October 24, 2017
By Christine Masters - October 24, 2017 (cryptovest.com)
Bitcoin Gold forked- and met with nothing but problems. A DDOS attack stopped the site, and users flooded one of the main developers with hard questioning, as developer StarbuckBG revealed his identity.
Bitcoin Gold forked today- but did not launch. And that was only the first issue that came with this chaotic, strange hard fork.
In a few hours, discontent mounted on the Slack channel, mostly pertaining to the pre-mine of 100,000 Bitcoin Gold coins. And soon after that, a DDOS attack was launched against the site, which the team admitted was not protected well enough.
One of the developers of the project, known as StarbuckBG on GitHub, came out with his name, Martin Kuvandzhiev. It turns out he is a rather prominent member of the Bulgarian tech community, currently also working as lead iOS developer for Phyre. Per the GitHub comments thread, he has been actively working on the project in the past couple of weeks.
Mr. Kuvandzhiev is also an instructor at the Software University in Sofia. And he is one of the few named developers to be linked to Bitcoin Gold. So far, the lack of a public team has made some exchanges to doubt the whole project.
The other issue was the timely creation of a replay protection module- with a 200 Bitcoin Gold coins bounty offered. Currently, the project only has a non-working version and they say they would complete it soon. Also, no wallet is available. It turns out that even the test network, or the main net have not been created- so after the fork, there is not even test mining, as promised. A user suggested a bounty of 650 Bitcoin Gold for creating a main net, which starts to look like trolling GitHub.
And it is precisely this approach that is worrying- a project paying in still non-existent coins to anyone who would move in and actually build the project.
But some exchanges have already offered a pricing mechanism by trading an instrument related to Bitcoin Gold, although no actual coins are currently held.
The Korean exchange CoinNest was one of the first to list the altcoin, though coming with warnings. Indeed, beyond StarbuckBG(Mr. Kuvandzhiev), there is no information of who is the main developer.
In a few hours of trading, the price fell more than 40% to 256,000 Korean Won, or around $226.
Bitfinex is also among the exchanges trading a coin that has no actual live blockchain yet. And YoBit trades an instrument related to Bitcoin Gold, currently at a price range of 0.07-0.1BTC.
Business writer with a knack for bubbles and market madness. Has tracked it all: the financial crisis of 2008 and the implosion of Lehman Brothers; bank bailouts and peak gold and silver, penny stocks...and now Christine has moved to cryptocurrencies for fresh stories.