Gridcoin thread - June 2020

Team milestones, Badges from projects, congratulations to members regarding personal achievements (such as User Of The Day project awards, or reaching specific targets). Also topics about GRC (Gridcoin) rewards.
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UBT - Timbo
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Re: Hi everyone :)

Post by UBT - Timbo »

ChelseaOilman wrote: Sat Jun 13, 2020 12:48 am I think it's safe to say the only reason this person joined the team was because your team is whitelisted for Gridcoin. He was very active on the boinc-radio section of the Discord boinc channel tonight and I see him in the Discord Gridcoin channel as well. TBF it's part of the reason I joined this team as well but I'm more interested in boinc than Gridcoin. Gridcoin is just a diversion for me.
Hi Carl

Interesting...

OK - a quick question, for you to have a think over...and while I'm having a little trouble getting some sleep tonight...though I'm getting a bit tired again now.

Since UBT was "whitelisted" on GRC, and I "registered" my BOINC CPID, I don't think I've ever had a "payout" of ANY coins on my GRC account...and that's despite running the GRC program in the background and crunching tasks that GRC gives coins out for.

So, is it just a "pyramid-like scheme" where only the Top Crunchers earn GRC and those lower down, might be churning out processing power (via the app) and not actually earning anything?

regards
Tim
ChelseaOilman
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Re: Hi everyone :)

Post by ChelseaOilman »

Your wallet shows your CPID and says Status: Eligible for Research Rewards?
Your wallet has to be unlocked as well I believe.

I haven't been doing it that long and have received 4 payouts so far.

6/9/2020 MINED - POR Amount: 571.18980123
6/4/2020 MINED - POR Amount: 2149.76510124
5/21/2020 MINED - POR Amount: 5840.24700124
5/4/2020 MINED - POR Amount: 510.00060124
UBT - Timbo
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Re: Hi everyone :)

Post by UBT - Timbo »

Your wallet shows your CPID and says Status: Eligible for Research Rewards?
Your wallet has to be unlocked as well I believe.
Hi Carl

Thanks for that.

Yup - my status (on the Gridcoin application) says that and the wallet is unlocked.

I would imagine my "POR" would be a lot less as I'm earning far fewer BOINC credits per month than yourself...but I've not seen ANY payout...and my GRC total is only increasing as I gain a few decimal places of GRC via a free faucet, when I can be bothered to visit it ;-)

I even send an "advertisebeacon" command every couple of months, to ensure I'm on the GRC "radar"...but nothing seems to come of it.

oh well... :-(

regards
Tim
chriscambridge
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Re: Hi everyone :)

Post by chriscambridge »

You need a set amount of GRC in your wallet order to stake within a given period, after that your rewards will be reset back to zero; this is called POS, Proof of Stake. You will also earn interest (for want of a better term) on this balance within your wallet.

I will try and find out roughly how much GRC you need in your wallet to stake (in 2020), and the minimum time period you must stake in; I'll reply back later when I know.

The amount of GRC you earn from crunching is called POR, Proof of Research, and is directly based on your MAG (Magnitude) per project, which in turn is based on your BOINC RAC.

You will also (as you know) need to send out the Beacon every few months, and of course be on a Team which is on the Gridcoin Whitelist, such as UBT.

The easiest way to buy GRC is to go to https://www.reddit.com/r/MarketGrid/ and use one of the Escow users to buy your GRC for Paypal. Or if you are willing to do KYC/AML (Know your customer, Anti-money laundering) ID verification, then you can just go to any Crypto exchange and buy BTC (bitcoin), and then exchange into GRC. Only a few exchanges list Gridcoin (GRC).
Last edited by chriscambridge on Fri Jun 19, 2020 12:04 pm, edited 2 times in total.
UBT - Timbo
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Re: Hi everyone :)

Post by UBT - Timbo »

Hi Chris

OK - thanks for the extra info.

I don't have many GRC's - maybe about 60 or so...and since registering as a BOINC member, I've not seen any GRC "income" as a result of crunching.

And as mentioned, it does seem to be like a pyramid scheme, where you only earn GRC's if you have some to start with (which means you have to buy them, maybe with real money or BTC), in order to have a minimum in the wallet.

