It is worth the read if that rant resonated with you. I still don’t think its particularly functional software for a variety of reasons, but that’s like, my opinion man. Lots of other people have had other experiences, as evidenced by some of the pushback I received about the wallet. That’s fair, but I do still think that splitting functionality between their official clients – if even for a temporary period of time – will cause a ton of confusion amongst people who do not know what “observer keys” are.
Most important in the blog post is that version 1.3 of the Chia Blockchain software is on the horizon. This might even be tied into the feature announcement we are getting on Wednesday. Chia Network is saying that for version 1.3 we are going to see the wallets merged, which means that CAT support is coming to the main node wallet, and that the balance differences should stop being a problem.
Chia’s Twitter community came out in droves last night for the weekly Chia Twitter Sunday happy hour ran by @dylanmrose and @KyleLogiks. Once again Chia royalty was in attendance with Bram and Gene going back and forth in an AMA-like manner answering the communities questions and having a nice little weekly round up chat. Other notable speakers included thechiaplot.net’s own Chris Dupres, JM from Chia Network, Preston Byrne the creator of Marmotcoin and Randal Schwartz who gave us an insider’s look inside the metaverse.
Starting off as usual introductions were given. The first topic of the night was the BTC vs XCH maxi Twitter beef. This has been a thing going on for a while and chances are it will never end. Now I have touched on this before, and in the past Chia has done its fair share of throwing punches. This time however I can appreciate the stance taken by Chia. Without getting into too much detail (it’s really trivial) the overall sentiment coming from the XCH community this time was genuine conversation that was maybe taken a bit out of context. Maxis are going to Maxi however; all is fair in crypto and twitter (allegedly). One thing we can not let go though is BTC maxis calling our meme game weak. Hopefully Reddit meme weekends can provide The twitter community with ammo, it’s war out there in the twitter crypto sphere.
Next up we had Preston Byrne come in and genuinely thank the community for getting behind the Marmotcoin craze and for supporting the Marmot Recovery Foundation. The community ended up raising a total over 6000$ for the marmot recovery foundation. Awesome Job to the Chia community on supporting such a great cause. During Preston’s little speech we also got a hint to a future upcoming project in the works that may be marmot related? Announcement of the announcement will be upcoming, I would suspect. Finally he left us with a funny anecdote of the marmots also kindly helping their friends the pandas due to some members of the community being unable to directly donate to the fund. Once again kudos to the chia community for coming together you for sure made a difference, and it was noticed by the foundation.
Mr. Randal Schwartz gave an interesting story about how he is a DJ in Second Life, and explained how he manages to pay for his meta verse “Location’. I believe that Second Life is a VR metaverse based “life sim” game? What it sounded like was having another second life online. Long story short he uses time spent DJing in the metaverse to pay for his metaverse experience. This was an interesting perspective at how a new web3 world could look like in the future. This is for sure an Interesting Topic and as NFTs and other utility infrastructure are released on the chia blockchain; this will become a more central topic. NFT and metaverse style web3 is very popular and could be for the foreseeable future.
Finally The night ended with an AMA style Open Mic where anyone could ask questions and Bram And Gene Went through some basic blockchain questions. Nothing you would not already know if you are paying attention; maybe one notable sidebar Being Gene’s explanation of why POS is essentially bad. Pretty Basic Chia meetup stuff for the most part other than JM possibly slipping a little information on The NFT standard. I will save JM a little face; I’m Not going to give it away if you were there you obviously heard it. Thechiaplot.net will be going over NFTs in detail over the next coming months so I will leave it there for now. Announcements of announcements are fun!
It was all in all another great community run event by Dylan and Kyle with over 100 people attending this twitter space. Twitter Chia Sunday Happy hour is quickly turning into a premier event in the Chia community. Once in a while even a little inside information is slipped; so come join in on the fun Sunday nights on twitter; it’s the only way to take it all in first hand. Follow @dylanmrose and @KyleLogiks for more information on scheduling, and guests. Super excited for the next one, hopefully See you there!
Just now on Keybase Chia Network has confirmed that the script that they are running to send out the Chia Holiday 2021 tokens that were promised to farmers who had won blocks last year is currently running.
