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Comments
That's not what "waste" means. Feels idiotic to misuse "waste".
OK, so if cash burns up its because people are stupid. But when people lose a paper with a shit ton of numbers on it, its Bitcoins fault. Nice and consistent logic there man.
I'm not even sure if I should point out the fact that in the case of cash, the paper is the value. If it burns, its gone. In the case of bitcoin, you can simple type the same "shit ton of numbers" on a different piece of paper, since the value is not in the paper itself. Heck, you could type the same numbers on 1000 pieces of papers just to be sure you never lose it, and it still works. Take a photo of it, tattoo it on your cat or memorize it. Doesn't matter, still works.
But you can only spend it once though, counterfeit money only works in fiat.
People act like if fiat has always been some kind of universal proof of value and never has been questioned. They are very quick to forget that when fiat was introduced, exactly the same arguments that are now used against Bitcoin was then used against fiat.
Meanwhile... 7 exabytes.
Expected time to farm 1 XCH with 1 TiB.
2 years 63 days 19 hours 52.2 seconds
This is now for big players only
keep in mind, for now you'll only find blocks which are rewarded 2 XCH. so the calculatory time to find one is double.
also keep in mind it works like a lottery still. based just on a certain chance. while you can calculate a time from the given numbers that is in no way guarantued. it can take much less time to hit a block or a lot longer or never happen at all. rather not 'expect' anything in that regard other than best of luck ;-)
Not sure if this is a good news or a bad news, considering small players will accept this and move on resulting in better stock availability, or that big players will invest more in HDDs resulting in a very severe shortage.
I agree with this part. Greed is so important, that sometimes humanity uses hope and patience to justify or even hide greed. Hence why: To the moon! 🚀
The end is -
You're right. If someone can't put their piece of paper with their wallet written on it in a safety deposit box, that's on the person, not bitcoin. I guess I was thinking of more scenarios where it's easier to lose numbers than physical cash in your possession.
Now this issue is practically and real world use. Do you keep a thousand copies of all your different passwords?
Counterfeit money isn't really a problem these days with plastic money that's much more resilient than old paper technology. It's actually weird to keep reading about paper money.
Well, people forget because they hear of people losing millions from bitcoin exchanges and I've never heard in my life a person losing their checking account at their bank. Investments, pensions, scams, yes. To me, banks are stable.
8 exabytes.
9 exabytes.
This thing just goes up and up. Storage got more expensive, some providers have issues, while this speculation gets more and more storage fuel.
Where to look up this stats?
https://www.chiaexplorer.com/top-addresses
9.8 OOF when chia will fall we will be flooded with half free spinning rust
True, but I don't think this will happen any time soon, because people will want to get the investment back from Chia, while the energy consumption of "farming rigs" is extremely low. So all farmers have to do, for a few years, is just wait and hope.
I mean chia seems to be falling again, where just need to wait for 1 thing, owners selling their coins.
When to sell... this is speculation. Chia may rise like Bitcoin, or it may become another pump-and-dump. Everybody wants to get rich by doing as less effort as possible. This is the beauty of such popcorn drama.
Meanwhile decent workers and honest providers inside datacenters have more costs with storage, costs on active contracts, which were not anticipated and start creating financial pressure now. To this, add abusers with plotting, which after a few weeks will demolish the rented industrial SSDs, creating even more pressure.
we should create a LETDRAMA coin so every time someone starts a drama they get 100 coins
It will barely draw any power plus it won't require top of the art hardware
Good idea, but how could we reward Bram Cohen for example, who is not member of LET and yet he started Chia drama.
Hmm, how about an external address and internal one (internal being your let account|) and external being a random string of numbers. Then email him external address with private key
Welcome to the 3rd world. This is normal there.
Many coins are more stable than FIAT currencies of some countries.
I don't get this. Is chia going to do any meaningful work with the storage and space?
For example, decentralized storage????
No. The plot itself is filled with random data. There is no "actual information" stored, just random garbage data for filling a given plot.
What is the point? What is/are the application(s)?
Money.
Money.
and
Money.
The point is speculation. Hoping to win a coin, to have increased it's value over time, to sell it, and make money.
For applications, check Chia website. Enjoy.
Meanwhile, Chia has reached 10 exabytes.
What has hard drive pricing and availability looked like the last couple days for folks who's re following it closely? I know a few weeks ago prices were high and stocks were very lean.
Still so. Drives I was paying $110/ea are now $290+.
Even storage chassis like supermicro 847s are up by 250% and basically sold out everywhere.
Francisco
I should be granted preseeds.