If you can find out what the minimum wallet level is, that'd be appreciated. :-) I can then figure out if it's worth wasting some of my time, having the GRC application open all the time, and having to send beacons and visiting faucets to slowly build up my wallet (as it really seems like a great time waster !!).

regards
Tim
chriscambridge
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Re: Hi everyone :)

Post by chriscambridge »

Faucets (taps) are a waste of time as you will need thousands of GRC to stake (POS).

I'll report back when I have an exact figure.

POS is used on a few crypto's nowadays including the 2nd largest (up and coming) ETH 2.0.

The only thing to be aware of is that the Gridcoin wallet does not use the industry practise of a back-up pass phrases (to restore your wallet). You must back up certain file(s) else you will lose your crypto if your hard drive crashes.

I personally don't bother with Gridcoin anymore.
chriscambridge
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Re: Hi everyone :)

Post by chriscambridge »

I will try and find out roughly how much GRC you need in your wallet to stake (in 2020), and the minimum time period you must stake in.
The recommended amount for solo mining is 5000 GRC. This will stake around once a month.
To not loose any of the rewards, you need to stake within six months. After this point, you will see the rewards owed start to roll off since it uses a six month rolling average.
ChelseaOilman
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Re: Hi everyone :)

Post by ChelseaOilman »

Probably should move these Gridcoin posts into an appropriate thread so I and others can find them when needed.

I have 18795.24639495 GRC in my wallet. Around half of that was earned.
ChelseaOilman
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Re: Hi everyone :)

Post by ChelseaOilman »

UBT - Timbo wrote: Fri Jun 19, 2020 11:37 am I don't have many GRC's - maybe about 60 or so...and since registering as a BOINC member, I've not seen any GRC "income" as a result of crunching.
How do you even solo mine with less than 5,000 GRC without being on the Gridcoin team?
With that small amount I don't think it's possible to get any payout unless you crunch for the Gridcoin team.
chriscambridge
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Re: Hi everyone :)

Post by chriscambridge »

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Last edited by chriscambridge on Fri Jun 19, 2020 7:10 pm, edited 1 time in total.
UBT - Timbo
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Gridcoin thread - June 2020

Post by UBT - Timbo »

Relocating some messages about Gridcoin to this thread.

regards
Tim
UBT - Timbo
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Re: Hi everyone :)

Post by UBT - Timbo »

ChelseaOilman wrote: Fri Jun 19, 2020 4:12 pm Probably should move these Gridcoin posts into an appropriate thread so I and others can find them when needed.
Hi Carl

DONE :-)

Also: Check these posts as they were put together by Chris C a while back:

viewtopic.php?f=21&t=6477

regards
Tim
UBT - Timbo
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Re: Gridcoin thread - June 2020

Post by UBT - Timbo »

Hi all

So, does anyone have any Gridcoins they want to sell ?

I'm keen to try and start getting some GRCs in my wallet..and from understanding the tips from THIS thread as well as others, it seems I need to invest in some GRC.

I can buy them from a crypto "exchange" but I don't have any Bitcoins although I had some Etherium tokens, somewhere.

So, it seems like I need to use some real money to get them - so rather than giving some dosh to exchanges, it might make more sense if I give some cash to a forum member, which then does us both a favour - you turn "virtual cash" into some real £/$ (as appropriate) and I get to top up my GRC wallet and maybe then earn some POR (or whatever it's called)...from my BOINC efforts.

So, a sort of "win-win".

From what Chris C was saying I only need maybe about 5,000 GRC...and I don't know what the current "exchange rate" is...but I'm happy to use todays/tomorrow rate accordingly.

regards
Tim
chriscambridge
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Re: Gridcoin thread - June 2020

Post by chriscambridge »

Sorry Tim I have only just seen this post! If I ever don't reply just pm me and let me know.

I have just personally got back into Gridcoin in the last week. The improvements to the wallet and processes are pretty impressive.

You say you have some Ethereum (ETH), well this crypto has skyrocketed in the last few weeks/months, so I would try and find it; you might have a nice surprise waiting for you. Just be aware that ETH tokens are very different to ETH. If you are thinking about the DCP tokens, well sadly they never went anywhere.

If you still want 5K GRC let me know and I'll try to work something out for you.
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