why bittrex will eliminate and remove btg markets? why it will be delisted btg?
Hello, here is the reason in a statement:
As more translations are completed they will also be added.
I understood. Thanks.
New user here, Bittrex’s decision boggles my mind. The amount of very bad and questionable cryptos they allow on their exchange is nuts - but they decide to remove BTG…
Pretend Bittrex is a friends house and they invite you (BTG) over for a party. During the party someone steals some money from both of you. You’re both victims of a theft. But your friend thinks you should pay him back and if you don’t, you’re not welcome anymore at his house.
Well put, great analogy.
Bittrex seems to have been incompetent in not protecting itself like you told them to. But what did the hard fork do to mitigate the problem? Since it was possible to do something, it seems like there must have been a deficiency in the code
The primary vulnerability was the 51% attack, which is not a deficiency in the code; that’s the nature of PoW.
The hard fork upgrade did nothing to change the nature of a 51% attack, of course. But it did have the following effects, each of which served to mitigate the risk in some way:
- The change to an algo which is not currently available from a NiceHash market provides substantial insulation (NiceHash was the vector for all the power used to perform the attacks in May.)
- The change from Equihash (200,9) to Equihash (144,5) meant that BTG was no longer a relatively “small” player in the particular algo’s space. Previously, BTG accounted for about 30 Msol of a 600 Msol hashpower pool which was dominated by Zcash. Now, BTG is the largest player in the (144,5) space, a position which decreases the risk substantially. (Performing an attack would now require amassing a majority share of the available hashpower.)
- The inclusion of a unique Personalization String reduces the fungibility of hashpower, making it harder for hashpower markets to be run across coins even within an algo. Thus, if a hashpower market for (144,5) is established, there will likely be less power in it, and power will flow between (144,5) coins less readily than it did within the Equihash(200,9) markets.
- There was serious concern that a significant portion of the power used for the attacks was generated with early Equihash ASIC miners (whose power was then routed through NiceHash to help mask the source.) If this was true, then the migration to a PoW that cannot run on those ASICs reduces the risk exposure.
- Improvements to the DAA (thanks to you) help improve our resistance to hashpower swings, including those caused by opportunistic miners. It might have been possible for a 51% attacker to time their attacks relative to opportunistic mining swings to make them more efficient; this is no longer possible, as those opportunistic attacks have been largely eliminated.
The combination has made the BTG blockchain dramatically safer than it was in the spring. So much so, that we were removed from the attackable list at at https://www.crypto51.app/.
My BTG is not transferable. What should we do now? help me
I don’t know what you mean by “not transferable.” There’s no such thing with BTG.
Do you mean that Bittrex will not allow you to withdraw your BTG? If so, that’s terrible, but that’s not something we can influence - you need to deal with Bittrex and/or legal authorities that can deal with Bittrex.