#XcH# Most people (except short sellers and those who want to accumulate XCH) hope that the price of XCH is higher now, and there are many "Chia people" who are therefore hurt.

If you are also one of them, then I want to tell you, thank you for everything you have done for the Chia community, and let you know that you can do whatever makes the most sense to you based on your own situation.
Although only you know what it is, you have my thanks, hugs, and support!
However, recently the community has been hit by a long period of misfortune and pessimism, so I want to talk about the current prospects of Chia. Has the sky fallen? Is Chia really dead as some people claim? (Do you remember the obituary for BTC?) No! It's just the beginning!
Measure success
First, let's correct some misconceptions: 'Price is the measure of success'
Well, this is indeed a measure, but it is a very unstable and easily manipulated measure.
So what is a better measure? How about the overall value? In the Crypto world, the simplest measure is Market Cap (i.e. the total value of all coins added together). Why is this better than price? Because (at least for some digital assets) you can easily create more long assets, or destroy existing assets to make the price pump or fall.
Market Cap is like a whole cake. The price is like each piece being long. You can cut the cake into any number of pieces. The fewer the pieces, the higher the value of each piece; the longer the pieces, the lower the value of each piece. But no matter how you cut it, the total quantity and value of the cake remain the same.
Therefore, Market Cap is more difficult to manipulate directly than price, so it can better measure short-term value and success. So, what changes have occurred in Chia's Market Cap over time? In the current very turbulent Cryptocurrency period, it remains very stable:
Of course, Market Cap also reflects the price, and the overall Fluctuation of Cryptocurrency is very large. We are in a period of overall adjustment, possibly driven by short-term selling of returns from Mt. Gox and the German government's seizure of BTC. The key point is that since the listing of Chia, the Market Cap chart has remained basically stable.
In Cryptocurrency, prices and Market Cap are also easily manipulated. Especially in the 'pump and dump' scenario, companies hype up and trade large quantities of low-quality Tokens they hold to drive up prices, waiting for others to buy in at high prices and then sell off all Tokens and walk away.
Pre-mining Sale
We see that Chia company has been selling part of the pre-mined coins every month recently. Is CNI trying to push up and sell high? Or are they just retailing? No!
First of all, the pre-mined creation is intended to be a strategic long-term asset for CNI. CNI is completely transparent about this. In particular, they discussed this in their publicly available commercial White Paper.
This is crucial for their ongoing IPO (Initial Public Offering) strategy, and pre-mining will become one of the key assets of the listed company. This will establish a connection between the value of Chia XCH Token and CNI stock, which will help both parties find fair value.
So why would they deliberately sell off long-term strategic assets? This clearly goes against the interests of CNI, as it would undermine the entire business plan they have been committed to since their establishment in 2017.
CNI never takes short-term shortcuts. They were 'born' during the peak of the ICO frenzy and could easily hype up a huge 'pump and dump' ICO or worthless Token like many other projects.
But they are not such people. They are always committed to creating long-term value. Their words and actions are consistent.
So why have they been selling about 50K XCH every month over the past period? The commercial White Paper never mentioned doing so.
Now you can see that this is not a big problem anyway. But first, let's figure out why we want to sell the pre-mined tokens? Why deviate from the business White Paper? It is relatively easy to understand 'why sell'.
This is the most cost-effective way to provide funding for their operations and expenses before the Initial Public Offering!
The Initial Public Offering has been postponed for reasons beyond the control of Chia company, including:
Swiss Credit Bank has collapsed, and this investment bank with a history of 168 years has once helped Chia advance the IPO process, as well as the collapse of FTX, Terra/Luna, and Three Arrows Capital.
The latter weakened capital investment in Cryptocurrency companies and affected the IPO market for Cryptocurrency companies
Therefore, when life throws you a curveball, you must use any resources at your disposal to deal with them. With foresight, good management, and a bit of luck (which will be detailed later), the CNI team will pre-mine as a resource available to them
In addition to selling some pre-mined Tokens in a controlled manner (according to the above article, this sale has almost no market impact on Chia price), Chia company can also have the following options:
CNI continues to lay off employees and slow down its development speed
Raise funds under expensive conditions in the current capital situation.
Conducting Initial Public Offering in a tough market environment
Closing the company, I think you would agree, none of them is a good choice, right?
Regulatory changes
What about the White Paper? Didn't CNI say they wouldn't sell any pre-mined coins before the IPO? Well, they did. However, partly because of the aforementioned 'bad things happened!'; partly because the regulation will change according to the litigation results.
Especially the outcome of the Ripple case. I am not a lawyer, so I won't comment on the details, but CNI has obtained strong legal advice indicating that the pre-mining sale and its specific method are Compliance.
In conclusion, yes, the short-term price performance of Chia is very poor (embracing those affected by this).
Chia is not dead yet, and CNI is still following its plan to conduct an IPO when market conditions are appropriate;
Meanwhile, they are carefully raising funds for themselves and implementing their roadmap.