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Well well well, Bitcoin Gold is on it's way and it seems that a lot of popular exchanges are not supporting it ... In this blog I will be particularly talk about Bittrex not supporting it and the reasons why Bittrex is not supporting Bitcoin Gold.
Here is the official statement made by Bittrex on 22nd Oct, 2017
If you have a Bitcoin (BTC) balance on Bittrex during the BTG snapshot block 491,407 occurring approximately on October 23, 11pm PT (6am UTC), you will be additionally credited the equivalent amount of Bitcoin Gold (BTG) on a 1:1 basis. i.e. 1 BTC on Bittrex held during the on-exchange snapshot will get you 1 BTG. BTC held on orders will also be credited. Only the BTC held on your account is eligible for BTG. Full details below.
Bitcoin Gold [BTG] is a proposed digital asset.
At this time, the information and codebase presented by the Bitcoin Gold team is not in a functional state and Bittrex will not commit to opening a Bitcoin Gold trading market.
Bitcoin Gold intends to perform a wallet balance snapshot at Bitcoin block 491,407 but the actual Bitcoin Gold network will launch publicly at a later undetermined date and time (the only guidance is the statement "after the launch on Nov 1").
Bitcoin Gold does not currently have:
- Fully formed consensus code
- Implemented replay protection
- Adequate code for testing and auditing
- Publicly known code developers
Bitcoin Gold codebase also contains a private premine of 8,000 blocks (100,000 BTG). Please be aware that if a market does open there is a possibility of the developers selling their premined BTG on the open market.
When considering adding tokens to Bittrex exchange we look at the risks involved. Bitcoin Gold does not satisfy our criteria for safety for our users. Taking a snapshot of the Bittrex exchange Bitcoin wallet is also a large disruptive undertaking that requires over 24 hours of preparation (Bitcoin deposits and withdrawals are also suspended during this time) and should not be taken lightly.
Bittrex will close deposits and withdrawals of Bitcoin 24 hours prior at block 491,263 to the BTG snapshot block 491,407 occurring approximately on October 23, 11pm PT (6am UTC). If any BTC deposits you had sent to Bittrex are not settled (e.g. marked as pending) by block 491,263 you may not be credited with BTG. The wallet will remain closed until the on-exchange snapshot is complete. Trading will remain active during this time.
Bittrex will make all reasonable attempts to credit our users BTG but until we have a fully supported wallet, we can neither guarantee tokens or consider creating a market. We will continue to monitor the state of the codebase and network. We'd also like to encourage the BTG development team to reach out to us.
Further information:
Developer statement from Bitcoin Gold Slack:
Source - Twitter Link
Okay so Bittrex has clarified in their statement that they will be crediting BTC holder with BTCGPU but won't allow it to trade, it will work like a wallet more likely.
Now they have stated 4 reasons
1st . that BTCGPU does not have a "Fully formed consensus code" thats true and you can check it out here
2nd. Implemented replay protection was not also coded so they had put up a bounty of 250 BTG yes thats right they said BTG instead of BTCGPU , anyway and a bonus if the task is completed before 25th Oct that is before the hardfork.
Now how important is the replay protection well I had discussed about in earlier in my old blog where hackers can steal BTC by replay attack.
3rd. Adequate code for testing and auditing is not provided and everything has been done very poorly which can be seen in their repository
4th. Publicly known code developers : well not sure what exactly they meant by that but maybe they were talking about the previous work of these devs that can't be seen on their Github accounts
5th and this is the most important one in their consensus code they coded that there will be a premine of 8000 blocks which will reward the Devs with approx 100,000 BTCGPU or BTG which can be possibly be dumped by the devs and so the users will be in a risk which Bittrex does't want to it to happen. Here is the link to the code
My final thoughts are that this is a really good decision made by Bittrex to protect the traders, BTG is a Scam ? Well I can't say anything about that but yes the premine code is really looks very fishy to me
The BTG token is trading around $100 on Bitfinex, which is crazy high imho. But I think once everyone gets they coins, the price will plummet.
Exchanges will be testing it before they list it on there exchange. It doesn't mean they will never support it, just not right now, not until they test it. People are over looking the whole point of bitcoin gold, and that is fair mining distribution which we all know that bitcoin has a problem with. Yes that's right, us miners can gpu mine bitcoin gold creating a fair distribution throughout the world and not just in china!
BTC Gold not a scam here need a bit time for trading platforms to check stability on it
It's a scam in the sense that it doesn't do anything that isn't already done and the developers are doing/have done such a half-assed job that exchanges don't want anything to do with them, and they're just giving themselves 100,000 BTCGPU.
Does Bittrex is a standard for quality of altcoin? I am new in this ocean of exchanges. There is some big sharks in this business. I dunno which to choose. Could you give advice?
I've bought some coins from EtherDelta. Do you have something to say about EtherDelta? Now I like this exchange. But it has not big cryptos.
To some extent, bittrex is the second biggest trading crypto after poloniex. So if bittrex didn’t want to offer trading for BTG than that would play a big role in volatility and volume, and the arguments that bittrex mentioned are pretty strong. I didn’t do much trading on etherdelta but as far as i know it’s pretty straightforward exchange and reputable as well, yet it doesn’t have the support of a big dev team !
i think bitcoin gold website may have been hacked and it look like its scam....
thank for the info. I was on Bittrex when BTC Cash came.. unfortunately I wasn't reading enough blogs or had any trading experience so I ended up getting 0.00001 BCC ;)
It's possible the same might still happen with BTC gold
maybe...
Bitcoin gold does not have the interest of the public in mind, with that said security is obviously not their top concern. Bitrex not taking them on is the correct choice, 100% in agreement. I wrote something similar to it as well, @mastaz
nice
Great job bro.best of luck.
Fair assessment by bittrex, im kinda over the whole bitcoin forking...