Whats the use for the coin? Its an incentive obviously but its only so because it has a price tag. Who should buy the coin from me if I "mined" one and what would he do with it?
>to get enough to stake regularly to earn their rewards
Reward paid in, let me guess, more coins. self fueling like most other coins. Thats not a real usecase
>because they believe in the coin
so it has religion-like properties, awesome /s not a use case
>create a service that accepts GRC and offers assistance to researchers for setting up a BOINC project
so its used as a medium of exchange which boils down to the price tag it has. you could just pay someone with normal money no one would want to be paid in gridcoin unless one gets overpaid. Obviously this is also not a use case.
> Reward paid in, let me guess, more coins. self fueling like most other coins. Thats not a real usecase
It's also worth noting that you don't have to go through it if you use a pool, and there's work on making it not require pools if you don't want to start out with any Gridcoin. If you look up Gridcoin and "Manual rewards claim" you'll find some of the discussion about it.
> so it has religion-like properties, awesome /s not a use case
I was thinking more in terms of some of the reasons why Gridcoin's developers have Gridcoin - not necessarily advocating for others to do the same. I should have clarified that I didn't think this was a use case
I should also mention that having Gridcoin helps you in polls. Gridcoin has a system of polls and the polls are weighted by how much work you do in BOINC and how many coins you have. Note that it's your amount of those before a poll so you can't try to gain more influence after learning of a poll. It of course has its own issues and discussions about how or if votes should be weighted
I see using it a currency backed by scientific work is already something that makes using it unique and can make people interested in accepting it and use it. I see that you don't view it the same way, but that's okay too
As well, here's one thing that may or may not usecase per se, but it is something a that's different from most cryptos in use of the coin itself. It's nice feature that only a one or maybe a handful other coins [1] called sidestaking. With it you can send any % of your staking rewards to other addresses in the coinbase transaction. So you could for instance use it to donate to BOINC projects that accept Gridcoin every time you stake (and people already do that). Or you could send it to a friend when you stake or anyone really. You can send to multiple addresses every time you stake with different % for each (up to 6 before it has to cycle through them on each stake) to. On the flip side, accepting Gridcoin means you can also accept sidestakes (at least for things like donations)
[1] Pinkcoin is the only other one I know of and could find (https://www.youtube.com/watch?v=HTuM69Lgd5o). Looking it up just brings me mostly to Gridcoin stuff
Sorry to rain on your parade but this is utter nonsense. Its not backed by anything. Words have meanings and you cant just use an existing word to describe some different imaginary concept. There is no such thing as baking "money" with past work. The benefit of past work is already "used", it can not somehow hold value for the rest of time. If you calculate the larges know prime number that number does in no way have or hold the value of work you put in to get it. the number is in fact worthless once it is known.
>sidestakes I'm impressed what kind of nonsense people come up with and can somehow present as something valuable. Sounds like the self fueling money printer system named gridcoin has a builtin function to donate fractions of the printed money to different addresses. literally donation by inflation - should be called stimulus lol.
> If you calculate the larges know prime number that number does in no way have or hold the value of work you put in to get it. the number is in fact worthless once it is known.
None of the projects on Gridcoin are currently for finding Prime numbers. There was one in the past, but it was removed from the whitelist per the admin's request. I also disagree with the notion prime numbers they are worthless once they are known, but I'm not going to go into that because it's not relevant here
With Gridcoin the work is meaningful after it has been done. Take for instance the biomedical research done by a bunch of projects. The proteins and the drugs they help lead to have massive impacts to a lot of people. Now it isn't something you can exchange back and forth through time obviously, but its result is something you can still see is meaningful
> literally donation by inflation
I didn't say it wasn't from inflation, but it's opposed to many making no donations at all and there still being the same amount of inflation. It's used a lot because it's convenient to setup and it doesn't result in any extra transaction fees or the like. The alternative in other coins is that people just don't end up sending anything more and just take all of the newly minted coins
> should be called stimulus lol
:/
not going to go into this
I think continuing this conversation is not going to really result in much. I'm not sure what exactly you are looking for that you see in other cryptocurrencies. I think this is going keep going in circles.
