@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.
> 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.
@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!**
It has been a while since I've read about IPFS Filecoin, MaidSafeCoin, Storj, and so on, but my memory believes that each of these have some sort of store-your-data-for-a-fee that feeds through to the storage providers for the network.
Creating "plots" to get paid is fine, but at some point, someone needs to pay to store actual data or the scheme will collapse and blow away.