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As one of the commenters mention, it's an issue with all cryptocurrencies. Right now one of the reason people want to get Gridcoin is to get enough to stake reg

As one of the commenters mention, it's an issue with all cryptocurrencies. Right now one of the reason people want to get Gridcoin is to get enough to stake regularly to earn their rewards or because they believe in the coin. In the future, there's been some ideas floating around that I think are very interesting. For instance, one idea that's been floating around is to create a service that accepts GRC and offers assistance to researchers for setting up a BOINC project

noxer 6y ago
No, its not with all, maybe with most but regardless this doesn't add any anything. I want to know specifically for this coin. >to get enough to stake regularly to earn their rewards Reward paid in, let me guess, more coins. self fueling like most other coins. Thats not a real usecase >because they believe in the coin so it has religion-like properties, awesome /s not a use case >create a service that accepts GRC and offers assistance to researchers for setting up a BOINC project so its used as a medium of exchange which boils down to the price tag it has. you could just pay someone with normal money no one would want to be paid in gridcoin unless one gets overpaid. Obviously this is also not a use case.
- stonesweep 6y ago
  In it's heyday during 2018 it got up to 15-17 cents (USD), but by the end of 2018 it was at 1/2 cent and by the end of 2019 it was at 1/10 cent. It's been delisted from most of the major exchanges and pulled from wallet apps like Coinomi; your observations above are correct, you need to have coin to make coin and you cannot make coin quickly without throwing a lot of hardware at it. You must use their wallet, which is... well, it has a lot of users having to deal with it not working right/needing repaired frequently (see /r/gridcoin). There were a few businesses accepting the coins for awhile (VPN providers, there was a hosting provider for a bit, I think a stickers/mugs/tshirt website, etc.) but that seemed to have dried up by 2019. The community itself has always seemed nice/pleasant, this is not a comment on those working the coin just on it's actual viability in real life - kinda has no use beyond owning it to make and own more of it as a curiosity. When I stopped using/trying I just dumped whatever random couple hundred coins I had into a public faucet, wasn't worth the hassle of trying to cash out $10 after a year of participating.
  - roboticmind 6y ago
    It's worth noting that a lot of work (4500+ hours in ten months of development and testing[1]) has been put into a massive rewrite of the wallet in 5.0.0. The wallet is a lot more stable than it was when you last used it, the GUI is much better, tons of old crappy code was removed, thing are more secure in general, etc. There's also much better testing of releases now too [1] https://www.reddit.com/r/gridcoin/comments/im8ktw/gridcoin_5000mandatory_fern_release/ https://www.reddit.com/r/gridcoin/comments/im8ktw/gridcoin_5...
    - noxer 6y ago
      Let em guess, the work was paid with gridcoins.
      - roboticmind 6y ago
        Originally the main developers didn't request any compensation for this, but yes they will be compensated in Gridcoin. The reason for this is partly that Gridcoin is really community run and doesn't have much USD or other fiat just lying around, but with the history of the foundation address (not an organization), there's a fair amount of Gridcoin that can be spent on it and other tasks
        noxer 6y ago
        let me rephrase: "Originally it wasn't mean to be paid by printing "money" but then they did exactly that because somehow they hand no fiat lying around." Its useless development paid by useless coins for the sake of making the useless coins spendable to pay for the useless development. A self-feeding nonsense system that happens to produce software that no one would actually want to pay for. The whole system is only prevented from collapsing by the fact that some people hold on to the coins in hope of future profit and some may even buy them for that reason.
        roboticmind 6y ago
