Chia Coin price dropped below $200! What now?

Hey guys

The Chia Coin price hit below $200. While I write this post it is at $180. What are your expections? Which conclusions do you draw for yourself and your own chia endeavour?

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Darn good question! For those of us that didn’t invest heavily into this can just keep farming… The people that invested will most likely start selling hardware.

With pools its helping, But the RE-plot I am sure is getting to some people.

I think so many people invested that the instant they get any XCH they well, which adds to the downward pressure.

Well i’m not selling any xch, so atm I have to say that I dont really care too much.

I have no idea what todays price means for the price 3-5 years from now.

2018 btc went down from 20k back to 3.5k…

In any case there is little point selling atm, best hodl imo.

Of course i would rather see it go back up to 1500$ tomorrow but realistically, i may very well drop lower.
Development and other efforts by chia team the next few years will make or break it.
I still believe it has the potential to become something great.

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Nothing more than:

  1. Format and send back a couple hdds with OG plots that are still within the return window.

  2. Care less that I’m approaching 300% expected time to win without any xch during my current chase after my next block reward.

  3. Be less neurotic about replotting OG plots to pool plots as fast as possible.

Other than that, I might develop more mental focus on other things than chia since the short term gold rush fades from my mind. Now chia is what it was when I started (before mainnet launch) - a long-term fun exploratory speculation that includes playing with some cool computer hardware and software.

Ditto, I’m not as heavily invested in Chia as many people here. The current value of XCH doesn’t really affect me. I’ll just keep plotting and expanding my farm slowly. If it doesn’t pan out, well, I’ll have a lot of spare hard drives for my plex server lol.

The value of XCH will stabilize eventually, at what price, who knows…

i’m still having fun and don’t care about price much. it annoys me that I need to replot and am actually thinking of buying 128 GB ram to try madmax.
my total investment was under 2500 usd and this for the time being isn’t a problem. an thinking whether or not to buy more disks. At the moment I’m at 40 TB, which is quite low… but also at the moment it’s much more sensible to buy xch than to farm it.

meh… it’s ok.

You don’t need 128GB ram to try madmax, you can just set -t to your nvme drive and it’ll do all the plotting there.

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I certainly think that if you stuck to just farming a few old drives or the empty space you have on your nas or whatever, then you’re still happy. This was the spirit of Chia and it remains. It’s still $400 for a lottery win and you get a ticket by proving you took some time to fill some hard drives with essentially useless data.

For those like me who’ve spent a few thousands on drives and servers we now need for Chia to rise in the long term. Or sell the kit and consider the electricity and time to be the sunk cost and hold until the price rises, if it does, and/or you need to sell. I started farming a bit of spare space but quickly got pulled in and bought a lot more kit.

I guess no matter how much you’ve spent, if you can afford it and it is still saleable then the same equation applies.

Well, I would probably be considered a larger investor in hardware. But the price today, tomorrow, next week or next month doesn’t concern me. I will continue to plot and continue to farm. I planned this as a 5 year venture from the beginning. What do I think the price will do next? Continue to drop. Unless there is some sort of large announcement or partnership that launches Chia into the mainstream, it will be a slow build over the next couple years. Until then, it will pull back and settle somewhere. The only other thing I am waiting on is a $100 price tag per XCH. When that happens, I will invest my last large chunk. After that, I will continue to add each payday and farm.

I really do believe this will be the big crypto everyone has been waiting for. It will just take time. I think it will surpass BTC someday.

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Every day you wait (which you can do if you are replotting, Im t-minus 8 days till finished) to buy a new hdd looks to be having a positive effect on the price you will pay. Just my observation. Been eyeing some larger drives, but not really feeling it at any infated prices.

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I’m not counting my magic beans just yet, but I think if anything can dethrone BTC, it’s XCH. POW is clunky, and POS isn’t as secure.

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Guys. It’s crypto market. 500% increases in 1 day is obviously possible. We are in the bear market, that’s why everything follows bitcoin, but still huge opportunity and this is actually greatest info for us, because with that price big fishes are not able to reinvest in farms :smiley:

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In a free market, the price tends to correct itself to healthy levels.

I am very skeptical in any crypto in general, and think that intrinsic value of any tokens is zero. They have some perceived value to the extent that there is a use case.

Speculative mania is destructive and brings about malinvestment, high losses for some, and high profits for others. My theory is that whales with petabytes of farms, as well as large closed-source pools - are malinvestments. They will squeeze this bubble until it is not profitable anymore, and will go dark.

The price will keep going down until there is a massive speculative injection again, or there is an intrinsically valuable use case. Chia dev team, if they are true to the stated vision, are striving towards bringing the use case value.

I see several major stages of this bear market:

  1. Technically illiterate people and weak hands will drop off
  2. Speculative investors (big whales, custom OG pools) are no longer profitable, quit
  3. Official protocol pool operators can no longer sustain costs, shutdown
  4. Small farmers/enthusiasts lose hope and quit

Chia’s goal is to be cost-effective. I hope we will see #1 and #2, and I hope #3 and #4 will be able to stay. Chia’s goal is to be cost-effective in farming and pooling. Only time will tell. Give it a few years.

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$160 now. Planning to format the HDDs now. Will start taking them off the chia grid soon.

Comparing BTC to XCH is wrong on so many levels it’s not even funny.

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Stock markets also recorded a huge drop these days.
BTC dropped passed 30K mark, pretty much all crypto following the fall.

Investors seem to be worried that Delta-Covid is going to hamper economic recovery.

i changed some XCH to BTC - bitcoin will rise much more and quicker compared to CHIA :wink:

You also rapidly notice that most people who jumped on the Chia train are totally new to investing. If you buy hardware and start mining, you are definitely not day trading or even swing trading chia. You are investing long term, and long term goes in years, not months or weeks. It is only normal to see so much frustration in the community when most people came in with the wrong expectations.

Also, if you invested money you cannot afford to live comfortably without, you can only blame yourself. Hopefully you still can return the drives, because if you try to sell them on eBay, it is going to be a massive price slaughterhouse as everyone else will be thinking the same and dumping their drives on eBay at the same time.

Good luck everyone!

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I’m eagerly anticipating the eBay slaughterhouse personally, not so much for disks, but would like to see the price of JBODs/HBA cards/expanders/etc come back to sensible levels.

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I also jumped on the CHIA train and I am certainly not new to investing and/or mining. I just happened to mistime my jump that’s all. Thankfully I managed to unloaded my hardware and found myself in the red to the value of one week worth of GPU mining so not a complete disaster as far as I’m concerned.

There was certainly quick and easy money to be made with CHIA back in April/May especially if you had joined an unofficial pool such as Hpool.

Good luck to you all who still believe. I hope your dreams come true in 5-10 years time.