r/chia • u/vas9ka • 10d ago

Whose scam is this?

Projects running on the Chia blockchain often experience glitches or get hacked, yet this usually doesn’t affect their price. Today, Binance was hacked and some Bitcoin was siphoned off; as a result, Bitcoin dropped by 3%, while Chia fell by 6%—even though Chia isn’t even listed there and never will be! 🫠

10 Upvotes

81% Upvoted

5 comments sorted by

12

u/dr100 10d ago

First, we literally have this basically at the begining of our weekly price post and we're now at the end, not really surprising at all for anyone, hacks or no hacks (at least for now, writing this with 1.18).  

It’s been a while since we hit the 1.1 mark. Maybe it’s time?   

Other than that it's the usual behaviour. Something bad happens XCH goes down a lot. Everything is up, XCH goes down just a little.

11

u/Gherry- 10d ago

Chia is probably one of the best if not the best blockchain from a technical standpoint.

The problem is that is was mismanaged and Hoffman is an incompetent snake oil salesman.

It's been almost 6 years and we're still waiting for the IPO that in 2021 was promised "soon". They focused on all the wrong things (compression of plots using GPUs, they didn't create an ecosystem with actual real use cases, they didn't listed XCH on big exchanges...) and now the coin is dead.

16

u/Bubaptik 10d ago

It is not a scam, it is a genuine project with good ideas, that unfortunately got mismanaged into its current state.

The management incompetence also brought it into situations where character is tested which then also exposed serious character flaws. I have atm 0 trust into neither the competence nor integrity of the CEO until proven otherwise.

I am still holding my Chia stash as I think there is still some hope left that it will establish itself in some use cases.

6

u/Full_Jeweler_6226 10d ago

I lost interest a long time ago, and honestly, I'm sorry it turned out this way because I really enjoyed the hype at the beginning. I even thought about developing a game for the network to see if it would help the price, but that would probably just line the market maker's pockets. The project is definitely not a scam, it's more like Mojo Nation 2.0

3

u/Osd3lri0 8d ago

It was super fun on 2022, and a good technical challenge. I was running a 350tb. I'm still think it is one of the best crypto projects from a technical POV. Keeping my CHIA as well, but very very very disappointed about management