[BYC] Bytecent - new rules introduced to cryptocoin world

[Yanakitu Tenatako]

Recently Bytecent aka BYC introduced some new rules to cryptocoin playground.
Centralization at a glance

As a closed source project and without any public code, this coin started with some fails, but survived.
After one fail followed by another, they reached maximum level of ignorance by selecting IP ranges that will mine on network.
Result is that complete country is banned from supernodes, controlled by IconicExpert.

Are we going to see new era of crytocurrencies on same principle?

OMG!

I do not feel affected, but is this an example of future thing to come?

ME NOT LIKE IT

[Snail2]

No this isn't the future. This is an example of pure incompetency .

[Miki77]

http://www.youtube.com/watch?v=Q5nroYh10wE

 

[Bojcha]

Yea, he belives his coin will replace BTC. rly?

[Xdragon]

http://www.youtube.com/watch?v=Q5nroYh10wE

 

Wow, I thought that BYC is big scam, but this is first real evidence. People should know about this, before they buy this piece of s***

edit: crypto is all about open-source and trust, but this is far,far from it.

[Yanakitu Tenatako]

That video is horror movie for me.

[barabbas]

http://www.youtube.com/watch?v=Q5nroYh10wE

 

Wow, I thought that BYC is big scam, but this is first real evidence. People should know about this, before they buy this piece of s***

edit: crypto is all about open-source and trust, but this is far,far from it.

I have read stupid on these boards and then, I read... you. The coin, one month after a very messy launch -which prompted me and a few others to claim refunds AND GOT THEM-, still sits at above 100% the price of the ICO -after having reached as much as 248%-. So, anyone that invested in the ICO, let alone those that were able to mine up to 30% of the total supply of coins, who got then for ZERO, have been able to sell all or part of their coins for a HUGE PROFIT, and you call that a scam? Wow, simply wow.

By the way, it is the ONLY ICO in the last month -and long before- that still sits at a huge profits and NEVER, since launch, has traded below it.

I wish all scams were like this one... even if having bailed wasn't exactly my most brilliant investment idea.

[Bojcha]

Yes barabbas you are right. Who bought coins looks stupid now. Since he had possibility to mine many coins at start, and that was on purpose!
Where diff is explained like "Difficulty Retarget: Every block" wich is for sure not like that, there is room for some "friends".
All those friends didnt need to buy coins.

Seems that banning/restrict whole country or target IPs does not mean nothing to you?
We can explain that like, 'yea, you wanted to cheat, let me ban you", But what if i tell you that is clearly that not case. How the hell 100+ people and their PC's can share same wallet? Yes, that is explained as reason for restircting whole range, Look then at block explorer, now when bunch of miners are restricted, you should see atleast slighly less mined blocks, but no, you will see even more hasharete. You can still se those "super miners".. how is that still posible, when dev solved that problem? Also, seems only dev knows how to "flag" address and mining to 1 wallet. It is still case at this very moment.

Be sure, 'he' is doing this for him, not for you. His attitude, at selfmoderated forum, is terrible, and if he does't change at least that, he can just go down.

[barabbas]

Yes barabbas you are right. Who bought coins looks stupid now. Since he you had possibility to mine many coins at start, and that was on purpose!
Where diff is explained like "Difficulty Retarget: Every block" wich is for sure not like that, there is room for some "friends".
All those friends didnt need to buy coins.

Seems that banning/restrict whole country or target IPs does not mean nothing to you?
We can explain that like, 'yea, you wanted to cheat, let me ban you", But what if i tell you that is clearly that not case. How the hell 100+ people and their PC's can share same wallet? Yes, that is explained as reason for restircting whole range, Look then at block explorer, now when bunch of miners are restricted, you should see atleast slighly less mined blocks, but no, you will see even more hasharete. You can still se those "super miners".. how is that still posible, when dev solved that problem? Also, seems only dev knows how to "flag" address and mining to 1 wallet. It is still case at this very moment.

Be sure, 'he' is doing this for him, not for you. His attitude, at selfmoderated forum, is terrible, and if he does't change at least that, he can just go down.

Look, I have been the harshest critic of IE in many, many things. When I saw the mess that the launch was with people mining 10s of thousands of coins instead of the 1440 per day limit, I was the first and most vociferous critic. Needless to say I was banned at CoinBlab at his request (I'm still banned). I started the thread THE BYTECENT MESS, right here immediately, contacted Bittrex and pushed incessantly for the issuance of a refund to everyone who wante it. So you don't have to tell me how messy that was. Around 30% of the 160,000 coins sold at the IPO (of which 15,000 were refunded, so the total net sale of the ICO was 145,000 coins). More than 30% of that, around 45,000 coins or more, have been mined for free in less than a month. So people selling those at ANY price, will make pure profit. But, IN SPITE OF THOSE FACTS, there has not been sell of of any significance and the coin has performed and continues performing remarkably well. To each his own.

