Have you looked into Theta at all? Bix has that as pretty much his main holding and talks about it a lot. It has also moved quite a bit the last few days.
Theta Network (THETA and TFUEL)
- Thread starter Voodoo
- Start date
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My problem with his reasoning is that the guy/Theta holds patents covering a lot of cryptos. But he does feel like everything is going to go down but somehow patent law is still going to matter? Who's going to enforce it?
This video gave a simple overview of Theta without all the marketing buzzwords:
It's built on top of Ethereum. It's got big corporate partners. It's mgmt team has some heavyweights from YouTube & Twitch. Sounds like it has a solid foundation to grow.
It's built on top of Ethereum. It's got big corporate partners. It's mgmt team has some heavyweights from YouTube & Twitch. Sounds like it has a solid foundation to grow.
Downside to Theta (or TFUEL) is that it's not easy to acquire at the moment. Neither Coinbase, Uniswap nor any of the web3 entry ramps that work with Ledger are trading it.
I did download and install the Theta Edge Node sotware to see what it's all about. So far, I can't really tell if it is actually doing anything.
I did download and install the Theta Edge Node sotware to see what it's all about. So far, I can't really tell if it is actually doing anything.
I let the Theta Edge Node software run continuously (all night) since yesterday afternoon. I checked it just now and see that my computer was assigned a job yesterday late afternoon ~(5pm) and another one this morning (~10am). Both jobs were related to video encoding. I earned 0.09 TFUEL for each job - so 0.18 TFUEL pending. The TFUEL that is earned is paid out monthly (at the beginning of the month).
TFUEL is currently trading at ~$0.07 so, I'm not going to get rich any time soon with this system. I have to wonder if I used a more robust computer (the one I'm using does not even meet their min requirements) or a LAN line internet connection instead of WiFi, if my computer might get assigned more jobs and earn more TFUEL.
I forgot to include a link to the Theta Edge software (in case anyone else wants to give it try):
Setting up the Edge Node
The Edge Node turns your computer into an edge computing node in the Theta EdgeCloud. The Edge Node can execute various types of jobs including AI/deep learning model training and inference, as well as video transcoding and relaying. By running the edge node, you can contribute unused...
docs.thetatoken.org
I installed the Edge Node software on a second computer (worse CPU, better internet connection) and it has performed worse than the first set up. WiFi is apparently fine. Better CPU (or I assume - GPU) yields more jobs and better rewards. I started shutting the app down over night. I am only running it during the day while I'm around now and using the computer. It's OK to let it run in the background. It's not cost effective (currently) to have the computer run it dedicated otherwise.
The Edge Node software says:
Some thoughts about Theta after a week's muddling round with it:
The Edge Node software says:
I cannot find anywhere what this minimum threshold is. If it's published on the Theta website, I can't find it. I even checked the Theta Reddit community and didn't see any discussion of it.
Some thoughts about Theta after a week's muddling round with it:
- It used to run Theta.TV which was supposed to be a proof of concept vehicle, but many folks thought it was supposed to be a Twitch or Youtube competitor, so Theta pulled the plug on it. Theta.TV used to drive a lot of the jobs that the Edge Node processed. There aren't so many jobs in the network now that Theta.TV is defunct.
- Theta is trying to reposition itself as a scalable cloud computing system for AI. That's been driving some renewed interest in it. It's currently a Top 50 token by market cap.
- You can acquire THETA token via simpleswap.io although the transactions take a heavy cut/premium.
- Ledger does not yet fully support THETA, so you need to run the Edge Node software to manage a THETA wallet. There really isn't any security built in to that set up. Anyone with access to your computer can access your software wallet.
- Ledger has built an experimental THETA wallet bridge that is pending review from their dev team, so it's possible that full support may be coming.
- I thought Theta was built on top of Ethereum, but it looks like I was wrong and they actually built a customized Ethereum clone. There may be legal issues at play that will cause exchanges like Coinbase to be hesitant to develop support for it. If Coinbase does elect to support/offer it, it likely would see a decent bump (as most tokens do that get listed).
