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Here is a good read on that https://seekingalpha.com/article/4418567-bitcoin-china-launched-digital-yuan-and-will-change-everything https://seekingalpha.com/ar

Here is a good read on that https://seekingalpha.com/article/4418567-bitcoin-china-launched-digital-yuan-and-will-change-everything https://seekingalpha.com/article/4418567-bitcoin-china-launc...

christiansakai 5y ago
There is nothing in that article about Chia's explosive growth. Am I missing something? Also, the writer seemed to miss the whole point of decentralized currency.
- VectorLock 5y ago
  Chia's design philosophy is the overall best in my opinion. Actually trying to make a useful cryptocurrency rather than just pure speculative vehicle of other shitcoins.
  - christiansakai 5y ago
    But why did China decided that Chia is the one to do, and why now. Why the sudden focus on this crypto?
    - inter_netuser 5y ago
      China decided? What?
    - VectorLock 5y ago
      Presumably China thought it had potential for speculative growth?
    - wmf 5y ago
      They haven't decided Chia is the one; big miners have been rushing into every new coin that launches, including Filecoin and now Chia. It's a "deal flow" approach where you mine 50 shitcoins and hope one pops 1000x.
  - ALittleLight 5y ago
    How is Chia useful? I just looked at their website and don't see what differentiates from other cryptocurrency. I see you mine with hard drive space rather than compute (like FileCoin) but I don't get why this would be useful.
    - dazaidesu 5y ago
      a couple of hard drive lookups every few minutes uses orders of magnitude less power than asics & gpu hashing
      - geerlingguy 5y ago
        ...but consumes orders of magnitude more drive space.
        VectorLock 5y ago
        I don't know if anybody has done the math on how much energy/CO2 it costs to construct a hard drive vs. used in PoW mining with GPUs or ASICs but I'd love to see it.
      - ALittleLight 5y ago
        That means it doesn't have the same cost as bitcoin. That says nothing about why Chia coin is useful. Can I do anything with it, or is it one of those things where I buy it now in the hopes other people will buy it from me for more later?
        thruflo22 5y ago
        Take a look at https://chialisp.com https://chialisp.com It’s a functional language for smart contracts.
- smolder 5y ago
  People have nothing better to do with their money and want to get returns from unproductive pseudo-ponzi schemes because they see other people doing it.
  - christiansakai 5y ago
    Doesn't answer my question.
- Laforet 5y ago
  90% of it is just hype be from intensive marketing riding on the tail of the de-fi fad. Though compared to other "storage" coins it's backed by people with good track record and they have consistently worked with institutional investors to get an IPO/ETF so any loss of value down the road would be socialized and you would not be holding the bags alone. It's never about da tech or mah decentralisacion, just some maaaad gainz that may and may not happen.
  - xbar 5y ago
    Good track record of what?
    - Laforet 5y ago
      A large number of Chia's executive team came from Overstock.com, a company that's been instrumental in pumping up the value of cryptocurrencies both in 2013 and 2017. Sure they could pull this off again, right?
- elefanten 5y ago
  The answer to “why now” is that they turned on their mainnet in March, so the farming for real coins began then. It got some press, at least in crypto land, and it’s very accessible to start small scale plotting by yourself. Everyone has spare disk space. The ability to trade coins (but not necessarily their listing on exchanges) will begin in a matter of days. https://news.bitcoin.com/bittorrent-creator-bram-cohens-crypto-project-chia-sparks-hard-drive-and-ssd-shortages/ https://news.bitcoin.com/bittorrent-creator-bram-cohens-cryp... Regarding China... crypto speculation is popular there? Big mining pools want to own something that could potentially become big? Unclear.

Here is a good read on that https://seekingalpha.com/article/4418567-bitcoin-china-launched-digital-yuan-and-will-change-everything https://seekingalpha.com/article/4418567-bitcoin-china-launc...

christiansakai 5y ago

There is nothing in that article about Chia's explosive growth. Am I missing something? Also, the writer seemed to miss the whole point of decentralized currency.

VectorLock 5y ago
Chia's design philosophy is the overall best in my opinion. Actually trying to make a useful cryptocurrency rather than just pure speculative vehicle of other shitcoins.
- christiansakai 5y ago
  But why did China decided that Chia is the one to do, and why now. Why the sudden focus on this crypto?
  - inter_netuser 5y ago
    China decided? What?
  - VectorLock 5y ago
    Presumably China thought it had potential for speculative growth?
  - wmf 5y ago
    They haven't decided Chia is the one; big miners have been rushing into every new coin that launches, including Filecoin and now Chia. It's a "deal flow" approach where you mine 50 shitcoins and hope one pops 1000x.
- ALittleLight 5y ago
  How is Chia useful? I just looked at their website and don't see what differentiates from other cryptocurrency. I see you mine with hard drive space rather than compute (like FileCoin) but I don't get why this would be useful.
  - dazaidesu 5y ago
    a couple of hard drive lookups every few minutes uses orders of magnitude less power than asics & gpu hashing
    - geerlingguy 5y ago
      ...but consumes orders of magnitude more drive space.
      - VectorLock 5y ago
        I don't know if anybody has done the math on how much energy/CO2 it costs to construct a hard drive vs. used in PoW mining with GPUs or ASICs but I'd love to see it.
    - ALittleLight 5y ago
      That means it doesn't have the same cost as bitcoin. That says nothing about why Chia coin is useful. Can I do anything with it, or is it one of those things where I buy it now in the hopes other people will buy it from me for more later?
      - thruflo22 5y ago
        Take a look at https://chialisp.com https://chialisp.com It’s a functional language for smart contracts.
smolder 5y ago
People have nothing better to do with their money and want to get returns from unproductive pseudo-ponzi schemes because they see other people doing it.
- christiansakai 5y ago
  Doesn't answer my question.
Laforet 5y ago
90% of it is just hype be from intensive marketing riding on the tail of the de-fi fad. Though compared to other "storage" coins it's backed by people with good track record and they have consistently worked with institutional investors to get an IPO/ETF so any loss of value down the road would be socialized and you would not be holding the bags alone. It's never about da tech or mah decentralisacion, just some maaaad gainz that may and may not happen.
- xbar 5y ago
  Good track record of what?
  - Laforet 5y ago
    A large number of Chia's executive team came from Overstock.com, a company that's been instrumental in pumping up the value of cryptocurrencies both in 2013 and 2017. Sure they could pull this off again, right?
elefanten 5y ago
The answer to “why now” is that they turned on their mainnet in March, so the farming for real coins began then. It got some press, at least in crypto land, and it’s very accessible to start small scale plotting by yourself. Everyone has spare disk space. The ability to trade coins (but not necessarily their listing on exchanges) will begin in a matter of days. https://news.bitcoin.com/bittorrent-creator-bram-cohens-crypto-project-chia-sparks-hard-drive-and-ssd-shortages/ https://news.bitcoin.com/bittorrent-creator-bram-cohens-cryp... Regarding China... crypto speculation is popular there? Big mining pools want to own something that could potentially become big? Unclear.