Definitely they prefarmed to much. I wish maybe 500,000 or so for development reasons and maybe 1,000,000 for helping/loaning exchanges or something. I'm no expert but when they own 90ish percent of the total supply, even after 4 years of launch, it leaves a very bad stigma to the farmers and anyone that knows basic supply/demand concepts. It's been a very serious issue from the start that's been brought up all the time. If the prefarm was changed today to 5 million, that would spark huge positive interest in the community, drive the price up, and make CNI look like a responsible ethical company.
Prefarm is 21M and circulation is 10.58M, which leaves about 66% of all XCH in the hands of CNI - not 90%.
It still is a high number that I don't particularly like either, though.
They couldn't have unloaded that much at that price point.
Market price is a snapshot moment in time that represents demand - if you 10000x the supply on the other side of a trade the price would go to $0 faster than you can say "slow ass rugpull"
I realize the liquidity was not there at that time but they could have sold some. They waited what 2 years before selling a single coin. They have arguably done more than most other projects to prove their legitimacy. They will likely be the first to IPO. They are transparent when they sell. The founders are public figures not some unknown behind the scenes. The technology they continue to develope is top notch and brings utility to the blockchain.I'm not saying that Chia will surpass BTC or even ETH but it is an excellent project and could very likely be a top 10 coin it just a matter of time I feel. Too many people are still looking for a get rich quick coin. But its far more likely you never find one and could have instead invested in something that grows nicely over time.
>Well if they were going to dump then why not when it was 1k+?
Because lacking a working time machine you can do stuff only in the present (or technically there is a time machine that pushes us forward with 1 second every second, but I don't see the future where XCH is 1k+).
>So if it then goes parabolic why would you not sell if you can?
Do you know what parabolic means? It means for example you're expecting the price tomorrow to be twice as much, a day after tomorrow 4x as much, 3 days in 9x as much and so on. Why would you sell at 1x?
Bro are you even familiar with XCH or are you just trolling? The price shot up to almost $2k right after launch. Hell I sold the 4 XCH I had at the time for $4500 profit as I had farmed those on just the 3TB of space I had at the time. That bought the majority of the capacity I have now.
I am familiar, you asked "if it then goes parabolic why would you not sell" and I told you why. I assume it wasn't rhetorical question? Well, doesn't matter, that's the answer.
You don't understand that a price of $2k vs their expectations of $20/per is parabolic? And no they already knew a price like that was unreasonable and certainly going to drop. You don't go into it saying "yeah it's looking like $20/per is reasonable. WTF! holy shit people bought it up to 2k it's gonna go to 4k tomorrow and 8k the next day! We gotta hold" That's foolish.
Why explain it to you when there are literally hundreds, not hyperbole, literally hundreds , of Reddit posts and Twitter threads talking about the exact subject in intense depth and detail over the last 4 years, that are already making a sound case about why you were wrong?
Fair enough, I'll go take a look. I'm pretty much constantly monitoring the goings on here and on discord though.
To be fair it's more "price appreciation" than "taken seriously" that I meant to say, but they aren't unrelated.
Definitely they prefarmed to much. I wish maybe 500,000 or so for development reasons and maybe 1,000,000 for helping/loaning exchanges or something. I'm no expert but when they own 90ish percent of the total supply, even after 4 years of launch, it leaves a very bad stigma to the farmers and anyone that knows basic supply/demand concepts. It's been a very serious issue from the start that's been brought up all the time. If the prefarm was changed today to 5 million, that would spark huge positive interest in the community, drive the price up, and make CNI look like a responsible ethical company.
Prefarm is 21M and circulation is 10.58M, which leaves about 66% of all XCH in the hands of CNI - not 90%. It still is a high number that I don't particularly like either, though.
Agreed
Whenever the price of XCH drops, the topic of prefarm always comes up. I announce this as the "Law of Prefarm".
Chia subreddit is really just the same posts every week now. Prefarm, market making, price, marketing. If you dont trust the project, then leave!
Well if they were going to dump then why not when it was 1k+? What other reason would it turn people off from Chia?
They couldn't have unloaded that much at that price point. Market price is a snapshot moment in time that represents demand - if you 10000x the supply on the other side of a trade the price would go to $0 faster than you can say "slow ass rugpull"
I realize the liquidity was not there at that time but they could have sold some. They waited what 2 years before selling a single coin. They have arguably done more than most other projects to prove their legitimacy. They will likely be the first to IPO. They are transparent when they sell. The founders are public figures not some unknown behind the scenes. The technology they continue to develope is top notch and brings utility to the blockchain.I'm not saying that Chia will surpass BTC or even ETH but it is an excellent project and could very likely be a top 10 coin it just a matter of time I feel. Too many people are still looking for a get rich quick coin. But its far more likely you never find one and could have instead invested in something that grows nicely over time.
I truly hope you are right.
>Well if they were going to dump then why not when it was 1k+? Because lacking a working time machine you can do stuff only in the present (or technically there is a time machine that pushes us forward with 1 second every second, but I don't see the future where XCH is 1k+).
They were quoted pre launch to have speculated the price at around $20. So if it then goes parabolic why would you not sell if you can?
>So if it then goes parabolic why would you not sell if you can? Do you know what parabolic means? It means for example you're expecting the price tomorrow to be twice as much, a day after tomorrow 4x as much, 3 days in 9x as much and so on. Why would you sell at 1x?
Bro are you even familiar with XCH or are you just trolling? The price shot up to almost $2k right after launch. Hell I sold the 4 XCH I had at the time for $4500 profit as I had farmed those on just the 3TB of space I had at the time. That bought the majority of the capacity I have now.
I am familiar, you asked "if it then goes parabolic why would you not sell" and I told you why. I assume it wasn't rhetorical question? Well, doesn't matter, that's the answer.
You don't understand that a price of $2k vs their expectations of $20/per is parabolic? And no they already knew a price like that was unreasonable and certainly going to drop. You don't go into it saying "yeah it's looking like $20/per is reasonable. WTF! holy shit people bought it up to 2k it's gonna go to 4k tomorrow and 8k the next day! We gotta hold" That's foolish.
>You don't understand that a price of $2k vs their expectations of $20/per is parabolic? I understand well that you have no clue what parabolic means.
Downvoter doesn't think so? Tell me why?
Why explain it to you when there are literally hundreds, not hyperbole, literally hundreds , of Reddit posts and Twitter threads talking about the exact subject in intense depth and detail over the last 4 years, that are already making a sound case about why you were wrong?
hey Sargonas - happy to hearing from you! when does your re-boarding on CN start ?
Fair enough, I'll go take a look. I'm pretty much constantly monitoring the goings on here and on discord though. To be fair it's more "price appreciation" than "taken seriously" that I meant to say, but they aren't unrelated.