Bitcoin Gold, is it really useful?

in #cryptocurrency7 years ago

For almost a month, Bitcoin Gold has been launched ... Or rather, everyone thought that Bitcoin Gold would be launched on October 24, after block 491407. But obviously, a huge lack of organization and communication came to us by the developers which gave way to the biggest blur in the history of cryptocurrency. First, no wallet was available for several weeks (and they were only unusable wallets). The cause, the testnet. Indeed, Bitcoin Gold was launched at block 491407 of Bitcoin but only the testnet. A testnet that lasted until November 12 with several phases. The miners rushed on this testnet before understanding that they could not recover any profits since no BTG was distributed. (premining phase).
All that was pretty much justified by the fact that Bitcoin Gold wanted a reliable network and so it had to be tested. Nevertheless, after the launch of the Main-net on November 12, all third-party wallets and mining pools could not be adapted until the following day. Worse, even the official bitcoin gold mining pool (pool.gold) was not working. Indeed, the developers continued the phase of premining without informing anyone for 1000 additional blocks (499407) from there, all the miners who were tired of mining for nothing are gone passing the network hashrate of nearly 100MH / s at 30MH / s.
Since then, everything is better. The BTG price stabilizes at around $ 160 and everything seems to work perfectly.
But then after all these problems, is Bitcoin Gold really useful?

At the base, Bitcoin Gold has been forked from Bitcoin for one reason: to decentralize Bitcoin again by modifying the blockchain algorithm (equihash instead of SHA-256) so that Bitcoin Gold is only mine with GPUs and not with ASICs that centralized the power of mining around 4 major players at Bitcoin.
Although the launch of Bitcoin Gold has been disastrous, the project it supports is right and in my opinion it's a useful cryptocurrency and can be even more secure than Bitcoin in the sense that if a major power of mining Bitcoin as BITMAIN (with Antpool, BTC.com, Hashnest ...) decides to cut everything, Bitcoin will lose a lot and may be dead, because of a single entity. This problem does not apply to Bitcoin Gold.

I leave you to make your own opinion and to leave a comment to debate on this subject!

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It seemed like an interesting idea but does anyone trust it now? All it really has is the name and that will probably keep it going but I'm not buying or mining it.

I totally agree with you. I think the idea was really worth it but it was badly put in place. So I will not invest in this currency ...

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