Maybe you can explain for me how the free BTCG happens? My understanding which could be wrong, is that your ledger entries on BTC will be copied over to the BTCG ledger. But you still only have the one account balance. If you send funds to someone from your BTCG account, you will automatically lose your BTC account for the same amount. It's not like you are doubling your amount.
The selling after the fork is the worrisome part. I can't seem to predict what will happen. I don't think anyone can. People could dump BTC, or people could dump BTCG. Probably both. The value will almost certainly go down. My plan is to pick the winner as soon as possible after the fork and scoop some up at a lower price.
Yeah the pre-mined stuff smacks of "insider trading", but in the long run, I like the goals of the coin. More decentralized means wider adoption, more accessible mining for the masses, and a slightly more decentralized coin which is one of the main goals of crypto-coins.
Hang on, it's going to be a ride!
At the moment of the fork a copy of the BTC blockchain will be created and the two coins up to that point will have the exact same ledger. After that, each will record their transactions on their respective, separate blockchains, so the blockchains will start differentiating. So when you make a transaction after the fork, let's say with BTC, that will be recorded only on the BTC blockchain, not on the BTG blockchain. So your BTGs aren't affected. Or at least they shouldn't be, if the coin is indeed protected from replay attacks.
Now, on the copied blockchain exists the same number of coins as the original, since it's an exact copy, distributed in the same way. But instead of being called BTC they are now called BTG and are mined differently from that point on. So if you have BTC at the time of the fork, as recorded on the Bitcoin blockchain, you automatically have BTG on the new blockchain and just have to follow the procedure to claim them. At least that's how I understand it. I could be wrong though. Like I said I'm a newbie too! :)
As far as the selling goes, well you're right that no one can accurately predict what's going to happen. Maybe it's safer to wait and see since you are not in the game already. After all the loss of not having BTG won't be big I think. Like I said it's predicted to come out at about 5% of BTC.
And I agree with you that it's a nice concept, the re-decentralization of the mining. I just don't think their motives are that pure and thus they won't be able to persuade the people and back the new coin.
Anyway, only time will tell. Till then... Happy Steeming!
Do we have a hard date for it yet? Last I heard it was still up in the air. 28th?
I haven't heard anything of the like. Perhaps the estimated date that the block is produced has been changed? A google search didn't turn up anything though.
I stumbled, however, across this article if you want to take a look.
It is supposed to happen (publicly) on the 25th.
That doesn't leave us much time!
Newest update from Bittrex says that the snapshot of the blockchain (i.e. the "public fork") is estimated to happen at around 10 am UTC on October 24th. BTG will be available for trading after November 1st, most likely, but on which exchanges is yet uncertain. However, they say that the replay protection isn't implemented on BTG.
I don't know... It's a mess. Here is the announcement if you want to take a look.
I still have not been verified on my exchange. Looks like I will be missing out.