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Can Chia become the second Bitcoin?



Since last month, a mining project called Chia has become popular all over the world at a lightning speed. Many people asked fake teachers to write an opinion about Chia. Can the "second bitcoin" project be launched, and will it really become the second bitcoin?

First of all, regarding the Chia (Chia) project, because it is too popular at present, and the recent hard drive hype has been named by CCTV, so the current views on Chia (Chia) in the market are varied, each showing its own magic, and some say it is a pyramid scheme. Yes, some say it’s a scam, and some say it’s the second Bitcoin. …

When anything is at its hottest, we often fail to see its essence. Just like Fan Bingbing in the past became Fan Bayi today, and Zheng Shuang yesterday became Shuangzi today.

The effective computing power of Chia's entire network is 31.74EiB and the mining output is 1,219,996: Jinse Finance reported that according to chiaexplorer data, on July 23, 2021, the current effective computing power of Chia's entire network is 31.74EiB, and the current total amount of XCH is 22,219,996. 1,219,996 pieces were issued. At present, 0.0003 XCH can be produced per TiB computing power per day, and it takes about 9 years and 297 days to mine 1 XCH with 1 TiB computing power. The quotation shows that the current quotation of XCH is 180.05 US dollars, an intraday increase of 3.34%. [2021/7/23 1:10:33]

It is obvious that the Chia project is a pyramid scheme, but it is obviously a myth to say that it is the second bitcoin!

Chia founder: We are working hard to improve developer tools: Chia founder Bram Cohen tweeted that we are working hard to improve developer tools for ourselves and others, but this is just the beginning, so there is still a lot of work to be done . [2021/7/14 0:52:18]

Why is this project so popular? And is it a quick burst? I think there are three reasons:

1. The founding team and investment team behind it are too strong. The founder is Bram Cohen, the inventor of BitTorrent. This person is very good at network protocol engineering and is a typical technical representative. The following operations and consultants are also very experienced industry teams. In addition, investors The lineup is stronger, including A16Z and Greylock and other Silicon Valley VCs who have participated in its investment.

Kimchi Finance’s mortgage pool fee consumption in the past 24 hours has reached 882.17 ETH: According to OKLink’s data monitoring, the top three Ethereum Gas consumption addresses in the past 24 hours are UniswapV2 (10095 ETH), Tether USD (4059 ETH) , SushiSwap (1,238.98 ETH).

During the same period, Kimchi Finance and Harvest.Finance consumed 882.17 ETH and 364.21 ETH in fees respectively, ranking fourth and fifth in the Gas consumption ranking of the entire Ethereum network in the past 24 hours. [2020/9/2]

2. In a big bull market. Standing on the wind, pigs can fly, let alone such a project with strength and background. The bull market environment is also one of the important factors for Chia to explode rapidly.

Voice | Gold supporter Peter Schiff: Bitcoin will fall faster than the US stock market: Golden Finance reported that gold supporter Peter Schiff tweeted today: "Except for Bitcoin, all asset classes are rising, continuing last year December trend. Bitcoin may be the best preformed asset of the past decade, but it is already the worst performing asset of the decade. While I think the US stock market will fall soon, I think the decline of Bitcoin The speed will be faster." [2020/1/3]

3. Improved the consensus mechanism. Different from the traditional POW algorithm, Chia uses a brand new Nakamoto consensus algorithm called "Proof of Space and Time". The emergence of this algorithm greatly reduces the threshold of mining and the demand for hardware, allowing users to mine with idle hard drives. Compared with BTC mining, the investment does not need to be so large, and it is more energy-saving and convenient. It can even be done Everyone can dig. This can be said to be the main reason for the explosion of Chia.

The above are the three views of the fake teacher on Chia (Chia) can quickly become popular. Strong background + bull market effect + convenient mining has made Chia popular at home and abroad, including CCTV.

However, after reading the white paper repeatedly, the fake teacher did not find anything special about Chia except for algorithm innovation. Mining with idle hard disks is a good idea, but FIL has already played this kind of gameplay.

Imagination is always beautiful, but once imagination is mixed with interests, it must not be beautiful!

It is also hard disk mining, what is the situation of FIL now?

The Filecoin white paper also clearly stated that it hopes to utilize the idle hard disk space around the world for value storage. The results of it? Who is mining FIL with idle hard drives now? Not only has it violated the original intention of the white paper, but it has even turned it into a pyramid scheme in China, and what is stored is garbage data generated by one click. The pattern and significance of mining have already been completely changed.

Who knows that Satoshi Nakamoto's BTC was dug out with an ordinary computer?

His original intention was to use computers all over the world to maintain the entire Bitcoin network together. Now, there are all kinds of mining machines. Ordinary computers have been eliminated for N years. Various mining pools, mines, and mining machine routines There is an endless stream, who else is mining BTC with computers and maintaining the BTC network with computers?

Therefore, once benefits are mixed in, in the beautiful white paper, in the excellent idea, in the awesome founder, it will eventually change its taste, or even deteriorate.

Let’s just say that there are almost no idle hard disks in Chia mining today, all of them are first-hand high-performance hard disks, which have driven up the price of hard disks and even bought them out of stock. These operations are similar to the “idle "hard drive" are two different things entirely.

After ordinary retail investors bought ultra-high hard disks, the price was cut in half immediately. Not only did the payback cycle greatly lengthen, but it is not ruled out that they will encounter a situation like FIL in the future. At present, the Filcoin project party has given up support for individual small miners. Turn to the big mine.

The above is the fake teacher's view on Chia mining. In my opinion, no matter what method of mining or what coin is mined, you should not plunge into it when it is the hottest and hottest, or even touch it. The hottest time is often when the sickle is the sharpest. And the deeper the piercing, the more painful the cut.

Mining is the same as speculating in coins, you need to wait for the bear market to buy the bottom, and the bull market to escape the top!

As for whether Chia (Chia) can eventually become the second Bitcoin, I believe there is no need to talk about it. Don't talk about Bitcoin, just Ethereum, for so many years, you can count a lot of things that claim to be benchmarked against it, and those that want to surpass it.

What is the Japanese version of Ethereum ADA, the European version of Ethereum AE, EOS that wants to surpass Ethereum, and DOT that wants to beat Ethereum?

This is true for Ethereum, let alone Bitcoin. Not everything can be compared to BTC. There are too many slogans such as "the second Bitcoin" and "Chinese version of Bitcoin", especially in the capital market. Inside, it's okay to deceive outsiders.


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Can Chia become the second Bitcoin?

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