Topic: Exchange Bittrex ceased trading by coin Bitcoin Gold (Read 115 times)
Thanks for the detailed explanation, now I understand the situation associated with the coin BTG, and also the principle of "attack 51%." I decided to sell BTG at the current price, at the Binance exchange, and invest the funds in some other altcoin.
In the winter of last year, I bought a few Bitcoin Gold coins and hold them on the Bittrex exchange in anticipation of growth.
Bitcoin gold hasn´t worked even half as good as intended. I never saw much potential on it to tell the truth. This is kind of one one-guy coin and that normally does not create enough enthusiasm to drive a good growth, even if that guy is very rich.
As also mentioned in other posts, if you use the same hashing algo and you are not the coin with the highest hash power, you are exposed to a 51%
I think this had more to do with the 51% attack that happened on this coin and its on-going issues. Read article below to get a better explanation of what I mean:
https://news.bitcoin.com/bittrex-to-delist-bitcoin-gold-over-51-attack/
These smaller blockchains that are POW are extremely susceptible to one or a small group of people gathering up a huge amount of hash power (more than 51%) and then they can essentially create their own transactions and double spend coins. They will send coins to the exchanges twice (i.e double spend) and then sell them on the market for bitcoin.
This has happened to several coins on cryptopia lately, its a huge problem and all these smaller coins are switching to Proof of Stake (POS), hence this is why I believe that POS is a better consensus mechanism than POW. Soooo many bitcoiners will disagree with me there but I think their argument is more of a philosophical argument of what is considered "work" rather than a technical one, both mechanism work, I just think POS is better from a security standpoint.
https://news.bitcoin.com/bittrex-to-delist-bitcoin-gold-over-51-attack/
These smaller blockchains that are POW are extremely susceptible to one or a small group of people gathering up a huge amount of hash power (more than 51%) and then they can essentially create their own transactions and double spend coins. They will send coins to the exchanges twice (i.e double spend) and then sell them on the market for bitcoin.
This has happened to several coins on cryptopia lately, its a huge problem and all these smaller coins are switching to Proof of Stake (POS), hence this is why I believe that POS is a better consensus mechanism than POW. Soooo many bitcoiners will disagree with me there but I think their argument is more of a philosophical argument of what is considered "work" rather than a technical one, both mechanism work, I just think POS is better from a security standpoint.
In the winter of last year, I bought a few Bitcoin Gold coins and hold them on the Bittrex exchange in anticipation of growth. Since I rarely use this exchange, I entered it today and found that the exchange stopped trading by BTG, but left the opportunity to withdraw it. The exchange KuCoin also blocked the reception of BTG on a deposit. Is it really everything is so bad with this coin?
Jump to: