Gridcoin (GRC) - first coin utilizing BOINC - Official Thread

[doothewop]

When the mainstream press compares Bitcoin and Gridcoin, which are they likely to portray more favorably?

Depends what the article is about. If it's about how much electricity is wasted every day
on Bitcoin mining, GRC definitely will be portrayed favorably, as something actually is
accomplished with all that energy expenditure.

Anyway, who cares what the mainstream press thinks? They're bad at thinking.

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[QuintLeo]

When the mainstream press compares Bitcoin and Gridcoin, which are they likely to portray more favorably?

Depends what the article is about. If it's about how much electricity is wasted every day
on Bitcoin mining, GRC definitely will be portrayed favorably, as something actually is
accomplished with all that energy expenditure.

Anyway, who cares what the mainstream press thinks? They're bad at thinking.

 I have yet to find evidence that the mainstream press thinks AT ALL.

 Very rare exceptions once in a while on an individual article.

[PeterTheGrape]

do there exst a puchaseand sll sheet for this coin?sr ei

If you go to https://coinmarketcap.com/currencies/gridcoin/

and click on the "Markets" tab

https://coinmarketcap.com/currencies/gridcoin/#markets

you can see where it is bought and sold

1    Bittrex
2    Poloniex
3    C-CEX
4    OpenLedge

==============================================================

What was meant by the mainstream post was that Bitcoin uses a vast amount of energy and aside from warming homes inefficiently it is wasted.

Gridcoin has actually accomplished quite a bit, in terms of productive computing, even though it uses less electricity so far than btc.

What would happen if the computing power of btc were used by Gridcoin? Would that amount of computing power produce any useful scientific data?

[QuintLeo]

No, because Bitcoin is all mined by ASIC that can ONLY do one specific crypto algorithm, and nothing else.

 In a more broad sense, the level of power consumption used by Bitcoin mining if it was applied to properly designed GPU rigs (don't build it as 1x PCI-E lane riser rigs for FAH) could generate a TON of work pointed at FAH or BOINC or the other less-well-known distributed science projects.

[TRexMcStubyArms]

No, because Bitcoin is all mined by ASIC that can ONLY do one specific crypto algorithm, and nothing else.

 In a more broad sense, the level of power consumption used by Bitcoin mining if it was applied to properly designed GPU rigs (don't build it as 1x PCI-E lane riser rigs for FAH) could generate a TON of work pointed at FAH or BOINC or the other less-well-known distributed science projects.

Exactly, and also why this project is so undervalued.  Think of the complex scientific problems that could be solved with tens of thousands of GPUs pointed at it.

[PeterTheGrape]

An aspect of crypto that some people are missing now.

Currency, ideally, is as directly connected to a commodity as possible for an honest economy.

If you are an apple seller and can use apples as money then there is little chance of a bad economy. All a derivative currency should do is iron out the instability, not utterly falsify the basis for the economy the way fiat does.

-

Bitcoin has no underlying commodity, aside from goodwill and snowflake ideals, which is good, I'm a winter person.

Some other coins, including GRC, monetize a commodity, computing power, that has the potential to strengthen markets in other commodities, as well as the other commodities themselves. There are "commodity" aspects to computing power that are significant in solving longstanding problems with other commodities.

-

Seems like if anybody, including a journalist discussing cryptocurrency for neophytes, wants to suggest a currency the smart choice would be a currency which has a long term value, i.e., that monetizes a supercommodity that will grow in importance.

[PeterTheGrape]

To be fair, in usd charts most coins have good technicals and btc charts are not as obviously pretty. We'll see. 

[CoinzCoinsCoinz]

Why won't this coins price increase in sats? Why?

I am so far underwater on this thing, I need there to be a big breakout, and SOON.

Until then I can only wonder......... WHAT HAPPENED TO MY MONEY!?!?!?!?!?!??!?!! MY MONEY!!!!!!!!!!!!!!!!!!!!!!! AHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!

[Tonisim]

Gridcoin Community Hangout #044

A massive shout out to the BeyondBitcoin community & @officialfuzzy for providing the Gridcoin community a room in their mumble server for free.



