Is Chia a scam?

Hi guys, i just started farming a few days ago and i am at 8tb, but even if i have bought 120tb of hdd, i guess i will quit. The chance of hitting a block is insanely small.
With so much pre farm from they’re side and also taking into consideration that in the first day of launching mainet, somebody added 100 penta from first seconds, i really start to believe this is a huge scam, and we are just making them rich by supporting their ideea. What do you think ?

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Yes it’s a scam, quit today. GL :wink:

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Who gives a damn on the energy efficiency, we are here to make some money, not to protect the planet. If that’s your plan, than you should go plant some trees.

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Everyone who had k>=32 plots made during Testnet times could farm them instantly on Mainnet, there was no need to re-plot.

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There is no free lunch. Everyone else wants to get some chia coins as much as you do, and you compete with them for rewards.

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Need to calculate :

  • price of electricity consume between farming and plotting
  • price of investment : HDD, SSD, computer
  • time to succeed to have a reward
  • benefit of the reward …
    Make difference and you will see if you can already refund your investment and make money after or only lost money.

If I had known that, I would have had 30TiB on the first day. I already had plots for testnet and deleted them. Doh!

Welcome to the community!

A little bit concerning that your first post on this forum is about Chia being a scam. You started a few days ago, good. The time to gain easy coins has passed. We’ll have to wait until pools are active in order to get predictable daily rewards.

The prefarm, its laid out in the business whitepaper what they plan to do with it. Is it legally binding? No. They are putting the trust of the community at risk if they side step their plans without sufficient reason.

Is this a scam? No. I don’t think so. It wouldn’t have exploded the way it did if people thought it was a scam. Also, people have been plotting for this moment since July 2020. You need to keep your ear closer to the ground about new projects so you don’t miss out.

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Just for infos ETH have 70M premine :slight_smile: so what’s the point?

I guess it depends on what you think is a scam. Is it a real project, with a real company behind it, that will try to make money for their (eventual) real shareholders? Yes.

Could you put more money into Chia that you get out? Also yes.

But just because some people will lose money, doesn’t make it scam.

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I think at this point it might be easier and cheaper to buy chia than to farm it.

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That’s a interesting point, well from my understanding buying Ethereums back in 2017, about $300 it’s clearly turned a profit but there were fee’s applied also(something to consider) not by much but mining Ethereum, or moving to Ethereum 2.0 is now undesirable and same for buying it)

So how I look at it, a individual sits at home looking for a hobby based on their circumstances wanting to be apart of the hype train, fluctuations in stock reduce and those seeding their plants end up either making a turn around, but as the difficulty spikes so does the network saturation, then the pool jockies play the high school bullies flexing.

So I’d buy chia, if it flops get on with your life but you’ll have cheaper drives to buy from frustrated customers but that will go into circulation back into the chia community.

Eitherway you got nothing to lose buying the coin.

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actually it’s the other way around… buying the coin give you everything too loose. while buying the hardware to mine the coin its a safer investment. if chia is a flop you still have all the hardware you put your money in… so you can resell it or put it to work on another project. farming is always safer than buying (trading) a specific coin.

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I hereby admits that getting into chia was my excuse to be productive whilst getting high end hardware to play with and a reason to get into learning some other technical stuff, Linux, drives, cpus, high speed gigabit networks

That and if it all fails and flops I can still use the mechanical drives for my hobbies and maybe even other ventures

Can’t say the same with gpu and asics

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Soo…9 months have passed, we have a dead Chia client from where you cannot send any XCH, your transfer will just wait in a queue with no end, value of the coin is 75$, while the reward time haven’t dropped, still huge. So…i will respond myself, yes, it’s a scam and it was my worse investment ever.
It’s a type of scam made by changing/creating public opinion in regards to a subject.

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It sounds like you misunderstood the youtuber poor investor video?
It’s not a scam. Only serious farmers in it for the long term will make some funds. I hit 7 blocks in 26 days. I am happy.

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Send 1 mojo fee on your tranfer and all would be ok.

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I dont know. For some reason, when I transfer my funds, it always executes seamlessly.
I just want to transfer to one of my other wallets or friends: 0 transaction fee, leave the client open, and by latest 20 minutes later everything was settled.
And if its urgent, urgent, put some award on it…

It doesn’t matter how much you win in a month dude, the payrate per TB is the same. Just calculate your odds and profits by including Chia total space and the price of coin. Any amount you will be investing at this point with an easy mathematical calculation you will see that the money recover time is over 6.5 years at the current price of HDD’s. Anyways, i won’t suppose you can do math anyways…

Sorry you were late and FOMO’d.