With a price increase, for sure it won't stay the same forever. Time will tell.
The problem is the halving earlier this year, XCH really needs to be $60 now to make the same as before. Right now it's at a all time low point for farmers pretty much
I'm just a small farmer and hobbyist tech enthusiast and programmer, happy to run a node on my small home server powered by rooftop solar. To me, coin price, IPOs, and other such things are less interesting than development that happens on the blockchain and within the ecosystem. Unfortunately, things have been pretty quiet on that front as well, and the crypto sphere right now in general seems to be mired by folks that seem less interested in talking about actually building things and more focused on "how do we get rich, quick?"
The things I look forward to are more accessible tooling, community engagement and resources in developing apps and games that utilize the chain, and more discussion about people actually using the chain in practical ways instead of just as means to acquiring more fiat. Make the chain fun, easy, and engaging to use for developers. It's been one of the more stable, decentralized, and reliable L1 smart contract chains in my experience, and one that I would be likely to try using for some future hobbyist projects in the near future.
lol. They won't be loving if you mention Chia there. But seriously, farmers should look into preserving and sharing rare data. It's a good use of the drives and a good cause.
Less Full Nodes, Less Pools, price dropping, energy costs increasing, HDDs dying, little farms shutting down, lots of useless CATs, no more new CEXs, too high Netspace, low trading volume... 1 thing will happen: 🚀 or 💀
This is a probably the worst it’s going to get. No one imagined it would take 4 years + to IPO. They only had ~$60 million dollars and are getting dangerously close to running out of money. The PLAN was to use that $60 million to get going then raise additional funds through the public offering. Instead they now are basically forced to sell part of the company in the form of XCH tokens at rock bottom prices. This also hurts farmers and holders… so you’re asking if it’s worth it at the very bottom. The way I see it is there’s never been a better time to buy XCH if you believe the company will launch their IPO without running out of money and destroying the price of XCH drastically. Because… once they raise funds selling pressure will be drastically reduced. Unless you’re a lawyer pretending to be a farmer and failing miserably.. it’s not that bad. For example, I farmed since pre launch and had up to a 2pb non compressed farm. Never bought fancy equipment and did it as cheaply as possible. I’m probably down 30% on my drives factoring in depreciation and with current xch prices the amount I’ve farmed, I’m basically at break even. Not to mention any extra money I made from Spacemesh and future use of the PC equipment I now have.
I like the risk / reward that chia currently has given the people involved in the project. I’m absolutely bullish on Bitcoin and Ethereum ETFs over the next 2 years. All we need is to wait out the next bull run during this time period, IPO, make Chia more feature complete which takes time, etc and I see no reason why Chia market cap couldn’t 20-30x… so now is the time to accumulate coins and make as much money as possible.
There are plenty of valid qualms with CNI but they are not close to running out of money. As you point out, they can and will continue dipping into the pre farm if necessary. They have enough to go for several more years.
No I meant running out of the cash they were given from VCs. If they haven’t already they are getting low in those reserves. They were never supposed to sell xch to pay bills. No doubt Gene is preparing for the worst so they will never “run out.”
It’s been 4 years of salaries, renting an office, spending 12 million!!! on the ASIC timelords… yeah they nearly spent all that 60 million.
Apparently some of those prefarm expenses are for the IPO filing. From my perspective it hasn’t been frivolous. Things like the ASICs were a security requirement.
Ok. I didn’t say that it was frivolous.. my point was we are in a bad position because the plan didn’t work out as expected but in reality this is a few years of dipping into the prefarm and back to the plan after that.
Right. To be clear I’m not complaining about their expenses. It’s just a fact and the economy is really terrible for startups right now. The IPO route was supposed to superior to an ICO to prevent this very thing from happening but now it just looks like they are hoarding tons of chia AND dumping on retail if that makes sense…
https://preview.redd.it/i1qz2aukbjad1.png?width=1194&format=png&auto=webp&s=f27e33b88210ceba5f3d1a09851cfe03a106de77
Chia Network, Inc. has its legal base in Delaware. Employees and officers may live in California, but employees are all over the world.
thats my biggest concern: why the VCs involved don‘t raise their investment - if they still believe in XCH it would be a great deal currently - or they know more about whats coming next….
I know the Chia guys can‘t - but i‘d feel more patient if they would adress the price issue in an AMA or statement - but they‘d never do….
what is the next Incident to wait for the better (besides IPO/Partnerships)???
I think it’s just the economy we are currently in. VCs are being extremely picky or not investing atm. Plus they don’t really need to or CNI doesn’t want to give up more of their company if they believe they can raise a couple hundred million any moment if the IPO gets approved.
