Bitcoin Gold Initiates Hard Fork Split to Create New Cryptocurrency

[Megalith]

A new cryptocurrency has been created through a hard fork of the bitcoin blockchain: the bitcoin gold technical team has taken what it calls a "snapshot" of the bitcoin blockchain so it could be recreated and reconfigured with new rules, ultimately creating bitcoin gold at block 491,407 on the original blockchain. The price of bitcoin has fallen to a five-day low as a result.

As profiled in our explainer, the project aims to tackle the perceived problem that miners as a group have too much influence over the direction of the bitcoin network. To lessen their control, bitcoin gold replaces bitcoin's current mining algorithm with one that cheaper graphics processing units (GPUs) are able to mine. The idea stems from the competitive nature of bitcoin mining, which now relies solely on expensive application-specific integrated circuits (ASICs).

 

[viper1152012]

Back in the game

 

[Probleminfected]

BTG is junk. but wow did it get the market crazy up and down.

 

[jbc029]

So is that why I'm seeing 1050ti "deals" for only $180?

 

[jardows]

So, will this make mining BTCG worthwhile? I have toyed around with the idea of getting into mining, but difficulty has always jumped way ahead of my hardware/current funds before I could get started.

Oh, if only I could have started mining BTC in 2010!

 

[Nukester]

Fucking hell. You can get an ATI 9700 pro for the bargain basement price $750.00.

 

[Semantics]

Good old crypto currency as soon as it becomes too hard to mine make a fork call it better keep that bubble going

 

[Mugato]

Well, should we mine this or no?

 

[triwolf]

Well, should we mine this or no?

Hard to say. A good strategy is to mine what you research and determine if it has a viable future. Mine some crypto and hold on for dear life, if you have a few coins and they are worth thousands, you win. Look at it like making small investments that may turn a profit. Don't count on it being worth much and be pleasantly surprised. It's like investing, people say lots of stuff but in the end no one is really sure.

 

[opfreak]

Bitcoin original - Fiat currency is bad because you can just create money out of thin air, we will have a limit as to the number coins we can create.
Bitcoin fastward - We will create however number of "coins" we want.

 

[triwolf]

Bitcoin original - Fiat currency is bad because you can just create money out of thin air, we will have a limit as to the number coins we can create.
Bitcoin fastward - We will create however number of "coins" we want.

I see what you are saying, although the analogy is not quite right. Each Government creates fiat, and there in no limit on how much they print. Bitcoin actually does have a limit to the number of coins created. A new coin is Bitcoin Gold, it is actually a different coin than just "Bitcoin". There are many cryptocoins with many different features. It gets complicated, as there are cryptocoins that do not have a limit on the number of coins created. From what I have read, the main reasons for Bitcoin creation was the creator, Satoshi, wanting a new form of money, decentralized, i.e. one less controlled by government.

 

[RayderR6]

Each Government creates fiat, and there in no limit on how much they print.

This is not true, the "market" decides what the limit of a countries fiat gets to, without the "faith" in the currency it implodes into Zimbabwe fiat. Opfreak succinctly nails it, their just making shit up as it goes along and greed is keeping it afloat.

Bitcoin actually does have a limit to the number of coins created. A new coin is Bitcoin Gold, it is actually a different coin than just "Bitcoin".

You make his point in the same comment. Now Bitcoin has two "governments", one created from the other is apt to be no end in sight. Bitcoin Platinum next? Then surely Apple will want to get in on it, iBitCoin...

 

[triwolf]

This is not true, the "market" decides what the limit of a countries fiat gets to, without the "faith" in the currency it implodes into Zimbabwe fiat. Opfreak succinctly nails it, their just making shit up as it goes along and greed is keeping it afloat.

I see you have an opposing view, that is fine, let me address your points. So go research Quantitative Easing and tell me they don't just print whatever they want. It is easy to say there is a "limit", but for all practical purposes, really there isn't. I think Zimbabwe is a case for how not to manage fiat, hardly a case study in effective management.

