Topic: 10 months on... About the Bytecoin (BCN) ninjamine - page 3. (Read 3741 times)

Oh! Here we go! 

The second that a reasonable thread about Bytecoin appears in the Alts section, the Monero crew jump in with their tired propaganda.

I wonder why they don't just get on and develop their own clone of Bytecoin instead of wasting folks time on BCT with their endless inane threads and topics.

If you hadn't noticed, Fluffy, the market values Bytecoin higher than Monero. Like OP I have a XMR and BCN bag but I am sick and tired of the Monero crew damaging cryptonote.

You're approaching this from the assumption that the story of their release date is true. Let us take a look at why we should not approach it from that perspective:

1. At this juncture there are no known entities who have stepped forward and provided any reasonable claim that Bytecoin existed prior to March, 2014. I'm not talking about purchased accounts on Bitcointalk, I'm talking about individuals who have a reputation they can stake on such a claim.

2. At the very least, one would expect (were their "deep web" release claims to be true) that there would be darknet market operators who would have been approached by users in the early days. It is inconceivable that with their claims of "mining teams", claimed usage on Tor sites, and many alleged users, that not a single one bothered to say "hey I wonder if the Silk Road will be interested in this untraceable and unlinkable cryptocurrency". By the time Bytecoin allegedly launched in July 2012, the Silk Road was very well known (at least since Gawker's article in June of 2011, and even before that when it was mentioned by altoid on Bitcointalk in January of 2011). The original Silk Road forums (the complete contents of which can be found in the StExo backup or searched via The Hub on Tor) contain absolutely no mention of Bytecoin.

3. In deference to the previous poster's claim, a search of 4chandata.org, 4chanarchive.net, or any other 4chan archive site unsurprisingly reveals no mention of Bytecoin.

As to whether or not they've dumped their premine, given the unbelievably low Bytecoin exchange volume I simply think they haven't been able to. In order to dump a premine you have to have buyers, otherwise who are you selling it to? Leaving aside HitBTC, which is known to be untrustworthy and filled with fake trades (1 2 3), Bytecoin does about $2/day in volume. The most heavily traded day was June 21 when they did around 1.5 BTC in volume at a price of around 10 satoshi per Bytecoin. In the 245 days it has been listed on Poloniex, even if they were at peak every single day they would only have been able to dump 3 675 000 000 Bytecoins of their stash of 147 882 114 539 Bytecoins, which is 2.49%. Given that they're not at peak, the best they could have achieved over the past 245 days is a couple of hundred USD.

Edit: forgot to add, the only coin "rankings" worth looking at are CoinGecko. If you're merely looking at market capitalisation then you also need to use CoinMarketCap's non-mineable/premine filter, but frankly there's not much value in market capitalisation metrics without taking other things into account (eg. market momentum, trade volume, etc.)

That may be true. It certainly seems that no one on BCT forums knew about Bytecoin. It may have been a few people but if many of them were like me, they didn't know the Bytecoin devs and didn't have an account with BCT. I only knew of two others on the 4chan thread where I got my binaries and they were both English and also, as far as I could tell, like me, not really into crypto at the time. You can't say it was 'shielded' from the world - someone at the IPExpo in London showed me the link with the binaries!

I am guessing that a hell of a lot of coins mined early are either lost or forgotten about. I only recovered mine after I joined BCT and got help with my wallet.

Anyway, thanks for an interesting and measured (for Bytecoin topics!) post.  

I've heard many people say that Bytecoin (BCN) was 82 percent premined. Technically it wasn't a premine but something called a "ninjamine". A premine would be visible in the blockchain and the code. You would see something like "Initial block = 100,000 coins". Instead, it's a ninjamine because very few people knew about it during its initial mining phase when most of the coins were created in 2012 and 2013. Bitcoin was arguably also ninjamined because most of the initial mining took place within a small group that was shielded from the outside world. Bitcoin became known to the wider public in 2011. Bytecoin in 2014. Hence why Satoshi has almost 1 million coins. Bitcoin's small group was a cryptography mailing list frequented by geeks. Bytecoin's small group was the deep web.

If Satoshi was a scammer who was intent on destroying the reputation of his coin, then he could have dumped all his coins on an exchange and made a lot of fiat in the process. But Satoshi wasn't a scammer, and Bitcoin wasn't a pump and dump scheme. Six years have passed since the creation of Bitcoin and Satoshi could have dumped his coins at anytime during this period but he didn't. Thus those 1 million coins are still untouched to this day.

If the Bytecoin devs were scammers, then wouldn't we have witnessed large dumping of the coin by now? Does anyone know if the 82 percent ninjamine was left untouched just like Satoshi's stash is still untouched today or have the coins moved? We know that the value of Bitcoin won't come crashing down to zero because we know that Satoshi is a benevolent character who won't destroy his creation for a quick buck. And six years of blockchain data proves this. After 10 months has passed with no evidence of a scam, perhaps we can begin to say that the same is also true for the Bytecoin devs?

Disclaimer: I own both BCN and XMR and a few other CryptoNote coins. I decided to post this because I saw that BCN has recently overtaken XMR in the coin rankings which is a bit surprising although I guess the ninjamine probably helps. IMO competition is good for all coins.