This month’s crypto carnage is based on not a shred of “bad news” – and frankly, makes last year’s “bear market based on nothing” feel like the post Mt Gox FUD environment.
It just goes to show how incredibly young and immature the sector remains, despite all that’s been accomplished. Let alone, how much brighter the outlook is, for an asset class capable of usurping essentially all legacy financial functions – in a world where, with each passing day, the myth of fiat currency strength is further shattered.
Aside from this ridiculous Bitcoin plunge – given its record hash rate, and the fact that essentially all froth from this summer’s surge is gone – a well-deserved altcoin purge is ongoing. Thousands of coins will die or become zombies, whilst dozens – many, not yet launched – will be huge winners, as the Digital Age unfolds.
Within the winners, I expect MimbleWimble coins to be atop the list – as they (Grin and Beam) were this year…until they plunged this month, amidst Bitcoin’s crash below its “descending triangle” base; a perfect example of the baby being thrown out with the bathwater.
Frankly, I see no way MimbleWimble isn’t a MAJOR part of the crypto landscape next year – as the stronger Bitcoin becomes, the more attracted investors will be to the FACT that MW technology is FAR superior to current blockchain protocol…and thus, WILL become extremely valuable, either on its own, as part of Bitcoin, or both.
Interestingly, this week Grin “re-flippened” Beam – i.e., its market cap is once again higher. This is a topic I have written several articles about this year (found at www.mwc.mw); first, when Beam first approached Grin’s market cap; and then, when it surpassed it.
Regarding WHY these flippenings have occurred, there is no obvious answer. Yes, Grin’s infinite supply makes it (in my view) un-investable; but then again, Beam’s 263 million supply limit isn’t so hot either. Not to mention, the fact that despite this, Beam already has nearly twice as many coins outstanding (41 million) as Grin (23 million), given its huge early inflation schedule. This, compared to MWC – which will launch with about eight million outstanding, of its total supply cap of 20 million - that will take 100 years or so to reach.
Technology-wise, neither protocol has revealed itself to be markedly superior or inferior – which shouldn’t matter either way, given that issues (or advancements) of one MimbleWimble coin’s code, can seamlessly be fixed (or incorporated) into the others. So, if anyone is wondering “why” the flippenings have occurred – I would simply defer to MWC Lead Dev Chris Gilliard, who has no idea.
That said, with just 3½ weeks until MWC launch – and 7½ weeks until BTC airdrop claims – I can’t say I’m unhappy with these developments. If at that time of MWC’s launch, Grin is valued above Beam despite having unlimited supply, it would suggest investors deem it (rightly or wrongly) the superior platform. If so, MWC may will be valued ABOVE BOTH at launch, given its superior financial characteristics (including an in-kind dividend) – not to mention, AT LEAST equally powerfully technological capability, and the loyalty of Bitcoin community members who received it for FREE.
The MWC airdrop registration ended July 19th, with MainNet launch scheduled for November 11th, 2019, and claims on December 11th, 2019. A total of 148,474 Bitcoin registered – roughly 1% of the entire BTC float - yielding an MWC/BTC ratio of roughly 40.41. For more information, please check out the MWC website, Discord room, Twitter feed, and Telegram Forum.