RE: OMG... Why Gridcoin might become a Top 10 coin before the end of this year?!
Thanks for this article! I agree that users spreading the word is key and that bringing in long-time BOINCers is a good idea. I still think that installation and setup are the biggest hurdles for non-techie people with no previous experience in cryptocurrencies. Maybe the process has improved but it was a long nightmare for me to get from wanting to do gridcoin to where I actually had everything working properly. Typing gibberish into console windows, joining multiple crypto websites to get bitcoin then trade it for gridcoin then send it to your wallet after you've troubleshot a few unexpected errors...
Do we know how much gridcoin one needs in their wallet to collect research rewards regularly? I don't know how many BOINCers will be willing to invest $100-$500 just to hopefully get paid a few dollars a week and if enough people do, won't the amount required just go up?
To collect research rewards regularly, the amount of GRC in your wallet is actually largely irrelevant. What most newer members don't realise is that your wallet's 'estimated time to earn reward' is based on staking weight only. Research mag plays a large role in your actual payment rate.
I have a magnitude of about 640 today, and have been paid out four times already, despite only having 1000ish GRC...
What we will be seeing is a massive drop in GRC/mag paid out as more members join the community, as is to be expected. If you look at the growth rate of compute contributed to some projects, there is an almost exponential trend over the last weeks.
That is good to hear! I wonder if that is a recent change. It would make lots of sense.
Actually, it has always been like that. If you had BOINC running on one PC, you had enough research magnitude to receive rewards quite often, even if you had only 200-300 GRC in your wallet. However, if Gridcoin network increases 100x in size, magnitude will get dilluted for everybody and things may yet change.
But on the other hand, rewards are getting bigger - it's possible now (even for home users) to earn close to $1000 per month, solely through running BOINC and mining Gridcoins. Check @xaqfields and his experience:
https://steemit.com/gridcoin/@xaqfields/i-m-a-boincer-not-a-miner-how-i-built-two-gridcoin-boinc-powerhouses
Nice. Thanks for the info!
Thank you very much for your detailed comment, @johniec.
"Typing gibberish into console windows, joining multiple crypto websites to get bitcoin then trade it for gridcoin then send it to your wallet after you've troubleshot a few unexpected errors..."
When did you start with Gridcoin? Was it Gridcoin classic, before the burn process?
I started in October of 2015 (according to my wallet). I think that was after Gridcoin classic, but still many versions of the wallet ago. Some setup and most troubleshooting was in the console. I was new to cryptocurrency so that added several steps in terms of figuring out the right sites to join to get bitcoin and trade it for Gridcoin (which are the most secure, which can you use based on your country of residence, etc.). My computer crashed once with the wallet open and getting the wallet to work again was pretty technical/challenging for me. I am still really glad I stuck with it, just sharing since we are hoping to attract new people from new backgrounds.