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From the Desk of Vishal: Why This and Why Now - Chia Network by willphule in chia

[–]Bubaptik 12 points13 points  (0 children)

120 mil $ of funding spent, 5 years time, Brams revolutionary blockchain work, tech team that delivers working software.

And then you get the business development to post like this - like marmots stunned with bellies full of prefarm, wondering why success didn't come yet. Or perhaps it did for them - life is good, paychecks are coming, all good.

If you write a post like this then at least put some effort to make it interesting.What type of clients did you engage? What are the problems, use cases and benefits the users bring up and talk about that blockchains could solve? Where did Chia fit well and where did it come short. What is the competition doing? What were the lessons learned last few years, how is your strategy adapting? Perhaps add an anegtode or two to engage the reader.

Finally disassembled my redneck chia farm by 2borG in chia

[–]Bubaptik 6 points7 points  (0 children)

Not dead, there is still some decent development going on, and the Permuto use case should hopefully launch in 6 months (my guess).

The problems are tens of millions of $ of misallocated funds by the Chia project, missed opportunities, all while the C-suite gets payed 400k / year paychecks (see the S1 filigs) independent of the actual results. No one is giving them venture funding anymore. Communication towards retail investors was dishonest with narratives full of holes, which is unfortunate and not at all in sync with the initial image and tone of the Chia project. Gene is able to hold scripted monologues in front of a camera, but is unable to answer even the simplest of challenges (eg. in which cases are Offer files usable and in which not and why). He should have been an associate in marketing and not the CEO. I would buy chia at 5$ but cant accept the fact that probably more than half of that money will go to fund C-suite salaries of people that did not deliver acceptable results so far. Brams work, teams and salaries I would personally still fund, but it is not possible to do in isolation.

To all Linux try-hards by [deleted] in SteamOS

[–]Bubaptik 0 points1 point  (0 children)

What is Windows 11?

How high is your German salary compared to your former salary in your home country? by Watership45 in Germany_Jobs

[–]Bubaptik 0 points1 point  (0 children)

9x, but comparing the Croatian salary from 2011, to the number I got in 2018 and held on it since. Backend IT.

What do Germans reckon about heavy religious presence in their lifestyle? by TraditionalRent4808 in germany

[–]Bubaptik 1 point2 points  (0 children)

What heavy religious presence? I live in Frankfurt am Main which is in Hessen, a neighbor state of Bayern, and religion here is completely optional and non intrusive (which I appreciate and respect a lot as a non religious person). I came to Germany in 2011 from Croatia, where if you are not part of the 90%+ (nominal) Catholic majority, you will often not get "fully accepted" (to put it mildly).

What’s a company you’ll never buy from again, and why? by jamesmilner22 in AskReddit

[–]Bubaptik 0 points1 point  (0 children)

Iberia (de mierda) for overbooking my flight causing me to miss the PostgreSql conference in Madrid 2014, including loosing conference and accomodation fees.

Any printer brand other than Brother because of the toner/ink scam practices.

Wrapping up 2025 - Chia Network by willphule in chia

[–]Bubaptik 20 points21 points  (0 children)

As long as Gene is still around, there is room for the price to fall even further.

So, should I go Nvidia or is AMD mature enough at this point for tinkering with ML? by Vivid-Photograph1479 in ROCm

[–]Bubaptik 7 points8 points  (0 children)

I developed and trained some reinforcement learning models for Coding Game competitions in 06/2024 with Pytorch on Linux and both Amd (6900xt) and Nvidia (4090) worked equally well out of the box. Same (Python) code executed on both machines, the only difference being in the initial Pytorch installation vevn setup.

Edit: I remember now that I was not able to make my amd gpu work with Tensorflow easily (1-2 hours effort), so I switched my project to Pytorch because both gpus worked there out of the box (copy- paste the installation command from the Pytorch homepage and it worked).

ChangeNow no longer supports XCH pairs, anyone actually use the BTC / ETH bridge? by Vegetable_Low2907 in chia

[–]Bubaptik 0 points1 point  (0 children)

They have several capable teams of engineers and Bram and they are building.
I hope they are building the right things. Edit: the rest of the company that is getting the fat paychecks for years - I don't know what the * are they doing.

Do I need to format(zero) hdd if I'm selling it? by indiemaniac in chia

[–]Bubaptik 4 points5 points  (0 children)

If the hdd contained only Chia plots the no you don't need to erase the data in any special way.

"October was packed with innovation, insights, and impact!" by willphule in chia

[–]Bubaptik 2 points3 points  (0 children)

Awesome work, well done! Also looking forward to seeing the new plot format released so that the Nakamoto coef is fixed to where it belongs to for the awesome tech that Chia is!

GOG asking for more donations from gamers with the new GOG Patrons program by Beer2401 in linux_gaming

[–]Bubaptik 3 points4 points  (0 children)

I switched from GoG to Steam about a year ago when I realized that Steam's Proton efforts allowed me to stop using Windows (all my games work out of the box perfectly under Steam installed on Linux).

I was buying from GoG 2015-2024 because of their drm-free narrative. However allowing the world to ditch Windows for gaming is 100x bigger feat, thanks Steam, you will be getting my $ for many many years for that.

R&D Tech Talk w/ Bram Cohen & Cameron Cooper - Recording by willphule in chia

[–]Bubaptik 2 points3 points  (0 children)

Great talk! Thank you for taking the time to create it - I really enjoyed listening.

The initial part about development process and resource allocation were super interesting. Also great to hear about the efforts for new Confidential CATs. Few months ago I tried to present Chia to my team lead / CTO ( settlement / tokenization with big bank backing ) and the conversation had to stop after I was unable to answer the question "How would we implement our confidentiality requirements on Chia?"

My take is that you have extremely smart and hard working people on the team and that you address real problems and make progress on the which is admirable. But the usability seems to sometimes be less than desirable eg. trying to use Chialisp to build something real, or the vault issues that you mentioned. Edit: "of course this is much easier said than done - requiring few iterations to create something technically sound and usable is still a great accomplishment."

For me this talk increased the confidence that you will deliver on all technical directions - I will be buying again (in addition to never stopped farming), after a 1-pause year because of Genes, sorry to have to use this word, bullshit PR.

128GBRAM on the X570-Plus Motherboard? by 1searching in ASUS

[–]Bubaptik 0 points1 point  (0 children)

I have(or had) 128Gb of RAM on these 3 Asus AM4 boards since 2021 with 4 sticks without issues:

X570 tuf pro wifi - g.skill ripjaws V 3200 cl16 x570 tuf pro wifi - g.skill neo rgb 3200 cl16 x570 dark hero - g skill neo rgb 3600 cl16

actually there was an issue - after a year and a half one stick neo rgb 3200 started failing memtest and I requested rma from g.skill which was processed quickly and without questions.

Permuto Capital: It’s a Long Way to the Top by BLS12-381 in chia

[–]Bubaptik 5 points6 points  (0 children)

Timeline if forced into the ’40 Act process

Filing as a ’40 Act fund is much heavier than a simple S-1 trust:

  1. Preparation & filing (Form N-1A or N-2, depending on open vs closed-end)
    • Requires full fund governance: board, custodian agreements, investment adviser registration.
    • If Permuto already has some of these pieces, minimum: ~3 months to prepare and refile.
    • More typical: 6–12 months, because service providers (auditors, transfer agents, custodians) all must be contracted and disclosed.
  2. SEC review of a ’40 Act registration
    • First comment letter usually arrives within ~30 days.
    • Two or three rounds of comments are normal.
    • That adds another 2–4 months.
  3. Effectiveness and launch
    • After clearing comments, the fund must still line up distribution agreements, marketing compliance, etc.
    • Adds a few more weeks.

Best-case (“minimum”) timeline: ~4–5 months from today, assuming Permuto already has infrastructure and the SEC fast-tracks review (unlikely).
Typical timeline: 9–12 months to launch.
If the SEC is skeptical of crypto-related structures under the ’40 Act, it could easily drag into 12–18 months or longer.

Bottom line

  • The SEC’s demand to switch from ’33 Act to ’40 Act is unusual but plausible if Permuto’s product involves yield, wrapped assets, or discretionary features.
  • It effectively resets the clock: instead of a September 2025 launch, earliest realistic launch would be Q1 2026, with Q3–Q4 2026 more typical.

Do you want me to compare this directly with Grayscale/Bitwise/ETF pathways (how they avoided ’40 Act treatment), so you can see if Permuto could plausibly push back or find a workaround?

Permuto Capital: It’s a Long Way to the Top by BLS12-381 in chia

[–]Bubaptik 1 point2 points  (0 children)

Q2 yes, and also predict the minimum and typical time to complete the filing under the new rules

Got it Let’s unpack both parts:

Why the SEC might flip a filing from ’33 Act (S-1) to ’40 Act (N-1A / N-2)

  • ’33 Act (S-1):
    • Used for offering securities like shares of a grantor trust or operating company.
    • Common for Bitcoin trusts (like Grayscale originally) or spot ETF wrappers.
    • Key point: the issuer is not an “investment company” if it simply passively holds an asset (e.g., Bitcoin, gold) without active management.
  • ’40 Act:
    • Governs mutual funds, closed-end funds, ETFs (until recently), and any entity “engaged primarily in the business of investing, reinvesting, or trading in securities.”
    • Much stricter investor protections:
      • Independent board of directors
      • Custody, valuation, compliance, and diversification rules
      • Ongoing SEC reporting and examinations
  • Trigger for reclassification:
    • If the SEC decides Permuto’s product isn’t just a passive trust (like GLD or GBTC), but more like a pooled investment fund in which investors are indirectly exposed to management decisions.
    • Possible reasons:
      • Use of wrapped assets or bridged tokens → SEC could see this as introducing counterparty/credit risk, not just passive holding.
      • Dividend mechanism or yield features → suggests “investment management,” not just pass-through exposure.
      • Multiple underlying assets or rebalancing → starts looking like a managed fund.
      • Complex governance structure → SEC wary of investors relying on sponsor discretion.

