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Jesse

What is Bitcoin Gold and your opinion on it?

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Bitcoin Gold Initiates Hard Fork Split to Create New Cryptocurrency!

As of now, the process is underway by which the new bitcoin cryptocurrency will be completed and released to existing bitcoin users.

Edited by Grifter

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Bitcoin gold claims to be an effort to decentralize bitcoin by changing the mining algorithm.  It seems like a weird way to create an alt coin but it seems like they are capitalizing on the success of bitcoin cash.  The fact that the development team has basically premined or solo mined several coins has not helped the coins reputation. 

I thought Bitcoin Gold would crash straight to zero but it actually rallied some yesterday on Bittrex.  Since you should be able to mine it with your GPU, I'm not sure why anyone would buy it.  But I've been wrong a lot in crypto.

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In many ways, these three is the triumvirate of the contemporary financial world. Each one of them demonstrates an age and each one of them has its own value. Bitcoin is the most recent and contemporary currency which usually called as a cryptocurrency. On the other hand, Gold has its own value from ancient time. USD is the currency that shapes significant amount of present economy.

Without any exception, these all three has numerous positive advantages, but there is no exception in disadvantages too. Let’s take a look at the positive and negative aspect of these currencies in contrast of each other.


The rest is here : https://bitcointalk.org/index.php?topic=2007711.0

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On 24/10/2017 at 11:52 AM, Jesse said:

What is Bitcoin Gold and your opinion on it?

Bitcoin Gold is a fork of the Bitcoin blockchain. At block 491407, Bitcoin Gold miners will begin creating blocks with a new proof-of-work algorithm, and this will cause a bifurcation of the Bitcoin blockchain. The original Bitcoin blockchain will continue on unaltered, but a new branch of the blockchain will split off from the original chain. The new branch is a distinct blockchain with the same transaction history as Bitcoin up until the fork, but then diverges from it. As a result of this process, a new cryptocurrency is born.  :V just readed 

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8 minutes ago, Snike said:

@wry If its easly mineable and a lot of people will do it. You can buy in at a low price and the value will go up. So you get profit out of it.

Thanks @Snike !  That makes absolutely no sense to me, if it was easy to mine you shouldn't need to buy it, BUT since I'm obviously baffled by what's happening I have to give your theory some credit!  I guess you could say that price normally follows hash power, so if more people mine it, its hash power increases, the coin becomes more stable and therefore more valuable.  Is that sort of what you were saying?

Thanks again for responding to my question and good luck!

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Just now, wry said:

Thanks @Snike !  That makes absolutely no sense to me, if it was easy to mine you shouldn't need to buy it, BUT since I'm obviously baffled by what's happening I have to give your theory some credit!  I guess you could say that price normally follows hash power, so if more people mine it, its hash power increases, the coin becomes more stable and therefore more valuable.  Is that sort of what you were saying?

Thanks again for responding to my question and good luck!

I have no knowledge about btc gold so I just assumed this would make sense :D

You sure could ask someone like Kargai or someone who actually knows something about it! :P

 

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23 hours ago, wry said:

Now that we've locked down what it is, can anyone explain why people are buying it?  If it's mineable with just a GPU, why would you need to buy it?  I also haven't seen anything about it being adopted by any big players.  Even bitcoin cash is leading this coin.

My guess is that some people have see Bitcoin Gold rising high when BTC was dropping recently. And some (who don't want to bother with mining & co) bought BTG at low price hoping it will boom again at the next problem with Bitcoin. Accordingly with the higher demand vs few weeks ago, the actual price of BTG increase. Could be the fact that the total mining power of BTG is not increasing that much (couldn't find the information about that). 

So more demand + no more miners than usual = higher prices.

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5 minutes ago, Kargai said:

My guess is that some people have see Bitcoin Gold rising high when BTC was dropping recently. And some (who don't want to bother with mining & co) bought BTG at low price hoping it will boom again at the next problem with Bitcoin. SAccordingly with the higher demand than few weeks ago, the actual price of BTG increase. Could be the fact that the total mining power of BTG is not increasing that much (couldn't find the information about that). 

So more demand + no more miners than usual = higher prices.

Very good explaination. I think your opinion on what is happening with BTG might actually be correct. Thank you for the in formation. 

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On 11/23/2017 at 11:24 AM, Snike said:

I have no knowledge about btc gold so I just assumed this would make sense :D

Thanks!  I wont waste time in the future trying to make sense of what you post!  Rack up those satoshi! :D

Not sure I've seen a good explanation, the price goes up because people want it is true, but it doesn't explain why people would want it rather than bitcoin or any other coin.

The founders have such a large overhang of coins, it really is baffling.

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