I don’t know if it’s possible! It is going to the time of Bitcoin disappears (it will be in 2140 or much sooner). So, I propose a bold idea that 1 BTC = 76 Grin. The procedure is as follows: When building the atomic exchange between Grin and BTC, we set up a special section that is 1 BTC in exchange for 76 Grin. This 1 BTC will be destroyed into a wallet which there is no a password, 76 Grin is programmed to retrieve from the percent of the Grin miners. Of course no one will exchange 1 BTC for 76 Grin right now, but in the future it is real value. Thus, up to a certain time, 21 million BTC will be destroyed to 1.6 billion Grin. When the time comes, we will announce this widely, hoping that Grin will have a worthy position. This idea doesn’t change Grin’s emissions, it is still 1 grin per second forever. Any way you can do it, or something like that. Maybe this will Pr strong for Grin ??? I emphasize the Pr for Grin if this idea is publicized ???
Bitcoin is only a first test! After about 140 years, the BTC will be fully mined, but only in a few decades the miners will mine very little because after having (halving the amount of coins created). On the other hand, BTC is increasing in value then as real estate and as a store of value, in which miners not only produce less but also earn less transaction confirmation fees (because most everyone stores and doesn’t sell). So when the miners have to leave mining, who will protect the BTC network? Grin was created for that. Grin is calculated intelligently, every second a coin is created, and it ensures the following elements: First, there is always Grin for miners to mine and maintain the network. Secondly, according to the calculated equation, after about 50 years, the number of Grin created will be equal to the number of Grin lost (due to forgotten passwords, device errors, deaths …), so it remains guaranteed total supply. According to calculations, when the equilibrium is established, the number of Grin is created by the number of Grin lost, then there is about 1.6 billion Grin, which is still guaranteed scarcity. Third, it ensures equality, the Grin mechanism creates equality, always and forever creating 1 Grin/ 1 second, so the first miners cannot dominate too much compared to the others operators later. All the other coins today are unequal, because they were programmed during the first few times created the amount very a lot, so the first miners received a lot, the later miners received less of the number (because of this coin created less laterly). Grin is a standard coin, great equality, great decentralization!
It is reason of 1BTC=76Grin (21m of BTC =1.6b of Grin).
Forgive me if I misunderstand your meaning, but it seems like you are proposing an arbitrary and artificial assignment of value to both Bitcoin and Grin.
We do not get to dictate the value of a currency - a free market chooses the true values without outside manipulation. Certain governments have tried and failed at manipulating their own currencies - why should we attempt the same?
Eventually BTC will disappear as mentioned above. Everyone will come to realize this, and they will sell BTC to reserve a certain coin, Grin is a good candidate for this reserve. If Grin doesn’t do this, then maybe a certain coin will do it.
Great question! My guess: No one!
Bitcoin will lose its unique-selling-point as a “store of value” the moment the network becomes unsecure when miners leave the field because there is nothing left to mine.
- Bitcoin fails as an electronic cash system (too slow, to limited, lightning is tedious to use).
- Bitcoin fails as a long-term store of value (network will lose security due to the fact that there will be no coins to mine and due to the “store of value”-purpose little transaction will occure from which the miners could live from).
This is one of the big advantages that Grin has over Bitcoin in the long run.
Exactly! Even for Bitcoin there are so many Early-Bitcoin-Days-Whales still around that could flood the market with their early-days bitcoins and corrode its value or manipulate it.
A source claims that 10.7 million Bitcoin worth 97 Billion Dollar have not moved since last year what represents ca. 60% of all bitcoin (Source; 5:48 min).