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Author Topic: Bitcoin GOLD - A well thought Scam?  (Read 5850 times)
shade_wrath
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October 10, 2017, 02:36:20 AM
 #1

I was reading some articles on Reddit regarding the upcoming Fork of BTC to create Bitcoin Gold or BTG. I stumbled upon one of the the post from Reddit user: EnviousArm
Reddit user link: https://www.reddit.com/user/EnviousArm

All the credits goes to Reddit user: EnviousArm as this user has done all the efforts and work. I am just trying to bring this to light for bitcointalk members. Thank you.

Link to the post: https://www.reddit.com/r/CryptoCurrency/comments/757jf4/here_is_why_bitcoingold_is_shady_and_a_scam_you/

Update 3: I've done a reverse whois lookup on their website, and found a ton of domains registered under the same email (not same IP) in their whois. the domains look super damn scammy by the way, you can check them out yourself here: https://i.imgur.com/HG31eie.png

And for the actual list if you don't wanna see a picture, here: http://viewdns.info/reversewhois/?q=xiangliao%40gmail.com

I got the email from: https://www.whois.com/whois/btcgpu.org BTG is, without a doubt, a complete scam.

Looks like they tried running several ICOs, one of them is even still active called sandcoin.org (which is obviously a scam too) Update 2: *

Premined: https://github.com/BTCGPU/BTCGPU/pull/2

    Unfinished pow implementation: https://github.com/BTCGPU/BTCGPU/pull/15

    Replay protection not implemented (You might lose your Bitcoins if you try to transfer or sell your airdropped Bitcoin gold be careful!): https://github.com/BTCGPU/BTCGPU/issues/18

    No change of difficulty algorithm implemented (they will compete with other GPU-mined coin for hashpower)

    No commits merged to main public repo in last 21 days

    Without the difficulty fix alone, this coin will crater rapidly.

Assuming it survives that, without replay protection, big exchanges won't list it, and wallets won't support it. The code is unfinished and in flux that no-one can seriously review it yet, and there's no commit for a testnet definition yet. (thanks to /u/StrawmanGatlingGun)

Update 1: In their Website-Snapshot from the github (https://github.com/BTCGPU/website) they stated that the fork snapshot already processed: "Bitcoin Gold (BTG) is a new proof-of-work cryptocurrency that will be hard forked from the Bitcoin blockchain on October 1 at block height 487427", which actually ended up being September 28th (https://blockchain.info/block-height/487427) partial info thanks to /u/rhuxx for the find.

As some of you may know, Bitcoingold is attempting to fork Bitcoin at the 25th of October. However in the past they decided they'll fork during the Bitcoincash date, both of which have ended up confusing me thus I've decided to do more research on the matter.

As I dug in deeper Bitcoingold started falling apart in front of my eyes losing all my trust in it. Here is what I've found.

First I read about this to get a better idea behind it: https://medium.com/@EthereumRussian/is-another-hardfork-going-to-kill-bitcoin-bitcoin-gold-e49b24ad8a9

The article mentioned there's been an ICO page, intrigued I decided to do a quick google search and found this 29 August bitcointalk thread that has more information regarding it: https://bitcointalk.org/index.php?topic=2046790.0

Along with the original Bitcoingold developer thread: https://bitcointalk.org/index.php?topic=2133536.0

It seems that they have possibly ran an ICO (Unsuccessfully most likely) but most certainly had premined the coin, thus I went to their website which at the time (9th of October) only ran a splash screen: http://btcgpu.org/ in an attempt to confirm my doubts.

This didn't lead me far, I needed to confirm those claims by myself, thus I went to the wayback machine (a wayback machine takes snapshots of websites so you can tell what changed in a website over time) and picked the August 31 date of the bitcoingold website. https://web.archive.org/web/20170831032225/http://btcgpu.org/

This confirmed the rumors, the website owners/original developers intended to run an ICO (which may or may not been successful) and also premined 16000 Blocks, worth at least 200,000 Bitcoin gold. The ICO price was supposedly 1 BTC = 10 BTG.

Since they are holding that information away from us and hiding it, this makes me believe that, bitcoingold is infact a scam and an attempt to milk the Crypto community out of their money, please don't fall into this scam and don't buy bitcoingold, dump it and let others know you can even do your own research with the Wayback machine I linked above or any time machine.

Regards, A fellow crypto investor

tl;dr BTG (Bitcoin gold is pre-mined 200,000+ BTG, and previously offered as an ICO, now they are trying to hide both of that information from us and telling people to dump their alts to get free "Bitcoin gold". the fork dates do not match, they specified different dates 3 times, once in their github page (1th october, and the block ended up being mined at 28th september) and a third time as 25th of october. all this combined information makes this me believe with no doubt that this is a scam in the making, and you should all dump your BTG as soon as you get it and never, ever buy BTG. also there is no replay protection, incomplete pow implementation, and no difficulity adjustment just the replay protection alone means you can lose your BTC by trying to sell/transfer your BTG, whois email associated domains shows complete scammy icos and domains registered under the email, this without a doubt they are 100% scammers.).