        I just want to note that I meant originally for the 5.0.0 work the developers didn't request compensation, and so it hasn't been sent just yet since it the request was recent. It has nothing to do with being paid in Gridcoin or not. > Its useless development paid by useless coins for the sake of making the useless coins spendable to pay for the useless development. A self-feeding nonsense system that happens to produce software that no one would actually want to pay for. It's community run. There isn't really a "they" deciding anything or paying for things. It's not paid for so much as compensated. Some people have done work on it without requesting any compensation. I think you think there is a more formal system in place here than there is. The only reason there is a bunch of Gridcoin lying around in that foundation address for this is because of the transition from Gridcoin-Classic to modern Gridcoin [1] which arguably probably shouldn't have been done the way it was, but it's too late for anyone to reverse that decision from 2014. As with the other thread, I don't think continuing this thread will be lead to very much either. Lastly, I just want to note that for me, the reason that some of this doesn't matter as much to me personally (not that it doesn't matter at all) is because I view Gridcoin more as an addition to the science. If Gridcoin collapsed and went to zero, I still would have done something useful with my machines and helped science. I can't say that about many other coins. [1] https://gridcoin.us/wiki/gridcoin-classic https://gridcoin.us/wiki/gridcoin-classic
- roboticmind 6y ago
  I'll admit it's not great right now, but I don't know if I understand what you view as a use case? If using it to get things of value with it is not a use case, then what coin or currency has any use case? Everything is a transfer of value even beyond just currencies be it paid in time or other things > Reward paid in, let me guess, more coins. self fueling like most other coins. Thats not a real usecase It's also worth noting that you don't have to go through it if you use a pool, and there's work on making it not require pools if you don't want to start out with any Gridcoin. If you look up Gridcoin and "Manual rewards claim" you'll find some of the discussion about it. > so it has religion-like properties, awesome /s not a use case I was thinking more in terms of some of the reasons why Gridcoin's developers have Gridcoin - not necessarily advocating for others to do the same. I should have clarified that I didn't think this was a use case I should also mention that having Gridcoin helps you in polls. Gridcoin has a system of polls and the polls are weighted by how much work you do in BOINC and how many coins you have. Note that it's your amount of those before a poll so you can't try to gain more influence after learning of a poll. It of course has its own issues and discussions about how or if votes should be weighted
  - noxer 6y ago
    Maybe I should have said a "unique use case" and also one that out-competes other similar systems. Buying stuff with the coin may be an use case but this coin is in no way better than the thousands others for doing just that. Its very much end of the line for acceptance and thus this use case is not really valid.
    - roboticmind 6y ago
      Ah that makes more sense I see using it a currency backed by scientific work is already something that makes using it unique and can make people interested in accepting it and use it. I see that you don't view it the same way, but that's okay too As well, here's one thing that may or may not usecase per se, but it is something a that's different from most cryptos in use of the coin itself. It's nice feature that only a one or maybe a handful other coins [1] called sidestaking. With it you can send any % of your staking rewards to other addresses in the coinbase transaction. So you could for instance use it to donate to BOINC projects that accept Gridcoin every time you stake (and people already do that). Or you could send it to a friend when you stake or anyone really. You can send to multiple addresses every time you stake with different % for each (up to 6 before it has to cycle through them on each stake) to. On the flip side, accepting Gridcoin means you can also accept sidestakes (at least for things like donations) [1] Pinkcoin is the only other one I know of and could find (https://www.youtube.com/watch?v=HTuM69Lgd5o https://www.youtube.com/watch?v=HTuM69Lgd5o). Looking it up just brings me mostly to Gridcoin stuff
- lifeformed 6y ago
  How are those issues any different from other currencies or coins? It really comes down to trust and security, which this offers just like others do. At a high level view it's just basically bitcoin but with coins created through externally useful work.
  - noxer 6y ago
    So its just another "better" bitcoin. But bitcoin is already useless. And we already have FBA coins instead of PoW/PoS which are way more efficient. It remove the external "useful" work completely.
    - webinvest 6y ago
      Such as?
      - noxer 6y ago
        FBA coin? XRP and XLM are the oldest and most well known. But there are probably dozens more by now.

