Topic: Chia Cryptocurrency - page 4. (Read 1679 times)

I guess the poster must have mistaken this chia for another if there is, i was a bit confuse when he said you can buy for $20 because last time i checked the current price is at $659.33, this coin already high so those who are mining since the begining are the ones in profit, right now mining chia will not be as profitable as in the begining, i only got to know about it only yesterday from a friend, am not sure if it is worth subjecting my device for.

Honestly, I just found out even though this region started in 2019, and seeing the price movement is very interesting, to become a competitor with BITCOIN takes a very long time to continue to develop.

Buying a large volume of SSD drives while market demand has not been determined is wasteful behavior. The world has seen early miners mine Bitcoin. They won with great rewards. They succeeded because Bitcoin was the first cryptocurrency.
CHIA is a new blockchain and no matter how good it is, there are hundreds of projects out there in direct competition.
I have seen hard drive mining projects like Conflux, Burst. These two projects have yet to show signs of booming demand. As for CHIA, I don't think this project has made a big impact around the world although great demand in China is a good aspect.

Of course, it would be easier to buy Chia for $20 than to mine it yourself. But the problem is that no one sells for $20. According to https://coinmarketcap.com/ru/currencies/chia-network/markets/ right now, anyone can buy this coin using a centralized exchange at a price of $750. Although everything is possible in the cryptocurrency market, so you should wait for the Chia dump to $20.

Red flags, red flags everywhere. It's like the return of the Soviet Union.

Yea, I liked the coin but when I saw 21 million premine I was like wtf?? I guess that 90% of the people getting onboard in the last few days don't know this. Nevertheless, I still think they will get a decent launch price
 and volume on EXs. The hype is real and currently it looks easier to buy chia for 20$ than to mine it.

I've spent some time looking into this coin. I like the concept, I like their website but it lacks many important features: 

- No way to password encrypt your wallet
- Plots are linked to your wallet so if it gets compromised you have to redirect transactions
- It's unclear what security audits they did on their nodes. Are they susceptible to buffer overflow attacks or something else?
- The GUI itself is nice and modern, but lacks basic features like ability to stop/pause a plotting node (no resume). It also lacks any ability to predict plot time and any decent HT support. The CLI is basic, just like most cryptos but also lacks any of this.

The complexity has gone through the roof in just 1.5 months. Currently at 1.5 EiB and growing 10% every couple days. With 20 plots (2TB) it will take you 6 months to win anything. In a couple weeks that will be a couple years.
Plots themselves are very compute intensive. Not sure why they'd ever say this is green. A decent gaming system could do 10 plots/day. Unless you have a server with 32+ cores, enterprise NVMe SSD (or a huge parallel raid setup) you're not going to plot fast enough to catch-up with the increased complexity.

Now all of these are concerns and in some cases showstoppers for small-time miners. The real showstopper, however. The one that completely breaks this is that for whatever reason Bram and his cohort decided to premine 21 million coins. Whereas right now there is <500k coins out for CHIA miners to win. It's estimated over 25 years CHIA miners can win 21 million coins. These coins cost *nothing* for the chia corporation to create, yet they are going to instantaneously have these coins. Now their business whitepaper says they'll have a board that will decide when/if to sell the coins. 90 days notice will be given to everyone when it happens etc.... This is what the chia community says to justify this huge slice of chia pie given to the developers. This really doesn't fly well and beckons back to the early days of altcoins when developers would allocate 90% of the coins for themselves and a mere 10% for the community. Then instant dump when they get the chance. Chia can put this under the banner of a corporation if they want but it's astounding that they, and the chia miners themselves think this is even a close to fair idea.

So a 98% early premine, complexity pushing through the roof, and questionable miner support. This is an interesting coin to experiment with but I'd pass for now.

He Guys..

I´m new to the Chia Project.. heared it yesterday..
But now i have some questions, that are not very clear to me.

