|
Doctor_Fruitbat posted:https://www.tomshardware.com/news/hard-drive-ssd-shortages-imminent-if-new-cryptocurrency-blooms So I just skimmed the Chia home page and please correct me if I'm wrong, but they want to make this thing "Proof of (unused) Space" - and there's no indication that the space will be used to store anything? To be part of the network is has to sit empty forever? And how long till someone invents a space-spoofing mechanism?
|
#
?
Apr 18, 2021 14:57
|
|
|
|
| # ? Apr 29, 2024 18:22 |
|
|
TheBlackVegetable posted:So I just skimmed the Chia home page and please correct me if I'm wrong, but they want to make this thing "Proof of (unused) Space" - and there's no indication that the space will be used to store anything? To be part of the network is has to sit empty forever? It uses the unused space
|
|
#
?
Apr 18, 2021 15:00
|
|
|
"Proof of space" is the latest on the list of "no the cryptocurrency can't be this dumb, you must be explaining it wrong".
|
|
#
?
Apr 18, 2021 15:01
|
|
|
Shumagorath posted:
I mean, you are explaining it wrong if you think an empty or sparse disk will be useful.
|
|
#
?
Apr 18, 2021 15:04
|
|
|
xtal posted:It uses the unused space Oh yeah it seems obvious now, so they just fill up the drive space with the crypto proof data. Awesome.
|
|
#
?
Apr 18, 2021 15:05
|
|
|
xtal posted:I mean, you are explaining it wrong if you think an empty or sparse disk will be useful.
|
|
#
?
Apr 18, 2021 15:10
|
|
|
I hear bitcoin is about to explode (in a bad way) so I'm here to watch it go down 
|
|
#
?
Apr 18, 2021 15:12
|
|
|
Yes, unused space that remains that way in perpetuity is useful and won't lead to degenerate activity like buying enormous piles of storage for the purpose of keeping them empty.
|
|
#
?
Apr 18, 2021 15:19
|
|
|
currently buying up the deeds to as many properties as i can only to keep them empty unless some fucker pays me enough wait a second
|
|
#
?
Apr 18, 2021 15:21
|
|
|
Doctor_Fruitbat posted:https://www.tomshardware.com/news/hard-drive-ssd-shortages-imminent-if-new-cryptocurrency-blooms there's nothing more environmentally friendly than hoarding silicon wafers to have them do nothing
|
|
#
?
Apr 18, 2021 15:22
|
|
|
deadwing posted:there's nothing more environmentally friendly than hoarding silicon wafers to have them do nothing Do a mount point to an S3 bucket and immediately be able to 51% the network.
|
|
#
?
Apr 18, 2021 15:31
|
|
|
LanceHunter posted:Do a mount point to an S3 bucket and immediately be able to 51% the network. S3 would be expensive but maybe you could use a free host by (for example) encoding each chunk into a video on YouTube. Base64 encoding into reddit comments has been done before. Oh great, this is definitely going to become an issue for anyone who forgets to add a character limit to their database fields.
|
|
#
?
Apr 18, 2021 15:42
|
|
|
Anyone want my user_empire_designs.txt for the Dick update?
|
|
#
?
Apr 18, 2021 15:46
|
|
|
xtal posted:I hear bitcoin is about to explode (in a bad way) so I'm here to watch it go down Reddit /new is a ton of desperate shitcoin spam right now. Id be selling if I was in the space.
|
|
#
?
Apr 18, 2021 15:55
|
|
|
xtal posted:I've come to an understanding with HGB and decided to take a break from posting in GBS on my own accord. May you remember me by the avatar. Good luck!
|
|
#
?
Apr 18, 2021 17:12
|
|
|
I must be missing something regarding the reported miners buying SSDs. Chia's proof of storage system, from what I understand from their white paper, is periodic lottery system where your chance of winning is proportional to the size of your plots compared to the global pool. It's economic to put some plots on your archiving HDD that has a few TB leftover, you just remove plots as you need more space. It shouldn't be worth buying drives for that express purpose, and especially not SSDs.
|
|
#
?
Apr 18, 2021 17:17
|
|
|
It shouldn't be, but I am sure that won't stop people from buying up a shitload of hard drives like they bought up a shitload of video cards, because crypto is a scourge that needs to be banned before it kills us all.
|
|
#
?
