In the latest numbers, Chia has reported that the cryptocurrency storage capacity hit a peak of 1.14 Exabytes or 1143 Petabytes at the end of April. This is an insane 5.7x increase from the total 120 PB storage capacity that the system had during the start of April.
Privacy. Security. Freedom
Chia token XCH (IOU) trading on MXC exchange, but it is only pre-sale token not real one
Current XCH/USDT @ 1340$
Gate exchange at a same time have price 739$.
The real chia should start trading on another exchange Today.
It is more than 200x return for institutional investors and almost all coins are pre-mined.
After 20 years it will be 50/50.
It means no.9 on CMC with $27 833M market cap.
And just 2 days later there is 1.654EiB almost +50%
What is this data though, and what is it being used for? I’d be very interested to know.
Or is this a pump and dump scheme, one step removed?
It is interesting how easily millions of dollars can be found for such schemes. What can they do with a real usable product like the Safe Network if they decide to use such a scheme?
Privacy. Security. Freedom
The farming means, that you have to proof with plots, that you have space on your HDD. Plots are not easy to make, so that is why the SSD are needed. Once the work is done you just wait with all plots to get some reward. More plots means bigger chance for reward and that is all. People thinking it might be Bitcoin pretender so they farm as much as can, as there is lack of SSD and HDD on a market. For us it is great community which can start farming also SNT.
The problem these schemes and their investors face is demand, both for the product from users, and the coin from others seeing there is value there and speculating on potential growth.
Without the latter the coin will not have value when investors sell, without the demand for the product who would invest?
They seem very much higher risk than Safe Network now, looking from the outside.
They need for adoption fleed the market with XCH(Chia), while for the price it is quite rare to have some with farmed only 400k+ Chia.
It does not have perfect marketing team and innovator behind?
Am I correct in assuming that all of these pay tokens to those providing space - whether they are holding any data (let alone valid data) or not? Seems to be the case.
Safe will be very different in this regard as if you don’t have valid data you don’t earn. Valid data will come through real network growth in user-base.
These others just look like ponzi’s to me - they are growing to unsustainable levels – at some point the music will stop playing and there won’t be any chairs.
This is the same argument people use against Bitcoin since day one. Your observation makes sense and is logical, but problem with global economy today is it doesnt follow logic (Dogecoin says hi 
).
The economics of Ponzi schemes are entirely logical (and have predictable outcomes), it’s the humans behaviours and decisions that drive victims into such schemes that are not.
There are two things here I suppose, a ponzi is an intentional scam - I don’t know that any of these are, I was just using the term in hyberbolic fashion. The second is that there is a difference between rapid growth and an unsustainable level.
Bitcoin isn’t a ponzi (in terms of unsustainable growth) I think as it has more and more use-cases as a store of value and as money (via layer-two). A lot of institutional investors are now involved and the list grows everyday - these are not organizations that are looking to trade bitcoin - they are looking for a store of value against the declining value of fiat.
There is no need for other coins as store of value or as money unless they are bringing something game changing to the table - as the network effect once it has taken hold is difficult to alter.
So back to my original proposition - these storage coins are growing at an unsustainable pace as the farmers are getting paid somehow for the use of their hardware - but at some point, unless there is a reason for people to keep giving these farmers money for nothing (as the the market-cap is being diluted here), only a fool or someone seeking a tax write-off would keep hodling these coins - as they will lose money once new money stops coming into the picture.
Bitcoin has it’s ups and downs, so in a sense the same, but it’s network effect is going to keep it going for a lot longer than any of these others I think.
What’s interesting about Safe Network is that the network doesn’t have this farmer subsidy - to store data you have to pay and farmers aren’t paid unless they store data (see edit below … it’s still a matter of degree though) - so farmers aren’t just pouring in to harvest free coin and then turning around to sell it on the market - they have to actually earn it on SN. This is my complaint with some of these other storage offerings that are having hyper-fake-growth - it gives the impression to crypto-investors that something is really happening here - when it’s just two sides both attempting to fleece the other. So I reiterate that it won’t end well.
Edit: I suppose it’s true that Safe Network does have a subsidy, but in any case, SN farmers are holding data and the network will limit growth and hence limit the subsidy … something of real value (people’s data) is thus tied up in the network. I’m sure these others are holding some real data too, but I can’t fathom that it’s much as compared to the amount of farm-space-storage they have connected.
First I have heard of this
You have … the subsidy is the 85% that will be leaked out over time - much of which I presume will go to farmers.
