some intro:
- the price of most coins is falling currently all over the board, and we were talking yesterday and today a little about this and other things on IRC...
What I want to highlight from below is this:
- me: "The top50 GRC addresses own 48.76% of all Gridcoins" (total coins = 392.5 million GRC)
- me: the top50 are surely not 50 individuals but a few people only
- me: that's what I'd do when I'd be smart
- me: having more than 1 address is not only advised due to avoiding people pointing fingers at you, also backup/security wise
The other things discussed below may be true or not, but the above fact doesn't change.
From today's irc chat:
- (the chats are not the complete part, I just copied what was relevant enough... best is when you join us also on IRC)
me: fedi, will we reach the price before the pumps began ?
user2: it will drop to literally 2 cents i guess
me: the BTC price before they pumped was about 1000
user2: the unfinished client, the superblock problem, the entry complexity, and the missing accessability i guess
me: Gridcoin is actually quite lucky, again
user2: quite lucky?
me: yeah
user2: nope
user2: lucky would be an adequate 10 cent per GRC
me: that can always happen, the price for rise does not depend on the product, only on the traders
user2: lucky is what ethereum is
me: I mean lucky with not falling much much more down
user2: it's not the end yet
user2: always you have to dust GRC off, since raw profit counts more if you just view traders
me: traders are happy about both ends, they just buy cheap... much more win than the normal Gridcoin miners
me: losing battle against the traders
user2: reminding those magnitude 0 and superblock issues I would argue that made some potential users jump scare off the boat
me: that is only the tip of the iceberg
me: the !top and !weath_distribution normally scares people off
from yesterday's chat:
- (the chats are not the complete part, I just copied what was relevant enough... best is when you join us also on IRC)
user3: I feel the problem with GRC is inflation
user4: which indicator is the important?
user3: while Bitcoin price will constantly rise because it is harder to mine as time goes on and there is limited amound of Bitcoins that will be mined, Gridcoin has no limit in how many will be produced and it does not get harder to mine as time goes on
user4: I thought GRC got no inflation problem
user3: also some people have like 20 million Gridcoin already
user4: oh ok
user4: yeah ok that's too much
user3: !top (from June 30), see also here
> wealthy GRC addresses and their balance:
> nr.1 SFLRgjBx5HAtR5dedegRLUbQVS6ejvdu6j has 22.4409 million GRC (=5.72%) (!foundation wallet)
> nr.2 S6efnEEMr7XRRAEkBcBCRcJxuvASS7szBm has 14.7594 million GRC (=3.76%) (investor)
> nr.3 S2bWE7QQP3xujqA8ejnNKr6zuMVNECqHVP has 11.5487 million GRC (=2.94%) (rhalford)
> nr.4 RzHya2b8ZUT5RrLrcy7LNnbQUjnWceQT6o has 9.9813 million GRC (=2.55%) (investor)
> nr.5 SAuLXdw4MEoShqy2e3oFDaJ1aeDeNXfYCq has 6.5741 million GRC (=1.68%) (investor)
!wealth_distribution (July 4)
> How much Gridcoins do the whales, barracudas, ... and small fish own ?
> 35.62% (=139.7856 million GRC) owned by richest addresses nr.1-nr.25
> 13.14% (=51.5571 million GRC) by nr.26-nr.50
> 9.58% (=37.572 million GRC) by nr.51-nr.75
> 7.3% (=28.6488 million GRC) by nr.76-nr.100
> 34.36% (=134.8254 million GRC) by nr.101 and below
> >>> The top50 GRC addresses own 48.76% of all Gridcoins! <<<
user4: yeah that's really too much, same like the money systen
user4: ok that means the best way to beat the top 10 is Produce and Sell insta or ? to hold them is bad I think, because price is falling
me: you can never beat them
user4: yeah but maybe the crowd
me: nah
me: important is also this:
me: "The top50 GRC addresses own 48.76% of all Gridcoins"
me: the top50 are surely not 50 individuals but a few people only
me: that's what I'd do when I'd be smart
user4: oh ok
me: forget it, Gridcoin is already staked
me: a few get rich, the others just look
user4: yeah that's what I'm thinking about too
user4: ok guys I found a good idea, close your eyes and don't look up to the rich people
user4: just crunching and believing
user4: but I sell the coins to save real money
edit 2017 July 8:
- besides below comments you can find also lots of comments here.
edit 2017 July 9:
- Rob mentions that the foundation wallet has about 32 million GRC (see below quote)
- I know of these 2 foundation addresses now: SFLRgjBx5HAtR5dedegRLUbQVS6ejvdu6j + RxQ8ycWDTajwAKeaU9MhyitDY54YRm1GfS
- also: "The Gridcoin Foundation was launched on 2014 August 26. It was funded with unclaimed burned coins. Supply 35 million."
his full comment:
"Its pure speculation to guess the amount of distinct addresses that hold half of the Gridcoins, as no one knows how many of our early adopters decided to split their coins.
Some may still have the same wallet.
The report is not even correct anyway, the foundation has around 32 million GRC. I think we had between 50-100 strong early adopters.
They should be compensated because they were here when no one believed in us. Good for them!
One more comment I wanted to elaborate on: Someone on reddit said GRC is just inflationary, and does not get harder to mine like other coins do. The inflation is only 1.5% and that is much lower than central banks print. The Boinc emissions are capped at 40000 GRC per day (thats fixed). Its true that you dont get LESS coins over time for boincing, but, the more researchers online are sharing in the same amount of coins are making it harder to earn more coins per magnitude as popularity grows. So in a sense, it is harder to 'research' as popularity increases. Regardless the true subsidy has a strong relationship to the exchange price and the electric rate."
edit July 13:
- see also: Regarding Wealth and Power Distribution