Chia Cryptocurrency

[Abiky]

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?

[teknohog]

Chia mainnet has just launched. Am I seriously the only one on Bitcointalk doing Chia, or is there another thread?

[Abiky]

Chia mainnet has just launched. Am I seriously the only one on Bitcointalk doing Chia, or is there another thread?

Not that I'm aware of. It's been a long time since I don't follow Chia's development progress, as I've been focused on Ethereum and the recent "De-Fi" craze. Thank goodness, the Chia Network has launched for the general public. We're going to have to wait and see how adoption goes for the project, as people are mainly interested on big market players like Ethereum, Polkadot, and Binance Smart Chain. Chia might not stand a chance against well-established projects if it doesn't deliver innovation and real use cases for the mainstream world. Whenever it'll turn into a success or a failed experiment, it's yet to be determined.

Nonetheless, it looks like Chia is late to the party. There are other projects in the crypto/Blockchain space taking the world by storm with constant innovation and development. If Chia wants to stay ahead of the game, it's going to need to provide something out of this world. Otherwise, it'll become another worthless coin forgotten by people in the mainstream world. Just my thoughts

[coins4commies]

HDD farming as an eco-friendly alternative to mining is "out of this world".  No other major project uses it. Burst was a rugpull and along with filecoin and storj, those coins were difficult to "mine" and use a lot of noise/energy.  This is the first legit proof of capacity coin and it should attract miners considering the GPU/computer chip shortage.

[Abiky]

HDD farming as an eco-friendly alternative to mining is "out of this world".  No other major project uses it. Burst was a rugpull and along with filecoin and storj, those coins were difficult to "mine" and use a lot of noise/energy.  This is the first legit proof of capacity coin and it should attract miners considering the GPU/computer chip shortage.

That's certainly true, mate. It seems to me that Chia's "Proof of Capacity" consensus mechanism is one-of-a-kind. We're going to have to see how well the project develops as time goes by. The Chia Network is still in is infancy as not many projects are built on it yet. With so much competition in the crypto/Blockchain space, it's hard to believe the Chia project will get all of the attention in the mainstream world. Most people are focused on big players like Ethereum and Bitcoin, leaving the rest of the other coins behind. I'd strongly recommend the development team of the Chia Network to provide innovation so the project will be able to gain traction in the mainstream world. Otherwise, it'll become a failed experiment in the long run.

Nonetheless, I believe Chia is quite late to the game. It should've launched a year or two ago in order to stay ahead of the game. Now with the "De-Fi" and NFTs hype, Chia will remain unnoticed by investors and traders alike. Whenever this is a good opportunity to invest in Chia or not, it's up to you to decide. I'd be surprised if someday Chia becomes one of the top 20 cryptocurrencies in market cap. Just my thoughts

[teknohog]

HDD farming as an eco-friendly alternative to mining is "out of this world".  No other major project uses it. Burst was a rugpull and along with filecoin and storj, those coins were difficult to "mine" and use a lot of noise/energy.  This is the first legit proof of capacity coin and it should attract miners considering the GPU/computer chip shortage.

I see a couple of problems with HDD mining. First of all, if the mining is profitable, some people will start building huge storage farms, just like is done with PoW mining hardware, and it will use a lot of energy and materials. See https://en.wikipedia.org/wiki/Jevons_paradox.

Second, assuming that home farming with your existing general-purpose hardware remains feasible, it has a huge drawback compared to CPU or GPU mining. For example, I've bought GPUs for work but they can spend most of their time mining. In most cases the miner can stay running in the background all the time. In some cases I'll need the whole GPU to my work, but even then, I can easily resume mining after that.

This doesn't work with HDD farming. If I want to use that drive for something else, I first have to delete the plotfiles, and then later regenerate those plots with a lot of CPU time and energy. So you will need dedicated farming drives, or at least some dedicated drive space.

I've been testing out small-time Chia farming since just before the mainnet launch, and I even bought a new drive for it, knowing I can still use it for something else if this doesn't work out nicely. I like playing with new technologies in their early stages, and I guess I have a soft spot for Bram Cohen -- I remember when Bittorrent came out, and I like coding in Python myself. I'd like to be proved wrong about the above reservations

[Trupik]

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.

[Fivestar4everMVP]

Fortunately and unfortunately, I've never even heard of this crypto coin neither do I even know that such a coin exist, today is my first day of coming across a coin with this name, but from the look of this, I did say that this project looks like it didn't succeed cus I can see that this thread was started in 2019 and till now, no body is talking about this coin.

To be honest, I've learned to ignore or rather, put In my black list any crypto coin that comes out and claim to be the next bitcoin or claim to compete with bitcoin in any way, cus from observation, all the coins that have been made to compete with bitcoin and possibly take over bitcoin's throne have all failed, gives me this feeling that bitcoin can never be replaced unless the developers working on bitcoin wish it to be overtaken by another, but as long as this developers continue to work to strengthen bitcoin's network, any coin coming and claiming to over power bitcoin is nothing but a scam.

