I’m a bit worried about the growth of the Total Network Space. As of now it grows at about 25% monthly and it may even grow at a higher rate from what I see. With the resources I have, I may be able to make around 1000 plots, that’s about a little more that 100TB of storage. At a rate of 1 plot every 90 mins, it would take me around 3 months to fill up my storage space. By that time, the total network space could have gone 2x or even 3x. And at that time, a probable win for me may take about 2 to 6 weeks. I heard from one of the interviews with Brahm Cohen that XCH price could reach around $700 on the first day, yet we have to find out in a couple of days.
I’m currently working on my contingencies. So this is a question I have in mind;
When the time comes that I find it difficult to earn a coin with 1000 plots and trusted pools would be available, would I be able to use the plots I created and join a pool?
When the time comes that I find it difficult to earn a coin with 1000 plots and trusted pools would be available, would I be able to use the plots I created and join a pool?
I don’t believe so. @alex mentioned here that the dev team confirmed re-plotting is necessary.
At a rate of 1 plot every 90 mins
Oh wow. That is theoretical or are you hitting this rate?
Yes, currently I’m averaging at that rate doing 6 plots in parallel and I’m far from being satisfied. Haha.
I wanted to invest with another plotting machine but as of now I’m having a cold feet. Let’s see what happens on May 03. At least for now, I have saved up about 100TB of storage. That’s all I have for now. It’s been a few days and I only have 30 plots as of now… So much work to do.
i’m excited about chia and the team, but imho it was a serious oversight to start without pools. massive growth was predictable, and no cryptocurrency ever got by without pooling… this replotting thing really is a catastrophy for most. the only ray of hope is the possibility to start making pool-compatible plots before pools itself are established. this feature should be given as fast as possible, since every day difficulty raises…
You can keep farming the drives you have now while you take a small portion of them to plot to a pool, and then keep repeating until all of your plots are in a pool without losing any total farming time other than the latency of your plotting to the drives sequentially move to the “replotting” status while you are switching over.
I saw that too somewhere, pool plots will have the pool key hardcoded so cannot be switched…imho a big pain and quite silly. This would mean that if you invest a bunch in a pool and when something happens with that pool, you lose all your plots! completely crazy, I really hope they change it…
PS I don’t really understand why new crypto don’t figure out a way to make pools obsolete. If the reward systems just works more like a pool from the start, pools would not be necessary at all.
Pools are the bane of decentralization as we have seen with bitcoin. The global “decentral” networks end up consisting of 7 or so Chinese guys at a conference table in a Hong Kong restaurant
More on Topic: I share Oynin’s worry about the netspace. At the rate it is going, earning for small (1000 plot) farmers will be unsure or at least unstable. Much will depend on the price development as the investment in hdd is pretty steep.
The other problem is that if the price turns out high, the netspace will go up even faster…at that point small farmers can only be saved by actual shortages in hdd’s
Edit: I just found this on the subreddit, seems like jumping pools will be an option.
but if I understand correctly, this will only be possible with plots that have been plotted with this new feature, so not for existing plots before that update
this seems to be the best strategy, indeed…
