TMGOX.com first store to sell things for grin. 1,000+ page history of cypherpunk-cash book shipping end of the month, almost sold out.
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Look who is featured on blockcypher right next to big daddy ₿. This is the blockchain explorer coinbase links to on gdax transaction history btw.
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Nice work! The name is interesting. What percentage of people buy with grin (roughly)?
not many but 90% pay in some crypto or another
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People make too big a deal about crypto fluctuating. I’ve been taking crypto in my business since 2011-2012, back when I had the MtGox hard RSA token they sent you DHL. I would just convert the payments to fiat right away, as even the earliest exchanges had apis. I wish I had not converted those bitcoins now, but the fluctuating value is no problem - just convert right off automatically if you really want to hold dying fiat toilet paper.
Also, taxes are no issue. I have filed tax returns mentioning crypto almost ten years now. Each return accepted. About 5 years ago, there was some audit/investigation, nothing to do with crypto, but social security. But that was the perfect time to raise crypto issues for the tax agency. They did not. It actually seems like tax agents like and are curious about crypto. If you convert right away, you just count the cash value as income. If you don’t convert, then you would additionally have to do a capital gains when you sell for fiat or another coin someday, but there has been software to do this the whole decade too. The tax authority actually has the common brands of these softwares to check on the filing - so they obviously know and trust these programs. There is no reason for a business not to accept crypto, unless they just hate or don’t understand crypto. It does nothing to render running a business more difficult, and the easier your customer can pay, the more money you make. Also, with crypto’s obvious appreciation, it can be a capital growth fund for the business. Once wall street approves and you can do 401ks and Keoghs with crypto -> no brainer
The Golden Rule of business is 'Always available, always accomodating." Anyone who doesn’t take crypto doesn’t really understand the basics of running a business. I think these high percentages of failures for new businesses is that many of these founders don’t have any idea how to run a business in the first place. Why would you make it hard for a customer to pay when it costs you nothing? Especially a non-reversible, fungible, appreciating asset? You’d have to be a moron.
If you have to ask your friend Steve to put a paypal button on your website, why are you trying to run an online business? If you don’t understand electronic payment, the internet, or tax law, sell your knick-knacks at the county fair since your name is Hezechiah and you live in the last century…
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Being able to accept GRIN and whatever other cryptos you believe in is great for a business - goes without saying. However, if you are buying raw materials or whatever inputs you have in a currency that strengthens (edit) against a currency you need to deal in, you have a problem in terms of profitability and ultimately, solvency … doesn’t matter whether it’s Grin, USD or Ugandan Shillings. Until GRIN or whatever is so widely adopted that you can deal solely in Grin and never need to convert to fiat, this is always going to be the case. Hopefully that day will come and in the not too distant future, but in the meantime, you/your business needs to be able to survive that long!
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Fair. My business has no significant physical materials or inventory.
Someday indeed.
I still don’t think it has anything to do with Bitforex. I’ve been watching their book and alot of reported trades a fictitious( i.e don’t even appear in the orderbook/ but appear in the T&S). It doesn’t look like they support iceberg orders or any kind of foreign order type, so it’s all bullshit(The low trust score that Coingecko now implements supports this aswell). You can almost guarantee that the real volume of Polo/ Bittrex/ Kucoin dwarfs them in comparison. So it’s very unlikely that Bitforex is leading/ or can influence the market. There are also way more plausible explanations to the recent price movement than a dubious exchanges kiddy trading comp.
On a side note, I had been recording the Poloniex order book data/ movements and from looking at heatmap analysis it looked some what sophisticated, like someone who knew what they were doing was running the book. So if anyone’s influencing the market, Polo will be a key( leading) exchange they participate on. My 2cents.
Beam use any chance they get to claim Superiority over Grin.
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haha thank you alan grinspan - LOL! nice handle.
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For the price prediction it would be intersting to know the mining costs. I’m currently not a Grin miner.
