If you are talking about a Grin whale then I think you have to quantify it relative to the available supply of Grin. I think that is ca. 26m currently, and 600k is a sizeable tranche of that. I think it qualifies as cetacean. (I think I may be a Grin mackerel.)
604,800 = GRiN whale; (604,800 / 26,096,340) = 2.317%
2.317% of the existing BTC supply = 418,218.50 BTC
2.317% of the existing ETH supply = 2,515,237.89 ETH
2.317% of the existing XRP supply = 2,317,566,371 XRP
2.317% of the existing GRiN supply in the year 5190 = 2,317,566,371 GRiN
Security(currently) comes from inflation. If you keep reducing the monetary inflation rate( without proportionality growing the fee market) then you end up in a death spiral and eventually get to an inflection point where there’s not enough security to protect against a 51% reorg/ someone trying to censor the chain for political reasons/ or just for shits and giggles. So, without enough security a PoW chain could become effectively worthless I.e has no value because no tx is safe. So your forced to rely more on trust.
If there’s not enough inflation to pay for security then miners move to a different chain (this is a much bigger issue with a GPU PoW), or where you’re not the majority hashrate for your respective algo. BCH could be a good example of this after their next halving…
If BCH hashrate drops enough it increases the likelihood of reorg. So, for big TXs you’ll need to start waiting on more blocks before your funds are safe ( ppl already talk about this for whale Bitcoin TX’s). If hashrate drops significantly then at some point you would need to start waiting on a silly amount of blocks (hours/ days) before you could be confident your funds were safe. So, eventually merchants would be less willing to accept BCH as payment, because, the risk of a double spend is too great- The whole value proposition of BCH would come into question. It could end up in a double ended death spiral, where price then starts dropping so hashrate starts dropping more.
I don’t believe the claim that value can come from security is controversial at all. But it would be controversial to claim that in all cases a decrease in security(hashrate) = a decrease in value
Compare USD and Grin Today:
15,269.8
Billions of Dollars
Cost creation: Max 14.2 cents per note
https://www.federalreserve.gov/faqs/currency_12771.htm
Grin TOTAL SUPPLY
26,120,640
https://grin.blockscan.com/
Cost creation:
0.3 - 0.7 USD per Grin?
Forever below 10% monthly inflation rate from now on.
yay !
If we want to distinguish smaller and bigger whales, we could talk about day-whales and month-whales, but I think a week-whale makes for a happy medium.
There are too many hours to deserve the name whale, and I hope there will never be such a thing as a year-whale.
Not sure how they have calculated these numbers? They seem very misleading.
Eg a 1070 at commercial electric rates( 5c/kw) nets around 0.30 USD per day. These GPUs still retail new for circa $300 USD. So @ 0.30USD per day it could take almost 3 years to ROI. So to say the cost to mine 1x Grin on a 1070 is only $0.39, seems like a joke.
I am a five minute whale!
Just my 2 Grin
Not to worry, no one teaches that kind of economics in schools anyways…
Recent very well written article on downsides of diminishing rewards:
It is similar to mine. I liked it.
Thus, Grin has the title of being the only crypto currency that can be referred to as decentralized crypto currency.
Grin is not the first coin with infinite supply. Monero and dogecoin both have tail emissions resulting in infinite supply. The difference with Grin is that the tail reward is only on the order of 1% of initial reward.
Note that it’s possible to have both halvings and infinite supply, by making the halvings rarer over time.
In short, Grin is not an altcoin.
It is by the accepted definition that an altcoin is any alternative to bitcoin.
When you consider this year as the 2011 Bitcoin for Grin, and considering that 1 Bitcoin is $19,000 in 8 years, it would be profitable to be patient.
I would avoid using the same rhetoric that’s used to push many shitcoins. There is no expectation of profit in buying Grin.
Actually, I totally agree. When i write that article, I think, I added a bit of my emotions in the article. But now I re-edit it. Thank you.
May 18, 2020
Traders are not grinning
This article is of poor quality imo. Click bait.
you need to stop with hard forks and only do a soft fork
It is clear that this causes negativity in the community and this is unacceptable
the article is clearly purchased, although I may be mistaken
The hardforks were preplanned before launch. People wiho have a problem with them cant read.
Without the hardforks, the code is not accepting any block from the hard-coded hardfork height, so a softfork can not progress the chain…
isn’t it possible to set conditions for a soft fork in which it will move along the chain?
I guess you could make your own coin and fork away from Grin. In all other cases if a coin changes the emission now, so far after the coin launch, then it will doom the project.