And though I am quite sure a small amount of those 45,000+ has been mined by IE (a very small amount), I am certain that he is neither gaming the coin nor scamming anyone in any way. I repeat: To each his own. The Proof of Miner thing, given the success of the coin, is quite innovative and quite interesting since you need at least 600 coins to be able to mine for 24 hours without the captcha interruption that, de facto, means you are not mining. Whatever it is, the coin keeps on performing great AND with a lot of liquidity in spite of the fact that most coins are staking. Those are undeniable facts, whether you like IE of not -not many people do and given his character flaws, with good reason-. And, better yet, he still has not done practically anything of what he is going to do for the coin, starting with his promotions, press releases, etc. And he keeps people informed with his recorded weekly updated.

Yes I find it quite disgraceful -and stupid, really- that he will have a forum totally censored and away from here, but you can easily imagine the kind of brutal, absolutely idiotic and unfounded insults he would receive on a thread here if uncensored, so it is somehow understandable that he chose that road, much as I -again- find it stupid.

Once again, I will be scared of those 45,000+ coins being dumped at any moment, but since I believe a good part of those has already changed hands, if the coin manages to remain above the ICO price for one more monthly or so, I believe it will be as solid a project as any in crypto alts and way more solid than 99.99% of the rest... in spite -or because of- IE.

[flapman1]

IE might be a scammer; I don't bloody well care. Bytecent works and put money in my pocket while the rest of alts crash and burn. He's been reponsive, fixed problems and right on top of things. Is there a scam hidden on Bytecent? Well, it is an altcoin so that means more-than-likely. So what? That's why you put in low orders before bed and watch the charts & the forums. We all know the risk.

[Yanakitu Tenatako]

IE might be a scammer; I don't bloody well care. Bytecent works and put money in my pocket while the rest of alts crash and burn. He's been reponsive, fixed problems and right on top of things. Is there a scam hidden on Bytecent? Well, it is an altcoin so that means more-than-likely. So what? That's why you put in low orders before bed and watch the charts & the forums. We all know the risk.

I share your attitude, but will you be speaking same if IE bans your IP and leaves you without option to mine BYC?
Will you still be in same mood? " I don't care as long as I am getting my $$$" is ok while you are getting your $$$, when you are banned and not getting your $$$ then sound will change, for sure. I know many guys mining and affected by this decision to select users that can mine, by nationality.

What would you say, for example, if some company decides not to hire people from France or Denmark, by pure owner decision?
Is that called a racism of fascism, or you have some kind word for it?

Or what do you say, shall we forbid Scotland from this forum?




PS. France, Denmark and Scotland are purely example, I have nothing against these beautiful countries, have many great friends over there... Hope they will not mind for this example.

[barabbas]

IE might be a scammer; I don't bloody well care. Bytecent works and put money in my pocket while the rest of alts crash and burn. He's been reponsive, fixed problems and right on top of things. Is there a scam hidden on Bytecent? Well, it is an altcoin so that means more-than-likely. So what? That's why you put in low orders before bed and watch the charts & the forums. We all know the risk.

I share your attitude, but will you be speaking same if IE bans your IP and leaves you without option to mine BYC?
Will you still be in same mood? " I don't care as long as I am getting my $$$" is ok while you are getting your $$$, when you are banned and not getting your $$$ then sound will change, for sure. I know many guys mining and affected by this decision to select users that can mine, by nationality.

What would you say, for example, if some company decides not to hire people from France or Denmark, by pure owner decision?
Is that called a racism of fascism, or you have some kind word for it?

Or what do you say, shall we forbid Scotland from this forum?




PS. France, Denmark and Scotland are purely example, I have nothing against these beautiful countries, have many great friends over there... Hope they will not mind for this example.

The way you frame the question makes it absurd. First of all, someone has been gaming the mining of Bytecent and whatever banning of countries IE has done, it has been to preserve, precisely, the fairness of the mining, which is key to the success of Bytecent, so it has not only been done to be absolutely fair to the real investors, not the crooks, but to protect and benefit every investor in the coin, whether miner also or not. So some country or countries cannot mine Bytecent, big fucking deal, there are hundreds of other coins, invest on those.