There have been a lot of questions about when these would go out, which is unfair. This all happened over the holiday and it has only been a working week (really) since they were promised. This is a great little giveaway and we should all take a moment to thank Chia for this.
In order to see your tokens you are going to need to load up your farmer keys into the beta light wallet. Do not install the light wallet on the same machine you farm with. If you won 1 block or 25 you should be expecting 2 of the new tokens. Chia has not yet updated their blog or published the Asset ID of the token but as soon as they do I will update this article.
Update: Chia has published the details about the token Token ID: 509deafe3cd8bbfbb9ccce1d930e3d7b57b40c964fa33379b18d628175eb7a8f Name: Chia Holiday 2021 Symbol: CH21
In what will probably end up as a warning bell to trusting centralized services in the Chia space, Arbor Wallet seems to have stopped connecting to the Digital Farming Initiative (DFI) central nodes. What this means is that for users who have the app installed, it does not do much. And for users who would like to install it they cannot now, as it has been removed from the app store.
At the beginning this seemed to be a normal service issue, and the DFI team appeared to be on it. But it has quickly devolved into a major issue that is now multiple days old. This is a really big deal for a financial services product, and having unstable infrastructure can be a death knell for a young software project.
I tested the wallet functionality again after these reports and it seems that creating a new wallet works, and that new wallet can receive funds. But you cannot create a new transaction and submit that to the network. I get the same result as the use C.K does in the screenshot above.
Also, if you are trying to install the wallet for the time you won’t find it in the app stores. Both of the links in the original article about Arbor mobile wallets are now broken. This is a blow to the Chia community, as reliability of the tools are integral to adoption. If people start using a wallet for day to day business it can’t just stop working for a few days every once in awhile.
I don’t usually like covering every Chia fork development, that had the possibility to turn this site into an ad for Chia forks, but this one I think is special. We have basically seen a constant reduction in price for the Chia Forks right from the beginning. It blows my mind that when this all started I considered XFX to be worth a sizeable fraction of XCH, but the reality has been a constant reduction in price as supply has increased through farming rewards and there has been nothing to do with these coins but sell them. They are offering “early bird” rates to anyone that jumps on right away, so they are serious about locking up HDD as quickly as possible, hoping to address that problem immediately.
That’s why I like the HDDCoin team so much, they are doing *something* rather than just copying Chia releases and calling it a day. And the HODL smart contract / program they have developed is a really big something, even compared to their web store. What HODL is a lock in program that will keep HDD coins stored on-chain for significant amounts of time, at the cost of some of the HDDCoin pre-farm. This is going to give people a reason to do something with the HDD they have accumulated that should slow the sell off.
Or at least that’s the theory. If it works, and creates a demand for HDD then I suspect that every other Chia Fork is going to run something similar out. Even Chia Network has not yet solved the problem of the ever-shrinking coin price, so if its as easy as just paying people not to spend their coin then that will be very attractive. I do not think, based on the business plan, that Chia Network could ever do something like this out of the pre-farm, but it will be extremely attractive to all the other ecosystem coins and tokens.
Kudos to the HDDCoin team for launching this product, and personally I am going to update my HDDCoin installation as soon as I’m done here, and I will be locking up my HDDCoin. This isn’t an endorsement, and it isn’t financial advice for anyone, its just that I’ve been farming these forks for what seems like forever now and they just sit there. I don’t feel like going through the effort of selling them for pennies, so they just sit there. So this is something I can actually do with them easily and securely. We need more of that, in Chia forks and in Chia.
Because of how slowly some of the projects we have all gotten excited about, as a Chia community, have taken to launch I have held this one close to my chest. But hot on the heels of the rest of the DeFi based announcements that have been coming xch.gallery has finally released their public roadmap for their Chia NFT marketplace and given us something to talk about.
While they have been developing their platform in the open, on Chia Network’s testnet10, they haven’t been generating a ton of hype, clearly preferring to start that engine up once the Chia NFT standard is complete (maybe Wednesday?) and they have a working product.
Last night on Twitter they released their first roadmap of what the Chia Community can expect. They are right now in full swing of their beta test, right on schedule, and plan on launching to Mainnet in Q2 of this year. What is interesting is that they are planning on support for other Proof of Space and Time blockchains, maybe some Chia Forks and maybe Mad Max’s MMX.
