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Gridcoin is great. I originally got into Bitcoin mining in 2009, largely because of my previous involvement with SETI@Home, Folding@Home, etc, so BOINC has a sp
by px43 6y ago
Gridcoin is great. I originally got into Bitcoin mining in 2009, largely because of my previous involvement with SETI@Home, Folding@Home, etc, so BOINC has a special place in my heart as a project.
The thing is though, the long term economic viability of GRC is basically zero, simply due to the fact that it essentially allows anyone who runs any of these BOINC projects to print money for themselves.
This is a generic problem across the various projects that try to do this sort of "proof of science" type approach. Whoever controls the dataset being crunched essentially controls monetary supply. It's very hard to come up with a useful problem for people to crunch on which is provably fair, which is why Bitcoin just hashes random nonces.
Of course these markets are irrational, look where DOGE was able to get, so maybe GRC goes 10000x and everyone gets a Yacht, but as the total market cap increases, the likelihood of bad actors in the system goes up as well, and GRC is fundamentally defenseless against this type of attack.
That said, it's an awesome project, and IMO earning GRC is quite a bit more fun than watching your numbers go up on some website's scoreboard. If you want to show your support for BOINC miners, by all means, buy up stacks of GRC, just don't expect massive returns from it.
- roboticmind 6y agoIt's worth noting that one project only accounts for 1/19th of the current rewards for research and 0 of the rewards for staking. They do not have near complete control of the monetary supply. As well, as more projects are added to the whitelist that 1/19 fraction grows smaller Additionally if a project were to try to manipulate things, it's hard to do anything on a large scale without it being noticed. With it being noticed, a poll would almost certainly come up and get voted yes on to remove the project from the whitelist. In terms of those who gather stats from those projects, it requires at least 60% rounded up of the scrapers (who pull the stats) to exactly match. This is currently 4/6 although there will likely be more scrapers in the future. You'd have to collude with multiple people, and in a way that could also be easily detected from anyone cross comparing stats on BOINC and stats on Gridcoin. For the last part, yeah, it's for the science, and not for the money for me anyway. The Gridcoin I get for it is just a nice bonus