Topic: Chia Cryptocurrency - page 5. (Read 1637 times)

Any update?

Fortunately and unfortunately, I've never even heard of this crypto coin neither do I even know that such a coin exist, today is my first day of coming across a coin with this name, but from the look of this, I did say that this project looks like it didn't succeed cus I can see that this thread was started in 2019 and till now, no body is talking about this coin.

To be honest, I've learned to ignore or rather, put In my black list any crypto coin that comes out and claim to be the next bitcoin or claim to compete with bitcoin in any way, cus from observation, all the coins that have been made to compete with bitcoin and possibly take over bitcoin's throne have all failed, gives me this feeling that bitcoin can never be replaced unless the developers working on bitcoin wish it to be overtaken by another, but as long as this developers continue to work to strengthen bitcoin's network, any coin coming and claiming to over power bitcoin is nothing but a scam.

I've been toying with Chia for the past two weeks and while the idea sounds okay, the software written in Python is a complete dumpster fire. The version 1.0.4 refuses to connect, corrupts the database, exhausts your RAM, stops working randomly, or creates your "farming plots" with SOMEONE ELSES mining address. Can't believe they got investment for this. Satoshi, while acknowledging he is not a programming expert, wrote better software in his spare time and on his own.

I see a couple of problems with HDD mining. First of all, if the mining is profitable, some people will start building huge storage farms, just like is done with PoW mining hardware, and it will use a lot of energy and materials. See https://en.wikipedia.org/wiki/Jevons_paradox.

Second, assuming that home farming with your existing general-purpose hardware remains feasible, it has a huge drawback compared to CPU or GPU mining. For example, I've bought GPUs for work but they can spend most of their time mining. In most cases the miner can stay running in the background all the time. In some cases I'll need the whole GPU to my work, but even then, I can easily resume mining after that.

This doesn't work with HDD farming. If I want to use that drive for something else, I first have to delete the plotfiles, and then later regenerate those plots with a lot of CPU time and energy. So you will need dedicated farming drives, or at least some dedicated drive space.

I've been testing out small-time Chia farming since just before the mainnet launch, and I even bought a new drive for it, knowing I can still use it for something else if this doesn't work out nicely. I like playing with new technologies in their early stages, and I guess I have a soft spot for Bram Cohen -- I remember when Bittorrent came out, and I like coding in Python myself. I'd like to be proved wrong about the above reservations

That's certainly true, mate. It seems to me that Chia's "Proof of Capacity" consensus mechanism is one-of-a-kind. We're going to have to see how well the project develops as time goes by. The Chia Network is still in is infancy as not many projects are built on it yet. With so much competition in the crypto/Blockchain space, it's hard to believe the Chia project will get all of the attention in the mainstream world. Most people are focused on big players like Ethereum and Bitcoin, leaving the rest of the other coins behind. I'd strongly recommend the development team of the Chia Network to provide innovation so the project will be able to gain traction in the mainstream world. Otherwise, it'll become a failed experiment in the long run.

Nonetheless, I believe Chia is quite late to the game. It should've launched a year or two ago in order to stay ahead of the game. Now with the "De-Fi" and NFTs hype, Chia will remain unnoticed by investors and traders alike. Whenever this is a good opportunity to invest in Chia or not, it's up to you to decide. I'd be surprised if someday Chia becomes one of the top 20 cryptocurrencies in market cap. Just my thoughts

HDD farming as an eco-friendly alternative to mining is "out of this world".  No other major project uses it. Burst was a rugpull and along with filecoin and storj, those coins were difficult to "mine" and use a lot of noise/energy.  This is the first legit proof of capacity coin and it should attract miners considering the GPU/computer chip shortage.

Not that I'm aware of. It's been a long time since I don't follow Chia's development progress, as I've been focused on Ethereum and the recent "De-Fi" craze. Thank goodness, the Chia Network has launched for the general public. We're going to have to wait and see how adoption goes for the project, as people are mainly interested on big market players like Ethereum, Polkadot, and Binance Smart Chain. Chia might not stand a chance against well-established projects if it doesn't deliver innovation and real use cases for the mainstream world. Whenever it'll turn into a success or a failed experiment, it's yet to be determined.

Nonetheless, it looks like Chia is late to the party. There are other projects in the crypto/Blockchain space taking the world by storm with constant innovation and development. If Chia wants to stay ahead of the game, it's going to need to provide something out of this world. Otherwise, it'll become another worthless coin forgotten by people in the mainstream world. Just my thoughts

Chia mainnet has just launched. Am I seriously the only one on Bitcointalk doing Chia, or is there another thread?

BitTorrent inventor Bram Cohen has announced some time ago that it will be launching Chia cryptocurrency in the future. He claims that Chia will the the greener alternative to Bitcoin by using a unique consensus algorithm called "Proof of Space". The project is still in its very beginning, but it has gone far since 2018. It makes me wonder whenever it'll have a space within crypto land, since there are so many altcoins on the market nowadays.

If Chia wants to stay ahead of the game, it would need to provide something innovative not found elsewhere. Also, it would need to keep up with constant development to maintain solid within the crypto industry for a long time. Whenever this new cryptocurrency will succeed in the long term, it's yet to be seen.

Nonetheless, do you think that Chia will become Bitcoin's competitor in the future? If not, will it at least survive the market for the foreseeable future? What are your thoughts about this new cryptocurrency?