Topic: THE BYTECENT DISASTER - page 5. (Read 19916 times)

On with BYTECENT...

I have no further "beef" with this coin since the right thing was done by offering unsatisfied investors -and with good reason- a refund. That's doing things right.

Now, the "mess" seems to continue in the mining of the coin: It is supposed to mine 1BYC per block, as advertised. Well, it doesn't. There are MANY block that mine more than 1 BYC. Way more, in fact. Some a lot more than 1 BYC.

I have been looking sporadically since I just have a passing interest in the coin, but I have seen how "irregular" the mining is even now that it is supposed to be "stabilized". Have you check blocks #s 68138, 68154, 68179, 68196 and 68206, for instance. Well do. And you will discover that, quite frequently actually, some people are mining blocks that are way more profitable than the ones you are mining at 1BYC per block.

This was indeed a mess. But I am sorry the Vericoin comparison doesn't apply. This was going in the RIGHT direction while Vericoin is going, clearly, in the WRONGEST direction possible. James has lost his marbles there. As a matter of fact, after doubling it in price upon arrival and for just a couple of days, the coin has lost 80% of its price since that mini-high. And going south.

I really cant understand how they let this happen, with the entire market clearly telling them -and James- that they are on the wrong path. The decentralized cloud nonsense is not only absurdly obsolete and unnecessary but also a magnet for the authorities to shot it down and start arresting people. Why continue on that damned path? Beast me. But the market (and the rats that are starting to jump ship every day in bigger numbers), are sending the clearest signals.

That said, I have a few order in the mid to high 3s that I expect to get filled very soon, maybe even tonight. That's where part of my intended investment  in BYC is going... not because I believe VRC has a future, it doesn't but because, in the mid/high 3s I believe it can have a nice rebound and if I am very lucky, I will be able to pocket and easy 30% gain.

Unless there's a 180% turn around, that duck is dead.

you will be able to at least get your ico investment back if you choose to. i was in the same position as you my wallet never synced either. they were able to mine in one day for almost free what i paid for in the ico.

I haven't been able to sync the wallet ever. My ICO investment is losing value every day. Guys are claiming to have mined over 600 in one day. How is that fair. Supposed to be 1440 in total amongst all miners. So disappointed.

Maybe Vericoin isn't as bad as you thought when compared to all these Instamines, scams, and just complete messes in crypto, huh Barb?  And with the Vericoin Supernet wallet going to come out and Freemarket working and SuperNET ahead of schedule, there may be a ripe situation for a Phoenix to rise from the ashes.
http://nxter.org/supernet-newsletter-6/

Thank you Ryan for doing the right thing.

Hey all,


   Sorry for the delay in an official response, please see https://bittrex.zendesk.com/hc/en-us/articles/203610470-ByteCent-Next-Steps

Thanks,

Ryan @ Bittrex

Yeah that's too bad. I listened to the podcast and found it pretty interesting.

Ah delusions... IE's just posted he believes "...more people will buy (above 50k sat) than will sell into the wall (at 50k sat)". Ok IE, once again, you are going to get religion... and pay the price for not HAVING DONE, IMMEDIATELY, WHAT YOU ENDED UP (BEING FORCED TO) DO. I can give you a forecast and see, in a few hours, who get closer to the reality... not that it will achieve nothing for you will always "know better": A lot of people is going to want and get their money back. A lot of those 80BTC you sold under false premises. And a very few people, extremely few, are going to buy a bit of BYC.

You are going to be left with your only constituency: The dozens of captcha-fillers with no money whatsoever that you insisted in making "the BYC community". You had a golden opportunity of not only increase your credibility and have a very successful (and profitable) crypto project but also bring in the support of serious members of the crypto community. Instead, you chose to try to please the captcha-fillers and ruin what was left of your credibility (which was very little, after so many self-destructive activities in the past). But, of course, you  STILL "know better".

Like I said, you are about to get some more religion; I'll remind you tomorrow when the entire deal is done.

In general I agree, but it is a matter of semantics only unless proven otherwise: Only question here is: Has IE benefited from the over 43,000 BYC mined in the first 36 hours? If he really wants to come clean -and I believe he does- he has to show that he hasn't, that's all.

Otherwise, by will or forced by Bittrex he has done the right thing, finally, as I hoped he would. He should have made this decision within MINUTES, instead of all this self-destructive brouahaha that is his unfortunate trade mark. I told him, within minutes, the problem AND THE SOLUTION. As usual, he "knew better". Got a lot of people angry, lost the real support of investors like me that were behind the project and is left, sadly, with a bunch of capcha-fillers with no money than will sink BYC the moment it starts trading and drive it to oblivion. What an opportunity wasted!

