Bram Cohen Chia: Crypto Scam Exposed (Review 2023)
Bram Cohen Chia is a scammer. He is using the Chia Network to prey on crypto enthusiasts. Before you consider investing with his shady ventures, be sure to go through the following analysis:
Cryptocurrency scam is a type of investment fraud. That involves money stealing, bogus investment schemes, and fake business opportunities. These schemes try to deceive numerous individuals, and it is better to research them properly before making any investment decision.
Who is Bram Cohen Chia?
The peer-to-peer (P2P) BitTorrent protocol and the first file-sharing program to use it, both known as BitTorrent, were created in 2001 by American computer programmer Bram Cohen.
Cohen was raised in Manhattan’s Upper West Side as the son of a teacher and computer scientist. On his family’s Timex Sinclair computer, he asserts that he first learned the BASIC programming language when he was just 5 years old. When Cohen was a student at New York City’s Stuyvesant High School, he passed the American Invitational Mathematics Examination to earn a spot in the American Mathematical Olympiad. The Hampshire College Summer Studies in Mathematics program is another one of his accomplishments.
He attended SUNY Buffalo after graduating from Stuyvesant in 1993. In the middle to late 1990s, he left college and went to work for a number of dot-com businesses, the last of which was MojoNation, an ambitious but doomed initiative he co-founded with Jim McCoy.
Bram Cohen Chia Network Foundation
A proof-of-space-time cryptocurrency named Chia has been executed by Cohen’s startup, Chia Network, which was formed in 2017.
The goal of Chia was to avoid the energy waste associated with proof-of-work-based cryptocurrencies like Bitcoin and the openness to state actors of proof-of-stake systems.
Investors including Andreessen Horowitz contributed seed capital to Chia Network. The use of storage media (hard disk and solid-state drives) as a cryptocurrency’s mining method has sparked worries about prospective price increases, a lack of high-capacity storage devices, as well as a drastically reduced lifespan of drives.
How does Bram Cohen Chia Company work?
The Company has concentrated on growing the Chia Network blockchain and marketing its applications.
The blockchain of Chia Network is an open-source, decentralized, global network that uses its own native money, chia (or XCH), to run a settlement system.
The blockchain from Chia Network is more user-friendly, adaptable, secure, sustainable, and compliant with all regulatory ecosystems.
There are currently 58 full-time employees, contractors who work a comparable number of hours each week, and 11 part-time advisers working for the Delaware corporation with headquarters in South San Francisco, California.
39 people work largely on research and development projects, while 19 employees/contractors manage the company’s operations and carry out its business plan.
Using evidence from space and time, the Nakamoto Consensus can be sustained
The Proof of Space and Time consensus method is the foundation of Chia Network’s blockchain. The enormous amounts of electricity and specialized hardware needed for Proof of Work are not used by these new techniques. A “green,” eco-friendly substitute for Proof of Work is the blockchain developed by Chia Network, which also includes the chia token.
A commonly available, ASIC-resistant and over-provisioned commodity is unused storage space. Energy costs are generally unimportant for operating storage and will become much less so when consumer SSD prices decline below those of hard drives.
Chia farming claims to utilize a lot less energy and resources and is more decentralized than Proof of Work or Proof of Stake.
At its peak, there were roughly 700,000 complete nodes, and as of October 15, 2021, there were between 200,000 and 300,000 full nodes running on the blockchain, consuming about one-third the amount of electricity that Bitcoin’s Proof of Work now uses yearly.
Proof of Work was the method that Satoshi Nakamoto selected to address the fundamental issues of relying on a large group of anonymous people to agree on a transaction ledger.
Online, it is very simple to create many false personas, making it possible for one person to appear as 1,000 separate users on social networking platforms.
Each person or entity is required under Proof of Work to make a demonstrable effort that makes it impossible that they are in control of more than one logical account or claimed persona.
What makes Bram Cohen Chia Network a reputed scam?
The Bram Cohen Chia Network is a new cryptocurrency that I’ve been keeping an eye on. It uses a proof of space and time consensus method, allowing you to “farm” Chia using hard drive space. Despite the consensus algorithm’s perceived niceness, Chia is a pre-mined scam for the following reasons:
Firstly, the benefits of farming. Since 97% of the present supply and half of the entire supply are pre-mined, it will take 21 years for the total number of farmed Chia to surpass the quantity produced at launch by the Bram Cohen Chia Network’s Strategic Reserve.
As we have seen with previous projects like Bitcoin or Monero, this is not necessary; it may develop naturally, as they claim this reserve is for “driving adoption of Chia.
Furthermore, even though they claim that they “are committed to not sell Chia coins from Chia Network’s Strategic Reserve without 90-days’ notice to the public,” (which implies that after a 90-day warning, they can dump) the fact that it is for “distributing Chia to shareholders” is alarming given that this is one of the classic signs of a pump and dump.
Additionally, they explain, “We may use chia [from the reserve] to add additional farming rewards or otherwise provide farmers or developers with incentives to validate or improve the network or software.”
In other words, a centralized method for altering farming incentives. Who is in charge of the situation they seek to change? There isn’t a single long-term cryptocurrency project that I can think of where a significant portion of the current supply is pre-mined and 50% of the overall supply is held in reserve.
Bram Cohen Chia is a “SCAM”
We can judge this point via the following proofs:
The above picture is showing that Bram Cohen Chia Network is a literal scam with their strategies.
The above picture is showing the rate of credibility of Bram Cohen Chia Network. As we can see it is very less.
In the above image, we can see the trading graph of Bram Cohen Chia Network Company.
Negative Feedback of Bram Cohen Chia
This client claims that the blockchain-based business Chia Crypto Network would transform the way we use and save data. The company has created a lot of excitement in the cryptocurrency industry, and many people are unsure if it is a genuine company or a fraud.
There is currently no proof that Chia Crypto Network is a fraud. The business has been operating for more than two years and has already made a number of product releases.
Regarding its long-term viability, there is still a lot of ambiguity.
- A huge red flag to the process
As per the above comments, the customer is not satisfied with the consensus algorithm which they are using for their growth.
The Facts that Prove the Bram Cohen Chia Network to Be Pre-mined
If you exactly want to clear this point go to the following link:
Above all, we have the key evidence to support our claim that Bram Cohen Chia Network is a genuine fraud who uses false statements to advance his business.
Avoid investing with him and his ventures.