Bitcoin Forum

Just read on twitter @bitcoingold an update and it says that bitcoin gold is premined? what does that mean?? good or bad?

https://twitter.com/bitcoingold  (https://twitter.com/bitcoingold)

Yes, that's what the word out there Bitcoin gold is premine instant millionaire scam

That the tokens allocated to Bitcoin holders are mine in advance by the developer, I really don't understand what the team really want to gain with this project, he should just drop the thing and save face

I just hope Bitcoin gold mining will still be profitable by mining with our GPU's.

From offsite (doc Response to Recent Misinformation press@btcgpu.org, not avible now, but in google cache):

Official statement:In the earliest days of the Bitcoin Gold project, before the team had expanded to include contributorsfrom all corners of the globe, there was an idea for a pre-mine and sale. As written above we did putaside this idea. Currently there is no pre-mining ongoing as the core code is still being developed. Weare open to any kind of questions in our Slack channel.

waiting for another hard fork to come and fork the senses out of bitcoin gold >:(. Bunch of greedy folks out there. I guess its just the beginning of the end for Btc Gold. ;D

How much premined?There is yet another fork in november.

it is premined which means after release the developer will get a huge amount of BTG tokens in his pocket for doing nothing.

it is bad because it makes the project look bad and like a scam. which is what all the scam altcoins have done to make money for doing nothing.
an honest developer doesn't need these types of action to make profit from his own project. an honest developer is someone like Charlie Lee of Litecoin who has invested in his own project with hard earned money like the rest of us and he made millions when he made LTC popular and big.

a premined altcoin can never become successful in the long term. it will always have that premine as a big black scam mark on its forehead till the end of its days.

Grabbing popcorn time for me. It's gonna be a fun ride with the fork this time around.

The amount of bitcoin gold that will be premined is not fixed so it can be way less or more than 1% which will be around 200k of bitcoin gold. This simply means total supply of bitcoin gold will be more than that of bitcoin also large amount of bitcoin gold will be in hand of few peoples so its better to not invest in this one. I will just sell whatever I will get on fork.

I think that the idea to decentralise mining is really solid.  I hate the idea that bitcoin gold is just a scam to get rich from a premine. 
As yet there is no confirmed information about the premine either way.  So will just have to wait until I know before I decide to support it or not.

@Catmoney
Not sure I really understand it but isn't a 1% premine equivalent to about "45000 bitcoin golds"? 
21000000(total)-16500000(already mined bitcoin) = 4500000 coins left to mine in total.

With it being pre mined to me it looks like it could all be dumped very soon after fork. I'm sure some will make some serious profit of this.

The general idea of ​​the bitcoin Gold coin is quite good. I personally like it. Including the fact that it will be possible to mine on not very powerful video cards. Along with other positive properties, I believe that this coin has the right to exist. Then the market itself will show whether it deserves its name or not.

Hmmm... Need more information before i start spreading FUD.

The Segwit2x fork in November is a whole different thing.
It will be a copy of Bitcoin but with solutions for scaling problems implemented, no premined coins rather than the ones on the current blockchain..

Why would you premine something but at the same time have the intention of being taken seriously? Man I dont get how this wont be insta dumped day one of receiving the coins. Atleast bitcoin cash did not do this and look

what happened there. Doesnt take a genius to predict what is going to happen with this one

I'm not getting... How come Bitcoin Gold is premined when it doesn't even exist? I hear that if all goes well, the tokens will only be issued for those having BTC on certain exchanges and certain wallets. I have also heard that it might be a vector attack to bitcoin... can someone clear this for me?

Pretty much what he said, it always raises red flags when there is a chunk reserved for the developer for the simple reason that the developer at any time can dump their coins and then take their money and move on.

This has always been an issue with altcoins and many times the developers have run away with their profit and left the community behind.  I don't see any real reason for these pointless forks.

The distributing of coins only to certain wallets and exchanges seems invalid, this is a quote on the FAQ of their website (btcgpu.com):

I think pre-mining could be possible when they delay the publishing of a mining client or it's settings.

And what bitcoin is Gold better than the original bitcoin? I do not understand why I need to create a lot of coins that nobody needs. Bitcoin gold will not compete for the original bitcoin

yes, that's why bitcoin gold is scam

Do any of you actually have proof that this is all true what you've been posting on this thread?

Because so far as far as I can see it is all just speculation with no actual proof of anything in this whole thread.

This is one reason why I don't think BTG will debut at a high price.  I might be wrong, but this is looking like fork to try to get rich, rather than a fork to improve Bitcoin.  I guess GPU mining is cool, but there are plenty of GPU coins to mine, we didn't really need another one.

it can be 1% instamine .. due to delay in wallets.. hope everything will be fair

is bad, bitcoin cash without premine
i think is difference with bitcoin cash, bitcoin gold dev not transparency,

Mined or not, I still won't be purchasing any coins when they begin to distribute the coins to the people that hold Bitcoins.

I definitely won't be buying either, I dislike how they have been premining it, Some people probably won't even realize.

Having a premine doesnt always mean good or bad necessarily but that much depends on who is behind it and what the distribution plan is. Seeing how their is literally zero distribution plan and the who is not people who

you can instill trust in it is bad in this spot. I mean look at how bitcoingold started off at and now has been pushed down. This isnt due to new miners or people in the market having a ton...it is directly due from the dumping

of that premine, which is down right gross.

I guess GPU mining is cool, but there are plenty of GPU coins to mine, we didn't really need another one and Including the fact that it will be possible to mine on not very powerful video cards. So it's possible to Mine the Bitcoin Gold But take some time.When the Bitcoin gold is came means,all will get into it.

Based from the things I read, it's just less than or ~~1% of the total coins to be produced. I can't really understand on why some can't understand it. This coin needs a support that will carry this new coin for years, so they will be needing a budget for that. Remember that ethereum also was premined way more that 1% and it has been discussed and argued for many months, but look at it on how ethereum was developed. Still for years ethereum is still in a good run because of developments. Maintenance is very important same as support and developments. Look at doge, it has been stagnant for years because of lack of developments, now it seems that it is dying.

Bitcoin Gold doesn't really have that many people wanting it so who cares?

I also disagree with the need of having a 1% premined, there is no need really.

Also, in my opinion the sudden massive fall of its value in these past 2-3 days can only be explained with the dev dumping his 1% to convert it to Bitcoin.

I can't otherwise explain, I never seen a coin getting to a third of its launch value in just three days. That's not volatility, it's speculation of the finest kind.