Bitcoin Gold Goes Live 171112


In a little over four hours, Bitcoin Gold begins trading.  The creators of Bitcoin Gold have an admirable goal – to keep Bitcoin decentralized. From Bitcoin Gold’s own white paper:

The purpose for doing this is to make Bitcoin mining decentralized again. Satoshi Nakamoto’s idealistic vision of “one CPU one vote” has been superseded by a reality where the manufacture and distribution of mining equipment have become dominated by a very small number of entities, some of whom have engaged in abusive practices against individual miners and the Bitcoin network as a whole.”

They seek to accomplish this by changing the Proof of Work algorithm which will, in their opinion, prevent such practices.  That remains to be seen.  The fork, which happened October 23, 2017, was uneventful.  What happened at that moment in time was simply that a snapshot was taken of the Bitcoin network so that when Bitcoin Gold goes live, an equal amount of Bitcoin Gold will be issued to every Bitcoin owner in the network at that time.  If you owned 10 Bitcoin (BTC) at the time of the fork, you now own an additional 10 Bitcoin Gold (BTG).  The community is divided as to whether or not Bitcoin Gold is/will be stable.  That remains to be seen as well.

Best advice while we wait for the outcome of the Bitcoin Gold launch:  do nothing.  Let the networks sort themselves out first.  Any other move would be pure speculation, and, you’re bound to get it wrong.  Nothing ever goes the way you’d expect it to. There is the possibility that both coins persist.

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