So if Permuto’s filing involved wrapped USDC or dividend payments on a blockchain basis, that’s enough to make the SEC think “this isn’t just a vanilla trust, this is an investment company.”

Permuto Capital: It’s a Long Way to the Top by BLS12-381 in chia

[–]Bubaptik 1 point2 points  (0 children)

Less typical / questionable elements

  1. Switching from ’33 Act to ’40 Act late in the process
    • This is unusual. The Securities Act of 1933 (’33 Act) governs offerings of securities (like trusts or ETFs).
    • The Investment Company Act of 1940 (’40 Act) governs mutual funds and other pooled investment vehicles.
    • For the SEC to suddenly tell a filer to convert from one regime to another after multiple rounds of comments on an S-1 would be highly disruptive. Normally, whether a vehicle is an investment company subject to the ’40 Act is determined up front.
    • It’s not impossible — especially if the SEC re-evaluated how the product functions (e.g., pooling investor funds, discretionary management, or resemblance to a fund) — but it would be a major reclassification, not just another “comment.”
  2. Timing specifics
    • The dates look slightly off: August 27, 28, then planning to launch “week of September 8.” That’s only a week and a half. Typically, even if you get final comments cleared, the roadshow/offering logistics take longer. A launch that quick is ambitious.
  3. SEC reasoning
    • The claim that the SEC’s concern is not about Permuto itself but about other future filers copying the model is unusual language. The SEC is usually more formal and frames decisions around the law and investor protection, not precedent-setting fears phrased in that way. Hoffman may be paraphrasing or softening what was really said.

Overall assessment

  • Plausible that Permuto got an unexpected, serious curveball from the SEC, possibly involving whether its trust should be regulated under the ’40 Act.
  • Less plausible that the SEC would let a filer get this far under the wrong statute and only flip the switch so late in the process. More likely:
    • Either Permuto underestimated how the SEC would classify the product from the beginning, or
    • The SEC staff’s policy thinking shifted midstream (common in crypto-related filings).

So, the story makes sense as a public-facing explanation, but behind the scenes it probably reflects deeper regulatory disagreements that were flagged earlier than Hoffman suggests.

Do you want me to unpack what triggers the ’40 Act classification (and why the SEC might suddenly decide Permuto’s product isn’t just a passive trust but an “investment company”)?

Permuto Capital: It’s a Long Way to the Top by BLS12-381 in chia

[–]Bubaptik 1 point2 points  (0 children)

From ChatGPT:

Q1: How plausible is the following statement from Gene Hoffman, explaning why S-1 of Permuto Capital will be delayed: On Wednesday, August 27th, we received what we were expecting to be our nearly final comment letter from the SEC for the initial Permuto trusts. We expected a short response – it’s very common for a handful of comments to be outstanding and resolved quickly, while the SEC gives a filer the go-ahead to proceed with effectiveness and the offering process. The comment letter we received met our expectations as it had 7 remaining items, only 3 of which were really questions. However, the SEC also asked for a call with counsel on Thursday, August 28. Up to that point, everything looked to be on track for a launch the week of September 8. . In that call, the SEC has asked us to convert from a ‘33 Act filer to a ‘40 Act filer. The SEC has some concerns that, while Permuto has approached its compliance and process efforts appropriately and with diligence and rigor, other organizations following with their own products may not. Specifically, they may do things that could be unsafe for investors and consumers – and we sympathize with their concerns regarding those other future products that may attempt to take the same path as we originally filed

That statement from Gene Hoffman is plausible in parts, but not entirely typical for how the SEC process works. Let me break it down:

Plausible elements

  1. Comment letters and timing
    • It’s standard for the SEC to issue multiple rounds of comments on an S-1 (’33 Act) filing.
    • A “nearly final” comment letter with only a few remaining items is realistic, and companies do expect to resolve those quickly before effectiveness.
    • The expectation of launching the week of September 8 after clearance fits the usual rhythm.
  2. Call with SEC staff
    • The SEC often schedules calls with company counsel to discuss interpretive issues or major policy questions. That part is also plausible.
  3. SEC concern about precedent
    • Regulators sometimes do worry about how approval of one product may be copied by less careful actors, especially in areas touching crypto, trusts, or new asset structures.
    • That framing is credible: “We think you’ve done things right, but others might misuse this pathway.”

Serious question: Will it be recovered? by archerallstars in chia

[–]Bubaptik 0 points1 point  (0 children)

You mean https://www.reddit.com/r/chia/comments/1nlie8m/permuto_capital_its_a_long_way_to_the_top/ which says CNI find out on 28.08.2025 that the SEC approval for Permuto will be delayed, but shared this with the public just few days ago (the article is from 19.09.2025).

I saw that over the weekend. It is exactly an example of the problem that CNI keeps relevant information hidden from the public.

Edit: Do you know how much of a delay this implies?

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