OMG... Why Gridcoin might become a Top 10 coin before the end of this year?!

lxpcrypto (44) in gridcoin • 8 years ago

Now i'm definetly not the most technically versed person on the interwebz but one thing is very clear to me: Gridcoin will become one of the coins with highest demand if the current user growth rate will remain the same throughout the year.

I started my Gridcoin journey in 2014, when it was quite new. I remember the day when my friend introduced me to Gridcoin. We drank a beer on his couch and his face had something conspiratorially, but in a positive way. He began the presentation for me along with about five other guys from the university with a sentence (memory protocol) like "what I'm about to show you guys might change the world".

It took five minutes until I was hooked and the rest is history.

I dedicated a lot of my spare time to crank out the strategy for our projects uscore.de and grcnation.com. Then, i had to finish my thesis and after we split up due to personal reasons, i moved to Switzerland and started to work at the company of my dreams.

A few weeks ago, I remembered the Gridcoin story and what i saw flashed me: The price shot up like a rocket and more and more people show interest in a crypto currency that actually doesn't shouldn't rely on marketing (but needs it though due to the fact that it has a decentralized and open team as well as due to the commercial alternatives like GOLEM and SONM). I took all the savings of last months and made a full buy-in.

I dedicated the last weeks to researching other altcoins and I have to admit that there are some coins that base on strong ideas: ETH, STEEM, LBRY, SIA and GOLEM are my go-to's when it comes to my savings portfolio.

However, from a marketing perspective, there is no coin that offers me a unique value proposition that is stronger than those (plural) of Gridcoin. For me, a cryptocurrency should work for humanity. It should provide a real value that is not only based on ideologies like decentralization or anonymity. The value of one Gridcoin is not based on senseless hashing. Yes - it consumes your energy, but one coin can be seen as one step towards progress in science (or any other project that YOU choose to support). Heck, you can even set up your own BOINC project and as long as team gridcoin regards it as support-able, you will get the power of a damn supercomputer for free! Ultimately, if there is a tangibility scale for the value of altcoins, then gridcoin will come for me right after ETH. You can not touch the value, but it can materialize through milestones of scientific research that have a direct impact on our lives.

If youre wiping off the questionmarks over your head now and are not familiar with Gridcoin and BOINC, please read this article now!

So why am I so sure that Gridcoin will have a boom very soon?

I believe in collective consciousness. I analyzed data from different sources and found a huge increase that started in May. I am very sure - Gridcoin is about to go viral.
The Telegram and Slack Group/Channel is growing faster each day.
New members are actually committed - they ask the right questions at the right time and have the urge to be part of Gridcoins succeess
Gridcoin is not only about the money - the altruism and ideology behind it make the continually growing supporters hold their coins. BTC fluctuations? Analyze how Gridcoin is reacting to those...
The team requirement for BOINC might be removed in the next months. If this happens, waves of BOINC-Members (400k or more is realistic) can get paid for their scientific contribution without changing their team. Wanna be a part of the solution?
Last but not least: I am working out a distributed marketing plan for the whole gridcoin community right now. After making it available, each member can pick a legit marketing method for himself. If only 10% of our community will dedicate 10-20 minutes per day into spreading the word, we might grow exponentially
The disadvantages that are holding away interested people from mining Gridcoin can be counted on one hand: No (central place with) good onboarding for new members, too many old information spread all over the web and too scientific landingpage which is not optimized for conversions (which is in our case the download of the client). If we tackle these three things, people should have less questions.
The core team has some of the most dedicated guys i've ever met (shoutout to @cm-steem !)

Please answer me one question, after reading this: If Gridcoin won't succeed and im just talking crap here - what will be the reason number one?

Thanks for reading this sunday-evening article :)

gridcoin golem sonm supercomputer altcoins

8 years ago by lxpcrypto (44)

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johnniec (55) · 8 years ago

Thanks for this article! I agree that users spreading the word is key and that bringing in long-time BOINCers is a good idea. I still think that installation and setup are the biggest hurdles for non-techie people with no previous experience in cryptocurrencies. Maybe the process has improved but it was a long nightmare for me to get from wanting to do gridcoin to where I actually had everything working properly. Typing gibberish into console windows, joining multiple crypto websites to get bitcoin then trade it for gridcoin then send it to your wallet after you've troubleshot a few unexpected errors...
Do we know how much gridcoin one needs in their wallet to collect research rewards regularly? I don't know how many BOINCers will be willing to invest $100-$500 just to hopefully get paid a few dollars a week and if enough people do, won't the amount required just go up?

