Graincoin [GRN]

Discussion in 'Digital Currencies' started by tozak, Feb 11, 2014.

  1. tozak

    tozak Well-Known Member Silver Stacker

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    Anyone been getting Graincoin?

    I'm going to give this one a punt

    Currently #91 on coinmarketcap
    http://coinmarketcap.com/

    - 50,000,000,000 max coins
    - PoW / PoS
    - It's a minable coin that also pays 5% interest p.a. paid every two weeks (the compounded interest rate is higher than 5%)

    Good support on Bitcointalk;
    https://bitcointalk.org/index.php?topic=361503.0

    Trading on coinedup
    https://coinedup.com

    I like the idea that if you were to acquire 1,000,000,000 coins then you would be getting almost 2,000,000 coins a fortnight in interest
     
  2. Earthjade

    Earthjade Member

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    Sorry, I haven't done the research but, who pays out the interest?
    The algorithm?
    So that would mean not all coins are mined from the total by people, some coins are taken out of the total by the algorithm and paid out as interest?
     
  3. Mitchell

    Mitchell Member

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    How do you work that out?

    5% p.a. is ~0.01% per week
     
  4. tozak

    tozak Well-Known Member Silver Stacker

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    As far as I can tell they are 'Minted' coins the same way Peercoin works, generated through Proof of Stake. I also assume this is taken out of the algorithm some how (not really sure myself)
     
  5. tozak

    tozak Well-Known Member Silver Stacker

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    1,000,000,000 * 0.05 = 50,000,000

    50,000,000 / 26 = 1,923,077 per fortnight
     
  6. Mitchell

    Mitchell Member

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    Oh, I misread it as 1,000,000
     
  7. Earthjade

    Earthjade Member

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    Wait, if there's a coin cap, then it stands to reason that one day you won't get any more interest from the coin.
     
  8. trew

    trew Active Member Silver Stacker

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    turtle me dead when will it end ?

    :lol:
     
  9. tozak

    tozak Well-Known Member Silver Stacker

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    Depends on how it works I guess, if a % of transaction fee's go to pay the interest then it could still work but that would be dependand on reaching a certain amount of coin movement every 2 weeks.

    I don't know if most of these alt coins are really designed to reach full coin cap, I think if they are doing really well by the time they reach full coin cap then it would be worth putting in the time and money into fixing up the coins otherwise they will just die off before then so it does not matter anyway.
     
  10. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    So why does seed marketing need DLT?
     
  11. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Pass.
     
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