You make his point in the same comment. Now Bitcoin has two "governments", one created from the other is apt to be no end in sight. Bitcoin Platinum next? Then surely Apple will want to get in on it, iBitCoin...

There are lots of "governments" as you label them, they are called all the alternative coins. Maybe there will be lots of coins, oh wait there are already at least over a thousand of them, 1195 on coinmarketcap.com. They are not all just like bitcoin. You argue that is bad. Ok, so if it is so bad why is the whole crypto market valued at 165 Billion dollars? I would not want to miss out, it's your choice. I'm sure you have arguements that I am all wrong, that is fine, you are entitled to your opinion, and I am entitled to have seen the value of it and made quite a few dollars.

 

[RayderR6]

I see you have an opposing view, that is fine, let me address your points. So go research Quantitative Easing and tell me they don't just print whatever they want. It is easy to say there is a "limit", but for all practical purposes, really there isn't. I think Zimbabwe is a case for how not to manage fiat, hardly a case study in effective management.



There are lots of "governments" as you label them, they are called all the alternative coins. Maybe there will be lots of coins, oh wait there are already at least over a thousand of them, 1195 on coinmarketcap.com. They are not all just like bitcoin. You argue that is bad. Ok, so if it is so bad why is the whole crypto market valued at 165 Billion dollars? I would not want to miss out, it's your choice. I'm sure you have arguements that I am all wrong, that is fine, you are entitled to your opinion, and I am entitled to have seen the value of it and made quite a few dollars.

You didn't address anything, telling people to research something suggesting they don't know what it is while you make no point about is typical deflection and weak. QE is "market" involved. QE is also a desperate leg of fiat currency, the money creation scam starts with "fractional reserve". QE is not print all you want with no limits, it's print what you think you can get away with for an amount of time (also the basis of fiat, it just has a much longer life expectancy) the market will eventually catch up to what the country can back up and the currency will be valued against the basket of all the other fiat currencies, which means it's all valued on bull shit faith, just like BC. Ask Mario and Janet how many sleepless nights they've had deciding how to reel in their QE, Mario still isn't getting much sleep.

People can make money on a scam all the time, it doesn't mean it's a legit way to earn money and it sure doesn't mean it's a solution to the fiat currency scam.

I've said what opfreak said was right, BC is not the solution to fiat because they are already going against their creation argument for existing. No legit form of currency would ever fluctuate so wildly, but the world hasn't seen such a form of currency, you'd have to go back to bartering for a shot. Fiat is a huge scam and you will never find me defending it, however BC is not the solution and it's clearly coming to light imo. Enjoy your profits, are you selling and investing in material goods (e.g. properties, life's essentials) or are you turning your BC profits back into fiat currency of a particular nation and hanging on to it, or are you hanging on to your BC's.

 

[rudy]

The bitcoin saga is cool, it is just like everything else in life. Most major changes of power in the world come with some group that is claiming to be the underdog, and fighting for the people. Once they get power though, they don't want to give it up. Think communism in Russia, Apple and MS vs IBM, haha, now Apple and Google vs MS, now smaller players vs Apple and google.

Maybe bitcoin will hard fork itself into the troubles Linux has.

The one good thing if you are someone who has BTC, is that everytime they fork you get a bet in the new currency. I say hang on to whatever you have and just sit on it. Afterall the main problem with BTC is that its a deflationary currency if it remains viable it will keep increasing in price. The only thing that gets people to spend is need, or

Also to the people saying that fiat is based on bullshit faith, ok maybe, but so is every crypto currency. And clearly there are a limited number of options that people have much of any long term faith in. And at any point that faith could run out. The only difference is that with a country, there exists all the people and the government that have a vested interest in managing the money to make it useful. This is why fiat currency has been successful for so long. There are a great many countries which have had very stable currency for multiple generations. And ultimately that is all anyone cares about because the money is not the asset, the things you buy are. That's the complication with most current cryptocurrency, the money is the asset to many people. They don't want to spend it they want to keep it as an investment. This is why all countries moved away from precious metal based currency.

