Bytecoin, the original anonymous cryptocurrency using Cryptonote, has increased in market cap rapidly . In merely three days, Bytecoin experienced a 5x increase in its market cap, increasing from around $80 million to $400 million. Such abrupt growth in market cap and value does not seem right. Inconsistency of Bytecoin’s growth is evident in its trading volume. For years, Bytecoin hasn’t seen much trading across exchanges and trading platforms staying in the ama eplace for years now. By May, Bytecoin daily trading volume increased from $340,000 to a staggering $48 million! How can that happen?
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There is not special of bytecoin when Monero has better developers, and Monero is a forked and evolved version of Bytecoin, which deviated from the original Bytecoin software and Cryptonote they fixed alot of bugs and relaunched with no shady history. What shady history you might ask? The fact that 82 percent of the supply of Bytecoin was premined grants its founders, developers and stakeholders to massively influence the price of the digital currency solely with their holding of Bytecoin. More importantly, it opens the possibility of a pump and dump, during which the premined supply of Bytecoin can be dumped to the market and cause the price to drop significantly.
So how they did increase in price?
What if some one in bytecoin team was slowly selling bytecoin in an exchanges. And when the put enough out there, another person put a massive buy order increasing the price.WIth price increase newbies will think bytecoin is a good investment and staring buying and boom the price of bytecoin increased.
Here another scary thing about bytecoin.
According to the official response from the Bytecoin, its development team has been aware of the vulnerability in April 2017, when during software testing it has discovered that several malicious transactions creating 504 million Bytecoins had appeared in the network - which accounts for 0.2% of the total 183 billion Bytecoin supply.https://bytecoin.org/news/bytecoin-2.0.2-software-update/
So i bug appeared and suddenly 0.2 is added to total amount of bytecoins. are you catch what I am saying, nothing special is backing up bytecoin so how in the world the it increase in value of more than 300%
Share this post,resteem it I do not care we need to spread the word of bytecoin scheme. More people know bytecoin dark past and how nothing has changed expect(in my opinion got worse) not makes sense on the price increase. If you liked this upvote me but you have to at least share this with at least one person you know to spread the word.