What is Gridcoin?
Gridcoin securely rewards BOINC computation on top of Proof of Stake. Reward allocation is distributed, not centralized unlike other distributed computing related cryptocurrencies.

https://steemit.com/gridcoin/@peppernrino/gridcoin-community-hangout-044

[cyberspacemonkey]

No, because Bitcoin is all mined by ASIC that can ONLY do one specific crypto algorithm, and nothing else.

 In a more broad sense, the level of power consumption used by Bitcoin mining if it was applied to properly designed GPU rigs (don't build it as 1x PCI-E lane riser rigs for FAH) could generate a TON of work pointed at FAH or BOINC or the other less-well-known distributed science projects.

Exactly, and also why this project is so undervalued.  Think of the complex scientific problems that could be solved with tens of thousands of GPUs pointed at it.

I'm not sure how much GRC differs but there are some other supercomputing alts right now that may compete with Gridcoin like SONM and GOLEM but they don't contribute to Boinc projects yet.

[QuintLeo]

GOLEM will not be connected to BOINC at all - and as of the last time I checked it's still in the "testing" phase.

 It's also a different concept - it's a "pay to rent computing power" type setup, not a "compensate for work done" setup like GRC is.

[cyberspacemonkey]

GOLEM will not be connected to BOINC at all - and as of the last time I checked it's still in the "testing" phase.

 It's also a different concept - it's a "pay to rent computing power" type setup, not a "compensate for work done" setup like GRC is.

You're right, I guess for now GRC seems to be the only one that rewards the implementation of computing power that contributes to good causes so that it's not a complete waste of electricity.

[QuintLeo]

GRC isn't the only such coin - there is also CureCoin and FoldingCoin and a project that gives out a small amount of Doge for FAH work.
TO be fair, some of the work GRC rewards isn't actually scientific research - like the Moo Wrapper project - but most of it is.

[Wealthway]

I sent Gridcoin from Poloniex to Biitrex, the first time I am transfering the coin, first I was shocked when I saw it requires 999 confirmations, now there are already 842 but for over 5 hours now, no more confirmations and it is already getting to 2 days, hope the coins is not lost in the process

This is the first time I am seeing a 999 confirmations requirements, is there anything I should do again?

[ABitBack]

I can only see this coin going up very rapidly now that Bitcoin is getting Lightning Network making many alts useless, many alts only had a benefit of being cheaper to send transactions. LN now makes 80% of alts irrelevant.

[QuintLeo]

999 confirms seems to be excessive - is that on the Bittrex end or the Poloniex end?

[trumpman]

I can only see this coin going up very rapidly now that Bitcoin is getting Lightning Network making many alts useless, many alts only had a benefit of being cheaper to send transactions. LN now makes 80% of alts irrelevant.

Cool now go post the same to the rest of 80 % alt coins.

[cyberspacemonkey]

999 confirms seems to be excessive - is that on the Bittrex end or the Poloniex end?

I have had that happened to me at Polo multiple times. Their support is not very "supportive", sometimes it would be a day or two before a deposit even shows up as pending.

[ABitBack]

I can only see this coin going up very rapidly now that Bitcoin is getting Lightning Network making many alts useless, many alts only had a benefit of being cheaper to send transactions. LN now makes 80% of alts irrelevant.

Cool now go post the same to the rest of 80 % alt coins.

I think you may have read my comment wrong, or perhaps I worded it wrong or im reading your comment wrong lol. I'm saying GRC has a unique factor about it making it valuable unlike many alts which only had the 'cheaper than bitcoin' factor to them. So LN wiped 80% of alt coins selling point, GRC on the other hand is a coin still with a selling point. Other coins would be Monero, SONM and a few others.

[trumpman]

I can only see this coin going up very rapidly now that Bitcoin is getting Lightning Network making many alts useless, many alts only had a benefit of being cheaper to send transactions. LN now makes 80% of alts irrelevant.

Cool now go post the same to the rest of 80 % alt coins.

I think you may have read my comment wrong, or perhaps I worded it wrong or im reading your comment wrong lol. I'm saying GRC has a unique factor about it making it valuable unlike many alts which only had the 'cheaper than bitcoin' factor to them. So LN wiped 80% of alt coins selling point, GRC on the other hand is a coin still with a selling point. Other coins would be Monero, SONM and a few others.

Yeah you are right I read hastily and wrong my apologies