Bitcoin Platinum

From Cryptocurrency Check
Jump to: navigation, search
There's very little meat on these bones (if any), and it looks extremely unlikely that Bitcoin Platinum will exist for more than a few days (at the most), because it won't have miner support to stay alive. Its goals are nonsense and useless, and it has nothing but a forum post to describe itself. It didn't even choose a symbol. The goal appears to be "to make you guys free money" and to "decentralize mining" again, both of which Bitcoin Gold has managed to do, but Bitcoin Gold isn't a scamcoin or a shitcoin. Bitcoin Platinum is overwhelmingly likely to be a shitcoin, although, since there is no ICO, there is really no investment to make. However, this is one of the biggest problems faced by the cryptocurrency community, and it will persist for a while yet: the destruction of Bitcoin's name.

Since they didn't provide one, I made them a logo.
Bitcoin Platinum is a half-assed idea produced by one guy at the Bitcoin Talk Forum, and doesn't seem to have any idea beyond "giving you guys free money" and "decentralizing Bitcoin mining." The first point should make it clear that this is something to be avoided, but the second point is equally ludicrous--if Bitcoin Platinum manages to successfully hard fork from Bitcoin, it will have absolutely no effect on Bitcoin mining, and the currency people will be mining will not be Bitcoin. There is no whitepaper available, no logo available, and no links. There were attempts in the initial post to create links, but none of them ever went anywhere.

In Depth

CryptoCheck found no way to contact "ShoeOnYourHead" about Bitcoin Platinum, and there are no contact links posted anywhere. Attempts to acquire developer information have gone nowhere, and the developer seems to have stopped responding in the forum. To be clear, this is yet another shitcoin that will come into existence and then die very quickly, with no miner support and no community support. It's a bad idea, and it's redundant--Bitcoin Gold has already achieved the same goals, but isn't a shitcoin. In fact, it is due to the success of Bitcoin Gold that we are seeing these inferior, shoddy hard forks from Bitcoin, and we are likely to see more of them in the coming months. If it isn't controlled, it could very well lead to the destruction of Bitcoin.

Free Money

The developer attempting to respond to criticism with "I'm trying to give you guys free money" is an insidious method of trying to bribe people into supporting the shitcoin to be known as Bitcoin Platinum. . There is no such thing as "free money," even during hard forks, as we have seen at each juncture. Hard Forks at the most move value from Bitcoin to the newly created blockchain, and both may increase in time (or one may vanish into oblivion), but it certainly isn't "free." Additionally, these hard forks do damage to Bitcoin's name, especially the inferior ones, and cause people who aren't already libertarians or anarchists to say things like, "See? That's exactly why you need centralization and an authority, to keep people like that from basically inflating the currency to the point of destruction."

It is a form of Inflation, albeit a roundabout and strange one, because new coins are created that have no value, and that borrow their value from the initial coins. This is something that should be strongly discouraged.


A forum post.

Investigation Results

Utility: Nil
Stability: Nil
Coinomi Support: No<
Whitepaper Availability: No
Management Availability:None
Birth: Presumably December 2017
Death:Probably December 2017
Scamcoin Likelihood: Extremely Low
Shitcoin Likelihood: Extremely High


Many people see the ability to hard fork Bitcoin as a new gold rush, and everyone wants to get in on it, particularly with the relative success of Bitcoin Gold and the great success of Bitcoin Cash. Unlike the scamcoin Bitcoin Silver, Bitcoin Platinum at least intends to be a hard fork, rather than an Ethereum Token, so there is no ICO to participate in and scam people out of their money. While it's therefore unlikely to be a scamcoin, it is almost certain to be a shitcoin, and has an overwhelming likelihood of dying within a few days or hours of being launched. Like Bitcoin Silver, Bitcoin Platinum aims to cash in on Bitcoin's name and to present itself as an alternative to the legitimate Bitcoin Gold, though without having anything worthwhile to actually offer. As such, it should be avoided at all costs, and one should not purchase Bitcoin hoping to gain Bitcoin Platinum and have them actually be worth anything. They'll probably remain worthless forever, and they will probably only exist on the Internet for a few days.


Bitcoin Talk: Bitcoin Platinum