Tag Archives: bytecoin scam

Bytecoin Blockchain: Updates and Promises for 2018


AMA

On or about Tuesday March 13th, from 5:30PM – 7:00PM GMT +1, there was an AMA (Ask Me Anything) session for Bytecoin. It was hosted by “BCN_Official.”1. Jenny Goldberg is the pseudonym behind that title, but the person’s real name is unknown.

Ms. Goldberg invited me to participate via Disqus, but being the paranoid, I am, and discovering that the site is not secure, I begged off.

After the AMA, Ms. Goldberg again invited me to review the AMA.

So, I obliged. Why she did this, I have no idea. Perhaps it is because I try to give Bytecoin a fair shake. Let me repeat that. I try. Or it is simpler. Bytecoin wants any publicity – even negative. Or they will copy, edit and paste this elsewhere…


Assessment

At any rate, what follows is not a report. It’s not an investigation. It does bring some new information forward, but do not use it as the gospel. It’s an opinion. I defer to the experts for actual verification. Unfortunately, when even the experts are unable to resolve the issue, us bloggers take a different angle. We hammer.

Before we delve into what was learned, know two things.

First, that in today’s fiat money driven economies, to challenge the status quo can be hazardous to your wallet, freedom and in places like China, your life. To remain private is a human right.

I wish all the best to the honest cryptocurrency developers out there. They should be commended in their efforts to make our monetary lives better. And it’s not only about money.

Secondly, I don’t necessarily support Bytecoin and its renewed efforts reestablish itself as the primary privacy coin. Saying that, they, like Monero or any other altcoin, have the right to do it.

Many assertions have been made against Bytecoin, by Monero and even Aeon supporters. But it cuts both ways. The fact that Monero has many anonymous developers is well known. A few, Riccardo “fluffypony” Spagni and possibly, Francisco “ArticMine” Cabañas have come forward.2. People respect that. They know the personal risks involved.

Why have other developers of Monero not come forward? I suspect that the risks are too great. Perhaps they are well respected figures in governments, Universities, business or their nations have banned the use of private currency.

This is not the case with Bytecoin. All core team members remain hidden, except for “Bytecoin Faces,” which is rather new and does not show us the actual developers.3. Only the “community.” Is it the mask of legitimacy worn as a cloak of armor, by the “Team?” Lambs led to the slaughter?

Bytecoin often cites Satoshi Nakamoto as the reason they also remain behind the curtains. This is a false flag. Bitcoin is transparent – you do not need to know who invented it. Bytecoin, on the other hand, is obscured, secret, hidden. The only reason to remain in the shadows is to protect the process.

And yet, Riccardo Spagni of Monero has stepped forward. To me, that means, he is “expendable.” (Sorry Riccardo.) That XMR can carry on, without him. Why can’t a Bytecoin developer be so bold?

Could this entire thing be a show, however? Could all the CryptoNote/CryptoNight altcoins be from the same source? Conspiratorially thinking, sure. Logically? Why would they do that? To take the heat off one or two altcoins they want to succeed?

As many of you know, Bytecoin suffers from a long-term crisis of “believability.” For reasons debated on various websites, such as BitcoinTalk.org – which suffers from its own credibility crisis – many do not trust Bytecoin and those altcoins associated with it.

Bytecoin developers react, in what I would term, a “foreign manner.” Not because the “Teto Team” might be from Korea, Japan, Russia, India, Canada or even in my own back yard – near Orlando, Florida in the U.S., but that they tend to “react” negatively to criticism. They ban or delete negative responses. Monero (Riccardo Spagni) does not do this. He engages. Again, this earns anyone accolades.

There are limits to speech, however. If one threatens harm. If one lies, defames – one might have his comment deleted. But to ask questions only to be shunted aside or erased, is not the mark of a legitimate organization. It is the last resort of cowards.

This Bytecoin reaction is, of course, only human. After being criticized for years, by Monero developers and any number of bloggers – me included – they’ve decided to engage the naysayers. To what ends, I am uncertain. Just as I am uncertain that the team now running the show, is of the original “crop.”

After all, Bytecoin lay fallow for over a year then suddenly, when cryptocurrencies blasted off, so did they. A rising tide…

Someone on the Bytecoin team turned the lights back on. While the lights were off, however, the software – the primary Bytecoin Wallet – kept right on working.

