An attempt at valuation:
Bitcoin - 12.5 coins per block, 6 blocks per hour = 1800 coins per day x $3600 = $6,480,000 cash injection required per day to maintain current price
Grin - 50 coins per block, 60 blocks per hour = 72,000 coins per day x $6.5 = $468,000 cash injection per day to maintain current price.
Therefore Grin requires 7.2% of the cash injection of Bitcoin on a daily basis to maintain its current price.
Is Grin worth 7.2% of Bitcoin at this time? Definitely not. It is an untested coin with extremely low adoption and a serious pain in the ass to transfer as both parties have to cooperate to make a transfer happen.
Conclusion: Grin is currently highly overvalued at $6.5
Agreed...
But that's kinda the norm when an ultra hyped coin launches, no?. Market value is a joke.
We all know it will be a few cents in no time... then the usual pump dump thing.
Wasn't z-cash like 6 btc per coin momentarily when it launched or some such nonsense?
It's so much easier to find the true value by using hash... This is still waaaay too profitable to mine. The miners pressure will eventually bring this down to $1/1080ti/day, it always does. Either hash has to continue to rise or price needs to keep falling for equilibrium.