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

[matej krkic]

Guys, what premine? What are you talking about?
How stupid should be devs to take 80% of ALL coins? It's imposible to dump such a massive amount. It's hard to dump even 100 mil now, not 150 bil.  Even a schoolboy understands this =)

[GreekBitcoin]

Guys, what premine? What are you talking about?
How stupid should be devs to take 80% of ALL coins? It's imposible to dump such a massive amount. It's hard to dump even 100 mil now, not 150 bil.  Even a schoolboy understands this =)

my guess is that it was just a test coin and then they just decided to get it known and  dump it for a few BTC.

[33zer0w0lf]

Guys, what premine? What are you talking about?
How stupid should be devs to take 80% of ALL coins? It's imposible to dump such a massive amount. It's hard to dump even 100 mil now, not 150 bil.  Even a schoolboy understands this =)

my guess is that it was just a test coin and then they just decided to get it known and  dump it for a few BTC.

a test coin since 2009?

[kneim]

Guys, what premine? What are you talking about?
How stupid should be devs to take 80% of ALL coins? It's imposible to dump such a massive amount. It's hard to dump even 100 mil now, not 150 bil.  Even a schoolboy understands this =)

"Homo Oeconomicus" thinks of "panic drops", not of cheap coins. "Homo Oeconomicus" thinks, he has lost money.

"Homo Stupido" looses wealth on a drop, if he is 100% invested.
"Homo Stupido" gains wealth on a drop, if he is 0% invested.

I'm invested in between, do with the price whatever you want.

[graphfox]

Guys, what premine? What are you talking about?
How stupid should be devs to take 80% of ALL coins? It's imposible to dump such a massive amount. It's hard to dump even 100 mil now, not 150 bil.  Even a schoolboy understands this =)

Again, I'll be appalled if it isn't given out someway. Is anyone here affluent in monetary economics? How reasonable is it they just don't want it emitted by mining like Bitcoin?

[kneim]

Guys, what premine? What are you talking about?
How stupid should be devs to take 80% of ALL coins? It's imposible to dump such a massive amount. It's hard to dump even 100 mil now, not 150 bil.  Even a schoolboy understands this =)

Again, I'll be appalled if it isn't given out someway. Is anyone here affluent in monetary economics? How reasonable is it they just don't want it emitted by mining like Bitcoin?

It depends on how reasonable the devs are. And probably they are much more reasonable then most of the "investors" here.

[sorryforthat]

Has any of this coin destruction been confirmed in any way?

[tacotime]

My theory on the premine has always been that they wanted to prevent the mass scale pumping of BCN price, and subsequent dumping, by controlling the supply of BCN in the market. In this way they could stabilize the market, which has also been proposed by Skycoin.

[DStrange]

Has any of this coin destruction been confirmed in any way?

There's still no confirmation.

[Rias]

Guys, what premine? What are you talking about?
How stupid should be devs to take 80% of ALL coins? It's imposible to dump such a massive amount. It's hard to dump even 100 mil now, not 150 bil.  Even a schoolboy understands this =)

Again, I'll be appalled if it isn't given out someway. Is anyone here affluent in monetary economics? How reasonable is it they just don't want it emitted by mining like Bitcoin?

In real world it's not the distribution that matters, but the exchange rate and general commitment of the community and the largest holders. Take this into account, 1000 users possess with 40% of Bitcoin. Bill Gates alone has 5% of all dollars. There is always somebody who owns a significant amount of the asset. It's their devotion that matters, and both Bitcoin millionaires and traditional financiers have shown their devotion to the sectors they belong to. I believe Bytecoin devs have also shown this commitment by creating an innovative technology, a next step since Bitcoin, and still contributing to the technology development.

From monetary point of view an individual holding a significant share of the coins is likely to stabilize the market, which may alternatively suffer from minor investors' rollercoaster. Again Bitcoin is pretty stable for the last months, but in 2013 it was to invest into, not create a sustainable business upon. If this is the case for Bytecoin, then we might see a stable market early on. Ideally, this may be beneficial for all of us.

