Chia (not) falling down (anymore)

The next falling down is almost here.
I guess, the whole crypto market will fall down because of the problems with Chinese real estate companies.

As Evergrande collapse looms, other Chinese developers warn of default

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Within crypto, Chia Coin is a new type of asset. When a market is presented with a new type of asset, it is common for the market to be unsure about how to price it. So if you have courage, this could be to your advantage.

Weighted Alpha should be monitored in order to determine when a good reentry point presents itself.

Of course it would be wonderful if a certain billionaire were to mention Chia.

Without crunching numbers, you can clearly see today that Chia is not responding to the bitcoin trend as much as we would like.

lol ones death is another ones fortune

So mining operations increased big time at the states of texas and new york for instance

bye bye China crypto mining, welcome USA … funny but true , allthough pretty sure a lot of chinese farms use proxies/VPN services which would explain big % increases at several EU countries eg Germany…

please, tell us all about your magic to “help chia increasing effiency(sic)” so we can all make Chia flourish. You’re our only hope.

Chia and Supranational are targeting the launch of their new VDFs in the second half of 2022.

I hope that stupid coins like BTC and other power hungry shitcoins will be banned for good. That only staking system will be allowed to save energy and our Earth, and also - pos coins - like chia will be allowed. POW should be banned not in china but everywhere - btc should switch to pos or staking.

How power hungry are the fiat systems of the world?

I am always puzzled by this argument:

Indeed, quite a bit of power goes into running the the entire fiat based financial world and all its transactions, including digital and cash transactions. OF COURSE it does! It runs the entire planet, or at least 99% of all human activity on it (both good and bad activity).

If everything magically switched to crypto, even the most green of cryptos, energy usage would completely explode, by 100X or more. Not to mention that trillions worth of coins would have to be minted first.

Fiat is very economical, both from a resource and cost perspective. No country has ever been too poor to print money. And THAT is the main problem with fiat (Weimar Republic et al) not the opposite.

You do realize Chia’s proof of space and time in power consumption is very close to proof of work, right? I know it will be more energy efficient than Bitcoin BUT it’s not really green now, is it?

My 355 TB farm sitting on 36 hard drives is pulling 280W off the wall, as much as a 3090. So my £4000 farm is pulling as much electricity as a £1800 GPU and making roughly the same amount of money per day ~$8/day after electricity costs

When you have 10 times more hard drives than there are graphic cards, you’ll see, we’ll have the same environmental issues. So… the real power consumption with proof of space and time is really not that great or green. What the Chia dev team said was just to draw attention in my humble opinion.

PS: And Chia has nothing to do with staking! Not yet at least

I completely disagree.
Minting cryoto coins CAN be very cheap, depends very much on how its set up.
Certainly much cheaper than all the nonsense that’s needed for paper money that keeps fiat going.
( I’d bet on that and be surprised if I was wrong.)

You certainly don’t need massive amounts of elec to run crypto, we have this situation as fiat is crap old money system that ppl don’t like, don’t like it so much it pays to run nodes and mines, but they’re not all needed at all to run a system that would outperform fiat.

Your view on fiat is noted, loud and clear!

My post about energy consumption of fiat did not touch at all on whether I am for or against crypto, for or against fiat, or indeed for or against anything.

I firmly believe that the world isn’t always 100% black or white. I can see plenty of pros and cons for both crypto and fiat. And I am a chia farmer, which should tell you something.

I will say, though, that I do not believe a world without fiat is realistic, whereas a world without crypto not only IS realistic, it has existed for thousands of years.

Good points all, but also brings to light a thorny messaging issue that goes completely against their idea of an energy saving crypto they profess to want. They say use any old underutilized equipment, IOW old stuff, saying don’t buy new (yeah right), but that is exactly the type of equipment that is absolutely not ‘green’.

Your 35 drives would be more green using 20 x 18tb drives, rather than 35 10tb drives (just 355/10), a potential 43% energy saving. With 20tb, 50tb, and possibly 100tb drives, plus better low power CPUs (Pis/NUCs excepted), potentially coming in the near-term, Chia could be mightily green for real! But it’s suggested we use power-sucking old hardware. Go figure!

If only all could afford/use AMD Ryzen (or maybe someday as yet to exist less power hungry Intel) CPUs, and only 18tb or larger drives!

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You seemed to be saying crypto is watefull energy wise.

So I pointed out it could be far cheaper than fiat.
And the reasons it’s not currently so.

Freedom comes at a cost.

Clearly you understand that or you wouldn’t be farming.

I dont get your point.

Your comparing wasteful crypto to fiat.
Non wastefull crypto would be centralised and far cheaper to run.

Of course if you compare apples to oranges, you will notice differences.

Hilarious the guy comparing his Chia farm to running a 3090 GPU. Why is it that ETH miners buy 1200W power supplies yet I can use a 400W power supply, or less? Who mines ETH with a single power supply. Fact is Chia can make use of e-waste whereas mining requires new hardware to be built and requires an inordinate amount of energy to do very little.

That discussion point is a red herring anyways.

Last time I checked, nothing operates on nothing. You can’t build anything without using resources. You can turn anything on without power usage. Solar is far more attainable with Chia farming than it is trying to run a warehouse full of ASICS or 3090’s (had to thro6 that in there) via solar power.

Chia is an oddball in that we ate the dessert before the appetizer. The netspace is in reverse from what it should be. You aren’t born a rock star and then age to become a baby. If the leadership can demonstrate or get people on board then power usagage or potential means S. Do I need to explain what S means?

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It’s not green , never was, that’s just marketing IMHO.

Bones, what’s your point? You feel that is the roadblock to success? Articles or proof please. It’s the greenest option and I think that is their claim. Far more efficient. Let’s leave POS rhetoric out of this please.

My point was crypto need not be the power hungry thing it’s become.

Not even slightly, I didnt mention success.

Maybe for a decentralised crypto, fiat alt can be centralised.

Banks looked at decentralized crypto years ago, they gave up, because they realised, who would buy the coin when ppl wanted to sell, that was a problem.

I absolutely believe that crypto would be more wasteful than fiat in terms of energy, if crypto were to be used for EVERYTHING the way fiat is.

So far, it is hardly used for anything except mining and speculation, transferring drug money, and buying the occasional Tesla. And it’s already consuming a ton of energy. But of course the technology is marvelous.

What I have NOT stated an opinion about, is being 100% for crypto and anti-fiat or vice versa. I don’t believe that kind of black & white thinking serves any purpose other than to feed social media debates.

But yes, I am a farmer. I am also a market technician (technical analyst). And a former developer and R&D manager. And many other things.

FIAT is a one trick pony. Crypto is most certainly not. It’s like web 1.0. If the output is groundbreaking, then the resources to make it run are worth it. Name something useful that doesn’t require resources or energy. It’s an idiotic angle to this. Cryto vs. FIAT is not equitable.