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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?

#191

Post by sygma »

chrisan wrote: post #188
sygma wrote: post #183

Earlier quoted context omitted.

Saying that Bitcoin blew the market for GPUs reveals that your knowledge is years out of date. Bitcoin is predominately mined on ASICs. Viagra was originally developed as chest pain medication. Did it utterly fail, simply because a new use-case was unveiled? Which begs the question, what is the new use case for Bitcoin? Some say digital gold, but only time will tell.

Out of all my bitcoin friends, no one I know owns an ASIC Everyone mines on GPUs because they are cheaper and casual dual purpose (play games and mine afk) Aren't ASIC normally limited to a single algo as well?

Your friends are most likely mining ethereum, not bitcoin.

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

#192

Post by sygma »

Igelau wrote: post #186
sygma wrote: post #183

Earlier quoted context omitted.

Saying that Bitcoin blew the market for GPUs reveals that your knowledge is years out of date. Bitcoin is predominately mined on ASICs. Viagra was originally developed as chest pain medication. Did it utterly fail, simply because a new use-case was unveiled? Which begs the question, what is the new use case for Bitcoin? Some say digital gold, but only time will tell.

> Which begs the question Heh. I think you just unintentionally used this correctly by assuming there even is a new use case.

It was intentional. I am thinking probabilistically here, and the jury is still out on whether “digital gold” is the use case.

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

#193

Post by Igelau »

cwyers wrote: post #108
nine_k wrote: post #105

Earlier quoted context omitted.

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…

Read the Bitcoin paper: 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 us…

"But documentation says it isn't for that..."

https://en.wikipedia.org/wiki/Vine-Glo

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

#194

Post by briefcomment »

faeyanpiraat wrote: post #151
dannyw wrote: post #135

Earlier quoted context omitted.

The last 3 things you listed are benefits, not flaws. At least volatility is positively skewed. I love positive volatility. Don't you want to make money?

No such thing as free guaranteed money, all of this is just a fancy way to gamble.

A lot of it, certainly not all of it. If something better exists, we’ll probably move over to it, and the transition period could be turbulent.

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

#195

Post by Igelau »

ChainOfFools wrote: post #88
Igelau wrote: post #83

Earlier quoted context omitted.

So in other words, there's a campaign (centralized or not) to pump Chia on HN? :(

this incredibly viral "chia will cause a shortage of hard drives" meme (true or not) is a huge gift wrapped win for the coin's promoters. every impression of this meme that results in someone's decision to avoid chia (which, had they never heard of the coin in the first place, would have been the outcome anyway) will be offset by a half dozen others who will spot a quick 10x return opportunity for themselves, even if…

Bingo. The mods are asleep at the wheel on this one.

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

#196

Post by random_kris »

httpsterio wrote: post #160
baby wrote: post #153

Earlier quoted context omitted.

That’s a weird argument, because the big guys are trying to get into cryptocurrencies doesn’t make it less punk.

it literally does mean that. Punk is a rebellion against the system, which is made out of the big guys.

Maybe the rebellion is happening and Bitcoin&friends are slowly winning

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

#198

Post by progval »

RealityVoid wrote: post #78
dang wrote: post #48

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…

I am... Suspicious of all the chia articles popping up on HN. I have not seen the same kind of buzz happening in other crypto spaces about it. And I am also suspicious about the claims that chia is the one that is such a threat to data storage supply, considering there are other crypto currencies with a similar approach. Overall, I am inclined to say that this is a submarine and HN is falling for it. Regardless, more…

> Chia just incentives other people to store data for people who want to store data.

I think you are confusing Chia with Sia

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

#199

Post by DaiPlusPlus »

mNovak wrote: post #99
cwyers wrote: post #94

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…

The people who developed Chia hold a massive pre-mined collection, and plan to go public (as in stock, not ICO) later, so definitely seems like they could profit.

That then makes this a very transparent pump-and-dump case - going public would mean the SEC would be right on them.

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

#200

Post by [deleted] »

vladvasiliu wrote: post #138
chade wrote: post #25

Earlier quoted context omitted.

Proof-of-space is essentially stored Proof-of-work. You are pre-filling your drive with many cryptographic hash's. When a challenge comes in the software will do a quick check to see if any of your plots could possibly have a proof (a hash with sufficient zeros for that challenge). If any of your plots pass this filter then the plot is looked up on the HDD to check if it does indeed contain a proof. The difficulty, t…

> with Proof-of-space you are printing your tickets once and then storing them for years. So then where's the issue with SSD wear, and wouldn't it be more interesting for people to have spinning drives (for the better ratio of GB / $)? > There is extra layers, Chia is actually proof-of-space-and-time, so that you can't win by faking proof-of-space with proof-of-work. Is it because of this? So you'd have to print your…

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