101–110 of 263 posts
I just... do not understand how smart, even _brilliant_ people, the sort of people who know enough to make something like this, can look at Bitcoin... the waste, the way it has utterly failed to achieve what it set out to do[1], everything, and thinks, I know, I want to do that, but instead of blowing up the market for GPUs it'll be SSDs. Why? To get rich? It even seems doubtful to me that the people who developed Ch…
Can anyone clarify for me why/how this incentivizes SSDs over HDDs? Seems if it's really just about having "proof of space", whatever HDD is cheapest would make sense? How much data gets read back how fast during validation?
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…
oh great, another item that will be impossible to buy soon thanks, miners the sooner someone introduces the law to ban all proof of work crypto, the better - or at least banning companies from taking or using PoW crypto would be a good start
You are right, hard drives should only be available to mega international corporations like Google and Facebook to make money off of.
I just... do not understand how smart, even _brilliant_ people, the sort of people who know enough to make something like this, can look at Bitcoin... the waste, the way it has utterly failed to achieve what it set out to do[1], everything, and thinks, I know, I want to do that, but instead of blowing up the market for GPUs it'll be SSDs. Why? To get rich? It even seems doubtful to me that the people who developed Ch…
It does allow you to have an "account" outside any jurisdiction, and allows you, given good opsec, to transfer huge amounts in transactions not controlled by any state. Like, millions of USD.
Bitcoin is obviously useless to pay for daily goods, like a coffee. But gold would be also impractical for such a case.
Crazy speculators pumping the value of bitcoin may look unreasonable, but again, for those who have millions (and maybe even billions) in bitcoin, they are weirdly... useful.
I just... do not understand how smart, even _brilliant_ people, the sort of people who know enough to make something like this, can look at Bitcoin... the waste, the way it has utterly failed to achieve what it set out to do[1], everything, and thinks, I know, I want to do that, but instead of blowing up the market for GPUs it'll be SSDs. Why? To get rich? It even seems doubtful to me that the people who developed Ch…
Oh I wouldn't be so sure about that. From their FAQ:
" Why are we pre-farming?
Chia has a novel business model to both, lower volatility of the coin and increase adoption. By loaning Chia and managing the interest rates of those loans as well as other tools like buying our stock with chia coins, we hope to lower the quarter to quarter volatility of the coin. To drive adoption, we intend to loan Chia to Global 5000 companies who will use it to pay their international vendors quickly, less expensively, and more securely. We also intend to use the strategic reserve to aid development and adoption. We plan to do things like invest in promising startups in the Chia ecosystem, potentially increase farming rewards during limited periods of time to spur additional farming, and fund corporations paying 105% of the value of their international payables in Chia instead of fiat currency.
Is Chia doing an ICO?
No. Chia is not planning an ICO. Instead, our goal is to take the company’s equity public on an American stock exchange. This way, shareholders can share risk and return with management with transparency and disclosure and we can use well understood corporate controls to make binding statements about how Chia Network intends to use the Strategic Reserve. The Chia digital money is meant to be a useful payment instrument and not an investment opportunity. Chia intends to complete a fully compliant SEC registered equity IPO and will come to market as market-timing is amenable after the launch of mainnet. "
I just... do not understand how smart, even _brilliant_ people, the sort of people who know enough to make something like this, can look at Bitcoin... the waste, the way it has utterly failed to achieve what it set out to do[1], everything, and thinks, I know, I want to do that, but instead of blowing up the market for GPUs it'll be SSDs. Why? To get rich? It even seems doubtful to me that the people who developed Ch…
Hi I work in the space email me if you want to understand my motivations
Like, from where I sit, Chia looks like it's trying to solve the unintended consequences of Bitcoin, which is a tacit admission from the Chia people that Bitcoin has those problems. It also looks like Chia has an easily foreseeable set of unintended consequences as well: doing to SSDs what Bitcoin has done to GPUs. It doesn't seem to me like the Chia people are worried about that, and I don't know why.
I just... do not understand how smart, even _brilliant_ people, the sort of people who know enough to make something like this, can look at Bitcoin... the waste, the way it has utterly failed to achieve what it set out to do[1], everything, and thinks, I know, I want to do that, but instead of blowing up the market for GPUs it'll be SSDs. Why? To get rich? It even seems doubtful to me that the people who developed Ch…
Bitcoin did solve the problem it alleged to be solving: money which is not controlled by state, and a system which us pretty hard to seize. It does allow you to have an "account" outside any jurisdiction, and allows you, given good opsec, to transfer huge amounts in transactions not controlled by any state. Like, millions of USD. Bitcoin is obviously useless to pay for daily goods, like a coffee. But gold would be al…
https://bitcoin.org/bitcoin.pdf
It does not, at any point in there, say that the benefit is to avoid state control. It talks about how the cost of requiring a third party in transactions discourages microtransactions, for instance (there are other touted benefits as well). But it's not an anarchist manifesto. And all of the benefits of Bitcoin listed in the original paper require it to be a useful medium of exchange. The Bitcoin paper posits that it should be useful for transactions _much smaller_ than a cup of coffee. It isn't. It so obviously isn't that even Bitcoin advocates can admit that.
Okay, so maybe you think that it's okay that Bitcoin doesn't meet its original goals given that it meets these other goals. But the goals you state, the lack of state control and the difficulty of seizure, are... like, Bitcoin does not put you the person outside of the state's law enforcement mechanisms, including the taxation people. Ironically, if Bitcoin was actually useful for small microtransactions, like the paper says it should be, that might actually be useful for avoiding state control. It's not! And nothing about Bitcoins makes them hard to seize if you are within the physical jurisdiction of the state.
Folks here might be interested in Chia's smart contract language: https://chialisp.com/ Basically the designers saw how easily many Ethereum/Solidity contracts were hacked and saw that stateful side effects were the main culprit so they made their language have no side effects! Pretty cool.
> they made their language have no side effects Yeah, I doubt that
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…
i.e Filecoin's and similar coins should have value directly tied to their use to store data while Chia is just another crypto that has no 'intrinsic' value outside its use as a currency and computation platform.