Why not to make the system fair, instead of a lottery, the system should reward all the participants equally and proportional to the contributed resources.
Why this is not going to happen?. Because perceiving the true is deceiving, the reward will be dissapointing, but is the only way to build a really descentralized system.
If you want to build a really descentralized and fair system, you have to limit the amount space contributed by each participant.
Do we really net so many Exabytes to support the network?
What is what chia really wants to accomplish?
Cryptocurrency is great in design but is lacking real application for mundane purposes like paying for coffe in the local coffe shop, and chia is not being the exception.
Are we (cryptocurrency enthusiasts) only dreamers or objetive and smart people solving real application problems?
The general public is perceiving that the cryptocurrencies are only used by criminals for ilegal activities.
This is in essence what pools do.
You can choose to solo mine or farm and win a block by your efforts
or you can choose to pool the efforts of many and share the block won by the group.
Your understanding of “fair” is very subjective
“you have to limit the amount space contributed by each participant.” is not fair by my definition - it shows a preference to the small contributor and is EXTREMELY difficult to enforce/implement
Would have been nice to have from the start, but it will be like that (Blizzard)soon
Not possible, unless you can police and monitor every citizen in the world
Create a blockchain with a programmable layer that will see mainstream acceptance, enter into the regulated financial space and can be used - among others - for building fintech applications.
It is and has been used a lot in that way unfortunately. There is the kind of trade of here that we see in more things. People want privacy, but they also want the police to be able to quickly and reliably track down criminals.
Also Dollars have been used for decades by Criminals, Warlords, Dictators and drug dealers…so not much new here
I agree with this, but I also think this will be main problem with Chia. I would live a more decentralized blockchain to beat Ethereum but it might be too late… at least at the rate Chia is moving. Fintech doesn’t really care which blockchain is more decentralized or stronger. Actually, the more control they can put over a blockchain the better. Ethereum is perfect for that. POS favors the rich, banks, corporations, governments, … and a centralized development team that has 100% control over what the miners and node operators do (see ETH Ice Age), these organizations can control Ethereum much more than they could control Chia.
A cryptocurrency where every miner is part of one big pool would be interesting. No 50% attack there. The network is the pool and the pool is the network.
That would probably be a better system but if you liken it to gambling or a lottery, then it’s no surprise they went for low chance of a big win rather than high chance of a small one. Much harder to whip up excitement for that. It’s the big poker win that inspires people not grinding out a meagre living.
As for crypto being useful, it could be but it would have to meet these conditions, the same as any other currency:
-store of value
-unit of account
-medium of exchange
The second and third are easy for crypto to meet. Indeed the blockchain is a much better way to do the second, than the records kept by banks and governments. The first one is much more difficult. Chia’s value has dropped but this has little or nothing to do with farming activity and everything to do with speculation and perception of value, in a week where many people have realised farming Chia might be more difficult and expensive than they thought and a week in which crypto faces regulation around the world. Depending on your politics this isn’t necessarily bad but it does generate uncertainty, the antithesis of hope and optimism.
It would certainly attract a different crowd depending on the reward system. I wonder how that decision ultimately shapes the community around the cryptocurrency.