It looks like the XCH Gallery team is fully serious about being the forefront NFT marketplace. We haven’t heard a lot from Arbor place in the last little while, with the team hard at work on improving Arbor Wallet. But I suspect the NFT marketplace sector is going to heat up big in 2022 with competition in the Chia ecosystem.
I would be remiss if I didn’t take a moment to discuss the controversy around NFTs. My position stays the same on them. I do not understand why someone would want one, but they are a collectible and there is an infinite spectrum of collectibles people love that I don’t understand. And a lot of collectibles are bubbles based entirely on speculative interest, so I don’t really think NFTs are some sort of special evil that some folks do. I do understand the climate-impact argument behind a lot of the criticism of the sector, which is why I think that NFT ownership will ultimately gravitate away from expensive Proof of Work blockchains to greener Proof of Space, or Proof of Stake chains.
Disclaimer: not financial advice, not an expert. Trading Chia or any other crypto is done at each individual’s own risk.
As we finally get into reading the charts (and other strategy information) we must first quickly cover what exactly is being presented in them. That is indicators; some not all, so make sure to know which indicators do what and when to use them. Absolutely we will go over some of these more in depth in later posts however walking before running we must understand what an indicator is. There are two main types: technical indicators and economic indicators. Economic indicators are a more broad scope of the general economy of a country; examples are unemployment rates and GDP. For this guide we are going to focus on technical indicators which are more trading focused.
What is a technical indicator?
An indicator when it comes to trading is any statistic used to measure the past, present, and future trading conditions for a given market. Essentially when it comes to exchange indicators they detect investment patterns within the market using: Volume, General interest and Overall Price. Some commonly used trading indicators are market volume, moving averages (and versions) and relative strength index(RSI); there are many more and no one is better than another. They should be used together; the more indicators you can understand the better overall understanding of the market you will have. Without getting overly confusing technical indicators can simply be broken down into two categories: lagging and leading.
Lagging technical indicators
Lagging indicators are measurable market factors that change only after a variable has been varied. Lagging indicators essentially confirm what has already happened within the market. They help us spot changes in the market by trailing the price action to confirm patterns. Your basic trading candlestick is a perfect example of a lagging technical indicator; it represents the movement of price over a specific time range, as well as the opening and closing price. Unlike other lagging indicators that compare two indicators vs each other, lagging technical indicators generally are matched versus their own averages or other historical data characteristics. Because lagging indicators show past market movement they can not always be solely relied on; as the market movement has already taken place it could already be too late to move on a trade.
Leading technical indicators
Leading technical indicators are good for timing, they forecast future market movements. They Try to predict the market movement before it happens. These indicators can include any piece of data that corresponds with a future movement or change in valuation. In order for information to be considered a leading indicator it must be measurable (so no Fomo or FUD) and it must come from a reliable source. RSI (relative strength index) is one leading indicator used quite often in trading. Another is the candlestick pattern reading (i like to call them the market tea leaves). However much like lagging indicators; leading indicators are not a perfect science, things happen and numbers do not always pan out. Perfect research when it comes to the markets does not always mean perfect accuracy especially when used by themselves.
The key takeaway to understanding indicators is that we must use them together to get as good of an understanding of the overall Chia marketplace. It pays to do your research on a project before you invest in it. Even though trading is not a perfect science if you follow some basic trading strategies and stick to your guns; more often than not you will find yourself on the winning end of a trade. Also understanding indicators and what they mean for your investment will help you be more confident in your timing of when to enter and exit trades. Sometimes new traders panic sell but just as (if not more) often they get caught not doing anything at all. Use lagging and leading indicators to your advantage and continue to be confident in your investments. Large traders are banking on you to make mistakes so the less mistakes you make the less they can take advantage of your loss.
Well it looks like I missed a Chia News of the Week post last week, which probably isn’t the end of the world considering how slow the news was over the Christmas holidays. I hope everyone had a lovely break, and got to do all the family-seeing and time-spending they wanted to. Many of us were heading back into lockdown and had another disappointing year-end. Lets all help make 2022 an actual better year this time.
