While all the legit projects regularly update their users with newest upgrades and features added to their blockchains, Bytecoin is on a different planet. The holders are finally waking up to the cruel reality – they are stuck with bags of worthless coins that keep losing their value on their trajectory to the inevitable graveyard of shitcoins.
As I wrote earlier, BCN has nothing going for them. In spite of the team finally showing some pulse and releasing a roadmap update, the wind is sucked out of these sails long time ago.
Of course, the dev team will try and convince you otherwise, but only with their words not really with their deeds.
Hi! The project is not dead. We see good potential in this technology so we are trying to develop and make it better. Hope that our future releases convince you!
— Bytecoin BCN (@Bytecoin_BCN) November 16, 2018
Doesn’t fill you with confidence reading that tweet, does it? Potential, hope, make it better – vague terms with no clear definition on what they mean and what is team working on, if anything.
Bytecoin is nowhere near atoning for their previous transgressions. The market made them aware of this pretty clearly, as the coin is down more than 96% from its ATH’s. The Binance listing fiasco is on everyone’s minds and these casual updates probably won’t change that very much. Their “accessible to home mining” mantra has also failed as Bytecoin is being run into the ground by Bitmain and its ASIC miners. With all that, our previous judgment on Bytecoin remains unchanged.
Bytecoin was a scam all along
According to Monero`s lead developer Riccardo Spagni:
“The reality is that 82% of the coins were already mined before its ’public’ release. Even if the premined coins weren’t done so maliciously, it still means 82% of the coins in the hands of persons unknown and invisible. It basically centralizes a decentralized currency.”
82% is a huge number of coins to be premined and gives the developers and stakeholders the opportunity to influence the price of BCN solely with their holdings. What is more, this opens the possibility of a “pump and dump”, meaning that the premined Bytecoins can be dumped on the market which, in turn, would cause the price to drop significantly.
“Even if you take the fact that Monero is clearly leading the innovation race, I would think it dangerous to touch a coin where 82% of it is held by unknown actors who were not publicly observed during the period where they supposedly mined the coin. Having a shady history does not set a good precedent.” –Spagni also says.
Another concerning fact about Bytecoin is that is has been on the market for so long and yet, very little is known about its developers. Even in the official website of the currency, you can only find pictures and first names with no detailed information.
Will BCN have any use in the future?
Let this post answer that question:
The only reasonable and sane use for bytecoin is to create a paper wallet for each and every bcn you own, properly stitch them together in portrait mode and email it to a company that will create hundreds of rolls of toilet paper out of these paper wallets.
This at the moment pretty much defined the proper and every day use of Bytecoin.
/* Mic drop.
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