THE CHIA FARM
- Thread starter gb00s
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Would they also run a custom client? I am not sure what hpool does with the mnemonics they get from pool members. Though I don't think they will break the blockchain, I feel like they can since they run custom client that has access to the private key.
Speaking of selling chia. Can someone plese let me know if you have used gate.io to sell your chia? I want to ask a few questions in dm. I can use some help here.
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No, a custom client that knows your private keys is extremely unusual, or perhaps even unheard of.
If you are planning to join the official pool, you'll have to re-plot anyway.
If you are planning to use Hpool, create a new wallet to hold your Chia, or
transfer your new XCH earning to exchange wallet then sell or tradel.
I assume you are like me, only few Chia in the wallet now.
Actually, I transferred 4 XCH to gate.io , sold 2 XCH, going to trade 2 XCH for ETH.
I have 0.01 xch in my wallet now. no biggie.
I have already sold 4 chia and have been trying to sell the last two since Friday night. I am going to join the hpool today. Someone here told that new chia pooling protocol does not require repooling so that made me stopped for a few days. I am also a little bit worried that hpool may get banned from chia network but that is highly unlikely. On the other hand, chia network is now hijacked by hpool. This is an existential threat to chia network.
I already have a second wallet and my two chia got stuck there since windows wallets are broken. I created a new wallet on debian and have been waiting for it to sync more than a day now so I can sell the other two. Chia lost $50, close to 10% since I am waiting for the stupid wallet to sync. Keeping money at chia is risky now due to hpool issue, IMHO.
I read about Ether. Proof of stake looks like a great idea. I am now considering to buy ETH myself. Unlike BTC, ETH has a future for to be used as global currency. Proof of Stake provides stable "interest" income for ETH holder so ETH would have intrinsic value now as it will bring income.ETH will also support sharding hence it will able to scale; it seems like ETH is innovative and BTC is stuck with the legacy design and lack of strong leadership.
Does this make sense to you guys as well?
Proof of stake is simply inflation. Give all holders of the coin 10% more coin -- what is the point?
Proof of work is also inflation, so proof of stake might not be any worse.
That said, look at all the dead proof of stake coins out there -- POS is a ponzi scheme. Buy the coin hoping to "earn" more coin, get rewarded for money inflows, penalized for outflows. Even worse when you're required to lock up some amount of the coin (stake it) to be eligible for the POS rewards, instead of simply owning the coin.
I know I say all cryptos are a ponzi scheme but proof of stake is even more of a pure ponzi than proof of work.
Unlike most crypto, Ethereum at least has "utility" in the same way a car chop shop or money laundering scheme has utility. All the other scam tokens and ponzi schemes use Etherum smart contracts to do their fundraising. No bank would ever allow you to take customer money to plow into a ponzi scheme but no worries, ethereum smart contracts will automatically give you worthless ico tokens if you give the pump-and-dumper ethereum.
It's a major innovation in scam / fraud payment processing. So eth isn't going anywhere, it will do fine so long as people are committing fraud and so long as greedy people fall for those frauds.
But the other coins? They have no such advantage:
"Killer app"
Bitcoin: ransomware
Monero: anonymous ransomware
Ethereum: scam ico payment processor
everything else: pure speculation, no underlying use case
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You could just have copied the 'blockchain' over and being ready to run in 5min.
Not sure why you think PoS is 'inflationary'. With every single coin generated for 'holding', your asset gets deflated in value due to a higher count of coins. Once coins get burned, the asset value increases again, as less coins are issued and therefore available. Therefore, if you just hold your assets in order to be able to 'confirm' more blocks, you may receive 'rewards', but the additional rewards will de-value your already owned assets.
And I'm not sure, with all the made-up 'climate' discussions, cryptos as we know them today will have any future. PoS or PoW ...
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First of all, there is nothing wrong with inflation. As demand for money goes up, money supply should increase. Deflationary and fixed currencies are not good for economy. Gold is a good example for it, we don't use gold today because it really isn't good currency. On the other hand, we don't want inflation like they do in Venezuela. A little bit inflation is good.
I see Ethereum network as Visa but unlike visa anonymity is baked in. Ether or any other cypto platform can keep on charging x% from all xacts and that could be the source of "interest" on PoS miners without any inflation.
Now, IMO blockchain is wasteful in comparison to Visa. 2 phase commit, traditional distributed xact approach, is much efficient consensus algorithm than distributed ledger so Visa has an upper edge here. On the other hand, distributed ledger is perfect if you don't want to rely on government authority as you want to create "global consensus". It is hard to foresee where this is going but at least to support illegal activities, there will be crypto coins. Up until last week, I was thinking that government can shutdown crypto coins but I just realized how impractical that would be. Government, like they do in China, can shutdown large miners but no government can kill a network completely.
