Bytecoin: The Good News?

Dear Readers and Listeners:

Be careful of those dark cryptocurrency streets. You never know who is out there…

I’ve been tracking Bytecoin (BCN) for several years. Reported on it in other blogs and have had the good luck to contact some of the movers and shakers of late. Those who are developing new websites, businesses, videos, and news blogs. They are marching steadily forward with an eye to business adoption and commerce – and not just events and interviews, like we often see with other cryptocurrency “hype.”

That is not to say that Bytecoin can’t be hyped like any other coin, but clearly – people are beginning to creep toward adoption. With all the past negativity surrounding this coin, I am amazed. They predicted collapse of this currency has not yet happened.

And just to straighten your head out, I don’t currently own any Bytecoin. I have in the past, however, and am once again considering an investment.

Bytecoin is refusing to die. Not only is it refusing to die, the newest set of supporters are pushing out, worldwide – if the ads are true.

Perhaps, and this is conjecture, it is not that Bytecoin is a wonderful cryptocurrency. Perhaps, it is riding the success of Monero (XMR). It’s brethren. Or maybe Monero’s fame is making people more curious. Both coins are dark horses. Both are essentially private, but which one operates better? You be the judge.

So far, we know of at least two new names associated with Bytecoin’s reawakening: Jenny Goldberg and Pundit Pawan Sharma. There are others, we are told, but everything seems to be in the works for now.

Anonymity is the idea here, so I wouldn’t expect more names to be released soon. If we can accept that Goldberg (probably another pseudonym) is in contact with the original Bytecoin developers, she is probably keeping a low profile for obvious reason.

Goldberg could also be one of the originals or a new owner of the code. We just don’t know for certain. And uncertainty – and money – don’t mix well.

But…we live in an uncertain world now.

Is this why Bytecoin might work in a world where money itself is becoming more indeterminate each day? Where the value of our paper fiats is falling or like in India, cash is made valueless overnight by ruthless politicians? Where even the old standby, gold, cannot seem to rise to the occasion?

We often think of price manipulation when it comes to gold – and silver. Why, in the face of fiat currency devaluation, have the price of the rare earth metals not risen into the stratosphere? Is the answer as simple as: we do not use them as money – currently? If we did?

Certainly, this is all food for thought.

The teams associated with Bytecoin are – if we can believe it – from India (Delhi, I believe), Russia, South Korea, China, and Singapore. I’m not certain if Jenny Goldberg is from one of these countries. I take it that Community Managers exist in these areas.

One question is of course, how does one become a Community Manager? Does Goldberg appoint them?

Pundit Pawan Sharma is from India and his website(s) can be found on the internet. Bytecoin.org.in is one of the Indian sites. The domain age is recent, so it still has not attracted a lot of traffic. That might change. The website is professional.

It is my understanding that Sharma is one of the Indian Community Managers.

Regarding the resurgence of Bytecoin, the new Community Managers have requested and received changes to the Bytecoin Road-map, through Jenny Goldberg, according to my research.

It also appears that the new managers, however they are appointed, are more interested in use case scenarios. India and the reports of temple donations. Or are these only publicity stunts?

Maybe not.

What is different this time, however, is the connection of Bytecoin, with real people. Well, check that, the connection between Goldberg and the Bytecoin elders (allegedly) and the newest crop of commercial folks trying to give it a go – again.

Before, we had a list of personalities. The early Bytecoin crew, as it were. The Teto-Team. A team that kept quiet after writing some pretty high brow articles on Bytecoin.org. Guests also blogged for the Team.

But the blogs often carried a note of foreignness. Something distinctly not “English,” but close. They – the Bytecoin blogs – had a sort of choppy feel. In fact, they still do.

Might the Teto-Team be real people? They could just as easily be complete fiction. If that is the case, it would only be more fuel for the fire. A conflagration of trust.

It would be nice if they – the Teto-Team – could arrange a meet-up on the internet or appear at an event. Not necessarily a public one, but a verifiably recorded one. Real people in silhouettes answering the hard questions. Even Zcash has their “ceremonies” and judging by their continued success, publicity is working.

There are hints that this might soon happen. That the Teto-Team might pay us a visit?

I think I could even drum up some questions, just let me know. In fact, I ask that anyone who has a question for the Teto-Team or Bytecoin in general, leave them in the comments below, go to Reddit or even peruse BitcoinTalk.org.

What is important about this connection, however thin, to Monero, Aeon and the surviving CryptoNote cryptocurrencies? Bytecoin was allegedly the first mover, but became sidetracked.

There are many reasons for this. Alleged pre-mine scams. Fudged whitepaper dates. Creating more coins than allowed by the original software. But the coin has never died. It has refused. Why?

Is it just the loads of newbies (new investors) piling on? Are the Bytecoin dev’s simply skimming a few more bucks off the top as the ship sinks?

We are told this is not the case.

Regardless of all the negative, more positive seems to flow from Bytecoin now.

There are vendors coming online. Ben Tea is one. The site’s listed owner is Ira Sharma out of New Delhi, India. It’s less than a month old as of September 26, 2017. You can load up Scamadviser.com to get a read.

Here is a new site: Bytepay. Founded in August of 2017, according to the website. The site might be in Germany and/or the United Kingdom – according to Scamadviser.com. It is a payments solutions company and offers shopping cart plugins. The website features a video.

And All Things Luxury is new another site where you can spend your BCN. The domain age is over six years, but in this case, the owner is not listed. The website indicates a Canadian address and Scamadviser.com shows a US based website. Currently, one can pay with Bitcoin and Litecoin, but there does not seem to be a direct Bytecoin pay method.

Although Bytecoin lost Cryptopia’s business, it is picking up CoinSpot. They are in Melbourne, Australia, which is interesting because Cryptopia was in New Zealand. When you run Scamadviser.com you find that CoinSpot is a highly trusted website based in the US. Russell Wilson is listed as the owner.

The new BCN Wallet (web wallet) appears chancy at best. The site is less than two months old, appears to be located in the US, but the owner is unknown.

A mobile (cell phone) wallet is next, we are advised.

By September 28, 2017, Bytecoin will have a new website. I expect a surge in volume and prices when – and if – this happens. Forgive my skepticism, but Bytecoin slept for a time.

If Bithumb begins to trade Bytecoin, all bets are off.

There is also a YouTube Channel for Bytecoin now: Bytecoin BCN. It was from the comments on this channel that I came upon a hint about a Litecoin and Bytecoin cooperative venture. But I find nothing about this online. The commenter left no link or other way to verify his assertion and he has not responded to questions.

What is the solution to all of this? How can we preserve the privacy of the Bytecoin creators and come to understand the coin’s history?

There are so many variables here. Who is holding most of the Bytecoin? If 80% of the coin can be dumped on the market at one time, who will ensure the coin’s survival after that?

Think about that. If you could stash 50 million dollars, secretly, and live happily ever after, as the creator of Bytecoin, why would you continue to work?

And maybe that is the answer. If Jenny Goldberg has the keys to the code, then maybe she can ensure its survival.


Jack Shorebird

 

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Poloniex v. Cryptopia?


Preamble:

Do you ever feel like the above picture. A primate looking at a bone trying to figure what it does. How it works.

It’s like that now. The more I learn about cryptocurrency “exchanges” — at least the friendly ones — the less I know. What the hell is this “bone” thing?

Perhaps, it is best to clear our minds of the extraneous nonsense dished up on the internet like so much fast food, no matter how good it tastes.

Maybe we should go to the source. Talk to the guys and gals on the front lines. Go to the exchanges themselves and just ask. So, that’s what I did. Like a smart guy. Really smart, I tell you.

I feel that I have implied things in a previous post that I should not have. So, in a sense, this post is my retraction and clarification. My bit of re-education. Hey, I’m not perfect, but neither is crypto, so bite me.

Here’s what I learned, after being contacted by a manager from a cryptocurrency firm. I learned that things are rather screwed up, to put it politely.


The Tables have Turned:

I questioned the Cryptopia Cryptocurrency Exchange’s decision to delist Bytecoin. I was not on about Cryptopia’s fees or trying to review their policies. And it was not specifically about Bytecoin. I don’t even like Bytecoin (BCN) — any longer.

