The way I see it, the problem is that Gridcoin has no tokenomics. GRC is just created out of thin air by participating in BOINC projects. But the projects don't buy GRC and don't pay the participants for their computational power - no GRC changes hands.
A little debt can be fine. But we print fiat money out of thin air with no asset backing it up. We are in EXTREME DEBT globally right now will no signs of slowly down. It won’t slow down either until printing money out of thin air stops and we get a new and different GRC
Instead of Banano, you could also mine Gridcoin (GRC) by donating your computing power to science. However, you probably won't make a profit on these currencies and should therefore go in with the attitude that you are donating your computing power to science and the cryptocurrencies you receive in return are a partial refund of the donation.
I don't think it's ever been a PoW coin, but it is a green alternative to bitcoin. It's kinda like Gridcoin, which came out in 2013. It's also proof of stake but uses BOINC credits to reward users for their work, so you advance science for GRC.
Since 2008 was very dis-satisfied with banks. Heard of bitcoin around 2011/12 maybe, but I run BOINC so I was conflicted about moving to mining some Magic Internet Money. Kept looking for useful PoW and in 2013 found Gridcoin Classic, failed to get it running at first, but by 2014 was running scientific research for Gridcoin Research. In fact I still do science for $GRC today, its a crypto I will never sell my original coins.
Stupid peope actually do not realize that if BTC becomes GRC, you can forget about any bull runs or bear markets. It will actually become stable, and that is not what you want since you are looking for a casino and that 50x gain that will make your pathetic future somewhat brighter, since you can not relly on yourself and your skills to make it thru the life, but instead you are looking for an easy way out Parthetic
Fellow early Gridcoin miner here, I still mine today BTW, never stopped!! Sorry you didnt backup your wallet.dat, those were the days when crypto was much harder... I started buying into Cardano prior to Shelley at about $0.08, just wish I had gone all in then. Never selling my original $GRC though, not even for $ADA.
Found a couple more. GrimaceCoins crawling out the woodwork. [Ether Token version](https://etherscan.io/token/0xb4646b9c7b5c65d38229fd9d567296de434b8b60) [BSC version ](https://thebittimes.com/token-GRC-BSC-0xf7cD04c5F68996bC842855946b91de352E0Ecba1.html)
GRC gridcoin. I don’t think it’s so much hated but maybe little known. After getting delisted from bittrex, it tanked and holding stead at .01. Proof of stake, easy to “mine”, active community, and mining actually solves scientific problems. Not all in but I have been active for several years and will stay with it.
I think you'd have to know yourself pretty well to achieve the 'middle ground'. It's not impossible, but making more money, just begets wanting more money. It's hard to know when to stop. You make a good point though. He was boring before he became rich, he probably was just too stressed out to notice when he was poor. Or maybe all his old friends still have dayjobs and he has no one to hang out with, in which case I feel bad for him. Or maybe he's just humble bragging, like he's bored with so much money, in which case he should invest in GRC. It's been delisted in a couple of exchanges since 2017, but I hear it's making a comeback.
My favoured coin right now is Cardano, but since Im in crypto since 2013 I have moved on many times. The only coin I will never sell out of completely is my first, Gridcoin (GRC). I have deep respect for the goals and community, and I hope its mission survives. In terms of what would move me from Cardano, its crypto fundamentals of decentralization, disintermediation, security and open source first. Only if something was better on those and then had other advantages I would move on.
Idk, I bought about 3 BTC for $300 each. Unfortunately, I used them to buy GRC. Sold half for mostly VET at its ATH (plus some other minor shitcoins) and held both all the way through the 2017 bubble and until this current hype cycle where I finally sold off some. I've since traded half of the remaining VET for TRAC, but I still have my 100k GRC (mostly because it's all but worthless and just holds sentimental value to me now). Point being, I like to believe if I stuck with BTC, I would still have about half of what I bought in 2015 now. (Plus a lot more cash).
