Why do we lack confidence to buy GRC?
Decentralisation and community inclusion are important values of the Gridcoin project and many other blockchain based initiatives. Currently, most GRC coins are accumulated in just a few dozen wallets. Wealth distribution (Gini Coefficient) resembles dictatorship, where a few owns almost everything. This is quite expected due to the project being young. Within the past year GRC price went down by over 90%. This is a great opportunity to further decentralize the blockchain. Owning GRC not only means... owning GRC, but also gives rights to stake new blocks (blockchain decentralisation) and to voting (project governance decentralisation). Owning GRC empowers community members.
Unfortunately, I'm unable to predict future GRC exchange rate and cannot give any financial advise. I'm not trying to make you buy GRCs. I'm just curious, why don't you buy GRC?
There is around 13600 active team Gridcoin members on BOINC platform. Most are located in wealthy or fairly wealthy countries in Europe and North America. I expect that for most one dollar a day invested in GRCs would be rather negligible. It's less than a hamburger, about a bottle of beer in the supermarket. At current prices we would generate demand for 20% of all coins within just a month. Of course prices would quickly start to rise, but still a lot of GRC could be distributed this way at fairly low prices. But we're not generating much demand for GRC.
Why do we lack confidence to buy GRC?
I bought about 3,000 to avoid having to join a pool. It's a good thing that it was a very small amount of money because I've had a large percentage loss on paper. The steady decline in crypto's value may have scared away noise traders, the same way BTC's huge rise led some to make large investments that were then wiped out.
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I've been buying some here and there while the price has been dropping. Maybe people are worried the bear market isn't over? I admit it is annoying to have bought some at a low price, and then watch the price only drop lower the next week. On the other hand, a good price is a good price, even if there's a better price the next day. One has to keep in mind that it's unlikely to buy exactly at the lowest price in a given bear trend.
I seriously doubt GRC will drop another 95%, if you're solely profit focused you're better off buying instead of crunching given that you'll get more GRC.
BTC is still dropping...so GRC (and all) are falling with it.
Voting...."ice cream flavour". Is this a reason to buy GRC?
Is not easy to buy GRC or any other: Need to buy BTC first (use your CC) etc. Not very attractive for a "random" user just interested in BOINC itself.
In addition, we all know all coins are owned by a few, so staking is an almost impossible mission. Not very motivating....(and no, I am not using 1€ a day for GRC. What for?)
You need maybe $50 worth of GRC to stake twice a month. If you use a cheap raspberry pi it uses nearly no energy. Doesn't really sound impossible to stake for me...
Yeah it's a bit of an exaggeration, with Gridcoin this low a few hundred dollars (less than 1 BTC) will get you a decent staking balance. Bigger staking difficulty is good for the network's security, so I'm not concerned, buy grc if you want to stake more often.
Still the mayority of the network is in same hands, even though you spend 100 € and stake some times in a month.
Due to the way UTOX works, same wallet is staking once and again, somehow it does not look so "secure" if someone can own 1 million GRX and have 10 chains (100K each) staking regurarly (almost each day). I hope you understand what I mean...
This is exactly what could be improved thanks to low prices.
Yes and no, because those big whales won't sell 50% of what they own if the value is nothing... I mean, if price is low, it wont automatically empty those wallets and go to yours. I would even say the other way around, I wouldn't sell mine at this price. I rather keep them. Is a good moment to buy, not to sell :)
And again, buying is not an easy process, lets be honest, we are just a few would would buy BTC in a site, send to a wallet somehwere else, perform an exchange and send it to GRC wallet....
My personal opinion: Big whales wont sell millions of GRC now. Only the price arises. Meanwhile, they will "own" the network and the staking.
You won't know unless you make the buy order on exchanges, very chicken vs egg scenario
Just go to bottrex and you see there are not really more than 100K (cumulated) grc at a Current price + 10% (all above we can consired useles if none buys)
Well, you can't build a castle in one day.
Difficult process of buying GRC is, from what I see, first and only answer to my question so far. Thanks for posting your honest views.
I would rather do some change to "help" little owners or remove this UTXO way of working so as 1 wallet 1 stake...
Anyone can create polls once they've got enough GRC, if you don't care about ice cream just ignore it, we have important polls occasionally which established development directions in the past: https://gridcoinstats.eu/poll
Just because there's only the one silly poll right now that doesn't mean it's not an important tool which benefits the gridcoin network.
I, for one, am in favour of casual polls here and there, gives the network a bit more flare lol.
In addition of the developer remunetarion & staking change...what else came from pool? Ice cream flavor? Cuttest animal? Somehow I expected serious topics there as It costs money to vote.
The whitelist uses the voting mechanism to approve/reject projects on the whitelist, multiple rules have been voted upon like mandatory requirements.
On chain governance is not perfect yet, but it is there and is a good beginning. One of the things that would improve it is broader participation / coin ownership.
Some silly polls do not change that and, who knows, might be more important than we can see. Good example is Dogecoin built on jokes.
Well, technically speaking yeah, it 'costs money' to vote, but only like 1/1000th of 1 Gridcoin. That's pretty miniscule. (I'm assuming that's the cost you're talking about.)
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