Anyway Iconic, I believed in the project and through advice and financial support, I tried to help YOU. Instead of appreciating it and valuing it and acting on it for YOUR BENEFIT, primarily, you, as usual, chose to play the ridiculous part of lying and negating the evident or pretending that you did not offer what it was written you offered and everyone was guilty of not understanding. Your usual trade-mark play-victim behavior that has destructed all your credibility... even when, ultimately, doing the right things or what you perceive it is the closest you can get to the right thing. Happened with the Wall Street event affair, with the Libertycoin one and now with this mess.

There's no future on betting on you, sorry.

Ah one more thing: As it is your habit, you also deny responsibility in having people with more than legitimate concerns banned from CoinBlab. You KNOW this is not true and we have been banned AT YOUR REQUEST. Not that I give a flying fuck for the site but, for once, fucking MAN UP, admit responsibility and have everyone's account reinstated, ok?

Bittrex will have a buy back...
Tell your buddies at conblab that we were right and they need to reinstate our banned accounts.


IE's PoM was total BS!


IE tries to tell his people that BYC was not instamined...

From what I was reading the miner creates a ton of different address to mine to.  This makes it look like coins are spread to hundreds and hundreds of people.  The explorer says there are 29,573 addresses holding the 203,000 BYC.  Nearly 30k address!?!?  From block 3111 to block 4109, BYC had a block reward of .01BYC.  For 1000 blocks BYC was mined with a small reward but that means NOTHING if you allowed us to mine over 20 bitcoins in the first 24 hours.  These misrepresented details allow IE to claim that BYC was not instamined.  That's simply a lie and if it was any other coin than his, I'd bet he'd tell you otherwise.

Let's take a look at the explorer and prove my point.  Look at the rich list https://chainz.cryptoid.info/byc/#!wallets  

Here's a rich list wallet: https://chainz.cryptoid.info/byc/block.dws?47087.htm.
after shuffling through the transfers, here's another: https://chainz.cryptoid.info/byc/block.dws?20028.htm

Look at all the 1 byc that have been mined and transferred to the 1 address.  Forget the address and how things are mine.  The only thing that matters is...

20+ bitcoins mined in the first 24 hours is an instamine!  There should have only been .7218 +/- bitcoins mined (@ .0005 sats) per day.  No matter how IE wants to spin it, the facts are what they are.  Shadiness is strong with this one.

http://coinblab.com/forums/topic/67/-/view/post_id/669

You may choose to believe differently but there is a BIG difference. And you know it: It was de facto IMPOSSIBLE to return the donations to the donors, you do understand that, don't you? You know, people sending donations from account in exchanges that are impossible to locate?

If you take this as me defending him, you have bigger problems than an agenda or misunderstanding: I put him in THE WALL OF SHAME for not returning the money, NOT to the donors but to the community either through the foundation or though some escrow. That was is and always would be unacceptable... does that sound like a defense? Furthermore, I only know of his original intention of giving the money to charity, I don't have corroboration of that actually happening which is the opposite of defense.

Even furthermore, I believe what he is doing so far regarding BYC is a mess (but NOT a scam, unless there's something else not yet apparent) and a mess created by him and his plain, vain stupidity, totally unnecessary and of which he is 100% guilty. Does than sound to you as a defense? If he doesn't refund or relaunch, he's done in crypto and, as Christopher Bouzy a lot of people from now on is going to be very wary of entering in any kind of relationship with him, so it goes way beyond crypto. Does that sound like a defense of his outrageous antics?

But he hasn't scammed anyone just yet. And that is bot only not a defense but a clear statement of facts.

Just like it is outrageous pretending otherwise, like you and a few others do.

And I am done with this side of the subject. Enough of engaging retards.

Bitbay thats what you want people
 

I was actually consdering buying some of this coin, sure glad I didn't...wow.

This IE person just keep rolling himself in the mud, sounds like a failboat to me.

Thanks for clarifying why you will never admit that IE posted with Barbapapa account

Bittrex staff is fully aware of the situation and most likely behind the current situation in which IE has to make a decision to clean up the sjit, forced by Bittrex. I think that is what's going on -or I like to think it is, we'll all soon find out the outcome, that's for sure.

