Cryptocurrency Grin Causes a Stir Amid the Bear with Its Overhyped Value
Grin, one of the most talked about cryptocurrencies these days in the crypto community, particularly in China, has gone live its mainnet on Jan.15.
The cryptocoin is an implementation of privacy-oriented protocol Mimblewimble. Mimblewimble itself is the name of a spell used to tongue-tie victims in Harry Potter, the protocol aims to offer a strong scaling solution as well as increased privacy that beset bitcoin.
Started in late 2016, Grin, prides itself for a community-driven project that is “launched fairly, free of ICO, pre-mine or founder’s reward”. Though moving slowly as most of its developers do it part-time with fund collected from donations, Grin saw its mainnet go alive as scheduled and the first block be mined at 17:38:05 UTC last night. Mining is going fast as the second block was mined just a minute later.
Although Grin is not traded in any exchange for the moment since no coins have been pre-mined, the market has already got excited by it with many crypto exchanges having listed the coin. An investor on exchange Bisq has already put a bid offering 0.1 BTC for 1,000 Grin. Another order on Bitmesh values the coin much higher, offering 0.1 BTC for 0.001 Grin.
To appeal to miners’ increasing zeal for this fair GPU-mined coin, big mining pools like BTC.Com and F2Pool have supported for Grin mining. According to F2Pool founder Mao Shixing, the first Grin block was mined by F2Pool, (but) the coin is currently overpriced on exchanges – 1 BTC for 1 Grin. While it remains unknown which exchange offered such a price.
“Ordinary Personal Computers equipped with video RAM over 4GB, 6GB preferred, can mine Grin.” Said Mao in a weibo (Chinese Twitter).
“Nvida (GPU) cards perform better compared to AMD cards both in hashrate and power consumption.” According to a report on Grin mining by TokenInsight.
The report pointed out that it is almost impossible to get payback if you’re considering to buy a new miner particularly for Grin mining, and suggested miners sell Grin as soon as it is mined, given Beam, another Mimblewimble-based coin, started high in price but dropped over the following days.
“Trading at such a price, are they crazy?”
The overpriced crypto has reminded some Chinese crypto investors of the zcash craze, a privacy-centric cryptocurrency as well. Mao recalled that a ZEC was priced highly ranging from 10 BTC to 50 BTC back then.
Some Twitter users also show a cold shoulder to the coin, expressing their disapproval below Cobra’s Grin “shilling” tweet,
Grin is easily the most technologically advanced and fascinating cryptocurrency to be released since Bitcoin. It'll be interesting seeing Bitcoin maximalists come up with logic to convince themselves to be OK with shilling it. Personally, I'm a big fan, will be buying lots of it! https://t.co/SKO5Rn0eiP
— Cøbra (@CobraBitcoin) January 15, 2019
-“Why buy a crypto currency with endless, non-tapering inflation?”
-“No need to shill anything, I believe in the core development team and think if mimblewimble was so goddam great that it would already have been implemented as a side-chain to bitcoin. Any technology Grin has can be copied, Bitcoins network cannot be copied.”