Filecoin at 5 EiB today
0-1 EiB after 87 days
1-2 EiB after 58 days
2-3 EiB after 45 days
3-4 EiB after 35 days
4-5 EiB after 26 days
Total data stored is 12.85 PiB which is a utilization rate of about 0.25%
Storage cost is $0.000757 USD for 1 GiB for 1 year
1 FIL = $151.26
Seems detached from reality.
They definitely work hard to create apps to use all this free space. It will be interesting to see how the next 3-5 years will develop:
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Curio - Filecoin Frontier Accelerator Demo Day
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Numbers Protocol is bringing trust into photo ownership through a capture, seal, and trace platform utilizing Web3 technology.
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Flame - Filecoin Frontier Accelerator Demo Day
Flame is a decentralized NFT meeting platform that allows creators to convert and mint assets like podcasts, writing, and art into NFTs with one click.
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Myel - Filecoin Frontier Accelerator Demo Day
Myel offers a decentralized Content Delivery Network, or CDN, for Web3 applications to retrieve content faster from Filecoin via a secondary retrieval market.
Myel solves for:
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Huddle 01 - Filecoin Frontier Accelerator Demo Day
Huddle 01 is a new way to meet remotely for the education industry, carefully engineered to avoid video & audio lags, loading time, and voice breakup.
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OP Games - Filecoin Frontier Accelerator Demo Day
OP Games is creating communities and sharing ownership through a suite of tools built for game developers.
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Monetization for games is primarily ad-driven today — OP Games offers an SDK for game developers with multiple monetization options for export.
Games are owned by companies, not developers and communities — OP Games allows developers to turn their games into NFTs and fractionalize the NFT, turning their gamer community into owners of the game.
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Ownership Labs - Filecoin Frontier Accelerator Demo Day
Ownership Labs is an open data marketplace for trading the computing rights of private data.
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NonEntropy Tech - Filecoin Frontier Accelerator Demo Day
NonEntropy Tech is an on-chain education platform that incentivizes content creation with an online education platform in China’s consumer to consumer tutor market .
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Sinso Technology - Filecoin Frontier Accelerator Demo Day
Sinso Technology is a medical imaging data aggregator which enables telemedicine and AI diagnosis.
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Atomica - Filecoin Frontier Accelerator Demo Day
Atomica is an algorithmic, autonomous protocol built for developers and capital providers to pool, buy and sell DeFi risks.
Atomica solves for:
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Congratulations to the 11 teams for successfully completing the accelerator! Filecoin is proud to collaborate with LongHash to continue building out the foundational technologies, projects, and protocols that are accelerating the Web3 ecosystem. Stay on top of Filecoin news for more information about these teams in the future, by subscribing to the Filecoin newsletter.
Privacy. Security. Freedom
That is not anything like a subsidy. Sorry its not. Its just the opening kitty that many businesses start with. Investment funds is a better description and even that is a poor comparison since that implies external source.
No one is subsiding since that requires input from external sources.
Initial cash till float is a better description. Its a float to make sure there is something there to reward people in every section. The tokens come in and go out and the float ensures at times when more goes out than comes in there is still tokens to reward farmers with.
The farming rewards is not subsidised since the rewards do not change from now to later. The algorithm does not have a subsidy factor at all.
We disagree on the term then. Don’t know what else to say. I had forgotten about this “network reward” when I wrote the first bit, but then thought about it more and made that edit to my original post and I stand by it. For me it is a clear subsidy. I don’t think there is anything wrong with it - it provides a solid incentive to attract farmers.
The difference between Safe Network and these others though is still pretty stark - The amount of storage allowed into network will be directly proportional to the amount of data on the network. This limits the “network reward” (subsidy) being handed out.
From ( Subsidy Definition & Meaning | Dictionary.com ) - I pay particular note to #3 :
#1 third party payment
#2 third party payment
#3 third party payment
#4 third party payment
All those are one party paying another party the subsidy.
Safe Network cannot be subsiding itself. How does anyone subsidy themselves. Its all their own property.
Additionally the Safe Network is simply paying according to its algorithm. The algorithm does not have any terms that give additional tokens due to some incentives to reward more. Thus there is nothing there giving extras.
So how can it be a subsidy
(1) no third party is subsiding the rewards for the Safe network
(2) the algorithm does not have any terms/calcs to pay additional tokens above the algorithm.
Calling it a subsidy is a bad thing when it is not doing it. It is suggesting the creators of the Safe Network is CHEATING people fooling them the network is better than it is. That us why I object strongly to subsidy being used.
EDIT: Unless you call a till float is the company subsiding the customers. Or the customers subsiding the company. It doesn’t fit, doesn’t work. The tokens in the “till” is simply the same thing. There will be a lot more rewards than what was in the till to start with. So a “till float” is a reasonable comparison to what the 85% of 4 billion represents
