It’s been a rough five years, but like weed Grin is still around and refuses to vanish.
The Bitcoin ETF is a huge milestone for the Crypto Community as it shows what a fucking Clown Show it has become. Crypto really lost its way, it was supposed to be an alternative to the established finance system. I don’t have any particular opinion about the current finance system but i find it gross how the crypto crowd in general and Bitcoin crowd in particular has thrown itself at Blackrock and alike slimy companies.
It is a declaration of bankruptcy of the ideals in prospect for some gains.
Bitcoin has proven that it really can’t be used for anything, like at all. At this point you really have to ask yourself: What’s the Point of Bitcoin? What is it actually good for? It is mostly useless for transactions, lightning is a failed concept, it’s only “usecase” is exchanging Fiat for it, holding, selling to a greater fool (= exchanging back to Fiat). What a great accomplishment, bravo!
Grin is the only Cryptocurrency I own for quite some time now. The events described reminded me why that is:
Grin is still a great project and in my opinion is the only legit cryptocurrency project. That it has such small community is not because it’s a bad project or has no utility: it’s because it’s fair and with fair is not helpful to sell to a greater fool and make money at the expense of someone else who joined at a later point in time.
Maybe it’s fairness is Grins biggest hurdle, because the typical crypto user OBVIOUSLY don’t give a shit about something fair and functional, all that matters to him is selling his stash to a higher bidder.
I think this community can be proud of itself because it might be the only place right now were the original vision of cryptocurrency still lives on. Keep it that way. I am looking forward to the 10th anniversary.
Hear hear, you quite well express my sentiment with the current ETF developments and the general focus of the majority of crypto holders who only care about “number goes up”. Sure, I wont deny, I also make money out of that nonsense. But I am happy Grin stays light-years away and ahead of that nonsense and is uncompromisingly sticks to is long term ethos:
"Electronic transactions for all. Without censorship or restrictions. Designed for the decades to come, not just for tomorrow. To be used by anyone, anywhere."
Blockquote Grin is the only Cryptocurrency I own for quite some time now.
That’s heroically commendable. I hope your devotion is rewarded.
I’ve mined Grin since the day of launch and have held all. Also traded over 1 BTC for more Grin. I’ve been actively soliciting locals to collaborate with for mining expansion, need more 30A circuits for G1s. Looking forward to 10% inflation in 2029.
@Grundkurs Yep, holding only Grin is commendable.
I am more like @Neo-Geo, I slowly accumulate through mining and small buys. But to be clear, I hold by far the most value in BTC. I think that will be more beneficial and will allow me to accumulate more Grin over time.
Grin is however the only project I care enough about to spend a significant amount of my time on without expecting any financial returns. Grin simply checks all the boxes for me in terms of ideals such as minimalism, fair supply, default privacy preservation, scalability, long term security - being sound digital cash and a good long term store of value.
even for this simple task BTC proved to be utter trash. A safe way accumulating BTC would typically be via an offline generated Paper Wallet. But this can be dangerous for unsavy users and become absurdly expensive in the long run:
You can lose a portion of your BTC just like that when not transfering the whole amount to the destination address: If you use a software that does not automatically generate a change-address it manages, you are literally out of luck and the rest of your BTC does not stay in the paper wallet but gets transfered to some random change-address you dont have access to. Say goodbye to your BTC that you did not transfer to the destination-address.
When you accumulate small amounts of BTC it becomes increasingly expensive to move out of the wallet. For moving an amount out of the paper wallet created by ~15-20 Inputs i had to pay something around 70 $ in transaction fees…absolutely insane. Bank the unbanked my ass. 70 $ for a stupid transaction, i still feel ripped off.
So you would basically stick to accumulating on an exchange, to avoid being obliterated by the absurd fees. Great. Well done BTC.
Its actually kind of funny that Grin is only present on 1 Exchange because it encourages the users to use their wallets and not hoard it on some random exchanges.
I was also shocked to learn how poor paper wallets work. I mean, why not simply put the mnemonic or master key on the paper…
I think Grins fee system is very well thought of and balanced. You Pay for newly generated outputs, not for spending them. Bitcoin on layer one has become too expensive. I miss the days where I actually could buy a beer with Bitcoin on layer 1.
Only option now is to use Lightening which is either centralized and working, or decentralized and buggy with risk of losing funds.
Still wondering if Drive Chains would not work better than Lightening in facilitating day to day payments.
But Drive Chains also have many downsides: Drivechains: A Detailed Analysis
Better solution: use Bitcoin for mid term value storage, exchange to Grin and use Grin for payments, over time switch increasingly to Grin as long term store of value
Man, you are just disappointed by your expectations. But your expectations has nothing in common with how it should be. Bitcoin start great revolution. And the halving is the part of that revolution. Halving as approach forces the price of BTC raise. And in the same time fast-growing price of the BTC made the cryptocurrency known in general. Actually this is the reason why you are wrote this message and I’m responding to you right now. BTC didn’t become alternative payment method for simple people, but it brought a lot of smart people in this industry. It created industry by itself! So right now it become a storage of huge value. So why it’s bad? If you wish to store a lot of value I don’t see any reason not to keep it as a BTC.
