2017 may go down as the year of the eight times return bitcoin has delivered, but it will also likely be remembered as the year of the hard fork. First, we had Bitcoin Cash, then Bitcoin Gold, and even Bitcoin Clashic – but the forks are not quite finished yet. Say hello to Bitcoin Diamond.
Bitcoin Fork #4
Bitcoin Diamond (BTCD) is quite odd, to say the least. On the technical side, the official website for BTCD claims that it is a proof of work X13 GPU mined currency, and it has a supply of 210 million units or exactly ten times that of Bitcoin. It uses an 8MB block size and has blocks every 10 minutes.
The website for BTCD also mentions encryption and privacy features, but details are scant. The chain went live at the Bitcoin block height of 495866 which was sometime in November 2017. Since the supply is exactly ten times that of Bitcoin, owners of BTC would have ten times the amount of Bitcoin Diamond if they are to claim it.
Bitcoin Diamond: Made In China
The website provides several hints that BTCD is from mainland China. Further independent research suggests this is correct.
First, there are a large number of grammatical and spelling errors all over the website. Secondly, the official Telegram for the currency contains a message in Chinese that says ‘Welcome welcome,’ pictured below.
It should also be noted that the message is in simplified Chinese, which is primarily used in mainland China and not many other territories.
The official account in telegram also posted a screenshot from an exchange, and the words ‘simplified Chinese version’ can be seen on the top left, following by a comment saying “Fly! Lol lol.” Fly, in this case, is the Chinese equivalent of the “moon” or “Lambo” meme in English.
The Bitcoin Diamond “Team”
The website lists three faceless avatars as being the team behind the cryptocurrency fork. The avatars are named “EVEY,” “007,” and “?.” The website offers no other information about who is behind this fork.
According to this post on Forex Magnates, a Chinese language website, EVEY and 007 are well-known Bitcoin mining teams in China, and these groups (or individuals, it is unclear) are entirely responsible for the fork. Another website, qukuaiwang.com.cn, states that Evey and 007 are “overseas” (meaning not from mainland China) mining groups.
If Evey and 007 are really mining groups and not individual people, this could explain the use of the faceless avatars.
Cash Grab the Likely Motivation
With Bitcoin Cash, an earlier hard fork of Bitcoin with strong ties to mainland China, seeing sudden and sharp increases in value, it seems only likely that copycats would appear to try and make a quick cash in the hard fork craze.
It’s safe to say that Bitcoin Diamond is a quickly put together attempt by someone to create a blockchain that they control and can manipulate in an effort to make a quick financial gain. If the individuals behind Bitcoin Diamond were serious, they would have at least hired a native English speaker to spell check their website before going live.