Privacy-Focused Cryptocurrency Grin Gets ridiculed For Its Early Mishaps by Crypto Community

The recently-launched privacy-focused cryptocurrency Grin has been criticized and accused of wrongdoing. The controversies around it continue to grow after being launched just a few days ago. According to the founding partner of Primitive Ventures, Dovey Wan, Grin’s trading volume is larger than its total supply.

According to her, this shows that centralized exchanges can simply print more Bitcoin out of thin air without necessarily having the funds to back them.

A few exchanges started Grin trading before the coin is even minted, and some of them have volume > the total available supply.

This reveals a bigger time bomb of centralized exchanges that can print more *BTC* out of thin air with a non-solvent BTC reserve.

— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) January 18, 2019

Dovey Wan explains that there are a few centralized exchanges that started trading Grin even before the coin was minted. These digital assets were quoting volumes that were much higher than the real supply of this digital asset.

As Wan explains, Grin’s inflation schedule is calculable and it requires 1440 blocks confirmation for Coinbase reward maturity. Before this, it is not possible to spend the Coinbase output.

the volume I referred to is the initial volume on sell order book for the first few hours. 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.

— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) January 18, 2019

She went on saying that centralized exchanges are a black box that no one knows if their internal book is able to be synchronized on-chain. This digital currency has implemented the Mimblewimble technology that improves privacy for users. This release is very important for the crypto community because the technology has been tested since 2016. Now, it is the first time that it is ready for commercial use.

Another thing that affected Grin is the fact that its price moved down from $261 to around $6.6 in just a few days. This crypto has a different supply compared to other coins that have limited their issuing. Almost every single second a new coin is created.

At the moment, there are several digital currency exchanges that are offering this virtual currency, including Bibox, CoinEgg, BigONE, MXC and BitForex. There are other mining pools that could allow users to mine this digital asset.

The digital asset is allowing for new experimentation. The Mimblewimble technology is going to change the way in which some virtual currencies behave. In the future, there might be other coins implementing this technology. Currently, the controversies that Grin is experimenting are harming the project and could not be positive for the future of this asset.

The incentive can be strong – simple print more *BTC*on other hand short BTC, and get the real BTC from trx fee at no cost 😳😳

we need more scrutiny into the shadow banking equivalent of crypto otherwise will fail for the same old greed

— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) January 18, 2019