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October 10, 2017, 03:30:39 AM
 #2

I am staying far away from this one, that's one thing I know.
Thanks for posting this.

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October 10, 2017, 03:39:12 AM
 #3

Well for starters, we're talking about a fork of Bitcoin-- and a fork which has gold in the name. This is a team that isn't ready to release a shitcoin, let alone a fucking fork of Bitcoin. This is without a doubt a scam, this isn't getting as much traction as BCC because it isn't BCC and no one cares for it.

I wouldn't even call it a well thought Scam, if we're able to see through it this quickly then the thing is pretty blatant.

It'll fail hard, and fail hard I hope it does.

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Doublelucky
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October 10, 2017, 03:43:52 AM
 #4

Of course it's a scam. It's a huge cash grab.
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October 10, 2017, 03:59:55 AM
 #5

It does look like a scam but for now just look at the process for now. Who knows?
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October 10, 2017, 04:11:52 AM
 #6

This need to be more spread. It is a Scam, just that. People could make some shit and lose funds because of this confusion. There are a lot of people that are thinking the segwit2x for is Bitcoin GOld.

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October 10, 2017, 06:34:29 AM
 #7

obviously its a ascam... but the point is not this... the point is that even if most comunity agree with this... at the same time it sell alts for holding btc. this is the best way to ruin the prestige of btc: if we go on in this way, "we" could introduce a btc fork every couple of mouths... why not?? its the comunity that make real or fake some scam. if everybody (like me) wouldnt sell alts to have more btc just to pick up scam coin, they would stop to get in the marker such a fork. Comunity its a delusion one more time... like the fork in august... but its the reality.
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October 10, 2017, 06:48:47 AM
 #8

In the end all the blames goes to crypto Community who are always looking for cheap and easy money. Assuming that BTG is scam, people will still pile up BTC just to get Free BTG. This never ending thirst will bring more shit coins which are based on BTC.

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October 10, 2017, 07:05:43 AM
 #9

No one knows really. Just like what happened with Bitcoin cash.

I am personally not at all interested in Bitcoin gold. For the guys going for this, for their sake I hope I am wrong.

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October 10, 2017, 07:13:18 AM
 #10

looks suspicious. maybe this will turn out as a scam. thanks for alerting us

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October 10, 2017, 07:14:09 AM
 #11

Thanks. Its really scam.
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October 10, 2017, 07:24:07 AM
 #12

because of what went the growth of bitcoin?what, suisan such growth, the market whales come?or is it because of the outlining hard forks?

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October 10, 2017, 07:26:18 AM
 #13

same with BCH, bitcoin gold can release if hardfork can split
after split , much miner mining bitcoin gold same with BCH, without split without miner, bitcoin gold never release

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October 10, 2017, 07:27:02 AM
 #14

Thanks for sharing -- definitely looks like a scam to me. I mean seriously, look at that domain list

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October 10, 2017, 07:27:43 AM
 #15

i've got 2 things to say here:

1. replay protection:
the coin is not yet released that you are talking about it. it is not even close to being released yet. for all you know they will implement a strong replay protection like BCH.

2. premine:
that makes this an altcoin like hundreds of other altcoins. scam? if that is the criteria then ETH is the biggest scam in history of altcoins, it had 72,000,000 coins premined and that was almost all the ETH tokens in existence.
i am not defending BTG though, i am just pointing out that premining is a perfectly common thing among shitcoins like ETH and BTG and all the others like it. and apparently community doesn't consider them as "scams".

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October 10, 2017, 07:34:13 AM
 #16

I am not interested in this "Bitcoin Gold" thing. Useless for me.
I will not support or trade this coin.
I don't call them scam but its not for me.

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October 10, 2017, 07:36:53 AM
 #17

Everyone says its a scam and it sure as hell is starting to look like one. However, BCH was considered a scam and many people profited big time from that so I'm sure you can still make some money. I just wouldn't hodl.

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October 10, 2017, 07:40:25 AM
 #18

At the end of the day it's market who decides what goes up and what goes down. People were saying BCC was a scam but look at it now, it's stable and well above ETH price at the moment.

.........It is never late to buy BTC for $1........
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October 10, 2017, 07:46:38 AM
 #19

As long as can make money from it since is was free




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ALL YOU NEED IS LOAN





















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halisakal
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3DES pre-ICO 25/09/17


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October 10, 2017, 07:52:26 AM
 #20

hi all! the emergence of a new coin is Scam?a lot of people it been there?what is the prospect for it in the future

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