another thing on chia is that it is a experimental blockchain… afaik the first of its kind…
not sure if burstcoin was the same, but it was my understanding that burstcoin stored customer data… but not really sure… anyhow…
storj is a proven workable concept, you lease out space to customers and the storage and its features / advantages has a certain market price.
it’s a simple to understand, no bullshit model which if your setup is cheap enough will give you a pretty much guaranteed ROI eventually.
chia on the other hand, might not be around in 2 years… or 4 years…
while Storjlabs will most likely be much more successful simply due to the fact of a growing population online, increased data usage and bigger computer systems / scientific data needing to be stored.
so yeah Chia might be good long term, it might not be… imo it is a best a coin flip… but i don’t understand the technology of it… and if you are going to invest in Chia i would recommend anyone to dig into and understand their technology to truly evaluate if it’s actually worth putting effort into…
also don’t forget if chia is popular in asia, then you are also competing with cheap hardware and cheap labor… atleast with storj there is the advantage you are closer to customers nearby you using the product and thus have an advantage over asia
well i think that’s my thought’s on it…
hope those that choose to play with chia has success… but i would advise you to take profits while you can…
I think you’re a little too late with that. Prices have already doubled and signs are looking ok that they are stabilizing and even dropping again in some cases.
You are too late! I thought that I had a chance for 3 weeks ago but after seeing 9 years block prediction I threw the towel in!
That mining are as damaging and unenvironmental as bitcoin mining. It eats power and disks!!
ah, fair enough, I went to ebay to see if I could find what you were referencing. And I was able to find just about the same there. “HDDs that are ‘already plotted’”.
I haven’t been on Chia’s forums, so just wasn’t aware.
just a question with approximately 4600 blocks generated per day, 9200 XCH are generated, say $1000 each (optimistically), for the exchange rate to stay stable the project needs $9 million fresh influx money every day, or $270 million per month. I can see some inflation coming that will eventually put pressure on the exchange rate.
→ if you hold some XCH → sell now
Another question, what exactly is the utility of chia (other than proposing to be an alternative to BTC and ETH)?
And plotting on the amateur level is probably hopeless. I have seen some datacenter operator doing 10000 plots per day, so if you can do 4-6 per day, how are you going to compete with that growth rate? try to compete with this guy? He is doing 5000+ plots per day
Actually, you can probably do 10 parallel plots on a 4TB NVMe with 64GB RAM and 20 cores or something, but that still only gets you about 40 plots per day (assuming 6 hours each and 10 in parallel); but that kind of hardware for plotting is expensive. From this you can see that matifex must be using about 100 such machines to plot 5000+ plots per day.
Update: apparently matifex has been flagged in reddit, some of his posts are being moderated and deleted.
the hdd market has slowly been recovering, but such things take time…
the second hand market has been showing signs of disks getting cheaper… also some places also have begun selling new disks at around new prices…
from my tracking of the market it seems like the bigger new drives is the first to reach reasonable prices, most likely because there is less demand for like 8TB to 12 TB hdd’s
ofc the top of the line… 14- 24TB or whatever the max is today is outrageously expensive.
because many if not most consumers will use smaller drives.
and the people buying the top tier capacity drives are not normal consumers and thus might not really care about the price… they just need the drive for work, or because their array already uses lets say 20TB drives, and thus retail shops can keep a higher price longer and most likely there are also much less supply of these top tier drives.
ofc retail stores will be slow to adjust… even tho they are much faster these days than they have been in the past… also they don’t care for the changes, so will rather keep the prices a bit higher for to long rather than accidentally lowering their price of quick and burn through their stock.
and all in all it was just a matter of time before chia’s success was so great it became a negative.
nevertheless, still growing by more than 1 EiB per day for the past few days, may the 20 EiB capacity will be achieved by the end of the week, let’s see; it is really wasteful to have 20 EiB storing useless crypto numbers…
well the general idea as i understand it is to replace gpu compute with math tables on hdd’s
ofc there might be a few theoretical issues with this… 1 math is basically infinite so how can one even store all the solutions, but i suppose it maybe possible to cut it into smaller bits and store them.
and then there is the real issue imho, with a gpu running pow it will process the required compute and spit out an answer.
while the chia model a number of maybe one computer will get a problem to solve… it will check if it has the solution to the compute required… if it doesn’t somebody else will have to do it and the entire process thus far is wasted and network traffic is wasted.
but lets assume it’s the right host and it has the correct answers in its tables… its very extensive tables… then the last major issue is … what about all the tables not used … it will have a minimum power usage with chia… so even if the network has no traffic, it will still cost minimum overhead costs.
while compared to a gpu, you can shut down the entire compute and only operate it when needed and it will be able to respond in a mili second time scale.
maybe it’s just me not really understanding the chia model…
but it seems crazy to me to attempt to store math in tables… i mean nobody uses math tables anymore because of calculators… not even super computers do this kind of stuff…
maybe there is some sort of caching type deal that could be done… but just wow…
if this works tho… could chia work as a super computer without doing compute?
hmmm
well it’s weird and i don’t understand it well enough… seems totally crazy to me…
from what I understand it is more like a lottery in the sense that everybody on the network searches for the closest solution to the problem. It is luck (coincidence) if you have it in your plots. The hashing and mechanisms are much like in any blockchain to my understanding, the difference being that the solutions are already stored on HDD (and computed beforehand).
Anyways, I am also still in the dark as to what the real utility is (aside from trying to be an alternative to BTC/ETH)…
That could have been if you opened the CHIA port. The network doesn’t have enough competent users so there are a very limited number of miners with port forwarding active, so those that do get hit hard.
