Bitcoin’s Sunset Grin’s Sunrise

1.Goverment Moneys

2.Bitcoin

Bitcoin’s Monetary Policy

  1. With Bitcoin, the interest system that enslaves people has completely disappeared.
  2. Nobody is capable of seizing anyone’s Bitcoin.
  3. Since the rules of monetary policy are clearly defined in advance, it is not possible to create injustice.
  4. Bitcoin has no central managers.
  1. Limited supply encourages people to get a share of the total Bitcoin amount.
  2. Halving periods are the most important factors supporting price outflow.
  1. The total amount of Bitcoin is 21 million and now 17 million units are produced. It will exhausted after 4 million.
  2. If everyone buys 1 bitcoin, 21 million supplies will not be enough for the world population. So even a person with 1 Bitcoin can be rich.
  3. Halving is coming. Miners will raise prices. We need to get Bitcoin now.
  1. The first is that Bitcoin cannot be decentralized. Let us explain this to you with examples. We know that Bitcoin has a limited supply of 21 million. Have you ever thought about the possibility that a person or a community could have 11 million Bitcoins? Although we address Bitcoin as a decentralized crypto currency, it is necessary to know that, with its limited supply, a person will become a central owner of Bitcoin without ever doing anything after having 51% supply. For this reason, when we check the current wallets at Bitcoin, we see that an average of 2,000 people, except stock exchanges, account for nearly 38% of the total Bitcoin. We see that 57,5% of the total 16,500 people have shares. When we consider that the world population is 7.53 billion, we see that 38% of Bitcoin is in the hands of only 0.000000263% of the world population. We draw your attention, this is less than 1%, 3,800,280 times lower. We see that 57% of Bitcoin is in the hands only 0.00000219% of the world population. Again, we draw your attention that this rate is 456,600 times lower than 1%. You also need to know this. 99% of the world’s money is in the hands of 1%(link). Bitcoin is no different from that. In summary; The fact that more than half of Bitcoin today is in the hands of others at hundreds of thousands of times less than 1% of the society shows us the problem of decentralization in this monetary policy. Link; https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
  2. The second major deficit in this monetary policy is the 51% attack that will occur after the end of the limited supply, or after the block rewards have decreased considerably, as the network compensates itself for hashrate. Let us explain in detail.
  1. Firstly; When Satoshi Nakamoto released Bitcoin, he knew that there could be a 51% attack, and he made many statements on the whitepaper. One of the explanations summarizes the whole subject; “Bitcoin can be attacked at a rate of 51%, but the person who will do so must be aware that this action will destroy the price of Bitcoin. Therefore, the cost of the attack will cause worthless Bitcoins to remain in their hands and will be harmful.” Satoshi has called on everyone to earn fair money and he says that unfair money does not make any profit. But, when we look at the history of crypto coins, we know that many of them, including the popular ethereum classic, bitcoingold, zencash, monacoin, suffered 51% attacks. So perhaps, the only vulnerability in the system are using for abuse from people.
  2. Another issue is why Satoshi chose that monetary policy knowing in the future this policy could get a 51% attack from people. Satoshi was probably aware of that but It is necessary to know that Satoshi had to choose this monetary policy to increase Bitcoin’s price and therefore its popularity. Because it is not difficult to predict that if a structure that could create an ecosystem like Bitcoin from scratch alone had an unlimited supply at the beginning, it probably would not have reached its current position. If you remember the psychological effects that we have shown above, people who do not know Blockchain’s B, Bitcoin’s technological infrastructure, and T’s have made it so much in demand to Bitcoin and made it popular today.

3.Grin

  1. By building Bitcoin’s purpose of being more advanced than random wallet addresses, it has created a completely confidential and secure structure and while building this confidentiality, it kept its scalability.
  2. It carried forward to scalability and fungibility that Bitcoin and many crypto currencies had in a different way (eliminating old transactions) rather than keeping the block sizes big or dividing the network with solutions like sharding, and created a scalable and lightweight blockchain network.
  3. And finally, Grin has taken the monetary policy of all crypto currencies one step further. This statement will be explained below in detail.

Grin’s Monetary Policy

  1. In this way, Grin has the most fair monetary policy ever made. Because it prevents an investor who owns 51% of Grin today to become a central owner of Grin forever. Thus, Grin has the title of being the rare crypto currency that can be referred to as decentralized crypto currency.
  2. Grin will not be in danger of being destroyed, as will happen with Bitcoin and many crypto currencies. Because miners have a constant emission rate, they will be affected from price ups and downs at the lowest rate compared to other crypto currencies. Thus, the 51% attack probability will be very low and they will have miners who will protect the Grin network forever.
  3. Grin will be the most universal currency. Because the emission is constant and forever, Grin can be obtained by everyone, not just whales.

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#Blockchain #Cryptoanalysis #Technicalanalysis #Miningsystems Energy Engineer — Economist(2) madenuzmani@gmail.com

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Cihat Öztürk

Cihat Öztürk

#Blockchain #Cryptoanalysis #Technicalanalysis #Miningsystems Energy Engineer — Economist(2) madenuzmani@gmail.com

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