At one time, grin coins were very popular in China.In 2019 and 2020, China’s cryptocurrency enthusiasts were discussing grin Coin in weChat and online communities .grin`s privacy and monetary policy,Everyone is looking forward to it.Everyone says this is the new generation of Bitcoin.Miners are excited about this cryptocurrency with no pre-sale, no pre-mining, and community governance. The Chinese community gathers a large number of people, and there is also a weekly report on the progress of the week of grin.The chip company also studied the mining chip, and the love pineapple company mass-produced the mining machine, I remember that when it first came out, the G1 36g was about more than 200,000 yuan(more than$20000), and the G1 mini was about more than 10,000 yuan(more than$1000),
Later, the price of the grin fell from $4 to $0.015 now, the grin Coin WeChat group was no longer active, miners slowly reduced their computing power investment, the official public account was no longer updated, and active community leaders no longer appeared.The voice that the grin coin has died appeared online.
This means that the price affects everything, and if the price rises, the attention will increase, and the grin software maintenance and developers will join in , and the miners will join too.
But now that Bitcoin has a 60% share of the cryptocurrency market, due to network effects, even if there is a better cryptocurrency, it will be difficult to beat Bitcoin?will grin Coin never be able to surpass Bitcoin in the market?
Price does affect sentiment for some grin fans, and if they are less active, the core member who in general do not much care for the price are also less motivated.
But I would not worry to much, dead is a natural part of life, through dead new life can appear.
Bitcoin will always have the first mover advantage. So unless Bitcoin wholesomely fails for some weird reason, I do not think any crypto currency project including grin is likely to beat Bitcoin in its market cap.
However, what does “beating Bitcoin mean”, what does success even mean for Grin? I can foresee a future where it is possible that grin will be more used for day to day transaction than Bitcoin, that is for sure a possibility. But even if grin would remain more obscure, for the real crypto purist and enthusiast, as long as it succeeds in being used in the real world, I would count that as “success”. Can grin succeed as “Utopian crypto project”? I for sure believe that it can succeed as such.
Personally my objective for grin is very non-abstract. One day, even if that day might still be far away, I want to go to a coffee store and buy myself a great cup of coffee using grin. Since it is Grin, I do not need to worry if spend 5 buck out of a 100000 buck output to buy a coffee, because no one but me knows. Because it is grin, I do not need to be worried that any adversary can effortlessly link my identity to that one purchase, something they can easily do when I would have used Bitcoin to buy that cup of coffee. That is my personal measure of success for grin .
I understand that you are referring to the privacy features of grin
“I’m sure that in 20 years there will either be very large transaction volume or no volume.”— Satoshi Nakamoto
The intrinsic value of money comes from the store of value,There are about 7 billion people in the world, and there are about 200 million grin coins,It is impossible for grin to be a medium of commodity exchange for everyday life.It’s not fora small payment, it’s a censorship-resistant and secure large value transaction,GRIN is the same as Bitcoin.
I’m sure that in 20 years you could buy a car with one grin,or you couldn`t buy a cup of coffee with one grin. grin are very valuable, and you won’t use a large check to buy a cup of coffee; grin are not valuable, and the coffee store do not accept grin coin,as a result,Either grin is very valuable or not valuable.
I see that you recognize grin as primarily a great store of value. Do not get me wrong, grin is indeed a great store of value (arguably better than Bitcoin), and a such it indeed will have intrinsic value which is also requirement for its use as Digital Cash. My hope/aim for grin is simply to be sound digital cash. This requires: to be a great store of value good privacy for fungibility great scalability hoard resistance (thanks to linear emission)
On top of that Grin is very minimal and nimble in design. So no matter how I look at it, Grin is designed to be a much better fit for being sound money and digital cash than Bitcoin.
My main gripes with Bitcoin is that it mainly succeeded as as new asset class and store of value, and arguably failed as digital cash. The main problem is that few people want to spend something when they know the price will go up and up forever.
I have not given up hope on using Bitcoin as Digital Cash, but the fact that most lightning wallets are either very centralized, or you have to setup your own node and pay high costs for opening and closing channels, makes it far from a success story.
I am looking forward to the time that Grin has bottomed out, some enthusiast will open shops like Neo-Geo did and we all can start make grin payments on layer one. Since the price is either level or higher than the bottom, many more might be willing to accept grin for payment.
Sure, there might come a time that grin is also forced to use lightning channels due to high volume, but I doubt the costs for opening and closing channels will be as high they as they are now for Bitcoin. Unless Bitcoin adds some form of aggregation for openings and closings, this problem will only get worse.
Arguably I might want Grin to be less successful as a store of value and “hord coin” because it would make grin transaction costs on layer 1 too high, like it did on Bitcoin.
Cryptocurrencies like Bitcoin and grin are limited in number,it is difficult to protect their value stability.To maintain the stability of value, the money supply should synchroniz with the supply of goods, but this is not possible.
Except for stablecoins, no cryptocurrency is stable in value.
If there is no long-term value,some enthusiast who open shops like Neo-Geo wondnt accept grin all the time.the price of grin go up and up forever,buyer dont spent grin at Neo-Geoshop, the price of grin down and down forever,Neo-Geo wondnt accept grin all the time.This is not economically sustainable
sitll,1.bitcoin is better than gold; 2.grin is better than bitcoin.3.It takes time to get to know grin`s advantage
To some extend it is, but Grin is Hoard resistant since its supply is linear, while long term the price should be expected to level out. Grin is not a get rich quick coin, but it should maintain its value on the long run, probably even more than fiat considering the high inflation we have seen in recent years.
“A store of value is an asset that maintains its value over time without depreciating. In economics, a store of value is one of the three main functions of money, alongside being a medium of exchange and a unit of account. Assets considered strong stores of value are those that, ideally, either maintain their value or increase in value over time, thus allowing individuals to preserve wealth.”
A good store of value is for a large part about predictability on the long term. Grin’s supply is very predicable, also there are no nasty things like premine or instamine which could lead to a few players controlling and dumping the price.
Furthermore, I think you also have to consider intrinsic properties. E.g. Gold is a good store of value, but it is cumbersome to keep secure (vault) or transfer (physical transfer). Bitcoin, is easy to transfer, but it is too transparent which make it less ideal as a store of value unless you know exactly what you are doing to keep maximum privacy. Furthermore, security for Bitcoin on the long term is not guaranteed since the block subsidy is ever decreasing. Even if security will be there, security will most likely will be controlled by a few centralized players. Grin’s intrinsic properties such as hiding amounts, no addresses and long term security (through linear emission/block subsidy) make it IMO a better store of value than Bitcoin on the long term.
Sorry, language correction on my phone is not working, and neither is the one in my head working when I am tired so bear with me.
Feel free to use your admin rights to correct any of my language mistakes directly😉
For the world’s 7 billion people, grin is hard currency anyway，It’s impossible to be hoard resistance.It’s just that there are fewer grin users at the moment, and it’s not because of high inflation.
linear emission` greatest significance is equality and fairness of intergenerational monetary rights.Entering the Bitcoin economy four years ago is more advantageous than four years later,
Grandpa’s generation could easily mine to get bitcoin,The grandson’s generation can’t mine it anymore, but it takes a lifetime of labor to get it,the grandson of grandson’s generation, generation,The monetary situation is even worse.
The halving emission creates an unfair monetary right between the previous generation and the next generation.linear emission,At least the opportunity is fair.
Fight for monetary equal rights,grin user.
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to be a great store of value