 

[RayderR6]

Also to the people saying that fiat is based on bullshit faith, ok maybe, but so is every crypto currency. And clearly there are a limited number of options that people have much of any long term faith in. And at any point that faith could run out. The only difference is that with a country, there exists all the people and the government that have a vested interest in managing the money to make it useful. This is why fiat currency has been successful for so long. There are a great many countries which have had very stable currency for multiple generations. And ultimately that is all anyone cares about because the money is not the asset, the things you buy are. That's the complication with most current cryptocurrency, the money is the asset to many people. They don't want to spend it they want to keep it as an investment. This is why all countries moved away from precious metal based currency.

No "maybe" about it, fiat is backed only by "faith" ever since the gold standard was dismissed. The whole current basket of currencies is faith, the USA just has the "standard" at the moment, the USD called the world's reserve currency. Yes, so is crypto currency, a large point of mine. Even the gold bugs can easily lose their argument that gold will always have value and you should invest your fiat in it for future proofing (future proofing to what end I ask). Gold (precious metals) have many uses, but as a life sustaining asset, even they are only worth what someone will give you for them, they will not put water or nutrition in your body if no one wants it for the life's essentials they've invested in. If things are desperate and you find people taking your large amounts of gold for simple amounts of food and water, congrats, you're being fleeced in the game of life by the people I talk about next.

What is why you say all countries moved away from precious metals based currency? They moved away because fiat couldn't expand to the obscene amount it has if it was still locked to a tangible asset that accounts for its expansion. The only thing keeping the system from imploding is that everyone has a stake in it, as you state. One day, the jig will be up. "Multiple generations" means nothing in human history, still a long way to go, empires will rise, empires will fall, history repeats with the same mistakes. The true robbery is when fiat and fractional reserve get used by those with the authority or means to actually attain tangible assets (land and resources) with it at the expense of humanity (e.g. banksters, governments, etc.), sure it is the people (after all governments are the people, so many forget that and see them as a different entity, mostly because they act like it).

Let's hit the nail on the head here, fiat is just a means for people to carve up and own this planet at the expense of those that aren't in those positions to do so or just settle for what they can peck off in the system; sometimes it is done by rolling up the sleeves and doing hard work which should be rewarded, other times it's just being the right person with the right money and connections to abuse the system for themselves, that is absolutely all money is, a way to monetize the earth's resources and win the game of "monopoly". Have you ever played monopoly? What did you find as one of the two outcomes? Pretty sure it's either, one person winds up with everything or someone gets frustrated and flips the board in disgust; truly is "the game of life"

Wait until something crazy happens like Yellowstone blowing up, we'll see what's worth what then for sure. No, I am absolutely not a "prepper", I just like the big picture, not the multiple generation picture.

 

[robothunter]

This whole Cryptocurrency thing reminds me of the Dot com tech bubble from the late 90's.

 

[Mugato]

Hard to say. A good strategy is to mine what you research and determine if it has a viable future. Mine some crypto and hold on for dear life, if you have a few coins and they are worth thousands, you win. Look at it like making small investments that may turn a profit. Don't count on it being worth much and be pleasantly surprised. It's like investing, people say lots of stuff but in the end no one is really sure.

I was looking for a direct answer, but appreciate any response, I’m already doing what you suggested. So, inconclusive at this point, but could be worth it I suppose.

 

[triwolf]

You didn't address anything, telling people to research something suggesting they don't know what it is while you make no point about is typical deflection and weak. QE is "market" involved. QE is also a desperate leg of fiat currency, the money creation scam starts with "fractional reserve". QE is not print all you want with no limits, it's print what you think you can get away with for an amount of time (also the basis of fiat, it just has a much longer life expectancy) the market will eventually catch up to what the country can back up and the currency will be valued against the basket of all the other fiat currencies, which means it's all valued on bull shit faith, just like BC. Ask Mario and Janet how many sleepless nights they've had deciding how to reel in their QE, Mario still isn't getting much sleep.

People can make money on a scam all the time, it doesn't mean it's a legit way to earn money and it sure doesn't mean it's a solution to the fiat currency scam.

