The Crypto Papers

Common sense reviews about cryptocurrencies and related issues


 

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Why is it that the Bytecoin Team seems aloof, almost disinterested in their own potential success? It does not appear that they are abandoning ship, based upon recent Github activities. Someone is updating.

And someone is adding news and blogs to the official Bytecoin.org website after many months.

Still, why the relative quiet, other than within their own forum?  That was, until its recent disappearance and reappearance.

After filling up with advertisements, and after yours truly advised them of such via their website, the Bytecoin Forum seemed to have taken a hiatus. Recently sometime around June 7, 2017, it was back up.

Now I understand the need for anonymity in today’s world. But such anonymity is a double-edged sword. Having cryptocurrency developers retain their privacy certainly keeps them safe from the overzealous government-banksters. (And yes, I’m sure there are good bankers out there — working in a bad environment.)

On the other hand, the Bytecoin Team must know that we the users get a bit antsy when we cannot “read the news” more often. Even if the news is slanted. Why? Because we can read between the lines.

In fact, Bytecoin.org, something seems amiss now that you are talking again. Has your “voice” changed?

Recently — May 17, 2017 — Bytecoin.org added a new blog entry. As usual, their blog was professional and polished or was it? Actually two entries were made. The blog and on May 19, 2017, a news piece. Both were clear, but rather brief. I’ll focus on the May 17th blog entry for now. It has a few oddities, if you read it closely.

 

First:

 

“Cryptocurrency market has been developing drastically, bringing more and more innovations to explore.”

 

That’s the first sentence of the blog. Who starts a sentence like that? Shouldn’t there be a “The” to start that sentence? Okay, no biggie. Let’s move on.

The blog was titled “Untraceable Tokens.” It implied that the cryptocurrency space has been innovating. That there is more to explore. Certainly this is true. Since Bytecoin came along, Monero was born and Bitcoin, as always is experiencing growing pains. And a thousand other cryptocurrencies have been born and have since faded in the no-trade zone.

 

A second oddity in the blog:

 

“…top ten token market capitalization value overgrowing $1.4 billion.”

 

Overgrowing? How about “exceeding” $1.4 billion. Again, this could be a “country” thing.

 

A third issue, that may just be me…

 

“…we promise to give you full detail in the upcoming posts.”

 

Full “detail?” Do they mean full “details?”

Say that with a Russian accent: “Comrade, sit in chair, give full detail in upcoming posts. Bytecoin is not Russian, this you must tell world. And KGB not overgrowing. It dead.”

 

A fourth issue:

 

“Further on we will keep you informed about the development process to make sure you do not miss the opportunity to be in the first line to emit your own untraceable Bytecoin based token.”

 

Is it just me again? “Further on?” Do they mean “from now on?”

And how about “the first in line” part? Do they mean “to be the first in line?”

I hear Russian accent, Comrade. No?

 

In any event, they state that Bytecoin has:

 

“…broken ground on developing a wallet-integrated solution that would allow anyone to create their own Bytecoin based token”

 

I mean, don’t we have enough tokens?

 

Or is this a bit of good news. An untraceable token to represent “assets” on the Bytecoin blockchain. Like Ethereum, in some respects — but more private and secure I gather. The fact that this token system will be wallet integrated is also curious.

Integrated into an easy-to-use wallet, like the one we have now or like the Ethereum system? With Ethereum there is a learning curve. I hope that Bytecoin’s innovations will be more user-friendly, however. Not a bloated giant.

The blog entry also teases us with another upcoming innovation — a new “feature.” We can only speculate here. It could be anything.

 

The last bit of information in the blog entry is the notification that we will be provided more information at some future date, so we can be the first to try their new token based system. Again, it is worded oddly to me.

 

Most of us may not need tokens, if we already have Bytecoin. Some, however, could use a token for creating in-house cryptocurrencies that are more secure and private than Bitcoin. The start-up costs might be minimal, if the backbone (Bytecoin) is already there. Also, more users would likely strengthen the backbone. As this occurs — if it occurs — Bytecoin would become more valuable. It is also possible that the tokens themselves could become more valuable than Bytecoin itself.

On the other “dirty” hand, adding tokens to the system might strain it, if the Bytecoin devs are attempting to create mammoth system. I hope they choose to make things modular, in this sense. So any bad “parts” can be replaced or rejected by users voluntarily.

 

We are teased further with this…

 

“Commencing countdown till the global ICO market revolution.”

 

Personally, I’d like to see a clock ticking down, but I get the picture.

 

Of course, ICO means “Initial Coin Offering,” but what coin or coins? Our own tokens we generate on top of the Bytecoin blockchain? Or their new tokens?

And what market? Token market(s)? Like all those tokens being added on top of the Ethereum Blockchain? Are these the “markets?” Are they talking about another market altogether?

When you think about that for a minute you have to wonder what type of organization would use a private, secure and untraceable token. Not banks. They must comply with regulations. Not investment houses, for the same reasons.

Individuals could use tokens they create, however. And yes, the bad guys too.

Suppose you live in China, for example. You’ve been trying to get your money out of the country for years, but can’t. All of your compatriots don’t trust most cryptocurrencies. They are traceable — much too public. Many of your friends know about Bytecoin, but they trust you, not some unknown system that has been ruthlessly attacked by bloggers and hacker alike. You then decide to create a token on the Bytecoin Blockchain that represents an asset. It could be gold, silver or some other property.

What is the end result of a token that cannot be traced to a sender or receiver? Monetary freedom? Gox in a box?

Don’t forget the flip-side of Bytecoin, however. Nobody is watching the fort. If your newly emitted tokens evaporate into thin air, oh well. At least with the public coins — like Ripple, Stellar Lumens or even Ethereum, you can contact a live human.

With Bytecoin? You can look at nice Bytecoin Team Memes. Hello “PACIFIC_SKYLINE,” do you really exist? How’s the water? Answer? Silence.

I do detect a note of odd grammar in this latest blog. It is as if the poster does not quite have a complete grasp of the language or is writing in a type of shortcut method. It could also be that the writer is not American — perhaps English is a second language. (I am American, but at least my grammar errors are obvious.)

And I am not an English teacher, but I argue with them regularly. They often tell me about my spelling errors on these blogs. But spelling is one thing and grammar is another. We can “hear” the subtle differences.

More ominously, maybe Bytecoin has been bought-out and the new owners are attempting to keep this fact quiet, Da?

Finally, maybe all the original “Team” is present. If that is so, please clean up your latest blog.

And talk to us.

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5 thoughts on “Bytecoin Speculation

  1. roy says:

    My impression was that there may be multiple authors and that some may be based out of Asia. I think that maybe developers have also become more interested since BCN trade volume has increased significantly, which explains more appearances and updates. Your guess is as good as mine though.

    Liked by 1 person

    1. I’m actually trying to get a rise out of them. Hope that they answer. I am also attempting emails to them and asking for a response — which I will then post.

      Like

      1. roy says:

        I’ve had my emails answered but only selectively.

        Liked by 1 person

  2. no respect to reply even encrypted — or anonymous announcements —

    no reason to invest

    Like

    1. I am hesitant to agree. Anonymity is double edged. Great to protect the core team and the coin, but customer response must remain are arm’s length. Thus far, even after all the updates, I’ve yet to have a problem with the GUI Wallet. I can’t say that about Monero.

      Like

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