Crypto Controversy: New Privacy Oriented Cryptocurrency “Grin” Accused for Wrong Doing


Grin

Crypto Controversy: New Privacy Oriented Cryptocurrency “Grin” Accused for Wrong Doing

Grin, a new privacy-oriented cryptocurrency and the second implementation of a MimbleWimble blockchain seem to have already surrounded itself with controversy. According to the recent tweet put forward by the Dovey Wan, founding partner of Primitive Ventures, Grin’s trading volume is more than its total supply.

Grin volume is a time bomb created by centralized exchanges says Wan

In a series of tweets put forward Dovey Wan, a few centralized exchanges that have started trading Grin even before the first coin was minted and have been using the new coin as a shield to print more *BTC* out of thin air with a non-solvent BTC reserve. According to her, these exchanges were quoting volumes which was much greater than the available supply of Grin

According to her the motive behind this wrongdoing is quite strong as these exchanges, one hand simply printing more *BTC* and on the other hand, are shorting BTC eventually earning a real BTC from transaction fee at practically zero cost

Referring to the early first few hours volume on the sell order book of these exchanges, Wan points out that Grin’s inflation schedule is calculable, and it requires 1440 blocks confirmation for Coinbase reward maturity, before that you can’t spend the Coinbase output.

Pointing at Centralized exchange Wan says,

“Centralized exchange is a black box that no one knows whether their internal book can sync on-chain. With tons of limitations on withdrawal, print out fake BTC is totally doable result in fractional reserve”

Grin uses the Mimblewimble privacy tech which takes crypto privacy to a very different level. This new protocol melts together all the transactions from the individuals, so nobody can actually track them. The hype for launch was big because the technology was already in the works since 2016 and it took a long time to be ready. On January 15, 2019, at 17:38 UTC, the genesis block has appeared and a new era has begun for this tech.

Grin had debuted with a high price of $261 per coin after its first block was mined but within subsequent 24 hours, the coin lost as much as 98% of its value and currently trades around USD 6.60 due to the expansion of its coin supply.

There are currently five crypto exchanges that have listed and are trading Grin, which includes BitForex, Bibox, CoinEgg, BigONE, and MXC. Meanwhile, five mining pools such as UUPool, F2Pool, BTC.com, Bixin, and Spank Pool have announced their filing rules for the corresponding wallet addresses.

With Grin’s introduction, privacy in cryptocurrency would reach to a next level but this initially controversy is scary. Will the team behind Grin and exchanges come clear on this is something one will have to wait and watch.

Will Grin write a new chapter for privacy coins or will it fizzle out in controversy? Do let us know your views on the same

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Crypto Controversy: New Privacy Oriented Cryptocurrency "Grin" Accused for Wrong Doing
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Crypto Controversy: New Privacy Oriented Cryptocurrency "Grin" Accused for Wrong Doing
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Grin, a new privacy-oriented cryptocurrency and the second implementation of a MimbleWimble blockchain seem to have already surrounded itself with controversy. According to the recent tweet put forward by the Dovey Wan, founding partner of Primitive Ventures, Grin’s trading volume is more than its total supply.
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Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Author: Nilesh Maurya

Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.

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Nilesh Maurya 687 Articles

Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.

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