I must say this is such a shame the developers chose this route. They could easily have a fair launch and mine a lot of coins honestly. Or perhaps come clean and instamine less than 5% and be open about it. This coin would easily be among the top 3 if things went a different route. The developers are very good and active, and the coin is very innovative.
One word. Ethereum.
If the developers have any hope on keeping this project alive in the long term they have to come clean, admit the forgery of documents, premine and destroy any premined coin. This very good development that is happening has to continue, too. That way, bytecoin may have a chance of being a really big and disruptive coin.
I think we as a community should deal with this as soon as possible. I have mined bcn for awhile now but I will sell it all and I highly recommend everyone to do so and abandon bytecoin if this keeps going on. You can only ignore everyone for so long.
Could you please address this, Ullo and others? Every day this is ignored is a day spent regardless of good and innovative development.
They have addressed it, even Ullo specifically, by denying and obfuscating and piling more lies and non-sequeteurs on top of lies. Don't expect anything different.
There is quite honestly
no reason for the Bytecoin project to exist at this point beyond trying to pull value out of the premine. If you want a non-scam Cryptonote, there is Monero, AEON, BBR and others (disclosure: I'm associated with Monero and AEON but not with BBR, or any others)
and the Bytecoin developers, if they want to do legitimate work and push the technology forward are welcome to contribute to any of these transparent open source projects. There is even Dashcoin, an almost-exact but relaunched clone of Bytecoin, though I personally think that inheriting Bytecoin's accelerated emissions curve has made it a bit too fastmined.
They can even make money, if that is their goal, by buying coins, which in all of these cases are still very cheap.
the moronero community have tainted virtually every other CN coin in existence (inc BBR which you mention above) with the scam brush. additionally you speak of BCN's fast emission curve when your own is not much slower.
BCN has a blockchain and when the coin came to public attention in 2014 the amount of coins mined was transparent & clear for all to see. People can argue about who mined the coins, what's new? same goes for any coin. I do not see any scam. The code is open-source after all so if you have concerns over the distribution (as I do with every single crypto-currency today) either fork it or invest in it to improve the distribution.
There is one possible issue with the "fair launch" route. If a "malicious entity" gets hold of a large percentage (say 70%+) of a cryptonote coins total supply the entity has a chance of de-anonymizing the transaction. A "fair" launch would permit malicious entities from mining large amounts of coin from day 1. This is a vulnerability all CN coins have. Assuming the BCN devs are actually well-meaning cypherpunks it is possible mining on the darknets was an attempt to shut-out enemies.
p.s. fair launches don't exist for proof-of-work coins. do you have a botnet/mining farm? no, neither do I.