The State of Gridcoin: Charts, Statistics and Figures



Gridcoin was in a sideways lull for most of the summer, oscillating between 300-400 Satoshis on Bittrex and Poloniex, but the past two months have been very exciting - to say the least. September ushered in a massive bull market that has propelled this innovative cryptocurrency to a new all-time high of 2088 Satoshis (0.00002088) - a six-fold increase in the space of two months! According to figures provided by Coinmarketcap, Gridcoin is currently ranked 20th with a market capitalization of $1,809,350.

Membership Statistics:

This rapid appreciation of the GRC/BTC exchange rate has also had very tangible knock-on effects on the growth of Gridcoin's user base. I compiled some figures from Boincstats.com, which very clearly illustrate this trend. Team Gridcoin had a steady influx of new members throughout the month of August, averaging about 2.9 new members per day, with a few sporadic jumps here and there.

Gridcoin-August-2015-New-Members


However, the data for September clearly shows a surge in new Boinc members joining Gridcoin. The average jumps to 7.5 new members per day, with a total of 225 new members for the month of September.

Gridcoin-September-2015-New-Members


Although there is still two weeks left of October, the membership statistics for this month are even more telling. Team Gridcoin has received 260 new members in the last 17 days, and is currently averaging about 15.3 new members per day. That is almost double the average of September and we're only half way through October!

Gridcoin-October-2015-New-Members


Faucet Statistics:

Gridcoin's official faucet provides a small amount of GRC to newcomers who can show that they have already joined team Gridcoin, and have done some work on the Boinc project of their choosing.
Log data provided by the official Gridcoin faucet shows a very sizable increase in the amount of faucet request, and also in the amount of disbursed GRC in the past two months. Data for September revealed 103 unique faucet requests, which totaled about 30,074 GRC. The first 17 days of October posted much higher figures, coming in at 248 requests and approximately 82908.3 GRC being dispensed.


Other Developments:

The recent streak of good fortune the Gridcoin community has experienced over the past two months seems to have caught the attention of one prominent Australian economist, John Quiggin. In one of his recent articles on digital currencies (Bitcoins are a waste of energy - literally), Quiggin points out the 'useless' nature of the calculations performed in the Bitcoin mining process and the environmental damage that will result if this type of mining continues unabated.
"In essence, the creation of a new Bitcoin requires the performance of a complex calculation that has no value except to show that it has been done."
"Fortunately, it's unlikely that Bitcoin will survive long enough to generate the environmental disaster that would arise if it became a major part of the financial system."
In contrast to Bitcoin's POW (Proof-of-Work) mining, Gridcoin was specifically designed to divert electricity to Boinc scientific distributed computing projects via its POR (Proof-of-Research) mining algorithm. This is probably why John Quiggin took a liking to Gridcoin on Twitter:


Conclusions:

Based on the membership figures and faucet data, it would appear that the recent price increase has provided sufficient incentive for many miners and first-time digital currency users to join the altruistic vision behind Gridcoin. If GRC/BTC continues to drift higher, or even if it trades in the current range, it would not surprise me to see an even bigger influx of new Boinc members in November and December.



Sources:
http://www.abc.net.au/news/2015-10-06/quiggin-bitcoins-are-a-waste-of-energy/6827940
http://pool.gridcoin.us/FaucetStatus.aspx
http://boincstats.com/en/stats/-1/team/detail/118094994/memberMovement

The Free Gridcoins Guide



There are several different methods by which you can expand you Gridcoin holdings without spending a single penny of your own funds. The quickest way to obtain GRC is through the faucet system that several generous members of the community have setup. The faucets are designed to get newcomers familiar with digital currencies and to also give a small amount of Gridcoins to existing Boinc participants in order to welcome them into the Gridcoin ecosystem.

Faucets: 

Gridcoin.asia Faucet: http://faucet.gridcoin.asia/

Rules: This faucet dispenses 1-3 Gridcoins every 3 hours and does not record IP address of past users. The only limitation is that the same IP cannot request coins within 3 hours of a previous request. This faucet is operated by a long-time member of Gridcoin community, sEpuLchEr.