If i have a System with:
1 CPU - 12Cores - 24 Threads
64GB of RAM
1 SSD for Windows System
1 fast SSD 2TB for Temp Plot Folder
1 Big 18TB HDD for the Plot Files, or however what it is.

I know a Plot need 2 Cores and around 4GB of RAM.
But the Drive Spaces are not clear to me.

Can i create for example 10 Plots?
If Yes, what are the Details?

20 Threads from the CPU?
around 40GB of RAM?
around 1 TB of Spce from the 2TB SSD?
and how much space from the 18 TB Drive it will use? I could not find that information.

Or is it better to use the full 18TB for one Plot and put in more 9 x 18TB.
That i use on every Plot a 18 TB?

Anyone can answer these questions ?

Thanks

I hate it when I have to use a software that's unstable. To my knowledge, Bitcoin didn't had such issues in its early software releases. The Chia developer team is going to need to ramp up their efforts if they want to attract the general public into it. Otherwise, the project will go all the way down the drain. With so many competitors on the market right now, it's hard to believe Chia will rise all the way to the top anytime soon. People are focused on "De-Fi" and NFTs right now, leaving other coins behind in the dust. So far, Chia lacks listings from prominent exchanges in order to maintain liquidity and a constant uptrend in price. It's basically a worthless coin right now, as people are pouring money into other big players on the market. Things could change if the Chia project delivers as promised in the long term. But for now, it'll remain under the radar of traders and investors alike.

Nonetheless, there are far better cryptocurrencies out there with active development, innovation, and real use cases for the mainstream world. Burst, Filecoin, and Storj are similar to Chia in the sense that anyone can mine these coins with their free hard drive space. Who'd want to use Chia if there are similar projects that are faring better on the market? As long as market demand for Chia remains low, the project won't be going anywhere. Just my thoughts

Still risky because the coin value after listing might not be good enough, this coin have to cost 40$ each for hdd investors to be on a safer side of not it will be a waste of time, it's better to look into the coin real use case than how to acquire them through mining, use case is what matters

If you look at the purchase of ssd now, then in many countries the prices for them have not yet increased. Therefore, if you buy them now, before the hype, then you can also sell ssd themselves more expensively. Moreover, almost everywhere in official stores they have a 5-year warranty.

I'm aware of that. That's why I refer to selling forward and using escrow. No movement of coin required.

It is just like asking why do we need Solano and other smart contracts platform since we already have Ethereum. Chia is one project I have been waiting to see it launch because it promises things that the current competitors do not have, my fear is just that most of these coins will end up in the hands of Whales and big farmers because they have money to deploy and buy gears to mine it. I believe this will pump when it hit market so I will likely ride the hype

This crypto does not allow sending and receiving. You are at the mercy of the developers to enable it later. Does more need to be said? You are not in control of your chia wallet, even if you have the private keys. This is the opposite of user control, opposite of coin ownership. Chia, after several years of development, does not have one of the fundamental required properties - the ability to send and receive. And it is heavily pre-mined, the bug tracker is a bloody mess, software is slow, bloated and unstable. Network is experiencing serious problems even with literally ZERO transactions (remember, transactions are not allowed at the moment).

Are there any red flags left unraised by this coin?

Hey Folks,

I am new to the chia topic.

The first questions I have arose when I logged into the chia app using windows.
How can I generate my own private key, which algorithm does it use and how can I import it? I Don't want some software I don't understand to create my private key, especially when I am online.

Thank you in advance for your answers.

The Miners cannot sell now. Sending will be enabled in 2 Weeks

Anyone selling forward? Interested in buying a few if price not too steep. Aware it's not on market yet, maybe looking at some sort of escrow or?

you can downloaded chia app and go to farm tokens, but you must have but many ssd or hdd for this/ because 1 ssd for PC not enough for give many tokens for this project.

please tell me where you can buy it and can you buy it at all? Such things grow very well in price for a long time.

Is it possible to buy Chia anywhere?