Anyone see the announcement the company made today? I’ve been holding for a year but not feeling optimistic about this whatsoever. The coin nuked \~27% after Chintai announced a one-time mint of 250M new tokens, supply going from 1B to 1.25B. They say they burned through their reserves over multiple bear markets and needed to “recapitalize” the treasury for liquidity, marketing, validators, and a planned institutional funding round blah blah blah. Basically they printed more tokens to rebuild runway. Not sure if this is necessary for growth. Seems to be just breaking the original scarcity narrative.
Is CHEX (Chintai coin) dead?
byu/DroidWalksIntoABar inCryptoMarkets
Posted by DroidWalksIntoABar
5 Comments
Idk this coin, but a good rule in crypto is: if you feel something is off, it probably is. „Devs“ are the only ones always making bank
Scammers gonna scam.
Issuance should never be able to be changed. Fundamental rule of crypto. Never buy these coins like cmc or Chex that can just mint more supply whenever they run out of funds. They are using the token as a piggy bank and buyers as fools.
I’m not familiar with CHEX, but here is my take. Cryptocurrencies build value with maturity, proven over time, and trust. Having a set amount is effectively a promise to the public. Breaking this once tells the public that more can be made, regardless of whether or not it will happen. This erodes trust. This is a blunder for public trust. That aside, no one can know what will happen with the price in the future. New investors can come in. They may have permanently lost old investors. From a public trust perspective, trust may be capped until trust can be rebuilt (if).
I’m a big fan of hodl. I will hold through thick and thin, whether a coin were to flourish or die, and I’ll ride the ship into the grave. This sounds like a rare instance that I personally would sell. This is not advice.
Never heard of but take my advice this is 100% for sure a bad investment very long term, its likely a fraud,scam scheme in the long run.
SHould probably add that I stupidly invested $12k in this over a few months as it was declining. Am now down to $1.5k. I should have done more research. A very close friend whose father is extremely successful put a lot of money into this because one of his best friends works (or worked not sure) for Chintai and was very confident. But that was over a year ago.