Gridcoin. You can download a program that runs in the background on your computer (only when the processor isn't being used for anything else) and does computation for science research. There's a bunch of open projects you can contribute to from asteroid mapping to testing drug combinations for COVID to mapping climate change. And then you get rewarded with GRC (Gridcoin). Your computer is on, it may as well be doing something useful right? The way I see it, even if I never make any money on it, it's not a loss as I contributed something to science.
> If an attacker had your first 6 words, they would need 1 minute to brute-force the other 6 and steal your funds. Not quite. Let's do a bit more math on this. A computer can, in order, go through all 2048 words on the list very quickly. In this age when computers can do billions of calculations per second, let's put this to the test. 2048*2048*2048 is 8,589,934,592, or about 8 billion. Let us assume for simplicity that we have a very powerful computer that can do this in one second. To brute force the NEXT three words, it would still take 8589934592 seconds to guess. Which is about 272 years. Let's scale it up then. GRC says that a massive cracking array scenario, something comparable to multiple government agencies pooling their resources together, assumes one hundred trillion guesses per second. This will take (2048^6 / 100 trillion) seconds. Which is just over one week. A hacker will not be able to steal your funds in one minute even with half of your recovery phrase, even if it's only 12 words long.
What a bunch of nonsense, miners cant afford to curtail mining, its competitive. Just use excess power from renewables to generate hydrogen for fuel cells for transportation. If you really want to use excess power, then do actual useful work like BOINC or Folding@Home and incentivize with $GRC. No matter how you look at it PoW is a waste.
Branched out a bit since but I have stuck with GRC gridcoin since 2016. PoS, Been around since 2013, Easy to mine with work that does some good, active community and dev. Used to be easier to buy but low activity got it delisted from a higher traffic exchange.
Curecoin is nice. For an alternative that supports dozens of varied research projects check out Gridcoin (GRC), everything from astronomy, pure mathematics, disease research/genomics, even MineCraft! https://gridcoin.us/guides/whitelist.htm
GRC - Gridcoin. There's almost zero chance of it mooning and the coin looks dead if you look at the charts, both the unfortunate result of no marketing skills or budget anywhere to be found with anyone involved. I still love the idea behind it: Rewarding people for contributing computing power to scientific projects of their choice through BOINC, which has existed long before cryptocurrencies. Basically, most people receiving GRC are people who already used BOINC before and didn't reject free money for continuing to do so. It's sad, because it could really serve as an incentive for more people to get into volunteer computing and for projects to reward/incentivize people for choosing to compute for them.
Came into the game ~2013 but decided to stick with Gridcoin (GRC) for way to long. Project had a high intrinsic value for me, but... One succeeded, one did not. While some "learnings" here and there, overcommiting in something turned out as a always bad idea.
Gridcoin(GRC), one of the oldest and best, will never fail. Mined through scientific research, amazing. On-chain voting for years, amazing. Side-staking for charity, amazing. Largely ignored by the crypto-community, unbelievable.
My first crypto was Gridcoin/GRC back in 2015. You earned it by doing BOINC research projects. Over about a year I earned half a bitcoin "mining" by doing seti@home research because I figured it was a better use of electricity than just crunching numbers for the sake of it. Curecoin/CURE is similar today in that your can mine it by doing Folding@home research. It really popped last year because folding turned to covid research and ALOT of money was injected into its market about 4 times. Check the carts for CURE last year and you'll see it.
I've got nicehash running, I guess it doesn't mine bitcoin directly but whatever, I'm sitting on a whole showcase of .006 BTC in my own private wallet. I did the math on it, between what I pay for electricity, the actual consumption of my machine when that GPU is running at 100%, and what I've been earning I am pulling a minimal profit of about a dollar or so per day, was closer to $2/day back when BTC was at $60k. Nothing spectacular by any means, but it's more than I made when I ran BOINC all day getting GRC.
