All the rage going on right now is gearing up to a hard fork which would create a new crypto called bitcoin gold. After what we saw with bitcoin cash a few months ago many are jumping on board in hopes to get free crypto (bitcoin gold) when this fork happens. But is this really want is going to happen? Lets take a deep dive into whats going to go down in t minus 3 days.
Unlike bitcoin cash hard fork which was directly from the block chain bitcoin gold will be using GPU and an entirly new algorithm then what bitcoin currently uses. This already splits the coin off in a way that no other hard fork has happened. This wont be an easy transition as asic miners output a much higher hash rate then GPUs.
Futures can be traded now for bitcoin gold and right now they are estimated at 0.045 to 0.0718 BTC which is roughly $265 to $423 per bitcoin gold. It is expected for bitcoin gold to be the lesser of the bitcoin forks as the support behind it is rather low compared to what we saw with bitcoin cash.
None the less though this is the crypto world and predictions while they try to be educated smart guesses they are impossible to predict. Personally for me I like the name bitcoin GOLD over CASH as it just has a better vibe to it but in terms of the currency it looks pretty dead and wont show very much support in the long run.
Most likely there will be more by end of year and 2018 as they are called air drops. ICOs are out because of government and these forks or airdrops are now a loop hole for now.
I've mentioned this in some other comments sections. I am starting to think that these Bitcoin forks are nothing more then a way for the big Bitcoin players to raise massive amounts of cash without giving up their core positions in Bitcoin. They have a problem that they want to live like millionaires but if they sell their Bitcoin they are sacrificing huge future profits. So what do you do?
As for Bitcoin Cash it looks like just another crappy Altcoin to me. I see no compelling reason to invest in it (other then hype) over other already established coins which have better technology already.
The original Bitcoin fork is called Litecoin and it is highly undervalued relative to Bitcoin in my opinion.
Yeah, Bitcoin Gold sound much metter than Bitcoin Cash. And indeed there will be great changes, but I am curious how much value it will gain, and which will become the next Bitcoin!
@bitcoinflood you hit the nail on the head with "None the less though this is the crypto world and predictions while they try to be educated smart guesses they are impossible to predict."
Let me know your thoughts on my latest episode of Crypto Nights (you can find it on my blog) in which we discuss Tom Lee's valuation of Bitcoin using Metcalfe's law.
This is certainly a risk for guys putting in so much money they can't afford to lose because they think they can double their investment once the fork take place.
Free money for me, but Bitcoin Gold always sounded like a pump and dump scenario to me. I am glad I sold my Bitcoin Cash @ 0.072. will sell off my gold within 6 months, I guess.
I think they all well be pump and dumps just like every ICO really. They are the same blockchain just a new name with a butt load of free coins for everyone now is the time to hold your bitcoin though!
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Anyone math inclined could share the light on the mining difficulty level? Coz just looking at the future prices, Gold is unexpectedly low. Of course, I assume that some correlation to BTC, which seems likely.
Gold will be GPU intensive while bitcoin is ACIS so entirely different level of mining is going to happen with it. That being said mining difficultly does nothing in terms of the price its just how bad people want it mining wise. Rarely is there a case of profitable mining unless your electric is free.
Thank you for reply, I was just trying to establish parallels with bitCash, if I recall correctly futures were also trading around $300 prefork and then on fork there was repricing upwards. Of course it was on the back of mining pools support (which is a major unknown in Gold case), but if it is GPU intensive, that means that it is not deflationary (at the protocol level) (at the protocol level), which in turns means that the correlation to BTC should not weaken (in worst case) and (in best case) be strengthened leading to BTC gold upward price revaluation. Hence my assertion that the Gold at $300 might be "cheap".
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I don't understand the name at all. The first time I heard it, I thought there was some kind of peg between Bitcoin and physical gold.