What to Do About Bitcoin Gold
Bitcoin Gold you ask?
Yes. Another hard fork is on the way. This one is planned for October 25.
And the project is called Bitcoin Gold.
This project comes from Jack Liao, CEO of Hong Kong mining firm LightningASIC.
Liao wants to decentralize the mining in bitcoin. According to Liao the problem now is that the large mining farms and pools have all the power. They have too much power over changes to the network and fees.
Bitcoin Gold solves the problem by changing the hashing algorithm from SHA256 to Equihash. SHA256 is optimal for ASIC mining. Equihash is optimal for GPU mining. So with Equihash you won’t need specialized equipment.
There’s some red flags with this one though.
First, I’m skeptical of a miner trying to make mining more equitable.
Second, there’s no technical information available to date.
Third, I’ve read Bitcoin Gold will use the same address format as BTC and BCH and that could cause problems.
Finally, quotes from Liao indicate the project is ‘still evolving.’
Nevertheless, it looks like we’ll have a hard fork come October 25. Bitcoin Gold did say they plan to start trading on exchanges by the first of November.
We’ll see. If I do get a Bitcoin Gold ‘crypto dividend,’ I’ll likely sell and reinvest into BTC.
What about you?
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:). Any version of BTC that includes segwit is scary.. very scary.
It's a shit coin, no need to blather on about it and waste your time.
check out some of the information laid out in /r/btc and in my two threads ([1], [2]) here which detail how segwit is basically destroying the integrity and decentralized nature of Bitcoin.
once everyone understands all aspects, i think we will agree with you that its a 'shitcoin.. Personally, I had a talk with the admin (of BTCGPU) about segwit, his and my views differ greatly.. so I will not be supporting that coin.
Any segwit coin is a takeover coin, tbh.
let's make bitcoin great again, keep bitcoin decentralized
(segwit won't do that)
If people blindly support the 'biggest chain', the perpetrators will gain control of a decentralized, open-source project rendering satoshi's legacy worthless. Can't let it happen bros.
@spiftheninja ...
A truer statement has never been spoken (or written)... :)
Dude I'm not writing about SegWit2x, it's about Bitcoin Gold. I'm not for B2X either.
BtcGPU is supporting Segwit though, and people need to know how it's connected at the source with the founder. We're on the same side. I think the GPU mining is a good idea, but refusing to remove segwit is deeply concerning and his ties even moreso. Cheers
Gotcha, thanks!
I think you did the right thing by telling people to sell the bitcoinGold and trade it for bitcoins :) But we need to save Bitcoin. lol
I am afraid of Bitcoin forks.
Me too. I don't like the idea of messing around w my BTC for 'free' coins
great work! keep it up!
Thanks!
its good news for gpu miners
looks like its still incomplete
Bitcoin Gold has a plan to premine https://github.com/BTCGPU/BTCGPU/pull/2
I don't think too much will come out of this split except a bit of volatility. Bitcoin will continue to rise over the next couple of years.
To the moon!
Can't argue w that ;-p
I will expect a drop from BTC and an opportunity to enter in =)
Maybe... people might bid up BTC just to get the 'dividend'
Yes. On bitfinex they are doing a "vote" regarding the future of BTC (BTC1 and BTC2). It seems like so far it is 0.8 for BTC1 (BTC) and 0.2 BTC2 (Bitcoin Gold) for a total of 1 ( = 1 BTC)
Will see =)
BTC2 is too high1
BT2 is the Bitcoin SegWit2x and right now there is 93% behind SegWit2x.
So it might go higher than that and take over BT1
Anything is possible but I think the opposite will happen.
Will see =D See you around mate
BTC2 is too high! I saw a recent price of $1,140, crazy.
Haha I don't know what to think really. Will see =D
I have a question: what needs to be done to get the Bitcoin Gold.
From what I read, having BTC in exchanges means that one might not get it...what about in cold storage....
How do we get the Bitcoin Gold?
Hold in a wallet where you have a private key like Jaxx, Airbitz. Or hardware wallet like Ledger and Trezor. I have mine on a Ledger and now hold BCH there too. They did a good job w last hard fork. As for exchanges Bittrex handled BCH well but I prefer to hold in my own wallet.
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