In regards to the matter of "giving money" to IE or anyone else, if we are talking pretensions and euphemisms we will never address the subject: Everyone, everyone no exceptions, is in crypto, investing their money, a lot or a bit, with one purpose and one purpose only: To make lots of profits and get rich quick. Period. No exceptions. The rest is just plain bullshit, I don't care where it comes from.

That established, there are degrees of commonly called ethics to go about it. In most cases, in crypto, there are no ethics whatsoever. None. We have had recently the clear cases of Prometheus, Dan Metcalf and his PR guy from South Africa, ranging from total crooks -according top the common (and LEGAL) values established in the real world, of course- that routinely do things that would have landed them in jail in the real world long ago and for a long time... and getting away with it with a more or less tarnished credibility, that's all they will lose, worse case scenario, while the skim millions out of unsuspecting or just naive folks.

The case of IE is  very peculiar for the guy is NOT, I repeat, is NOT, a scammer. I happen to know that he isn't. At all. It's just a guy with a very peculiar, extraordinarily egocentric personality and a quick temper, affected of several psico/socio syndromes that I am not qualified to determine but that result in an individual, with some brilliant ideas that time and time again he bombards in a self-destructive and very reiterative modus operandi. He's simply unable to admit that he has done something wrong. or inappropriate. Regardless how evident. Oh he will admit it if it is so evident as a typo, for instance, BUT with an immediate excuse/justification. That will apply to absolutely everything he does or proposes , regardless of the level of the mistake. He's simply incapable of say Yes, I did this wrong, period. There's always some third party (or parties) that provoked his mistake, no matter how many times repeated. He will admit to his volatile, egocentric and irascible personality alright, but will never adhere to any of those sole responsibility for anything. Ever.

I was a very ardent critic of IE when he was trying to manipulate the markets at BC and found -and posted to that effect- his proposed Wall Street Event  both counterproductive for BC and extremely unethical, in spite of which -and some rather heated confrontations that are available in the reopened BC thread here in BTCT-, many greedy BC community members send him donations galore to reach around $4,000 of the $11,000 he had budgeted the event at.
Then things took a turn and all of a sudden, IE did a turnaround when not supported by the devs of BC and left the event hanging. Meanwhile, he had received donations in BC, BTC and other cryptos, often from exchanges. From many people. Returning them presented quite a nightmare in time and even in making it possible at all for it was impossible to corroborate the wallet addresses from the exchanges so IE, once again, opted for a "solution" he made certain no one would like: He would not return them, or give to the Foundation; he would, in turn, give the money to charity and add to the donation a personal one --supposedly to wash the tax benefit that the charity donation would bring. So I know he did not scammed the BC donors... but he did not do something entirely acceptable with their donations either. Furthermore, he made the decision arbitrarily and unilaterally, in typical IE fashion, leaving pretty much everyone justifiably pissed off and reaping the "benefit" of a reputation forever tarnished. Adding to all those circumstances the fact that he is a black person, apparently quite successful in his business dealing in the real world, the obviously racist hatred awaken in some of his "critics" has become quite venomous and completely detached from any responsibilities IE may or may not have had regarding the unreturned donations.

That's the REAL story that I lived quite closely. And that's how I know he is a bunch of things, some quite regrettable, but not a scammer. (I have to add here that I don't have corroboration or proof that he actually carried out the charity donation, but that was the decision he took at the time. Whether the donation was carried out I do not know for sure).

Fast forward to this project, BYC. It is a VERY GOOD project that because IE is the developer, was bound to have a very poor initial reception. Like it did. But it was going to be a significant success, in my personal opinion, because it was supposed to be clean, transparent, accessible and FAIR, among other things new to crypto, like easy mining and use in actually buying real world things and services. As we all know, it didn't turn out that way after launching, because, astoundingly, IE allowed the outrageous mining of 1/4 of the total coins in a period of just over 24 hours instead of the maximum he had promised of 1440 per day. And, as usual in IE by now, not only defending it as "something that happens to all coins on launch", but trying to keep it by all kinds of lies and fixed-up polling of "the community" ... again unable to admit he had made a huge mistake, one that will probably finish his future in crypto for good, and correct it while the correcting is good. And, fortunately, he still has at least two viable options to turn the ship in the right direction. Will he do it or will he, as he usually does, allow his egocentrism to destroy, again, his project and with it his future in crypto? We will see quite soon.

Now back to your chosen state of hatred, stereotyping or otherwise modifying reality to suit your personal agendas, everyone...