Guys do you realize that this coin is going dumped to 1 SAT? What's the plan for reversing this downtrend? Seems like it will have the same faith as HeavyCoin.
Hi all!
I'm the dev of GroestlCoin and I thought I need to share some of my thoughts on this.
(I apologise in advance for a lengthy and non-structured email, it's getting quite late here in New Zealand)
First of all, I always wanted GRS to be a community coin. So please, if you have any recommendations or suggestions, share them.
Do you think that we need to add some feature to the coin or do you feel that some important aspect is not represented (like no dice games in GRS or no Android wallet, whatever) - just post this in the thread.
I got the place of GRS dev about two weeks ago from gruve_p, who had to step down. I identified these areas that required immediate improvement: website design, broken list of nodes in the wallet ("block chain source not found" error), OpenSSL HeartBleed vulnerability and lack of presence on major exchanges.
All of these problems have been remedied. We also got Twitter.
Once we hit the major exchanges like MintPal and Poloniex and the price rose from 350 sat to about 1500 sat, lots of people started dumping GRS thus making the price drop.
Why did they start dumping it? I think I know why, because I did the same quite often (I started as a miner and still have 4x R9 290 and a few AntMiners running).
A good strategy for a miner is to mine a coin when it is at low difficulty and is not being actively exchanged in large volumes. Once it hits the exchange and raises in value, that's when they dump it.
Regardless of a coin. Because miners don't need some altcoin, they need BTC or USD to pay for the hardware investment.
It is not profitable to mine GRS anymore and even I myself have pointed my videocards to mine WhiteCoin/AsiaCoin.
I'm doing this to get BTC and buy GRS while it is rather low in price.
I'll be honest with you, I don't have a million of GRS or even close. I have about 120K. And I keep buying more GRS every day.
I think our coin needs PR. It has everything else. And PR costs money. For example, a paid article in a blog is about 0.5 BTC.
Who will pay it? So far I got less than 10,000 GRS in donations.
I can of course pay it myself. And I will do that if necessary, but not now.
I'll just keep buying GRS for now. If the price keeps decreasing, I'll just be buying more.
Do not forget about 6% reward bonus decrease. It's good to be buying GRS now and for a few more months, it'll be trickier later.
Also, I believe once these huge Scrypt mining beasts (Like the 300MHS KNC Miner Titan) hit the scene, lots of GPU miners will turn to other algorithms. nScrypt, X11, Groestl, etc. So we will get more hashrate as well (which will lower reward even more).
There are some great coins with interesting features. HeavyCoin has interesting algorithm and voting, MyriadCoin has 5 different mining algorithms, etc. But they still decrease in price. While some other scrypt copycats without any innovations (just batch rename of "coinName1" into "coinName2" in the code) gain value. I think this is all just PR and pump/dump.
I'd like you to seriously think about moving from POW to POS/POW in a few months from now (or perhaps half a year). There are serious advantages in this approach and I believe it will increase the GRS price for investors simnifically. Please let's discuss this or any other ideas on GRS future.
I got lots of help in coin promotion from BB and child_harold and we exchange a few PMs daily. Again, if you can help in feature development, PR or by just donating GRS - please do. You are always welcome and thanks in advance.
In the meantime, I wanted to let you know that GRS paper wallet is almost ready. So you'll be able to print out GRS wallets on real paper and perhaps leave it for half a year. Then you'll just import the paper wallet and use your GRS coins which will cost a lot more (at least that's the plan).
Thank you!
srcxxx
