3 ms·

While I hold a modest amount of Bitcoin, it’s pretty clear that it’s just digital gold at this point, and not really a currency in a practical sense. And the mi

by dchuk 6y ago

While I hold a modest amount of Bitcoin, it’s pretty clear that it’s just digital gold at this point, and not really a currency in a practical sense. And the mining situation is ridiculous, both from a power usage perspective and a miner centralization perspective. I’ve been digging into this project lately and it’s pretty exciting: https://www.chia.net https://www.chia.net especially considering Bram Cohen is the brain behind it (the BitTorrent guy). Really good real time community on Keybase, I also launched a forum that I’m trying to get some traction with to preserve knowledge for the project at https://chiaforum.com https://chiaforum.com It’s a lot of fun building and running the chia farming rigs, feels way more accessible than the mining stuff. Also, since it’s barely just launched, and it’s on good tech foundation, it’s exciting to be in “early” on a new coin.

jsilence 6y ago
Yeah, I think a lot of altcoins try to create the 'early in' vibe. Not sure how many and which of them avoid becoming irelevant in the long term.
- tromp 6y ago
  Perhaps one that avoids the 'early in' vibe by having an even distribution over time.
donmcronald 6y ago
Is this something I could get into with 2TB disks? Say 12-15 2TB disks. I have a bunch that are too old to trust and are sitting on a shelf. Any idea how disk failures affect things?
- dpiers 6y ago
  Yes, you could do that. 24-30TB of plots would win a block roughly every day or so with the current netspace. I'm using a bunch of used drives and not worried about disk failure because worst case scenario is replacing the drive and re-generating new plots.
- megameter 6y ago
  You need a temporary space of 312GiB to "plot" which is RAM intensive(~4GB min, more if you parallelize) and disk I/O bottlenecked(serious Chia farmers put their temp on an SSD), but finished plots are 101.4GiB each and are just files accessed occasionally, so you can fit a dozen or so on a 2TB. If the drive goes, so do the plots, but the cost is just the time to replot so you probably don't need a backup strategy. Plotting tends to be a bottleneck - hours to finish one in my experience, though that is with using the storage drive for the temp space. But even with 26 plots(2.5 TiB) I have already earned 4 Chia in a few weeks.
rssoconnor 6y ago
My biggest concern with Chia, is that Proof of Space doesn't actually "use up" any space. In particular, this means that when a "miner" is faced with a choice of two competing blocks (or transactions) their best option is to simply "mine" on both of them. This is doable because, by it's very nature, proof of space has little to no opportunity cost. As a result, it seems that proof of space doesn't really come to any consensus. In particular the Chia software will track up to 5 simultaneous chain tips as a consequence of this. P.S. My understanding could be a few years out of date, so do correct me if I'm wrong.

by dchuk 6y ago

jsilence 6y ago

Yeah, I think a lot of altcoins try to create the 'early in' vibe. Not sure how many and which of them avoid becoming irelevant in the long term.

tromp 6y ago
Perhaps one that avoids the 'early in' vibe by having an even distribution over time.

donmcronald 6y ago

Is this something I could get into with 2TB disks? Say 12-15 2TB disks. I have a bunch that are too old to trust and are sitting on a shelf. Any idea how disk failures affect things?

dpiers 6y ago
Yes, you could do that. 24-30TB of plots would win a block roughly every day or so with the current netspace. I'm using a bunch of used drives and not worried about disk failure because worst case scenario is replacing the drive and re-generating new plots.
megameter 6y ago
You need a temporary space of 312GiB to "plot" which is RAM intensive(~4GB min, more if you parallelize) and disk I/O bottlenecked(serious Chia farmers put their temp on an SSD), but finished plots are 101.4GiB each and are just files accessed occasionally, so you can fit a dozen or so on a 2TB. If the drive goes, so do the plots, but the cost is just the time to replot so you probably don't need a backup strategy. Plotting tends to be a bottleneck - hours to finish one in my experience, though that is with using the storage drive for the temp space. But even with 26 plots(2.5 TiB) I have already earned 4 Chia in a few weeks.

rssoconnor 6y ago

My biggest concern with Chia, is that Proof of Space doesn't actually "use up" any space. In particular, this means that when a "miner" is faced with a choice of two competing blocks (or transactions) their best option is to simply "mine" on both of them. This is doable because, by it's very nature, proof of space has little to no opportunity cost. As a result, it seems that proof of space doesn't really come to any consensus. In particular the Chia software will track up to 5 simultaneous chain tips as a consequence of this. P.S. My understanding could be a few years out of date, so do correct me if I'm wrong.