Coinbase changes its mind about Bitcoin Gold

Coinbase will call "Bitcoin" the chain with the most accumulated difficulty
26 October 2017   861

Initially, Bitcoin exchange Coinbase issued a statement regarding the SegWit2x and Bitcoin Gold hardforks, confirming that, if SegWit2x implemented, it will keep the BTC ticker for the original bitcoin chain.

However, now Coinbase announces quite the opposite thing: it will call "Bitcoin" the chain with the most accumulated difficulty.

Brian Armstrong, Co-founder & CEO at Coinbase, made an apology anout the confusion caused by the initial statement.

Apologies our initial post was not as clear as it could have been about what happens after the fork. Determining when the chains are "stable" is a judgement call. Market cap, community support, etc would all factor in. High level thought is that the market should decide (not us) - so our attempt is to remain as neutral as possible here. Also: communicating intentions turns out to be hard! Thank you for bearing with us :)
 

Brian Armstrong
Co-founder & CEO at Coinbase

On top of that, the company stresses that when making the final decision Coinbase will take into account the stability of the network, market capitalization and the community support. The representatives also note that they always  adopt a position of neutrality on any forks, letting the market decide. 

It is alos noteworthy that the new statement was made only a day after the company had made the previous one. Now, a great deal of criticism comes down on Coinbase. In particular, the founder of Litecoin and the opponent of SegWit2x, Charlie Lee, expresses the dissatisfaction with the company's policy.

Earlier this month, Coinbase was included in the "black list" of the Bitcoin.org portal due to the company's position on SegWit2x.

What is Coinbase up to, remains to be seen.

664k BTG Split & Moved For a First Time

This event can have huge impact on the Bitcoin Gold price
22 February 2018   60

On February 20, an unknown user released 664,000 BTG coins that had been lying motionless since the launch of the Bitcoin Gold network last fall. This could lead to the largest one-stage increase in the BTG market for the whole short history of the existence of the "new digital gold". This is reported by CCN.

Bitcoin Gold crypto currency was formed as a result of the harsh press, held on October 24 last year. The network wasn't launched immediately, but several weeks after the completion of the premiere.

The holders of bitcoin have the opportunity to obtain an equivalent number of BTG coins. Many hastened to take the necessary action to obtain new coins in the first weeks. However, in all likelihood, not all holders of large amounts in the crypto currency have done this.

Below is a graph that illustrates the dynamics of obtaining BTG coins by bitcoin holders (forks. network):

Amount of coins moved on each side
Amount of coins moved on each side

One of the engineers of the Blockchain, who created the forks.network, connects this transaction to the bitcoin-service Xapo. In his opinion, the action was committed on the initiative of one of the institutional clients of the popular service.

It remains a mystery why this unknown cryptoinvestor did not extract the BTG coins before and did not sell them when the Bitcoin Gold market rate reached a mark above $ 400. Currently, the weighted average rate of BTG is around $ 125.

Bitcoin Gold crypto currency can not now be called a highly liquid altcoyin. According to the volume of market capitalization, the coin is on the 20th place of the Coinmarketcap rating, and the daily trading volume of BTG hardly exceeds $ 40 million.

The current value of the above 664,000 coins is $ 82.7 million. Thus, the sudden release of Bitcoin Gold coins to the market is unlikely to have a positive effect on the course of this relatively young crypto currency.