I’ve been watching Bitcoin Gold for about a year now.

Question

I’ve been watching Bitcoin Gold for about a year now.

Is it because of its great fundamentals or wonderful community? No—it’s because I saw something most people didn’t. About 5,000 to 10,000 BTGs were being taken off the market, daily.
What do I mean?
Figure: BTG:USD margin longs chart.
From August 16 2018 to July 22 2019, an accumulation period of 11 months, someone – or multiple entities – entered a massive margin long for Bitcoin Gold.
At the peak, there lay 1,900,000 Bitcoin Gold coins in the Bitfinex margin long position.
Calculating the market share
Bitcoin Gold forked from Bitcoin (BTC) on October 24, 2017, to change the proof of work algorithm from SHA256 to Equihash. This means that every BTC holder prior to the date also owns BTG.
Over 11 million Bitcoins (BTC) haven’t moved in the last year. Considering big wallets’ unwillingness to claim their coins due to fear of private key leak for a minimal return, it can be argued that a number even larger than 11 million BTGs are inactive or lost forever.
Given the aforementioned, this means there can be a maximum of 7 million BTGs on the market; a more conservative number is probably closer to 4 or 5 million. With the prior figure, one entity owns a minimum of 38% and a maximum of 48% of the supply, on one exchange.
Assuming he is the only one in on this accumulation, that’s half the supply belonging to one entity. It is not possible to extrapolate much information just from public longs data. This is where we must use the best feature of blockchain: public on-chain information. By finding the corresponding wallet we can see the activity of the coins.

#bitcoingold #blockchain #cryptocurrency #english

0

27.03.2024

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K tektron

osukalu
Problem is, every markets need market makers. And...

I don't understand you

0

8 месяцев назад

osukalu

K tektron
I don't understand you

I don’t talk with you

0

8 месяцев назад

osukalu · Accepted Answer

osukalu

Problem is, every markets need market makers. And at some point, quited from btg. Or missed alot of coins more profitable, like me like 4 years ago. Because what? I trust this fork, but.. Fork is fork 😉

0

8 месяцев назад

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I’ve been watching Bitcoin Gold for about a year now.

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