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Do you guys consider the chia ( XCH ) as a decent/promising crypto ?

Hi guys,

Just a quick question here, i’m in cryptos for few months now and invested in ADA/BNB/CAKE on binance for now, i’m holding keep investing what i can every month after saving some money and using everything i need to live.

But some friends and me have discovered the chia network ( Quick description here : **Chia** is a [cryptocurrency](https://en.wikipedia.org/wiki/Cryptocurrency) where mining is based on the [amount of hard disk storage space devoted to it](https://en.wikipedia.org/wiki/Proof_of_space) rather than processing power, as with [Proof of Work](https://en.wikipedia.org/wiki/Proof_of_work) cryptocurrencies such as [Bitcoin](https://en.wikipedia.org/wiki/Bitcoin). The platform was created by a company called Chia Network, which saw a valuation of $500 million in a recent investment round, and claims to be aiming for an IPO before the end of 2021. ).

Few weeks ago, we started to farm intensivly ( with old hardware we had ) and we now have 660Tb of plots farmed on HPOOL, but with the dip we’re going through righ now, clearly it’s doesn’t pay enough for the electricity and it’s a loss but we have faith in this crypto future and it’s technology even if chia price droped by 90% in 2 months.

My question is, what do you think about this crypto and it’s situation? Did you plan to farm it or are you already farming it ? May be do you have some tips/advices ?

Anyway, thank you for reading, have a good day 🙂

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7 Comments

  1. Typical r/CryptoCurrency responses… “I don’t have it in my bags so it’s a scam”! Hilarious… can’t wait to come back on this topic in the next big cycle.

  2. You are probably asking in the wrong place, as the Chia project tends to have an unfavorable reputation around here and you are going to get a lot of snark and negativity simply due to that negative momentum. However, I do think it’s brave of you to bring it up and as we are starting to enter a quieter and more reflective period I’ll give you my thoughts and hopefully it can lead to productive discussion.

    I’m a small Chia farmer that only does it on hardware which I have other uses for should it become completely untenable, as this basically reduces the risk to nothing for me. As a result, farming basically costs me nothing so everything I earn is gravy.

    Personally, I think the launch of Chia mainnet coinciding with the peak of the recent crypto bull run and media frenzy propelled it to an insane and unsustainable valuation at the start. I think it’s pretty natural for the price to pull back like it has, and I expect it still has some ways to go down. As a farmer with basically zero cost overhead, I’m actually happy that the price has pulled back, as it actually gives us earlier farmers a shot at accruing more Chia before the project actually starts getting going on the actual technology and business relationships instead of just focusing on the initial marketing and hype.

    Since Chia is still a very new project, it is of course all very speculative as to how it will turn out in the end. As with every project, there are pros and cons. In my mind:

    **Pros**

    * Strong development and marketing team, with an eye towards business relationships.
    * The huge explosion of farmers leading to a 30+ EB netspace after 3 months means they’ve pretty much cleared the first hurdle in terms of network support and adoption. After plotting, maintenance is fairly low cost and low effort, so I don’t think the netspace will pull back very far even if the price continues to fall.
    * The huge hype and price at the beginning means they probably have a lot of funds to work with, which means they can hire strong team members and will likely be able to sustain things at least for several years. The IPO will also likely raise a lot of funds to keep things developing along at a brisk pace.
    * The project aims as both a usable currency and a network for smart contracts built with Chialisp sound interesting and have some potential if they get off the ground like they are hoping.

    **Cons**

    * Because of the massive hype, they also have to contend with a lot of negative publicity and the negative reputation that also arose from that.
    * Bram Cohen sometimes comes off as a little… arrogant when speaking of other more established cryptocurrency projects. I’m not sure if it’s just a marketing gimmick to try to get people retweeting or whatever, but it does sometimes come off as a little insecure or petty.
    * Some missteps were made in terms of things like lack of pools and misreading the explosive growth at main net launch, which caused some grumbling and loss of confidence from many farmers and those in the community, but over time I believe these will be forgotten.
    * The very large pre-farm is often cited as a concern towards centralized control and potential profit taking / rug pull capabilities even many years into the future. With the company looking to go public and being pretty transparent on identities, I think it’s unlikely for that to happen but it is a controversial point.
    * The very corporate and more centralized way things are being run seems somewhat counter to some of the way many other crypto projects are going, but this could be a benefit for businesses interested in getting into blockchain tech but are looking for more structured relationships.

    So I think the project has decent potential, but it will take several years for it to be realized if it comes to fruition. I think in the short term the price will continue trending downwards, but this is probably a good thing to bring the value more in line with where the project actually is in terms of development, and probably a good thing for most farmers too keep the netspace from expanding too far.

    If you are looking for immediate profits, it’s probably not the right crypto to be mining/farming and there are other alternatives which require less investment and greater returns. However, if you already have existing hardware or have use cases for such hardware if the project collapses completely, I think it can be a decent shot to grow into a viable project in the future.

What do you think?

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