I cannot think of any crypto with such a high open price, this is crazy. If you ask me I definitely did not expected it. I feel bad that I did not buy more machine like most people did, but… The price is very volatile, currently it’s at 739$ and it’s decreasing. This is normal, tons of people invested a lot of money and they want some back. Chia is not really a crypto that can be farmed on any hardware you have lying around – as Bram said on the yesterday’s Zoom meeting if you don’t have 1 petabyte storage you are considered a small farmer and you better joining to a pool. Let me say it again… IF you don’t have 1 petabyte. Do you guys have 1 petabyte at home? I certainly do not. One petabyte of storage easily cost more than 20,000 $ and in the era of streaming and cloud I don’t think it is realistic.
Was it a smooth start?
Not really, some people were complaining about not being able to transfer XCH to exchanges, things were queued up, there were some mempool problem but at the end all wen through so the protocol itself proved it works.
Place to check the price and potentially buy?
You can go to https://www.livecoinwatch.com/price/Chia-XCH to check the current price and in the XCH Market section you see where XCH is listed. In my view in the next few days the price will stabilize at a lower price.
So what’s next?
Don’t know really, I have some theory:
- Even at the current price, XCH is almost 5 times more expensive than Filecoin (FIL). If I were having some servers that are part of the Filecoin network I would probably switch to XCH. I think FIL is a 4 exabyte network so we may see an even bigger increase in network space in the upcoming days, weeks.
- Probably there is going to be a 2nd wave of panic buying stuffs as the price dictates.
- More people has already started to offer pooling as a service, so I expect a growing number of that too, this is probably because people are unwilling to buy more disks (either they cannot afford or just simply believe they cannot keep up with the network growth) but they still have one or more powerful machines.
I continue to fill up my disks with plots (not so much at least in Chia terms) and then will re-plot once pooling is available and leave it in the corner for months to come. If price goes to at a reasonable level I may buy some coins.