Chia Cryptocurrency

[Abiky]

I've been toying with Chia for the past two weeks and while the idea sounds okay, the software written in Python is a complete dumpster fire. The version 1.0.4 refuses to connect, corrupts the database, exhausts your RAM, stops working randomly, or creates your "farming plots" with SOMEONE ELSES mining address. Can't believe they got investment for this. Satoshi, while acknowledging he is not a programming expert, wrote better software in his spare time and on his own.

I hate it when I have to use a software that's unstable. To my knowledge, Bitcoin didn't had such issues in its early software releases. The Chia developer team is going to need to ramp up their efforts if they want to attract the general public into it. Otherwise, the project will go all the way down the drain. With so many competitors on the market right now, it's hard to believe Chia will rise all the way to the top anytime soon. People are focused on "De-Fi" and NFTs right now, leaving other coins behind in the dust. So far, Chia lacks listings from prominent exchanges in order to maintain liquidity and a constant uptrend in price. It's basically a worthless coin right now, as people are pouring money into other big players on the market. Things could change if the Chia project delivers as promised in the long term. But for now, it'll remain under the radar of traders and investors alike.

Nonetheless, there are far better cryptocurrencies out there with active development, innovation, and real use cases for the mainstream world. Burst, Filecoin, and Storj are similar to Chia in the sense that anyone can mine these coins with their free hard drive space. Who'd want to use Chia if there are similar projects that are faring better on the market? As long as market demand for Chia remains low, the project won't be going anywhere. Just my thoughts

[1715498528]

1715498528

[1715498528]

1715498528

[ComX]

He Guys..

I´m new to the Chia Project.. heared it yesterday..
But now i have some questions, that are not very clear to me.

If i have a System with:
1 CPU - 12Cores - 24 Threads
64GB of RAM
1 SSD for Windows System
1 fast SSD 2TB for Temp Plot Folder
1 Big 18TB HDD for the Plot Files, or however what it is.

I know a Plot need 2 Cores and around 4GB of RAM.
But the Drive Spaces are not clear to me.

Can i create for example 10 Plots?
If Yes, what are the Details?

20 Threads from the CPU?
around 40GB of RAM?
around 1 TB of Spce from the 2TB SSD?
and how much space from the 18 TB Drive it will use? I could not find that information.

Or is it better to use the full 18TB for one Plot and put in more 9 x 18TB.
That i use on every Plot a 18 TB?

Anyone can answer these questions ?

Thanks

[achillez]

I've spent some time looking into this coin. I like the concept, I like their website but it lacks many important features: 

- No way to password encrypt your wallet
- Plots are linked to your wallet so if it gets compromised you have to redirect transactions
- It's unclear what security audits they did on their nodes. Are they susceptible to buffer overflow attacks or something else?
- The GUI itself is nice and modern, but lacks basic features like ability to stop/pause a plotting node (no resume). It also lacks any ability to predict plot time and any decent HT support. The CLI is basic, just like most cryptos but also lacks any of this.

The complexity has gone through the roof in just 1.5 months. Currently at 1.5 EiB and growing 10% every couple days. With 20 plots (2TB) it will take you 6 months to win anything. In a couple weeks that will be a couple years.
Plots themselves are very compute intensive. Not sure why they'd ever say this is green. A decent gaming system could do 10 plots/day. Unless you have a server with 32+ cores, enterprise NVMe SSD (or a huge parallel raid setup) you're not going to plot fast enough to catch-up with the increased complexity.

Now all of these are concerns and in some cases showstoppers for small-time miners. The real showstopper, however. The one that completely breaks this is that for whatever reason Bram and his cohort decided to premine 21 million coins. Whereas right now there is <500k coins out for CHIA miners to win. It's estimated over 25 years CHIA miners can win 21 million coins. These coins cost *nothing* for the chia corporation to create, yet they are going to instantaneously have these coins. Now their business whitepaper says they'll have a board that will decide when/if to sell the coins. 90 days notice will be given to everyone when it happens etc.... This is what the chia community says to justify this huge slice of chia pie given to the developers. This really doesn't fly well and beckons back to the early days of altcoins when developers would allocate 90% of the coins for themselves and a mere 10% for the community. Then instant dump when they get the chance. Chia can put this under the banner of a corporation if they want but it's astounding that they, and the chia miners themselves think this is even a close to fair idea.

So a 98% early premine, complexity pushing through the roof, and questionable miner support. This is an interesting coin to experiment with but I'd pass for now.

[robertpaulsen]

I've spent some time looking into this coin. I like the concept, I like their website but it lacks many important features: 

- No way to password encrypt your wallet
- Plots are linked to your wallet so if it gets compromised you have to redirect transactions
- It's unclear what security audits they did on their nodes. Are they susceptible to buffer overflow attacks or something else?
- The GUI itself is nice and modern, but lacks basic features like ability to stop/pause a plotting node (no resume). It also lacks any ability to predict plot time and any decent HT support. The CLI is basic, just like most cryptos but also lacks any of this.

