1. #1
    MeanPeopleSuck
    MeanPeopleSuck's Avatar Become A Pro!
    Join Date: 04-29-17
    Posts: 703
    Betpoints: 499

    Bitcoin's Oct 25th Hard Fork to Bitcoin Gold: Everything You Need to Know

    First, you should know that most people in the bitcoin community, including me, think Bitcoin’s October 25th hard fork into BTC and Bitcoin Gold (BTG) is a total joke. Unlike August’s hard fork to BCH, now trading about $325, and unlike November’s upcoming hard fork to Bitcoin 2x (B2X), currently pricing around $1050 on futures markets, my guess is BTG will be basically worthless.

    But in case I’m wrong, here’s what you need to know:

    1. What?

    On Oct 25th, BTC will hard fork into BTC and Bitcoin Gold (BTG). If you own BTC on that date, you’ll be eligible to receive a free, equal amount of BTG. So if you own, say, 1.5 BTC, you’ll be eligible to receive 1.5 BTG (although there’s conflicting reports about a 10 to 1 ratio, or some such).


    2. When?

    The blockchain ‘photo’ will be taken on Oct 25th, but tokens won’t be awarded or start trading until November.


    3. What do I have to do to make sure I get my BTG?


    The best option is to move your BTC to an exchange that automatically credits your BTG to your account without you having to do anything. In August, Bittrex was the fastest deliverer of BCH, but neither it nor, as far as I know, any other exchanges have yet made that kind of guarantee for BTG. I’ll post any who do. If anyone else hears of any exchanges that have declared on BTG, please post.

    If no exchanges declare they’ll award BTG by October 23rd-ish, then we’ll need to move our BTC to private wallets where we control the private keys, wallets like Electrum or Trezor. I'll post more step by step instructions on how to do that if no exchanges volunteer to do the schlepping for us.

    Happy trading, all!

  2. #2
    mrpapageorgio
    mrpapageorgio's Avatar Become A Pro!
    Join Date: 09-07-17
    Posts: 273

    Now the fork happening in November where the block sizes will increase to 2MB, that's separate from this fork in October creating BTG, correct?

  3. #3
    MeanPeopleSuck
    MeanPeopleSuck's Avatar Become A Pro!
    Join Date: 04-29-17
    Posts: 703
    Betpoints: 499

    Quote Originally Posted by mrpapageorgio View Post
    Now the fork happening in November where the block sizes will increase to 2MB, that's separate from this fork in October creating BTG, correct?
    Absolutely correct. That fork, unlike the Bitcoin Gold fork happening in 2 weeks, IS expected to take tons of value away from BTC. Futures markets are currently pricing B2X at about $800, and I'm a buyer at that price, as I expect B2X to win the post fork battle for hash power with BTC.

    Bitfinex's futures market, if int: https://www.bitfinex.com/trading/BT2USD

  4. #4
    Cookie Monster
    Large moneylines
    Cookie Monster's Avatar SBR PRO
    Join Date: 12-05-08
    Posts: 2,151
    Betpoints: 53223

    Totally agree, Bitcoin Gold looks like a worthless coin at best, a scam at worst. There is a rumor that snapshot was already taken, and they are premining a lot of BTG coins before the fork. Some data in bitcoin gold website seems to suggest it (now deleted, but available at backups of site on archive.org).

    Anyway, as no important group supports BTG, as soon as the coins are available there will be many sellers and few buyers, sending price to the floor.

    BTP
    Week 8
    3-2-0 151 pts


  5. #5
    Optional
    Optional's Avatar Moderator
    Join Date: 06-10-10
    Posts: 30,199
    Betpoints: 1943

    Thanks for the heads up and info MPS

    SBR Bash
    Punta Cana
    Attendee 2/4/2017


  6. #6
    wquine
    Bet2BLucky
    wquine's Avatar SBR PRO
    Join Date: 09-30-09
    Posts: 921
    Betpoints: 158

    Coinbase said that they would support BTG right?

    BTP
    Week 10
    4-0-1 1335 pts

    BTP
    Week 10
    4-0-1 1011 pts

    BTP
    Week 9
    4-1-0 370 pts

    BTP
    Week 7
    2-2-1 78 pts


  7. #7
    MeanPeopleSuck
    MeanPeopleSuck's Avatar Become A Pro!
    Join Date: 04-29-17
    Posts: 703
    Betpoints: 499

    Quote Originally Posted by Optional View Post
    Thanks for the heads up and info MPS
    Hey, Opti, good to see you again, my friend!

  8. #8
    MeanPeopleSuck
    MeanPeopleSuck's Avatar Become A Pro!
    Join Date: 04-29-17
    Posts: 703
    Betpoints: 499

    Quote Originally Posted by Cookie Monster View Post
    Totally agree, Bitcoin Gold looks like a worthless coin at best, a scam at worst. There is a rumor that snapshot was already taken, and they are premining a lot of BTG coins before the fork. Some data in bitcoin gold website seems to suggest it (now deleted, but available at backups of site on archive.org).
    Anyway, as no important group supports BTG, as soon as the coins are available there will be many sellers and few buyers, sending price to the floor.
    I really like your posts, CM. Do we know each other from anywhere else? Your stuff's good; I'm putting it on my "never skip" list.

    Yeah, BTG's team can't even seem to come up with consistent answers. For a while they were going to pre-mine some, now they say they're not. For a while they were going to do an ICO w/ some, now they say they're not. For a while they said coins would be distributed in 10-1 or 12-1 ration with BTC, now they say they're not.

    And like you say, there are some who think BTG's not just incompetent, but outright evil: https://www.reddit.com/r/CryptoCurrency/comments/757jf4/here_is_why_bitcoingold_is_shady_and_a_s cam_you/?st=j8k7d3pc&sh=cba2ef5d

  9. #9
    MeanPeopleSuck
    MeanPeopleSuck's Avatar Become A Pro!
    Join Date: 04-29-17
    Posts: 703
    Betpoints: 499

    Quote Originally Posted by wquine View Post
    Coinbase said that they would support BTG right?
    I just did a couple searches, and I don't think CB's made any statement yet on BTG.

    But since they initially weren't going to award BCH to their clients at all (it took post hf outrage + the threat of legal action to cause them to change their minds), I'd bet they won't award BTG.

Top