Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forks => Bitcoin Forum => Bitcoin Gold => Topic started by: ChixHunter on September 06, 2018, 08:15:58 AM
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Crypto exchange Bittrex is set to delist Bitcoin Gold (BTG), a hard fork of Bitcoin (BTC), by Sept.14, after details of an $18 million hack of the BTG network in May emerged this week. How unexpected was this announcement coming from the exchange, and what are the chances for BTG now that it has found itself in the midst of yet another scandal?
“One CPU one vote” ideology: How Bitcoin Gold was created
Bitcoin Gold (BTG) is a hard fork of Bitcoin (BTC). It splintered off the original blockchain on Oct. 24 2017, at a block height 491,407. The project was first announced in July 2017 on Bitcointalk.org, when Jack Liao, CEO of LightingAsic and BitExchange, revealed that he was looking for a way to change Bitcoin’s proof-of-work (PoW) algorithm from the SHA256 algorithm to Equihash.
“Given the dysfunctional current reality of the Bitcoin mining sector,” as the BTG’s roadmap reads, Liao and his team wanted to create a digital currency that wouldn’t require expensive, state-of-the-art hardware for mining. By mid-2017, allegedly 70 percent of BTC mining was performed by Application Specific Integrated Circuits (ASICs) — i.e., specialized hardware designed solely for mining purposes. ASICs can perform SHA256 calculations significantly faster and more efficiently than an average computer. BTG, with its Equihash protocol, in turn, would allow for productive mining powered by casual graphics processing units (GPUs).
Meanwhile, unlike its relatively successful predecessor Bitcoin Cash (BCH) — a BTC hard fork whose supporters claim it to be “the real Bitcoin” — BTG was not designed to take over the original Bitcoin:
Source: https://cointelegraph.com/news/why-bitcoin-gold-got-delisted-from-bittrex
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Bittrex Delisted BTG Because of the 51% Attack
They later informed us they would cover part of the loss from their own BTG reserves and requested we pay the remaining ~6000 BTG, and that if we did not, we would be delisted.
With cryptocurrencies that have very little to no hash power-backed security, exchanges are taking a big risk by listing certain digital assets, as BTG is not the only cryptocurrency network that’s suffered from a 51% attack. However, the BTG team initially claimed the network would be ‘ASIC resistant’, a promise they could not fulfill.
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I think that is from the insiders who developed Bitcoin Gold and Bittrex.
Maybe Bitcoin Gold has no compensation for Bittrex, so the Bittrex side is a little disappointed and then "delisted" Bitcoin Gold.
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Bitcoin Gold (BTG) team, the body that develops the BTG coin, has decided not to pay reparations to Bittrex cryptocurrency exchange for the May hacking, BTG team said in a statement on Saturday. The decision will result in a delisting of BTG from the US-based trading platform next week.