Post
Topic
Board Altcoin Discussion
Re: Blowing the lid off the CryptoNote/Bytecoin scam (with the exception of Monero)
by
kbm
on 15/08/2014, 20:56:23 UTC
After that interview I was certain that cryptonote was a scam.

Yup. I remember arguing with you in defense of bytecoin. I just couldn't believe these people would attempt such an elaborate scheme with technology that was so promising.

It makes me wonder if they really were the original cryptonote developers, or if they stole the tech from someone else and rebranded it as cryptonote.

Regardless of whatever the speculation is (my favorite is also the rebrand) .. with the crippled mining code skewing the original distribution to over a thousand people .. and now that it's been restored to a speed that makes sense, and has revealed that there were very likely less than ten computers .. we're left to a situation where we've collectively placed a value of about 6049 BTC (at current prices) into the hands of likely less than ten people. Even at 1 satoshi, this is still a sum of 1512 BTC. That is something to focus on. Just a cross comparison, Monero developers have a sum of about 50k XMR (163 BTC) and <10 donated BTC.

I don't think there will be any shortage of people willing to buy BCN at 1 satoshi, so long as these people keep putting out updates (hope I'm wrong though .. but pumpers will pump and if someone thinks they can profit off of it .. you know the rest). These people have secured funding for themselves .. and are currently making it known that they're not very happy when they're not leading the pack.