Theory: Official Pools killed Chia (price)

General Chia Discussion
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Hey guys

Since the introduction of the official pools prices droped even crazier then before. My theory is that before official pools only a few people got XCH and most of them HOLDed their XCH because they were aware this is a long term investment. Due to official pools now everyone is getting XCH frequently. The majority of (medium) farmers took debt to invest into hardware and is desperate to sell any XCH they get to pay they bills. Hence, the drop of XCH to now 160 US-Dollar.

/discuss

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Maybe, but most crypto is down at the moment.

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Personally, I’m more bullish on XCH now that official pools are operating. I think official pools have had little if anything to do with the price slide, it’s all about market confidence at this point, no crypto is immune to that. Sure some farmers may have expected to make bank in 3 months, but their idiocy pales in comparison to Elon Musk’s.

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Well, XCH is dropping significantly harder than BTC, ETH etc. The price drop for XCH within 14 days is comparable to BTC dropping to 15.000 USD.

Do you think investors lose faith in the competence of the chia developer team?

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I dunno, have you? I haven’t. Almost everything that dictates the price is beyond their control ATM. Sure XCH has dropped more than other coins, that’s to be expected, it’s spanky new. ETH has dropped more than BTC. DOT has dropped more than ETH. DOGE is dogshit.

When the SHTF people cling to what they know. XCH is a riskier investment than BTC, but it also has huge profit potential.

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I agree but I also have to admit that I am surprised how amateurish the chia dev team acts. All the problems with fake plots etc. could have been accounted before if you had one guy with a MSc in Business Administration with a major in Accounting. I wonder what drives them. Just netspace growth? What do you think?

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I dunno man. I do think there’s a lot of interest there to build the best blockchain, not just the most profitable one, and I’m totally into that.

The devs don’t get much credit for a lot of the stuff they’ve done really well, like Mac support. It took them a while to get it right, but the 1.2.2 Mac ARM build is working flawlessly for me. I can do 20 plots a day on an M1 Mac Mini using fuck all power. I have a Mac tech background, and I can tell you a lot of Mac software ports are absolute shit. Chia devs completed a pooling build in a very short space of time. How long have ETH devs been working on POS now?

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  1. MacOS is basically Linux
  2. Most of the code is portable cuz it’s just python. As long as MacOS had a python interpreter, no biggy.
  3. If there is code that has do be compiled for ARM, no biggy as long as there is a compiler for ARM. I mean we are not talking photoshop or adobe premiere complexity here. It’s some calculations and some server-client communication and math to check stuff.
  4. You cannot compare introducing a pooling protocol (some new and basically an addition) to switching a whole system (PoW => PoS). While most of the people wanted pools, most of the people who own the majority of hashrate would prolly prefer to keep things the way it is. Also ETH is not as centralized (with one company in the back) as Chia.
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This constant comparison of XCH to BTC is frankly laughable. What really worries me is that people think investing in BTC is just the same as investing in another altcoin like XCH or ETH or whatever.

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My kids have no concept of life without a cellphone, the internet, and laptops. If you think BTC is the be all and end all, it’s just a matter of time… and space :joy:

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… and that’s what they all said about the internet back in the mid 90s :upside_down_face:

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Not me. The internet in the 90s was pretty shit BTW

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As far as I’m concerned, every satoshi you own and/or earn through mining you should keep (for generations to come). If someone gave you the option to buy an inch of land in the most expensive part of London or New York (for dirt cheap price)… would you seriously turn it down and instead invest it into a new start-up company that might or might not do well?

Hopefully I’ve clarified my position on BTC. I’m not putting all my eggs in one basket for sure, but my modest crypto profolio is dominated by BTC. I also have kids and I want them and their kids to benefit from my wise choices :yum:

IMHO… it is criminal to be selling BTC at any price. Those that own land in and around London don’t sell, not now not in a 100 years. When you get the land you play keeps for 100s of years. You borrow against it you do all sorts but you DO NOT sell something as valuable as that. That’s how I view BTC.

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Don’t get me wrong, I’m no BTC hater. I sold my stake near the peak, and I will accumulate more when it bottoms out. Most of my eggs are in ETH atm.

Don’t get me started on property; I fucked up big time and sold an inner city warehouse apartment 20 years ago that’s worth a shitload now. And that’s been the theme on this forum and in the crypto space in general of late: a lot of short term thinking

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I think w’re on the same wavelength no worries.

ETH is no bad choice to be honest. I’m an ETH miner myself and only sell enough to cover the extortionate UK electricity costs and keep the rest but I view it more as a mid term investment. If and when ETH hits the £10k mark I’ll probably cash out then hopefully retire (he says…) but that’ll probably be in 2-5 years time fingers crossed.

Short term thinking is okay so long as people can make a clear distinction between a digital asset and a digital currency. Unfortunately people tend to go all in with their hard earned cash into something they don’t really understand.

Ha a great day!

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