What Is Ethereum Gold?
Ethereum Gold claims to be the “world’s first smart mining token”. The project promises “to advance Ethereum’s smart contracts to make them accessible in a wide variety of applications.”
The long-term goal of Ethereum Gold, also known as ETG or ETHG, is “to promote and support research, development, and education to bring decentralized financial tools to the world.” Those financial tools will “empower investors to earn huge returns in the long run by investing in ETHG.”
What Does Any Of That Even Mean?
If you’re like most people, then you’ll notice that the Ethereum Gold website and whitepaper are filled mostly with gibberish. It’s vague nonsense that tosses around blockchain technology words that sound good – but don’t actually mean anything.
If you skip past the awkward marketing hype, you’ll learn that ETHG is an ERC20 token built on the Ethereum blockchain.
Ethereum Gold has no apparent connection to the original Ethereum development team. Based on everything we can find online, it appears to be some type of pump and dump scam backed by no real value. The developers – who refuse to disclose any identifying information – seem to be capitalizing on the hype of Bitcoin Gold’s launch.
History Of Ethereum Gold
Ethereum Gold was announced on October 13 with a post on the Bitcointalk forums. The post was made by a user named amandaETG. The post announced that ETG would be launched through an airdrop – which means it’s being given away for free to users.
The developers gave airdrops to everyone who filled out a Google Docs form that was posted in the Bitcointalk forum thread.
There’s a total circulating supply of 17.4 million ETG and a total supply of 24 million ETG.
Ethereum Gold is listed on Coin Market Cap. You can view the page here. At its peak, Ethereum Gold had a market cap of around $925,000 USD, which it achieved on October 25. Before the end of the day on October 25, however, the market cap had dropped to around $500,000.
The currency launched on October 21. At launch, the price was around $0.015 USD. On October 25, the currency reached a peak value of $0.22 USD before dropping down to around $0.15. The market movements attracted attention on Steemit, where user jwolf posted a screenshot of the price of Ethereum Gold rising 857.22%.
How Does Ethereum Gold Work?
Ethereum Gold aims to be a faster and cheaper alternative to other cryptocurrencies. The developers claim to have founded ETH “to help people those suffer the delay and lost of transactions using other crypto” – yes, that’s the word for word sentence on the Bitcointalk forum thread announcing the launch of ETHG.
Ethereum Gold’s roadmap doesn’t list any major goals or milestones. The company plans to list Ethereum Gold on Etherdelta and Cryptopia NZ before the end of 2017. In 2018, they plan to launch the “first profit payments”, an Android app, and ATM payments.
We can’t find any evidence that Ethereum Gold has any products or services in development.
Why is the currency called Ethereum Gold? Does the currency have any relation to the value of gold? As far as we can tell, the name “gold” was chosen to capitalize on the hype of Bitcoin Gold’s launch (there’s also a Litecoin Gold, for what it’s worth). We can’t find any evidence that gold has a real purpose in the currency.
Who’s Behind Ethereum Gold?
The Ethereum Gold website and whitepaper have no information about the team behind the project. The company’s Twitter page lists the location as the United States. However, based on the atrocious English used throughout the website and social media accounts, we find that hard to believe.
Ultimately, there are plenty of red flags surrounding Ethereum Gold. The lack of any team information anywhere online is one of several red flags telling us that Ethereum Gold is likely a pump and dump scam.
Ethereum Gold Conclusion
Ethereum Gold was launched in October 2017. The currency was given away for free to users who filled out a quick form on the Bitcointalk forums. Over the week of October 21 to October 25, the currency rose from about $0.02 in value to $0.22 before dropping significantly.
Ultimately, Ethereum Gold is a legitimate ERC20-compliant cryptocurrency built on the Ethereum blockchain. However, the currency appears to have no legitimate value or support. The website and whitepaper are filled with gibberish. There are no technical details of how the platform works, and no explanation of why Ethereum Gold is a superior cryptocurrency. There are no team details posted anywhere online.
Overall, based on all this information, we have to conclude that Ethereum Gold is a quick pump and dump scam.