Grin, the new privacy-oriented cryptocurrency launched Tuesday, January 14, was what most cypherpunks wanted. The coin was developed using the technology known as mimblewimble.
Many groups of investors and miners were watching the coin carefully from the day it was launched. Eric Meltzer of Primitive Ventures mentioned the launch of Grin in his Proof-of-Work newsletter from the previous week. Had written:
"There is (according to our conservative estimates) 100 million dollars mostly of VC invested in special purpose investment vehicles to extract Grin. This does a lot of strange things: it transforms a group of people who would have been buyers of smiles in sellers of it, changes the composition of the first holder roster, and means that the chain will be launched with an extremely high level of security through high hashrate PoW. "
However, within a few days of its launch, the currency has now fallen massively. At the time of printing, the currency was valued at $ 10.94, with a market capitalization of $ 1.11 million. The currency recorded a 24-hour trading volume of $ 149,000, a sharp drop of 95.8% in the last 24 hours.
The currency reported a maximum of 24 hours at $ 261.65%, while the minimum 24-hour currency was marked at $ 4.60. The coin has fallen 97% of its original value in one day, which is astounding because it has been labeled as "the thing that comes closest to bitcoin" by a partner of an encrypted investment company based on anonymity of CoinDesk. The source also added:
"In the minds of many investors it's kind of a pattern-match for & # 39; bitcoin 2.0. & # 39;"
However, as per sources, there have been many large funds that acquire hash power before the launch of Grin. According to Wan, there will be disappointment. Although the great interest in the protocols is convincing, it does not think that early extraction is a good idea. She wrote:
"Grin will not be profitable, especially at the beginning."
According to the block, the token hashrate is 285.6k charts / s. An equivalent of 146,500 GTX 1060 6 GB or the equivalent of 88,200 GTX 1070 Ti 8GB is currently doing Grin mining.
Twitter users were not behind in following the news of Grin's performance in one day. While The Block announced the token hash as a Twitter user, @HabichtJonathan commented on the performance of the currency:
"And lost as much as 99% of its value one day after launch."
At the moment, 1BTC is equivalent to 470.26 Grin, which was used as a shield by another Twitter user @csakzozo, who compared Zcash with BTC and said:
"1 ZEC = 25 BTC: P"
Grin was the ideal coin that many cyppunks did not see now, but the current performance of the currency is different. Many followers of the encrypted world have recognized the impressive technology used for money, but they have rejected it almost immediately. The Twitter user @stephanlivera said:
"Grin could have interesting technology, but from a monetary standpoint it's still a shitcoin." To move Bitcoin, new coins can not only be better on one aspect (such as privacy), they have to be better overall. "
While @hodlonaut had an interesting insight for people who thought the coin would appreciate against Bitcoin as he said:
"Buying Grin probably means that you think it will appreciate against BTC.
Grin will print 27 million coins every year. The inflation rate will go from 400% in 3 months to 100% in one year. Bitcoin inflation will go from around 3.8% to 1.8% in 2020. Good luck out-SoV & # 39; bitcoin ing. "
The exhibition of the coin is truthful on the prediction of Wan of Grin who is not doing well at the beginning.
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