Hey guys, if Bitcoin used Equihash for its consensus algo instead of SHA-256, would you give a shit?
Neither would we.
Which brings us to today’s coin: Bitcoin Gold.
Let’s dig in…
Bitcoin Gold (ticker: BTG)
Mid-Tier Shitcoin (should be low or shit-tier)
Wtf is this shit?
Today’s review will be quick. In general, if a review is quick, then the coin is probably shit (kinda like bad sex...quick and unappealing).
ANYWAYSSSS..Bitcoin Gold was one of many forks, which occured back in October of 2017. At the block of the fork, users holding Bitcoin in their wallet received BTG at a 1:1 ratio.
Bitcoin Gold has 7 co-founders and over 20 team members in total. They put their great minds together to fork bitcoin and replace the SHA-256 algo with Equihash (yep, that’s it...lol).
Equihash discourages ASIC miners and promotes GPU mining. They want more nodes on a decentralized network as compared to Bitcoin’s hashing rate which is primarily made up of larger miners and institutions. While the intention may be honest, it still comes off like a money grab; using Bitcoin’s name and brand to offer what they consider to be a more approachable mining environment.
Unlike Bitcoin Cash, since Equihash is not appealing to ASIC miners, many Bitcoin miners won’t switch over, and most people would rather mine other altcoins than Bitcoin Gold. While a brand heist might seem like a good idea, at the end of the day, unless you can actually compete with Bitcoin, you won’t be persuading many to switch over.
Oh! Funny story. Bitcoin Gold was the victim of a successful 51% attack by an unknown attacker. They double spent $18.6M worth of BTG and sent it to an exchange...so, the whole decentralized mining thing did not work out too well for them.
All in all, we don’t see a bright future for BTG and would probably be less harsh if this was a random shitcoin, rather than a Bitcoin fork.
Who tf is behind this shit?
They have SEVEN co-founders...and quite a large team. There are 22 total team members on the website which you can check out here. Honestly, nothing notable to say.
All in all, mid-tier shitcoin due to market metrics, but prob shit. Let’s see.
Hope you learned some shit.
- Mike and Aaron