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Grin, a new privacy-oriented cryptocurrency and the second implementation of a MimbleWimble blockchain seem to have already been surrounded by controversy. According to the recent tweet proposed by Dovey Wan, founding partner of Primitive Ventures, Grin's trading volume is higher than its total offer.
Grin volume is a time bomb created by centralized exchanges, says Wan
In a series of proposed tweets Dovey Wan, some centralized exchanges that started trading Grin even before the first coin was minted and used the new coin as a shield to print more * BTC * out of thin air with a non-solvent BTC reserve. According to her, these exchanges were quoting volumes that were much larger than Grin's available offer
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
According to her, the reason for this error is quite strong as these exchanges, a hand simply by printing more * BTC * and, on the other hand, are shorting BTC eventually gaining a true BTC from the transaction fee to virtually no cost
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
Referring to the initial volume of a few hours on the sales order portfolio of these exchanges, Wan points out that Grin's inflation program is calculable and requires 1440 confirmation blocks for the maturity of the Coinbase prize, before not being able to spend the money. Coinbase 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
Pointing to the centralized exchange Wan says,
"Centralized exchange is a black box that no one knows if their internal book can synchronize on the chain.With tons of withdrawal restrictions, printing fake BTCs is a totally feasible result in fractional reserve"
Grin uses the Mimblewimble privacy technology that brings privacy encryption to a very different level. This new protocol merges all the transactions of individuals together, so no one can actually follow them. The hype for the launch was great because the technology was already in production since 2016 and it took a long time to get ready. On January 15, 2019, at 17:38 UTC, the genesis block appeared and a new era began for this technology.
Grin had debuted with a high price of $ 261 per coin after his first block had been drawn, but within 24 hours, the currency lost up to 98% of its value and currently trades around $ 6.60 owing of expanding its money supply.
Currently there are five cryptographic exchanges that have listed and are trading Grin, which includes BitForex, Bibox, CoinEgg, BigONE and MXC. Meanwhile, five mining pools such as UUPool, F2Pool, BTC.com, Bixin and Spank Pool have announced their archiving rules for the corresponding portfolio addresses.
With the introduction of Grin, privacy in cryptocurrency would reach a next level, but initially this controversy is appalling. The team behind Grin and the exchanges will be clear on this is something that will have to wait and watch.
Will Grin writing a new chapter for coins for privacy or will it be fizzled out in controversy? Let us know your opinions on the same
Summary
Item name
Crypto Controversy: new cryptocurrency "Grin", protected from privacy, for wrong accusations
Description
Grin, a new privacy-oriented cryptocurrency and the second implementation of a MimbleWimble blockchain seem to have already been surrounded by controversy. According to the recent tweet proposed by Dovey Wan, founding partner of Primitive Ventures, Grin's trading volume is higher than its total offer.
Author
Nilesh Maurya
Publisher name
Coingape
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