PC storage prices soar in HK due to Chia cryptocurrency

[HEXUS]

'Proof of space and time' coin mainly affecting 4TB to 18TB HDD pricing.

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[[GSV]Trig]

I'm sure I've heard of space based crypto before but cant remember what it was called, not sure what new things this brings.

[LSG501]

Who comes up with these cryptocurrencies.... it really feels like it's a case of just picking things that will then become short supply if used for cryptocurrency, which in turn increases the cost of 'joining in' while screwing over everyone else who isn't interested in it.

[DanceswithUnix]

Who comes up with these cryptocurrencies.... it really feels like it's a case of just picking things that will then become short supply if used for cryptocurrency, which in turn increases the cost of 'joining in' while screwing over everyone else who isn't interested in it.

I'm waiting for the Sicilians to step in. I predict a "Coina Nostra" using proof on kneecaps.


Edit: I see the UK government is making noises about a central bank crypto currency. What could go wrong?

[maxopus]

Hmmm.. do any online services still offer unlimited free storage?

[watercooled]

Seems like an attempt to generate hype - proof of storage coins have been around for years and none have really caught on yet, so what makes this one any different given it's not even tradeable yet?

[GinoLatino]

Who comes up with these cryptocurrencies.... it really feels like it's a case of just picking things that will then become short supply if used for cryptocurrency, which in turn increases the cost of 'joining in' while screwing over everyone else who isn't interested in it.

I'm waiting for the Sicilians to step in. I predict a "Coina Nostra" using proof on kneecaps.


Edit: I see the UK government is making noises about a central bank crypto currency. What could go wrong?

It's spelled "Cosa Nostra". That translates to "our thing".

[DanceswithUnix]

It's spelled "Cosa Nostra". That translates to "our thing".

Yeah I was attempting to turn that into a crypto coin name. Sort of "our coin". Attempted humour, but I guess funnier in my head than it was written down.


... I'll get my coat

[[GSV]Trig]

Don't worry, I got the joke

[excalibur1814]

I don't believe it.

Marketing includes telling minor lies and BOOM, cha-ching. Lots of cash.

[mtyson]

There's a nice new motherboard for your 'proof of storage rig' mentioned by PC Watch today. It has 32 SATA connectors.

[watercooled]

That seems like an awfully inefficient way to do it, and a massive PCB, compared to say an add-in card.

Jumping on the speculative bandwagon quickly enough though!

[Output]

I'm sure I've heard of space based crypto before but cant remember what it was called, not sure what new things this brings.

I forget what it was called, but I think there was one that was meant to be a coin-based way of backing up files, but I don't recall how that went or how effective it was in reality.

Who comes up with these cryptocurrencies.... it really feels like it's a case of just picking things that will then become short supply if used for cryptocurrency, which in turn increases the cost of 'joining in' while screwing over everyone else who isn't interested in it.

Exactly, this just screws over people who need the storage. This whole 'proof of space and time' doesn't matter because it's not actually doing anything that helps anyone - it's Bitcoin itself all over again, in that it's got no actual value but that which people are willing to pay for it in the hopes of getting rich quick.

How that can count as eco-friendly, when most non-crypto have actual data storage needs for their files that would obviously make much more sense on the hard drives, baffles me.

I also shudder at the thought of potentially unscrupulous Chia miners offloading their failing HDDs onto unsuspecting people.

[watercooled]

The whole concept is purely parasitic.

And yeah, there's nothing remotely eco-friendly about it; it's ridiculous to even make that claim. No-one is naïve enough to think that a cryptocurrency capable of making a profit would only be used in existing "spare capacity" as claimed.

[CAT-THE-FIFTH]

The whole concept is purely parasitic.

And yeah, there's nothing remotely eco-friendly about it; it's ridiculous to even make that claim. No-one is naïve enough to think that a cryptocurrency capable of making a profit would only be used in existing "spare capacity" as claimed.

Also all these claims of but,but,but its using renewable energy forgets that its renewable energy which could be used for other things too.

[watercooled]

I.e. offsetting carbon-producing power sources on the grid.

Renewables operate as baseload, any additional load added to the grid i.e. mining farms, means more load-following supply, nearly always fossil fuels. Another ridiculous argument made by the tulip fanatics.