I am kind of convinced now this whole crypto thing here to stay. And yes it is a big ponzi scheme but then most things are. USD is also a ponzi scheme. US government backs US dollar with its military and government institutions. But these institutions are formed bunch of people who believe in the US government want work for it and get paid by USD. They are the USD "miners"
I guess calling this crypto currency as "ponzi scheme" is wrong. Ponzi Schemes are created on networks that brings much less value to society than what they offer to the "miners". "A global and decentralized currency" is highly valuable proposition and of course early comers are going to be rewarded significantly. I thought US government would never let this happen but now I realize government has no control to stop this. I don't know which approach will work or when it will work but I can see the value or a world where crypto currency works.
Darn, not sure why it takes so long for me to figure out things
I just realized this while I am typing.Nothing is worse than inflation, except you are full of debt and can't breath anymore. Inflation eats you alive. Specially if the only tool to fight inflation, rates, are kept just out of balance with 'real' inflation.First of all, there is nothing wrong with inflation. As demand for money goes up, money supply should increase. Deflationary and fixed currencies are not good for economy. Gold is a good example for it, we don't use gold today because it really isn't good currency. On the other hand, we don't want inflation like they do in Venezuela. A little bit inflation is good.
I see Ethereum network as Visa but unlike visa anonymity is baked in. Ether or any other cypto platform can keep on charging x% from all xacts and that could be the source of "interest" on PoS miners without any inflation.
Now, IMO blockchain is wasteful in comparison to Visa. 2 phase commit, traditional distributed xact approach, is much efficient consensus algorithm than distributed ledger so Visa has an upper edge here. On the other hand, distributed ledger is perfect if you don't want to rely on government authority as you want to create "global consensus". It is hard to foresee where this is going but at least to support illegal activities, there will be crypto coins. Up until last week, I was thinking that government can shutdown crypto coins but I just realized how impractical that would be. Government, like they do in China, can shutdown large miners but no government can kill a network completely.
I am kind of convinced now this whole crypto thing here to stay. And yes it is a big ponzi scheme but then most things are. USD is also a ponzi scheme. US government backs US dollar with its military and government institutions. But these institutions are formed bunch of people who believe in the US government want work for it and get paid by USD. They are the USD "miners"
I guess calling this crypto currency as "ponzi scheme" is wrong. Ponzi Schemes are created on networks that brings much less value to society than what they offer to the "miners". "A global and decentralized currency" is highly valuable proposition and of course early comers are going to be rewarded significantly. I thought US government would never let this happen but now I realize government has no control to stop this. I don't know which approach will work or when it will work but I can see the value or a world where crypto currency works.
Darn, not sure why it takes so long for me to figure out things
Just joined hpool;
After joining hpool, I noticed that there is no downside other than 10-15% cut hpool takes . Joining hpool is completely reversible and it is not clear if hpool ever stores your private key/mnemonics. You can actually use the tool that takes the mnemonics offline and it would work.
Unless you are a betting man or have big enough pool, you may want to consider joining to hpool.
After joining hpool, I noticed that there is no downside other than 10-15% cut hpool takes . Joining hpool is completely reversible and it is not clear if hpool ever stores your private key/mnemonics. You can actually use the tool that takes the mnemonics offline and it would work.
Unless you are a betting man or have big enough pool, you may want to consider joining to hpool.
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Core-pool is a pooling alternative to hpool. Core-pool does not require your mnemonic either. You create an account on their page, create a farmer and farmer key that you put into their companion farming app that runs along side the main Chia app. You put your wallet address in their app as well and start farming. When their app starts it replaces the payout wallet address in config.yaml with their pool address (make a backup of the config.yaml in case you want to stop participating in the pool).
I have been using core-pool for almost two days with 370 plots (still plotting) and I’m quite happy to see a growing payout amount on the Core-pool dashboard. Then again any amount is better than the 0 XCH I have seen in the last month and a week I have been plotting and solo farming.
I have been using core-pool for almost two days with 370 plots (still plotting) and I’m quite happy to see a growing payout amount on the Core-pool dashboard. Then again any amount is better than the 0 XCH I have seen in the last month and a week I have been plotting and solo farming.
This Core-Pool client just looks like a RAT tool. But, if it's fine for you it shall work for you.
Hard to put that genie back in the bottle, especially for used drives. Most of the available inventory got bought up cheap, so, there's not much left despite the much higher prices. As used sellers are not sitting on huge amounts of inventory there's not much incentive to lower prices. Even if they can't sell much of what they're holding, that's fine by them as their bigger problem is keeping anything in stock.
There have been some glimmers of hope if you watch the price trends on ebay, sellers are realizing they can't sell much at the new prices and are slowly testing the waters with price reductions to see where the new maximum is at. But you're still looking at a 100% increase over recent pricing.
New drive prices and availability is still not good. But, these are manufactured products -- even if chia purchases went to zero overnight, chia completely emptied out the inventory throughout the supply chain -- it's going to take time for that to build back up, doubly so as "normal" customers have been waiting for stock just like everyone else.