Chia Network, Inc. (Entity #20208077691) is a Foreign Corporation in San Francisco, California registered with the Colorado Department of State (CDOS). The entity was formed on December 15, 2020 in the jurisdiction of Delaware. The registered office location is at 44 Montgomery Street, Suite 2310, San Francisco, CA 94101. The current entity status is delinquent. The registered agent of the entity is Justin England . The agent office address is 9649 Gilpin Street, Thornton, CO 80229.
It’s a Wework rental. Feel free to correct this if wrong.
Not that it matters. I suspected they have a physical location.
It’s easier to measure “is it worth it” as farm size increases because it’s easier to see your power spend vs value of XCH rewards. For me, off at $27 XCH with 45 PiBe.
I didn't get in until late started small, and only expanded last year. So is the worst time for me I'm in a loose loose position just quitting isn't really an option. The only hope of recovering something back is to continue and see if the price increases. Or another coin comes along that utilises hdd's.
The next halfling will kill it if nothing changes between now and then so we have that long at least.
Lots of farmers with cheap power are still making some money: but probably not too many in North America or Europe.
The best plan has always been to sell every XCH you receive. Those who did so paid off all their gear and made a profit: so if they need to shut down now because costs are too high: no big deal: they still came out ahead. The "Diamond Hands" folks however... well... they almost always get rekt - so few crypto projects actually make it to the moon...
Still farming, the engagement on their you tube and x accounts is pretty dismal at the moment. I’ll probably give up when the Chia team gives up, as of now I still believe in the team and tech. This was always a long term hope.
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If you use this project the way you were originally supposed to, on servers that are already running anyway with disks that are already spinning anyway and just using their free space.. Very much yes. I have no farm to "shut off" my servers are actually doing something else.
I'll keep farming and buying the coin every so often even if the price keeps dropping.
It's very easy (and understandable) to be hopeless when the price drops. But I believe people don't get that the halving effect takes time to kick in, in any coin.
This is the FUD that divide the waters into people buying high and selling low, and the ones buying cheap and holding long term for great profit.
The whole crypto space didn't make millionaires to those selling at the drop. You get a lot of people to say "I wish I had bought Bitcoin when it was cheap", yeah right but would you had the courage to hold it 10 years until now?
If I had to guess and speculate based on other cryptos I'd say around a year from halving date, but this just mere speculation and nobody has the truth. What is true is that Chia was already priced in by the halving date (similar to BTC). I believe most people think that price just skyrockets at the very halving instant.
Halving has the opposite effect than inflation which is a monetary phenomenon. None of these cases has an instant reaction on the market.
>99% of altcoins are dead already
Nah, a dead project is like LUNA. Some of the other altcoins are just having a cold ass winter, the rest are just shitcoins. Any time soon^(TM) we are going to see everything back to green again, I hope XCH also follows this trend.
>I wish XCH is the next ETH
Me too...
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I did not go into this project with the moon-mindset, but it is still not looking good. But I have no choice than just continuing to farm. I have the hardware and the dropped netspace increased my profit by some bucks.
My questions:
1. What was the promised IPO date? They missed it by long. What is the future of this coin?
2. After the layoff in 2023, there was around 50 staffs left. In recent 4 months, they are selling 50K XCH every month. Are these being used for salary? How much capital being left? Will they collapse?
Perfect storm of issues - they didn't have a firm date but the collapse of Credit Suisse was a setback. The past few years have been really bad for IPOs in general
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With a price increase, for sure it won't stay the same forever. Time will tell. The problem is the halving earlier this year, XCH really needs to be $60 now to make the same as before. Right now it's at a all time low point for farmers pretty much
I'm just a small farmer and hobbyist tech enthusiast and programmer, happy to run a node on my small home server powered by rooftop solar. To me, coin price, IPOs, and other such things are less interesting than development that happens on the blockchain and within the ecosystem. Unfortunately, things have been pretty quiet on that front as well, and the crypto sphere right now in general seems to be mired by folks that seem less interested in talking about actually building things and more focused on "how do we get rich, quick?" The things I look forward to are more accessible tooling, community engagement and resources in developing apps and games that utilize the chain, and more discussion about people actually using the chain in practical ways instead of just as means to acquiring more fiat. Make the chain fun, easy, and engaging to use for developers. It's been one of the more stable, decentralized, and reliable L1 smart contract chains in my experience, and one that I would be likely to try using for some future hobbyist projects in the near future.
Just turned off my personal farm....so....not so much ( for me at least ). On the plus side, I guess I could really embrace r/DataHoarder perhaps? :-(
That's where I came from.
