I think the point is that the person in question just gave up on bitcoin, decided it was nonsense and forgot about it. So not stupidity but a conscious choice to abandon it.
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I understand the sensitivity that can result from insecurity. However, I do not think the person you are responding to has been toxic in the least. We all benefit from our beliefs being chalanged. The worst thing you can find yourself in intellectually is an echo chamber of yes-man.
Personally I do not believe Chia is a scam, as that implies villainous intentionality for which I’ve seen no evidence. I do think the deck is stacked heavily against farmers, and that that was always in the math. I do think the ‘green’ spiel is an incredible lie, which on me has the effect of being treated like a chump.
This is the very last thing we need. Help each other learn, be supportive, but be true.
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I have a 400 plot farm using disks that I was going to recycle because they’ve been running 24x7 for 10 years and I finally got some new ones. I think I’m going to let it run for the rest of the year without joining a pool.
I snuck in just before the netspace exploded, so I’ve managed to get 12XCH. I also set up a 36 plot farm for my nephew which got lucky and won 2XCH. If the price climbs back to $1k I’ll sell 10 and hold the other 2 forever. $10k would be enough for me to start a project I’ve been thinking about for a couple years.
I can’t seem to find an exchange to sell on though. I’m in Canada, so I want to use a FINTRAC regulated exchange, but none of them (that I can find) trade XCH. I signed up to crypto.com, but, after sending them an astronomical amount of personal info, I’m not able to transfer my XCH into the exchange to sell. Coming soon. Lol.
I almost bailed on setting up an exchange account. I had to give name, address, phone, drivers license, barcode scan of drivers license, close up high res face photo, social insurance number (like a SSN), and a copy of a bank statement. Of course they don’t tell you that up front. It’s step by step. I’m probably on a list for a “random” audit now, but I was also worried about what list I’d end up on if I bailed out because of the (I assume) FINTRAC requirements. Lol.
It’s definitely been a learning experience. In this case learning not to chase something that turns out to be a hustle. The original idea was that this was for people with spare space and to contribute with space they didn’t use anyways. Well, that idea is long gone. The other idea was that this is a much more resource friendly way of building crypto currencies. That is also not true. Plotting is VERY resource hungry. And the idea that plotting is only done initially is a lie. With the ever growing size of network space, you HAVE to keep plotting to keep up. Not to mention the investments needed to buy space which will never be earned back at the current growth rate. People are chasing a pipe dream by buying more space and plotting more and more. And I didn’t even mention the steady rate at which the price has gone down. Less than half of what it was initially.
Can’t you just sell it on any exchange for USTD, BTC or whatever and then transfer to your own account on a Fintrac (whatever that may be) regulated exchange? That’s at least how I cash it out in Europe.
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Probably, but each step is considered a taxable event and I don’t like the optics if I end up selling for just over $10k which I think hits the AML reporting threshold. I’d rather have one or two simple transactions on a FINTRAC regulated exchange. It makes the taxes easier and is easy to explain where the money came from if someone asks.
FINTRAC is Canada’s know your customer / anti money laundering regulator.
And here I am thinking Holland was good at making things complicated 
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At least for me in the US, at present, I think we are required to abide by all FTC (Federal Trade Commission) regulations (FINTRAC regulations must be similar to FTC regulations I am sure) and all other regulations regarding stocks and bonds trades and taxable events rules.
The only exchange allowing US nationals (in my case) to Spot trade for XCH(Crypto to Crypto) is Gate.io (and I am not even 100% sure). From my research, anyone can spot XCH to Etherium or BTC on Gate.io then once you have the Etherium or BTC, hold it for the waiting period then cash it out. I could then go to my local gash station ATM if I had BTC or Etherium or Doge and cash it out once I converted, assuming I made enough XCH to make it worth the trouble. At the moment, if I win any, I am best to hold it.
I should have expected a bully would come along. I hope you feel good inside the echo chamber you create for yourself.
What I mean is if it could be a scam I treat it like a possible scam. Yes I participate but I go in eyes open with no one to cry to when I get scammed.
Lighten up dude.
Thanks. I hope it isn’t a scam. I just treat it like it could be since it could be. Ethereum is much worse, I’ve been mining it since 2015, just don’t hold it.
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Absolutely loving this thread…
P.S. I vote scam, yet I am here, living the scam, I want to see it through so I can live to tell the tale of having had the experience firsthand…
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Farming just over 180 plots on 2 x 10Tb enterprise hard drives. Nothing yet. Seriously debating whether to leave them farming quietly or call it quits and flog the hard drives now while the market is high. Anyone in the UK interested in some 10Tb drives?!
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I’ve got to the stage where i’m more interested in what a coin has to offer long term to the crypto eco chain as a whole. I transferred some BTC a couple of weeks back which ive not done for a few years now and was amazed at how slow it was. In this day and age fast secure payment is where its at and that’s where the future is for me. I need to get over the plotting / mining hype of chia and really look into the value of the coin for the future and that’s what will make my decision whether to keep chuggin away with it.
I’m now around 775 plots, still have 30tb left to plot, joined chia core this week and now actually getting a reasonable return rather than a zero balance for 6 weeks. Happy to keep farming for now until i make a decision on the coins future potential within the market, won’t be adding anymore netspace though. Either keep what i have using chia core (i won’t replot for official pools) or ditch the lot.
If Chia goes from £500 to £500,000???
Lol
But people probably laughed about the possibility of BTC Reaching $60,000
Then bought pizzas…
Just hang on to what you have, and vainly hope for coins…
You never know!!!
This is exactly why I joined hpool yesterday with 5500 plots.
I’ve been saying this for about weeks and everyone was like you are chicken lickin and the sky is falling down, I have sold my smaller drives and I now have 100Tb in HPOOL (although HPOOL is only registering 50TB), once pooling comes I’ll re-plot (I have spinning HDs 38 plots a day).
Is the Chia price going to climb, climb and climb?, At the start it was Coinbase, hphold, crypto.com etc buying for their stores and now we need Joe Public to buy, will they no one knows. but doubling to £1.6k does not give massive returns vs the value of the HDs. Next 3 weeks maybe after that netspace will have killed it.
You either get out now while eBay HDs prices are good or stay in for the long run and hope netscape drops to 15% and price doubles.
What is chia core? Another self hacked pool like hpool?
Exactly that. Not from china though, but hungary. With no clue who is behind it.
I had my plots approved within an hour or so by hpool and have been seeing regular pool earnings every hour.
Ya’ll paper dudes shold defo sell.
Bought too much hardware got greedy, competed against each other then complained that there no milk left when milking it and sold off.
I’m happy with my little ol 50TB attached to a raspberry pi, gonna leave that running for the next 10 years, it might go up it might go down, happy in hpool fo some kind of daily return.
Coming to a crypto forum and complaining that its not making much money back it just comedy gold for 10 years time when each coin might be worth 80k or some shit, you will look at your old posts and feel bad, because you did bad by selling your shit, unless you sell your shit and buy chia, then that’s probably the right move given how inflated hdd prices are.
It doesnt cost any electricity to mine this shit and hodl it though, so if you have a pi setup and want to tinker with this over the next 10 years then keep it as a toy.
lots of shit happens in crypto space, chia could fork, you might dual mine forks, pool mine, solo mine, get your chia stolen, steal some chia, who fucking knows, but if your not in, you are very much out.
hodl dudes.
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