The complexity has gone through the roof in just 1.5 months. Currently at 1.5 EiB and growing 10% every couple days. With 20 plots (2TB) it will take you 6 months to win anything. In a couple weeks that will be a couple years.
Plots themselves are very compute intensive. Not sure why they'd ever say this is green. A decent gaming system could do 10 plots/day. Unless you have a server with 32+ cores, enterprise NVMe SSD (or a huge parallel raid setup) you're not going to plot fast enough to catch-up with the increased complexity.

Now all of these are concerns and in some cases showstoppers for small-time miners. The real showstopper, however. The one that completely breaks this is that for whatever reason Bram and his cohort decided to premine 21 million coins. Whereas right now there is <500k coins out for CHIA miners to win. It's estimated over 25 years CHIA miners can win 21 million coins. These coins cost *nothing* for the chia corporation to create, yet they are going to instantaneously have these coins. Now their business whitepaper says they'll have a board that will decide when/if to sell the coins. 90 days notice will be given to everyone when it happens etc.... This is what the chia community says to justify this huge slice of chia pie given to the developers. This really doesn't fly well and beckons back to the early days of altcoins when developers would allocate 90% of the coins for themselves and a mere 10% for the community. Then instant dump when they get the chance. Chia can put this under the banner of a corporation if they want but it's astounding that they, and the chia miners themselves think this is even a close to fair idea.

So a 98% early premine, complexity pushing through the roof, and questionable miner support. This is an interesting coin to experiment with but I'd pass for now.

Yea, I liked the coin but when I saw 21 million premine I was like wtf?? I guess that 90% of the people getting onboard in the last few days don't know this. Nevertheless, I still think they will get a decent launch price
 and volume on EXs. The hype is real and currently it looks easier to buy chia for 20$ than to mine it.

[Trupik]

Red flags, red flags everywhere. It's like the return of the Soviet Union.

[tvplus006]

...The hype is real and currently it looks easier to buy chia for 20$ than to mine it.

Of course, it would be easier to buy Chia for $20 than to mine it yourself. But the problem is that no one sells for $20. According to https://coinmarketcap.com/ru/currencies/chia-network/markets/ right now, anyone can buy this coin using a centralized exchange at a price of $750. Although everything is possible in the cryptocurrency market, so you should wait for the Chia dump to $20.

[grabpopcorn536]

Buying a large volume of SSD drives while market demand has not been determined is wasteful behavior. The world has seen early miners mine Bitcoin. They won with great rewards. They succeeded because Bitcoin was the first cryptocurrency.
CHIA is a new blockchain and no matter how good it is, there are hundreds of projects out there in direct competition.
I have seen hard drive mining projects like Conflux, Burst. These two projects have yet to show signs of booming demand. As for CHIA, I don't think this project has made a big impact around the world although great demand in China is a good aspect.

[Atang Sulaeman]

BitTorrent inventor Bram Cohen has announced some time ago that it will be launching Chia cryptocurrency in the future. He claims that Chia will the the greener alternative to Bitcoin by using a unique consensus algorithm called "Proof of Space". The project is still in its very beginning, but it has gone far since 2018. It makes me wonder whenever it'll have a space within crypto land, since there are so many altcoins on the market nowadays.

If Chia wants to stay ahead of the game, it would need to provide something innovative not found elsewhere. Also, it would need to keep up with constant development to maintain solid within the crypto industry for a long time. Whenever this new cryptocurrency will succeed in the long term, it's yet to be seen.

Nonetheless, do you think that Chia will become Bitcoin's competitor in the future? If not, will it at least survive the market for the foreseeable future? What are your thoughts about this new cryptocurrency?

Honestly, I just found out even though this region started in 2019, and seeing the price movement is very interesting, to become a competitor with BITCOIN takes a very long time to continue to develop.

[Anonylz]

...The hype is real and currently it looks easier to buy chia for 20$ than to mine it.

Of course, it would be easier to buy Chia for $20 than to mine it yourself. But the problem is that no one sells for $20. According to https://coinmarketcap.com/ru/currencies/chia-network/markets/ right now, anyone can buy this coin using a centralized exchange at a price of $750. Although everything is possible in the cryptocurrency market, so you should wait for the Chia dump to $20.

I guess the poster must have mistaken this chia for another if there is, i was a bit confuse when he said you can buy for $20 because last time i checked the current price is at $659.33, this coin already high so those who are mining since the begining are the ones in profit, right now mining chia will not be as profitable as in the begining, i only got to know about it only yesterday from a friend, am not sure if it is worth subjecting my device for.