Apr 18, 2021 17:20
|
|
|
You say that like bitcoiners subscribe to any kind of logic besides number=better, and they're not particular on which number.
|
|
#
?
Apr 18, 2021 17:26
|
|
|
It's the same as bitcoin, except instead of computing power it's the people with the most empty hard drives who win out. It shouldn't have the crippling environmental costs of mining, but it still hugely favours wealthy people and incentives them to hoover up all the stock.
|
|
#
?
Apr 18, 2021 17:30
|
|
|
Just scanned through the Chia "white paper" and it looks like more cryptobro bullshit along the same lines as Bitcoin. If it doesn't have the incentive for profligate power use that Bitcoin has then that's a good thing I suppose, but if it incentivizes Earth's natural resources being used to create huge amounts of hard disk storage for no purpose then that's not so good. I have visions of huge data centers doing nothing but storing huge amounts of hard disks for the purpose of farming Chia. How recyclable are computer hard disks (mechanical or SSD)? the whitepaper claims: quote:Importantly, there is no technological way to store random data more cheaply per terabyte than meaning, I think, that they believe that it won't be worth anyone's money to purposely buy storage just to farm Chia? but I don't know if that's supported with any evidence. It also might be working under the assumption of a degree of rationality that frankly doesn't exist in the kinds of people who spunk their money into Bitcoin as is. Also I got a laugh from them talking about "coloured coins" quote:Coloured coins are Chia’s implementation of so-called “colored coins.” You see it's different and more fancy than those old colored coins, because we put a "U" in it. Buy our poo poo
|
|
#
?
Apr 18, 2021 17:42
|
|
|
Hammerite posted:You see it's different and more fancy than those old colored coins, because we put a "U" in it. Buy our poo poo you are aware that the word colour is spelled like that in different countries right the US removed some letters from words because newspaper companies wanted to be cheap bastards when poo poo was charged by the letter
|
|
#
?
Apr 18, 2021 17:45
|
|
|
hbag posted:you are aware that the word colour is spelled like that in different countries right I live in one of those countries. doesn't change the fact that that sentence I quoted is funny
|
|
#
?
Apr 18, 2021 17:50
|
|
|
quote:Coloured coins are Chia’s implementation of so-called “colored coins.” Mr Coins, IF THAT EVEN IS YOUR REAL NAME.
|
|
#
?
Apr 18, 2021 17:51
|
|
|
List of good and cool cryptocurrencies worth existing:
|
|
#
?
Apr 18, 2021 18:51
|
|
|
Coinbase's C-level staff just cashed out. They didn't sell 100% more like 20%. https://twitter.com/PeterSchiff/status/1383792715360399372 Dmitri-9 fucked around with this message at 20:23 on Apr 18, 2021 |
|
#
?
Apr 18, 2021 20:20
|
|
|
My coworkers with crypto brain worms were commenting that Coinbase was overvalued leading up to the IPO, and that all the executives and VCs were going to quickly dump their shares. If the cultists can see it coming, who didn’t see it coming?
|
|
#
?
Apr 18, 2021 20:27
|
|
|
Isn't that normal after an IPO? But it does make me wonder if they got a hint regulation and this dip was coming. (USER WAS PUT ON PROBATION FOR THIS POST)
|
|
#
?
Apr 18, 2021 20:28
|
|
|
IIRC There is a reason they did a direct listing instead of a traditional IPO. IPOs have a cooling off period of like 60-180 days where insiders can’t trade stonks. Direct IPOs, the only stock available are those of the insiders. Hodl the bag!
|
|
#
?
Apr 18, 2021 20:38
|
|
|
Dmitri-9 posted:They didn't sell 100% more like 20%. No, it was more like 100% unless for some reason you count un-exercised options. These insiders dumped most (or all) of the shares they actually held. You cant sell shares you dont own. When the CFO cant be bothered to keep even a single share, lol
|
|
#
?
Apr 18, 2021 21:49
|
|
|
drk posted:No, it was more like 100% unless for some reason you count un-exercised options. These insiders dumped most (or all) of the shares they actually held. You cant sell shares you dont own. This is good for Bitcoin.
|
|
#
?
