Generally, the harder the steel, the more likely to chip. Usually if it's too soft a steel, the edge or tip will roll or ding, and virtually impossible to take an edge/sharpen. In a good blade, there is generally a balance of hardness (edge-holding) and toughness (durability). Think of a machete blade, which has a certain degree of flex to it. Machete blades are softer than most knife blades, but are more durable for rough, abusive use. If a blade hardness is too high, it's more prone to shattering.
Jim