I can attest, that never once have I had any trouble transferring and receiving Bytecoin from the downloadable software wallet. The problems always came from the Exchanges. Poloniex, Cryptopia etc. With Monero wallets, I did have trouble. And I’m not completely computer illiterate. I’ve mined Monero, Aeon and dozens of other altcoins.

So, for once…let us take the Bytecoin Team at their word, however. Let us state that they were a group of great programmers, who, like all humans, made mistakes. Their code was not perfect.

Have they fixed it?


Inflation Bug

The most recent bug – what was termed the “infinite inflation bug” – occurred early last year (April – May 2017). The problem affected all CryptoNote coins, including Monero. Monero fixed their altcoin and the flaw was not exploited. Bytecoin was not fixed, before 693 Million more BCN popped into existence.4.


Premine

Let us state, as if it were true, that there never was an 80%+ Bytecoin Premine – and as far as I know, such a statement has never been proved. That, however, is not a defense. The allegation floats like scum on a pond, killing the fish. But, let us state – for now – Bytecoin was never premined in any fashion.

Let us also state, that for whatever reason, the original whitepapers, fudged dates and all, are meaningless. That Bytecoin was launched when the Teto Team said it was. That would explain the alleged premine, if we could believe that miners were at it for two years, before the public was aware of Bytecoin’s existence. It was theirs, why should they share? Do you have a right to their labors or even the truth?

The only other explanations seem to be that Bytecoin’s launch date was pre-dated, the algorithm was tweaked to allow a fast mine for the “Team,” then switched back to slow mining, when they thought they’d had a good head start.

Again, so what?


Rights

If you could build a machine that would churn out 100,000 ounces of gold, would you not churn most it, before you allowed others to use your machine freely? But it’s not about that you say? It’s about trust and community and honesty? That you have a right to another’s intellectual property. You don’t.

You only have a right to what others allow – if it is theirs. And hope that if they made this magic machine – and here’s the rub – that it keeps on working. That is always the concern.

The premine worry, that the magic money makers may flood the market and cash out, exists. So, how do they – the Bytecoin Team – alleviate this issue? They invite new developers. They separate the “powers.” They allow others to oil the machine. They play “Show and Tell.”

Even if we can accept that the current core team does consist of four full-time C++ developers, several developers, a cryptography expert, and a community manager (Jenny), graphic designers, front end developers, mobile developers, and system administrators – does it really matter?

Let us also assume that the current team sometimes cooperates with former team members. So?

The BCN_Official (Ms. Goldberg?) also cited a recent rebuttal to all the scam accusations made against Bytecoin.5.

However, the rebuttal is filed on “docdroid” and there are security concerns if one accesses that website. It is said to “prove” that the scam allegations against Bytecoin are untrue. It does nothing of the sort. It merely points out that scam allegations have “not been proved.” This is true. Bytecoin’s history remains a mystery.

However, the empirical knowledge is a bitch. What we can and cannot see, is disturbing. This is called “evidence.” And from year to year, it grows. Fudged whitepapers. Blogs. Transactions on the BCN ledger.

Now, given all of this, what is the newest information about Bytecoin? Is there any good news?


Based on the AMA, here’s what I found:

No plans to “burn” coins (Old news)

Working on improving anonymity (How?)

Keeping the algorithm unchanged for now

Attempting to add more Exchanges (We wait)

Maintaining developer privacy (No Comment)

Potential Mobile Wallet release (So?)

Understanding that RingCT is not the best solution (Heard that one)

New ASIC coming online might over-centralize mining of Bytecoins (CryptoNote based altcoins)

Upcoming hardfork which make fees “dynamic” and economical (Wait and see)

Its supply is fixed, Monero’s is not (Please validate)

No plans to work on “Atomic Swaps” (Why?)

Discussion of website “BytecoinWorld” – appears to sell “Bitcoins?”6.

Dropping of Bytecointalk.org – too much spam7.

When Bytecoin forks, updates should be easy

Problems persist with Poloniex/not responding to requests (No brainer)

Ledger Nano has been contacted (Care to validate?)

Major marketing upcoming (Oh really?)


Conclusion

In conclusion, Bytecoin has yet to dispel the allegations of its scammy launch. The question then becomes, how can the “Team” clear their names/prove their innocence? Should they open their books to the world and thereby – potentially – defeat the purpose of the privacy altcoin altogether or can they put a warm-blooded human on the stand? One who can clearly and succinctly, prove that all the allegations against Bytecoin are unfounded.

