Trading GRC on the BTS DEX! BTSBOTS & LTM!
What is Gridcoin?
Gridcoin is a cryptocurrency which securely rewards volunteer distributed computation (such as attempting to cure diseases, Protein Folding, mapping the milkyway, searching for extraterrestrial life, detecting/analyzing asteroids, etc) performed through BOINC projects on top of proof of stake.
Unlike Golem/iEX/SONM you can distribute literally any kind of distributed computation and the Gridcoin network will pay your volunteers on your behalf where as you have you pay up front on Golem/iEX/SONM. Think about the fact that anyone can create a cloud service where computing power materializes from volunteer participation and your volunteers/workers have their electricity bills offset by a third party. Why bother paying for computation when you can effectively get it for free?
Got a good idea which requires 100k+ CPUs? Post it to the project brainstorming thread! Feel free to run with any of the discussed ideas!
The Gridcoin network rewards 2k active users, has 9k members, 110k+ hosts, yet represents approx 0.5% of the active BOINC userbase. Once we remove the team requirement we face potentially scaling from 2k active to up to 500k active & 4 million registered users. For a proof of stake crypto (which requires a positive balance to earn BOINC earnings) this makes Gridcoin look worthwhile holding for the long term (not financial advice).
Visit the #Gridcoin SubSteemit!
Recent GRC market analysis.
Pro-Tip: You can trade Gridcoin (OPEN.GRC) against anything on the BTS DEX!
You can easily deposit Gridcoin onto the Bitshares Decentralized Exchange via Openledger. When you deposit GRC, you are given OPEN.GRC which is an Exchange Backed Asset.
Note: An EBA asset represents the backing token you've deposited via OpenLedger's gateway, it should technically be considered a centralized asset where as the 'Smartcoin/MPA' asset category (such as bitUSD, bitCNY, RUBLE) are fully decentralized fiat derivative tokens (backed by 200%+ BTS collateral).
After depositing GRC & receiving OPEN.GRC in return, you can trade this with any asset on the Bitshares DEX! You're not limited to trading in BTC or USD (you can trade directly with ETH, Doge, BlockPay, etc.), all you need is someone to make the market on the other end of the trade.
Check out OPEN.GRC's CryptoFresh page to see the current markets that are being made (establishing/providing liquidity in new markets) by community members.
BTSBOTS now supports OPEN.GRC!
I contacted Alt on the BTSBOTS announcement thread on Bitsharestalk requesting OPEN.GRC price feed support, a couple days later Alt delivered! BTSBOTS now provides OPEN.GRC price feeds directly from Poloniex (so keep that in mind if poloniex halts deposits again in the future).
How to setup BTSBOTS?
I followed the following guides created by Bitshares community members:
I'd highly recommend to visit the above Steemit posts to learn more about how BTSBOTS works, and additionally to follow @jonnybitcoin & @scythian for more relevant content in the future!
TL;DR: You need to create a Bitshares account, export a key, register for an BTSBOTS account and provide the key for trading permissions then you can either run the web interface or the android client. If you close the web browser/tab the bot will stop, so either keep the tab open permanently or run the bot on your phone!
Link to the android application.
Alternative BTS trading software.
I've begun using BTSBOTS!
I've been using BTSBOTS to automate trading the OPEN.GRC EBA token against bitUSD, bitCNY, RUBLE, OPEN.Doge, OPEN.BTC, OPEN.ETH, and a couple other assets.
BTSBOTS keeps on top of adjusting your open orders as the price feeds fluctuate, check out my account's recent transactions:
An example view of placing a 25% spread on selling GRC for DOGE through BTSBOTS:
Life Time Membership (LTM) == Acquired!
Since I'm running automated trading through the BTSBOTS application, I figured it was time to purchase my first LTM. It cost me approx 17,680 BTS however I now receive a 80% discount on future fees and I can now refer users to the BTS DEX (note the referral code throughout this post?).
If you're considering using BTSBOTS to perform automated trading on the BTS DEX, you should consider acquiring an LTM so that you save on fees in the long run!
I'm going to look into establishing my account as a proxy in the future, just need to figure out the CLI, haha!
Where/How can I access the Bitshares DEX?
- Use one of the many web wallets:
- Using the Bitshares Light client!
- Note: There is an ongoing issue regarding the OPEN.GRC deposit option not showing, this is limited only to the light client & shows properly within the web wallets. This should hopefully be fixed soon!
How do I trade OPEN.GRC (Gridcoin EBA) on the BTS DEX?
On OpenLedger:
On the Light client:
TL;DR: Trade OPEN.GRC on the BTS DEX!
Best regards,
CM.
https://twitter.com/customminer/status/859210569555075072
Thanks in advance, twitterbot! :)
Disclaimer: I am just a bot trying to be helpful.
Hey, nice avatar! ;D
Just got into OL a week or so ago thanks to @steemtrail and @steemfactory - now I'll have my GRC from Katie's pool deposited there!
Good deal!
Someone promoted your post. Promotions help every steemians.
Your reward is an upvote and 0.167 SBD extra promotion.
Good job, see you next time in
Promoted! ;)Great work. I added GRC to my bot portfolio and working great. Just installed the linux version of the GUI and will give it a go.
Cool, thanks for considering GRC for your bot portfolio :)
Brilliant! Upvoted, resteemed and promoted
Just topped up the promotion to $15, this post is now 5th on the promoted page! https://steemit.com/promoted/
Thanks :)
I find the Bitshares concept very interesting but at the same time a bit confusing. I may try to use it when GRC price gets a bit higher.
Cool, do you have any questions that I could help clear up regarding Bitshares?
I am searching for comparisons between Bitshares and other exchanges, and between Bitshares and another coins that can be used for creating tokens.
Bitshares is decentralized where as normal exchanges are centralized, you don't know if the centralized exchanges are operating a fractional reserve or if they might exit scam or get hacked, with BTS this is far less likely as every user is entirely in control of their assets (bar EBA which are somewhat centralized).
Off the top of my head, cryptos which offer token creation are ethereum, waves, ardor, antshares, but at this time I believe BTS is superior.
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NOW I GET IT! Thanks.
would it be profitable to mine gridcoin on eobot?
nice post btw
Not the cloud SETI, it's extremely high priced - you'd be better off renting an VPS at those prices. If you're referring to using the eobot multiminer or cloud pow mining & getting paid out in Gridcoin I'm not sure because I've never used it. You'd have to project the cost of the contract vs the estimated earnings.
This is an interesting discovery. I hope to put in some time to understand. Thank you for this thorough explanation.