The closest thing that I know of is Gridcoin (GRC) "Gridcoin is an open source cryptocurrency which securely rewards volunteer computing performed on the BOINC network, a distributed computing platform that is home to over 30 science projects spanning a range of scientific disciplines. "
I have been staking and researching or "crunching" Gridcoin (GRC) since 2013. Gridcoin is PoSv3 for consensus, but rewards scientific research conducted in specific projects from the BOINC ecosystem. Gridcoin is heavily developed and maintained by passionate devs and the community is really nice. Gridcoin has a unique decentralized consensus mechanism that "scrapes" user statistics from BOINC projects, so that rewards can be calculated in a fully decentralized way. It also has on-chain voting for all governance and development issues, this has been in place for a long time. Users can "rain" GRC onto other users of certain research projects to support them, so if you want to incentivise research into childhood cancers, then rain some funds to your fellow researchers. Another rare feature is side staking, you can directly share a % of your syaking rewards to other addresses, either your own or other peoples, users support faucets, stats sites like BOINCStats etc. There is no reason GRC could not be used to incentivise other types of computing, it just needs community approval. Gridcoin is an amazing project, it should get much more attention.
Gridcoin (GRC) my first crypto love. Incentivises people to crunch scientific research projects on the BOINC platform. Unique code, special consensus mechanism, on-chain voting, side staking. One of the best communities, passionate and helpful. Very under-rated.
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2013 got my first GRC (Gridcoin), though the blockchain did convert protocols in 2014, so its technically a different chain and different coin now. I still hold and stake them, and still point my compute power to solving humanitarian scientific problems, which is what Gridcoin is all about.
I spent a full year in 2015 mining Gridcoin doing Seti@home research. The coin did nothing but lose value and at the end of the year, I attempted to cash out my $52 coverted to bitcoin and lost it all to a scam site called bcexer(dot)com that promised to pay out to my PayPal account. I think GRC might still be on one exchange somewhere...
> it can not as it is deflationary currency Bitcoin is currently inflationary because the supply of Bitcoin is increasing over time, and we don't have to worry about that process stopping for over 100 years. The USD hasn't even been the GRC for 100 years yet. Have you read the Bitcoin whitepaper? It was designed to follow gold's inflation rate. Eventually Bitcoin's inflation rate will reach 0%. Scarcity is a good thing for something used as a reserve currency, that's why currencies used to be backed by gold until printing presses went brrrrrr. > all aspects of economic We're not talking about all aspects of the economy. We're talking very specifically, as a store of value as the global reserve currency.
As much as I would like for BTC to be GRC, it can not as it is deflatory currency. So yeah, It would be better for some time as it's value would rise and rise, but with that, paychecks, prices of things etc will go down forever, and eventually hit zero, as GDP rises. That can not happen obviously. Do you know understand why a currency must be inflatory in order to be used properly in all aspects of economic? I hope you understand such simple term, because if not, you have some issues to work on mate
Do yourself a favor and read the definition of [global reserve currency](https://en.wikipedia.org/wiki/Reserve_currency) >The reserve currency can be used in international transactions, international investments **and all aspects of the global economy**. It is often considered a hard currency or safe-haven currency. Do you really think that a currency that has waiting time of 10 minutes per tx and costs dozens of dollars per tx will ever be GRC? Do yourself a favor and stop being an idiot
Not exactly. The role of the USD as the national currency of America and Its role as the GRC are really at odds. Bretton Woods was designed to redistribute wealth from the US (the only country with any money at the end of WWII) and prevent another devastating global conflict. It was a very generous and mature thing for America to do. All in all, it worked. But the success of the Agreement was to peg the USD to $35 an ounce of gold. Also, exchange rates were set by the World Bank to favour countries and not favour America. After a few decades America said enough and went off the gold standard. Basically, Bretton Woods did its thing and is now obsolete. But there is nothing to replace it. Having the USD as the GRC is a massive drain on the American economy but no one wants you to know that. The world is now drowning in toxic debt and the only financial instrument that can soak up all that debt and save the USD is Bitcoin. If you read the Bretton Woods agreement document you'll find it an amazing and progressive work. But its time is over. The two roles the USD is playing, one in favour of the US and the other in favour of the rest of the world, is creating havoc for the administration of financial stability regarding the dollar as a domestic currency. If Bitcoin becomes the global reserve currency, it will stabilize the US economy, not destroy it. Please read the actual document that set up the global foreign exchange program. Bitcoin will end up saving the nUS dollar well as the entire planet.
