New private cryptocurrency Grin surrounded himself with not the best news since the first days of its creation. The project is a second practical implementation of the new blockchain MimbleWimble. Co-founder of Primitive Ventures Davie van called Grin “time bomb”.
All the matter in the huge trading volume of coins that exceeds even its capitalization. Van noticed that some of the centralized crypto currency exchange has opened bids Grin before the time of issue of the first token. In other words, stock exchanges are trying to release a non-existent bitcoins “out of thin air”.
Fraud in the trading of cryptocurrencies
To turn “virtual” into a real bitcoin cryptocurrency simply exchange use fake volumes in trades to open short positions on Bitcoin itself. They can also earn commissions from their customers, because they essentially are non-existent coins Grin.
A few exchanges started trading Grin 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 Wan ? (@DoveyWan) January 18, 2019
Centralized exchanges are a black box, inside of which what’s happening is hidden from prying eyes. We don’t know, synchronized orderbuy exchanges in the blockchains of coins and how to actually calculated Commission for trading operations.
Recall, Grin uses a Protocol MimbleWimble, which is supposed to give fans a new level of privacy. The system “connects” all the transactions for users so they are almost impossible to track. About HYIP Grin is quite understandable — the design of the blockchain was conducted in 2016 and were hearing cryptocommunist.
Now the Grin tokens are traded on five exchanges — BitForex, Bibox, CoinEgg, BigONE and MXC. At the same time, mining pools UUPool, F2Pool, BTC.com, Bixin and Spank Pool release their guidelines for working with purses for miners Grin. But investors in the cryptocurrency had hard times since the start of trading Grin already declined by 98 percent, down from 261 to 6.60 to the dollar.
What do you think about the coin are you? Please share your answers in cryptodata.
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