14th April 2017 - Gridcoin 30% spike in 24hr

2 months ago
64 in gridcoin


Launch
Gridcoin spiked from 1021sats to 1432 sats in <24hrs!


24hr analysis:

  • There was a stable price between 900 and 1000 sats for over 7 days.
  • The price in the above graph spiked from 1021 sats to 1432 sats within a few hours.
  • Potentially caused by listeners of the BeyondBitcoin hangout getting an insight in Gridcoin's near future?

New all time high!

Past:

New:

Difference: $1,669,411 !

Arbitrage opportunities:

  • Poloniex is currently leading the charge with the most trading volume, there are arbitrage opportunities between exchanges.
  • We need market makers on the Bitshares network; price feeds have been requested for the btsbots.com trading website/app.

Past analysis:

Interesting notes:

  • The trading volume required to surge over 100% in September 2016 was approx $600k, it took $60k trading volume to surge the market cap approx 50% in March 2017, and it took approx $110k trading volume to spike the value 30% in April 2017 (today).

Future?

  • We face scaling the Gridcoin network from rewarding 2k users to between 250k and 4million users (active/total size of the entire BOINC Commuity) when we successfully remove the mandatory team Gridcoin requirement (200k GRC bounty!).
    • As a proof of stake cryptocurrency, users are required to buy GRC if they wish to solo-stake; If 50k users (small chunk of BOINC community) were to buy 1000 GRC each (enough to stake once per month..ish) there currently isn't enough GRC on markets to supply such a demand.
  • If a magnitude multiplier based on quantity of coins burnt is implemented in the future, the coins in supply will decrease. Reddit discussion CCT Discussion
  • We're continuing to regularly hold Gridcoin hangouts in a similar style to BeyondBitcoin (which we regularly attend).
  • Listen to our latest appearance on BeyondBitcoin to get the latest news regarding Gridcoin. Alternatively, you can read about it.

If anyone has any questions about Gridcoin, ask away.

Interested in creating your own BOINC project? Post it to the BOINC project brainstorming thread!

Relevant Gridcoin links:
Official website
Forums
Twitter
Telegram
IRC
Github
Coinmarketcap, CoinGecko, CoinCap
Gridcoinstats.eu, Gridresearchcorp, Gridcoin.Asia
Soundcloud, YouTube & MixCloud

GRC

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62
  ·  2 months ago

That front page of reddit post is what got me in to Cryptocurrency. Will always be grateful to the Gridcoin community for that.

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64
  ·  2 months ago

It was a crazy night, I was up till the late hours due to the massive surge of new users needing help in IRC - we easily had 200 users join the channel when we were only used to having 50, haha!

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62
  ·  2 months ago

I was one of them!

Y'all helped me get BOINC setup, GRC Wallet setup, onboarded to Katie's pool, all in about 12 hours.

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64
  ·  2 months ago

Yeah, I remember Katiee's pool growing by like a thousand users.. that was crazy! :D

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62
  ·  2 months ago

Just know that guys and gals like you helped convert a lot of cryptocurrency users that night.

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64
  ·  2 months ago

Glad to have helped :)

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55
  ·  2 months ago

customminer CM tweeted @ 16 Apr 2017 - 01:24 UTC

#Gridcoin hit a new all-time-high today! steemit.com/gridcoin/@cm-s… @Beyond_Bitcoin @GridcoinIRC #BOINC

Disclaimer: I am just a bot trying to be helpful.
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64
  ·  2 months ago

Hey @twitterbot, how come you don't have an avatar?

45
  ·  2 months ago

exciting times! i luckily bought a big chunk at around 500 sats :-) I had no idea these crypto markets moved around so much.

fyi, small typo: it went from 1021 to 1432 sats, and in USD from .012069 to .016871 (not 1021 to 1687 sats).

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64
  ·  2 months ago

just have a look at Polos prices on the side, its not uncommon to have (small/new) coins go up 100% if someone pushes. Or fall 20% in one day.