Yes. That’s what he was saying too. As the global reserve currency, the US dollar gets away with a lot of shit that other countries (I.e., Venezuela) can’t. Beyond its status the global reserve currency, there is no doubt the US uses its military to protect its place at the top of the global currencies. But given enough time and stupidity (like with what we have been seeing for the last year and continuing on with endless printing) the rest of the world may call the bluff and decide to transact in another currency and remove the Global Reserve Currency stay at from the USD. It would be absolutely and totally destructive to the US economy - and would probably be felt across the globe too since the American population buys so much crap from the rest of the world. If other countries abandon the USD as the GRC, there is a good chance we’d start a world war. It would probably be the end of the United States, so you’d probably see the powers that be go down swinging. But it’s highly likely all what would really happen would be all the crazy rich and powerful people would flee to other countries with their assets already out of the USD and they’d just leave the rotten carcus that once was the United States to turn into a even bigger) third world state than its trending towards anyways.
I did this in the past with GRC. I had up to 20+ devices crunching at one point. They are right about the efficiency, a new computer now gets 15x the hashes of a 10 year old comp. Core duo is probably even older than that! I decided the work I put into it wasn’t worth the return, it is hard to walk away from something that seems free though. Just remember your time and focus is worth something as well.
Gridcoin (GRC) kind of does what you are asking, it rewards BOINC projects, but it uses Proof of Stake for consensus and the research rewards are a second layer. The reason real work like that cant be used for the main blockchain consensus is validation. When a PoW miner makes a block it makes a hash, that hash is very easy for every other network participant to validate as correct very quickly. If you use a task from a research project, every user in the blockchain would have to run that same task to valid its correct.
Gridcoin (GRC) has been doing exactly what you suggest since 2013, the blockchain is used to record and agree consensus on each miners contribution to many distributed research projects on the BOINC platform. Its a very well developed blockchain, but it doesnt get enough exposure or love from the community.
ASICs are specialist equipment, made by companies who also mine. So they develop new kit get a leg up on mining speed, then when they are ready release it to everyone else. If only a handful of companies control mining hardware sales, how can your protocol be decentralized; they can refuse to sell to you or anyone else, for example. So general purpose computer equipment that people have anyway is better, because in theory, anyone can mine. However, whatever you do PoW always tends to centralize due to economies of scale, those with cheap power will win. We see people stealing mining power all the time, so its not as secure as people like to make out. Gridcoin (GRC) uses real calculations used for scientific research on the BOINC platform to assign rewards; disease cures, particle physics, astronomy and lots more, you can even do virtual Minecraft research! But its consensus protocol is PoS, because validation is a problem with such real workloads.
Yes, Gridcoin is Proof of Stake, but if you run scientific research on the BOINC platform you can also earn additional GRC proportional you your research. BOINC projects range from disease research (COVID, cancers, Ebola...) pure math, particle physics abd much more, you can even do research on Minecraft!
Gridcoin (GRC) does this on BOINC, there are dozens of distributed computing projects from disease research, pure math, particle physics and more... you can even contribute to Minecraft research! The rewards calculation is fully decentralized and is part of the Gridcoin protocol, no reliance on central parties to do distribution.
Pinkcoin (PINK) was created for this and has a novel side-staking function that allows you to apportion any % of staking rewards to an address that could be a charity. PINK themselves support several. Gridcoin (GRC) has a similar side-staming function that some users use to directly support community efforts.
I was breaking even with electricity costs when it was $0.0025. Was kind of discouraging honestly, that was last year. I realized I was just paying an increased electric bill and getting GRC in return. Since the price is up I guess it was a good trade in retrospect. The phones used such little electricity I do think they were profitable. I set up a timer to turn the charge strip on and off, lol.