Community post
Bytecoin (BCN) Ponzi scheme?
UPDATE
I made 100% profit in a day. Whatever I'm not gonna touch 'em. If BCN appreciates to only a coupla cents in coming years, the investment will have a very big ROI.
Original Post
I was fascinated by the price arbitrage opportunity (simultaneous purchase and sale of an asset to profit from a difference in the price) of Bytecoin (BCN) in exchanges and wished to make a 30% profit in a matter of minutes. Anyone can spot the opportunity:
I hastily bought some BCN at 58 Satoshi per BCN, but I cannot sell it for intended 90 Satoshi or so. Deposits and withdrawals disabled in alcurEX and Poloniex. I wanted to look up what happened with Bytecoin and was shocked especially by this bitcointalk thread posted in 2014. Senior folks in the cryptocurrency world may already be suspicious of BCN. Devs don't use their real identity, their reddit subredit is filled with sockpuppets.
Steemit search returns only posts in favor of BCN; a post by @stephen-somers, though, talks about a critical bug found in CryptoNote upon which BCN, XMR, XDN and a few other tokens are based. Monero team patched the bug, but no news from BCN team.
I'm waiting for my wallet to download the blockchain; then I can sell my BCN. I'm a newbie in crypto and still not sure whether to release the coins. Or am I better off holding them? Suggestions would be much appreciated.
Replies (4)
I did the same and now have BCN locked in poloniex and the only way to get out of it is to sell, at a loss, my BCN to BTC. Fucking NONSENSE!
I used to mine this coin. And with a Mac wallet that constantly crashed, I sent them directly to polo. Got them sold at a decent price, only to find it just raced up and up. Puzzled by this sudden interest, I just thought no development means no future. And I have never pursued it since. There are so many other more interesting coins.
I still mine BCN when I have nothing else to do when the other coins aren't paying enough. I've only mined a little over 200k and just keep them in case there's a good rise. I also do the 30%+ rule.
Good article. I was about to start a similair discussion. I'm worried about the amount of scams out there. But on the contrary there's quite some jewel cryptos as well. I found this great website: https://www.coincheckup.com They seem to give this complete indepth analysis of all cryptocoins. Sorted by team, product, company, advisors, previous investors, etc. Go to: https://www.coincheckup.com/coins/Bytecoin#analysis To see the: Bytecoin Investment research report.