Blowing the lid off the CryptoNote/Bytecoin scam (with the exception of Monero)

[nachoig]

Yes, other forks would exist, but Bytecoin would be the strongest coin, also the emission is 2x faster than Monero, and ppl complain about Monero being too fast (it isn't).

Yesterday I discussed about this at BCN thread...

Anyway I'm curious to see what the future deserves to this coin.

With the current price (9 satoshi) and the current coin generation (48818.11), the rewards per block in BTC is just BTC0.00439363 per block, or around BTC0.02196815 each 10 minutes. Hashrate is around 1,6 million.

I don't understand much about mining, but how this can be sustainable against attacks on the network (also you have to consider this is not just about Bytecoin, but every CryptoNight coin with merged mining with BCN)? Just to compare, Monero hashrate is now about 16 million (10 times more) and generates around BTC 0.37 in mining rewards each 10 minutes (10.7868 XMR per block at 0.00340335 BTC per XMR, or 15 times more).

This is indeed one of the practical problems with premined/instamined/fastmined coins. The mining rewards drop too fast (or just start out small) relative to adoption and then it isn't secure.

Personally, I think the formula used in Bytecoin and Monero is better than the abruptly halving schemes. Unfortunately, the choiced value in Bytecoin is bad and combined with the premine will be fatal*.

In the case of Monero, if you compare against Bitcoin, it's somewhat fast. If the current developers launched this coin, probably they would put a more slower emission. There were some proposals about cutting the emission some months ago (but fortunately none of them passed).

*The fast emission is not a Bytecoin-specific issue. Other cryptocurrencies, like Dogecoin, ixcoin and i0coin suffered from the same problem and switched to merged mining with Litecoin and Bitcoin.

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[cbeast]

I am for anonymous digital cash for the reason that it allows ordinary people the same privileges and advantages as the elites and Billionaires.

Extraordinary claims require extraordinary evidence. Please explain what privileges elites and Billionaires have that anonymous electronic cash can give to ordinary people.

[fluffypony]

I am for anonymous digital cash for the reason that it allows ordinary people the same privileges and advantages as the elites and Billionaires.

Extraordinary claims require extraordinary evidence. Please explain what privileges elites and Billionaires have that anonymous electronic cash can give to ordinary people.

I bet he's thinking "tax evasion" :-P

[cbeast]

I am for anonymous digital cash for the reason that it allows ordinary people the same privileges and advantages as the elites and Billionaires.

Extraordinary claims require extraordinary evidence. Please explain what privileges elites and Billionaires have that anonymous electronic cash can give to ordinary people.

I bet he's thinking "tax evasion" :-P

My neighbor's gardener was paid in cash. I don't think he paid taxes and he was not an elite or Billionaire.

[fluffypony]

I am for anonymous digital cash for the reason that it allows ordinary people the same privileges and advantages as the elites and Billionaires.

Extraordinary claims require extraordinary evidence. Please explain what privileges elites and Billionaires have that anonymous electronic cash can give to ordinary people.

I bet he's thinking "tax evasion" :-P

My neighbor's gardener was paid in cash. I don't think he paid taxes and he was not an elite or Billionaire.

Same here - the "vast amount of unbanked individuals in South Africa" that everyone thinks they're going to reach with their iPhone digital wallet app actually want to stay unbanked, because cash-in-cash-out works for them, and they don't have to worry about taxes (the cost of enforcement being significantly higher than the small amount they would pay in tax).

[dewdeded]

Bytecoin could be the "bitcoin" of cryptonotes, however, it has serious premining issue.

What would that even mean? Besides this question, the number of people associating the label "bitcoin" with something positive is reducing, in the objective crypto currency scene.

CN needs no "bitcoin"-like coin/project.

[nachoig]

Cross-posting because of two other CryptoNote coins claiming to be in existence before Bytecoin public appearance.

I like cryptoNote coins, and i am a little confused because there are users saying that bytecoin did not existed before 2014 and the blockchain was faked, if so, how is it possible that exist forks before 2014?

Probably the existence of these coins (Paladincoin and Buddhacoin) are fake too. Maybe someone is creating these websites just to try to bring legimacy about the story behind the existence of Bytecoin since 2012.