I've said what opfreak said was right, BC is not the solution to fiat because they are already going against their creation argument for existing. No legit form of currency would ever fluctuate so wildly, but the world hasn't seen such a form of currency, you'd have to go back to bartering for a shot. Fiat is a huge scam and you will never find me defending it, however BC is not the solution and it's clearly coming to light imo. Enjoy your profits, are you selling and investing in material goods (e.g. properties, life's essentials) or are you turning your BC profits back into fiat currency of a particular nation and hanging on to it, or are you hanging on to your BC's.

Like I said, good of you to have your opinion and that is fine. Anyone with any sense knows that the Fed can print money any time it wants, sure they have to run some fractional reserve calculation, but it never stops them from printing a load of cash. It is proven many times that all they do is make an "entry" and print as many billions or millions they want. You justify it behind some "market", but really it's a guess and most would agree is is akin to making gold from nothing.

Do not worry about how I am converting my cryptocurrencies, I have a strategy, fully legal, but would rather not disclose it, maybe for a few Bitcoin I might.

Hate to break it to you, but many things in this world rely on faith and value judgements. Have you seen the price on collectibles? Action Comics (Superman) 1 worth 5 million, baseball cards worth millions. All based on faith and perceived value. It is the way of the world.

As far as Bitcoin being a scam, well it will be seen just how much of a scam it is when many businesses use it as a better system to transfer money than the banks, see Venezuela and Greece as examples. It is just beginning and the naysayers can rant all they want. Good luck stopping it, can you stop the internet? No, and neither can you stop Bitcoin.

 

[triwolf]

I was looking for a direct answer, but appreciate any response, I’m already doing what you suggested. So, inconclusive at this point, but could be worth it I suppose.

Ok, if you want a direct answer, you may look into time machines or fortune tellers. No one knows.

 

[dethklokworkorange]

Just when it looked like midrange GPU prices might return to something resembling normalcy in time for a Christmas upgrade. You'd think Intel would start their own currency that's CPU dependent, to start their own gold rush.

 

[triwolf]

Just when it looked like midrange GPU prices might return to something resembling normalcy in time for a Christmas upgrade. You'd think Intel would start their own currency that's CPU dependent, to start their own gold rush.

Dethklok is a great animated band.

One problem is a lot of the crypto algorithms are susceptible to being overtaken by ASICs or dedicated mining hardware. So you'd have to deal with that. Some currencies are heavily RAM dependent like Ethereum and it's ilk, so they could possible do something like that. If you are a coder, you could look into it to see if it might be viable, pitch it to intel and laugh all the way to the bank.

 

[rudy]

No "maybe" about it, fiat is backed only by "faith" ever since the gold standard was dismissed. The whole current basket of currencies is faith, the USA just has the "standard" at the moment, the USD called the world's reserve currency. Yes, so is crypto currency, a large point of mine. Even the gold bugs can easily lose their argument that gold will always have value and you should invest your fiat in it for future proofing (future proofing to what end I ask). Gold (precious metals) have many uses, but as a life sustaining asset, even they are only worth what someone will give you for them, they will not put water or nutrition in your body if no one wants it for the life's essentials they've invested in. If things are desperate and you find people taking your large amounts of gold for simple amounts of food and water, congrats, you're being fleeced in the game of life by the people I talk about next.

What is why you say all countries moved away from precious metals based currency? They moved away because fiat couldn't expand to the obscene amount it has if it was still locked to a tangible asset that accounts for its expansion. The only thing keeping the system from imploding is that everyone has a stake in it, as you state. One day, the jig will be up. "Multiple generations" means nothing in human history, still a long way to go, empires will rise, empires will fall, history repeats with the same mistakes. The true robbery is when fiat and fractional reserve get used by those with the authority or means to actually attain tangible assets (land and resources) with it at the expense of humanity (e.g. banksters, governments, etc.), sure it is the people (after all governments are the people, so many forget that and see them as a different entity, mostly because they act like it).

