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Chia cryptocurrency: Eco-friendly Bitcoin rival flops on launch

4 points by throwkeep 5y ago

geoah 5y ago
I honestly don’t know if the people who write these articles simply benefit from trying to scare people or what. I really am amazed at the price of chia atm as I think it’s insanely high. Chia farming (plotting) seems to work by creating plots that require moderate cpu and ram and very fast storage. A plot (k32) will take between 6 to 12 hours to be generated and then it gets move to a slower disk (even a usb3 one according to the docs) and will be used for up to five years to check against challenges and make chia coins for finding the solutions. So the main issue for farming chia long term is that you need disks for storing your plots. Looking at a profit calculator [1] for chia right now gives a yield of 1k USD for the first couple of months for just 10Tb worth of plots. That is an insanely profitable and I expect that either the price will eventually drop to close to the cost of farming, or network space will get high enough that rewards will reduce enough to make farming as expensive. 1. https://chiacalculator.com https://chiacalculator.com
- sigmaprimus 5y ago
  What part of the article did You find scary? I like the idea behind this but am going to wait for more exchanges to pick it up before converting any of my Monero. I also like Sentinel but it has the same problem of limited exhange availability.
  - c1sc0 5y ago
    How is limited exchange availability a bad thing? Just install the wallet.
    - sigmaprimus 5y ago
      Lol, I suppose that works too. As long as You can find someone to buy, sell and trade with that also has a wallet. In essence become your own exchange. The last thing I want is to get stuck holding some rando alt coin when it gets delisted from the only exchange it's being traded on. I'm not interested in holding orphaned coins that may or may not be technically better. I'm a child of the 80s and did my time on a betamax VCR while all my friends had VHS and don't get me started about Cosby's computer!
- tromp 5y ago
  > I think it’s insanely high. As is apparent from the huge 21M chia premine (prefarm technically) currently (at today's $1300 price) being worth over $27B.

4 points by throwkeep 5y ago

I honestly don’t know if the people who write these articles simply benefit from trying to scare people or what. I really am amazed at the price of chia atm as I think it’s insanely high. Chia farming (plotting) seems to work by creating plots that require moderate cpu and ram and very fast storage. A plot (k32) will take between 6 to 12 hours to be generated and then it gets move to a slower disk (even a usb3 one according to the docs) and will be used for up to five years to check against challenges and make chia coins for finding the solutions. So the main issue for farming chia long term is that you need disks for storing your plots. Looking at a profit calculator [1] for chia right now gives a yield of 1k USD for the first couple of months for just 10Tb worth of plots. That is an insanely profitable and I expect that either the price will eventually drop to close to the cost of farming, or network space will get high enough that rewards will reduce enough to make farming as expensive. 1. https://chiacalculator.com https://chiacalculator.com

sigmaprimus 5y ago
What part of the article did You find scary? I like the idea behind this but am going to wait for more exchanges to pick it up before converting any of my Monero. I also like Sentinel but it has the same problem of limited exhange availability.
- c1sc0 5y ago
  How is limited exchange availability a bad thing? Just install the wallet.
  - sigmaprimus 5y ago
    Lol, I suppose that works too. As long as You can find someone to buy, sell and trade with that also has a wallet. In essence become your own exchange. The last thing I want is to get stuck holding some rando alt coin when it gets delisted from the only exchange it's being traded on. I'm not interested in holding orphaned coins that may or may not be technically better. I'm a child of the 80s and did my time on a betamax VCR while all my friends had VHS and don't get me started about Cosby's computer!
tromp 5y ago
> I think it’s insanely high. As is apparent from the huge 21M chia premine (prefarm technically) currently (at today's $1300 price) being worth over $27B.