"Satoshi Nakamoto" reproduces the difficult Grin deflation spell
Editor's Note: This article comes fromHoneycomb Finance News (ID: fengchao-caijing)Editor's Note: This article comes from
Honeycomb Finance News (ID: fengchao-caijing)
Honeycomb Finance News (ID: fengchao-caijing)
, Author: Hoho, reprinted by Odaily with authorization. text |
On November 12, the Grin team received an unnamed donation of 50 BTC. After checking the wallet address, it was found that the last transfer to this address was in December 2010. In May of this year, Grin also received a donation of the same amount of BTC from an address that had not been touched since November 2010.
Ever since, the news of the BTC donation worth $435,000 gave the Grin market a shot in the arm, and it rose by more than 50% in two days. Prior to this, Grin, the new darling of the anonymous currency, had been cold for half a year.
Every news of an anonymous donation will "resurrect" the price of Grin. People who love, hold, and invest in Grin also know that news is not a long-term solution to support Grin's value-added.
One year after the mainnet was launched, the overall market of Grin has gone down, and the "curse" of inflation has accompanied it since its birth: the total amount of Grin is unlimited, and the more coins mined, the less valuable it may be.
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At 3 am on November 12, Grin developer David Burkett said in the project’s official Telegram group that the team received an anonymous donation of 50 BTC. Based on the BTC value of $8,700 on that day, this donation is equivalent to $435,000.
As soon as the news came out, the community boiled. Li Qiwei, a supporter of Grin and the founder of Bitcoin, appeared in the telegram group. He guessed that the mysterious person who donated anonymously this time is Satoshi Nakamoto. His basis is the donation address information. This time, the transaction account of the donation address was established nine years ago.
Querying the BTC block information shows that the wallet address of these 50 BTC is an old address starting with 1DwVZ. Nine years ago, the currency holder transferred the money from the digital asset exchange Coinbase to the wallet and never moved it again.
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Transfer records of anonymous donation wallet
According to the address, someone found that the donor's bitcoin came from the block on December 1, 2010. From this, it can be judged that the person holding this account address is an early player of bitcoin.
If calculated according to time, at that time, Satoshi Nakamoto was still "visible online". Until April 2011, he mentioned in a personal email to Gavin Andresen, an early developer of Bitcoin, "I'm going to do something else. Things are going well, Gavin and others will take over the Bitcoin project very well." Contact with the outside world was subsequently terminated.
This is the second time that the Grin team has received donations from early BTC players this year. In May of this year, 5 months after its birth, Grin also received a one-time donation of the same amount of BTC. Judging from the address, this money is also a currency that has been "sleeping" since it was transferred from the Coinbase exchange 9 years ago. .
Regardless of whether the money was donated by Satoshi Nakamoto, it is true that the price of Grin has increased. From November 12th to 14th, Grin rose from $1.152 to $1.77, an increase of more than 50% within 2 days.
After the last large donation, Grin continued to rise within 2 months, and the price climbed from nearly $2 to $6, quadrupling.
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The community is worried about "cooling after hot"
Every large donation with the speculation of "Satoshi Nakamoto" can stimulate the currency price of Grin, but this stimulation will not last long. As the hotness dissipates, the price of Grin will also fall back.
Grin, an encrypted asset utopia established by a small group of idealists, originally wanted to use the production model of "unlimited total amount, born every second" to avoid speculation. Grin, which was launched in 2016, has no crowdfunding, no pre-mining, and no capital injection from any organization. The funds to maintain the work of developers mainly rely on donations.
But in this market where "hype" is the mainstream value, speculators are still crazy about this new type of anonymous currency project. From the first day of the Grin mainnet launch, a bubble was born.
On January 15 this year, the first day of the official launch of the Grin mainnet, 9 exchanges including Bifu, Gate, and MXC actively launched Grin trading pairs.
Someone found that on a small exchange, the price of Grin even soared to the same level as BTC. Later, it gradually fell back to the rational stage and remained at around $10.
The heat lasted only one day.
According to data from Gate Exchange, the price of Grin dropped from $10 to as low as $7.2352 on the second day after its launch, a drop of more than 20% in a single day. Since then, the currency price has slumped.
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On September 29, Grin was quoted at $1.385. At that time, Gery Yu, the former core developer of Grin, calculated an account. Taking the typical Nvidia GTX-1060 graphics card as a reference, the unit Grin mining cost is now US$1.2 based on the average electricity cost of 4 cents. If it is calculated at US$1.4, The gross profit margin of miners is only 16.7%. "The market price of Grin is approaching or lower than the mining cost, basically losing money."
At press time, Grin was quoted at $1.522, a slight increase of 8.7% compared to its price three months ago.
UseR, a member of the Grin community, attributed the increase in the price of the currency to the reappearance of "mysterious donors". Some currency holders, including him, are worried about how long the current currency price of Grin can last after the hot spot has passed.
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The source of the donation can be guessed at Satoshi Nakamoto, but Grin is not BTC after all. Bitcoin has designed a deflation model with a total amount of 21 million, while Grin does the opposite, with no limit on the total amount.
This kind of unrestrained inflation design can be called "wonderful" in the currency circle. The common sense of currency tells people that excessive inflation will bring currency devaluation. From the principle point of view, this is the fate of Grin's continuous downward trend. Some users have been concerned about Grin's inflation rate.
Michael Cordner, one of Grin's core developers, once explained the reason for the inflation design. They hope to make Grin a money rather than a value storage tool. "If the value of Grin is unlikely to change, everyone will be more willing to use it instead of speculating Hoard."
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Inflation Model Embarrasses Grin
No hype, no speculation, let cryptocurrencies have the payment attributes of daily life. The vision of the Grin team is not popular in today's currency circle where currency prices fluctuate significantly, but it is precisely because of this that it is highly sought after by liberals.
There are also people who are not optimistic about Grin's persistence. Jiang Zhuoer, CEO of Leibit Mining Pool, does not deny that Grin is a "good coin". "The technology is cool, and the community is cool. The only thing that is not cool is the price." He believes that the output of Grin practice is not halved, and the total amount is unlimited. Monetary policy, wrong and ridiculous.
