Chia xch is dead?

General Chia Discussion
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there is no price bottom

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Price seems stable now.
Remember chia meant to be a $20 coin.

If coin price is too high, they cannot IPO. It would be unrealistic.

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Price hasn’t been stable since the coin was created.
And if it was “meant to be a $20 coin” it’s been failing for most of the past month.

On the plus side - it’s not small fraction of $1 and no markets worth even looking at like BURST.

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The people behind Chia need to take active measures to maintain the price. They should buy in on various exchanges, burn some coins, and stop focusing on plot types. Instead, they should concentrate on sustaining what they have. It needs to be profitable to be a miner; otherwise, the project will collapse

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The people behind Chia are selling massive amounts of xch month after month thereby pushing the price lower.

They are doing the opposite you want, on purpose btw.
Make of that what you will

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And where is the money going to come from for them to do these buys you want?

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They need to get listed on exchanges like Coinbase and Binance before the price increases. The problem is, I think they’ve fallen out with these exchanges because they believe they can do everything better themselves. A green blockchain is definitely the right solution. However, with a CEO like Gene Hoffman, who only thinks about his own ego, they don’t want to work with them. Give him some XCH and get him out.

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I’m afraid Gene Hoffman is too busy fighting strangers on discord.
There won’t be any recovery as long as he is in charge

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The fact that is what Gene is doing with his time indicates there is no longer a serious effort trying to find companies that will use their blockchain tech. They have given up trying to find a use case for their blockchain and are concentrating on emptying the prefarm it seems.

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Are you trying to say that this was not a wise use of the CEO’s time?

https://www.reddit.com/r/chia/comments/1eo1ble/comment/lhdgbr4/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button

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Brian, please try to move on, this is becoming quite tragic TBH.

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Why aren’t you asking ShotEm to move on?

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They are selling premine because they need to. People who work on the project need to support themselves and their family. Xch price is going down because everyone is trying to sell and project has no good prospects. CNI needs money to keep on adding new features to find paying customers.

Everyone here made an investment on CNI and took a risk. If you are coming to shit talk on the employees on CNI, question yourself. Your loss was outcome of your investment decision not theirs. If you don’t like their execution, sell what you have and leave the project. Don’t make stupid comments like CNI selling premine to enrich themselves. It just shows how dumb you are.

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I have no idea who ShotEm is.

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What happened to the previous fundings?

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They are selling the premine because they failed , not because they need to.

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Copy-pasting some arrogant post everywhere about how “inexperienced investors” are now learning the “hard way” about how it is to fail is also becoming quite tragic TBH

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They are selling the premine because what work and ideas they have had up to this point are not resonating in the marketplace. IOWs they apparently (have tried to) solve a problem in a way that few are interested in. Or if there were some that wanted it solved, CNI has not made it sufficiently economically lucrative for them to use it.

I’m not sure what level of income CNI employees are getting, but it seems that either their work does not support what they are paid, or they are paid a an overly generous income just because of their lofty job descriptions and history…regardless of the reality of the dire situation they find themselves in.

‘Tightening the belt’ seems to mean to CNI only firing a good percentage of people they mistakenly (for various reasons) hired in the 1st place, rather than doing that as well as taking any sort of pay reductions to compensate for their lack of success in the free marketplace,.

“Needing money to add new features”, at this point years into the project, is both an admission of continued failure, and a typical failing company lament, “If only we are given more (free) money so we could do/add/redo such and such…and it will be all better.”

Either way, the remaining CNI employees seem to be the only ones in this “situation” unscathed, well off, and apparently acting as if they are entitled to the full fruits of their labor to date, regardless of it’s effect on others, or its apparent failure to create a viable and thriving product that the free market wants.

Insisting complaints about CNI are based on “your (own) investment decisions” are self serving to your opinion and short sighted. Failures in execution by CNI are plain to see by all and can be discussed wo/mention or being colored by any investment.

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Thank you @Fuzeguy for speaking reason into this thread!

Selling the pre-farm is an objective indicator of insolvency and business failure.

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So what? many software businesses and projects are failing. A speculative crypto currency project is even more likely to fail. And project being in trouble is nothing new. The stuff is falling apart since failed IPO, they had to lay off bunch of people and yes they are selling the pre mine to fund the project.

Calling shit on CNI employees because their project has failed is an indicator of the level of immaturity on the comment owner. Telling that they are enriching themselves is beyond dumb.

Please don’t talk shit about CNI employees.