[BCN] Bytecoin. Secure, private, untraceable since 2012

[DStrange]

Screenshot:

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[drawingthesun]

In terms of price, both scenarios are damning:

1) If 80% of the coins still circulate, the potential for dumping on new-arrivals is massive. Who would touch BCN for investment when dumpers are waiting? The assurance of "ok we'll not dump on you"?

2) If 80% of the coins are destroyed by some secret way, trust to the currency is zero.

It's actually worse Alex, it's not 80% of the current supply, it's 80% of the entire supply that will ever exist.

Right now it's probably about 99% of the supply. Just calculate how many BCN's have been mined in the last 10 weeks and compare that to the 150,000,000,000 premined coins.

[Rias]

This may also mean that someone had an older white paper, which he put on this website. On the other hand, this also proves that the technology is date back to 2012.

I wonder what other links does johnmatrix conceal. Can you show any other proof? And once again, main question is why is the whitepaper tagged as "v1"?

[valenman]

up up up in the way

[AlexGR]

I wonder what other links does johnmatrix conceal. Can you show any other proof? And once again, main question is why is the whitepaper tagged as "v1"?

Really, why the fascination with this? I often version my epapers that way, starting with 1.00. Electronic publishing means that the content is alive, unlike printed material which is static in a book. A mistake can be fixed in a v1.01, or a new edition can come out with v2.0

It's actually worse Alex, it's not 80% of the current supply, it's 80% of the entire supply that will ever exist.

Right now it's probably about 99% of the supply. Just calculate how many BCN's have been mined in the last 10 weeks and compare that to the 150,000,000,000 premined coins.

Yeah too much potential for dumping with 99 - not 80%... Extreme potential. The other day the price went down to 2 satoshis on poloniex by a small dump. I can't imagine the larger dumps. Lack of willing buyers (afraid to be dumped upon) + massive supply out there = bad combo.

[johnmatrix]

Its "v1" because there were earlier versions zero point something before but i dont know where they are.. as i understand cryptonote made first drafts back in 2011 then created the first version of the code with bytecoin devs.. after checking that the network and the technology is ok and grows they finalized the white paper "v1" with everything they had.. but im not 100% sure, i never got into this story

[Cheesus]

I have a lot of questions then. How many people are in the team and did somebody come/leave? What is the real miner count in the community?

[Rias]

I wonder what other links does johnmatrix conceal. Can you show any other proof? And once again, main question is why is the whitepaper tagged as "v1"?

Really, why the fascination with this? I often version my epapers that way, starting with 1.00. Electronic publishing means that the content is alive, unlike printed material which is static in a book. A mistake can be fixed in a v1.01, or a new edition can come out with v2.0

I'm not used to it actually and it looked weird to me.

Anyway, the only thing I understand is that it indeed seems like an earlier Cryptonote whitepaper. DStange, can you update the main thread?

[DStrange]

I wonder what other links does johnmatrix conceal. Can you show any other proof? And once again, main question is why is the whitepaper tagged as "v1"?

Really, why the fascination with this? I often version my epapers that way, starting with 1.00. Electronic publishing means that the content is alive, unlike printed material which is static in a book. A mistake can be fixed in a v1.01, or a new edition can come out with v2.0

I'm not used to it actually and it looked weird to me.

Anyway, the only thing I understand is that it indeed seems like an earlier Cryptonote whitepaper. DStange, can you update the main thread?

Yeap, I will. johnmatrix, may you show us team's websites?

[valenman]

Screenshot:
https://i.imgur.com/TLs61IU.png

nice one dude

[Denni]

Such news much wow! I wonder who are those "colleagues" and "teams". Is it a science or university project of some kind?