Cryptospout's Hourly Gridcoin Research Faucet: https://cryptospout.com/faucet/hourly_gridcoin_research_faucet.html
 
Rules: This faucet dispense GRC every hour, but in much smaller amounts than the other faucets. The amounts are usually between 0.194 on the low end, and up to 0.389 on the high end. 

USCORE: http://uscore.net

 
Rules: The USCore page is run by GRC Nation, an enthusisat Gridcoin community based in Germany. USCore isn't really a faucet in the traditional sense, and users are required submit their email address in order to receive the free coins.


Tip Bots:

Another great way to receive and earn some GRC is to join the Gridcoin IRC chat on Freenode. Many members of the community frequently 'Tip' members of the chat group for helping out new members and contributing useful content. Sometimes you may even get tipped because someone just happens to be in a very generous mood:

 

IRC Games:


There is another IRC channel where users can play various games and earn GRC for winning: Gridcoin-Games. The games do not require any monetary investment from users and are actually quite fun to play. Some games such as "Scramble" require users to decipher words in order to get a small 1-2 GRC reward. If you can't invest much or have some spare time to kill and want to have some fun, the games IRC channel is a great way to kill some time and maybe win some coins.

 
Forums:
 
The official Gridcoin forum is full of generous members who frequently go out of their way to assist newcomers with advice and small amounts of GRC: https://cryptocointalk.com/topic/32833-starter-coins-for-beginners/
 

Cryptocurrency Exchange HolyTransaction Integrates Gridcoin

Today is a good day: Holy Transaction finally decided to integrate Gridcoin into its trading platform. I mainly trade digital currencies on the big exchanges such as Poloniex, but I decided to give the HolyTransaction (HT) platform a whirl to get a feel for the execution and functionality. Upon signing up and logging into my account, I noticed that the design of the site is very simple and intuitive. It really is refreshing to see an uncluttered exchange that doesn't require users to have a Ph.D in computer science. I deposited a small amount of GRC and noticed that the coins were deposited in my account after only 1 confirmation, which is very speedy when compared to the 5-10 confirmations that other Gridcoin exchanges require.

Trading: 



The conversion between different digital currencies on the HolyTransaction platform is actually very simple: just select which cryptocurrency you would like to purchase and with which Crypto/Fiat currency you would like to pay. I was very pleasantly surprised at the overall simplicity of the trading process. The trading window consists of simple order form with a quotes window on the right side - simple and efficient. HT does allow users to use US dollars to purchase cryptos, but not for US residents, due to various regulatory issues. HT is also accessible through smartphones and this allows iPhone users to get their hands on GRC, which was not possible prior to today's announcement! Big victory for Gridcoin in that regard!

Conclusion:

Buying and selling Gridcoin on the HT platform is a breeze. The fiat funding option makes it much easier for new investors to enter the alternative cryptocurrency market without the need for Bitcoin!


Image Source: https://holytransaction.com

Bitcoin Technical Analysis for 09/20/2015



Bitcoin has been grinding in a tight range for the past two days, but I think there is some potential for a bullish move in the coming days. Price is currently trading above two key pivot areas - $230.30 and $229.00! I would consider the pivot at $230.30 to be a "major" one, as this area has been respected about three times as support/resistance. The pivot at $229 is of less significance, but this level should not be ignored, as the price used this level as resistance on the 16th, and as support on the 17th. Unless price plunges down through both of these pivots, the path of least resistance seems to be UP! So, I would look for long entries near these important levels.



The 4-hour chart is also showing a "Head&Shoulders" technical pattern forming, of course the right shoulder has not formed yet, but the setup is there. If I were trading this setup, the ideal buying price for me would be right at, or anywhere between $229 and $230.30!



Chart Source: okcoin.com

USDJPY Technical Levels for 09/16/2015

If you trade the USD/JPY Forex pair, keep your eyes on the the 120.46 pivot level. This area did provide resistance yesterday, as the market reversed rapidly once it his this level. Today price managed to breakout over 120.46 and when price retraced back down, the 120.46 level then provided support. Price is currently hoovering around 120.61, so the 120.46 level should now act as support again. However, if price does make it under 120.46, today or tomorrow, then this level will most likely turn into resistance again. Trade accordingly!