[Stanlo]

I can decide to mine chia once there is official pool available, I don't want to do the solo mining and keep looking at my screen hoping one day I get something, I want to mine like GPU mining where you get something every day

[thesmallgod]

Proof of space is an algorithm that is not yet known well. If the consensus proof to be better than other blockchain consensus algorithm particularly in term of speed and transaction fee then Chia might end up competing with bitcoin. It seems the blockchain will be a centralized one compare to bitcoin which operate on decentralized network

[BroganBloodstone]

I don’t know guys. From what I can see what they have built is very solid. Now that mainnet has launched and transactions have been enabled they will be able to focus on improving the gui software. They have some big name investors on board and based on what I have read I can see this being a a top 10 cmc project in the future.

Since launch of mainnet interest in the projects as grown exponentially. Will be an interesting one to keep an eye on in my humble opinion.

[mr.robot8]

chia is a new altcoin just born that has in addition to a great value about $ 644 also a great potential that is easy to mine you do not need powerful computers it can be mined from hard disk, so it is in my opinion an excellent chance of earning

[Trupik]

price of $750

Well, I'll be damned. This coin wasn't a complete waste of effort after all. I'll be selling my 2 coins I was able to mine, if I can ever get that horrible client to sync. I will probably reinvest the proceeds on Nasdaq to WDC or STX.

[Trupik]

easy to mine you do not need powerful computers

yes, if you are able to wait 10 years for your coin... it took about a month to plot 10 terabytes on the hardware that is cheap and readily available

the reward with 10 TB plots is expected in about a month, but the difficulty is currently ramping up faster than you can plot and if you are not lucky and win the reward soon, in two weeks it can be expected in next three months, then a year and at that point you are out of the game without significant investment in specialized hardware

[JooBra]

easy to mine you do not need powerful computers

yes, if you are able to wait 10 years for your coin... it took about a month to plot 10 terabytes on the hardware that is cheap and readily available

the reward with 10 TB plots is expected in about a month, but the difficulty is currently ramping up faster than you can plot and if you are not lucky and win the reward soon, in two weeks it can be expected in next three months, then a year and at that point you are out of the game without significant investment in specialized hardware

That's my biggest fear. With that in mind I would look investing in Chia or some similar project in bear market. In that time people are less willing to invest in something that is going down.

[SquirrelJulietGarden]

I can not find CHIA on whattomine. Do you know any website that I can calculate productivity of my rig if I use it to mine this coin, CHIA.

Thank you a lot.

[Trupik]

I can not find CHIA on whattomine. Do you know any website that I can calculate productivity of my rig if I use it to mine this coin, CHIA.

Thank you a lot.

https://www.chiaexplorer.com/charts/xchTib
there you can enter your disk capacity and it will show you a prediction of what can be expected

but beware the minimum reward is 2.0 XCH when you actually farm (mine) a block, so if the prediction for your disk size and number of days you are willing to let it run is not higher than 2.0 XCH, then you are probably better off staying out until the pool support is properly implemented

yes, that's right, chia is designed in a way that makes free pooling impossible, instead they are implementing their vision of what fair pooling may look like

and it (announced chia pool support) is as retarded and unfree as you can expect from a pre-mined corporate wish-to-be ecological crypto

meanwhile the world harddrive supply vanished overnight and you can expect shortages

I really hate chia

[Abiky]

Buying a large volume of SSD drives while market demand has not been determined is wasteful behavior. The world has seen early miners mine Bitcoin. They won with great rewards. They succeeded because Bitcoin was the first cryptocurrency.
CHIA is a new blockchain and no matter how good it is, there are hundreds of projects out there in direct competition.
I have seen hard drive mining projects like Conflux, Burst. These two projects have yet to show signs of booming demand. As for CHIA, I don't think this project has made a big impact around the world although great demand in China is a good aspect.

If Burst and other PoC (Proof of Capacity) coins didn't had much success, I don't think Chia will make the difference. It's full of hype more than anything else. Right now, prices per coin are insane as its valued at around $600 on the market. Expect to see a shortage of SSDs and other digital storage mediums because of the Chia "mining" craze. After the dust settles, Chia may lose its value big time. It's not about hype, but rather delivering real use cases for the mainstream world. The project needs something innovative in order to stay ahead of the game. Otherwise, it'll be left behind other prominent coins on the market.

Nonetheless, anything can happen in crypto land. As long as there's demand for Chia on the market, prices will only go up in the long run. We're going to have to see whenever developers are willing to keep the project alive or abandon it in the long run. With active development, and innovation, Chia could last a lifetime. Who knows how far it'll go ten years from now? Just my thoughts

[tabas]

I just saw this news:
Amazon Offers Mining in the Cloud for New Chia Cryptocurrency
Amazon rolls out Chia crypto mining solution on AWS
This literally is cloud mining because chia is POC while AWS offers space in the cloud. What do you say guys who are into Chia or interested into it?