But in this case its because nobody can sell, Polo is still down for incoming GRC.

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45
  ·  2 months ago

Hmmm...interesting. So, you are expecting a sharp drop in price when GRC is supported again on polo? But I thought Bittrex and C-Cex are fully functioning right now. Their prices are right there with polo. If someone wanted to transfer GRC from their wallet, to an exchange, to sell right now, they could just use one of those.

If you're sure, take a short position, or sell some GRC futures. (does polo let you do that?)

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64
  ·  2 months ago

On normal days Polo does 90% of trades, so maybe there is the reason.
I have to find out what my PW to C-CEX was then. Too bad their email I have to click always takes half an hour. And today I am away for family.

Last time I sold for 750-800 and bought back for 630 a month later. Then it dropped to 400s 2 days later lol.

Current price is nearly 3 times the long time average so yes, unfortunately I think its going to drop again after trade normalises.
If not I will be even more happy then to make a good trade though ^^

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64
  ·  2 months ago

We got confirmation from poloniex yesterday that they are looking into enabling deposits/withdrawals for Gridcoin, however it's still disabled at this moment.

In the mean time, the price of GRC has been pretty stable and rising again today.

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64
  ·  2 months ago

Whilst true that poloniex is still in maintenance mode, no other exchange is still in maintenance mode. Only 12mil GRC are 'stuck' on poloniex for the time being.

We should be using the Bitshares DEX more for trading GRC, Openledger has been far more responsive than poloniex (who have yet to respond to a single support ticket..).

Decentralized exchanges > Centralized exchanges!

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64
  ·  2 months ago

Nice one spotting the typo, I had mixed up USD and BTC prices - it was pretty late last night that I created this thread, haha!

63
  ·  2 months ago

Excellent post!! thank you for sharing

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64
  ·  2 months ago

You're welcome :)

66
  ·  2 months ago

This post has been ranked within the top 50 most undervalued posts in the first half of Apr 16. We estimate that this post is undervalued by $0.59 as compared to a scenario in which every voter had an equal say.

See the full rankings and details in The Daily Tribune: Apr 16 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.

If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment.

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64
  ·  2 months ago

Thanks for continuing to rank my posts :)

37
  ·  2 months ago

hi there who may i ask how to use GRC i setup a wallet and tried out a GRC faucet but i don t got any coins yet ... whats wrong ?

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64
  ·  2 months ago

Perhaps there is a delay between submitting your address for free coins and the next batch of foundation transactions being distributed?

Have you fully synced your Gridcoin wallet? If your wallet is out of sync you will not see your transactions.

58
  ·  2 months ago

Someone promoted your post. Promotions help every steemians.
Your reward is an upvote and 0.271 SBD extra promotion.
Good job, see you next time in Promoted! ;)

64
  ·  2 months ago

New All-Time-High achieved today! 18th April 2017!


Difference: $225,270

52
  ·  2 months ago

May I inquire as to what gridcoin is? [:

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64
  ·  2 months ago

Gridcoin is a cryptocurrency which rewards volunteer distributed computing upon the BOINC platform. There are currently 26 supported projects which range from attempting to cure diseases, to searching for extraterrestrial life. Ultimately any kind of computation can be distributed over BOINC.

BOINC computation is rewarded on top of proof of stake within the Gridcoin network, it does not use wasteful proof of work hashing mechanisms.

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52
  ·  2 months ago

Oh jeez.....I don't know what proof of stake vs proof of work is. Mind linking me to something that explains it?

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59
  ·  2 months ago

Mind using a search engine ?

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52
  ·  2 months ago

I already read up on it on the gridcoin website.

But I also would rather discuss with people who know things rather than try to sift through what could potentially be misinformation. Just a preference.

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64
  ·  2 months ago

Proof of work requires that you spend a lot of electricity and computation power to solve a calculation in order to create the next block & gain rewards.

Proof of stake requires far less electricity/computation-power and uses your balance to try and create the next block. The more coins you have the more likely you'll create the next block & gain your rewards.