The cryptocurrency markets seem to be reacting with optimism towards the imminent Bitcoin hard fork that will produce a new Bitcoin - Bitcoin Gold. Bitcoin's price has rocketed and its market dominance stands at 52.5% as money flows into the coin in anticipation of free Bitcoin Gold. But worrying developments have emerged.
There has potentially been an unsuccessful attempt at an ICO for the coin meaning that some Bitcoin Gold have already been pre-mined. The ICO planned to give developers a 1% share of the coins - was this a money grab rather than an attempt to decentralise the mining of Bitcoin?
If indeed Bitcoin Gold has already been pre-mined, this could mean that you will not get your Gold. You would need to get your Gold from a future block, which is impossible - if the fork has already happened.
Many websites have been registered to its email address, this seems very shady indeed:
Most concerning is that replay protection has NOT been implemented. This puts your traditional Bitcoins at risk if you attempt to transfer your Bitcoin Gold - a replay attack could mean you losing your Bitcoins.
What I will be doing is not buying BTC in the hope of getting Bitcoin Gold. I already hold BTC so may or may not end up with Bitcoin Gold. If I do, I will not be moving it until I am certain replay protection has been enabled. I will be holding my Bitcoins - the price is rising nicely. I will also be watching my favourite alt coins, such as Monetha, Substratum, Real, Social and Neo to see if I can increase my holdings at bargain prices. When the market returns to normal good profits could be made this way.
Great post. Any reason LTC isn't on your watch list?
Hi @gearcorp. No reason for excluding LTC, I just mentioned a few of my favourites. LTC is looking undervalued and a bit neglected in recent months. Hit took a big hit in the dip and hasn't picked up at the rate of say BTC or even ETH. I would expect it to rise, maybe hitting $100 by the year end.
thanks for the reply. I was thinking the same thing. I love it when everything takes crazy swings and LTC stays steady. Hopefully Neo will fallow same path in the future.
As i said in another post: Currently there is a real ICO and Airdrop madness. Don't know how many forks and altcoins will survive.