Cryptocurrencies: The Bitcoin | GRC Solutions - USA

Why are we not talking about "monetizing" the whitelist?

On the one hand, I feel like Gridcoin has found a wonderfully elegant solution to circumvent the wasteful nature of PoW secured blockchains. Getting paid for doing work with intrinsic value (scientific research); it makes so much sense, you would think it should be the basis of all economy.
On the other hand, it struggles with the same problems as all other cryptocurrencies, except for maybe the top five: there is no intrinsic value to owning Gridcoins. Money exists to be exchanged for goods and services, not just to be sold in exchange for other types of money in the future. I see only two reasons why a person with honest intentions would want to buy cryptocurrencies (again, possibly with the exception of Bitcoin and a handful of other popular coins which can nowadays be used in some stores). Perhaps they believe that the value of the coin will increase in the future (because sufficiently many other people happen to think the same way) so they can sell it and make a profit; this to me seems like just a form of gambling and can hardly be called an honest investment, unless the coin finds a way to make itself useful in the future. The other reason might be - especially for Gridcoin - out of generosity: they want to support the project and reward people participating. This is commendable, but again not a proper investment.
Neither of these motivations will appeal to a rational investor, so as long as Gridcoin keeps relying on them to sustain itself, its long-term value (and thus relevance) will keep decreasing over time. I will even be so bold to say that anyone who claims otherwise is a very optimistic thinker at best, or at worst someone who just wants to see the value of their own coins grow at the expense of some naive buyers. I do not mean this as a personal attack to anyone, and invite anyone to prove me wrong.
Now for Gridcoin, more so than for any other cryptocoin currently on the consumer market, I see a very natural solution to this problem: instead of whitelisting by poll - an overly centralised process, by the way - let researchers buy their products into the whitelist.
There are of course many practical questions to address here. Do we have an automatically calculated price depending on the amount of work in the project and the number of coins in circulation, or do we want to auction spots on the whitelist to increase value? Should we sacrifice all regulation of what kinds of projects are allowed on the whitelist, or do we still need a system to "blacklist" projects which are deemed unethical by the community? Do we keep popular BOINC projects on the whitelist if they do not want to pay for whitelisting but are very popular in the community? I am not trying to answer these questions here today, just want to open the discussion.
Perhaps I am oversimplyfing - please let me know, I am eager to learn! - but I basically see only winners in this scenario. The value and thus relevancy of Gridcoin will increase. More people will join once word gets out that they can let their computers do some science on the background and earn money (nowadays, mining GRC profitably is still possible only under optimal conditions), meaning more computing power used for good. The cost to research institutions buying computing power will be peanuts compared to buying enough powerful computers on their own to run huge amounts of calculations quickly. Provided that the demand for computational power can keep up with the supply of Gridcoin miners, this should hopefully lead to a more stable and reliable value for Gridcoin, which in turn might attract vendors to accept the coin as payment method. This last point seems like the main point of uncertainty to me: will research institutions trust the network enough to invest money in it?
What are your thoughts?
submitted by Hopkins-Levitzki to gridcoin [link] [comments]

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