And by the way, many companies are forced to not sell their products in many countries by laws of those countries of by directyion from the companies themselves for a myriad of reasons. Companies -must like cryptos- when successful, need to make money, be profitable. By mandate. Nor democratic or "fair".

[Yanakitu Tenatako]

I guess we're going to ignore the fact that IE most likely bought his own coins from himself to pass the ICO threshold and thus probably owns an insane percentage of the coins

That is something I really don't know. Could be.

But fact that complete country is banned from network for mining is something I cannot keep in mind.
Barabbas said someone fooled network or something like that, but he never give evidence or proof.
As I know, there is one "superminer" someone with great hashpower, taking 40% of network.
And the fact he is not banned for long time, since start, on the other hand, banning Serbia from mining without evidence is rude.

And the only known fact is that "superminer" has nothing to do with Serbia, not even close.

And to Barabbas, I understand your words much better than you think. No cheese for Serbia or any other country means more chees for Barabbas and others. It is that simple. Period.

[barabbas]

I guess we're going to ignore the fact that IE most likely bought his own coins from himself to pass the ICO threshold and thus probably owns an insane percentage of the coins

A total of some 67 BTC were purchased, accounting for the 7 something that were refunded (including mine), so the extent of the "threshold" had to have been very minimal. No matter how much you would wish for it to be a scam, fact is it's evident it wasn't and it isn't. That's why is successful, much as it hurts you.
Your personal aversion (or racism) notwithstanding. Sorry, facts are facts.

[barabbas]

@ Yanakitu Tenatako

No, un fortunately you don't even come close to understand. I wish the problems of Serbia would be even remotely close to being banned from mining BYC. As for cheese, I swing trade and have only a 5 year old laptop so even if I mine all the time I would get a max of one or two coins a day. I make much more than that trading it.

So no, don't presume to know other people's motivations because you will err more often than not.

[barabbas]

I guess we're going to ignore the fact that IE most likely bought his own coins from himself to pass the ICO threshold and thus probably owns an insane percentage of the coins

A total of some 67 BTC were purchased, accounting for the 7 something that were refunded (including mine), so the extent of the "threshold" had to have been very minimal. No matter how much you would wish for it to be a scam, fact is it's evident it wasn't and it isn't. That's why is successful, much as it hurts you.
Your personal aversion (or racism) notwithstanding. Sorry, facts are facts.

Haha, I find it quite humorous that a man as thoughtful as yourself would pretend that it doesn't make a huge amount of sense for IE to get a ton of free coins. Your 7 btc not counted, that still makes 60 btc that are floating around to be split up between the very small handful of people interested in touching the work of a scam artist and thief. Also, bytecent isn't successful. The mining system was broken at launch (allowing for a great amount of coins to be mined) and IE spammed a bunch of twitter accounts. Your personal fascination (or unique "relationship") with IE notwithstanding. Sorry, facts are facts.

The failure or success of a delusional and pitiable sociopath with an ugly mug doesn't really change my level of happiness. Him getting arrested and people getting their money back would make me happy though.

I am aware of ALL the FACTS, as you can learn in THE BYTECENT MESS, right here on these boards. But what I don't have is the burden of recism or other fobias that you and a few others seem to carry. Just by the sheer number of people invested in the coin, all with recognizable names and a long history in BTCT, you can see clearly -if you look- that no matter how modest the investment, 60 (actually some 67 BTC) doesn't leave much for IE to have "bought himself". He may have gotten a few thousand coins irregularly mining, that I don't know. If he did, that's censurable but, giving the proven trajectory of the coin pricewise, of no current significance on any level for new investors... like me.

But since you are never going to be convinced -his pigmentation is too dark, I understand-, I guess you are going to have to continue limiting yourself to spew your hatred and try to distort reality. Good luck with that. Or not.

[Bojcha]

Actually i agree with you Barabbas, except one thing and that is topic of this thred.
You would be absolute right about baning/censoring/limiting.. etc. but thing is that there is no single proof for that, not even explenation after many question.. "Why? Instead i got banned on forum for asking that (and i don't give... ) Diff and hashrate should be less now, since he banned "problematic people" But no - It's opposite! Atm more then 2700 coins are mined in last 24hours, where it should 1440. Another proof that nothing is acomplished by banning group or country or whatever.
Thing is that all this what he's doing is distraction. Distraction for things he is doing behind curtain.
It's fully closed source after all. I really wanted to belive him, but now what?