Can someone give a quick overview? If I had a regular PC with 1 graphics card (8 GB) and mining C29, how many Grin could I mine? 0.1 - 0.2 a day?
It seems like in China, 1 Grin has electricity costs of around $.50 - $1, so the current prices seem somewhat high.
So it’s very unlikely that Bitforex is leading/ or can influence the market. There are also way more plausible explanations to the recent price movement than a dubious exchanges kiddy trading comp.
BitForex might be a little buggy, but it seems legit so far. Speaking for my experiences. But I’m hardly trading significant amounts…
Simple instructions for getting rich:
BTC dump to $8,800 before $9,700.
Set your GRIN buys for $4.25 and sell at $7 
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That’s why we need futures (perpetual swap contract). You can fully hedge bitcoin using only 20% of your BTC holdings. The same should be available for Grin.
Yeah, now this involves centralized exchanges, which is not good, but if you diversify carefully between, let’s say, Bitmex, Derebit and something else, you will be ok.
So, Imho, the main priority for the Grin infrastructure development is liquid BTC settled futures, preferably decentralized.
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Yeah, I’m sure it will come in due course but may be a little ways off yet. Also, I think decentralized exchanges will continue to face regulatory hurdles if they try to ignore KYC/AML requirements …except maybe if they become so ubiquitous and volumes so big that the genii is too far out of the bottle to ever put back …
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After the recent news from FATF (Fat F**ks?) I can foresee the rise of privacy coins and DEXes. The technology is already here, we just had no good reason for the transition.
Atomic swaps definitely do not require KYC.
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BlockCypher has long been big on Grin, from way before launch. They sponsored GrinCon along with the cryptocurrency focused accelerator they went through, Boost.vc
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I must disagree that taxes for crypto are easy. I accepted crypto also, but we were unable for various reasons to liquidate immediately. That meant all our sales suddenly became FIFO entries for cap gains basis, and we had to mark-to-market all sales.
QuickBooks still doesn’t support cryptocurrency. We had to write custom software to convert to USD and input data, and our crypto account balances had to be kept separately, so the QBO balance sheet is wrong which then leads to accountant confusion and… OMG THE PAIN. We should have 2016 taxes finally completed later this year, after 3 bookkeepers, 5 CPA’s, and 1 specialist working on it for literally years…
So. Messed. Up.
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Of course Goldman Sachs has invested in Poloniex’s parent company… Polo is the only US exchange for many alts, so it makes complete sense that sophisticated Wall Street algos are making the markets there.
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Actually I agree with you 100%. I’m working on a smart contract layer for Grin, first with a simple game with a bet on the outcome, then implementing the Black-Scholes equation to do decentralized, autonomous options on Grin. All we need to do for this is finish libgrin. (if we have a golang node, we can import that as a VM into Tendermint - then we have instant intercommunication with the whole ethereum and many other ecosystems, complex smart contracts written in golang to any complexity, etc, etc.
That’s where I’m going: Black-Scholes for Grin so you can auto hedge with puts and calls!
I worried about an unlicensed trading charge, but since I’m putting code up on GitHub, I’m not responsible for random people running code on a server. Plus no money comes to me in any way. Last of all, I got an SEC license 3 years ago for this anyway, because I’ve been thinking about this for a while. Grin’s anarchic structure is much more suited for this AI, automated options than other candidates of mine from the past.
I’ve mentioned elsewhere I’m math obsessed. I had my mind blown by Ito’s lemma as a young teenager, and I’ve never recovered.
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At some point we need a political revolution, but it will be very hard. The IRS needs to directly accept crypto for taxes, it’s the only viable solution.
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I thought they would this year - maybe soon.
Re revolution: I edited that post several times to try to accurate reflect my motivation and thinking, as I’m pretty sure I’ll be seeing that post again in a different setting if this goes down as planned. We are clearly in a liminal period in history.