Bitcoin Gold Fork just costs Bitcoin $5B!

[shursight]

Yeah i agree with that, it costed bitcoin a lot of money from the market capitalization, but we dont have to worry or complain about it, we all know that bitcoin rised a lot in the last few days, i dont see nothing wrong with it.
But i still have some hope in it, like i always did.
There are a lot of things that changed the price during the last two days, not only this fork, there have been a lot of fud that i have read all over the internet regarding to China, Russia, and some financial gurus from the USA..

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[squatter]

Bitcoin Gold forked Bitcoin today.  The current price of Bitcoin is $5700.  Dropped from $6200 couple days ago.

Bitcoin Gold is endangering Bitcoin in at least 2 ways - 1. It does not have a replay protection and 2. It causes confusion to new potential Bitcoin investors.

It costs the whole Bitcoin community $5B.  

https://www.bloomberg.com/news/articles/2017-10-24/bitcoin-retreats-as-another-offshoot-of-cryptocurrency-appears
 - Bitcoin Gold’s arrival pushes spot price down as much as 5.9%

This is a very dramatic way to frame things. Many technical analysts thought that BTCUSD was due for a price correction, and the local top in the $6200s provided the perfect structure for a long term double top. I agree that the Bitcoin Gold snapshot occurring persuaded some to sell (they were holding to get the airdrop).

However, many altcoiners were also holding BTC rather than altcoins to get the airdrop, too. Those people flocked back into altcoins and the price rallied accordingly. So I think it's incorrect to suggest that this loss in market cap is due to Bitcoin Gold. It's possible that the drop was coming anyway. And it's possible that much of trading activity occurred in altcoins rather than Bitcoin.

[2tights]

Bitcoin Gold forked Bitcoin today.  The current price of Bitcoin is $5700.  Dropped from $6200 couple days ago.

Bitcoin Gold is endangering Bitcoin in at least 2 ways - 1. It does not have a replay protection and 2. It causes confusion to new potential Bitcoin investors.

It costs the whole Bitcoin community $5B.  

https://www.bloomberg.com/news/articles/2017-10-24/bitcoin-retreats-as-another-offshoot-of-cryptocurrency-appears
 - Bitcoin Gold’s arrival pushes spot price down as much as 5.9%

This is a very dramatic way to frame things. Many technical analysts thought that BTCUSD was due for a price correction, and the local top in the $6200s provided the perfect structure for a long term double top. I agree that the Bitcoin Gold snapshot occurring persuaded some to sell (they were holding to get the airdrop).

However, many altcoiners were also holding BTC rather than altcoins to get the airdrop, too. Those people flocked back into altcoins and the price rallied accordingly. So I think it's incorrect to suggest that this loss in market cap is due to Bitcoin Gold. It's possible that the drop was coming anyway. And it's possible that much of trading activity occurred in altcoins rather than Bitcoin.

My opinion is the dip is more a result of the people's alarm and focus being on the segwit2x as well as the rallying of altcoin enthusiasts and shitcoin pirates trying to hijack the blockchain. Once it reaches an accepting bottom price to reinvest in BTC, they'll buy in droves and the price will increase accordingly. A great deal of uncertainty is perceived by most people, so for Bitcoin to remain Bitcoin will ensure that once the storm passes, it will be back to business as usual. There is only one Bitcoin and that is BTC Bitcoin, not 2x/segwit2x, or bitcoin cash, or bitcoin gold or whatever other forks and aliases someone decides to create. I think the functional utility of cryptocurrencies won't be realized for a while. I think it's totally great that people want to fork or take a snapshot, or make modifications and start their own blockchain. The issue I see is when people who don't have ASICs want to hijack Bitcoin.

[Crypington]

Some might say the price of Bitcoin was driven to 6200 by antipation of the fork, and the drop to 5700 was just a return to normal.  It will be interest to see what happens with segwit2x, and if the promise of a potential 4th Bitcoin drives the price back up.

[mastica]

Its happening the same thing that happened with bitcoin cash, with a big difference that as i know the bitcoin gold mining isnt yet more profitable then the others two bitcoin. But it were expected to dump, since its like to share bitcoin health with a son, and there is no way to avoid it, if you remove bitcoin cash and gold bitcoin would be worthing maybe 10-25%, reaching around 7000 dollars.

[freedomno1]

We are just whipping up a frenzy for speculation the attention has been positive and negative in many ways by attracting new users and repelling some factions that will now use the alt versions leaving the main chain unified. Forks do happen but it does bring about some short term confusion hopefully we will now see long term stability.

[2tights]

We are just whipping up a frenzy for speculation the attention has been positive and negative in many ways by attracting new users and repelling some factions that will now use the alt versions leaving the main chain unified. Forks do happen but it does bring about some short term confusion hopefully we will now see long term stability.

Yes, obviously. Do we need to post a disclaimer?

DISCLAIMER: EVERYTHING IN THIS THREAD IS PURE, FICTIONAL SPECULATION AND NOT MEANT TO THOUGHT OF IN A SERIOUS WAY. THIS IS A SANDBOX OF THOUGHT. PLEASE ENJOY YOURSELVES RESPONSIBLY.

lolz

[FrueGreads]

I don't think the bitcoin price drop and the bitcoinGold fork are related. Bgold is not endangering bitcoin in any way. Users were swapping their alts to bitcoin in order to get more bgold. Now that they've got it, they are once again returning part of their investments back to alts.

So the price drop is related then.

Without this fork, if it actually happens, I don't think BTC would've topped $6000 at this particular moment, so in effect BTG has given and taken away within a short period of time.

I've no idea why anyone would get worked about it though. And it's not as if it was 5 real billions. It's just market cap crap.

Yes I agree with you. Bitcoin went up to $6k probably because of the fork, People wanted to take advantage of the free coins, and now things are getting back to normal. When I said it wasn't related, I meant that bgold wasn't doing real harm to the price of bitcoin, it was just a correction. It went up because of it, and now it got corrected, so basically it had "no real influence" on the price, because in the end everything ended up the same, as if it didn't happen.

I would like to make a correction on my last statement about the replay protection on this thread. Bgold team kept saying that they would add replay protection, that is was a some simple lines of code, and that they would do it as soon as possible, but apparently, they haven't done so yet.
I didn't really liked this coin, because they don't really add anything to BTC, or solve the problems they want to solve. But now, I don't trust them, because they are definitely not well organized.

[Nathan047]

Yeah i agree with that, it costed bitcoin a lot of money from the market capitalization, but we dont have to worry or complain about it, we all know that bitcoin rised a lot in the last few days, i dont see nothing wrong with it.
But i still have some hope in it, like i always did.
There are a lot of things that changed the price during the last two days, not only this fork, there have been a lot of fud that i have read all over the internet regarding to China, Russia, and some financial gurus from the USA..

I understand that some totalitarian countries might be afraid of it because it takes power away from them, but when Jamie Dimon bashed Bitcoin it really made me wonder if some financial are afraid of Bitcoin (since all Bitcoin would do is threaten to take away their business).

[squatter]

My opinion is the dip is more a result of the people's alarm and focus being on the segwit2x as well as the rallying of altcoin enthusiasts and shitcoin pirates trying to hijack the blockchain. Once it reaches an accepting bottom price to reinvest in BTC, they'll buy in droves and the price will increase accordingly. A great deal of uncertainty is perceived by most people, so for Bitcoin to remain Bitcoin will ensure that once the storm passes, it will be back to business as usual.

Oh, I definitely think that the uncertainty brought by the upcoming November fork is the larger fundamental reason for all the bearish sentiment. I just think that the Bitcoin Gold snapshot was a small catalyst for a dump in BTC and a relief rally in alts. The larger context is Segwit2x, like a black cloud over the market.

It seemed a couple days ago that the risks were subsiding, since Coinbase said the existing chain would retain the BTC name. Turns out both Coinbase and Gemini are calling the most-work chain "BTC" so it seems they might still be backing 2x after all. So, the uncertainty worsens...

[fanbeila]

Bitcoin gold does not have direct impact on bitcoin price.A slight fall in bitcoin price may be due to reason that most people who bought bitcoins before hard fork for just getting free BTG coins may have started to sell their bitcoins and started to buy altcoins.

Bitcoin gold might create a small confusion among the new investors who don't know which the real bitcoin is.Bitcoin gold is totally an unorganized project.It will disappear soon and will not even exist even for a short span as bitcoin cash.

[eaLiTy]

One thing is certain all these different forks will confuse new users coming into the bitcoin platform and most of the people i saw recently who wants to learn about bitcoin,was asking about the free airdrops and forks that could multiply their investments and how come they could create a new coins just like that which has value.  The price of bitcoin increased a lot backed by the fork and that is the reason we saw a sell off after the fork.

[olubams]

Bitcoin Gold forked Bitcoin today.  The current price of Bitcoin is $5700.  Dropped from $6200 couple days ago.

Bitcoin Gold is endangering Bitcoin in at least 2 ways - 1. It does not have a replay protection and 2. It causes confusion to new potential Bitcoin investors.

It costs the whole Bitcoin community $5B.  

https://www.bloomberg.com/news/articles/2017-10-24/bitcoin-retreats-as-another-offshoot-of-cryptocurrency-appears
 - Bitcoin Gold’s arrival pushes spot price down as much as 5.9%

All this disruptions or distractions I see as something ephemeral because whether we like it or not, the market price of bitcoin is volatile and every major event needs to be responded to which will take its effect on the price of the matter of discussion. If the price of BTG cause the price to crash, do we also forget the reason why the price went that high to $6200 was largely due to impending BTG which a lot of people try to hoard the ones they have to get more bonus. But everything is still ephemeral.

[Bergiolia]

I think it's normal and used to be getting few adjustments while Bitcoin is dealing with the hard fork but everyone shouldn't have to worry about because this is what happened that day when the first hard fork was created. By means, hard forks were created to pump Bitcoin and not killing it by any means.

[Bitcoin Guy]

Bitcoin gold might create a small confusion among the new investors who don't know which the real bitcoin is.

One thing is certain all these different forks will confuse new users coming into the bitcoin platform ...

Yes, causing confusion is a major concern on ill planned forks.  The second major concern is the potential replay attack on BTC from the fork.