The stimulus thing was just a joke.
I'm not looking for anything that "I see in other cryptocurrencies". I was just looking for a reason why this coins should be used by anyone. The other 9k coins are irrelevant.
There were a few businesses accepting the coins for awhile (VPN providers, there was a hosting provider for a bit, I think a stickers/mugs/tshirt website, etc.) but that seemed to have dried up by 2019. The community itself has always seemed nice/pleasant, this is not a comment on those working the coin just on it's actual viability in real life - kinda has no use beyond owning it to make and own more of it as a curiosity. When I stopped using/trying I just dumped whatever random couple hundred coins I had into a public faucet, wasn't worth the hassle of trying to cash out $10 after a year of participating.
[1] https://www.reddit.com/r/gridcoin/comments/im8ktw/gridcoin_5...
I was also really wanting manual reward claim (the current staking method is a lottery), I think that's still in progress reading the other comments - if I'm crunching for coin, being subject to a lottery method of when I'll get "paid" is a non starter, I want to claim my work coins when I want. The sheer fact that users with large coin are encouraged to split their stakes to increase their lottery chances of winning the stake are just crap, it's heavily biased towards HODLers and people who got in around 2016 and have a million coins - basically, the coin poor are penalized, newcomers have no hope in this staking scheme. I've always thought it was a little ponzi-scheme-like to be honest.
The manual rewards claim is still in the works although there's now some more specific plans in mind [1] for it than there were in the past. It's on the roadmap somewhere
[1] See this message from Jim Owens (one of the core developers) about some of what he's thinking https://discord.com/channels/211637812968161280/338020950714.... I would normally quote this instead of making you have to join a Discord, but it's rather lengthy and part of a discussion
"Originally it wasn't mean to be paid by printing "money" but then they did exactly that because somehow they hand no fiat lying around."
Its useless development paid by useless coins for the sake of making the useless coins spendable to pay for the useless development. A self-feeding nonsense system that happens to produce software that no one would actually want to pay for.
The whole system is only prevented from collapsing by the fact that some people hold on to the coins in hope of future profit and some may even buy them for that reason.
> Its useless development paid by useless coins for the sake of making the useless coins spendable to pay for the useless development. A self-feeding nonsense system that happens to produce software that no one would actually want to pay for.
It's community run. There isn't really a "they" deciding anything or paying for things. It's not paid for so much as compensated. Some people have done work on it without requesting any compensation. I think you think there is a more formal system in place here than there is. The only reason there is a bunch of Gridcoin lying around in that foundation address for this is because of the transition from Gridcoin-Classic to modern Gridcoin [1] which arguably probably shouldn't have been done the way it was, but it's too late for anyone to reverse that decision from 2014.
As with the other thread, I don't think continuing this thread will be lead to very much either.
Lastly, I just want to note that for me, the reason that some of this doesn't matter as much to me personally (not that it doesn't matter at all) is because I view Gridcoin more as an addition to the science. If Gridcoin collapsed and went to zero, I still would have done something useful with my machines and helped science. I can't say that about many other coins.
This is the same for any crypto coin. Certainly not unique to Gridcoin.
Ethereum tried to be many things mostly a decentral computer. Turned out to be a super expensive decentral computer and that it isn't really so decentral in the current version. However its technically used this way by some people so that de-facto means it has a valid use case. It can hardly compete against newer similar projects but thats another story.
BCH solves nothing, the larger block size may allows some more Tx but you still have 10min block times and then wait for however many confirmation blocks you want. Not exactly how I imagine p2p cash is supposed to work. and if the throughput would reach the new max with the new block size it would suffer exploding fees just like the "main" bitcoin. It does not scale better it just has a higher limit not one that would allow any meaningful throughput to use it as a global p2p cash system. no one has it to use it as p2p cash. Everyone has it to sell it for profit later on.