Bitcoin Gold Fork | Another Fork?

Bitcoin Gold Fork | Another Fork?



I was going guys scripta but here for today in this video I'm going to talk about Bitcoin gold and what exactly it is and just generally speaking the the general gist of it and how to best prepare for it some of you guys have been asking me about Bitcoin gold because again it's another fork that's coming on October 25th and again after that whole Bitcoin cash fiasco I think we're all kind of a little bit tired of this forking situation but one of the things that I was really interested in was that Bitcoin cash definitely made some people some people a lot of money it was technically a dividend payout and very similar to a dividend sales dividend and everybody got a good chunk of Bitcoin cash and then now somebody decided to do a Bitcoin gold I mean gee whiz right so with that said let's start diving into what bitcoin gold is and how exactly we're gonna trade this and and what's what's the best way to prepare for this thing so first of all I want to say that this one has not gotten a lot of attention as Bitcoin cash fork I think people are numb now to the idea after what happened last month and well back in August and I think this is something that definitely needs to be I guess addressed because it's gonna happen and I think it's just an issue of what are you gonna do with it so I'm gonna get my my information here from Bitcoin calm from news Bitcoin calm and so I'm gonna post a link up for you guys to read on your own I'm gonna use this article because I think it's a great article that has everything in it I'll make a couple my comments on it and just see what exactly they have to say and how we're gonna best prepare for that so the article was by Jamie Redmond on Bitcoin on use Bitcoin column sorry about that and he writes a really great article on this whole knock no.2 X movement that's happening and so listen let's talk about first word rat here so basically what happens is that Bitcoin goal is considered to be a very unorganized fork and relative to Bitcoin cash number one is not publicly it's not out there you know in the media as Bitcoin cash and so there's a lot of still quarreling that it wasn't really resolved from the last Fork and again we have two people in there we have the Bitcoin core supporters and then we have the the Sigma 2 X people so if you if you're kind of wondering about the background on this just go watch one of my other videos when I did the one on Bitcoin cash and you guys can see a little bit about what I was talking about regarding segue and then also the whole politics behind it anyway so what happened was these people decided to just go ahead and fight each other out for philosophical differences and and one of them had to do with the idea of keeping the original bit core bit core Bitcoin philosophy intact while another one had to deal with more about these transactions and so right now what's happening is that the segue to X developers and the miners they want to raise the block size to 2 megabytes on the on the regular Bitcoin core blockchain however some of the core supporters started a new movement called no2 X and basically they want to fight against the Sigma 2 X and so what ends up happening is that they want to fight it for a lot of different philosophical reasons but basically because they want to fight it off and and it's and they want to stop saying what – from happening what they're trying to do is create another coin that they don't have to deal with this Sigma 2 X problem you have and so with a member the main guy that we're talking about here is going to be Robert Kuhn and Robert Kuhn is the leader of this Bitcoin gold and pretty much he says that they want to keep everything the same as Bitcoin core but the problem here is that they want to have the same per block difficulty as the Bitcoin Bitcoin as BTC and basically and you want to keep everything the same except for the whole sick with 2x now another key difference that they want to do for big Gold is that they want to change the what's it called the algorithm so that it uses a different algorithm for mining and you can actually mine with the GPU mining algorithm so going back to this idea of preventing the miners from holding it on so currently Bitcoin cash is using the the other algorithm that allows only a very specific type of hardware to mine this thing and so what it does is it creates a centralized power and so the idea here is by switching over to this different algorithm basically anybody with the GPU is able to to mine it and again it goes back to this idea of one CPU per one vote vision which is different from what you currently have right now in a centralized Bitcoin which I'm not opposed of I mean definitely you know it would be interesting back in it's a I'm not sure how that's gonna work out but I guess everybody's gonna have to run out to get some GPU cards anyway so pretty much what's gonna happen is that some people say well what about like coin so if like coin is still kind of why wouldn't why can't just go to like coin instead and the answer is because the simple the supply is going to be