With the massive amount of computing power being turned towards the network, and dozens of failed threads of people trying to buy Bytecoins, I'm going to speculate that most people won't part with them for any less than 1K BTE for .5 BTC.
Isn't that 70 cents per Bytecoin? Seems rather steep
If these Bytecoins take off I am selling up a big % of my crypto holdings because it's not a good sign for the future of crypto currencies. Won't be long until we have a new identical clone of Bitcoin popping up every day, with people hoping to mega mine in the first week.
This is one of the first solutions to solving the scalability problem of Bitcoins not being able to handle the possible future of competing with the massive amounts of transactions that card processors and major banks take on daily. Two separate blockchains with identical code. If people continue to trust in Bitcoins, then that should naturally transfer over to Bytecoins.
That's a horrible solution to solving the scalability problem of Bitcoins (which I still don't believe is actually a problem). Sure, let's just create 20 different cryptocurrencies so that it doesn't block up any one of them. Now we have 20 currencies that are incompatible with each other, 20 blockchains to run, 20 currencies to list acceptance of, 20 currencies to process, 20 currencies to build mini-economies around...
I nominate this for worst solution of the year to a problem that doesn't exist yet.
we know its a bad solution the thing is its still the best solution we have and sometimes you just have to make the best of a bad situation. all other proposals involve centralization which destroys the most important aspect of bitcoin, its censorship resistance. Inorder to allow bitcoin to scale and stay censorship resistant we will have to be willing to accept some undesirable heterogeneity, atleast that is untill someone proposes something truly novel.
