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> Buy mining hardware and electricity with renminbi. Sell the resulting coins in the free world for fiat hard currency. That's the way it keeps getting describ

> Buy mining hardware and electricity with renminbi. Sell the resulting coins in the free world for fiat hard currency. That's the way it keeps getting described to me. However, where does the hard currency come from? Who is providing the USD for ChiaCoin, and why? This applies to any other of the cryptocurrencies that pop every day. Mining alone is about as useless as owning a printing press for your own currency $FOO. Unless someone is willing to give you hard currency for $FOO, it's just worthless strips of paper. Who's trading hard USD for every new fad coin?

vineyardmike 5y ago
> Who is providing the USD for ChiaCoin, and why unfortunate souls who are speculating on it since they don't know better. Also a huge % is probably held by a small amount of early adopters who whale that coin up so it seems more valuable and has more perceived trading traffic
- ckastner 5y ago
  > unfortunate souls who are speculating on it since they don't know better. Yes, but its seems that every day, it's some other coin. At some point, the money has to run out. > Also a huge % is probably held by a small amount of early adopters who whale that coin up so it seems more valuable and has more perceived trading traffic This sounds far more likely.
  - ClumsyPilot 5y ago
    >"At some point, the money has to run out" That only applies to usefull things, like infrastructure and industry. When it comes to speculative s financial assets, oyr capacity to fund them is virtually unlimited
    - deleted 5y ago
      [deleted]
- napier 5y ago
  I don't think you can buy Chia yet. I hear people are using their spare storage space to farm it. I imaging lots of torrented movies have been sent to the recycle bin recently.
f6v 5y ago
I’m in a machine learning telegram channel. There was one guy recently who came in to ask which new crypto is going to take off. I think there’re many people trying to find the next big thing. Most of them probably waste money.

vineyardmike 5y ago

> Who is providing the USD for ChiaCoin, and why unfortunate souls who are speculating on it since they don't know better. Also a huge % is probably held by a small amount of early adopters who whale that coin up so it seems more valuable and has more perceived trading traffic

ckastner 5y ago
> unfortunate souls who are speculating on it since they don't know better. Yes, but its seems that every day, it's some other coin. At some point, the money has to run out. > Also a huge % is probably held by a small amount of early adopters who whale that coin up so it seems more valuable and has more perceived trading traffic This sounds far more likely.
- ClumsyPilot 5y ago
  >"At some point, the money has to run out" That only applies to usefull things, like infrastructure and industry. When it comes to speculative s financial assets, oyr capacity to fund them is virtually unlimited
  - deleted 5y ago
    [deleted]
napier 5y ago
I don't think you can buy Chia yet. I hear people are using their spare storage space to farm it. I imaging lots of torrented movies have been sent to the recycle bin recently.

f6v 5y ago

I’m in a machine learning telegram channel. There was one guy recently who came in to ask which new crypto is going to take off. I think there’re many people trying to find the next big thing. Most of them probably waste money.