First of all, I think it is right to say that it wouldn’t be fair for the recent reddit to be entirely attributed to the recent 130% rise in GRS price – The price has gone a lot higher when SegWit was activated and a lot higher in the runup to the previous release announcement (22nd September) and was arguably at the ‘floor’ when it was discovered by us.
I’d like to give a little bit of a backstory on the recent discovery of GRS by a small group of people in a hope you realise this isn’t just shilling some shit-coin for a pump and dump. It was never our intention to come across as shilling and certainly not our intention to attract ‘pump and dump’ groups. We merely searched for SegWit-activated coins, and the main one that kept popping up was Groestlcoin, in posts that didn’t even mention Litecoin or Vertcoin. We thought that it was worth investigating further and decided to do some more research, and the more we found we more we realised that this was a genuine diamond amongst the rocks. 254th in market cap, first to activate SegWit, Lightning Network in full development, the list was endless – and seemingly nobody knew about it which was insanity.
In several places we saw that no marketing was done or being actively planned, and it was up to the community to market the coin if they wanted to whilst the 20+ developers keep cracking on to try and be the first to more developments.
We contacted the lead developer, ‘Jackielove4u’ and started a plan to try and market the coin, first by creating a Discord channel for discussions and then by trying to get their great features out to the world and aim for slow-and-steady growth.
In hindsight, a bit more finesse would have been better and the reddit posts got a little out-of-hand, if I didn’t know any better I would have seen GRS as a coin being shilled too on Reddit, and I have accused people of doing the same with Vertcoin in the past. So I thought I’d try to clear up some misconceptions and give one targeted response post to the cries of shilling and try to give the facts to the best of my knowledge, whilst trying to give an unbias opinion as much as I can based on my views and the views of the response that we’ve had. PROS:
• Segwit Enabled Enabled first)
• Low-Power Mining – This is a selling point but people have said the power consumption is on-par with Vertcoin. I think the mining uses 2 rounds of Groestl algorithm hashing to make it more secure but is still very low on power consumption and hardware wear
• Lightning Network currently in development
• They have had an easy miner solution since 2015 – Although I’d be the first to admit it is a little clunky, but is openly on Git for improvements.
• 3 iOS wallets (Including a shared wallet), 11 android wallets (1x Secure BIP147, 1x Including sending GRS via SMS, 1x ability to use NFC tags as encryption keys), 11 blackberry wallets (Secure), 3 web wallets and 10 desktop wallets with varying features / designs – More to come on the differences soon.
• Over 80 electrum servers
• Working testnet
• Hosts their own block explorer
• Officially maintained by the Bitcoin Debian packaging team
• Ubuntu PPA available
• ASIC resistant, profitable CPU and GPU mining (And has an ARM miner apparently!) We’re just brushing the surface of the great tech that is being developed by the GRS developers. CONS:
• Elephant in the room – The name. People have called it ugly, most don’t know how to pronounce it (It’s Groosel-coin). The developers are open to a rebrand pending a community vote in 2018.
• I’ve heard a few times ‘that logo looks like a cross between google and wordpress’. Again the logo is open to rebrand/redesign pending a vote (open for suggestions/examples!) but there is some significance in it. The ‘2’ in the logo is for the 2 rounds of Groestl algorithm hashing that is used.
• Obviously little or no marketing up until this point. Marketing is important (if not vital) for the success of a coin so we’re trying to spread some awareness.
• Lots of internet posts saying that it is a scam coin. From what I can see it seems to be because the coin has been ‘pumped-and-dumped’ a few times? By that logic, most coins are scam coins? The block reward dropped 6% a week when it was first launched specifically to prevent pump-and-dumps.
• Rumours of a pre-mine of 0.2% (240,000 coins) when it was first created. I haven’t gotten to the bottom of this to confirm or deny, but if it was true it seems to have been given as rewards for some early marketing (where those odd naked women pictures come from) and some early bounty rewards to get the ball rolling. No pre-mine is ideal but its personally something I can look over now if it IS true.
• Over 70% of the mined coins are owned by the top 100 addresses. Again, this is clearly an issue that many other coins also are facing (albeit some to a lesser extent). I can only guess that the more time that passes being a lesser-known coin, the greater risk that this becomes as the same miners mine for a longer period of time. Not sure if this matters much but it’s also worth noting that 24% of the mined coins appear to be on Bittrex currently. TL:DR – Trying not to shill GRS, just trying to get the word out. Criticisms about the coin have been noted by the developers and they are very open to change and improvements suggested if they are the popular vote. I recommend that you research more into the coin, coin the discord on https://discord.gg/8VURndr and make a decision based on your own research whether you'd see something in, and like to support the coin.
Apologies for such a long post..
The Bitcoin Minesweeper. The more greens you find on the 5x5 grid, the higher your multiplier. Try not to hit any mines or your game will end! Live Satoshi Mines Games. Name Bet Win Profit Game Hash Secret; Bitcoin Only. Transactions are safe, simple and cheap. Fast Deposits. Start playing after 1 confirmation. Provably Fair. Mine positions are chosen at the start of every round and can be ... The rewards for bitcoin mining are halved every four years or so. When bitcoin was first mined in 2009, mining one block would earn you 50 BTC. In 2012, this was halved to 25 BTC. By 2016, this ... Similarly, Bitminter, the oldest Bitcoin mining communities has this disdainful message for us: ASICs took over in 2013. Mining one bitcoin with just a PC now takes millions of years. You’ll want a 1 TH/s or faster ASIC machine to start a small mining-at-home operation. => Appending nvm source string to /home/ubuntu/.bashrc To use NVM, you'll first need to restart your terminal or reload .bashrc: source /home/ubuntu/.bashrc We want to use Node.js 0.10 so run: nvm install v0.10.25 ⚠️ Using a version other than Node.js 0.10 was causing problems for me... Create a space to install UNOMP's Node Merged Pool. The 1GH is also highly over-estimating his CPU's mining power, a more realistic value would be less than 0.05 GH/s. So, the odds are more along the line of 1:3320 per year, traded for the energy cost of running the PC at full-blast for a year. – Murch ♦ Dec 12 '13 at 11:37
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