Grin Observer - GRN/BTC - Price Movement and Discussion

[Febo]

As someone told: "I don't need inflationary crypto. I have EUR and USD for that."

There is a huge different when inflation is written in the protocol, than when inflation is decided by the current guy that is chief of FED. A huge difference. You have no ideas how much USD will get printed in next 10 years when you totally know how much grin will be mined.  Also all PoW coins are inflationary. Including Bitcoin. Bitcoin will have emission inflation for more then next 100 years. It is funny how so so many simply ignore this well known fact.

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[Texacha]

True, if we compare FIAT with GRIN.
But ... If you compare it to Bitcoin (or Litecoin or any other POW coin), Grin will always have large inflation, which will be even larger after every halvening of BTC or LTC. If we look at "current supply" of GRIN few years from now and compare it with GRIN inflation today, it will be much smaller ofcourse, but even then it will be much larger than inflation of deflationary POW coins.
That may be good thing in terms of survivability, distribution, adoption, etc... but it will definitely be bad price-wise, in satoshis. So, why would anyone hold GRIN instead of BTC?

[Febo]

But ... If you compare it to Bitcoin (or Litecoin or any other POW coin), Grin will always have large inflation, which will be even larger after every halvening of BTC or LTC.

Yes it will have higher emission inflation. But that dont mean it will be high. Very high is now. Very high will also be the next year. After that will be just high. After 10 years will turn into normal. And after 50 years will be small. Small is what Gold mining emission is. Bitcoin and Litecoin will both have less emission inflation 50 years from now, but all of them will fit in "small" category. But a million bitcoin question is will be that emision to small to secure network?  

[bbc.reporter]

I appears everyone should read Grin's monetary policy again and learn the theory behind the inflation schedule. Grin's monetary policy is everything that might be wrong in bitcoin that might be corrected in Grin.



As an experimental hypothesis, Grin's inflation rate may discourage hoarding early on, improving its distribution. Inflation disincentivizes "whales," who have an inordinate amount of control over the price of an asset, and should act to downplay speculative bubbles and price swings. Early adopters get just as much out of grin as those who adopt later. This argument is discussed at length in Bitcoins are not digital greenbacks, in which Wei Dai himself considers "Bitcoin to have failed with regard to its monetary policy". Grin is aiming for as equal access and utility as possible for all users, now and in the future.

Source https://github.com/mimblewimble/docs/wiki/Monetary-Policy

[bbc.reporter]

Also, this news. We criticize premined projects for holding much of their coins, however, Satoshi and the original miners also hold much of the bitcoins. I know they are different occurrences, however, I am only giving an example of what the Grin development team wants to fix.



On Monday, the blockchain trackers and researchers from Whale Alert published a new research report about the infamous fortune allegedly owned by Satoshi Nakamoto. Researchers estimate that Bitcoin’s creator possibly mined coins up to block 54,316, capturing 1,125,150 BTC or $10.5 billion using today’s exchange rates.

Read in full https://news.bitcoin.com/new-satoshi-stash-estimate-claims-creator-mined-10-5b-worth-of-bitcoin/

[Febo]

Also, this news. We criticize premined projects for holding much of their coins, however, Satoshi and the original miners also hold much of the bitcoins. I know they are different occurrences, however, I am only giving an example of what the Grin development team wants to fix.
On Monday, the blockchain trackers and researchers from Whale Alert published a new research report about the infamous fortune allegedly owned by Satoshi Nakamoto. Researchers estimate that Bitcoin’s creator possibly mined coins up to block 54,316, capturing 1,125,150 BTC or $10.5 billion using today’s exchange rates.
Read in full https://news.bitcoin.com/new-satoshi-stash-estimate-claims-creator-mined-10-5b-worth-of-bitcoin/

Those coins are simply out of circulation. Bitcoin circulation supply is 1.125k smaller and Bitcoins marketcap is $11 billion less.  If those coins would be normally  in use then price of Bitcon would be lower as right now. But market cap would be the same.

[bbc.reporter]

@Febo. However, it does not protect bitcoin from the argument that it is being used as a get rich quick coin more than a medium of exchange. This is where bitcoin's monetary system has failed, I reckon. Grin's monetary supply will fix this.

[Cryptotourist]

What is this sorcery?

[Globb0]

Do you mean this?

Grin up 20%. The volume looks a tiny bit less artificial Hmmm

[Cryptotourist]

Yes, indeed!
Isn't it great?

[KIZILAGA]

This movements preparation for 2021 imo.2020 DEFİ year

2021 will be the survival of the fittest.i need Grin really.

[Globb0]

I may have missed this action. I'm looking to see if it slips back a bit.

What I see here. Is that a retest? that could be good. Does it still feel a bit soon?

Could end up a bag holder.

Poker mode says: fold for now

[Cryptotourist]

 

[Globb0]

I may have missed this action. I'm looking to see if it slips back a bit.

What I see here. Is that a retest? that could be good. Does it still feel a bit soon?

Could end up a bag holder.

Poker mode says: fold for now

This turned out to be a good call, its all been downhill since there

[Cryptotourist]

This turned out to be a good call, its all been downhill since there

True dat.

What do the Gods say now?
Do I really have to sacrifice a bull?

[Febo]

This turned out to be a good call, its all been downhill since there

True dat.

What do the Gods say now?
Do I really have to sacrifice a bull?

Grin is still in a bear market. With some pumps like as it happened on 11th August. I dont see any change this year.

[bbc.reporter]

@Febo. It might not be also in the next 20 years hehehe. This comparison explains Grin and Bitcoin's similarity on the supply side.

It might begin to pump similar to Bitcoin when inflation is below 5% after 20 years, however, the problem is Grin might not be similar to Bitcoin on the demand side hehehe.



Every year that passes makes the overall dilution smaller. After 10 years, this falls below 10%. After 20, below 5%. After 25 years Grin will have 4% supply inflation, the same as Bitcoin 10 years after its genesis (2018).

https://github.com/mimblewimble/docs/wiki/Monetary-Policy

[Febo]

On the other note I just read a post on reddit that Litecoin will launch mimblewimble on testnet next month. Curious to see how will that look like and how much time will take to actually get it on mainnet.

[bbc.reporter]

@Febo. That is what litecoin is doing. Copy updates from bitcoin and other cryptocoin projects, hype those updates for the periodic pump and dump hehehe. This is a type of weakness in cryptocoins with a limited supply. It might take years before we can accept this.

[Febo]

@Febo. That is what litecoin is doing. Copy updates from bitcoin and other cryptocoin projects, hype those updates for the periodic pump and dump hehehe. This is a type of weakness in cryptocoins with a limited supply. It might take years before we can accept this.

This update will for the first time be very different update from Bitcoin. So it will be interested also from that point to see how much people will like it. Maybe will totally ignore it, since for them LTC is just second Bitcoin.