Conclusion: Is Chia a Successful Demonstration of PoST?
Technological Success: Yes, Chia has demonstrated that PoST works as a consensus mechanism. It provided a viable, energy-efficient alternative to PoW and proved that a blockchain can be secured with storage rather than computational power. From a purely technical standpoint, Chia has shown the potential of PoST.
Economic and Market Success: No, based on current conditions. The steep decline in Chia’s price, the diminishing profitability for farmers, and the shrinking netspace suggest that Chia has struggled to create a sustainable ecosystem for its users. While the technology works, the economic model behind it needs significant adjustments for long-term viability.
Chia’s case reveals that technological innovation alone is not enough to guarantee success in the cryptocurrency world. The economic incentives must align for miners (or farmers, in this case), users, and developers alike. If Chia can stabilize its ecosystem and adjust the economic model, it may still recover, but as of now, it faces serious challenges as a demonstration of PoST in a market-driven environment.
I no longer plot, so no, but I did find that GhatGpt, while pointing out the challenges MMX faces, ultimately had a significantly higher opinion of MMX than it gave to Chia.
" Conclusion: Is MMX a Successful PoST Coin?
*** Technological Success: MMX has seen early success in terms of its technological innovations, especially regarding plotting efficiency and blockchain performance. It offers real improvements over Chia in several key areas, which has drawn interest from some farmers and developers.**
*** Market Success: MMX’s market success is still in its infancy. While it has made a promising start with a focus on improved technology, it has yet to achieve the level of market recognition, adoption, or price stability necessary to be considered a large-scale success.**
*** Potential: MMX has potential if it continues to innovate and addresses the economic challenges that many PoST projects face. However, its future success will depend on how well it can grow its community, attract developers, and maintain a profitable farming ecosystem.**
In summary, MMX has shown promise as an improved PoST coin, especially for those already familiar with Chia farming. While it’s still too early to declare MMX a resounding success, it has positioned itself as a strong contender in the PoST space. If it continues to develop and grow its user base, it could become a more prominent player in the ecosystem."
Personally I believe that all PoST coins have proven to be a financial failure for almost all concerned. Until someone comes up with a new (not a Chia fork) PoST blockchain that does not have a pre-farm and adequately rewards farmers, users and developers, PoST will not thrive.
I wish you well and hope that MMX proves me wrong.
I did not realize that MadMax and his team had built their own, non Chia forked blockchain. This is even more impressive than I thought. Thanks for pointing this out.
Where did I or ChatGpt say that MMX had “market success”? I said that I doubted PoST’s economic success at all. I hope that MMX finds success where all else have failed but I have no personal stake in the matter.
As part of a long conversation about the success of PoST in general and Chia and its forks I asked ChatGpt, “Tell me about MMX PoST coin and its success.”
The last quote was the conclusion of a much longer and more detailed response.
The first part of its response was, “MMX (or Mad Max Coin) is a cryptocurrency that leverages a Proof of Space and Time (PoST) consensus mechanism, similar to Chia (XCH). MMX was created by Mad Max, who is also well-known for creating one of the most popular third-party Chia plotting tools (which drastically sped up the plotting process for Chia farmers). MMX aims to improve upon the PoST model pioneered by Chia by addressing some of its limitations and introducing innovations. Let’s break down its features and assess its success:”
I am now aware of the listed, non PoST MMX coin by M2. This chat was not about them. I think ChatGpt correctly spoke about the coin I was referring to based on the context of the ongoing conversation and probably because I had asked about a PoST coin.
Just my opinion: There is little doubt that MMX is a more advanced blockchain than Chia. However in 2024 there are so many blockchain technologies available and being developed that a few basic principles need to be confirmed for the chain to succeed in my opinion. 1) no or very small prefarm; you could get away with a prefarm 7 or more years ago but not today. 2) A real use case that catches on. 3) an effective marketing capability either via staff, volunteers or one or more high profile whale investors. 4)- enthusiastic and well rewarded farmers/miners. 5) a strong, secure and technically advanced development team. Chia strikes out on counts 1, 2, and 3 and then squandered 4 and seems to have lost its ability on #5.
MMX has 1, and 5. It remains to be seen how well 4 turns out but 2 and 3 have no developments so far. 2 and 3 are not easy to get traction on.
I agree with your response and your five points completely. I lost faith in Chia and PoST long ago and stopped farming. For any PoST coin to succeed it will need to meet your five points and more.
I checked in here at ChiaForum recently to see the conversation after my long absence. This is still a great forum with interesting conversation even as Chia dwindles away.
I am still interested in the future of crypto and PoST in particular and have found ChatGpt to be more and more useful at analytical conversation about the real world. ChatGpt is horribly evasive when you get into the areas it censors but it gives excellent and largely unbiased responses to crypto questions most of the time.
I’m just a never ending student and there are many with knowledge far beyond mine chatting here who expand my understanding.
There is also the possibility of ChatGPT confusing the OTHER “MMX” with MadMax’s for part of it’s answer, it’s very good at messing up answers that way.
Because ChatGPT is definitely what u should listen too. U know some people asked it what a woman is or if Roman’s were black. But hey you do you.
I asked it last time to give me a names of the most poplar names of Singapore. Turns out I had the same shitty dataset already and it was wrong the same way.
I also asked midjourney ones to draw me a specific airplane. It had wings - that’s were the commonalities ended.
So yeah nice troll post. Btw everyone who agrees with u should do me a favor and start selling their xch. Because I still need a lower price. Thanks
You used to get mad when someone dissed Chia. Now you’re just mad.
ChatGpt is much more useful if you involve it in long, detailed conversation during which you fact check it constantly. It will not be honest about anything censored by “them” but for most of the world you can get good answers if you ask good questions.
That’s why I find AI chatbots to be so useless…you must fact check them constantly. If they are designed to be so “smart” and “helpful” to mankind… then WTH is so good about them… if you can’t rely on anything they says? Riddle me that!