We ended off our last Chia News period with an introduction to Mad Max’s new MMX cryptocurrency, and that interest didn’t end there (or yet). We took a look at how to build MMX from source, since its not a simple Chia fork it has a bit of a different process. In fact, over the break Mad Max did a lot of development and improvement, and there were more updates to MMX over the break than there have been to any Chia-based software in months. It’s still coming too, fast and furious.
We then did a couple more Facts about Farmers. If you haven’t checked out this series yet you should as it really shows the diverse nature of the Chia farms that have been built over the last year. So far no two have been alike, and that continued with Rolle and Chia Pass Farm’s respective stories. If you would like to participate we would love to hear from you, so go fill out the farm and read up about the Chia farming community.
Over this period I was running a giveaway on the site that I announced on Christmas, and I had some trouble sending transactions using the Chia light wallet. I then wrote a rant about the light wallet that I maintain is all true, and contains some important points for Chia to look at when improving that wallet. The experience was very poor once the wallet had been really heavily utilized and I am looking forward to the next release where hopefully a lot of these issues have been mitigated or resolved.
On that note, we got a glimpse at a new type of light wallet, this time a Metamask-like browser extension wallet that will theoretically open up the Chia ecosystem to web-based products like NFT marketplaces and DeFi gateway sites. The product is still very early but when I checked it out it seemed to do what the developers say it does, with transactions working and seemingly done locally. The developers have promised to open-source the product and I am very excited to get all eyes on that code.
Jay Gould and Chia Founder and CEO Bram Cohen had a fascinating discussion on Jay’s show about Chia and cryptocurrency in general, as well as a lot on Bram’s background and how he got into Bitcoin in the first place. I’d like to take a moment here to honour the man Bram attributed to getting him to take a look at the Bitcoin codebase – Dan Kaminsky. Dan was a hero to the Information Security community, and to me personally. He was both extremely knowledgeable about so many things, but also very approachable about the topics he was a world class expert in. He died in the first half of 2021, and it was a tragedy for all of us, even those who had never heard his name. He very famously found and solved one of the most severe bugs in Internet history involving DNS cache poisoning, and is one of the main reasons people pay so much attention to DNS security today. Anyway, you should listen to the entire interview and check out Ryan’s writeup about it here. Once it gets into Chia specifically I think its a must-listen for anyone seriously looking at the space.
Then we crossed over into 2022 and immediately into what appears to be the Year of DeFi for Chia. We got a look at two back to back companies building DeFi solutions. One is Hashgreen, from the minds that brought us Mojodice and the other is Tsunami from the developer of the Goby wallet. This is incredible, and is a really strong start for the year. These are both projects that we will be keeping a close eye on in the coming months. It really seems the Chia development community is firing on all cylinders.
Next we got the really big news of the week, with Chia Network posting a cryptic message on Keybase promising a “new feature announcement” on Wednesday. I poked at J Eckert a little hoping for a clue, but his lips are sealed. So we are running a little contest for 1000 SpaceBucks split up among anyone who guesses correctly in the comments. I think we are looking at either offer files in the client, or the NFT standard but I sadly don’t have any inside information here (or I would share it, which is why they don’t tell me this stuff). So let us know what you think, either on these comments or the original post.
Next we had a bit of a Twitter feud between some Bitcoin Maxis, Bram and Gene about how its not possible for Chia to have improved on Bitcoin in any way by making the argument that the immense Bitcoin energy use it a feature instead of a bug. My main takeaway here is that people who consider themselves technology disruptors can still get locked into a legacy platform and be disrupted. This is what Chia Network is attempting.
More Chia ecosystem development next, with TailDatabase.com launching from the development mind behind ChiaExplorer.com. It is a database for Chia Asset Token (CAT) issuers to register their tokens so people can easily lookup which token is which by Asset ID. They can also upload the TAIL used to generate their token and they all should do that right now. I am going to frown on any tokens not submitting the TAILs that contain their rulesets as that will provide the necessary transparency for farmers and investors to determine if they touch something or not. Thank you again to Freddie for his contributions to the community.
We also announced the winners of our Chialution holiday contest, and passed on a giant pile of SpaceBucks to the Chia community. It was a great success, with some awesome entries from everyone involved. It was very difficult to choose between them and we had to use very arbitrary decision making to come to our decisions. Thank you to everyone who participated and I hope we do many more of them in 2022. And a big thanks to Ryan for doing everything and taking care of it all.
And that was it for the news. It’s not really news, but yesterday I published a deep dive into IPFS to dispel some myths around the protocol as NFTs begin to heat up the Chia world. It is important to understand where the underlying asset you are buying is stored, and just accessing the data through an IPFS link does not guarantee that. Check it out here and make your own decisions on NFT purchases. That’s it for the news over the holiday period, and we should be back to doing one of these a week. Thank you, and I hope everyone is ready for a great Chia 2022.
As the Chia ecosystem matures and NFT galleries and projects begin to appear, its important to know how one of the backbones to the ecosystem really works, and not the myths around it. IPFS is a protocol that many NFTs point to as their underlying asset. And most people feel that this means the file is hosted on a blockchain and immutable. Nothing could be farther from the truth.
I don’t want to get too deep into the architecture of how IPFS works, but I do want to run through it a little bit. IPFS is a distributed file system similar to a BitTorrent swarm but with no central tracker, simply a Distributed Hash table (DHT) hosted by nodes with the IPFS nodes and Content IDs (CIDs, we will get to these later). It uses Merkle trees to form blocks that identify the files, which is where I think the confusion with traditional blockchains comes from, but it is not a blockchain. Git also uses Merkle trees to organize releases and ensure that different branches don’t accidentally get switched and to maintain integrity up and down the tree.
To get onto the IPFS network you can put up a node, using instructions here, and begin hosting files. When you put a file onto IPFS you create the CID for it mentioned earlier, which is a complicated set of hashes based on where the file is located and some other metadata that points to your file. That file can then stay hosted on your node alone, or it can be distributed among many nodes. This is where it is like BitTorrent. Just because a file is available “on BitTorrent” it doesn’t mean there are any seeders or that any of it permanent. IPFS is like this. The address/CID is permanent, to a degree, as it gets passed around the DHT tables but the underlying asset, or file, that the IPFS address points to can be lost as easily as any file on a random webserver. The Chia Plot could be an IPFS node and files hosted here could be IPFS addresses, and it wouldn’t make them any more permanent than they are now.
IPFS on the blockchain
There is a mechanism that purports to use “blockchain technology” to ensure persistence of data, where actual files are written to storage assets distributed around a cryptocurrency network where participants have an incentive to host your data on IPFS for as long as possible, and that is FileCoin. This is probably more robust than a random web server run by some random software project hosted in AWS, but it is by no means permanent. Lots of blockchains have gone defunct in the past, and there is no reason to think that FileCoin will be immune to this possibility.
Many NFT projects leverage FileCoin to give their users the feeling of permanence, and even more broadly use an IPFS address to give the illusion of reliability. But I argue the usage of IPFS does more to obfuscate the real permanence of NFT-secured assets. There is a well known secret that many NFT projects simply use random web file storage to host their images, and that those could go away at any time. The solution to the “savvy” is to only buy NFTs that are hosted on IPFS links. But those people do not know, or are not made aware that those could be the exact same web server. FileCoin hosted storage, and there are tools to make it easy to host NFT assets on FileCoin, might be one of the easier ways to provide some reliability for NFT storage but it is far from perfect.
Problems with IPFS as permanent storage
Honestly it might as well be a .torrent file that points to a reliable IP address hosting the DHT table for the files you want to host. Its a little bit more elegant than that, but it really does boil down to the same thing. No matter what you do with the storage someone has to host it, physically, somewhere. There might be layers of incentives provided to ensure that the storage stays up, but it still needs to be on a hard drive somewhere connected to the internet. Even when a file is hosted on FileCoin you are reliant on the FileCoin nodes its hosted on not to go dark during a bear market, and for the FileCoin team not to create a catastrophic error during an update, and the IPFS gateways that are used to access your files stay up. There are a lot of centralized points of failure here for a decentralized file storage system.
How you can avoid being fooled
From what I can tell, there is no easy way to determine how a file on IPFS is being hosted without running your own IPFS node and using that software to do a lookup of the hash. Once you have a node up you can use the following code to find who has certain chunks stored. It is not even foolproof as it will only list out what nodes are hosting the file that your node can find. However, these files do not distribute automatically and hosting a file is an active process, as is pushing it to new nodes.
ipfs dht findprovs $CHUNK_HASH
Each NFT marketplace should show you the address where an NFT is located. To see where they are on OpenSea, the biggest NFT marketplace right now, you can follow this guide. Amusingly if you follow this process for the current top NFT project, Mutant Ape Yacht Club, you will find that they don’t even use IPFS but a centralized web server relying on centralized DNS and a centralized TLS certificate.
Even if you are storing your data on FileCoin you aren’t really accessing it from there when reading the NFT. While a file might be “backed” on FileCoin, transacting with that network requires fees and apparently unsealing a file to read can take hours because of verifications. So what they have is FPS, or FileCoin Pinning Services, that host files for you like IPFS. So basically just IPFS nodes that grab stuff off FileCoin and host it for a price.
This is all starting to feel like centralized storage with extra, expensive and complicated, steps. And the worst part is that people are putting huge amounts of money into NFTs where they are simply files on a file server somewhere and a person somewhere ultimately controls that. This is even beyond the risk that the NFT marketplace or gateways simply remove your file from the directory.
So what does this all mean?
Basically NFTs are no more permanent than any other part of the web. They use fancy, useful technology to obfuscate the fact that unless you are hosting the file that your NFT represents yourself you are beholden to others. Right now an NFT hosted using FileCoin has as good a chance as anything of sticking around. But, like everything else in this world it comes down to trust. Do you trust that the entity that created your NFT has put the effort in to ensure reliable access? Do you trust that FileCoin won’t shut down? These are questions you need to ask yourself when buying into an NFT project. The space is new right now, and don’t be fooled by an IPFS address into thinking that means your asset is permanently ensconced in an immutable blockchain.
Welcome to 2022 folks! Been a crazy holidays especially Here at TheChiaPlot.net we ran our first (hopefully annual) Chialution contest with great success and are now going to share our winning submissions with everyone.
The end of 2021 was certainly a bit of a forgettable time in the history of Chia. But as a community we came into 2022 with a roar and the first few weeks are really starting to FOMO the Chia doubters once again. Reddit even saw its first memes and although it was certainly a flood, it was some refreshing content to say the least. (editor’s note: it was glorious)
Looks like a lot of people in the community had a few pent up. It’s good to see the community coming together like that. We need to see more of these meme weekends going forward; because if anyone has been following the recent BTC vs XCH twitter scuffles they have been calling our meme game weak from what I was told. So time to step it up people, let’s see those memes! I wasn’t a fan of warring on twitter until that comment so if the BTC maxis want a meme war I say in 2022 we start showing them those meme muscles we got from choreing on our Chia farms all summer.
On a less fanatical note 2022 also saw me purchase my first official NFT on the BNB blockchain and this has me REALLY excited for NFTs on the Chia blockchain. Can we just get marmot NFTs already? Seriously, how does a guy get on the waitlist for one of those? I’ll be super upset if I don’t have a marmot NFT twitter pfp by 2023, just saying.
Anyways onto the main point of this post is our 2022 Chialution contest. It was the first contest I’ve been a part of at thechiaplot.net and it went really well.. We had 25 entries across YouTube, Facebook and Twitter. With the winner coming from one of our Facebook entries. Which I want to say was really nice to see; a lot of the stuff I read in the Facebook groups has been pretty negative lately, awesome to see such a positive post come from that social medium.
First place went to Beau on Facebook who took home 20k SpaceBucks for his chialution entry.
Second place went to SpiritBreaker from twitter who actually gave us two really good entries!
Third place went to Aaron A Brown with a solid entry of his own.
Honorable mentions go to: Chia in China. @lsldxjs Karlkim Suwanmongkol LeafyK Daniel.Q
Thank you to everyone who entered this year’s version. Hopefully we can do this again next year but bigger and better (maybe a marmot nft?). I think we really set a tone going into 2022; keep it rolling Chia community! Big thank you to thechiaplot discord and those who donated SpaceBucks to the contest.