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Chia is a literal scam. There's a massive amount of premined chia controlled by the "chia strategic reserve". It will take a decade for the amount of mined va
by richwater 5y ago
Chia is a literal scam.
There's a massive amount of premined chia controlled by the "chia strategic reserve".
It will take a decade for the amount of mined value to equal the pre-mined value.
- josefresco 5y agoI looked into Chia mining as a hobby and was directed to Burstcoin. I don't know much about either, but Burstcoin advocates claim it's the "better" PoC. Note: I went to double check something on the Burstcoin website and realized today, June 24th they changed their name to Signum - https://www.burst-coin.org/ https://www.burst-coin.org/
- VOSgqcSyGdPhGWP 5y agoWhy not do something useful with the space like FileCoin or Arweave?
- josefresco 5y agoCool thanks! I didn't know about either, I'll check them out. Are you suggesting Burstcoin is not useful? How do the 4 (Chia/Burst/FileCoin/Arweave) compare? What are FileCoin and Arweave used for now? FWIW the Burstcoin community have been very helpful, and they have a Windows client which was nice for a "hobbyist" like me.
- VOSgqcSyGdPhGWP 5y agoBitcoin may be useful but the calculations done for its proof-of-work don't do anything useful outside of Bitcoin. The same is true of Chia. It uses up hard drive space as a mechanism to validate transactions but IIRC that space is essentially random bytes. On the other hand, with arweave or filecoin you are storing files for people.
- lalaland1125 5y agoDo note that there is very little current use of Filecoin storage. Right now it's not too different from Chia.