[ANN] Grin | PoW Mining | Electronic transactions for all. Community driven.

[oryhp]

Not sure if this "new here" was targeted at bitcointalk forum or Grin. If you're new to Grin, make sure to also visit http://forum.grin.mw/ which is another grin forum In any case, welcome

[bbc.reporter]

At the end of the day, the price shows the trend of Grin.
What was it, $25 or so, and now $0.30c
I wont take into account the ATH of over $250.
Lets be fair and say $25.   Its also fair to say that to see $25 again is not going to happen.

Then use it rather than hodling. Grin is supposed to be like cash.

Agreed! However, use it where? No one accepts it. There is not a gambling site, a store or an individual that likes to have it. We cannot scorn and tell people to use it.

In any case, I am not updated on the news on Grin. Grin core developers disbanding? I thought Grin would have improved anonymity and privacy by this time.

[tromp]

I am not updated on the news on Grin. Grin core developers disbanding?

It's surprising how someone using Grin's logo as their avatar is so ill-informed:-)

Try subscribing to the Grin newsletter https://grinnews.substack.com/
Or read the forum at https://forum.grin.mw/
Or hang out with the developers on keybase grincoin channels...

[bbc.reporter]

@tromp. I am very much ill-informed and have not followed Grin and Aeon much closely after the quarantines began.

I was also only asking about this announcement.



Possible approaches

(come with your suggestions and I’ll update)

Return the funds to the anonymous donor
Burn the funds
Split funds to core team members and break up the band
Split funds between implementations
Open application process:
For funds with the purpose of having spent all of it before a certain point in time; or
For new “teams” to be formed, i.e. groups or individuals, each get an equal chunk of the funds and have to work in the best interest of Grin according to their best abilities.
Temp core teams, existing core team keeps the mu-sig keys but are not the core team any more. We have temporary core teams (say a new team every 6 or 12 months), that people somehow appoint, and they get a pre-determined amount to spend according to their best discretion, perhaps via filing a budget for it.

https://forum.grin.mw/t/dismantling-the-core-team-and-governance-structure/7801

I have not read the whole thread yet, but what is happening?

[tromp]

https://grinnews.substack.com/p/118-grin-411-released

Thanks to bbc.reporter for giving me the idea to post the newsletters here:-)

[tromp]

https://grinnews.substack.com/p/119-v500-scope-freeze-

https://grinnews.substack.com/p/120-keep-on-keeping-on-

[KIZILAGA]

https://www.kucoin.com/news/en-iost-grin-deposits-and-withdrawals-now-open

Kucoin deposit/withdrawal opened.

[tromp]

https://grinnews.substack.com/p/121-building-500-

[KIZILAGA]

 adjusting fees.. why? price dropped becuz?

[tromp]

Important changes to Grin are made through a proposal system similar to Bitcoin's BIPS:

https://github.com/mimblewimble/grin-rfcs

You may find the fixfees proposal at

https://github.com/mimblewimble/grin-rfcs/blob/master/text/0017-fix-fees.md

Many more proposals are in the pipeline at

https://github.com/mimblewimble/grin-rfcs/pulls

Please consider contributing to Grin development by reading these and providing feedback, or even writing your own proposal.

[tromp]

Grin meets with a 51% attack...

https://grinnews.substack.com/p/122-batten-down-the-hatches-

[Hueristic]

Grin meets with a 51% attack...

https://grinnews.substack.com/p/122-batten-down-the-hatches-

News

    Grin experienced a network level attack during the night of Nov 7-8, where an entity acquired enough hash power to perform reorg attacks.

        @mcmmike and @deev authored an incident report that gives further details.

        The community discussed and solidified its stance regarding 51% attacks back in July when we were warned about the risk when another project was attacked. The position was and remains that Grin would rather suffer a 51% attack than adopt an unsound longest chain rule.

        It’s not unreasonable to expect further attacks to follow. As for any proof of work mined coin, before accepting a large amount transaction as valid, you should wait for a high number of confirmations.

        On this basis, @energyburn proposes a mitigation with Dynamic TX confirmation times in the wallet.

        Shout out to @joltz, @quentinlesceller, @deev, and @mcmmike who were working through the weekend researching and analysing the incident.

