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1. lnxw48a1 (lnxw48a1@nu.federati.net)'s status on Sunday, 30-May-2021 23:23:10 EDT lnxw48a1
   Early reports indicate that smaller #ChiaCoin "farmers" are already going broke. https://shitposter.club/objects/f82cb73f-d470-4594-a48e-4662dd8dafab
   
   Still have not heard anything about #Chia having paying customers who store their data on the farmed disk space.
   1. GeniusMusing (geniusmusing@nu.federati.net)'s status on Monday, 31-May-2021 22:02:47 EDT GeniusMusing

      in reply to
      Exclusive: Seagate 'exploring' possible new line of crypto-specific hard drives TechRadar
      https://nu.federati.net/url/281356
   2. lnxw48a1 (lnxw48a1@nu.federati.net)'s status on Monday, 31-May-2021 22:15:35 EDT lnxw48a1

      in reply to
      @moon@shitposter.club and @guizzy have mentioned that it is something like bingo cards with hashes, but AFAIK, the "farmers" aren't paying anything besides the cost of buying and operating computers with lots of disk space, so the question remains: who is supposedly paying into the pot from which #Chia farmers' rewards are paid out?
      
      As long as they don't have an answer, I see #ChiaCoin as a very short-term thing, and likely to create a damaging wave when it suddenly fails.
      
      This is where the robot from "Lost in Space" tries to warn the kid to keep him out of danger. **DANGER, WILL ROBINSON. DANGER!**
      1. just an actual husbear (guizzy@pleroma.guizzyordi.info)'s status on Monday, 31-May-2021 22:28:48 EDT just an actual husbear

         in reply to
         @lnxw48a1 @moon The reward is the newly mined coin, like for other cryptocurrencies. And I don't know if Chia specifically has an equivalent to gas fees on Ethereum or the transaction fee "tips" on Bitcoin, but that usually goes on top too (but most of it is going to be the mined coin).
   3. lnxw48a1 (lnxw48a1@nu.federati.net)'s status on Monday, 31-May-2021 22:44:41 EDT lnxw48a1

      in reply to
      I think I shared this link before, but if you were going to get involved with #ChiaCoin, https://www.tomshardware.com/uk/how-to/how-to-farm-chia-coin-the-new-storage-based-cryptocurrency [www tomshardware com] talks you through the process of farming.
      
      #Chia (Am I the only one that still thinks of #ChiaPets when I see this?)
      1. GeniusMusing (geniusmusing@nu.federati.net)'s status on Tuesday, 01-Jun-2021 11:19:05 EDT GeniusMusing

         in reply to
         > I see #ChiaCoin as a very short-term thing, and likely to create a damaging wave when it suddenly fails.
         
         Looking into it just a little bit, it looks like a $1,550 "investment" at current prices for Chia (~$710) it would take over 12 years to recoup just the hardware costs for a 10 TB (100 plot) setup. While I have hardware on hand to make a rig, I think I will skip this one.
         1. GeniusMusing (geniusmusing@nu.federati.net)'s status on Thursday, 03-Jun-2021 13:35:09 EDT GeniusMusing

            in reply to
            Related:
            Chia Cryptocurrency, Started By BitTorrent Creator Bram Cohen, Engaging In Obnoxiously Bogus Trademark Bullying Techdirt
            https://nu.federati.net/url/281388
            
            GALAX Says Using Its SSDs For Cryptocurrency Mining Such as Chia Coin Will Void Warranty
            https://wccftech.com/galax-warns-ssd-cryptocurrency-mining-chia-coin-will-void-warranty/
            1. lnxw48a1 (lnxw48a1@nu.federati.net)'s status on Thursday, 03-Jun-2021 17:46:10 EDT lnxw48a1

               in reply to
               @geniusmusing Yikes! Good thing Public Citizen Litigation Group stepped in. Hopefully the organization behind #ChiaCoin will back off and have its legal team read up on trademark laws and court decisions before they send out more nastygrams.