To create a substitute for physical gold and establish “the ultimate digital commodity”
Pros & Cons
- Goldcoin does not support SegWit
- Devoted to on-chain scaling
- Unique 51% attack defense system
- Brand new difficult algorithm called “Golden River”
- Five times faster than Bitcoin
- Ten times greater network capacity than Bitcoin
- 72,245,700 coins will be mined
- Goldcoin transactions will last 2 minutes
- Difficulty adjustment for each block is faster
- Coins will be minted according to the rules of physical gold
- Block rewards will be gradually reduced, thus reducing the supply of coins
- Greg Mathews (Microguy)
- Holders of Goldcoins
- GitHub Last Updated
- Feb 4, 2017, 1:40 AM GMT+5:30
According to the official website of Goldcoin, it is a client that is resistant to multiple pools with a 51% integrated defense system. It is secure, innovative, and “a genuinely unique coin, not just another clone.” The website further calls the cryptocurrency “hard money,” a payment system and a secure value store based on the original Bitcoin protocol created by Satoshi Nakamoto. You can learn more about Goldcoin at the GoldCoin Forum, the link to which is available on the official Goldcoin website.
The cryptocurrency was launched on May 15, 2014 as a result of a fork in the Litecoin blockchain. The system will allow the creation of up to 70,000,000 Goldcoins, and the mining will be done through the proof-of-work consensus mechanism and the Scrypt hashing algorithm. The software is compatible with platforms such as MacOS, Linus, Android, and Windows.
The official Goldcoin page lists the following as its team members:
- Greg Matthews (Systems Administrator)
- Gerald Higginbotham (VP Social and Economic Relations)
- Eric Britten (Gold Engineer/Senior Developer)
- Amir Eslampanah (Chief Scientist)
- Johannes Mutz (Merchant Support)
- Srinivas Peesapaty (Goldcoin India)
- Gilead Okolonkwo (Goldcoin Africa)
- Allen J. Francois (Assistant Director)
How to Use Goldcoin
You have to obtain a wallet if you want to use Goldcoin. A Goldcoin wallet resembles an online bank account. The only difference is that your account is securely stored on your Android smartphone or tablet or desktop computer. You can now use your wallet to receive and send Goldcoins, review your transaction history, and manage your addresses. You can download Goldcoin wallets for Linux and Mac OS X. You can obtain the Goldcoin source code at GitHub. You can also create a paper wallet for your Goldcoins.
Why Goldcoin is a Scam – Brief History
Goldcoin is one of those coins released in 2013. It reminds one of another coin by the name of Mincoin, which was launched, abandoned by its developers, and then re-launched after a few months. According to an article by Hazard on Cryptolife, Goldcoin was also launched, abandoned, and re-launched so that those close to it could scam the community once again. Scammers are well aware of the fact that people have short memories and hardly remember history. But active members of the world of cryptocurrencies have not forgotten the sordid history of Goldcoin and have decided to steer clear of the coin.
When it launched in the middle of May in 2013, Goldcoin had the strangest reward pattern. Miners who generated the first 200 blocks were awarded 10,000 GLD, those who generated the 201st to 2200th blocks were awarded 1000 GLD, those who generated the 2201st to 26200th blocks were awarded 500 GLD, those who generated 26201st to 48700th blocks were awarded 400 GLD, those who generated the 48700th to 173700th blocks received 200 GLD, and those who generated the 173701st to 673700th blocks received 100 GLD.
Since Goldcoin had very little difficulty when launched, miners could generate the blocks awarding 10k GLD and 1k GLD quickly. Most of these miners were the founders and developers themselves and their cronies.
Interestingly, the coin was launched in the newbie form, and not the altcoins forum, giving those close to Goldcoin plenty of time to mine all the high-value blocks and pocket hundreds and thousands of Goldcoins. Within the first 24 hours of its launch, as many as 8 million coins were mined. The altcoins community had never before seen instant mining of such gigantic proportions. Goldcoin attracted some investors who invested in the coin and lost, but it couldn’t fool too many investors. Most users realized that it was a scam coin right at the beginning and it could never grow. As a result, Goldcoin died a natural death and remained dead for a long time.
Since the coin was dead, it could be acquired at very low cost, and this was where Greg Matthews (Microguy), the founder of Goldcoin, returned to the scene. In his article, Hazard accuses Microguy of stocking plenty of inexpensive Goldcoins and then proceeding to rejuvenate the coin. He hoped to fool newcomers to the world of cryptocurrency, those who had never heard of Goldcoin, since the history of the coin was almost forgotten.
Later, Microguy created a fork in the Goldcoin in a bid to further reduce the reward to 50 GLD and enhance the value of his hoard. Today, he is happy with his pile of Goldcoins and continues to tell lies to increase the value of the coin so that he can fleece new investors who believe in him and buy the coin.
In a BitcoinTalk Forum thread titled “Should Goldcoin (GLD) be added to the scam/sh*tcoin list?” member BitcoinTate complains that nearly 75% of his Goldcoins have disappeared. He also complains that the moderator of the Goldcoin thread on BitcoinTalk just deleted his posts. He further said that the fork in the Goldcoin blockchain was because of its 51% defense, which he said was “on its way to becoming a major mining buzz kill.”
Goldcoin should be avoided at any cost because it is headed by a developer who doesn’t enjoy an excellent reputation in the cryptocurrency world. If you want to get any value for your money, invest it in a coin that enjoys better reputation.
Click on the following links to learn more about Goldcoin:
- Goldcoin Official Website
- CoinMarketCap Goldcoin
- BitcoinTalk Forum Goldcoin
- Twitter Goldcoin
- Goldcoin GitHub Page
- Goldcoin Talk Facebook Group
- Goldcoin Reddit
David is a forex trader and writer who has spent the last few years giving his opinion and spreading news about oncoming markets and trading tips. Besides from being a trader he is also a lifelong Everton fan and enjoys spending free time watching his beloved team in the premier league.