[kneim]

1) If 80% of the coins still circulate, the potential for dumping on new-arrivals is massive. Who would touch BCN for investment when dumpers are waiting?

me

[33zer0w0lf]

1) If 80% of the coins still circulate, the potential for dumping on new-arrivals is massive. Who would touch BCN for investment when dumpers are waiting?

me

me 2

[DStrange]

1) If 80% of the coins still circulate, the potential for dumping on new-arrivals is massive. Who would touch BCN for investment when dumpers are waiting?

me

me 2

+1

[flower1024]

1) If 80% of the coins still circulate, the potential for dumping on new-arrivals is massive. Who would touch BCN for investment when dumpers are waiting?

me

me 2

+1

If this is a thread to vote for Bytecoin, then me too.

[Spekulatius]

The economic incentive for new users to invest in this coin is close to nothing with 83% premined by unknown individuals. Those preminers also know that. Now that Bytecoin has come to fame the only way to ever increase their holdings again is by either putting new useful code up OR deleting their huge premine in a provable way to restore confidence and drive up price through scarcity. The latter seems the more important because new code would just be copied sooner or later by its competitors.
The only question is: HOW WOULD THEY PROVEABLY DELETE THEIR PREMINE?

In Bitcoin the standard procedure would be to send their coins to some terminator address (with unspendable outputs like 1BitcoinEaterAddressDontSendf59kuE).
The proof would be in the blockchain. But with CryptoNote there is no proof that funds have been sent to such an address. So how would it be possible?

[33zer0w0lf]

The economic incentive for new users to invest in this coin is close to nothing with 83% premined by unknown individuals. Those preminers also know that. Now that Bytecoin has come to fame the only way to ever increase their holdings again is by either putting new useful code up OR deleting their huge premine in a provable way to restore confidence and drive up price through scarcity. The latter seems the more important because new code would just be copied sooner or later by its competitors.
The only question is: HOW WOULD THEY PROVEABLY DELETE THEIR PREMINE?

In Bitcoin the standard procedure would be to send their coins to some terminator address (with unspendable outputs like 1BitcoinEaterAddressDontSendf59kuE).
The proof would be in the blockchain. But with CryptoNote there is no proof that funds have been sent to such an address. So how would it be possible?

I don't know how often I have to state this, but just because you didn't know of the coin when it launched doesn't make it a pre-mine.

[kneim]

The economic incentive for new users to invest in this coin is close to nothing with 83% premined by unknown individuals. Those preminers also know that. Now that Bytecoin has come to fame the only way to ever increase their holdings again is by either putting new useful code up OR deleting their huge premine in a provable way to restore confidence and drive up price through scarcity. The latter seems the more important because new code would just be copied sooner or later by its competitors.
The only question is: HOW WOULD THEY PROVEABLY DELETE THEIR PREMINE?

In Bitcoin the standard procedure would be to send their coins to some terminator address (with unspendable outputs like 1BitcoinEaterAddressDontSendf59kuE).
The proof would be in the blockchain. But with CryptoNote there is no proof that funds have been sent to such an address. So how would it be possible?

Very nice.

I'm a member of the species of the "Homo Stupido". I get rich by people believing to belong to the "Homo Oeconomicus".

LoL

[drawingthesun]

The economic incentive for new users to invest in this coin is close to nothing with 83% premined by unknown individuals. Those preminers also know that. Now that Bytecoin has come to fame the only way to ever increase their holdings again is by either putting new useful code up OR deleting their huge premine in a provable way to restore confidence and drive up price through scarcity. The latter seems the more important because new code would just be copied sooner or later by its competitors.
The only question is: HOW WOULD THEY PROVEABLY DELETE THEIR PREMINE?

In Bitcoin the standard procedure would be to send their coins to some terminator address (with unspendable outputs like 1BitcoinEaterAddressDontSendf59kuE).
The proof would be in the blockchain. But with CryptoNote there is no proof that funds have been sent to such an address. So how would it be possible?

I don't know how often I have to state this, but just because you didn't know of the coin when it launched doesn't make it a pre-mine.

Although whoever mined BCN used the same hashpower for two years. It wasn't a growing underground phenomenon.

[kneim]

Dear devs of BCN,

if you are shady people, your coins are worth nothing.

If you are trustworthy, then keep the premined coins, and regulate the market to BCN's best.

Regards