Green mining’ crypto maker Chia Network valued at $500 million ahead of possible IPO
Well this is only a month ago, Really this is better designed than Bitcoin? This is what bitcoin would look like if written today in 2021? Really? I don’t think so;
The problem of course is everybody believed their own BS, even the ‘vulture capitalists’ in SV believe in the Unicorns, that fairy’s do fly, and that that pig’s fly too as well as unicorns.
The problem of course is that CHIA was launched prior to test, that there was not pool in place or protocol, that the Chinese had already issued IOU’s for XCH in early 2021, and HPOOL had begun a pool months before 5May2021 launch of Chia.
Today, we see XCH hitting $200; Been losing 20% a week since the $1600 high at mainnet launch.
The team that couldn’t shoot right, is now the team that can’t hit a barn at the farm.
Green involves more than plots, harvesters, farm, and marketing; It involves people, it involves ‘cultivating the soil’, aeration, tender loving care;
Chia is said to be green like a plant, a plant doesn’t move, but consumes ‘waste’, animals move around but produce waste; Thus chia is more like an animal than a plant, its wastes resources like HDD’s, NVME’s and CPU’s, and RAM memory all toxic in the landfill.
Chia talks about the ‘farmer’ but where is he in the narrative, the person who tills the soil;
Reading this closely I wanted to know why $500M valuation, on what basis? Just because a VC guys says its the next Bitcoin; Which its not, its now #2700 in the list of 15,000 bitcoin clones;
Tomorrow the price will fall below $200, then $100; At $40 XCH will earn $1/Day/100TB ($3k USD worth of hard-disk); Probably the worst ‘whattomine’ profitability in the entire history of crypto mining.
The question begs to be asked, what rabbit can or will they pull out of their hat?
Hpool still has +80% of the space, nobody is moving towards NFT; HPOOL now also supports NFT, but its less than 1% of their users actually re-plotting; So the elephant is sticking with classic OG plots;
The IPO was the goal all along, the XCH was just the carrot; The basis of CHIA-NET-CORPORATION, was to be a software support company, CHIA was just a launch mechanism, their first product. The plan was post-IPO to sellout to IBM like Redhat deal for $10Billion USD.
So please ppl, come forward for your best ideas of how to get this broken dream back on track.