I was after the reasoning behind the delisting process. In fact, given my suspicions, I thought that there was something more to this story. Something nefarious. And I was right that their was more, but wrong for suspecting foul play.

As it turns out, a manager at Cryptopia took the time to explain to me why BCN will be delisted there. I’ll not give a name, but I have obtained permission to use the information here.

This is my interpretation of Cryptopia’s dilemma, but a predicament all exchanges of this nature should be aware. If I’m off base here, I apologize – to Cryptopia.

If cryptocurrency experts have questions about the following, please let me know in the comments section below.


Payment ID’s:

So, here’s the scoop.

It is not so much that BCN has a “paymentid” issue. It has more to do with another well-known exchange.

An exchange which is quite large, but perhaps has outgrown its ability to serve the customer. I’m referring to Poloniex, of course. It is becoming a dinosaur.

There are all kinds of complaints against Poloniex. Poloniex scams people. Poloniex scalps investors. Poloniex delists or freezes coins for months at a time. It has been seized by unknown parties, banned users, been hacked, and the list goes on.

But we’re focused on one thing here: BCN. Why the delist?

For those of you who are unaware of how one sends BCN’s, it’s a bit more involved than sending bitcoin (BTC’s). One requires, in many cases, two pieces of information.

  1. A wallet address where the BCN is supposed to go
  2. A paymentid, to ensure your BCN is credited to your account.

And this is where the difficulties arise.

One can encrypt the “paymentid” and the fact that one did this is visible on the blockchain. Even on Bytecoin’s blockchain.

Knowing this, means one can exploit this knowledge.

So, how does it work?

Poloniex transfers cryptocurrencies to other exchanges. A large percentage of the CryptoNote transactions, especially the ones Poloniex sends to Cryptopia deposit with no problems. The “paymentids” are not encrypted.

Unfortunately, about 10% of the Poloniex transfers to Cryptopia were (are) transferred encrypted.

But here is the problem. Poloniex has not provided the “key” to unlock the encrypted deposits.

In other words, Poloniex sends the BCN, but Cryptopia is unable to clear the transaction – unable to credit the customers’ cryptocurrency account.

So, what happens?

Continue reading Poloniex v. Cryptopia?

Bytecoin: The Cryptopia Delist

Why did the Cryptopia cryptocurrency exchange choose to delist Bytecoin (BCN), even after it surged in recent weeks? Don’t let the above picture give you any ideas. I am not saying that Cryptopia has a large stash of BCN and they are making off with it — since they can’t find the rightful owners. After all, abandoned property means “finders keepers” in the crypto-world, right?

The official explanation is:

Delist Notice – BCN

Due to an on-going issue of deposits being sent to Cryptopia without payment id, resulting in long delays for users or loss of coins, BCN is being delisted. Please withdrawal your BCN before 20/09/17

Published by: DaRoll @ 8/20/2017 11:30:01 AM

Okay, but that doesn’t seem rational. Many other CryptoNote based coins use the same method of depositing. They require a payment “ID” in addition to an address.

Boolberry (another CryptoNote derivative) is also being delisted at Cryptopia.

But what about Monero (XMR)? Will they be next on the chopping block? If Bytecoin deposits were creating a problem, would not Monero deposits create similar issues? Are Monero users savvier or is it simply a more trusted coin? I don’t think so. Even the Cryptopia blog/forum has threads from people having similar problems.

According to Cryptopia’s own policy, coins can be relisted, after having been delisted,

…provided the issue that was the reason for delisting has been addressed and the network can be synced.

The policy also states that “coins may face delisting” for several reasons:

  • Sufficient nodes are not maintained to keep the network synced and moving
  • A coinswap
  • Any network issues or bugs that could result in loss of user funds
  • Statements made by a coin or coin community that could bring the reputation of Cryptoipa [sic] into disrepute.

And there is a primary reason cryptocurrency exchanges are in business: money. If they cannot earn enough money, they shut down. If Bytecoin is a problem coin, it becomes a money drain. Based upon the official Cryptopia forum statement (above) Bytecoin is problematic for them.

Could the Cryptopia folks design their systems to assist BCN customers? Maybe. But why should they, if other coins are more profitable, more in demand, long term, and easier to deal with?