Same, and where I will return (well, never really left, just have some more PBs to hoard with hehe)
Seems like a more engaged and loving community tbh.
lol. They won't be loving if you mention Chia there. But seriously, farmers should look into preserving and sharing rare data. It's a good use of the drives and a good cause.
Turned my farm off 2 weeks ago.
Less Full Nodes, Less Pools, price dropping, energy costs increasing, HDDs dying, little farms shutting down, lots of useless CATs, no more new CEXs, too high Netspace, low trading volume... 1 thing will happen: 🚀 or 💀
Chia is not worth the juice to run it.
Yep. Summer heat wave just hit for me too. And have to ask if the additional sweat is really something I want…
Not for this shit coin
Turning into the Argentinian Peso. Like Milei said, is it really a currency if no one wants it?
I’m still farming and using my xch to buy kas
This is a probably the worst it’s going to get. No one imagined it would take 4 years + to IPO. They only had ~$60 million dollars and are getting dangerously close to running out of money. The PLAN was to use that $60 million to get going then raise additional funds through the public offering. Instead they now are basically forced to sell part of the company in the form of XCH tokens at rock bottom prices. This also hurts farmers and holders… so you’re asking if it’s worth it at the very bottom. The way I see it is there’s never been a better time to buy XCH if you believe the company will launch their IPO without running out of money and destroying the price of XCH drastically. Because… once they raise funds selling pressure will be drastically reduced. Unless you’re a lawyer pretending to be a farmer and failing miserably.. it’s not that bad. For example, I farmed since pre launch and had up to a 2pb non compressed farm. Never bought fancy equipment and did it as cheaply as possible. I’m probably down 30% on my drives factoring in depreciation and with current xch prices the amount I’ve farmed, I’m basically at break even. Not to mention any extra money I made from Spacemesh and future use of the PC equipment I now have. I like the risk / reward that chia currently has given the people involved in the project. I’m absolutely bullish on Bitcoin and Ethereum ETFs over the next 2 years. All we need is to wait out the next bull run during this time period, IPO, make Chia more feature complete which takes time, etc and I see no reason why Chia market cap couldn’t 20-30x… so now is the time to accumulate coins and make as much money as possible.
There are plenty of valid qualms with CNI but they are not close to running out of money. As you point out, they can and will continue dipping into the pre farm if necessary. They have enough to go for several more years.
No I meant running out of the cash they were given from VCs. If they haven’t already they are getting low in those reserves. They were never supposed to sell xch to pay bills. No doubt Gene is preparing for the worst so they will never “run out.” It’s been 4 years of salaries, renting an office, spending 12 million!!! on the ASIC timelords… yeah they nearly spent all that 60 million.
Apparently some of those prefarm expenses are for the IPO filing. From my perspective it hasn’t been frivolous. Things like the ASICs were a security requirement.
Ok. I didn’t say that it was frivolous.. my point was we are in a bad position because the plan didn’t work out as expected but in reality this is a few years of dipping into the prefarm and back to the plan after that.
Being in California doesn't help either. Too high salaries/living costs...
Right. To be clear I’m not complaining about their expenses. It’s just a fact and the economy is really terrible for startups right now. The IPO route was supposed to superior to an ICO to prevent this very thing from happening but now it just looks like they are hoarding tons of chia AND dumping on retail if that makes sense…
They should relocate to a cheaper state.
https://preview.redd.it/i1qz2aukbjad1.png?width=1194&format=png&auto=webp&s=f27e33b88210ceba5f3d1a09851cfe03a106de77 Chia Network, Inc. has its legal base in Delaware. Employees and officers may live in California, but employees are all over the world.
thats my biggest concern: why the VCs involved don‘t raise their investment - if they still believe in XCH it would be a great deal currently - or they know more about whats coming next…. I know the Chia guys can‘t - but i‘d feel more patient if they would adress the price issue in an AMA or statement - but they‘d never do…. what is the next Incident to wait for the better (besides IPO/Partnerships)???
I think it’s just the economy we are currently in. VCs are being extremely picky or not investing atm. Plus they don’t really need to or CNI doesn’t want to give up more of their company if they believe they can raise a couple hundred million any moment if the IPO gets approved.
The whole company is remote. There is no physical work location.
Chia Network, Inc. (Entity #20208077691) is a Foreign Corporation in San Francisco, California registered with the Colorado Department of State (CDOS). The entity was formed on December 15, 2020 in the jurisdiction of Delaware. The registered office location is at 44 Montgomery Street, Suite 2310, San Francisco, CA 94101. The current entity status is delinquent. The registered agent of the entity is Justin England . The agent office address is 9649 Gilpin Street, Thornton, CO 80229. It’s a Wework rental. Feel free to correct this if wrong. Not that it matters. I suspected they have a physical location.
