[2017-10-25]Jiang Zhuoer: Bitcoin Gold Is Just Another ICO Scam with 200k Coins

[hl5460]

TG (Bitcoin Gold) is the latest fork that the community is debating about. BTG implements a new proof-of-work concept known as Equihash which is different from the original SHA256 and it claims to make Bitcoin more ‘decentralized’ — but I beg to differ. Using a few simple logics below, we seek to understand what BTG truly is.


http://news.8btc.com/jiang-zhuoer-bitcoin-gold-is%E2%80%8Ajust-another-ico-scam-with-200000-coins-pre-mined

[dreamhouse]

Bitcoin Gold is just an altcoin, only they stole the name of bitcoin, it has nothing to do with bitcoin.

[iamTom123]

Bitcoin Gold is just an altcoin, only they stole the name of bitcoin, it has nothing to do with bitcoin.

Should we then say that Bitcoin Gold is just the second illegitimate child of Bitcoin coming from the hard fork session they have? Well, anyway, since I would also be receiving my own share of BTG all I can say is that let's give this altcoin a chance to show what it got and what it can be able to contribute for the cryptocurrency movement. I am planning though to sell my BTG soon after I got it on Bittrex so that I can buy more Bitcoin. The clear message here is that there would always be one and only Bitcoin and that is, of course, the Bitcoin no more no less. Any altcoins coming from the hard forks in the future can never substitute for the real Bitcoin come what may. Now, let's be ready to sell BTG.

[Kakmakr]

Bitcoin Gold is just an altcoin, only they stole the name of bitcoin, it has nothing to do with bitcoin.

Should we then say that Bitcoin Gold is just the second illegitimate child of Bitcoin coming from the hard fork session they have? Well, anyway, since I would also be receiving my own share of BTG all I can say is that let's give this altcoin a chance to show what it got and what it can be able to contribute for the cryptocurrency movement. I am planning though to sell my BTG soon after I got it on Bittrex so that I can buy more Bitcoin. The clear message here is that there would always be one and only Bitcoin and that is, of course, the Bitcoin no more no less. Any altcoins coming from the hard forks in the future can never substitute for the real Bitcoin come what may. Now, let's be ready to sell BTG.

A lot of people are going to follow your example. They will wait for the fork to be declared safe and then they will start splitting their coins and selling them to buy more bitcoins. I will not sell all my BTG, because I cannot predict if this is going to do well or not, this early in the game. So my strategy will be to sell 50% now < cashing in, while the iron is hot > and also cashing in, if it becomes successful later.

I did the same with Bitcoin Cash and I think it is the safest strategy to follow. No matter what way it goes, I will profit from these forks. ^smile^

Free coins are free coins, so even if you only made a few dollars, you still got money from nothing and that is what is important.

[yugyug]

i would not consider the bitcoingold as the another fork of bitcoin because he is not truly using the algorithm of bitcoin which SHA256, but they are using different algo which was use by ZCash the Equihash algo i guess they using the name bitcoingold that may sounds like a bitcoin family but in reality they are using BITCOINgold for marketing purposes. bitcoin and bitcoingold are not fork but another shit coin.

[alani123]

I blame the speculators. It doesn't even have binaries for a windows wallet yet, but it was picked up by exchanges and trading took of in seconds. The speculative nature of crypto markets makes it so there's demand for it in spite of it being unorganized. Either way, this seems to be dead sooner or later and it won't be missed. Sell while you can.

[J. Cooper]

I blame the speculators. It doesn't even have binaries for a windows wallet yet, but it was picked up by exchanges and trading took of in seconds. The speculative nature of crypto markets makes it so there's demand for it in spite of it being unorganized. Either way, this seems to be dead sooner or later and it won't be missed. Sell while you can.

This is completely true, this coin hasn't realized anyhting other than stealing bitcoin's brand and part of the blockchain. I'm not too sure who is buying this altcoin but it's not necessairly a bad thing because it allows me to sell my BTG's off. If we look at the bigger picture I am not too worried at all, I am confident that this fork won't last too long.

[Xavofat]

you still got money from nothing and that is what is important.

No.  You got money from supply and demand.  You didn't necessarily profit, and the money that people use to buy these forks at those prices could also affect the BTC price.  It seems like a pretty stupid assumption to suggest that it is "free money".

let's give this altcoin a chance to show what it got

It's already shown what it has.  A massive premine and a lot of money for the developers over a fairly simple change.

This kind of unnecessary neutrality is what makes people hold their BTG.  They hold it just because it is a fork, not because of any actual merit.

[MMostaza]

This is way too confusing. So, the only connection with Bitcoin Gold and Bitcoin is that the first one is starting from a Bitcoin blockchain, but with any consensus with Bitcoin? That means also that the use of the name "Bitcoin" Gold is, if not illegal, used with a tricky intention, just to take reddit from the original Bitcoin. And moreover, based on the articles I have been reading, Bitcoin Gold is presented as the come back to the origin of what should be Bitcoin, because it will be more decentralised with the use of GPU mining. After reading the article posted above I would like to find some other informations that differs with it, I suppose this kind of information exists, otherwise I don't understand why Bitcoin Gold use this "decentralisation" as an important characteristic to be distinguish from BTC and BCH...

[leonair]

you still got money from nothing and that is what is important.

No.  You got money from supply and demand.  You didn't necessarily profit, and the money that people use to buy these forks at those prices could also affect the BTC price.  It seems like a pretty stupid assumption to suggest that it is "free money".

let's give this altcoin a chance to show what it got

It's already shown what it has.  A massive premined and a lot of money for the developers over a fairly simple change.

This kind of unnecessary neutrality is what makes people hold their BTG.  They hold it just because it is a fork, not because of any actual merit.

Most of the people really think that it is a free money and so am I, you will be getting a 1 Bitcoin Gold when you have a 1 Bitcoin(original) so I think that is a free money for people who really holds a certain amount of Bitcoin before the Hard Fork, it is true that the supply and demand dictates the price of it, and getting an advantage of a reserve of it before the said fork is for me a cheat because you already taking a future profit in the part of a price of the newly forked coin.

[ChromaticStar]

you still got money from nothing and that is what is important.

No.  You got money from supply and demand.  You didn't necessarily profit, and the money that people use to buy these forks at those prices could also affect the BTC price.  It seems like a pretty stupid assumption to suggest that it is "free money".

let's give this altcoin a chance to show what it got

It's already shown what it has.  A massive premined and a lot of money for the developers over a fairly simple change.

This kind of unnecessary neutrality is what makes people hold their BTG.  They hold it just because it is a fork, not because of any actual merit.

Most of the people really think that it is a free money and so am I, you will be getting a 1 Bitcoin Gold when you have a 1 Bitcoin(original) so I think that is a free money for people who really holds a certain amount of Bitcoin before the Hard Fork, it is true that the supply and demand dictates the price of it, and getting an advantage of a reserve of it before the said fork is for me a cheat because you already taking a future profit in the part of a price of the newly forked coin.

People keep calling this 'Free' coins, it isn't. Its value comes from the market cap of Bitcoin. Billions of dollars of monetary value don't just pop into existence out of no where. We would all be better off not hardforking at all and keeping all of Bitcoin's value in itself instead of spreading it out in a bunch of alt-coins. If you're a US resident and you consider this 'Free' you might want to think again when it comes to your taxes. If you think this is free, you need to declare it as income, which is taxable. This by all measure is analogous to a corporate spin off, which is a non-taxable event. Keep that in mind when the IRS audits you.

[Rahar02]

you still got money from nothing and that is what is important.

No.  You got money from supply and demand.  You didn't necessarily profit, and the money that people use to buy these forks at those prices could also affect the BTC price.  It seems like a pretty stupid assumption to suggest that it is "free money".

let's give this altcoin a chance to show what it got

It's already shown what it has.  A massive premined and a lot of money for the developers over a fairly simple change.

This kind of unnecessary neutrality is what makes people hold their BTG.  They hold it just because it is a fork, not because of any actual merit.

It's not a stupid assumption at all, since someone doesn't have to do anything but holding bitcoin and then he will get free BTG.
If BTG has real value, and there are some people who want to buy btg from the first person, it's called free money obviously.
It's real profit for most people who have bitcoin in their wallet, just like bcash free distribution two months ago.
Btg, bcash, eth are altcoins, what it has? As trading object? As digital currency? At least it has value which people trade it in order to generate profit. No matter what, most people will stick to bitcoin.

[Taki]

How Bitcoin Gold can be scam ICO if nobody is investing in that and almost everybody will get it absolutely free?
I really didn't get the point of the thread, cause of there is no proves and any explaining of such point of view.

[krishnapramod]

you still got money from nothing and that is what is important.

No.  You got money from supply and demand.  You didn't necessarily profit, and the money that people use to buy these forks at those prices could also affect the BTC price.  It seems like a pretty stupid assumption to suggest that it is "free money".

It is free money in the sense that by simply holding on to your Bitcoin, you got forked coin. Once the forked coin enters the market and even if it has a valuation of $50 and you sell it, you just got $50 worth of free money, right.

You have got a point there about demand, but IMO this demand is to some extent artificial. Before the fork some users buy more bitcoins or convert their alts to Bitcoin to get another altcoin to dump again for Bitcoin. Yeah, it definitely has an impact on Bitcoin price, a correction as people move their funds back to alts, but if the forked coin gets a good valuation and a majority of people dump it, Bitcoin price will correct itself to the point just before the fork or maybe increase further.

Before the fork you did nothing and got some forked coins out of thin air and a made a profit, so not outrightly wrong to assume it is free money.

[Forts1946]

TG (Bitcoin Gold) is the latest fork that the community is debating about. BTG implements a new proof-of-work concept known as Equihash which is different from the original SHA256 and it claims to make Bitcoin more ‘decentralized’ — but I beg to differ. Using a few simple logics below, we seek to understand what BTG truly is.


http://news.8btc.com/jiang-zhuoer-bitcoin-gold-is%E2%80%8Ajust-another-ico-scam-with-200000-coins-pre-mined

BTG is only way to gain more moeny because they see BTC is good and it price more than 5,000$ (Waste and Burn of money)

[imsotiredofmoviereboots]

It's just like those another airdrop scams and people should have learned from what happen on bitcoincash. I'm glad that this time, popular exchanges did not support it and they think of it as a scam too. Another cash grab and to rob other people's money.

[MMostaza]

Someone can explain me how can affect in Bitcoins and also Bitcoin Gold the fact that still there is not fixed a day to start de conversions (it has to be on 1st November but they delayed) and also the fact that still there is no settled a Hard Cap?

I think those delays and uncertainty just can kill BTG even before it really born.

[matuson]

Someone can explain me how can affect in Bitcoins and also Bitcoin Gold the fact that still there is not fixed a day to start de conversions (it has to be on 1st November but they delayed) and also the fact that still there is no settled a Hard Cap?

I think those delays and uncertainty just can kill BTG even before it really born.

Everyone got bitcoin-gold for free. I suggest to forget about the currency. Maybe in a few years when whales buy up all the coins which you can buy they decide to revive the bitcoin gold and we will see a rise in prices is the same as was in bitcoin. Perhaps it is a time bomb. From you nothing depends. can sell your coins for $ 3.

[hl5460]

Someone can explain me how can affect in Bitcoins and also Bitcoin Gold the fact that still there is not fixed a day to start de conversions (it has to be on 1st November but they delayed) and also the fact that still there is no settled a Hard Cap?

I think those delays and uncertainty just can kill BTG even before it really born.

Everyone got bitcoin-gold for free. I suggest to forget about the currency. Maybe in a few years when whales buy up all the coins which you can buy they decide to revive the bitcoin gold and we will see a rise in prices is the same as was in bitcoin. Perhaps it is a time bomb. From you nothing depends. can sell your coins for $ 3.

BTG is trading at 128 USD on Bitfinex.

[unununium]

Someone can explain me how can affect in Bitcoins and also Bitcoin Gold the fact that still there is not fixed a day to start de conversions (it has to be on 1st November but they delayed) and also the fact that still there is no settled a Hard Cap?

I think those delays and uncertainty just can kill BTG even before it really born.

Everyone got bitcoin-gold for free. I suggest to forget about the currency. Maybe in a few years when whales buy up all the coins which you can buy they decide to revive the bitcoin gold and we will see a rise in prices is the same as was in bitcoin. Perhaps it is a time bomb. From you nothing depends. can sell your coins for $ 3.

BTG is trading at 128 USD on Bitfinex.

where is the wallet? i wanna sell off