Let's hit the nail on the head here, fiat is just a means for people to carve up and own this planet at the expense of those that aren't in those positions to do so or just settle for what they can peck off in the system; sometimes it is done by rolling up the sleeves and doing hard work which should be rewarded, other times it's just being the right person with the right money and connections to abuse the system for themselves, that is absolutely all money is, a way to monetize the earth's resources and win the game of "monopoly". Have you ever played monopoly? What did you find as one of the two outcomes? Pretty sure it's either, one person winds up with everything or someone gets frustrated and flips the board in disgust; truly is "the game of life"

Wait until something crazy happens like Yellowstone blowing up, we'll see what's worth what then for sure. No, I am absolutely not a "prepper", I just like the big picture, not the multiple generation picture.

Nothing you say is particularly false but the question is why does it matter? All currency is built on faith, even silver or gold. And the only thing that matters is that the money you use is good enough for its purpose of exchanging money for goods for as long as you need to hold it, which is one lifetime, that is why I pointed out that many countries have it running fine for multiple generations. Now do you see my point? Fiat currency works wonderfully for what it does in most stable nations. Cryptocurrency is fine too, but hopefully no one will make the claim that cryptocurrency is somehow superior to fiat currency because it needs to be mined. That means nothing. Faith in a currency is the only thing that has ever mattered. If at some point the US dollar implodes, so what if you were smart enough to have invested the dollars you earned into something else you will be fine. And in the meantime it worked wonderfully as a way to trade goods and services so you could live a good life and sit around posting on hardforum with your cool computer etc.

Fiat is not just a means for the man to do stuff, its a the currently most efficient way for a society to operate. Maybe a cryptocurrency will be more efficient at some point, good then, society will be more efficient.

 

[Riccochet]

BTCG is junk. Most major markets are not going to support it.

Segwit2x is where it's at. Fully Coinbase supported as well.

 

[RayderR6]

Nothing you say is particularly false but the question is why does it matter? All currency is built on faith, even silver or gold. And the only thing that matters is that the money you use is good enough for its purpose of exchanging money for goods for as long as you need to hold it, which is one lifetime, that is why I pointed out that many countries have it running fine for multiple generations. Now do you see my point? Fiat currency works wonderfully for what it does in most stable nations. Cryptocurrency is fine too, but hopefully no one will make the claim that cryptocurrency is somehow superior to fiat currency because it needs to be mined. That means nothing. Faith in a currency is the only thing that has ever mattered. If at some point the US dollar implodes, so what if you were smart enough to have invested the dollars you earned into something else you will be fine. And in the meantime it worked wonderfully as a way to trade goods and services so you could live a good life and sit around posting on hardforum with your cool computer etc.

Fiat is not just a means for the man to do stuff, its a the currently most efficient way for a society to operate. Maybe a cryptocurrency will be more efficient at some point, good then, society will be more efficient.

You two that want to keep arguing that facts don't matter are hilarious. Your arguments with me are all based on me agreeing with a single comment about BC going back on their word (argument) that they are the solution to fiat, so in your quote right here you say "but hopefully no one will make the claim that cryptocurrency is somehow superior to fiat currency because it needs to be mined", and that's the claim they made. Personally I think you two just got butthurt and even when you agree with me on the facts, you do it kicking and screaming, it's fucking hilarious.

What "matters" is it's all a scam, fiat, crypto, whatever. It is a way for the upper crust to skim away at your labor (represented by money). I've always seen your point, it is a tangent and never had anything to do with my original comment. When we were on the gold standard, it wasn't all faith, now it is.

Life is too short for this nonsense.

 

[rudy]

Agreeing with people on facts does not in anyway mean a person agrees with an opinion. Your opinion is that fiat or crypto are scams, but a couple hundred years the USA being a largely good economy with a gold standard dollar says that its not a scam. Its a pretty good way to run a country that is how I interpret the facts. In fact if you think hard about it in most cases people do not argue about the facts, they argue about the opinions about the facts, and the unknown information leading up to the facts. Its how they tell the story about the facts that becomes their perception of reality. I do not disagree with you that all currencies are based on faith, but I wonder what exactly you think is a better way for people to exchange goods and services?