Intraday USDCAD Price Pivot for 08/21/2015

The 5-minute chart is showing two very defined pivot levels on the USD/CAD Forex pair. The 1.311 level acted first as resistance, and then as support, almost to the pip. This kind of alignment doesn't occur very frequently, but it does happen sometimes, so mark this pivot zone on your chart.

The second daily pivot area can be found at 1.314. The market had some trouble getting over this level earlier in the morning. Once price made it over 1.314, this level was then used twice as support! In my opinion,1.314 pivot area is stronger than 1.311!

The USD/CAD is currently trading above these pivots, so these price levels will very likely act as support! 


GBPAUD 30-Minute Chart Pivot Levels for 08/20/2015

The 30-minute chart on the GBP/AUD forex pair clearly shows how well respected the 2.1390 area has been in the past several trading days. This level caused quite a bit of problems yesterday as price was unable to get over it on two separate occasions. Price also used 2.1390 as support today, so this level should be watched very carefully. Price is currently trading at 2.134, so 2.139 is likely to now act as resistance again.


EURAUD 30-Minute Chart Pivot Levels for 08/17/2015

The 1.5062 area has become a major pivot zone on the EUR/AUD Forex pair. This level has provided support for price on three separate occasions since the 14th of August, and three times as resistance as well. The market is currently trading around 1.5070, so this level may act as support now! Keep an eye on this area if you are trading the EUR/AUD!!!


EURUSD 30-Minute Chart Pivot Levels for 08/17/2015

Ma favorite pivot zones are areas that have been used multiple times as both support/resistance, and the 1.1107 area on the EUR/USD Forex pair is just that! This zone acted twice as support, and twice as resistance, so a very solid pivot area that has proven itself over the past three trading days. Price is currently trading at 1.109, so the 1.1107 zone is likely to now act as resistance.


GBPJPY 15-Minute Chart Pivot Levels for 08/14/2015

The 15-minute chart on the GBP/JPY Forex pair is pretty clear about the 194.40 pivot area. This are provided quite a bit of support yesterday. When price came to 194.40 from underneath today, this level provided very solid resistance, and the market plunged as soon as it hit this level. Price is coming up to this are again today, and I think it is very likely that this level may act as resistance again, so keep an eye on it!


GBPUSD 30-Minute Chart Pivot Levels for 08/14/2015

This is porbably one of the strongest pivot levels I have seen on the GBP/USD Forex pair in a long time. The 30-minute chart clearly shows how many times the 1.5610 area has been respected as support/resistance over the past two days. This level is likely to now act as support as price is trading above this area.


EURJPY 30-Minute Chart Pivot Levels for 08/11/2015

The EUR/JPY Forex pair has been on a major rally over the past two days. Even in bull markets such as this, pivot areas do form! The 136.78 area is a very clean pivot zone in my opinion. This area was respected by the market as support/resistance, so I think it bears a mention. This area is likely to provide some support in the future, since price is currently trading above 136.78.


EURCAD Intraday Pivot Levels for 08/10/2015

The 15-minute chart on the EUR/CAD Forex pair is showing a nice pivot area at 1.44! This level was used once as support by the market, and twice as resistance. The price action around this area seems very clean, so I consider the 1.44 level a significant pivot level. If the market makes it back up to this area again, it is very probable that the 1.44 level will now act as resistance.

Gold Intraday Pivot Levels for 08/10/2015

You know you got yourself a major pivot zone when you have three touches on either side of a particular price level. The 1095.50 area is a MAJOR pivot area on XAU/USD (GOLD)! The market had a very hard time getting over this zone, and once it did, the 1095.50 price level then acted as support about three times as well. When a price level is respected this many times in such a short period: you know the "big boys" are watching it!! This level is very likely to act as support in the future, since price is now trading above this area.