The latter solution seems to be a good alternative. The only downside would be for the rest of the CryptoNote based altcoins. It is very possible that Bytecoin would steal the limelight then.

In the end, no matter how many improvements are made to the application programming interface (API), if the users do not trust the system, it won’t matter.

 

 


Sources:

  1. “We are the Bytecoin Dev Team and we are here to do our first ever AMA on the upcoming Hardfork and Github! • r/BytecoinBCN.” Reddit, http://www.reddit.com/r/BytecoinBCN/comments/845hmk/we_are_the_bytecoin_dev_team_and_we_are_here_to/. Accessed: 3/15/2018
  2. “Monero: titles.Team.” org, The Monero Project, getmonero.org/community/team/. Accessed: 3/15/2018
  3. “Community.” Bytecoin (BCN) – anonymous cryptocurrency, based on CryptoNote, bytecoin.org/community. Accessed: 3/15/2018
  4. “Fraudulent Transactions Allowed by the CryptoNote Key Image Bug Remain Valid · Issue #104 · Amjuarez/Bytecoin.” GitHub, github.com/amjuarez/bytecoin/issues/104. Accessed 3/15/2018
  5. “Upload PDF.” DocDroid, http://www.docdroid.net/. rEKgQUR/bytecoin-rebuttle.pdf#page=5; Accessed 3/15/2018 (Site has Negative Feedback)
  6. “BytecoinWorld.” BytecoinWorld, http://www.bytecoinworld.com/. Accessed: 3/15/2018
  7. “Bytecoin (BCN). Anonymous CPU Mining Cryptocurrency • r/BytecoinBCN.” Reddit, bytecointalk.org/. Accessed: 3/15/2018
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The Ugly Truth About Bytecoin

 


Why do they hide?

In my recent audio blog, I review some important aspects of Bytecoin. Things they — the Teto-Team and Jenny — don’t seem to want to talk about.

Audio blog: The Ugly Truth about Bytecoin

 

Bytecoin: Don’t Mess with India


Playing With Fire

For those who follow the day-to-day docudrama that is Bytecoin, a CryptoNote derived cryptocurrency, it’s always great when the promoters get a little rankled around the collar. They play the victim even if many of us may refer to the “Bytecoin Scam.” Often becoming upset when the crypto-public asks a few relevant questions, like who they are or if they know anything about Bytecoin’s checkered past.

Let us focus on Bytecoin for a moment here. It’s the cryptocurrency of choice in India’s Temples these days, if we can believe the hype. And if this is true, it is probably an attempt by citizens in that country to retain their wealth. Recently their government announced that certain paper fiat currency bills were now worthless. But they gave the citizens plenty of time to convert larger denominations to lower ones. They gave them several hours. Thank you, Narendra Modi, you Grand Poobah Socialist, you.

Do you really think the average citizen in India is ready to get screwed by a bunch of crypto-jerks at Bytecoin.org after Modi bent them over?

Answer? Heck yes! Just go to Bytecoin.org.in and prepare to invest! And don’t worry about the Bytecoin delists. If Poloniex disables it again, I’m sure all will be well. And Cryptopia would never delist it. Just go to to the nearest empty Bytecoin faucet, read the boring entries in the Bytecoin Forum and feel good inside about your Bytecoin future. Bytecoin GPU or Bytecoin CPU miners welcome. Make sure to watch your graphs.

Forget Bytecoin history, just focus on the hashrate. Learn how to buy Bytecoins at your earliest opportunity. Make your Bytecoin investment today. Buy those Bytecoin logo T-Shirts and be the first on your street or in your tent, to hold Bytecoin long term.

Is Bytecoin legit you ask? Absolutely and not a soul in India would ever confuse it with bitcoin. No way. Just get your trusty Bytecoin mining calculators out. Look up the best Bytecoin mining pools. Buy the best Bytecoin mining hardware you can find. Keep up with all of the Bytecoin news and run your Bytecoin nodes. Set up your Bytecoin online wallet immediately. Keep an eye on those Bytecoin price predictions. Read your daily Bytecoin reviews. Know about Bytecoin solo mining. Burn that Bytecoin symbol into your skull. Make sure you do your Bytecoin Tweets. Make sure to check for Bytecoin updates and know about all the Bytecoin uses. Are there uses?

And always know in your heart, the Bytecoin value, even as it drops to zero. Even as the Bytecoin YouTube channel chats it up — pumps it madly.