Will Cryptopia anger the BCN customer base by their actions, like Poloniex did? We know, after some months, Poloniex finally relisted BCN. So, why then, did Cryptopia delist now?

Clearly, there is something, besides the payment “ID” issue that is bothering Cryptopia. That is my opinion, but I’d sure like to have a fly on the wall at Cryptopia, after the recent Poloniex debacle.

There are the “sour grapes” folks as well. From Reddit:

BYTEcoin being Delisted on Cryptopia (self.BytecoinBCN)

submitted 12 hours ago by RightwayNZ: As of now you can no longer buy and sell BCN on www.cryptopia.co.nz; Not sure why because they stock a lot [sic] of sh*tcoins and I wouldn’t classify BCN as a “Sh*t coin”

[–]JR_216 3 points 11 hours ago: Old news. Cryptopia is kind of a sh*tty exchange as well. The community didn’t seem to care much when this was announced a couple weeks ago.

[–]Franzferdinan51 2 points 11 hours ago: Sh*t dumb move on their part

[–]propagandapalace 1 point 9 hours ago: Cryptopia has more currency and crypto pairings than any other exchange I can think of, but low volume, crappy customer service, and “dumb decisions” like this one, are why most people steer clear of it… They will come to regret letting BCN go…

Not all is well at Cryptopia, it seems. Bitcointalk.org has had a fair share of complaints from folks indicating that responses from the staff at Cryptopia were taking over a month. This does not bode well from a rather small exchange (by comparison) in New Zealand. Perhaps the best way to rid themselves of this negative community press, was to delist and seek the easy-to-use coins. Too much business too fast.

Is this what prompted the delistings of late?

Our team is proud to announce that we have launched full support for Cryptopia on Coinigy. While Cryptopia’s charts were already available on the platform, users can now attach API keys to track portfolio balances and trade through Coinigy.

The above is from here. Information that, as of August 12, 2017, Cryptopia was getting a new pal from America. Three days later Boolberry is delisted. Eight days later the announcement that BCN was out.

What does Coinigy do? It allows trading by customers over multiple exchanges at once. Great idea, right? So, what is the drawback? What problems might a New Zealand exchange have with an American company?

For one, compliance. All American companies must comply with related regulations from multiple agencies requiring the identification of coin holders.  Bytecoin’s main purpose is privacy. It is probably impossible to trace Bytecoin deposits and transfers, unless the coin holders supply that information.

If this is correct and Cryptopia is trying to put on a better face, they might soon abandon any coin allowing the level of security and privacy Bytecoin affords. Meaning Monero might be next. Coinigy could then be relied upon to handle the phone calls, texts, emails and complaints? Is Cryptopia hiring a well polished front man? You know, so they can concentrate on their main business.

If we can extrapolate from here, the movement from public coins, like bitcoin, to private coins with anonymous developers, like Bytecoin and Monero, answerable to no one – the centralized exchanges might need to comply with the ever-increasing pressure from the authorities to know their customers. We live in a “terrorist world,” after all and everyone is a suspect.

One option, if the private and secure cryptocurrencies are shunted off to the less trustworthy decentralized exchanges or the “wild west” of crypto-land, would be the adoption, by some country with strict privacy laws, of a cryptocurrency freedom code.

Although, there have been several attempts to utilize a cryptocurrency as money (currency) in various countries, these monies are tracked and regulated. China, that bastion of freedom, is allegedly preparing to launch a national cryptocurrency. This is just one example, but suffice to say, governments want to track your money and with public cryptocurrencies like bitcoin, it’s not a problem.

If regulators push the secure and private cryptos (Bytecoin, Monero, Aeon, Nav Coin etc.) into the black markets, they may be surprised when their values begin to soar. Not only might they create a wealthy criminal class, but solidify a crypto-substrate that will undoubtedly be used against them. Such a class of people the world might be better off without, if only the regulators allow us the freedom to manage and create our own currencies with no interference or spying on the innocents.

But this is a dream from a future century.


Note: There is more information about the Cryptopia BCN delist in my blog titled “Poloniex v. Cryptopia.”

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: