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Anonymous Fri Oct 20 20:40:36 2017 No.3978933 [Reply] [Original]

What is the purpose of Bitcoin Gold?

"The purpose of Bitcoin Gold is to make Bitcoin mining decentralized again. Satoshi Nakamoto’s idealistic vision of “one CPU one vote” has been superseded by a reality where the manufacture and distribution of mining equipment has become dominated by a very small number of entities, some of which have engaged in abusive practices against individual miners and the Bitcoin network as a whole. By changing Bitcoin’s proof-of-work algorithm from SHA256 to Equihash, all of the specialized SHA256 mining equipment will be obsolete for mining the Bitcoin Gold blockchain. Thus, Bitcoin Gold will provide an opportunity for countless new people around the world to participate in the mining process with widely-available consumer hardware that is manufactured and distributed by reputable mainstream corporations. A more decentralized, democratic mining infrastructure is more resilient and more in line with Satoshi’s original vision."

Part of the reason Bitcoin has value is because it is actually pretty costly to mine and requires fairly specific hardware.

If literally anyone can mine Bitcoin Gold the supply will increase much faster.
Also it probably won't help that like 16.64 mil Bitcoin gold coins will instantly appear.
It took Bitcoin over 8 years to mine this many.

>>	Anonymous Fri Oct 20 20:45:02 2017 No.3978997 >>3978933 Cash grab

>>	Anonymous Fri Oct 20 20:46:56 2017 No.3979021 >>3978933 nobody really gives a shit about bitcoin gold

>>	Anonymous Fri Oct 20 20:54:06 2017 No.3979099 >>3978933 pumping tactic.

>>	Anonymous Fri Oct 20 20:59:15 2017 No.3979155 >Satoshi's Vision 2: Electric Boogaloo

>>

Anonymous Fri Oct 20 21:01:00 2017 No.3979168

>>3978933
>Part of the reason Bitcoin has value is because it is actually pretty costly to mine and requires fairly specific hardware.
>If literally anyone can mine Bitcoin Gold the supply will increase much faster.
That's not how it works, mining difficulty gets adjusted based on the available hashing power.
If BTc were asic and gpu resistant then you'd probably start to see big mining warehouses filled with cheap/efficient CPU's, I don't think you can really counteract such a thing when big miners will always have economies of scale at their side.

>>	Anonymous Fri Oct 20 21:06:37 2017 No.3979218 it appears they're confused, making an altcoin gpu mineable in no way helps make bitcoin decentralized.

>>	Anonymous Fri Oct 20 22:08:52 2017 No.3979869 Will i get bitcoin gold if i have my btc on an account on btcmarkets???

>>	Anonymous Fri Oct 20 23:13:42 2017 No.3980587 >>3978933 No fair, I deserve half of all of the shitcoins.

>>	Anonymous Sat Oct 21 00:19:22 2017 No.3981278 >>3979869 Most likely not.

>>	Anonymous Sat Oct 21 00:23:18 2017 No.3981313 you guys all missed it but this is obvious btg fud. no one is this misinformed about crypto. It's well crafted though, this person is obviously a whale planning to pnd. BUY

>>	Anonymous Sat Oct 21 00:32:32 2017 No.3981393 We all know is just greed.

>>	Anonymous Sat Oct 21 00:34:05 2017 No.3981407 Go claim your bitcore (BTX) it's literally BTG thats been out since april

>>	Anonymous Sat Oct 21 00:35:34 2017 No.3981427 >>3981313 The fuck u mean buy nigga this shit just appear poof

>>	Anonymous Sat Oct 21 00:36:54 2017 No.3981438 >MBDA

>>	Anonymous Sat Oct 21 00:37:22 2017 No.3981445 kek, people still think greed wont triumph over ideals. everything is ruled by greed in economics thats why socialism or communism doesnt work they forgot that people are humans

>>	Anonymous Sat Oct 21 00:42:48 2017 No.3981492 >>3978997 >>3979021 >>3979099 These. bitcoin's price right now is artificial as fuck,.

>>

Anonymous Sat Oct 21 00:43:06 2017 No.3981495
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>>3978933
>Part of the reason Bitcoin has value is because it is actually pretty costly to mine and requires fairly specific hardware.

This is how when people say "bitcoin is a store of value" I know they aren't being clever or trying to make a real point, they literally are this stupid. You are proof that bitcoin is in a bubble, you are beyond fucking retarded.

When people talk about knowing a bubble when your shoe shine is giving you stock advice they're talking about you, you are the modern shoe shine.

>>	Anonymous Sat Oct 21 00:47:46 2017 No.3981519 >>3981495 >Bitcoin in a bubble >99.9% of the public has never owned a single satoshi of BTC

>>

Anonymous Sat Oct 21 00:52:47 2017 No.3981565

>>3978933
Bitcoin Gold is a useless fucking shitcoin just like BCH and these other forks with zero adoption. We have people selling their alts at 50% losses to get an airdrop that'll be worth 4% of the price of BTC. These next 4 days I'll be buying alts at all time lows getting ready for you cucks to come flooding back in after your pathetic 3% gain.

>>

Anonymous Sat Oct 21 00:58:16 2017 No.3981611
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>>3981519
And if they did it would cease to function immediately. Bitcoin cannot scale and it's ripping itself apart trying to handle .02% of the population using it instead of .01% and the .01% are having to pay fees so high and with transaction so slow that it fails at the absolute basics of a currency. BCH doesn't solve this, BCG doesn't solve this S2X doesn't solve this, Lightning doesn't solve this. The btc community can't get PoW to be functional and it will absolutely need PoS to function at real scale. If these minor alterations to PoW cause this level of fracture and shitstorm I can't imagine we ever see an actual scalable bitcoin, certainly not before some other driven coin achieves it and gets picked up by a bank, apple, google or some institution that the normies trust. chasecoin, applecoin or whatever steals all the thunder of name recognition bitcoin is absolutely reliant on.

When chaseCoin comes out bitcoin dies immediately, the normies driving this pump don't know the definition of decentralization, a company could literally lie and call their database backed coin a crypto coin and normies would form an exodus out of bitcoin to join it.

>>	Anonymous Sat Oct 21 01:16:17 2017 No.3981757 File: 1.08 MB, 2209x2921, 1508287667711.jpg [View same] [iqdb] [saucenao] [google] >>3981611 kek. pos is forgeable and also sounds like PIECE OF SHIT LONG LIVE PROOF OF WORK

>>

Anonymous Sat Oct 21 01:27:58 2017 No.3981860

>>3981757
PoW inevitably ends in centralization, that's just how industries of scale work. Eventually the margins become so thin that only people with state subsidized electricity and inside deals on hardware can mine competitively.

Proof of Stake can be done so that it is completely unforgeable, the problem is much easier to solve than trying to make proof of work both usable and decentralized.

>>	Anonymous Sat Oct 21 01:32:12 2017 No.3981902 >>3978933 Its purpose is to create free money, nothing more.

>>	Anonymous Sat Oct 21 01:37:58 2017 No.3981959 >>3981860 tell me what info you need to validate eth pre-casper and what you need post casper it's totally depends on forking. dumb.

>>	Anonymous Sat Oct 21 01:41:27 2017 No.3981991 >>3981959 ?? Miners need to solve an arbitrary calculation, validation is arithmetically cheap compared to the calculation, between sharding and Proof of stake scalability is on a completely different scale to proof of work.

>>	Anonymous Sat Oct 21 01:58:08 2017 No.3982161 >>3981991 i prefer pow, and I trust it because i understand it. having trust in pos requires either A. blind faith in devs B. actually understanding something not trivial at all or C. duning kruger.