Now back to the real world…

Community Manager Promo’s

The latest bitcointalk.org information from the purported Community Manager of Bytecoin or more specifically, from BCN_Official gives us some rather vague information:

Messages about a dev team require some clarification. Previously, it was reported that there were…4 full-time developers, freelance devs, cryptography expert a and a community manager.

Here, the sentence sort of dies. Given that statement, a reasonable person would ask if the original statement was false or unclear. If unclear, are we now receiving the clarification? So, there weren’t four full-timers etc.? Let’s move on. Surely, it becomes clearer.

There’s no “old” or “new” team at all, it’s not a relationships [sic] where you can have a lot of “ex” and “present”.

Do you understand now? There are no old or new team members, because there is/are no relationship(s). No relationships between members where you can even have “ex” and “present.” This is meaningless or lost in translation.

Bytecoin has a straight vector of development and none of those “old” and “new” once [sic] can change it.

Now we find that the old team and new team cannot change the “straight vector of development.” Why not? Isn’t there someone in charge of development? A vector can be a quantity having direction and magnitude. That is, if we are trying to determine a position of one point in space in relation to another point in space. It sounds fancy, but it’s pure snake oil.

To calm those of you who are still wondering about the team: we do cooperate with all of the previous devs and the main ones of them are still with us at a main cast.

Wait a minute. Why do we need to be calm? Have you ever told an irate person to calm down? What happens? They often become more belligerent. Implying that investors should calm down is ludicrous and unprofessional; and the Community Manager is a hack for stating it. It’s a way of belittling those who dare to ask questions and seek answers. “Just calm down, Chuck. Relax. Let us take care of your money…”

You just stated there are no old and new teams. You’re just one happy family now? If you, BCN_Official, still cooperate with them – the “previous devs and the main ones,” then who or whom is controlling what? How is this cooperation managed?

There’s nothing to worry about.

Spoken like a true charlatan. When anyone tells you there’s nothing to worry about, worry a lot. This kind of psychology may work for the masses, but not on anyone with their eyes open and their wallets closed.

Speaking about today’s temps of developing. Are those regular updates, releases and total quality of the project don’t prove the professional skills we have?

If there are such skills, where are the disinterested party code reviews? Releases of updates and such do not sit well when a project is founded in the way it was. In the manner, where all requests for clarity have been summarily ignored for years. Why would anyone buy a product developed in secret, released in an unverified manner and given a false mystery (Cicada 3301), which I believe Smooth has implied. Are we to ignore the past?

Please, don’t spread the panic, we’re working every damn day to make BCN better than yesterday. And the results of the last two months are reflecting our efforts.

No rational person ought to beg. Why on earth should we not spread the truth?

The Problem:

  • We don’t even know the truth
  • We don’t know when Bytecoin (BCN) was invented
  • We don’t know why the white papers were purposely pre-dated
  • We are concerned that a few big bag holders have about 80% of BCN
  • We wonder why Bytecoin has adopted Monero upgrades
  • We are worried when and if BCN becomes valuable that the newest team won’t retire to the beach and let the coin die — again
  • We don’t know how long this latest BCN revival will last

Another Word from Our Sponsor:

Then there is this part of BCN_Official’s blurb that is most troubling:

I think there’s no need to continue this discussion – there’ll always be some guys who wanna hate. We’ve got no time to pay attention on ‘em, we have to focus on the further development.

It tells me that we don’t matter. It also tells me that “Jenny” is scared. That she or they are now milking India and will soon disappear. I hope not. I sincerely hope Bytecoin.org does not have the gall to once again flake out.

Don’t Mess With India

Those guys and gals from from India are pretty sharp. Last I checked, they were not as enslaved as the Chinese and there are over 1.3 billion citizens of India. I’ll wager that there are more Indians with computer skills than the rest of the world combined. I wouldn’t screw with them. You will be found if you dare unload on a nation of computer nerds.

Now we play the waiting game. See if “Jenny” – BCN_Official or one of the other sock-puppets has the desire to continue the charade. A dangerous game now — IMO.

P.S. If you need a secure private crypto I suggest Monero or Aeon. Zcash and Nav Coin both have “developer” weakness. Meaning, the .govs can squeeze the human devs for info. Monero only has one known public person who can essentially be untied from the coin as necessary. Aeon has no public “weakness.”

Update:

Some have questioned where I obtained the news that temples in India now accept Bytecoin. Well, here are a few sources: