THE BYTECENT DISASTER

[Xdragon]

Yes BYC is a proven SCAM. There is no activity on this forum, only on theirs, where they delete every single post when people write about their problems. I advise you to stay away from this coin!

[barabbas]

Yes BYC is a proven SCAM. There is no activity on this forum, only on theirs, where they delete every single post when people write about their problems. I advise you to stay away from this coin!

I created this thread because the launch was indeed a disaster and IE was forced to admit to it and offer refunds because of it by Bittretx. But It wasn't a scam and it isn't a scam.

Personal feelings should be left aside and, quite frankly, get over it, ok? The coin is so far a mild success, that given the fact that so many people hate IE, would be a wiold success under any other circumstances. Still, the price stands at more than 100% profint from ICO launch which is way, waaay more than can be said about 99.99% of any other iCO or launch.

So stop the "scam" nonsense because it simply isn't true and the coin, for now at least, is both innovative and successful. Deal with it people.

In the interest of full disclosure, I was the first proponent of the refund and I did in fact take the refund. So, even with messy launch, I will be the first to admit that BYC is indeed a success.

[barabbas]

Just to note that, after the messy launch and the measures that Iconicexpert was forced to implement (issue refunds) and, recently, the measures to eliminate the so called "superminer", I believe BYC to be one of the best projects, if not the best project in crypto.

There's only one reservation -and is of significance: About 145,000 coins were sold in the IPO (accounting the refund). To my understanding, there were 25-30% more (35-45,000 coins) mined irregularly since launch (meaning beyond the daily limit of 1440) so those are coins of cost ZERO. Meaning they can be dumped at ANY price for 100% profit. A significant part of them, I assume, have been dumped already and therefore transferred to "stronger" hands and therefore provided a better distribution, but it's impossible to determine. In any case, after over a month since launch, the bahaviour of the coin in the market has been remarkably solid in terms of price and liquidity making it a unique case in a sea of failures/scams. THEREFORE, I am back fully supporting this project -and invested in it also-. With a significant caveats... for what its worth: The censorship installed by IconicExpert in the CoinBlab forum is completely unacceptable and (pun intended) censurable. Not arguing to that.

But the main reason of my support -and investment-, besides the aforementioned, is, precisely, the professionalism and dedication of IconicExpert, as well as his talent for promotion. He "gets" it. He may fail at making of Bytecent even a mildly or minimally accepted currency in the real world, for that's THE holy grail of all cryptos, but he will indeed succeed at promoting it in the crypto world enough to double the current valuation several times in my estimation.

And that's why I am supporting the project and, again, for full disclosure, making a modest investment in it.

[LionOfNarnia]

I'm usually to be found only on the thread of the coin I am community manager (i.e. the giver of severe & ruthless 'Lion-ings' to those who post in an "ungentlemanly manner" ) for.

But I'm posting here to add my voice & my support to barabbas, to IconicExpert, and to Bytecent.

I'm not even going to attempt to voice my contempt for some of the negative posters on this thread - except to note my special displeasure at what appeared to be overtones of racism 

I made a modest investment in the Bytecent ICO. I had no prior 'history' with coins that IE had previously been involved with, nor had done any research as to why some behave so childishly towards him. I had never before been involved with any kind of pre-funding campaign as I had observed so many turn into dust.

However, I had been a twitter follower of IE for some time - let's just say I liked his style - and when he started talking about his plans for a new coin, I couldn't help but be impressed by the fact that he was taking all the hard lessons he'd learned in crypto to develop something that broke free of the mire that this part of the cryptosphere has descended to.

So I got involved

I won't claim that the first month of Bytecents' life has been perfect for everyone. But it was never anywhere even close to as chaotic as some have tried to claim here. The VAST majority of investors & miners  - those who were there for reasons other than the 'instant profit at any cost' attitude that pollutes the atmosphere around here - are now sitting back feeling pretty damned pleased with ourselves, thank you very much!

- and the party is hardly even getting warmed up yet 

@barabbas - Dude, I do remember you from the early days on CoinBlab & I respect you for the fact that you didn't let the ban turn you into a hater, but instead you've stood up for Bytecent here. Have to say, though - It wasn't IE who banned you or even reported you. I think perhaps you just failed to understand that CoinBlab STAFF will not tolerate a 'bitcointalk' attitude there. "It wasn't so much what you were saying, it was the way you were saying it."

There are a few of us 'over there' who have seen the good work you are doing here and would support a request to have the ban suspended, as it seems to us that you have 'learned your lesson' & 'served your penance'.

'Nuff said.

[barabbas]

@ lion

I would normally say a lot of colourful things but im on my phone and typing is hard so id only say 2: thank you. But no thank you.

And: you dont "get" it. Coinblab, IE or me. At all.

[barabbas]

NEW DEVELOPMENTS...

Now we have the inevitable IconicExpert paranoia by which there are individuals out there trying to "hurt" Bytecent because, you know, he and a couple of friends put up a couple of mini-buy walls and they were "eaten up" withing minutes... Pathetic, as IE himself, pretending anyone "out there" really cares about BYC's destiny, much less invest a few secons, let alone a few BTC in "hurting" such minimal side-show in crypto.

No, as I pointed out just above, the big problem of BYC -besides IE's personality and character flaws, that is- is that there is bat least 30% of the total coins available, that miners have gotten for free. And, like one poster posted in a "tweet", "you have to lock in profits at some point". And that is, exactly, what those miners with thousands upon thousands of BYC that they have gotten for free, are doing: Selling them. And, consequently, dropping the price becauyse, for them, all the proceeds are clean, 100% profit.

Will this continue for long? I don't believe so because the redistribution will consume the available coins for sale very quickly... except that the volume is minimal and therefore, that will extend this redistribution phase.

Additional problem, and of significance, is that there are a lot of people -some of which I have personally knowledge of- that are trying to mine BYC and they simply can't. For days. Even for an entire week. A rather powerful laptop, for instance, that has been trying to mine for over a week, has produced  ZERO coins. I have witnessed this myself. And I know of several similar cases. And this is in the US where there are no restrictions or bans I know of. THAT is a big problem because one of those people simply transferred the coins to Bittrex, sold the coins and uninstalled the wallet. Gonzo. Proof of Miner, apparently, hasn't worked properly yet... while thousands of coins keep on being mined daily, way above the 1440 limit daily. This is quickly catching up with BYC and, if not properly and decisively solved, will precipitate its undoing.

And then, there's IE, always IE... his broadcasts positive? Hummm.... too much talk, too much asking for money (to put up sell walls) and too much "patience", the mantra that no one in crypto wants to hear at all. The ONLY way for crypto "investors" to be patient is if the price continues going higher... or at least remain within a channel of solid gains. Otherwise, it's cash out and move to another project.

What is in the future of BYC that warrants "patience"? Absolutely nothing. Lets forget about common places, euphemisms and other forms of BULL SHIT. There's NOTHING, technologically speaking, to look for in the future of BYC. Nor none of them are needed! It is just pure, raw bullshit. BYC only needs, first, TO WORK. And I mean PROPERLY WORK: not one BYC beyon 1440 mined daily. Period. No ifs, no buts. And then, just IE's specialty: Promotion, promotion, promotion. Nothing else is needed. More people knowing about BYC and coming into the community, will prop up the price. But they have to consume MORE, way more than the 1440 coins mined daily. Forget about "walls", whales, imaginary enemies out to destroy it... It's way simpler than that: It needs to work, needs to be fair and that every miner gets to mine on their CpU. And it has to be known by the crypto community AND, way more importantly, by the average Joe and Jane than can jump into crypto, through BYC, without having to buy BTC first (already possible). The currently minimal community, has to grow. Exponentially. Nothing else. No patience, no more money, no Bullshit. How about a small dosage of HONESTY?

I bet it'll go a long way.

[edward_cullen]

Is IE jumping on another coin to sell his poorly made usb wallets again?

[barabbas]

Upon further examination, I have to correct myself. Quite significantly too: BYTECENT IS A TRAIN WRECK

First of all, abounding on a point made above, it isn't "working". Meaning that regular folk with regular, even potent, laptops, are NOT mining. Not for a couple of days not for a week... they are just not mining. I have corroborated this myself. So IE lies blatantly in his latest radio update, while claiming that, in the mining aspect, "everything is how it should be". Unless he is referring to him and some friends mining massively the huge amounts of BYC that are being mined currently, he is not only untruthful; he's blatantly lying. Like I said, I have corroborated it personally during the last full week.

But that is NOT the only reason why BYTECENT is indeed a train wreck. The main other one, of course, is IconicExpert himself: He somehow envisioned this coin to benefit from his personal involvement. Contrary to what his enormous ego has led him to believe, most people in crypto really hate him. And I mean way beyond those that have convinced themselves, without any base in reason -or very flimsy ones- that he some kind of scammer. As I have posted repeatedly, he is NOT. And, like I said, those acerbic idiots are NOT the problem of Bytecent. The problem, one of them, is the IE is not even remotely close to the "draw" that he dream he is. Or more specifically: Very few people gives a damn what he does or, more precisely, what coin he is behind. And that's people in crypto who either know him or know of him. Outside of Crypto he is a non-entity with no capability whatsoever, none, to bring any regular folk into crypto, let alone Bytecent. The entire Bytecent launching brouahaha would have granted, one would have imagined, some kind of whatever minimal adoption if, in fact, IE was to have any "pull". It has produced none. Not the press releases. Not the radio broadcasts. Not the twitter giveaway... Nothing. The crypto community, those free from personal phobias and hatred, either feel "meh" or, not even that. The community doesn't grow at all and the community that exist simply doesn't have any money, to boot. Consequently, the very few people that bought into the idea, has fail to go even beyond the first mini dumpp (coin is still above the ICO price, but impossibly far from the 248% above that it reached ath.

And it is only downhill from here, I'm afraid...

Let me correct myself from one of the above posts, I hadn't even looked recently at the blockchain. Upon a recent glance, I have discovered that not 30+% of coins, free ones, have been mined since launch. Not even close. More like almost 100%.... staggering. There are, at the time of this posting, almost 273,000 BYC in total. That's close to double the 140,000 that were sold in the ICO (once the refunds were discounted). That means that while 140,000 were bought at 0.0005 BTC, almost 140,000 more have been brought to the market, coins that were obtained for free. It means that even if they sell them at 5 satoshis, they are still making profits. Imagine how many the have sold above 100,000 and beyond... and continue selling as this is posted. The answer to that image is simply one: Too many. There's no money in the community, nor ios there any new members coming in to absorbe such amount which, mind you, continues being increased by roughly 2-3,000 new coins mined everyday, probably significantly more.Keep an eye on the blockchain and find it for yourself... exactly.

And if the current situation clearly explains why is this a train wreck, presently, the worst is to "be patient", as IE would like to have you. Think about it: For IE, things are "working currently the way they should". Which, as stated, is far from the truth. But even when and IF things work the way they are supposed to, imagine the next year bringing in more than half a million new BYC coins to the market, all at ZERO COST. This is what will be mined if and when the proper limit of 1440 coins per day are mined (I will repeat once more than many more than those are being still mined daily currently and who knows for how much longer). So, by this time in 2015, Bytecent will have around 800,000 coins total and at current valuation of 73,000 sat, a market cap of $200,000. The current market cap of BYC is $67,000. What in the wildest of your dreams would produce a tripling of the price in the next year? I will answer that: Nothing. Because it will simply not happen. As a matter of fact, BYC will not exist by this time next year. And neither will at least 90% of the rest of altcoins out there, probably not even 5% of them will have survived 2015. And I assure you, BYC will not be one of the survivors.

Admittedly, it was a good idea. A very good idea even. Problem is that IE doesn't have the pull to sell that idea to more than 100/200 people in and out of crypto, so even with sterling launch and implementation -and this has been so far the opposite of that- it would not have been successful. It wouldn't have been such a train wreck though, just out of the gate.

Putting it mildly, IE simply doesn't have what it takes to make this otherwise worthwhile project, successful. Pity

[Crestington]

Strange that IE isn't here responding to all of this. You are right though, most people are just "meh" about the whole thing and aren't investing because of the POW mining rewards and the rep, people don't care how perfect the Coin is if they can't trust the ones running the show.

[barabbas]

Strange that IE isn't here responding to all of this. You are right though, most people are just "meh" about the whole thing and aren't investing because of the POW mining rewards and the rep, people don't care how perfect the Coin is if they can't trust the ones running the show.

The reason IE is not here is because he is a control freak, a little guy with a huge Napoleonic complex who will not hear criticism or disapproval if he can get away with it. That's one of his main characters flaws (he has others too). So he avoids uncensored forums like the plague because, you know, in these he HAS to answer uncomfortable questions.

And that is, precisely, the main problem of Bytecent: It simply CANNOT grow. He, on purpose, avoids the forums which everyone inside of crypto AND OUTSIDE LOOKING TO GET IN, visits and reads, which is 100% counter to the pretense of potential growth of BYC. Therefore, the same group of no more than 100 people, do mine and trade and talk about BYC while the rest of the world simply doesn't even know it exists.

Hence why it is a disaster, after the disastrous launch. A train wreck indeed. Much like IE himself is.

[LionOfNarnia]

I officially withdraw any & all previously-stated respect, support + approval for barrabas.

This is crypto, everything is a gamble. It's an even grubbier, nastier, more corrupt cesspit of the worst aspects of untermensch than the so-called real world.

There are those who resist this, and those who wallow in it.

"I chose the path less travelled"

'nuff said.

[flapman1]

For the state of altcoins as they are Bytecent is a rather a success. I guess you could go off and buy some Bitbay, or a bit of Paycoin or get into a fast mover like Monero. The whole "industry" is slowly dying off and Bytecent is a winner just for not being dead yet. The dev has the usual problem of getting the real world to use the coin and isn't having much luck so far. He's trying things out though. My beloved Pandacoin is dying slowly because despite nice tech the devs haven't any business sense.  IE does need to come up w/ something quick before ICO price is broken. Not sure what that might be but without it Bytecent will die but it will have been a good fight by a dedicated individual.

Upon further examination, I have to correct myself. Quite significantly too: BYTECENT IS A TRAIN WRECK

First of all, abounding on a point made above, it isn't "working". Meaning that regular folk with regular, even potent, laptops, are NOT mining. Not for a couple of days not for a week... they are just not mining. I have corroborated this myself. So IE lies blatantly in his latest radio update, while claiming that, in the mining aspect, "everything is how it should be". Unless he is referring to him and some friends mining massively the huge amounts of BYC that are being mined currently, he is not only untruthful; he's blatantly lying. Like I said, I have corroborated it personally during the last full week.

But that is NOT the only reason why BYTECENT is indeed a train wreck. The main other one, of course, is IconicExpert himself: He somehow envisioned this coin to benefit from his personal involvement. Contrary to what his enormous ego has led him to believe, most people in crypto really hate him. And I mean way beyond those that have convinced themselves, without any base in reason -or very flimsy ones- that he some kind of scammer. As I have posted repeatedly, he is NOT. And, like I said, those acerbic idiots are NOT the problem of Bytecent. The problem, one of them, is the IE is not even remotely close to the "draw" that he dream he is. Or more specifically: Very few people gives a damn what he does or, more precisely, what coin he is behind. And that's people in crypto who either know him or know of him. Outside of Crypto he is a non-entity with no capability whatsoever, none, to bring any regular folk into crypto, let alone Bytecent. The entire Bytecent launching brouahaha would have granted, one would have imagined, some kind of whatever minimal adoption if, in fact, IE was to have any "pull". It has produced none. Not the press releases. Not the radio broadcasts. Not the twitter giveaway... Nothing. The crypto community, those free from personal phobias and hatred, either feel "meh" or, not even that. The community doesn't grow at all and the community that exist simply doesn't have any money, to boot. Consequently, the very few people that bought into the idea, has fail to go even beyond the first mini dumpp (coin is still above the ICO price, but impossibly far from the 248% above that it reached ath.

And it is only downhill from here, I'm afraid...

Let me correct myself from one of the above posts, I hadn't even looked recently at the blockchain. Upon a recent glance, I have discovered that not 30+% of coins, free ones, have been mined since launch. Not even close. More like almost 100%.... staggering. There are, at the time of this posting, almost 273,000 BYC in total. That's close to double the 140,000 that were sold in the ICO (once the refunds were discounted). That means that while 140,000 were bought at 0.0005 BTC, almost 140,000 more have been brought to the market, coins that were obtained for free. It means that even if they sell them at 5 satoshis, they are still making profits. Imagine how many the have sold above 100,000 and beyond... and continue selling as this is posted. The answer to that image is simply one: Too many. There's no money in the community, nor ios there any new members coming in to absorbe such amount which, mind you, continues being increased by roughly 2-3,000 new coins mined everyday, probably significantly more.Keep an eye on the blockchain and find it for yourself... exactly.

And if the current situation clearly explains why is this a train wreck, presently, the worst is to "be patient", as IE would like to have you. Think about it: For IE, things are "working currently the way they should". Which, as stated, is far from the truth. But even when and IF things work the way they are supposed to, imagine the next year bringing in more than half a million new BYC coins to the market, all at ZERO COST. This is what will be mined if and when the proper limit of 1440 coins per day are mined (I will repeat once more than many more than those are being still mined daily currently and who knows for how much longer). So, by this time in 2015, Bytecent will have around 800,000 coins total and at current valuation of 73,000 sat, a market cap of $200,000. The current market cap of BYC is $67,000. What in the wildest of your dreams would produce a tripling of the price in the next year? I will answer that: Nothing. Because it will simply not happen. As a matter of fact, BYC will not exist by this time next year. And neither will at least 90% of the rest of altcoins out there, probably not even 5% of them will have survived 2015. And I assure you, BYC will not be one of the survivors.

Admittedly, it was a good idea. A very good idea even. Problem is that IE doesn't have the pull to sell that idea to more than 100/200 people in and out of crypto, so even with sterling launch and implementation -and this has been so far the opposite of that- it would not have been successful. It wouldn't have been such a train wreck though, just out of the gate.

Putting it mildly, IE simply doesn't have what it takes to make this otherwise worthwhile project, successful. Pity

[alamazean]

BYC is not primarily targeted at the current altcoin community. It is a slow process for people new to cryptocurrencies to hear about a new coin. But BYC is going about it a new way. Hundreds of downloads sites. There is already a quickening in the number of new miners. Difficulty is increasing more quickly. Once some of the new miners decide entering captcha every hour is not for them, they will look to buy BYC. Currenltly only way to buy is on Bittrex. Not easy for someone new to ctypto. The team is working on new ways to buy BYC directly. Just give it time. The foundation is there, the ideas are new and innovative. Just give it time. The masses outside this forum and crypto in general want there first experience with a cryptocurrency to be something easy to use, easy to buy, easy to mine. That is what BYC is trying to be.

[barabbas]

For the state of altcoins as they are Bytecent is a rather a success. I guess you could go off and buy some Bitbay, or a bit of Paycoin or get into a fast mover like Monero. The whole "industry" is slowly dying off and Bytecent is a winner just for not being dead yet. The dev has the usual problem of getting the real world to use the coin and isn't having much luck so far. He's trying things out though. My beloved Pandacoin is dying slowly because despite nice tech the devs haven't any business sense.  IE does need to come up w/ something quick before ICO price is broken. Not sure what that might be but without it Bytecent will die but it will have been a good fight by a dedicated individual.

I don't agree it has been a "good fight". I believe it has been a very clumsy fight... that IE is losing in a hurry. He just failed to raise the community that would be able -and capable- of supporting the project, as simple as that.

It's all downhill from here.

Worse: IE has not -and will never- learned the lesson. So he will be back with other projects... and committing the same mistakes that have been the undoing of BYC. Sad.

[BTCbtcLOVE]

guys, the last few days is something strange going on, when the diff was 7.9, the number of chains to me was 49, when the diff reached only 8.0, the number of chains of mine is a 3.5! means, i have 3 fx 8350 and one i7 3770 ... when the diff was 7.9 i could have a day about 15-20 coins with all four computers, now when the diff is just over 8.0, only 2-3 coins per day with all computers ... now someone constantly selling coins and lowers his price, and i, and surely many more people do not have accounts to sell it at this price ... if we can not sell, the question is who can, who has accounts ... I think i have the answer to that question, but i would like to be one of you say what he thinks about this

[cakir]

I hate IconicExpert. He made me lost tons of btc on the LibertyCoin (xlb) disaster...

[MRZIM BYC]

I hate IconicExpert. He made me lost tons of btc on the LibertyCoin (xlb) disaster...

 



I'm 100% sure that this amount BYC coin's selling iconic expert and his team ...

No one, even if it has the most powerful processors, and that the computers within a company, and it's all free, no account to sell coins on this miserable price !!!

Only if there is a GPU miner or modified cpu miner ... and it is certain that this team has! That someone else produces and sells such a large number of coins, iconic expert would have long been suspended from mining, as has been unnecessarily ban ip address from Serbia only for the reason that is one of these guys from Serbia suggested there superminer and a number of irregularities .. .

Consider all of this and see bittrex, you will be all clear ...

b.r
pozz
       

[barabbas]

I hate IconicExpert. He made me lost tons of btc on the LibertyCoin (xlb) disaster...

 



I'm 100% sure that this amount BYC coin's selling iconic expert and his team ...

No one, even if it has the most powerful processors, and that the computers within a company, and it's all free, no account to sell coins on this miserable price !!!

Only if there is a GPU miner or modified cpu miner ... and it is certain that this team has! That someone else produces and sells such a large number of coins, iconic expert would have long been suspended from mining, as has been unnecessarily ban ip address from Serbia only for the reason that is one of these guys from Serbia suggested there superminer and a number of irregularities .. .

Consider all of this and see bittrex, you will be all clear ...

b.r
pozz
       

What "this amount of selling...."? That is ridiculous. There's practically no selling (and even less buying, for that matter) in BYC. Have you checked the volume (lack of it)?

What levels of delusion.... the coin is practically dead.

[BTCbtcLOVE]

I believed IE and hoped everything that is told and written, but this is disturbing, because this is going in the opposite direction of his stories! I agree with you, something strange is going on, and i hope that the IE to recognize what was going on and to save what can be saved ...

[BTCbtcLOVE]

https://chainz.cryptoid.info/byc/block.dws?172706.htm

People, no one has calculated that sales BYC at this price! Here no one is crazy, this is the end of BYC! I do not understand how people do not have a brain, so buying it still, unbelievable how much this is a scam !!!