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The cryptocurrency Grin, recently launched on privacy, has been criticized and accused of having committed an error. The controversies surrounding this continue to grow after being launched only a few days ago. According to Primitive Ventures' founding partner, Dovey Wan, Grin's trading volume is greater than its total offer.
According to her, this shows that centralized exchanges can simply print more Bitcoins from scratch without necessarily having the funds to support them.
Some exchanges have started trading Grin before the coin was minted, and some of them have a volume> the total offer available.
This reveals a larger centralized exchange time bomb that can print more * BTC * out of thin air with a non-solvent BTC reserve.
– Dovey Wan 🦖 (@DoveyWan) January 18, 2019
Dovey Wan explains that there are some centralized exchanges that started trading Grin even before the coin was minted. These digital activities were quoting volumes that were much higher than the actual supply of this digital asset.
As Wan explains, Grin's inflation program is calculable and requires 1440 confirmation blocks for the maturity of the Coinbase prize. Prior to this, it is not possible to spend Coinbase's output.
the volume to which I referred was the initial volume on the book of sales orders for the first hours. The Grin inflation program is calculable and requires 1440 confirmation blocks for the maturity of the coin reward, before the basic output can not be spent.
– Dovey Wan 🦖 (@DoveyWan) January 18, 2019
He went on to say that centralized exchanges are a black box that nobody knows if their internal book can be synchronized on the chain. This digital currency has implemented the Mimblewimble technology that enhances user privacy. This version is very important for the crypto community because the technology has been tested since 2016. Now it is the first time that it is ready for commercial use.
Another thing that struck Grin is the fact that his price went from $ 261 to about $ 6.6 in a few days. This crypt has a different supply than other coins that have limited their issue. Almost every second a new currency is created.
At the moment, there are several digital currency exchanges that offer this virtual currency, including Bibox, CoinEgg, BigONE, MXC and BitForex. There are other data mining pools that could allow users to extract this digital resource.
The digital asset is allowing new experiments. The Mimblewimble technology will change the way some virtual currencies behave. In the future, there may be other coins that implement this technology. Currently, the controversy that Grin is experiencing is damaging the project and could not be positive for the future of this resource.
The incentive can be strong – simply print more * BTC * on another short BTC and get the real BTC from the trx commission at no cost 😳😳
we need more scrutiny in the banking equivalent of crypto shadow otherwise it will fail for the same old greed
– Dovey Wan 🦖 (@DoveyWan) January 18, 2019
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