noxer 6y ago

No, its not with all, maybe with most but regardless this doesn't add any anything. I want to know specifically for this coin. >to get enough to stake regularly to earn their rewards Reward paid in, let me guess, more coins. self fueling like most other coins. Thats not a real usecase >because they believe in the coin so it has religion-like properties, awesome /s not a use case >create a service that accepts GRC and offers assistance to researchers for setting up a BOINC project so its used as a medium of exchange which boils down to the price tag it has. you could just pay someone with normal money no one would want to be paid in gridcoin unless one gets overpaid. Obviously this is also not a use case.

stonesweep 6y ago
In it's heyday during 2018 it got up to 15-17 cents (USD), but by the end of 2018 it was at 1/2 cent and by the end of 2019 it was at 1/10 cent. It's been delisted from most of the major exchanges and pulled from wallet apps like Coinomi; your observations above are correct, you need to have coin to make coin and you cannot make coin quickly without throwing a lot of hardware at it. You must use their wallet, which is... well, it has a lot of users having to deal with it not working right/needing repaired frequently (see /r/gridcoin). There were a few businesses accepting the coins for awhile (VPN providers, there was a hosting provider for a bit, I think a stickers/mugs/tshirt website, etc.) but that seemed to have dried up by 2019. The community itself has always seemed nice/pleasant, this is not a comment on those working the coin just on it's actual viability in real life - kinda has no use beyond owning it to make and own more of it as a curiosity. When I stopped using/trying I just dumped whatever random couple hundred coins I had into a public faucet, wasn't worth the hassle of trying to cash out $10 after a year of participating.
- roboticmind 6y ago
  It's worth noting that a lot of work (4500+ hours in ten months of development and testing[1]) has been put into a massive rewrite of the wallet in 5.0.0. The wallet is a lot more stable than it was when you last used it, the GUI is much better, tons of old crappy code was removed, thing are more secure in general, etc. There's also much better testing of releases now too [1] https://www.reddit.com/r/gridcoin/comments/im8ktw/gridcoin_5000mandatory_fern_release/ https://www.reddit.com/r/gridcoin/comments/im8ktw/gridcoin_5...
  - noxer 6y ago
    Let em guess, the work was paid with gridcoins.
    - roboticmind 6y ago
      Originally the main developers didn't request any compensation for this, but yes they will be compensated in Gridcoin. The reason for this is partly that Gridcoin is really community run and doesn't have much USD or other fiat just lying around, but with the history of the foundation address (not an organization), there's a fair amount of Gridcoin that can be spent on it and other tasks
      - noxer 6y ago
        let me rephrase: "Originally it wasn't mean to be paid by printing "money" but then they did exactly that because somehow they hand no fiat lying around." Its useless development paid by useless coins for the sake of making the useless coins spendable to pay for the useless development. A self-feeding nonsense system that happens to produce software that no one would actually want to pay for. The whole system is only prevented from collapsing by the fact that some people hold on to the coins in hope of future profit and some may even buy them for that reason.
        roboticmind 6y ago
        I just want to note that I meant originally for the 5.0.0 work the developers didn't request compensation, and so it hasn't been sent just yet since it the request was recent. It has nothing to do with being paid in Gridcoin or not. > Its useless development paid by useless coins for the sake of making the useless coins spendable to pay for the useless development. A self-feeding nonsense system that happens to produce software that no one would actually want to pay for. It's community run. There isn't really a "they" deciding anything or paying for things. It's not paid for so much as compensated. Some people have done work on it without requesting any compensation. I think you think there is a more formal system in place here than there is. The only reason there is a bunch of Gridcoin lying around in that foundation address for this is because of the transition from Gridcoin-Classic to modern Gridcoin [1] which arguably probably shouldn't have been done the way it was, but it's too late for anyone to reverse that decision from 2014. As with the other thread, I don't think continuing this thread will be lead to very much either. Lastly, I just want to note that for me, the reason that some of this doesn't matter as much to me personally (not that it doesn't matter at all) is because I view Gridcoin more as an addition to the science. If Gridcoin collapsed and went to zero, I still would have done something useful with my machines and helped science. I can't say that about many other coins. [1] https://gridcoin.us/wiki/gridcoin-classic https://gridcoin.us/wiki/gridcoin-classic
roboticmind 6y ago
I'll admit it's not great right now, but I don't know if I understand what you view as a use case? If using it to get things of value with it is not a use case, then what coin or currency has any use case? Everything is a transfer of value even beyond just currencies be it paid in time or other things > Reward paid in, let me guess, more coins. self fueling like most other coins. Thats not a real usecase It's also worth noting that you don't have to go through it if you use a pool, and there's work on making it not require pools if you don't want to start out with any Gridcoin. If you look up Gridcoin and "Manual rewards claim" you'll find some of the discussion about it. > so it has religion-like properties, awesome /s not a use case I was thinking more in terms of some of the reasons why Gridcoin's developers have Gridcoin - not necessarily advocating for others to do the same. I should have clarified that I didn't think this was a use case I should also mention that having Gridcoin helps you in polls. Gridcoin has a system of polls and the polls are weighted by how much work you do in BOINC and how many coins you have. Note that it's your amount of those before a poll so you can't try to gain more influence after learning of a poll. It of course has its own issues and discussions about how or if votes should be weighted
- noxer 6y ago
  Maybe I should have said a "unique use case" and also one that out-competes other similar systems. Buying stuff with the coin may be an use case but this coin is in no way better than the thousands others for doing just that. Its very much end of the line for acceptance and thus this use case is not really valid.
  - roboticmind 6y ago
    Ah that makes more sense I see using it a currency backed by scientific work is already something that makes using it unique and can make people interested in accepting it and use it. I see that you don't view it the same way, but that's okay too As well, here's one thing that may or may not usecase per se, but it is something a that's different from most cryptos in use of the coin itself. It's nice feature that only a one or maybe a handful other coins [1] called sidestaking. With it you can send any % of your staking rewards to other addresses in the coinbase transaction. So you could for instance use it to donate to BOINC projects that accept Gridcoin every time you stake (and people already do that). Or you could send it to a friend when you stake or anyone really. You can send to multiple addresses every time you stake with different % for each (up to 6 before it has to cycle through them on each stake) to. On the flip side, accepting Gridcoin means you can also accept sidestakes (at least for things like donations) [1] Pinkcoin is the only other one I know of and could find (https://www.youtube.com/watch?v=HTuM69Lgd5o https://www.youtube.com/watch?v=HTuM69Lgd5o). Looking it up just brings me mostly to Gridcoin stuff
lifeformed 6y ago
How are those issues any different from other currencies or coins? It really comes down to trust and security, which this offers just like others do. At a high level view it's just basically bitcoin but with coins created through externally useful work.
- noxer 6y ago
  So its just another "better" bitcoin. But bitcoin is already useless. And we already have FBA coins instead of PoW/PoS which are way more efficient. It remove the external "useful" work completely.
  - webinvest 6y ago
    Such as?
    - noxer 6y ago
      FBA coin? XRP and XLM are the oldest and most well known. But there are probably dozens more by now.