the same on this Bitcoin gold so it's gonna be everything it's gonna be the same except that they're gonna not have that sig with – and also not going to have they're gonna allow you to use GPU they're gonna follow the blue Conchords roadmaps on chain scaling layer to scaling strong privacy and fungibility and pretty much they're gonna implement anything that Bitcoin does so it's really that that different than what Bitcoin really is so the problem with this one is that when you're creating two forks you're gonna you're gonna leach out the hash power off from Bitcoin core so so here here's the other issue right so III personally have some a lot of problems with this one just because first of all you're gonna need another group of people to mine this thing to secure the node and on top of that you're not going to use the existing miners but you can create this another Bitcoin which I I don't know I mean personally I'm not sure this isn't going to solve any problems but it's going to have it's going to have some situations here so if you have more people coming in and you're doing that and you're gonna bring more people into mine this Bitcoin golden sure but I I just don't know how feasible this is going to be and so what they what they're saying on the article is that bitcoin already has a lot of interest they're saying in two weeks or you have 16 or Twitter files and 400 select members and that they have enough people right now to start going ahead and dealing with the with with the mining it says the problem here is that we've opened up a can of worms here now because what happens is that anyone can fork Bitcoin at any time for any reason and the community decided which foreign has values it maybe the computer bleed a big crash and 2x attacks are in Bitcoin well let's believe these Forks are useful all intentional so I don't know I mean personally after looking at this whole article and looking at what bitcoin is I mean basically what's gonna happen is I think there's gonna be another airdrop so pretty much everybody's gonna get some a little bit of Bitcoin gold from their Bitcoin just like what we got for a Bitcoin cash and then now you're gonna have a new group of people that are gonna have to mine this thing and hopefully sell it and compete with things like litecoin and Bitcoin and Bitcoin cash and so I know I would some my favorite topic to talk about honestly because this is just getting ridiculous I mean I think they're gonna have more Forks and all that the original Bitcoin I think it's going to be the the one that people are going to gravitate towards anyway and so I think this is more of a distraction than anything else so so my training advice for this one is there really isn't anything I mean it's just going to be hold on to your Bitcoin hopefully you get an airdrop for Bitcoin gold and this time around just make sure that you have it on the proper exchange that they're able to give you some of the Bitcoin gold that's going to fork out so other than that I mean I don't know what the market value is going to be for this thing honestly basically in what my idea my map my perception is that Bitcoin cash came from the miners Bitcoin gold is coming from the core development team that wants to that wants to create their own coin and so it's it's kind of like it's kind of getting ridiculous guys I mean I saw like an se but so they couldn't they couldn't they couldn't allow the fact that Bitcoin cash broke off that's basically what it comes down to it now we got Bitcoin gold and like to call it Bitcoin gold because they're probably gonna say that's gonna be the standard going forward and we're just gonna leave Bitcoin core by itself and I don't know what's gonna happen with Bitcoin core but it's a sad sad day for Bitcoin but anyway so alright guys well I think that was about it I really don't don't feel like talking more about this one I think it's just a matter of holding on to your Bitcoin and just getting some pokemon gold and you want to dump it you can dump it i I don't really see this as something that's going to be beneficial where people are gonna switch over from Bitcoin core because like I said you're gonna use GPUs and you're who's gonna secure the network are you gonna have a running who's gonna do that there's no foundation like who's gonna bankroll this thing I don't know all right guys crypt about out have a great night

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About the Author: Maximilian Kuhn

13 Comments

  1. Bitcoin Gold has nothing to do with Bitcoin Core. The NO2X is an entirely other fork that will be happening in November. Bitcoin core is against Segwit 2x and will be retaining the original Bitcoin. No offense but you should really do more research before putting out so much misinformation.

  2. Forks are kind of money printing don't you think? The more the forks the less credibility (value) the crypto-ideology has.

  3. Dont forget about the bitcoin core fork thats already happened in the last few weeks.Everyone that has a ledger can split there core coins.Not worth much 2 bucks a coin.

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