| | | Based on posts in a crypto forum that I follow another fork (Bitcoin Gold) has occurred in the past hour or so.
I don't know the price of the new coin (Bitcoin Gold) yet, but I think everyone who had Bitcoin this hour is entitled to receive one coin in the new fork. Time will tell if it's worth anything.
I think this Bitcoin Gold fork is intended to make it easier to "mine" Bitcoin Gold using a normal PC processor rather than a custom made ASIC a la regular Bitcoin. The theory was that large entities were buying custom made servers/machines designed to efficiently "mine" regular Bitcoin, and that made it uneconomical for Mom and Pop Crypto to mine Bitcoin at home in their basement. So......the mining of Bitcoin has gotten too centralized in large financially strong organizations, and therefore centralized, and those large mining organizations are able to control Bitcoin's future. The Bitcoin Gold proponents (I think) want to make it easier to decentralize control of Bitcoin Gold to avoid the ability of large individual entities to exert power over future crypto developemnt, something like that.
It's an interesting idea, but Bitcoin Gold needs the larger crypto community to go in its direction rather than the regular Bitcoin direction. From what little I know about it indications are that Bitcoin Gold will NOT have large support, and may be a complete flop.
We shall see.
There is another BTC fork coming in about 4 weeks (called something like SEGWIT2X( which I think has large support, so, yeah, lets see what happens.....
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Here's my hunch of what happens for Bitcoin in the future. MSFT will put some type of crypto-style coin on each PC desktop, and/or Google will put one into Android, easy to use, not already almost fully mined (Bitcoin is something like 75% mined), and the majority of normal people will use that simple new crypto - instead of Bitcoin - and once that one becomes the "world's crypto", Bitcoin will fade away and go to zero.
If Bitcoin is not going to always increase in value, who would want it?
I don't know when that will happen, but that's my hunch. So crypto investors, enjoy the ride while it lasts, but don't be the last one off the ship. |
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