Over a year of relative silence and now Bytecoin is making a comeback?
Many cryptocurrency enthusiasts noticed on or about May 17, 2017, when the following “blog” was posted on the Bytecoin website, the value of said currency jumped. This may have been a coincidence, however, since a lot of other cryptocurrencies also surged and then unceremoniously lost over half their gains.
Here was a recent headliner:
Cryptocurrency market has been developing drastically, bringing more and more innovations to explore. The Bytecoin team understands the importance of keeping a finger on…
The point was: “activity.” We finally had some. But why the delay?
Many of us had written-off Bytecoin when they stopped minding their forum. It became bloated with advertisements and there did not appear to be much activity — or easy to find information.
Others of us have read the profanity laced debates on the other forums about the alleged deeds of the bad Bytecoin developers. Was it true?
Here is the link:
Bytecoin allegedly forged the dates on their whitepaper(s) in order to make it appear as if they had completed a fair release. Meaning, to be fair, you must work hard and allow every “miner” access to your product at the same moment. (Not fair to the developers.)
Bytecoin creators may not have fairly given away their invention and instead, allegedly mined over 80% of their own coins before letting anyone in on their plans. In any event, the coin languished. Relegated to the heap of junk coins, but it never quite died. Just hung out. Waited.
Months went by. Then years of anemic trade. Few if any improvements came. Bytecoin’s Github account was boring. Then lately, after bit of a screw-up — more activity. Somehow a bit of mining software allowed someone to mine extra Bytecoins. This was fixed, but still, Bytecoin was accused of not taking action quickly enough.
Actually, the accusations flew.
Monero supporters hinted the Bytecoin developers intentionally mined extra coins using a flaw in their system. Bytecoin supporters then retaliated. Monero supporters knew of the flaw, they said, and took advantage of it. They created more Bytecoins and used that as leverage to expose Bytecoin’s flaws. Why? To sew distrust in the Cryptonote-based cryptocurrency of course.
Once the dust settled, it was back to the business of smear. Monero, with all of its improvements of the CrypotNote or CryptoNight Protocol (Algorithm), against Bytecoin — which dared to rear its scammy head once again. It was the original CryptoNote against the (allegedly) new and improved CryptoNote.
The Bytecoin pre-mine allegations are still there as well.
These days, ICO’s (Initial Coin Offerings) and pre-mines are commonplace. The results are mixed. Some developers fly the coop with the cash and some actually continue to tweak their coins. Some monitor their Github accounts making changes to at least let us know that they are still around.
Monero was not pre-mined, according to their documentation. They were a community driven program, forked originally from Bytecoin and after a some early growth pains (community internal disagreements) a certain sect ended up with the keys to the code. Today, Monero enjoys a relatively stable existence, enjoying recent valuations, even if they do not have the best “wallets” or mascots.
If Bytecoin did “pre-mine,” within the last week they may have covered their initial expenses. In other words, the pre-mine has helped to support the development of Bytecoin. Unless, like the Monero supporters claim, Bytecoin will simply dump their coins and leave everyone hanging. So far, they appear to sticking to their guns.
Bytecoin has experienced a massive resurgence on one exchange especially: Poloniex. But the trading, other than having lined the pockets of Poloniex, since they charge for the service of trading, is missing something. And that is the ability to deposit or withdraw any Bytecoins. Currently, you can only trade Bytecoins with other cryptocurrencies on Poloniex. All I have been able to verify so far is that Poloniex is performing “maintencance.”
If Poloniex finally re-enables Bytecoin it could be seen as a vote of confidence. Perhaps we should all realize that Poloniex just wants to earn a profit, however. Keeping the customer happy and the money flowing is a no-brainer. If they think Bytecoin is too much of a distraction they could delist it.
One hopes that Poloniex is watching Bytecoin closely. Certainly they can see who owns the most of Bytecoins on their exchange. If a large player has made some attempt to dump or trade enormous amounts of Bytecoin, they should know about it.
Where will Bytecoin go from here? Your guess is a good as mine. We have a nice, easy to use software wallet. One which has always worked for me — and apparently renewed interest in the coin itself.
Volatility is an issue now. Bytecoin, if the past is any teacher, may be cutting its teeth on the “whales” right about now. Big ups and downs. Money is certainly changing hands.
The question is, are the users getting pummeled at the expense of the anonymous developers of Bytecoin or are unrelated parties just having fun with all the investors trying to pile on?
As always, time will tell. If privacy and security gains traction, Bytecoin could be sitting pretty.
(Note: This author is not associated with Bytecoin.org or any of its developers.)