Initial trading prices have been in the $10 to $100 range. I’m surprised, expected higher for the first day. Volumes are low, though.
Anyone else finding bitmesh to be off? The ui is buggy, markets are listed but have zero volume for something like eth/btc and the main pages news sections look auto generated. Are there exit scam generators?
24 hour delay and I believe the biggest mining pool isn’t allow withdrawals.
Your blue balling me hard grin.
I’m surprised by how high the price is to be honest. Tons of miners getting on it and with the insane inflation early I’m surprised buyers are willing to buy at $25 a pop.
Its all fat fingers, its handfuls of trades. As far as I can tell “tons of miners” could very well be a half dozen if not less who solo mined.
I meant tons of miners in general, not who are selling it right now. The sell orders are pretty thin and a large portion of the sells are just selling directly into the buy orders
Took 24hours for first coinbase to be tradeable.
1 Like
I declare galleon the current front runner with 8 sell orders of 70 grin; I’ve put a small buy order in If I’m right and non-grin-loving miners thinking this is an average shitcoin starts selling coins at market rates, my limits tigger over night, I’ll look to spread some to bisq in the morning with a heavy percentage
For tomorrow morning what does your withdrawal process intil?
Wouldn’t “tons of miners” indicate support for a higher price? If there were very few miners, that shows low interest, hence a lower price? Help me follow the logic.
It’s hard to price coins at the beginning because you have to account for hyperinflation. The standard “total project valuation divided by coins minted” doesn’t really work unless you have a future market cap and emission total in mind. Surely there’s an Economics PhD waiting to be done on ICO valuations…
We got almost 200k coins in two days, so roughly it’s 3m coins in the first month? A current price of $8 gives a market cap of around $20m after one month. Seems cheap but the inflation* continues strongly after that…
* Technically, “expansion of the monetary base” is not the same as “inflation” in economics. Maybe to a Monetarist…
1 Like
That was my math as well. Monetary expansion rate is still 1200% after one month, so the one-year math could be more useful:
60 * 60 * 24 * 365 = 31.5MM GRIN in a year * $8 = $252mm market cap with 100% expansion rate. Still cheap? That’s the current market cap of Dogecoin.
I would trust an PhD judgement on market movements about as far as I could throw the national debt if it was printed out.
1 Like
Over time that’s right but initially with the hyper inflation if miners start to sell instantly to cover costs the price will likely drop after the initial buyer interest after the first month or so wears off.
If there’s a change in market conditions for crypto overall though then it might be a different story but I’ve seen far too many coins launched in a bear market that start off somewhat overpriced just to get dumped hard once the initial wave of buyers subside and miners dump at any price which is still profitable for them. Hard to say where that line is right now I haven’t done any rough math yet, but when we get there that’s a perfect accumulation time.
I’m confused why miners are not selling, I believe beam has been pushing that it’s equal to grin, this agrument should be fairly convincing to poeple who are not radical individualistic given that beam launched first and they focused on marketing.
Beams starting price crashed hard, miners who don’t believe in grin or even slightly risk adverse should be trying to sell while volume is low in thier favor.
Add in the 2 largest pools are Chinese who do not have free access to American radical political history, and can’t necessarily read the politics as translations are going to be even rarer when even in English we have bitrot issues, they should be more beam friendly on average.
So when in thoery 75% of the market believes that the price of grin should believe the price will be .000x why is the starting price at .003?
Can someone poke a Chinese miners to talk about what they think about this market?
Yes, it’s not the same thing but Friedman was in favor of using monetary inflation to respond to price inflation. So I am not sure from where did you get that?
Btw, just a random observation, monetarism (or at least Friedman’s ideas) is pretty close to cryptocurrencies, don’t you think?
Friedman originally proposed a fixed monetary rule , called Friedman’s k-percent rule, where the money supply would be automatically increased by a fixed percentage per year. Under this rule, there would be no leeway for the central reserve bank, as money supply increases could be determined “by a computer”, and business could anticipate all money supply changes.[4][5] With other monetarists he believed that the active manipulation of the money supply or its growth rate is more likely to destabilise than stabilise the economy.
1 Like
Miners “gamble” with lots of money, so they’re a good proxy for coin value.
Then best estimate for total market cap is based on value in of gpu providing hashrate to the network. Project the hashrate over time, and dividy by the supply, and you get the prediction of coin price in .
Btw, just a random observation, monetarism (or at least Friedman’s ideas) is pretty close to cryptocurrencies, don’t you think?
That’s hardly unexpected, the economics of this was going to be whatever the “end the fed” crowd respected.
I could understand checking that to see if your thoery is economicly realistic, but “best”?