Bitcoin Gold Demystified (Fork Date, Exchange Support, Premine)


what’s up everyone my name is Michael and welcome to box mining today I want to demystify Bitcoin code because there’s a lot of confusion surrounding this project its ideas its pre mine and how to even claim this so I do want to talk about how it’s gonna fork then I’m gonna talk about how to claim your Bitcoin gold and then we’ll talk about the controversy surrounding Bitcoin gold as well and I want to talk about my views on this project lastly so let’s start off with the concept behind Bitcoin gold they want to change the mining algorithm for Bitcoin from sha-256 which is you know as like friendly to equi hash which is GPU friendly so the difference with that is that GPUs are everywhere their graphics processors we all possess them and as they are hard custom hardware the thing with as exists that right now there’s a few big manufacturers of Isaac and the people who want to mine have contracts with them so they can get them for cheap which means that Bitcoin eventually gets a little bit more centralized as the key people the big miners get more control over it the thing with Bitcoin scold is that it’s trying to use the same Bitcoin but decentralize it a little bit more with the GPU mining and it won’t be compatible with a zigg mining so that’s kind of the core difference between Bitcoin gold and Bitcoin the thing is because they want to make this abrupt sudden change they have to do it with something called a hard fork because the regular Bitcoin network will not support this change because the consensus rules has been decided by servers already so that’s why you can try to do a hard fork and they’re gonna cause and create a new coin called Bitcoin gold tada and the name so what’s gonna happen here is a new coin will be created and if you possess any Bitcoin prior to the split that is at 490 1407 then you’re gonna have both Bitcoin and Bitcoin gold the thing is you do have to have possession off those bitcoins so you can put it in say maybe an exit wallet or your ledger s wallet or a paper wallet any of these walls would mean that you have full possession over your Bitcoin and you can eventually claim your Bitcoin go through various processes that I’ll discuss later once the coin is launched but if you have your Bitcoin in an exchange you’re at the mercy of the exchange so some exchanges for example Beatrix has issued a statement that they will be giving you your Bitcoin gold but the fork date is a little bit earlier so they’re gonna take a snapshot a little bit earlier to the actual Bitcoin gold fork date so that’s just because they want to make sure this baton is secure and I’m gonna freeze withdrawals etc there’s also a bit flier which will accept and give you Bitcoin gold as well so it really depends on exchange there are exchanges that completely do not want to give you bitcoin gold because they don’t want to cause the confusion between Bitcoin and Bitcoin gold so it really depends and after the fork it’s gonna be a little bit more clear what’s gonna happen but if you really want to have ultimate control over your bitcoins then of course you might want to move it into your own wallet that’s it if you’re moving it to your own wallet you are responsible for the wall safety so make sure you know what you’re doing so Bitcoin Forks and everyone gets Bitcoin and Bitcoin gold right everyone’s happy because now we created more value well that’s not the full story because there’s a little bit more to that the project has gone through a few iterations they started off with an ICO they wanted to raise money for our project and make a little bit of money on their sides for themselves and then it realized probably that didn’t work very well because it wasn’t very interesting then they have something called a pre mine which is definitely gonna happen so what is a pre miner what’s gonna happen with the Bitcoin gold pre mine well what’s gonna happen is after the fourth block they’re gonna mine it for themselves for 8,000 blocks so they will not allow any put one in from public to mine it they will only allow exclusive developers only to mine this Bitcoin gold so that’s for 8,000 blocks and with each block giving 12.5 Bitcoin goes that means they’re gonna have a hundred thousand Bitcoin goats add their own disposal in their own accounts to spend however way they want so they want to use this to fund this project in the future they have you know put up these sort of expenses to try to explain how they’re gonna spend that pre mine go cryptocurrency but you do have to trust them for that and that that’s the issue and that’s what’s driving a lot of controversy around the project because the project has gone through so many iterations that the developers have lost a little bit of trust with the community and because there’s so much bickering go out there that they possess it might potentially crash the market if they try to offload it all at once so just by a rough estimate if a Bitcoin goat is worth a hundred dollars which is around a 1/3 of the price of Bitcoin cash then that means the developers will have 10 million dollars worth of Bitcoin go to spend at their own disposal which I’m actually quite jealous of I think you know they came up with one simple idea and managed to make quite a lot of money and that’s quite a lot of lamb bowls for everybody there have been attempts to remove the pre mind but I think this is gonna be very difficult because the developers can change the code their own code at any moment before the fork and if they’re mining privately that means you can’t really contribute anyway so it’s pretty much developer exclusive and part of the package now let’s talk a little bit about exchanges because exchanges have issued statements about this so for example Petric said that they will issue our Bitcoin code to anyone who possess and hold Bitcoin on their exchange so they will close off the date a little bit earlier than the actual fork date that’s probably because they want to make sure everything goes on well but they’re gonna give you Bitcoin going on a one-to-one basis other exchanges such as Biff flyer are announcing something very similar as well but not all exchangers are doing this I think it depends on the exchange so if you have a cryptocurrency in an exchange we definitely want to see and ask them what’s gonna happen with the Bitcoin gold Fork so what do I think about Bitcoin gold well I personally think that it’s gonna open the floodgates to even more Bitcoin force in the future Bitcoin cash opened the floodgates they made it a successful case where Bitcoin was forked and the fork stayed alive afterwards and it has value so now if this is successful that means anyone arbitrarily can Ford the network and if they can generate enough media attention then it’s gonna have value and honestly if we keep forking Bitcoin it’s gonna feel like printing money it’s gonna be like bitcoins getting diluted more and more and it’s gonna cost more user confusion in the future so it’s bad for the overall network whilst it might be good for people individual people to gain a little bit of extra Bitcoin gold or a Bitcoin platinum or a big point mobile it does mean that in the future there’s gonna be a lot of confusion when people enter the space and see 50 coins out there and they don’t know which one to buy so it’s gonna be interesting see what’s gonna happen I don’t really support this movement this move because I don’t think that decentralization should be done in this fashion and if you want to have other currencies that are you know more decentralized just like aetherium don’t why not just go for aetherium I don’t see why we need to change Bitcoin and combine that with equi hash there’s also other mining algorithms out there there’s also other coins that use equi hash the miners should be pretty happy at the current state there’s also zee cash that uses echo hash music coin and everything else so having this there yes it’s good for miners yes I am a miner but I honestly don’t think this is good for the ecosystem overall so what do you guys think about the Bitcoin gold Harford is clarify this up do you trust the developers as well because all these statements are issued from the developers side and the thing is we do have to trust them in order to believe this because they might just completely change the code at last minute change the pre mind block numbers and they might be like doubling or tripling the amount they can pre mine it’s just that easy because they have full control of the network during that time so do you trust them so I’d love to hear your comments below and what you think of this whole situation thank you guys so much for watching remember to subscribe to this video and click the notification valve to be updated on the latest discussions and videos on this topic thank you guys so much for watching see you next time

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