Can Chia become the second Bitcoin?

Since last month, a mining project called Chia has spread all over the world at lightning speed. Many people have asked fake teachers to write an opinion about Chia. This is called ” Can the “Second Bitcoin” project be launched, and will it really become the second Bitcoin?

First of all, with regard to the Chia project, due to the fact that it is too popular at present, and the recent hard drive hype has been named by CCTV, so the current market views on Chia are diverse, each showing their magical powers, and some are said to be pyramid schemes. Yes, some said it was a scam, some said it was the second Bitcoin…

When anything is hottest, we often fail to see its essence. It’s like the former Fan Bingbing became today’s Fan Bayi, while yesterday’s Zheng Shuang has become Shuangzi today.

For the Chia project, it is obviously overwhelmed to say that it is an MLM scam, but if it is the second Bitcoin, it is obviously also a myth!

Why is this project so popular? And it’s still exploding quickly? 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 powerful in network protocol engineering. He is a typical technical representative. The following operations and consultants are also very senior industry teams. In addition, the investors The lineup is even stronger, including A16Z and Greylock and other major Silicon Valley venture capitalists have participated in its investment.

2. Being in a big bull market. Standing on the air vent, pigs can fly, not to mention such a project with strength and background. The bull market environment is also one of the important factors for Chia to explode quickly.

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3. Improved the consensus mechanism. Unlike the traditional POW algorithm, Chia uses a brand new Satoshi Nakamoto consensus algorithm called “Proof of Space and Time”. The emergence of this algorithm has greatly reduced the mining threshold and hardware requirements, allowing users to use idle hard disks for mining. Compared with BTC mining, the investment does not need to be so large, and it is more energy-efficient and convenient, and 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 opinions of the fake teacher on Chia’s rapid popularity. The strong background + bull market effect + easy mining has caused Chia to be popular at home and abroad, and to CCTV.

However, after the fake teacher repeatedly read the white paper, apart from the algorithm innovation, he did not find that Chia was too special. Idle hard drive mining is indeed a good idea, but FIL has already played this way of playing.

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

The same is hard disk mining, what is the current situation of FIL?

The Filecoin white paper also clearly stated that it hopes to use the world’s idle hard disk space as a store of value. The results of it? Who is digging FIL with idle hard drives now? Not only has it violated the original intention of the white paper, it has even become MLM in China, and it stores garbage data generated by one-click. The pattern and significance of mining have long been completely changed.

Does anyone know that Satoshi Nakamoto’s BTC was dug out using an ordinary computer?

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His original intention was to use computers from all over the world to maintain the entire Bitcoin network together. Up to now, there are all kinds of mining machines. Ordinary computers have been out of use for N years. Various mining pools, mines, and mining machine routines. There are endless emergence. Who else is using computers to mine BTC and maintain the BTC network with computers?

Therefore, once the interests are mixed in, the good white papers, the excellent ideas, and the awesome founders will eventually change their tastes, or even deteriorate.

In other words, there are almost no idle hard disks that Chia participates in mining. They are all first-hand high-performance hard disks. The price of hard disks is soaring and even out of stock. These operations are the same as the “idle” written in the white paper. “Hard disks” are completely different things.

After ordinary retail investors bought ultra-high hard drives, the price was cut immediately. Not only did the return cycle be greatly extended, but it is not even ruled out that they will encounter FIL in the future. At present, the Filcoin project party has given up support for individual small miners. Turn to large mines.

The above is the fake teacher’s view on Chia mining. In my opinion, no matter what method of mining is used, or what coin is to be mined, it should not be pierced in when it is the hottest and hottest. Don’t even touch it. When it is hottest, it is often when the sickle is sharpest. And the deeper the prick, the more painful the cut.

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

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As for whether Chia can eventually become the second Bitcoin, I don’t need to say more about this. Not to mention Bitcoin, just Ethereum. For so many years, those who claim to be benchmarking against it, and those who want to surpass it, can be counted as a big basket.

What is the Japanese version of Ethereum ADA, the European version of Ethereum AE, the EOS that will surpass Ethereum, and the DOT of Ethereum. What is the current situation? Just open a market software and it will be clear at a glance.

This is true for Ethereum, not to mention Bitcoin. Not everything can be used to benchmark BTC. There are too many slogans like “the second Bitcoin” and “Chinese version of Bitcoin”, especially in the capital market. Inside, it’s okay to deceive outsiders.

Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.