[Green Samurai]

Any update?

[Bullethead21]

Is it possible to buy Chia anywhere?

[triat]

please tell me where you can buy it and can you buy it at all? Such things grow very well in price for a long time.

[coinbitrade]

please tell me where you can buy it and can you buy it at all? Such things grow very well in price for a long time.

you can downloaded chia app and go to farm tokens, but you must have but many ssd or hdd for this/ because 1 ssd for PC not enough for give many tokens for this project.

[acceptance2]

Anyone selling forward? Interested in buying a few if price not too steep. Aware it's not on market yet, maybe looking at some sort of escrow or?

[Bullethead21]

Anyone selling forward? Interested in buying a few if price not too steep. Aware it's not on market yet, maybe looking at some sort of escrow or?

The Miners cannot sell now. Sending will be enabled in 2 Weeks

[4thHorseman]

Hey Folks,

I am new to the chia topic.

The first questions I have arose when I logged into the chia app using windows.
How can I generate my own private key, which algorithm does it use and how can I import it? I Don't want some software I don't understand to create my private key, especially when I am online.

Thank you in advance for your answers.

[Trupik]

The Miners cannot sell now. Sending will be enabled in 2 Weeks

This crypto does not allow sending and receiving. You are at the mercy of the developers to enable it later. Does more need to be said? You are not in control of your chia wallet, even if you have the private keys. This is the opposite of user control, opposite of coin ownership. Chia, after several years of development, does not have one of the fundamental required properties - the ability to send and receive. And it is heavily pre-mined, the bug tracker is a bloody mess, software is slow, bloated and unstable. Network is experiencing serious problems even with literally ZERO transactions (remember, transactions are not allowed at the moment).

Are there any red flags left unraised by this coin?

[jacafbiz]

I read this in the newspapper, and people start buying many SSD in hongkong, the price of SSD also going up 30% from it is supposed to be. But what i dont understand, why we need chia ? Why not siacoin ? Filecoin ? The feature is looked similiar right ? Mining with HDD or SSD.

It is just like asking why do we need Solano and other smart contracts platform since we already have Ethereum. Chia is one project I have been waiting to see it launch because it promises things that the current competitors do not have, my fear is just that most of these coins will end up in the hands of Whales and big farmers because they have money to deploy and buy gears to mine it. I believe this will pump when it hit market so I will likely ride the hype

[acceptance2]

Anyone selling forward? Interested in buying a few if price not too steep. Aware it's not on market yet, maybe looking at some sort of escrow or?

The Miners cannot sell now. Sending will be enabled in 2 Weeks

I'm aware of that. That's why I refer to selling forward and using escrow. No movement of coin required.

[coinbitrade]

I read this in the newspapper, and people start buying many SSD in hongkong, the price of SSD also going up 30% from it is supposed to be. But what i dont understand, why we need chia ? Why not siacoin ? Filecoin ? The feature is looked similiar right ? Mining with HDD or SSD.

It is just like asking why do we need Solano and other smart contracts platform since we already have Ethereum. Chia is one project I have been waiting to see it launch because it promises things that the current competitors do not have, my fear is just that most of these coins will end up in the hands of Whales and big farmers because they have money to deploy and buy gears to mine it. I believe this will pump when it hit market so I will likely ride the hype

If you look at the purchase of ssd now, then in many countries the prices for them have not yet increased. Therefore, if you buy them now, before the hype, then you can also sell ssd themselves more expensively. Moreover, almost everywhere in official stores they have a 5-year warranty.

[Ceyflix-Rez]

I read this in the newspapper, and people start buying many SSD in hongkong, the price of SSD also going up 30% from it is supposed to be. But what i dont understand, why we need chia ? Why not siacoin ? Filecoin ? The feature is looked similiar right ? Mining with HDD or SSD.

It is just like asking why do we need Solano and other smart contracts platform since we already have Ethereum. Chia is one project I have been waiting to see it launch because it promises things that the current competitors do not have, my fear is just that most of these coins will end up in the hands of Whales and big farmers because they have money to deploy and buy gears to mine it. I believe this will pump when it hit market so I will likely ride the hype

If you look at the purchase of ssd now, then in many countries the prices for them have not yet increased. Therefore, if you buy them now, before the hype, then you can also sell ssd themselves more expensively. Moreover, almost everywhere in official stores they have a 5-year warranty.

Still risky because the coin value after listing might not be good enough, this coin have to cost 40$ each for hdd investors to be on a safer side of not it will be a waste of time, it's better to look into the coin real use case than how to acquire them through mining, use case is what matters