This is light on information, is there a link to the more detailed incident report?

Also could you elaborate on the bolded?

[itod]

...
        The community discussed and solidified its stance regarding 51% attacks back in July when we were warned about the risk when another project was attacked. The position was and remains that Grin would rather suffer a 51% attack than adopt an unsound longest chain rule.
...

...
Also could you elaborate on the bolded?

Let me try that: Developers are trying to be smart, and proclaim battle-tested longest chain rule to be somehow "unsound". Innovation is great, but claiming something like that IMHO does not exactly raise confidence in the team.

[tromp]

Also could you elaborate on the bolded?

BEAM responded to repeated 51% attacks on their network by adopting an unsound longest chain rule,
where nodes do not switch to another more-work chain if it reorgs too many blocks (unless their chain
is stuck for a long enough time).

See https://medium.com/beam-mw/beam-mitigating-reorgs-1ad001bb08b9 for details.

[oryhp]

Let me try that: Developers are trying to be smart, and proclaim battle-tested longest chain rule to be somehow "unsound". Innovation is great, but claiming something like that IMHO does not exactly raise confidence in the team.

I guess it could be misinterpreted the way you did it. What it wants to say is that Grin doesn't want to pick a different rule than the longest chain rule because most (all?) modifications of it are "unsound".

[bbc.reporter]

https://grinnews.substack.com/p/121-building-500-

This is very bad news for the future of Grin as an alternative for bitcoin. To have the protection through higher hashrate, grin's price must be higher. However, who will buy into grin and bring price higher if it is open to the risk of more future 51% attacks?

There is also grin's monetary policy that ensures fair distribution first before ensuring higher value.

[Hueristic]

Also could you elaborate on the bolded?

BEAM responded to repeated 51% attacks on their network by adopting an unsound longest chain rule,
where nodes do not switch to another more-work chain if it reorgs too many blocks (unless their chain
is stuck for a long enough time).

See https://medium.com/beam-mw/beam-mitigating-reorgs-1ad001bb08b9 for details.

I don't see a definition of "unsound longest chain rule" in that article.


Edited: My bad, I just went back and reread the post and found that I was reading it as grin would be changeing where as you specifically stated Grin would rather suffer 51% than adopt a unsound chain method.

So basically what your saying is Grin is going to switch to a similar method where as some check will be done and if there is a measurable reorg density out of the "scope" that is deemed normal then the longest chain rule will be suspended unless the chain is stuck for a pre determined period of time?

The logic for this can of worms will be interesting to read, link me please.


So what will be Grins responce?

[tbct_mt2]

This is very bad news for the future of Grin as an alternative for bitcoin. To have the protection through higher hashrate, grin's price must be higher. However, who will buy into grin and bring price higher if it is open to the risk of more future 51% attacks?

If bad news did not make the price down to much, positive things are not yet to come and when good news are here, price can recover. I look at the 1-d chart and GRIN might have 2 recover target prices: $0.37 and $0.5.

Although 51% attacks on small altcoins with small total hashrates on the network are never be expected by developers, miners and investors. If such attacks happen, price will be affected with big loss within a day.

[cherryganda]

The way I can see now with the GRIN token in the market in USD$ pair the volume was around 150, 000$ something while Bitcoin value is between 25 to 26BTC in which is not bad at all, isn't? But I will review this POW mining about this GRIN it seems that has potential in the future,
And also I think I could hold em too in the long term as well.

[tbct_mt2]

The way I can see now with the GRIN token in the market in USD$ pair the volume was around 150, 000$ something while Bitcoin value is between 25 to 26BTC in which is not bad at all, isn't? But I will review this POW mining about this GRIN it seems that has potential in the future,
And also I think I could hold em too in the long term as well.

Coin and token are very different. A coin has its own chain but a token is a derivative product from a chain of a main coin. Example are Ethereum (a coin) and its ERC20 chain that is used as an operation chain for many shit tokens, from ICOs to IEOs and in this year shit DeFi tokens.

Grin has its bad supply scheme, too high inflation and it contributes to the fall of Grin coin on the market. If you want to invest in Grin coin, you need to look at its supply scheme and find a good point to think of entry.