• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Bitcoin Hasn't Lost Its Way - Its Just Getting Started
Nexo

Bitcoin Gold – All that Glitters isn’t Gold

Emilio Janus by Emilio Janus
5 years ago
in News, Altcoin News, Bitcoin, News teaser
0
Advertisement

So we’ve all been allotted some more free coin, albeit this time ‘experimental’ coin… just for a laugh… a bit of fun… to see what happens. Planning on HODLing? Dumping? Mining for more?

Whoa there Charley-boy, hold on to your horses. Before you get all excited, there are a few things you should know.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Okay, Hit Me!

Ummm… I’d love to, but to be honest there are a few things that I should also know. In fact, it isn’t entirely clear who knows anything. I can tell you what we don’t know.

  • We don’t know who the developers are:
    Jack Liao, CEO of LightingAsic (a mining equipment manufacturer) announced that he was working on the fork, but he’s not going to be working alone.The suggested purpose was to re-democratize the mining process and make it preferable to mine with a GPU than an ASIC. So he wants to undermine his customer base? Really?
  • We don’t know what the code looks like:
    Okay, so even if many of us (myself included) did know what it was going to look like, it wouldn’t mean a lot to us. But exchanges and service providers have not been provided with adequate code for testing and auditing purposes.Many of them are not committing to provide services for bitcoin gold for exactly this reason, including Bittrex and Coinbase.
  • We don’t know if replay protection has been implemented:
    The website says it has been, but with no source code to review, who knows?. They have called for bounty hunter developers to help implement it (three days before the fork), but many are calling scam. Of course, many always do, so this isn’t necessarily something to concern us.What should concern us is replay protection not being implemented for launch. This comes with the risk of transactions being applied across multiple chains. Think you’ve just dumped your bitcoin gold? Congratulations, you just sold all your bitcoin and bitcoin cash too!

Bitcoin splits again creating a new cryptocurrency called bitcoin gold that then plunged 66% https://t.co/QgKEjJIOMV pic.twitter.com/hecNvR9Q6j

— CNBC International (@CNBCi) October 27, 2017

So What Should I Do?

Sit and wait. It’s important to realize that the fork hasn’t actually happened yet. All we have had so far is the snapshot of the blockchain which the fork will start from. Added to this will be a private pre-mine of 100,000 BTG (8,000 blocks) for the developers before anyone else actually gets to start playing. You don’t have to wait long. The 1st November launch is less than a week away now.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

You already missed the chance to speculatively dump at $500… if you could have found an exchange to dump it on. The price is now at a much more manageable $125. That seems fair. If the launch goes smoothly, and the coin achieves what it sets out to then it could stabilize around that point and start to build momentum again.

Sure, there’ll probably be another dip when the rest of the unwashed finally get a chance to dump, but why follow the crowd. You see, I’m not against Bitcoin Gold in principle. We just don’t know enough about it. Maybe the developers will dump their 100,000 and it will all collapse?

But I think  I’ll give it a chance. We got the coin for free, so there’s no need to get greedy. Sit out the storm. It’s not the first one we’ll weather and we already know that it won’t be the last one this year.

What do you think of Bitcoin Gold? Have you been able to claim your BTG yet or are you waiting until the dust settles? Let us know in the comments below.


Images courtesy of Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Emilio Janus

Emilio Janus

Related Posts

Bitcoin

Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition

10 hours ago
Oslo Freedom Forum, Lyn Alden screenshot

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

18 hours ago
Bitcoin

Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?

24 hours ago
Legal Experts Reveal Regulatory Uncertainty Around Crypto Could Spike Lawsuits

Legal Experts Reveal Regulatory Uncertainty Around Crypto Could Spike Lawsuits

1 day ago
El Salvador

El Salvador, Unfazed By The Bear Market, Buys 80 Bitcoin – Will Others Do The Same?

2 days ago
Cryptoqueen

‘Cryptoqueen’ Has A $100,000 Bounty On Her Head Offered By The FBI

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.