I can't find information about Palladincoin because it's a .onion website and I don't have the Tor Browser and there's nothing at Google, but the case of Buddhacoin the website is here (I discovered through Map of Coins, how they discovered it, as well Paladincoin is a mystery): http://buddhacoin.pixub.com/

The lack of the source code in the download page (only binaries) and the way the news are posted are a red flag. BTW, there is another link from CryptoNote forum about Buddhacoin.
https://forum.cryptonote.org/viewtopic.php?f=5&t=582

Edit: if someone uses Tor and is interested to try to discover something about Paladincoin: http://xxvxqnbatbidn4tq.onion/

[Nxtblg]

Same here - the "vast amount of unbanked individuals in South Africa" that everyone thinks they're going to reach with their iPhone digital wallet app actually want to stay unbanked, because cash-in-cash-out works for them, and they don't have to worry about taxes (the cost of enforcement being significantly higher than the small amount they would pay in tax).

There's also another, longer-term and somewhat vague use case. Has anyone here read Hernando de Soto's The Other Path?

[Este Nuno]

Paladincoin and Buddhacoin

Absolute bullshit. No way these existed in 2013.

[bytemuma]

Paladincoin and Buddhacoin

Absolute bullshit. No way these existed in 2013.

Can someone faked dates in a forum?

[nachoig]

Paladincoin and Buddhacoin

Absolute bullshit. No way these existed in 2013.

Can someone faked dates in a forum?

Of course. They fake dates in white papers and in a block chain, faking dates in a forum should be even more easier to them.

[smooth]

Paladincoin and Buddhacoin

Absolute bullshit. No way these existed in 2013.

Can someone faked dates in a forum?

It's unclear (and unlikely) the forum itself even existed in 2013.

I expect "someone" (new account, bought account, etc.) to show up soon with an "Hey, I took a look at" analysis of the java bytecode and telling us how it uses old versions of Java, libraries, etc. and somehow this proves that it is actually old. It doesn't.

Complete fabrication imo.

[pa]

It's amazing that they persist in investing so much time, energy, and money in these elaborate scams. Why not just buy Monero? 

[nachoig]

It's amazing that they persist in investing so much time, energy, and money in these elaborate scams. Why not just buy Monero?  

Because scammers don't admit they are scamming.

BTW, it's interesting to see the way they write about the launch dates (from the announce topics):

Fantom coin was launched 5/6/2014 17:45 GMT

Dashcoin (DSH) is a cryptocurrency started on July 5, 2014.

DarkNote (XDN) was launched as the duckNote cryptocurrency on May 30,
2014.

Moneta Verde:

Launched June 17, 2014

Bytecoin (BCN) is a cryptocurrency started on July 4, 2012. Bytecoin is not a fork Bitcoin and uses the unique algorithm CryptoNight.

.

CRYPTONOTE FOUNDATION
OFFICIALLY ANNOUNCED ON JULY 4TH, 2014

[smooth]

they've just blocked Internet Archive from crawling bytecoin.org, this means any archive it had is not accessible anymore: https://web.archive.org/web/*/http://bytecoin.org

They probably did that to reduce load on their web server /s

[ArticMine]

Bytecoin.org robots.txt

Code:

User-agent: *
Allow: /
Disallow: /old/music.mp3
Disallow: /old/music.ogg
Disallow: /404/
User-agent: ia_archiver
Disallow: /

The incriminating User-agent: ia_archiver. This file can speak for itself

[binaryFate]

It's very likely some people involved in the bytecoin/cryptonote scam have a reasonable stature in the crypto scene and/or in academia. I truly hope we'll one day find out who they are just to bust their reputation.

[nachoig]

they've just blocked Internet Archive from crawling bytecoin.org, this means any archive it had is not accessible anymore: https://web.archive.org/web/*/http://bytecoin.org

archive.today works.

[Wanderlust]

Anonfile links in OP r broken. Cannot evidence the screenshots. Any other links?

[Wanderlust]

Anonfile links in OP r broken. Cannot evidence the screenshots. Any other links?

so a bunch of cypherpunks/academics/NSA dudes create a tech which is widely recognized to be bullet-proof…
market cap a few million bucks… whatever

the tech has spawned a plethora of copies (all bad except XMR according to thread-starter) worth many millions more. And yet I am supposed to chew out the geniuses benhind CN?? I don't think so… what will XMR offer for future dev? BCN showing the way atm it seems.

KDK-12 calling smooth