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Author Topic: Bitcoin Gold premined?  (Read 1078 times)
aliman00
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October 18, 2017, 09:51:28 PM
 #1

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

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October 19, 2017, 04:10:38 AM
 #2

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

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October 19, 2017, 04:59:55 AM
 #3

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

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October 19, 2017, 05:15:01 AM
 #4

I just hope Bitcoin gold mining will still be profitable by mining with our GPU's.
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October 19, 2017, 05:37:55 AM
 #5

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.
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October 19, 2017, 05:41:09 AM
 #6

waiting for another hard fork to come and fork the senses out of bitcoin gold Angry. Bunch of greedy folks out there. I guess its just the beginning of the end for Btc Gold. Grin

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October 19, 2017, 05:54:23 AM
 #7

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

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October 19, 2017, 05:58:44 AM
 #8

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.

Buying the dip...
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October 19, 2017, 06:02:54 AM
 #9

Grabbing popcorn time for me. It's gonna be a fun ride with the fork this time around.
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October 19, 2017, 06:03:43 AM
 #10

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.

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October 19, 2017, 06:08:40 AM
 #11

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.
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October 19, 2017, 06:16:04 AM
 #12

@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.
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October 19, 2017, 09:13:44 AM
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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.

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October 21, 2017, 05:20:29 PM
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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.

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October 21, 2017, 05:22:45 PM
 #15

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


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October 21, 2017, 05:28:29 PM
 #16

How much premined?There is yet another fork in november.
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..
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October 21, 2017, 05:31:52 PM
 #17

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
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October 21, 2017, 05:39:17 PM
 #18

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?
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October 21, 2017, 05:46:21 PM
 #19

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.
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.

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October 21, 2017, 06:14:25 PM
 #20

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?


The distributing of coins only to certain wallets and exchanges seems invalid, this is a quote on the FAQ of their website (btcgpu.com):
Quote
How can I get Bitcoin Gold?
The Bitcoin Gold (BTG) initial coin distribution method is exactly the same as that used by Bitcoin Cash (BCH). All Bitcoin holders who possess BTC private keys on October 25 (block 491 407) will receive Bitcoin Gold on the rate of 1 BTC = 1 BTG (If you have 20 BTC you will receive 20 BTG). You need to control BTC private keys in order to make Bitcoin Gold transactions.

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