GBPUSD Intraday Pivot Levels for 08/10/2015

The GBP/USD 5-minute chart clearly shows the technical significance of the 1.5478 price level. This area has been used as both - support and resistance - since the markets opened on Sunday. The pair is currently trading above this price level, so this pivot zone is likely to now act as support, if the market descends to this level over the next 24 hours.


Litecoin Technical Analysis for 08/08/2015



Digital currencies are becoming more and more liquid, and some of the major cryptocurrencies such as Litecoin/Bitcoin have become very suitable for technical analysis. I have been trading Litecoin for about two years now, and I have observed very forex-like behavior on the Litecoin charts, especially when it comes to support/resistance levels.

Price Pivot #1: $4.30

This level has been used multiple times as resistance, as well as support. I would consider this a price pivot area. Litecoin is currently trading bellow 4.30, therefore this level is likely to act as resistance now!


Price Pivot #2: $4.15

The 4.15 area does have a few more touches than the 4.30 level. I would say this zone caries a bit more weight from a technical perspective. This level was used as support on three separate occasions, and twice as support. Definitely a strong and proven pivot zone. This level is also likely to act as resistance, since price is currently trading bellow 4.15!


Price Pivot #3: $4.50

The 2-hour Litecoin chart really shines here as it cleanly shows all the instances the market bounced from 4.50 price level; four times as support; once as resistance. I consider this a major pivot area, any future market rallies will most definitely meet resistance at 4.50! Mark this one on your charts!




Chart Source: https://www.okcoin.com/market.do?symbol=1

AUDUSD Intraday Pivot Levels for 08/07/2015

Both - 0.7357 and 0.7377 - are great pivot areas on the AUD/USD forex pair, at least in my book. The 0.7377 area has acted about seven different times are resistance (orange arrows) in the past 24 hours of trading, and once as support. The 0.7357 area is not as strong of a pivot as 0.7377, but the 5-minute chart is showing that this area has been respected by the market, so it does have technical significance. Mark these two levels on your charts and look for trading opportunities in those areas.


EURJPY Pivot Levels for 08/06/2015

The 5-minute chart on the EUR/JPY forex pair is showing a nice pivot zone at 136.19. Price had trouble getting over this level earlier in the day (red arrow). Price also used the 136.19 area as support (green arrow). I now consider this level to be a valid pivot zone, so if the market descends back down to this area over the next 8-12 hours, look for trading opportunities there!

Gold Intraday Pivot Levels for 08/06/2015

I love pivot zones where everything lines up nicely. The 1086.50 level on the XAU/USD pair (Gold) is one such level. The 5-minute chart clearly shows that this area has acted as support, and also as resistance, so this level is definitely considered a pivot zone in my book.


AUDUSD Intraday Pivot Levels for 08/06/2015

The 0.7347 area seems to be a proven pivot zone on the AUD/USD. This level acted as support, twice, and then as resistance, once price broke underneath. This are could provide some resistance now, since price is now trading underneath this area.


Another Pivot Area on GBPUSD Today

Here is another nice pivot area on the GBP/USD forex pair. The 1.5627 area has been respected quite a few times over the past two days. If price comes up to 1.5627 again, there is a good chance that this level will act as resistance again.


GBPUSD Intraday Pivot Levels for 08/05/2015

The 1.5570 stands out for me as a proven pivot area on the GBP/USD forex pair. This level acted twice as support, and twice as resistance! If price does come down to 1.5570 in the next few days, this level is very likely to act as support, so mark it on your charts.


AUDUSD Intraday Pivot Levels for 08/04/2015

The 0.7400 level on the AUD/USD pair has seen quite a bit of action over the past few hours. I have marked on the chart bellow where the market made use of this area as support/resistance.


EURJPY Pivot Levels for 08/04/2015

The 135.80 price level on the EUR/JPY FX pair has been utilized as support/resistance a few times in the past 24 hours. I have marked the support instances with green arrows, and the resistance ones with red. In my experience, some of the best trade opportunities occur right off these types of pivot zones, even on the 5-minute chart. So keep an eye on 135.80!!!


EURAUD Pivot Zone for 08/03/2015

The 15-minute chart shows a pretty clear-cut case for the 1.4350 level on the EUR/AUD pair. This area has been used extensively as resistance/support. Price has been supported by the 1.4350 level about three times in the past 24 hours, so I would say this area is of technical importance.


