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

 

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Bitcoin: Behind Enemy Lines

Is it possible…to invest in a cryptocurrency that is acceptable to governments, banks, investment houses and privacy seeking individuals? Not necessarily for the “purity” of the coin, but its potential to grow and thereby earn a profit for the average investor?

What I mean by “purity” is the desire by many for a cryptocurrency to be decentralized, subvert all government controls, be public (or private), and have nothing to do with banking. The farther the crypto is from what is seen by many as corporate corruption, the better.

But can we meet them halfway — and profit? Isn’t that the game plan? Or is this a “take-over-the-world plot?”

Let’s face it, decentralization and the acceptance of that philosophy are two different worlds. We should live in the real one, not the fantasy digital matrix.

So, what is the reality? Is it: “join them, then beat them?”

Let’s judge by the current lay of the land. There are enemies at the gates. One cannot ignore this fact.

No doubt many have read and continue to read about cryptocurrencies. Bitcoin, Litecoin, Ethereum and clan. Good news and bad. Bubbles and troubles.

Here’s the recent news…

There are reports that China will essentially make all cryptocurrencies illegal by October of 2017. Large Cryptocurrency exchanges are reportedly reaching out to non-Chinese based businesses to circumvent these new capital controls. There is uncertainty in the crypto-markets as to how bitcoin will ride this out.

India may adopt a national cryptocurrency called ‘Lakshmi.’ The implication here is that the government there does not trust bitcoin. The tax authorities are concerned about money laundering, according to reports. This should also be a warning to Bytecoin users in India.

If you can’t beat them, copy the tech and take it over?

The European Commission is concerned about cybercrimes and cryptocurrencies. Regulation is sought. This implies, not a rejection of such currencies, but their tacit adoption or at least it’s a delaying tactic.

Russia – Leningrad Region – cryptocurrency ‘miners’ are being invited to the Leningrad region to create large industrial scale facilities. Cheap power is a selling point. The effort seems to have long legs, reaching to Moscow. Do you think they want a piece of the action?

On the downside, Bloomberg reports that Bitcoin might split again because the developers are in disagreement. Added risk for investors. More uncertainty.

John MacAfee announced that Pandora’s box has been opened. Government control over money is eroding. The reaction has been one of regulation in the US and in China, reportedly, Cryptocurrency executives have not been allowed to leave the country.

Ray Dalio, Hedge Fund Manager, has voiced his opinion: Bitcoin is a bubble.

Rainer Michael Preiss (Wealth Advisor) indicated that banks are likely afraid of bitcoin.

Is there a double-standard, however? As this article reports, the recent outspoken critics of bitcoin may in fact work for companies that actually invest in it.

Okay. So, what does all this mean?

Certainly, one cannot predict the future; however, behind the battle lines one can make some critical observations and ask the hard questions.

First, we must ask ourselves why are the most powerful financial houses on earth just now beginning to draw a line in the proverbial sand? Is it the pressure from the banking industry in general, as they watch the outflow of monies into crypto? Fear of losing profits?

Second, is it the threat to the social order via the potential bankruptcy of governments, by way of a dying banking empire? In other words, why do we need a banking empire at all if governments could essentially finance the economies of the world with a blockchain, directly? Surely, if this occurred, the governments would appoint large dominant information tech industries to head the effort. Can you think of a few?

Third, efforts are being made by the old guard (banks and investment houses) to both invest in cryptocurrencies and educate themselves in their use. These old guard types do not apparently like the fact that bitcoin is so public and many privacy-seeking individuals feel the same way.

Profit from their Greed?

Based upon these observations, we may be able to judge where the old guard might go. Where they might pour billions of dollars, making the rise of bitcoin appear as a blip on the screen of crypto.

If we could figure that out, determine where the vast sums of money sitting in retirement accounts and hedge funds might flow, could we then profit from them?

Or are we off the mark again? Will the banking industry utilize inhouse blockchains or will they contract out? My bet? They will contract out.

For some of us it will be difficult to let go of bitcoin. It has a cult-like following. Many will retain a few BTC’s even after a crash, on the outside chance of a resurgence. There is always a chance it can be fixed. After all, it has staying power.

So, what do privacy-seeking individuals and banks require when using money? Let’s just suppose for a moment, that the money is a cryptocurrency?

Well, individuals don’t want their account balances made public. They don’t necessarily want you to know where they spend and how much. So, let’s make privacy optional.

Banks are the same way. They wish to keep your balances between you and them – and regulatory agencies.

What’s the problem? Few if any cryptocurrencies are geared this way. They are most often, completely open to public inspection. Anyone, including criminals, could potentially find your money.

How about customer service? Name one cryptocurrency that you can call 24/7 and discuss a funds transfer or a lost deposit. If you have named one, congratulations.

Now, can you name a private/public blockchain with world class developers, a business plan, open source software, that is liked by the old guard and crypto-fans alike? An actual regulated and above-board company?

If you said Ripple, that’s not on the mark.

I want to profit from a crypto-coin that has few coins, relatively speaking, when compared to bitcoin, and good volume. Over 10 million dollars a day.

I would like a cryptocurrency that the old guard – remember them – is curious about.

I don’t want an ICO coin and I am not thrilled about pre-mines, but a shared tax to help support the coin would not put me off.

The newest and best tech is a must. A step ahead of bitcoin with the ability to add fast updates, if needed.

A staff of developers who are motivated by rewards, i.e., money, to continue to support the coin for as long as it remains successful.

Can you name this coin?

I think I might have a clue.

And it’s not Monero, Aeon or Bytecoin either.

Not NavCoin or Dash.

But it is listed in the top twenty here.

No, not NEM or Iota.


Please leave any comments below.

Note: this should not be considered investment advise.


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Bytecoin: Crypto Coin Daddy


Who’s Your Daddy?

To call yourself a news agency is one thing, but to push “coin” is another. A crack-cocaine dealer pushes cheap coke. A purported news agency ought to have the guts to wade into the honesty category now and again. It should not be a front for “iffy” coins, unless it does not mind being called on the carpet. Being exposed.

We all want to know: Is Bytecoin legit? Is Bytecoin worth it? Is Bytecoin a scam? These are all honest questions. Questions that continue to linger as Bytecoin advertising begins — again — to trickle into the internet.

This old line is really old: Bytecoin – anonymous cryptocurrency, based on CryptoNote.

On August 23, 2017, CryptoCoin Daddy released a “news” article, but like the blogs I hammer out, when I’m in the mood, the “Daddy” – a far more popular website than mine – dished out the good “news.”

Not so fast.

“Bytecoin BCN is the first crypto currency that is making its way in Temples in India.”

That’s how the blog begins. It then goes on to tell us that many temples in India are accepting Bytecoin payments. Great. But like someone reminded me yesterday, which temples are they talking about? Can they name one? Can we confirm one? Why would a “news” agency write such a piece, without a bit of evidence? Without a single source. No names. No exact places. No interviews. Just hot air?

Are they simply reporting what an Indian Bytecoin Community Manager told them or are they feeding us the line and helping to pump Bytecoin. I really want to know, because this BCN business is getting rather deep in the muck.

Let’s dig a little deeper.

Who are the CryptoCoin Daddy people? The ones who broke the story or got paid to write it? I’m glad you asked. ScamAdviser.com is a great resource. They give it to you straight. So, what does it tell us about the “Daddy?”

As of today, CrpytoCoin Daddy is 57 days old. In other words, it’s still suckling. It shows that the site is in the United States, but ScamAdviser says, well, it’s in India – maybe. Why are they not sure? Maybe it’s because the website is labeled as “slow.” Slow, but popular.

Additionally, the registered email address is a “free” one. A business with a free email address? Okay, I use a free email, but my website email (one I don’t use) is a pay address. I’ll give them this.

And it’s not so much that I hate new websites. I think newbies with such popularity are awesome. What bothers me is the lack of research. There are no caveats here. No concerns about the underlying coin. But are they needed? Should a blog report the past? Should a news agency, if it were a legitimate one, cite the potential problems? Or – should they just take the payment and print the “news?” Does a purported news blog have to tell the whole truth or are they just information pushers?

Information without substance is noise, but even noise droning on long enough can appear to be true. It’s almost like hypnotism. Say it enough and let the blogs clone it enough – well then – it must have substance, right? No. Not at all.


Ominous Parallels

About one month after CryptoCoin Daddy made its debut, Jenny Goldberg appeared on Reddit here. Coincidence? A one month old Redditor being treated like a money goddess. Are people that gullible?

Just in case the Reddit goes missing, here is Jenny’s statement – from @BCN_Official – about one month ago:

Dear BCN community,

My name is Jenny Goldberg and I’m the official BCN community manager

From this moment on, the official Bytecoin team will be making an effort to be more transparent to the community. We’ve been following all the activity in the community and we know you’ve been waiting for us to make a public statement. We see that there are lots of questions and we are now here to answer.

But firstly let me express my gratitude to all those enthusiasts who have made such valuable contributions to the development of BCN. We are so grateful for all the work put in by @Leogheo and BFB program team, @kinlakinla for the Bytecoin info page, @GaboCarranza and @sydney40 for Bytecointalk activity, @july for the Telegram channel, @boomworking for help with the design and @Camilo_Gil for your sincere appeal to our team. Thanks to the entire community for your trust and support even when you didn’t hear from us. Only with your support we were able to keep up our strength and continue working.

Just a few words about our history, Bytecoin is the first coin developed under the cryptonote protocol, but due to the fragmented nature of the community, BCN was forked a million times. You know that sometimes we were criticized for “slow development”, but the truth is that when the others were spending time on marketing, we were putting all our effort into enhancing the already existing cryptocurrency ecosystem.

In any case, we’re still here and we’re looking to grow. We would like to invite the best cryptographers, developers, bright minds and passionate hearts to join our BCN team to create absolutely new and exciting developments – get ready for the BCN of the new era. To ensure our success in this new era, we’ll need to support and trust each other and make our community even stronger.

Starting now, we are open for communication. Feel free to share your thoughts, bugs and features with us. Please send all feedback to contact@bytecoin.org and we’ll get back to you asap. We will do our best to bring the best ideas to life.

Let’s start a new chapter of Bytecoin together!

I put this all here to have a record. I want to refer to it in a couple of months (probably just days) when all the Bytecoin investors (bag-holders) wake up broke.

And if I’m wrong? Heck, I’ll own up to it. (Just remind me.)


In Other News

Bitnewsbot.com also carried the same story that CryptoCoin Daddy offered about a week later. On August 30, 2017, they gave essentially the same report. Bitnewsbot.com is a whopping 139 days old, according the ScamAdviser.com. They are out of Cyprus.

Bitnewsbot.com cited their news source as: CoinReport.net. This website, again according to Scamadviser.com, is based in the U.S, but the owner’s location is “hidden.” At least it has a better reputation and is over three years old. But where did they get their news?

Could it be from Crypto Reader? I found a reference on Google to an article about the temples in question, but when I clicked I got the big “404 Error.” Same deal though. Hidden owner, maybe from abroad – meaning not in the U.S. A site about 106 days old.

And the story has now been cloned over and over.


The Goods

If this story turns out to be false or over-blown, I have taken the liberty to cite the main ones for reference later.

Here they are:

CryptoCoinDaddy.com

Bytecoin now accepted in Indian Temples: Bytecoin added as a donation method in the Indian Temples

Bytecoin BCN is the first crypto currency that is making its way in Temples in India. They are now happy to accept donations in Bytecoin. This started when the Sikh gurudwaras in major cities of India started accepting bytecoin. Report says that the temples are happy accepting the donations in bytecoin. The cash generally sits idle with them which served no purpose. Being a non-profit organization, the government prohibits them investing the donation funds. By making use of Bytecoin wallet, they can benefit from price increase.

ByteCoin is a cryptocurrency where transactions are impossible to traceback. It allows very fast international remittances worldwide and sender remains completely anonymous as well. Biggest benefit neither donor nor temple has to pay any charges on the transaction. Temples in India today simply generate a QR code for their wallet address and send it to their follower’s community using Whatsapp, Telegram, Facebook and other instant messenger applications. It is further shared and spread among the community members. Now donors can easily scan the QR code using their phones and in the blink of an eye can send donations to the temple. For centuries mankind has been associated with some or other religion. No matter what race, color or ethnicity a human being is born, his or her brain start learning the religion from the very moment when parents thank’s the god. Religion has developed a like a belief system and where human capabilities fail, they have the option to resort back to God or Allah or Bhagwaan.

Donations are equally important for any religion to survive and flourish as religion is to human beings and in last few months Hindu Temples in India have found out a way to accept donations from their domestic as well as international followers. “Gupt Daan” (Anonymous Donation) was already considered a supreme deed in Hindu religion and ByteCoin, one of the most secure and anonymous cryptocurrency is making it possible for followers to donate to the temples from anywhere.

There have been times in the past when temples were in the constant fight with the science. There has been blood shedding from the religious institutions to stop or halt the scientific advancements but today technology has emerged as the biggest support to these religious institutions. CryptoCurrencies like Bytecoin are not only amazingly cost effective and fast option to serve your belief but also do not allow the distance to be a barrier between God & Followers.

(Retrieved 8/31/2017)

Bitnewsbot.com
“Bytecoin” 30 Aug 2017

CoinReport Temples in India increasingly accepting bytecoin donations

Temples in India are increasingly accepting bytecoin (BCN) as donation, according to a press release CoinReport received from bytecoin’s team, which received the news from BCN’s Indian community manager, Pundit Pawan Sharma.

The trend started with gurudwaras, which are places of worship in the Sikhism religion, in the cities of Delhi, Cochin, Madurai and Amritsar, says the release.

Temples are reportedly happy to accept bytecoin donations because cash usually sits idle with them, and being not-for-profit organizations, they are prohibited by the government to invest the donated funds. Bytecoin carries a liberation, as even if the temples save it in their wallets, they will see the price rise as others trade the digital currency on exchanges.

The biggest benefit that donors as well as the temples receive is no charge on the transaction. All that temples must do is generate a QR code for their wallet address and send it to their followers’ community using Facebook, Telegram, WhatsApp and other instant messaging apps. Community members share and spread the QR code with more followers.

Bytecoin is a digital currency where transactions are impossible to trace back. It enables very fast international remittances the world over, with the sender staying completely anonymous. “Gupt Daan” (Anonymous Donation) is already considered a supreme deed in the Hindu religion.

Hinduism is the main and majority religion of India, with over 79.8% of the population identifying themselves as Hindu, that accounts for roughly 966 million Hindus in India as of the official 2011 census report.

Images via the Logo Page of Bytecoin’s website

Source link


Have a good day,

Jack Shorebird


P.S. For those of you leaving garbage responses, know that this is just a small blog. I don’t have many readers. I do this for fun and it sure is fun to watch your responses. The fact remains, however, when relatively new websites pop up — and I’ve been at this since Prodigy days, probably before most of you were born — to promote alleged news, Inquiring Minds want to know. That’s an inside joke. You probably don’t get it.

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: