FORK'd - People lost more money holding BTC for free BTG than they made in USD

[bitfools]

People lost more money holding bitcoin for the free money than what they made in bitcoin gold which dropped from $500 to $140 in 24hrs!

Think about this folks before people pulled their BTC out of cold storage BTC was $6100, and now its $5700 that's a $400, loss to buy your BTC back and put it back in the cold wallet, better sell that "FREE" BTG quick, but for what?

11% of BTC community supported the FORK, 88% opposed the BTG scam, how is it that such a MINORITY can scam the majority?

How is to possible that exchanges and criminals can get the BITCOIN-ORG to comply in the criminal fraud that is BTG??

BTG is a criminal fraud, that has been known since August 2017, read this forum, its full of detail.

Minority criminal take over BTC and rob 1,000's of BTC owners who fall for the "FREE BTG".

Why does the BTC community participate in the fraud??? It was a known fraud all along,

Make a note of  which exchanges and pools played along with the fraud, and which kept back at arm's length.

Know who is criminal in the BTC playground

Satoshi must be going nutz watching this bullshit

All BTC-FORKS are FUCKS, and the NYA will be biggest fuck of all

Play-Back not being in BTG is intentional orchestrated power wants to destroy BTC and rob the Market-Cap

Of course BTG as a  block-chain will never exists in the real world, since August 2017, they cloned BTC about 60%, and the value added code to date still doesn't compile or run, and thus it never will.

How is it that THEY (BTC COMMUNITY) locked down BTC trading for 24 hours for these "FORK FUCKS"

How is it that the MINORITY is allowed to ROB the STUPID Majority???

Why is nobody willing to protect the un-informed??

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[ihackcoinz]

not the case bro - i held switched to btc from alts around block 403, then cashed btc to ltc the moment block 407 was discovered, then cashed out btg as soon as i received (HitBTC).  It was win win win.

[jseverson]

11% of BTC community supported the FORK, 88% opposed the BTG scam, how is it that such a MINORITY can scam the majority?

May I ask your source for this?

But yeah, it wasn't hard to predict that BTG would flop. When it only ever comes up in topics about airdrops, and none about its possible legitimacy, you just know people are itching to dump. This is a good thing, as its sets yet another precedent that these forks are largely worthless.

Also, it's funny how people spend money to get free money. One thing people should always know is that there is no such thing as free money. There is always a catch, and looks like these people learned the hard way.

[HabBear]

People lost more money holding bitcoin for the free money than what they made in bitcoin gold which dropped from $500 to $140 in 24hrs!

Think about this folks before people pulled their BTC out of cold storage BTC was $6100, and now its $5700 that's a $400, loss to buy your BTC back and put it back in the cold wallet, better sell that "FREE" BTG quick, but for what?

What are you talking about?

No one sold bitcoin to get bitcoin gold. Moving bitcoin from wallet to another doesn't constitute a sale or an event that triggers a gain or loss.

Please spend some time reading about what moving bitcoin from one wallet to another actually means.

Stop talking shit until you actually know what you're talking about.

[CryptosapienZA]

11% of BTC community supported the FORK, 88% opposed the BTG scam, how is it that such a MINORITY can scam the majority?

May I ask your source for this?

I am betting my legs the OP will provide you no source because all these stats are in his/her head. There is no study that was done with regards to the number of people for or against BTG. I was not in favour of the fork. I don't even know what he means by,"the minority fooled the majority " if only 11%support the fork because as a holder you don't lose money by hodling.. I'm confused!

[kevoh]

Is BTG a scam? Maybe/Possibly. Did people lose money selling btc for btg? Hell no! You only hodl btc to get btg. And if you bought more btc to get more btg and btg value eventually dumped on you, you have not in anyway lost! Your BTC still remains! Not is lost by hodling!

What is this OP on about by the way?

[bitfools]

11% of BTC community supported the FORK, 88% opposed the BTG scam, how is it that such a MINORITY can scam the majority?

May I ask your source for this?

I am betting my legs the OP will provide you no source because all these stats are in his/her head. There is no study that was done with regards to the number of people for or against BTG. I was not in favour of the fork. I don't even know what he means by,"the minority fooled the majority " if only 11%support the fork because as a holder you don't lose money by hodling.. I'm confused!

It's posted on twitter at #bitcoingold

That's where I got the number, 11% supported the BTG FUCK, and 88% didn't want the BTG Fork-Fuck,

Goes to show you WHO is running BTC, and it aint' the majority, something about soiled underwear in China.

[bitfools]

Is BTG a scam? Maybe/Possibly. Did people lose money selling btc for btg? Hell no! You only hodl btc to get btg. And if you bought more btc to get more btg and btg value eventually dumped on you, you have not in anyway lost! Your BTC still remains! Not is lost by hodling!

What is this OP on about by the way?

U had to put your BTC in exchange at $6200, and take it out at $5700, that be $500 loss, but BTG is now $120.

Lot's of people SOLD their BTC high to get into yobit.net, and then lost their ass getting back out and getting back into BTC, that be a $380 LOSS ( 500-120 ).


So the "FREE" BTG gained you $120, but taking your BTC out of cold storage COST U $500 USD.

[krishnapramod]

Is BTG a scam? Maybe/Possibly. Did people lose money selling btc for btg? Hell no! You only hodl btc to get btg. And if you bought more btc to get more btg and btg value eventually dumped on you, you have not in anyway lost! Your BTC still remains! Not is lost by hodling!

What is this OP on about by the way?

U had to put your BTC in exchange at $6200, and take it out at $5700, that be $500 loss, but BTG is now $120.

Lot's of people SOLD their BTC high to get into yobit.net, and then lost their ass getting back out and getting back into BTC, that be a $380 LOSS ( 500-120 ).


So the "FREE" BTG gained you $120, but taking your BTC out of cold storage COST U $500 USD.

The calculation is a bit weird.

People who have coins in cold storage will rarely transfer it to some exchange to get an altcoin, sweeping private keys makes much more sense, but let's assume if it was done then also how did you arrive at $500?

1. I had 1 BTC in cold storage.

2. I transferred 1 BTC to an exchange to get equivalent BTG.

3. I got 1 BTG @ $100, around 0.018 BTC, converted and transferred BTC back to cold storage.

Where is the loss? I had 1 BTC, now I have 1.018. I didn't transfer $6100 to the exchange, I transferred 1 BTC.

Yeah, if someone bought Bitcoin expecting to get free BTG and make some instant $ then there might be a loss or profit. Bought one BTC @ $6000, price dropped $5700, BTG @ $100, $200 loss in $, but still profitable in terms of BTC.

For a Bitcoin holder there is no loss. Get rid of the dollars and use common sense.

[kramchers]

its always a win win situation! even the price of bitcoin fall for small amount of percentage it will bounce back in the next few days !
though have a free bitcoin gold will give you another holdings that will absolutely turn out profit in the next few months !! like BCC

[specimen23]

i think its only a minority that was "forked", because it was an open secret that BTCG was gonna be a worthless coin, only fit to be dumped after being airdropped.

[darthmayday]

If you think of the BTC value, it indeed was a profit. However, the weeks leading up to the fork saw a slowdown in trading, and more holding of btc by people anticipating high value of BTCG. This slowed down the markets. While you can argue if this was good or bad for the BTC markets, it definitely wasn't very good for the ALT market.

[BitcoinHodler]

funny topic. lets break down some numbers shall we.

i have been holding bitcoin which i have been buying ever since price was about $200 or so. now a couple of days ago someone decided to give me more money because i was holding bitcoin. and i got 0.1-0.2BTC per bitcoin that i was holding...
where is the loss in that?

now lets talk about other people.
price has been rising and was at $6100 for a short amount of time, when you are talking about profit you shouldn't just take the highest price as your point. average was around $4900-$5300 when the BTG hype began that me ans with current price of above $5500 they are s till in profit.

even if we take the drop, that is about 8% drop from the top. in other words even if someone bought at the very top they could have dumped their BTG and receive 10%-20% (0.1-0.2BTC per coin) profit from it.

all that said i am not even factoring in the long term rise of bitcoin which means pretty soon, maybe a month or 3 months from now price will be at $7000-$10000.
so again where is the loss in that?!

of course this is also assuming that you dump your "gift" and not hold on to it. and also assuming that you don't care about the future pumps that it will surely have like any other pump and dump altcoin out there...

[bitjoin]

It easy to say in hindsight but i did think to myself BTG would be worth maybe $100-$200 and the price of BTC within 24 hours before the fork had gone up $300. This means we are bullish until the mid november fork.

[hypersonic1]

I believe that all of the popular cold storage wallets support the Forks..meaning no one lost any money. I think your post is pretty misinformed. You also need to check where your BTC may have been held as some exchanges are shady.

[alani123]

Well, it's not necessary that people lost more in the first place. Each case is different for each person. Right now, I think bitcoin could potentially launch but what I'm kinda worried about is how much power exchanges are getting through how speculative markets are getting with crypto. Exchanges essentially supported the development of this currency bya allowing for capital flows on a currency that essentially does not exist yet.

[streetlight]

These forkcoins are one big mess that just confuses new users coming into the Bitcoin space. It also hurts their privacy as they move their cold storage BTC to these other shitcoins.

[jseverson]

Looks like people are a little confused as to how OP illustrated loss. To my understanding, he was saying that there were some people who bought BTC at $6100 just for the fork. It then dropped to $5700, and BTG ended up at $140, which basically means their $6100 became $5840.

I don't think that's significant though, as that kind of loss can be incurred daily thanks to Bitcoin's volatility. We also know we'll end up way above $6100 sometime soon, so it's not really a loss. You can even take BTG out of the equation.