[babybonobo]

I became a supporter of BCN yesterday...to me the protocol and name make sense.  Coin's got potential.  The premined accusations are unfortunate, but people need to just look at the blockchain for themselves to make a decision.  I see that 154billion/184billion have been mined but it looks like it was done over a period of two years.  Once the DRK hype dies down, many more will be buying this coin in the next few months.

[logger]

Is bytecoin on any exchanges? Thank you in advance. Nm, the answer is yes! I prefer poloniex

[drawingthesun]

Take this into account, 1000 users possess with 40% of Bitcoin. Bill Gates alone has 5% of all dollars. There is always somebody who owns a significant amount of the asset.

This is completely false and misleading.

Bill Gates has most of his wealth in stock (assets) and even if he converted it all into USD, he would only have <2% [1] of the monetary supply but no control [2].

Bill Gates has the same value as 0.13% of the networth of the USA measured only in households and non-profit organizations [3].

Bill Gates has the same value as 0.5% of the value of the companies on the New York Stock Exchange [4].

[1] http://www.tradingeconomics.com/united-states/money-supply-m0
(70,000 mm / 3,930,662 mm = <2% percent.)

[2] (The Government controls the supply and can decrease or increase supply at will, obviously a bad investment vehicle.)

[3] http://en.wikipedia.org/wiki/Wealth_in_the_United_States
($70 billion / $54.2 trillion = 0.13%)

[4] http://en.wikipedia.org/wiki/New_York_Stock_Exchange
($70 billion / %16 trillion = 0.5%)

[drawingthesun]

I became a supporter of BCN yesterday...to me the protocol and name make sense.  Coin's got potential.  The premined accusations are unfortunate, but people need to just look at the blockchain for themselves to make a decision.  I see that 154billion/184billion have been mined but it looks like it was done over a period of two years.  Once the DRK hype dies down, many more will be buying this coin in the next few months.

Yes yes, it was done over two years.

Now go and look at the difficulty over the two years.

The difficulty remains unchanged for 90% of the coins life. I read that as the same person or person mined using the same hardware for all this time. There was no growing underground usage of the currency.

It's probably been in some universities computer lab for the past two years as an experiment.

If the coin was mostly mined in a lab with unchanging difficulty and with no way for an inquisitive individual to ever find out about it, to me that is a premine.

[babybonobo]

Is bytecoin on any exchanges? Thank you in advance. Nm, the answer is yes! I prefer poloniex

Why did you just post that??

[Spekulatius]

Guys, what premine? What are you talking about?
How stupid should be devs to take 80% of ALL coins? It's imposible to dump such a massive amount. It's hard to dump even 100 mil now, not 150 bil.  Even a schoolboy understands this =)

my guess is that it was just a test coin and then they just decided to get it known and  dump it for a few BTC.

Thats my favorite theory also.

[surfer43]

Has any of this coin destruction been confirmed in any way?

There's still no confirmation.

FUD to try shift attention from their huge and obscene pre-mine, no one will believe and Bytecoin will further fade into irrelevancy because of these shady declarations.

There is no indication that these rumors came from the Bytecoin devs.

[matej krkic]

Guys, what premine? What are you talking about?
How stupid should be devs to take 80% of ALL coins? It's imposible to dump such a massive amount. It's hard to dump even 100 mil now, not 150 bil.  Even a schoolboy understands this =)

my guess is that it was just a test coin and then they just decided to get it known and  dump it for a few BTC.

Thats my favorite theory also.

It's very easy to make a clear launch and start mining new coin. Then you would be able to dump this mined coin and get much more BTC then trying to dump "80% premined coin". I think I'm doing "Economy lessons for dummies" today =)

[matej krkic]

Guys, what premine? What are you talking about?
How stupid should be devs to take 80% of ALL coins? It's imposible to dump such a massive amount. It's hard to dump even 100 mil now, not 150 bil.  Even a schoolboy understands this =)

my guess is that it was just a test coin and then they just decided to get it known and  dump it for a few BTC.

Thats my favorite theory also.

It's very easy to make a clear launch and start mining new coin. Then you would be able to dump this mined coin and get much more BTC then trying to dump "80% premined coin". I think I'm doing "Economy lessons for dummies" today =)

Monero as an example I think.

[Rytir_fik]

Minergate releases charts https://minergate.com/charts - you can speculate based on that.  
BTW nice reading today's news.