- Theta has a cap (currently?) on the number of tokens issued. If the cap never changes, it would have the same deflationary value proposition that Bitcoin maximalists often tout. However, since Theta is built on an Ethereum clone, I have to assume the tokenomics can be changed at any time just like Ethereum can (creating new tokens at an inflationary or deflationary (with token burning during transactions) rate).
- The future of Theta is likely going to depend upon their success in positioning the edge computing power use cases - whether for AI, video processing or whatever. I had never heard of them before @Voodoo 's post, and I thought I was fairly attuned to the crypto space, so I'd say they have some work to do in marketing their platform.
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I let the Theta Edge Node software run continuously (all night) since yesterday afternoon. I checked it just now and see that my computer was assigned a job yesterday late afternoon ~(5pm) and another one this morning (~10am). Both jobs were related to video encoding. I earned 0.09 TFUEL for each job - so 0.18 TFUEL pending. The TFUEL that is earned is paid out monthly (at the beginning of the month).
TFUEL is currently trading at ~$0.07 so, I'm not going to get rich any time soon with this system. I have to wonder if I used a more robust computer (the one I'm using does not even meet their min requirements) or a LAN line internet connection instead of WiFi, if my computer might get assigned more jobs and earn more TFUEL.
I forgot to include a link to the Theta Edge software (in case anyone else wants to give it try):
Setting up the Edge Node
The Edge Node turns your computer into an edge computing node in the Theta EdgeCloud. The Edge Node can execute various types of jobs including AI/deep learning model training and inference, as well as video transcoding and relaying. By running the edge node, you can contribute unused...
So you can install the software and earn TFuel? I assume to then get that TFuel you'll need a wallet.
Were you able to buy some Theta coins or was it too difficult because of the obscure broker?
The Edge Node software (which I linked previously) will create and manage a wallet for you. It's very easy to use.
Yes. I ended up buying some Stellar (XLM) and then used simpleswap.io (also linked previously) to trade the XLM for THETA (sent to my Edge Node wallet address). SimpleSwap took a small vig off the deal as expected, but it worked. You can swap just about anything for THETA on simpleswap.io. I chose Stellar (XLM) because it's fast and gas fees are ridiculously low.
Once you have some THETA and a small bit of TFUEL in your Edge Node wallet, the software lets you stake the THETA and earn TFUEL. I'm still pending some TFUEL to be deposited in my wallet so I have not staked my THETA yet, but I expect to do so before too long.
I just might try and dip my toe into cryptos now. Better late than never. getting low on work again so might do this one day if I get some time. Though I might wait till I get my taxes filed so I can still answer no to that question on whether or not I own any of these dastardly things.
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So how would you take your wallet offline / paper etc if you don't want to leave it all on the Theta Edge node thing?
Theta Network wallets are accessed either via the Edge Node software or the Theta website. There currently isn't a cold storage option such as the Ledger. When you use the Edge Node software for the first time, it creates a wallet for you and stores the key info in a file on your computer. As long as your computer is secure, your wallet should be too.
Bix was giving out Theta on paper that he would mail to your house. Not sure how that would work, or wouldn't.
The only thing that immediately comes to mind is that he could be creating a Theta wallet (you can create as many as you like), adding some Theta to it and then mailing the key/password info to people so they could access the wallet. If he's doing something else, I'd be curious as to how it was done. If you receive any Theta from him via paper and it is done as I have guessed, you should move the Theta from the wallet he created to one you create (and for which the key/password is known only to you).
THETA up 25% in the last 24 hours. It's now the #40 crypto by market cap. When Voodoo posted the thread's OP, it was ~50th on the market cap list.
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I have been running the Theta Edge Node software on a laptop for a while now. On Friday, the software displayed a red warning message to me telling me I needed to contact Theta support as my Edge Node had been flagged for bad behavior (running more than one machine on the same network connection). They disabled the Edge Node from running any more jobs and zero'd out my pending TFUEL reward for all the jobs that I had done in the previous weeks (almost 3 TFUEL). While the amount of TFUEL at issue is laughably small, it irked me a bit that they would do this without any communication.
I did send them an email explaining my ~2 day experiment (over a week ago) running two laptops concurrently to see what difference the internet connection (LAN v WiFi) and GPU power made. But the email went out on a Friday afternoon and I'm still waiting for a response.
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I have been running the Theta Edge Node software on a laptop for a while now. On Friday, the software displayed a red warning message to me telling me I needed to contact Theta support as my Edge Node had been flagged for bad behavior (running more than one machine on the same network connection). They disabled the Edge Node from running any more jobs and zero'd out my pending TFUEL reward for all the jobs that I had done in the previous weeks (almost 3 TFUEL). While the amount of TFUEL at issue is laughably small, it irked me a bit that they would do this without any communication.
I did send them an email explaining my ~2 day experiment (over a week ago) running two laptops concurrently to see what difference the internet connection (LAN v WiFi) and GPU power made. But the email went out on a Friday afternoon and I'm still waiting for a response.
I still have not seen any email response from Theta in response to the email I sent them. However, I loaded up the Edge Node software and saw that my pending account balance for TFUEL had been restored and the software immediately was assigned a job which it completed. The red warning message was gone. I guess I'm good to go.
It doesn't make a lot of sense they complain on running on more than one unit/computer. Isn't the entire idea to share the network connections? Which by definition means you would have lots of things running the edge node with one network connection.
FWIW:
dailyhodl.com
Crypto Trader Predicts Parabolic Rally for Decentralized Video Streaming Altcoin – Here’s His Target - The Daily Hodl
A closely followed crypto analyst believes one decentralized video-streaming altcoin project is about to go on a massive rally.
dailyhodl.com
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I see that my pending TFUEL And LAVITA in my Theta Edge Node have been zero'd out. I did receive the LAVITA in my Theta wallet. I'm still waiting and hoping to see the TFUEL appear in the wallet. As of this moment, it's just "poof! it's gone".
Has anyone else here tried running the Theta Edge Node software on their computer? A couple of things I now know that were not clear when I started:
- The minimum threshold for the monthly payout of pending TFUEL appears to be around 3 TFUEL. You need at least that amount to get pending into actual in your wallet.
- Lavita rewards don't pay out as LAVITA to your wallet. They pay out as vLavita - virtual Lavita on the Lavita sub-chain. You can do a cross chain transfer of vLavita to Lavita (on the main Theta chain), but it costs 10 TFUEL to do so. Since 10 TFUEL is roughly equivalent to 40 LAVITA, it's not worth doing until you have a lot of vLAVITA saved up.
- You can stake LAVITA (on the main Theta chain), but not vLAVITA.
- There is a 1,000 minimum requirement for staking THETA. I sent the Theta Network folks an email inquiring about the requirement and they said that they will not be lowering it.
You will probably do quite well with this... Since I pointed it out and failed to buy.
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If it makes you feel any better, THETA today is right about where it was when I first bought some. I expect the prices to rebound fairly quickly as it chases BTC's tail.
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I asked the Theta folks (on Twitter) about their push for Edge Node users to use NVIDIA CUDA enabled GPUs:
I sent a private message as requested and am still awaiting an answer.
In the meantime, I started reading a bit the other day about the NVIDIA CUDA enabled GPUs. I found a handy page that lists which of the NVIDIA chips are CUDA enabled:
developer.nvidia.com
None of the rigs I have laying around have any of these chips, so I looked around a bit and found a cheap, refurbished computer on amazon for sale at slightly more than what it's NVIDIA Quadro P600 GPU card alone would cost. So I ordered it to see how much of a difference it will make.
I sent a private message as requested and am still awaiting an answer.
In the meantime, I started reading a bit the other day about the NVIDIA CUDA enabled GPUs. I found a handy page that lists which of the NVIDIA chips are CUDA enabled:
CUDA GPUs - Compute Capability
Explore your GPU compute capability and CUDA-enabled products.
developer.nvidia.com
None of the rigs I have laying around have any of these chips, so I looked around a bit and found a cheap, refurbished computer on amazon for sale at slightly more than what it's NVIDIA Quadro P600 GPU card alone would cost. So I ordered it to see how much of a difference it will make.
Opportunity knocks. I swapped some of my Bitcoin for Theta this morning. Theta dropped down to ~$2 (a ~30% drop from recent flirtations with $3 mark) while BTC only fell about 7%. When they bounce back, I expect Theta will outperform BTC from here. Even if it just keeps pace more or less, I managed to top off my Theta balance to 1,000 which is the minimum required for staking, so I should soon be earning TFUEL passively.
How many Theta tokens are out there? What is the maximum or is there something the growth depends on?
Theta Network price today, THETA to USD live price, marketcap and chart | CoinMarketCap
The live Theta Network price today is $2.00 USD with a 24-hour trading volume of $143,760,582.34 USD. We update our THETA to USD price in real-time.
coinmarketcap.com
If the system is essentialy a modified clone of Ethereum's code, it is possible that the Theta Labs could theoretically change the cap in the future, but they have not communicated any plans to do so that I know of. The 1B supply is capped as of now.
Mitch Liu's twitter account is pretty active. Theta apparently has an update for the Edge Cloud coming May 1. They will be holding a Theta EuroCon event June 22-23 and releasing something called Elite+ Booster nodes on June 26. He's also announced several partnerships/projects. Seems to be very active with development right now.
I contacted Theta support and asked them about this. This is what they said:
Sounds like they have some automated system that might flag a node for reasons, but if you email them about it, they fix it, which is what happened in my case. I'm currently running the Edge Node software on two machines concurrently and so far have not encountered any issue.Theta Network said:
FWIW, Theta peeps say (emphasis is mine):
Guardian Node GUI
Download the installation filePlease download the latest installation file from here for Windows, macOS (only supports > 10.15.x catalina), or Ubuntu Linux. If you prefer to run your guardian node on Mac or Linux from the command line, please follow the instructions here.Install and launch the Gu...
docs.thetatoken.org
So Theta staking works a bit different than what I have seen with staking other crypto tokens. That said, I staked my ~1,000 THETA about a week ago. Yesterday, I received a TFUEL staking reward directly into my wallet. There is no manual claim process - the reward just magically appears in your wallet. I guess that means I shouldn't expect another staking reward for the next 3 weeks at minimum, but we'll see...
Well, that didn't take very long. I received another staking reward last night - roughly 3 days since the previous reward. Was it a fluke? If I continue to get rewards of the same size every 3 days, it would roughly translate to a 7% APY on the stake. That actually sounds reasonable for a crypto staking program.
Yesterday, the Edge Node software on my computers updated to version 4.6.2. Then they completed some jobs and seemed to get hung up after uploading the results. I had to close and restart the software to clear the hung job or it wouldn't queue any new jobs.
This morning, I started getting some new 3D rendering jobs (first time I ever saw them). Unfortunately, as soon as they complete and start the upload process, they disappear and I get not record of completing them.
Seems like this Edge Node update is a bit buggy. I've contacted Theta Labs support via email about the issues.
This morning, I started getting some new 3D rendering jobs (first time I ever saw them). Unfortunately, as soon as they complete and start the upload process, they disappear and I get not record of completing them.
Seems like this Edge Node update is a bit buggy. I've contacted Theta Labs support via email about the issues.
... and now the Edge Node software is displaying the completed 3D rendering jobs. Oddly enough, the payout for the 3D rendering jobs is 2x higher on my computer that has the NVIDIA CUDA enabled GPU. The payouts are the same for video encoding and AI (Lavita) jobs.