Bitcoin Gold: The Fork Getting Stranger and Stranger
The Bitcoin Gold project does one thing well- promising free coins. But the rest of the project looks worrying, with pre-mined coins, wallet confusion and difficulties working with exchanges.
Two more days are left until the cutoff date for the Bitcoin Gold snapshot. And on November 1, mining should start, utilizing GPU processing power from an unknown pool of volunteers.
But too many unknowns have made Bitcoin Gold look dubious. For one, the date of the snapshot is given at October 25. But the team gave indications that the fork happened privately already, so the Slack channel still bears some confusion of how the system would work.
The Bitcoin Gold fork rides on the coat tails of a bigger event- the November split of the Bitcoin network. And somehow, the project has managed to gain from the publicity. But Bitcoin Gold will do nothing to help or harm the actual Bitcoin community of developers, miners, and investors.
The Bitcoin network is currently around 400 blocks from the target for the Bitcoin Gold: the split should come at block 491,407, which may arrive before October 25. So users have a bit more than 24 hours until the cutoff, and all Bitcoin balances would appear on the new network.
The problem is, the team has already privately forked the network and there has been a large pre-mine of around 200,000 Bitcoin Gold.
The Korean exchange CoinOne decided it would wait for the new network to stabilize and release an official wallet before listing the asset.
"The code of Bitcoin Gold is not public at present. As a result, we can not accurately determine the progress of the project and cannot determine what security risks exist . Also, since the development of the wallet for the Bitcoin gold project is not completed, the hard fork will take place at block number 491,407, but after the wallet launch on November 1, the network of Bitcoin gold will be available," announced CoinOne in a statement.
But perhaps the strangest thing about Bitcoin Gold is its old site, where the coin was attempted as an ICO and forked at an earlier block:
...
Full article at:
[link] [comments]
Read More
