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.