrency and why is it bad news for hard drives?
#60What stops me from running multiple nodes pointing at the same stored data? Or would that not be beneficial
Only one "wins" the reward.