USDJPY Intraday Pivot Levels for 08/03/2015

The 124.19 level on the USD/JPY forex pair has been used quite extensively in the past few hours. Twice as support, and twice as resistance. A very solid intraday price pivot in my book! If price does comeback to 124.19 in the future, this level will most likely act as resistance again.


EURUSD Pivot Levels for 08/02/2015

Major Pivot:

The 1.0960 area has been used as resistance on the 31st of July, and then as support on the same day.

 
Minor Pivots:

I consider both of these levels - 1.1040 and 1.1068 - to be minor pivot areas, as they are mostly visible only on the 5-minute charts. The charts show that both of these areas were clearly respected by the market! If you trade the lower time frames, make sure to watch for trading opportunities off these levels, I know I will be!!! :)



Intraday AUDUSD Price Pivot for 07/31/2015

The 0.7309 price level on the AUD/USD has now been used as support and resistance. A pretty clean-looking pivot in my view, so mark this area on your charts.



Intraday USDCAD Price Pivot for 07/31/2015

The 1.3030 level has been respected by the market as both - support (green arrows) and resistance (red arrow) - so I consider this level a price pivot area. In my experience, some of the best trades occur at established pivot areas, so keep an eye on 1.3030!


Intraday GBPUSD Price Pivot for 07/31/2015




Intraday AUDUSD Price Pivot for 07/30/2015

The 0.7286 level has been used by the market extensively over the past 24 hours. This level has provided support (green arrows) on three separate occasions. The market then had a very tough time getting over this area just a few hours ago (red arrow), so this level is pretty well established by now. The 0.7286 zone should be watched very carefully!!


Intraday EURUSD Price Pivot for 07/30/2015

The 1.0965 area has been used quite heavily as support (green arrows) and resistance (orange arrows), so this area can be considered an important pivot zone. Mark this area on your charts!


ZebPay Hosts Largest Bitcoin Conference In India




The on the 19th of March, ZebPay hosted the biggest Bitcoin Conference (The Future of Money) on Indian soil to date. Bitcoin awareness in India is still fairly limited: the conference was held in order to introduce the concept of digital currency to students and the general public. The event was sponsored by several leading Indian bitcoin companies (iGot, Blockstreet and CoinSecure). The conference was attended by more than 500 people, including Mrs. Anar Patel, daughter of Gujarat’s Head of State. Mrs. Patel visited the conference to acquaint herself with bitcoin technology and to understand the implications it has for the future of mobile payment systems in India. The conference was also attended by Mr. Nishith Desai, founder of Nishith Desai Associates (NDA), a reputable legal and tax counseling firm in India. NDA provides legal counsel for some very large companies such as; Vodafone India, one of India's biggest of telecommunications corporations; Infosys, a global IT consulting company.



NDA recently authored a 46-page paper (Bitcoins-A Global Perspective: Indian Legal and Tax Considerations), which provides a thorough examination of the legal, tax and ethical implications of digital currency adoption in India. The ZebPay conference also marked the launch of the Bitcoin India Alliance (BIA). The BIA, is a consortium of digital currency entrepreneurs and businesses: representing the interests of the Bitcoin community to regulators and government officials. The BIA is hoping to establish lines of communication with The Reserve Bank of India, and open a much needed dialog on potential legislation regarding digital currencies.

ZebPay announced a promotion with Flipkart and Amazon India - providing users with a 10% discount on voucher purchases. ZebPay will also be announcing a list of several Indian companies, that will be announcing bitcoin integration in the near future.

“We also announced that we will soon be coming with a list of India's first merchants who will accept bitcoins. This will include a real estate company, a chain of restaurants, coffee shops and more. You will also soon be able to buy mobile airtime.”

According to Sandeep Goenka, ZebPay Co-Founder, who also spoke at the conference:

“The audience appreciated the event as Zebpay is the first company in India who is taking steps to educate people about bitcoins and that to clear the confusion over its legality.“


Image Source: https://zebpay.com/