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I lost interest in Eth when the “code is law” law was broken. I’m glad I did. I don’t believe proof of steak is the correct solution to the energy required for
by dcow 5y ago
I lost interest in Eth when the “code is law” law was broken. I’m glad I did. I don’t believe proof of steak is the correct solution to the energy required for proof of work. To be clear, a lot of good insight has come from Eth, but I’m not ideologically bought in anymore.
Recently I have been exploring Chia as a farmer. Rather than the ruling class being a group devs and random early miners, the ruling class is a (soon public) corporation. At least a corporation has a clear legal structure of existence in a capitalist society. I see it as a sort of anchor between a purely cyber community and the actual world we subject ourselves to. I can buy shares in a corporation if I want to participate in the ruling class. The ruling class has legal agency to increase the value of its share price, which is the dual of it’s the underlying asset. Farmers still make less over time but the logistics are clearly laid out in detail, and TX fees kick in to supplement. Maybe it too will all go up in flames, but until it does I’m along for the ride. I believe we can sustain a proof of work system that is orders of magnitude more efficient than constantly running sha. And personally I feel “crypto” has had enough iterations that it’s about time to pick an innovative one and throw some labor behind it.
- latchkey 5y agoAs far as I understand it, Chia suffers from the problem of just filling hard disks with useless data. https://www.backblaze.com/blog/chia-analysis-to-farm-or-not-to-farm/ https://www.backblaze.com/blog/chia-analysis-to-farm-or-not-... Filecoin is a more viable and useful option imho.
- dcow 5y agoThere are way more HDDs lying around needing to be used than GPUs, though. Storage is so much easier to come by. File coin has structural problems like you cant mine filecoin without first buying filecoin to stake…
- everfree 5y ago> File coin has structural problems like you cant mine filecoin without first buying filecoin to stake Why do you consider this a structural problem?
- latchkey 5y agoYou can't use filecoin (or bitcoin, or eth or anything else really) without buying some too. That's not a structural problem. If you fill disks full of junk, you're increasing the write wear on those disks. Despite the rumors, GPUs don't just wear out.
- dcow 5y agoDisks can handle 1 entire disk write no problem. Not sure what disks you're thinking of...
- chx 5y ago> I don’t believe proof of steak is the correct solution Please don't, it's bad enough for GPUs don't take my dinner too.
- iSnow 5y agoChia seems completely brain-dead. Buying up HDs and SSDs to fill them with junk data and getting coins for that. In what universe does that make sense? I'd rather support Bitcoin miners as they only cause an ASIC shortage, a SSD shortage is much worse for me.
- dcow 5y agoA universe where tons of old storage gets thrown out. Why not reuse it?