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dutch (61) · 8 years ago (edited)

To collect research rewards regularly, the amount of GRC in your wallet is actually largely irrelevant. What most newer members don't realise is that your wallet's 'estimated time to earn reward' is based on staking weight only. Research mag plays a large role in your actual payment rate.

I have a magnitude of about 640 today, and have been paid out four times already, despite only having 1000ish GRC...

What we will be seeing is a massive drop in GRC/mag paid out as more members join the community, as is to be expected. If you look at the growth rate of compute contributed to some projects, there is an almost exponential trend over the last weeks.

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johnniec (55) · 8 years ago

That is good to hear! I wonder if that is a recent change. It would make lots of sense.

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vortac (60) · 8 years ago (edited)

Actually, it has always been like that. If you had BOINC running on one PC, you had enough research magnitude to receive rewards quite often, even if you had only 200-300 GRC in your wallet. However, if Gridcoin network increases 100x in size, magnitude will get dilluted for everybody and things may yet change.

But on the other hand, rewards are getting bigger - it's possible now (even for home users) to earn close to $1000 per month, solely through running BOINC and mining Gridcoins. Check @xaqfields and his experience:

https://steemit.com/gridcoin/@xaqfields/i-m-a-boincer-not-a-miner-how-i-built-two-gridcoin-boinc-powerhouses

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johnniec (55) · 8 years ago

Nice. Thanks for the info!

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lxpcrypto (44) · 8 years ago

Thank you very much for your detailed comment, @johniec.

"Typing gibberish into console windows, joining multiple crypto websites to get bitcoin then trade it for gridcoin then send it to your wallet after you've troubleshot a few unexpected errors..."

When did you start with Gridcoin? Was it Gridcoin classic, before the burn process?

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johnniec (55) · 8 years ago (edited)

I started in October of 2015 (according to my wallet). I think that was after Gridcoin classic, but still many versions of the wallet ago. Some setup and most troubleshooting was in the console. I was new to cryptocurrency so that added several steps in terms of figuring out the right sites to join to get bitcoin and trade it for Gridcoin (which are the most secure, which can you use based on your country of residence, etc.). My computer crashed once with the wallet open and getting the wallet to work again was pretty technical/challenging for me. I am still really glad I stuck with it, just sharing since we are hoping to attract new people from new backgrounds.

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dutch (61) · 8 years ago

I don't mean to be Devil's Advocate, but lets be realistic here:

Yes, there was a huge influx in market cap of GRC starting from May. This was the case for BTC, and almost every other coin conceivable way down the list. It speaks volumes about the crypto-sphere as a whole much more so than any individual player.
Gridcoin is about money. BOINC is about research. Despite that fact that lots of Gridcoin users are long time BOINC veterans, I am willing to wager that a massive portion of new Gridcoin members will be in it for the money. This is what crypto is - a currency. Unfortunate? Yes. But it needs to be a vital consideration in any marketing. Most of humanity is far from altruistic.
I don't know what you mean with the 'disadvantages holding away interested people'... If someone actually takes the time to read up on how to get set up, all the information is readily available. Granted, a lot of more in-depth stuff (and even to an extent project selection) is harder to find info on, but 95% of the questions I answer on Reddit or in the IRC help channel have been answered upwards of 5 times in the last week. A quick search does wonders.

I believe in Gridcoin. I believe in its potential. As a biomedical engineer I have high hopes for what it can do for scientific compute. I also agree there is room for improvement (which the dev team has made clear is in the works). Let's be realistic about what we are seeing though...

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sc-steemit (64) · 8 years ago

Good points Dutch, but one thing

Gridcoin is about money. BOINC is about research. Despite that fact that lots of Gridcoin users are long time BOINC veterans, I am willing to wager that a massive portion of new Gridcoin members will be in it for the money. This is what crypto is - a currency. Unfortunate? Yes. But it needs to be a vital consideration in any marketing. Most of humanity is far from altruistic.

I can't agree. Bitcoin is also about money, but yet a maaaasive amount of people are mining this coin. If Gridcoin get the same synergy effect it will be a huge leap for distributed computing as well. They are not separate, they are both equally important in the Gridcoin ecosystem.