This "they had to premine over 80% of the coins in order to """"prevent"""" malicious entities, and lie about it multiple times" comment is so absurd I am not even going to reply it. If you want people to take you seriously I suggest you to think before typing such comments, or else people will believe you are a shill or something because that's so absurd.

As for the updates, yes I do believe they are developing well. They seem to be miles ahead of any other CN coin, including monero.

I thought this would obviously be open source, like all other coins are and are supposed to be. Yet another bad surprise to hear this is closed source.
I hope everything pans out well with this coin.

EDIT: It seems the closed source thing is a lie. https://github.com/amjuarez/bytecoin
Forking could be an option.