I don’t know what you’ll are thinking. But I’ll bet that none of the coins in existent will ever be treated as a true currency unless the government is involved, which is ironic for what it is.
So much for the vision that crypto will have nothing to due with the government.
People just fail to realize that it’s not enough to popularize a currency from just the promise that it’s decentralize. Who’s selling for BTC for none other than the sake of believing that it’s value will rise? Who will casually convert their dollars to BTC just to buy something? Are you willing to risk your 401k by profiling it with BTC?
The idea of decentralized currency takes much more extreme circumstances to our society and economy to materialize naturally than what BTC proporters like to believe. Money is a serious construct. You do not simply displace a widely adopted stable currency.
The title of this post is just wrong. My farm currently at less than half capacity (1300 plots) is earning .04 XCH per day. That comes to about 1.2 XCH per month. Since I am plotting about 70 plots a day, that per day number has been pretty consistent for the last week even with the climb in netspace. Even with my plotters running, it only costs me $40/month to run my entire farm. Where can you buy 1.2 XCH for $40?
Will the netspace out pace me? Absolutely. Someday. But I don’t think my $40/month farm will be running in the negative any time soon. Even when it is negative, I will keep it running. Because $40/month is nothing. And if/when this spikes in 5 years, my wallet will be ready. I will also be buying XCH on a regular basis.
Unpopular opinion I guess?
I think the problem is that a lot of you think this is a get rich quick scheme and realistically it’s at least a year or more long term investment you are making. For 3 years you are going to get double coins for wins. That means when the pools do release you get your .25 if YOU win and if you don’t you get a slice of the 1.75.
I won twice (4 XCH) in one day, and then moved to HPool. I figured I got really lucky winning so quickly. So I was ahead of the game. I didn’t want to sit and watch the odds turn against me. So I went for the pool. I was wanting to go to an official pool, but when they missed the end of May promise and then didn’t have a new date, I gave in and went to HPool.
You aren’t taxed at full price in each transaction. At least in Finland you only pay taxes if value increases between transactions. You might want to check with some local tax experts to be sure.
I love the idea of crypto being decentralised and of it being nothing to do with governments, but it’s unrealistic. The internet in 1994 was like crypto was 3-4 years ago, not regulated which generally made it better (and much more thrown together and unpolished) but it felt uncommercial and much freer.
Sooner or later governments were either going to regulate crypto or buy large amounts and stabilise it by linking it to something tangible.
Here’s the rub, governments control us, in the name (in democracies) of the people, but we don’t control them unless you want to start a pro-crypto-party and somehow get elected.
Not sure what your tax argument is. You’re just complaining that you have to track the market value of each transaction? Tax is only on the gains/losses.
To add to my previous comment. I rerun the HPool Chia Calculator almost every day using the new netspace and my new plot count. My “Mining Income Today (XCH)” continues to climb each day (.043 today). So I am currently outpacing the pool growth. With my plotting ability and available plot space, I will be able to do this for the next 22 days. Then my space will be full and I’m sure it will begin to creep the other direction. But who knows what will happen between now and then. I think when the plotting protocol is release there will be a big fluctuation in netspace growth. But we’ll see (and we have no idea when that will happen).
Some initial research I did indicated that Storj is paying $5/tb per month while using some bandwidth. I have also discovered that chia is using some bandwidth unlike my GPU rigs. Storj is providing a real use case for data on the disks and has been around for a while. Anybody used storj and prepared to share the experience? At this stage Chia is falling below that payrate. The only reason I cant use storj is some of my existing disks from burst are smr the way things are going I might just put up with slow write speeds to the smr disks.