And also you are talking that people traded there freedom for a dollars. That’s not true. Thanks to BTC, stablecoins were developed. And they don’t give us freedom in whole meaning of this word. But for me right now is a breathe of freedom. I live far away from my country, and opportunities that stablecoins give to me is one of such freedom aspects. Because I can change them for any fiat currency in any country with help of traders for 1-2% and it takes 10-15 minutes for meeting. So the issue that USDT and other stablecoins are still centralized, but people don’t keep them for a profit or any unpleasant stuff in your opinion.
The grin has it’s own way, has it’s own decisions under the hood. And as we can see this decisions are for a long term play. And I hope that it will be one of those real freedom solutions. But we will know for sure only if/when grin will become well known. Maybe it’s already has its own crucial vulnerabilities that will become fatal in the future.
But until those times Grin have to become much more scalable than current payment methods, and much more user friendly. Because while it’s impossible to pay with it with tap&go, it’s just going to be an entertainment for geeks.
I hear you, BTC proved there is an alternative to fiat.
Regarding you point about tap&go, is this something that is in the pipeline?
In Thailand people scan a barcode with their phone and transfer the money, this is used instead of debit cards in most shops, restaurants etc. The merchant has to trust that the transfer will go through but somehow and surprisingly the trust is there, im not sure if I am missing something. You wont see this in the toursity places so much, its everyday Thai people that use this.
Cant GRIN payments be made in the same way? for example, merchant shares address through barcode, customer scans with phone, grin wallet makes the transfer.
Sure it can be. Only technical limitation is that preferable the wallet supports Receiver-Sender-Receiver (RSR transaction flow). Contract flow and unified payments proof basically unify SRS and RSR flow.
It is still in testing phase but it would mean in real life:
Seller enters amount and shows QR code to buyer
Buyer scans it and checks the amount and the memo/receipt/payment-proof and clicks sign.
The rest is either a) automatic via tor, after signing the transaction will be send back to seller who publishes it on the blockchain or b) not automatic, meaning the buyer shows the QR code to the seller who finishes the transaction
So it is kind of there (Grin GUI wallet and rust wallet), but it should be tested. Recently Ironbelly updated the rust wallet in the backend, not sure if it has support for contract or RSR payment flow yet and if the GUI allows it to be used. Grin++ does not support it yet as far as I know. Perhaps something for a funding request to facilitate the above for both Ironbelly and for Grin++, to have a similar contract flow support to provide users with a unified payment experience? @i1skn@davidtavarez
I do expect it to take some time though, we need to make sure any bugs in contract flow get caught before using this for day to day payments. O…and we need stores to accept Grin, without it, the above is just a fantasy
Its actually the holy grail. Grin wont take off until people can use it for payments, not only on the internet but in the real world.
Dogecoin is working on the gigawallet project to allow businesses to easily validate transactions and for payments using a phone app. Although I think this might become part of the X everything app. Here is the link if anyone is interested https://foundation.dogecoin.com/trailmap/gigawallet/
People use tap&go everywhere in the South Asia where I’ve been. In Thailand, in Vietnam, on Philippines Islands, in Malaysia even in Nepal. In Nepal by the way for some reason most of stores have payment terminal but sellers don’t know how to use tap&go. In my case I had to deal with google pay a lot. So I had to spent much time to explain to sellers how to use tap&go . XD In some cases even if terminal has possibility to accept tap&go for some reason it doesn’t.
Also as you mentioned in Thailand they often use QR codes of their local banks. Vietnam the same as Thailand. On Philippines people use GCash and Maya payment. GCash is not a bank more like PayPal. In Malaysia I don’t actually remember.
I suppose that one of the option for Grin is to focus on payment vendors. The Ripple project almost 8 years is digging in this way as I understand. When you can provide electronic payments tools for stable and fast transactions between them, that will gives resources for further development, attention and also recognition. But the price of the currency have to be stable or predictable. Because nobody wants to keep volatile value. So this kind of evolution will brings Grin to another kind of class struggle. Because people and vendors wish to get currency that is stable, and the miners wish to get more currency for their powers invested in mining. But I suppose that stable issuing of coins is on of those parameters that have to make currency stable. Unfortunately, as we can see the price of any other cryptocurrency isn’t stable except stablecoins. But It’s only one option. Probably Grin will go in other way.
I suppose that crypto-community have to build philosophy of crypto-freedom before any project, that declares that it’s pursuiting freedom, will make any appropriate steps. We have to clearly understand what we want to in general. Because for different people that means different. For me cryptofreedom is a stable value that I have in my “pocket” and this value is inaccessible for any other person or government structures until I wish to. But If I want to I wish to share it with other side in a moment.