Lots of issues with Bitcoin Gold - no replay protection
Tomorrow Bitcoin gold (BTG) is supposed to start trading. And there are many concerns, and one of them is
No Replay protecion
Without this people can lose their Bitcoin. This means that without this feature, splitting your BTC and BTG could end up you losing your Bitcoin. Most exchanges will not support BTG without this protection. Why have they not implemented it from day one?
There is a 300 BTG bounty on the issue, but only one developer working on it.
Right now, my theory is that Bitcoin is falling from the 6200$ high because the realization that BTG is not legit. It's legit perhaps in the sense that it's not a scheme. But it's illegit in the sense that it seems to suck. A lot of money has been flowing from Alt Coins to Bitcoin these past weeks. Now the market is realizing that perhaps there is not much to gain on the upcoming fork that is taking place tomorrow.
Therefore people are adjusting their expectations of "free money" and getting back into Alt Coins. Nevertheless, Bitcoin prices above $5000 is great at this point. I think it will build up a good foundation above 5000 (hopefully above 5500) and then we can go north from there before Christmas.
Target of 7000$ before Christmas is still intact!
Be careful tomorrow, and do NOT trade or send any Bitcoins before you have done GOOD research AND tried to transfer with a VERY tiny amount to see if it works first.
And as a reminder, what is Bitcoin worth right now with all it's past and soon to be forks?
Current prices:
Bitcoin core: 5700$
Bitcoin cash: 327$
Bitcoin gold: 400$ (currently pre-trade)
Bitcoin segwit2x: 1000$ (currently pre-trade)
Total value of Bitcoin: 7427$
Something to keep in mind.
Upvoted. I'm going to resteem this now :]
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Upvoted. I'll be resteeming this now :)
Right on point. Believe it or not, these hardforks are going to ruin cryptocurrency one day
No, I don't think so. They are, in theory, a way to improve the technology. We will just have to accept that there will also be non-serious attempts at forking. To my understanding, there is no way to prevent forks to happen. Anyone can make a fork of an existing Coin.
It's just the markets that has to react more properly and not make all this fuzz about it weeks and months in advance. But this is early adopter phase. As these things become more unspectacular and common we will ignore it more. We will get used to it.
I don't see it as a big problem.
True but too many non-sensical attempts at forking usually confuse the newbies and they start to think cryptocurrency as a gambling game. It hurts the overall point of having a decentralized money structure
Yes. But that's how the game is currently. Crypto CURRENCIES are a gamble. (Block Chain technology however is NOT a gamble) Bitcoin and other digital blockchain based currencies/stores of value are yet so small and insignificant that there is almost not risk in buying.
But it will be a gamble for people buying Bitcoin at 100,000$ or 500,000$. At those prices Bitcoin will begin to have an impact. And it will pose a threat to banks etc.
People who want to get into Crypto currencies must learn that a fork only means that there is another coin based on the same technology but with different perks. And since the whole idea is that you as a owner of coin 1 recieves the same amount of coin 2, there is no risk involved for you. The only thing that is essential for everyone is to never sell one of the coins. You always keep every "free" coin you get. Because you have no idea which coin the markets will chose. If you chose to gamble and trade one coin..that is up to you. That is free market and free commerce. :)
BCC turned out less spectacular than expected; thought it would be the litecoin killer. Happy that I sold it all off ( for that sweet BTC). BTG sounds like a meme; I don't think it will last.
I never knew it is going to happen as soon as tomorrow. Thanks for sharing this useful information.
I think bitcoin price is coming down because it just skyrocketed over the past few weeks, too fast for sustainability, and it's simply blowing off some necessary steam. I personally don't think the price is falling due to BTG disappointment, but more so just leveling off to consolidate. I think it's shown some great price stability overall since mid-July. Any correction is fine if we zoom out and look long term as a holder.
You know, Bitcoin is so small that it's almost unimaginable. People say things like "Bitcoin is bigger than Goldman Sachs and Nike now!"
But remember, Bitcoin is not a company. It's a CURRENCY. It's still 80 times smaller than the gold market. It's owned by only 0,2% of the world population.
I don't think we will see a leveling off in prices before at least 10x these prices. At 50-70,000$ we could and should begin to see some stability. Right now the prices and volumes are so low that any rich person can manipulate the market.
50,000 might sound a lot, but that is just a 10x increase. It could be done in a few years, or even less as interest is exponential.
Thanks for this quality reply. I know what you mean and agree. I was just speaking to leveling off for the very short term before the next leg up as adoption and confidence continues to grow, where a bank CEO's bashing does less and less harm as they start to panic.
Once forking season is out of the way, there will be less drama and more focus on the market leader. Getting BTC and ETH ETFs will also help things stabilize regardless of price in my opinion, but I'm desensitized to the price movements these days and solely care about how many units I'm holding. Fiat price will be outdated in time. Breaking out of that bad habit was the best thing for me mentally and even physically as my balances made some violent moves this spring/summer.
img credz: pixabay.com
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