Dear Member,
In late January, I mentioned I was watching grin and thought it a promising new coin. I noted its technical potential but warned, “Grin only just began trading, and the supply is extremely low, so the price remains high… It’s likely the price will fall substantially as major mining operations come online.”
Well, grin’s price has fallen quite a bit since then (from around $10 to $3.25). But I have decided against recommending it. Grin’s unlimited coin supply is too problematic to make it a viable investment vehicle. One grin is mined every second, and supply increases linearly. This is unlike bitcoin, which cuts its new supply of coins in half every four years.
So while grin’s technology remains promising, I believe its supply model is fundamentally flawed. There’s not enough incentive for holders. If grin ever starts gaining mainstream adoption, demand could offset supply. But that’s a big if. We will reevaluate the coin if that happens.
New Recommendation Should Be Ready By Tuesday
I’ve been evaluating a large number of potential recommendations over the past few weeks. After eliminating many from consideration, I finally found one worthy of recommending to you. However, I’m going to refrain from mentioning it until the write-up is done and in your hands. I expect to have it to you by Tuesday. I apologize again for the delay. But I want to make sure you get a coin built to deliver long-term gains. This coin trades on Binance, so if you don’t have an account there yet, you can set one up now and fund it with bitcoin.
Crypto Market Update
For the last two weeks, bitcoin has been stuck in a channel between $3,600 and $4,000 but appears to be trying to break through resistance and move higher.
A few smaller altcoins are beginning to show signs of life. For example, enjin coin (ENJ) spiked 70% today on a supposed partnership with Samsung. I am skeptical. Details are lacking, and we haven’t seen any confirmation from Samsung itself. The coin has been on a tear lately, up from around $0.03 a month ago to $0.14 today. I would not chase this one.
However, it is encouraging to see small altcoins moving sharply higher. Many of us have been waiting for signs of “altseason” beginning, and this is a step in the right direction.
Have a great weekend, everyone.
Adam