71–80 of 263 posts
I hold no Chia or crypto at all, however, from what I am seeing around me, Chia is going to be really, really big.
From people hoping to mine and then immediately sell it, or from people who are planning on buying and holding?
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…
Changing stock trading protocols to go on a block chain with full public transparency would be a useful application. No need for PoW, you can just have the Fed mint new blocks out. This would prevent a lot of the shenanigans and gatekeeping that occur in capital markets. It would greatly improve price discovery.
On a less directly applicable level, I feel that the only realistic strategy for governments in the long term will be to become more competitive with the crypto-ecosystem (currencies, contracts, encryption, etc.). The hope being that by allowing individuals to freely choose their own legal and financial rule-sets the systems that will remain relevant will become better. Having more freedom of choice for which government you'd like to be a part of is ultimately a good thing. Whether that will actually shake out is anyone's guess, but I believe something along those lines is the fundamental hope of this area of technology.
I hold no Chia or crypto at all, however, from what I am seeing around me, Chia is going to be really, really big.
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.
To 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.
You can run a node and sell bandwidth to people who want to proxy traffic through your node
Earlier quoted context omitted.
Completely different things. In Proof of Stake, the network (roughly!) allocates rewards for validating transactions based on the amount of coins you have, i.e., your stake in the network. In Proof of Space, the network allocates rewards based on you proving that you are really storing the data you were supposed to store. If you fail to produce a proof for some data item the network expected you to have stored, you l…
> In Proof of Space, the network allocates rewards based on you proving that you are really storing the data you were supposed to store. Sort of? But you're usually not really storing data for proof of space. That's a different kind of system.
If only someone could invent a cryptocurrency that incentivises something good instead of something harmful.
From their homepage:
> Examples include protein structure prediction (Rosetta@home), mapping the Milky Way galaxy (Milkyway@home), and tackling problems in public health and clean energy (World Community Grid).
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 comm…
Overall, I am inclined to say that this is a submarine and HN is falling for it.
Regardless, more to the point of the article, the argument and moral panic rings hollow. Chia just incentives other people to store data for people who want to store data. The place, overhead and mechanism of data retrieval is different, but, still, someone wants to store the data there and they pay for it. So how then is this more of a threat than cloud providers for example?
Later Edit: I mistook Chia as having a similar approach as Filecoin, but, on closer inspection, it seems that they do not store data people want they just store data to prove it's stored and use that to distribute mining rewards. So I was wrong at this end. Still, I maintain my opinion this is a submarine.