Apr 18, 2021 21:55
|
|
|
They sold their shares for useless fiat so they can buy more BTC, duh.
|
|
#
?
Apr 19, 2021 01:56
|
|
|
BTC is boring, elon said we should buy dog coin
|
|
#
?
Apr 19, 2021 02:00
|
|
|
xtal posted:Isn't that normal after an IPO? But it does make me wonder if they got a hint regulation and this dip was coming. absolutely normal and nothing more. they got shares for free or cheaper than ipo, the end. What people are missing is the same people will absolutely buy back in as well.
|
|
#
?
Apr 19, 2021 02:26
|
|
|
notwithoutmyanus posted:absolutely normal and nothing more. they got shares for free or cheaper than ipo, the end. What people are missing is the same people will absolutely buy back in as well. If they're just going to buy back in why bother selling? These people love paying taxes that much?
|
|
#
?
Apr 19, 2021 02:36
|
|
|
Jose Valasquez posted:If they're just going to buy back in why bother selling? These people love paying taxes that much? Yeah, they definitely won't be buying back in. They may receive further shares as part of their comp package, but there is absolutely 0% chance they will be buying more shares on the open market.
|
|
#
?
Apr 19, 2021 02:37
|
|
|
Beef posted:I must be missing something regarding the reported miners buying SSDs. Sounds like burst coin from a few years ago which was "proof of capacity." I don't remember what happened with that one but I haven't heard about it in a long time so I'm guessing a whole lot of nothing. I do remember joking about burst coin and siacoin which were the two hard disk fillers, one was to fill your drive with nonces, one was where nonces fill your hard drive. It was funnier at the time.
|
|
#
?
Apr 19, 2021 03:11
|
|
|
Jose Valasquez posted:If they're just going to buy back in why bother selling? These people love paying taxes that much? Absolutely not this at all. If I make 100k off selling off my coinbase stock, toss 30-40k to tax, and then buy *more* at a lower cost but equivalent exposure that I can sell for another 100k+ to do the same, why wouldn't I? I don't love paying taxes but if I'm paying them on profits, I'm in profit. I give no fucks that I'm paying taxes at that point. Especially as numbers get bigger, because tax caps out and profits don't. poo poo, you can even offset that tax, or have an LLC that you pass through so you pay maybe 20% tax or less, and then donate enough so that you pay 0 aside from state taxes. There's plenty of ways to go about this.
|
|
#
?
Apr 19, 2021 04:09
|
|
|
notwithoutmyanus posted:Absolutely not this at all. These are company officers selling the stock they got for being part of the company. There is no possible future lower price they can purchase more shares for that is less than the $0 they paid for these shares. If they are selling, it means that either 1) they personally need the money right now so badly that they can’t wait for more profit later, or 2) they believe the stock is more valuable now than it will be at any point in the future.
|
|
#
?
Apr 19, 2021 04:16
|
|
|
Doctor_Fruitbat posted:https://www.tomshardware.com/news/hard-drive-ssd-shortages-imminent-if-new-cryptocurrency-blooms So are they just going to use the space and then nothing else can use it forever or something? Just piles of useless hard disks? Disk space hardware rots over time so how does this even work?
|
|
#
?
Apr 19, 2021 05:17
|
|
|
|
| # ? Apr 29, 2024 18:22 |
|
|
Flannelette posted:So are they just going to use the space and then nothing else can use it forever or something? Just piles of useless hard disks? Disk space hardware rots over time so how does this even work? The old ones were just doing a lot of reads after the initial writes. While disks do just randomly die it's not a very difficult workload for a lot of them, even SMR disks which are terrible for repeated writes but fine for write once read many. It seems like that article is some fear mongering since an SSD won't do that much over a HDD at that workload and I haven't heard much about burst or sia since it came up here before. I think linus tech tips even did a video on one of the hard disk proof of capacity things and it didn't take off. I mean LTT is awful and stupid but it's popular so I'd imagine if that couldn't launch it, a toms hardware article won't either. That said everything in the last couple of years has been more depressing and stupid than imaginable so maybe it will go big and we'll be buying and selling 500gb laptop drives for $100 just to get grandma's pc onto facebook or whatever bullshit has happened to GPUs.
|
|
#
?
Apr 19, 2021 06:48
|
|