[barabbas]

Actually i agree with you Barabbas, except one thing and that is topic of this thred.
You would be absolute right about baning/censoring/limiting.. etc. but thing is that there is no single proof for that, not even explenation after many question.. "Why? Instead i got banned on forum for asking that (and i don't give... ) Diff and hashrate should be less now, since he banned "problematic people" But no - It's opposite! Atm more then 2700 coins are mined in last 24hours, where it should 1440. Another proof that nothing is acomplished by banning group or country or whatever.
Thing is that all this what he's doing is distraction. Distraction for things he is doing behind curtain.
It's fully closed source after all. I really wanted to belive him, but now what?

Then you are correct and I am wrong in assuming that it was already on REGULAR (1440 coins a day) mining. Since I don't visit the forum at CoinBlab (was banned and I dont feel like circumventing the ban), I did not know that mining continues being highly irregular. In THAT -which I believe is purely technical, no scam or anything remotely like that-, I was wrong and it IS a problem. Especially because there's no chance in the world that IE will admit to the problem, he's pathologically built like that. That said, obviously banning a country is just trying to solve that particular problem, nothing scamy about it. Arbitrary? Indeed. We all know that IE is wired like a little dictator, so nothing surprising there. Important for the success of the project? Obsolutely not at this point. BUT, that said, some careful people should want to wait until the problem is fully solved. I can only imagine what the price reaction will be when there's no more clouds on the horizon...

The problem as I understood it though, in IE's world, is not so much the almost double mining of coins still daily and some "superminer" getting half od it in a particular geographic point. But I am not fully aware of all the details, so you must be right. Like I said, if even with those obvious problems the coin's price remains solid amidst a lot of liquidity, I can only imagine what it is going to do when it is fully regularized.

[barabbas]

I am aware of ALL the FACTS, as you can learn in THE BYTECENT MESS, right here on these boards. But what I don't have is the burden of recism or other fobias that you and a few others seem to carry. Just by the sheer number of people invested in the coin, all with recognizable names and a long history in BTCT, you can see clearly -if you look- that no matter how modest the investment, 60 (actually some 67 BTC) doesn't leave much for IE to have "bought himself". He may have gotten a few thousand coins irregularly mining, that I don't know. If he did, that's censurable but, giving the proven trajectory of the coin pricewise, of no current significance on any level for new investors... like me.

But since you are never going to be convinced -his pigmentation is too dark, I understand-, I guess you are going to have to continue limiting yourself to spew your hatred and try to distort reality. Good luck with that. Or not.

Hey, I find it kind of ludicrous that you would imply I'm racially biased. What evidence do you have to support this claim?
Also, once you can find one case of me being in any way racist, then maybe you could show me who all these recognizable names that invested in bytecent are?

Posting lies to boost a scam is something a lot of people do. I get it. That said, please don't defame me.

All the names (A L L) posting in the CoinBlab forum are regulars on BickCoinTalk, so you can check their handles and posting history, don't play stupid, ok? And all are veterans, recognizable investors, no sockpuppets. And some eventually quite critical or IE's "peculiarities" some times.

As for you being racist, in this case, let me put it to you this way: IE has done NOTHING whatsoever for you to term him a "scammer". Absolutely nothing. He has not scammed you and has not scammed anyone you know... even going back to the donations for Wall Street Event that, although regrettable -and granting him the inclusion in my WALL OF SHAME-, are not a scam in any way, just a very bad and easy unilateral decision. You hate him for it? sorry, I don't buy. At the cost of maybe being wrong, I believe such level of hatred comes from a very recognizable origin and has to do with pigmentation and success... put together.

I could be wrong, but I doubt it.

In any case, it has nothing whatsoever to do with the fact he launched a very unique and so far amazingly successful coin, in spite of himself and many messy problems that I just learned somehow survive still. And this is about that very successful problem, not about racism -I wish- or past endeavors that you choose to name to fit your personal agenda.

[spud3861]

I am a bytecent investor. I am not ie or a sock puppet. I had trouble connecting to the wallet the first 2 days and was  mildly pissed that difficulty was so low during that period, but that aside I have no issues with how IE has launched and is developing the coin. I honestly believe a few people whos ips were banned from mining were trying to cheat the system. Maybe some innocent miners have been affected as well but how else could fairness be restored. I am not sure if there is a super miner as there is supposed to be a Pps cap. Remember this is just a beta phase before public release outside these forums. I say we just need to see what the public release brings and do our part to tell our friends that this coin is different. Anyone can mine it with a laptop. It's fast and easy to install. The dev is working it full time and running it as a for profit project.