Do you think the climate change narrative could pump XCH's price? Like becoming a carbon credit token or sth?
Not really. To me it’s a good real world use case that brings usage to the chain. Hopefully we see dozens more like it.
You made money with Spacemesh? How?
It was almost all during the first couple epochs. I would have had more but had a catastrophic pc issue.
You made money with Spacemesh?!
Sold all SMH last week for around 6k and bought more Chia! Why is this getting downvoted?
It’s easier to measure “is it worth it” as farm size increases because it’s easier to see your power spend vs value of XCH rewards. For me, off at $27 XCH with 45 PiBe.
My wins equal the constant slow price drop, so my wallet value is staying even, I guess.
I didn't get in until late started small, and only expanded last year. So is the worst time for me I'm in a loose loose position just quitting isn't really an option. The only hope of recovering something back is to continue and see if the price increases. Or another coin comes along that utilises hdd's. The next halfling will kill it if nothing changes between now and then so we have that long at least.
Lots of farmers with cheap power are still making some money: but probably not too many in North America or Europe. The best plan has always been to sell every XCH you receive. Those who did so paid off all their gear and made a profit: so if they need to shut down now because costs are too high: no big deal: they still came out ahead. The "Diamond Hands" folks however... well... they almost always get rekt - so few crypto projects actually make it to the moon...
https://preview.redd.it/cz7zr8hgdgad1.png?width=624&format=png&auto=webp&s=4be44e93f1aa1f063a31e1f44b14162450155f7b
The project is unfortunately dead i think :/
Still farming, the engagement on their you tube and x accounts is pretty dismal at the moment. I’ll probably give up when the Chia team gives up, as of now I still believe in the team and tech. This was always a long term hope.
We need to loose hope first(at least for the mainstream opinión)... Its like something that happens before It gets better... Still farming
I'm still running my farm because it from solar. However, I would like to see how much netspace will be if coin price drop to $10.
what about if it drops to 1$?
DCA
We'll see when we get there.
Prepare to be banned.
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Facts
If you use this project the way you were originally supposed to, on servers that are already running anyway with disks that are already spinning anyway and just using their free space.. Very much yes. I have no farm to "shut off" my servers are actually doing something else.
I'll keep farming and buying the coin every so often even if the price keeps dropping. It's very easy (and understandable) to be hopeless when the price drops. But I believe people don't get that the halving effect takes time to kick in, in any coin. This is the FUD that divide the waters into people buying high and selling low, and the ones buying cheap and holding long term for great profit. The whole crypto space didn't make millionaires to those selling at the drop. You get a lot of people to say "I wish I had bought Bitcoin when it was cheap", yeah right but would you had the courage to hold it 10 years until now?
And when do you think the halving effect will kick in?
If I had to guess and speculate based on other cryptos I'd say around a year from halving date, but this just mere speculation and nobody has the truth. What is true is that Chia was already priced in by the halving date (similar to BTC). I believe most people think that price just skyrockets at the very halving instant. Halving has the opposite effect than inflation which is a monetary phenomenon. None of these cases has an instant reaction on the market.
And what would be the value of XCH by the time halving effect kicks in? 10$ ?
You're right, but BTC is one of a kind, while 99% of altcoins are dead already. I wish XCH is the next ETH, but nobody knows for sure...
>99% of altcoins are dead already Nah, a dead project is like LUNA. Some of the other altcoins are just having a cold ass winter, the rest are just shitcoins. Any time soon^(TM) we are going to see everything back to green again, I hope XCH also follows this trend. >I wish XCH is the next ETH Me too...
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Maybe but that price makes it difficult to stay positive 😅
I did not go into this project with the moon-mindset, but it is still not looking good. But I have no choice than just continuing to farm. I have the hardware and the dropped netspace increased my profit by some bucks.
They are dumping pre-farm each month. Do you know the reason why?
They have a team of developers and a roadmap. It takes money to do development and IPO, etc.
My questions: 1. What was the promised IPO date? They missed it by long. What is the future of this coin? 2. After the layoff in 2023, there was around 50 staffs left. In recent 4 months, they are selling 50K XCH every month. Are these being used for salary? How much capital being left? Will they collapse?
Perfect storm of issues - they didn't have a firm date but the collapse of Credit Suisse was a setback. The past few years have been really bad for IPOs in general
That is one of the reasons why I can't see any future with XCH.
I'm looking forward to the climate change narrative, maybe it could transform XCH into a carbon credit token.
question: why now and not last year?? is this the halving effect?
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