Chia storage use is very much on the exponential growth curve right now, and I'm curious when shortages will start being felt in US consumer channels.pic.twitter.com/CBe24IhpJz
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Chia storage use is very much on the exponential growth curve right now, and I'm curious when shortages will start being felt in US consumer channels.pic.twitter.com/CBe24IhpJz
The total amount of hard drive storage is massive, but the number assigned to retail channels is not, and it is hard to increase. This is doubly true for the high-end SSDs that chia farmers favor for plotting (that is, creating new bingo squares)
What we really need to make the cryptocurrency revolution complete is a popular new coin that requires massive amounts of RAM. Then all components of homemade PCs will be equally unaffordable, and balance will have been restored
Kudos to Bram Cohen and team for inventing a form of Lisp that massively inconveniences anyone who needs to buy a hard drive in the next five years. This is a huge leap forward for Lisp, which for decades had only caused pain to the people who used it
(For those unfamiliar with chia, it has two big resource consuming steps. The process of making new bingo cards requires NVMe SSDs, while the cards are stored on regular hard drives. Bingo card creation is the bottleneck, so the SSDs are the most endangered species of storage)
Cryptocurrency is an ingenious technique for converting concentrated wealth into widespread shortages, ransomware, and carbon dioxide. Whoever figures out how to run it in reverse will have their statue in every public square
Updated chart of Chia disk use, which just crossed 6 exabytes. We're one Elon Musk tweet away from no one being able to afford a high-performance SSD ever againpic.twitter.com/566uNjyxnS
Tom's Hardware has gone into detail on some of the Chia induced price spikes and high-capacity HDD shortages. But the real pain is probably in fast SSDs, since you need those to create the Bram Cohen Bingo™ cards to fill the big hard drives withhttps://www.tomshardware.com/news/analysis-hdd-prices-skyrocket-high-capacity-hdds-sold-out …
The fact that 1/3 of Cohen's new "decentralized" cryptocurrency is already controlled by a Chinese pool that requires users to install custom software is the cherry on top. Of course, they're working on adding more software to re-decentralize. Code is the solution to all problemspic.twitter.com/CtIUJ4nTNL
If you assume the goal is to solve all problems with crypto, chia is a failure. But if the goal is just to make a less carbon intensive cryptocurrency, that part at least seems to be a success.
That's going to be true of any new cryptocurrency by definition. It took a while for Bitcoin to reach its current burn rate, and it's possible that Chia (or any alternative) would find a different way to massively waste resources
is Chia's security model - like Bitcoin' s - “this is secure because no one would possibly want to invest enough resources in breaking it”? Because if it is, then it's going to be *exactly* as wasteful as Bitcoin at the same value. Only different composition of the waste stream.
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