Bytecoin [BCN] has been the hot topic for the past few days and has even created a lot of buzz in the market. Majority of the market claimed it to be a scam coin and alleged that the exchange platform helped the Bytecoin [BCN] team pull out a successful scam.
The whole problem and buzz started right after Binance, the biggest exchange platform in the world, enlisted the coin on their platform. The coin saw a huge surge and went up by more than 166% in just a few hours. In addition, the trading volume went from $8 million to $600 million. Following which, all the platforms had to stop the deposits and withdrawals of the coin due to some error. This led to a lot of panic amongst those who invested in BCN.
When the incident occurred, the BCN team and Binance team didn’t give a proper clarification on what exactly went wrong. BCN even faced a huge dip in the ranking on CoinMarketCap, it went from the 15th rank to the 1594 rank, with no track of the market volume and the trading volume.
Now, the team has released an official statement on the whole incident on their official blog. They claim that there was a huge growth of users and the mining activity which led to around 25% of the miners using an outdated software and the rest 75% of the miners using the new software. Due to 25% of miners using the old software a bug appeared in the consensus software, which in turn led to the network’s instability.
The team had to shut down the activity in order to prevent a fork or split taking place. The team has further added that the issue will be resolved gradually as the miners and other users upgrade to the new version in the next 24-48 hours and have recommended all the users and miners to upgrade to the new software.
Furthermore, the company has released a few do’s and don’ts for the users and miners. They have strongly advised all its users to help the network by upgrading their Bytecoin Daemons v 3.0.4 which is for the merchants and Bytecoin Desktop v.2.0.4, which is for individuals. They have availed the update on their website.
They have estimated that 25% of nodes have been upgraded to this latest version just hours after it was released by BCN team, of those 3.0.4 nodes only one reported some network issues, and the others seem to be fully in sync and working normally. There is one other problem that still prevails, the stress-test made by the network overloading hasn’t been passed successfully, however, they have put their best effort in shortening the period of downtime, so now the system is on its way back to stability.
Omar Mokhtar, a Redditor says:
“All you shitlords yelling scams and conspiracies should basically stfu now and let the teams work this out.”
Sohka Toa, a Reddit user says:
“I got scammed you got scammed and it sucks. But when you learn why the price skyrocketed you realize that it will never get close to that price again. There’s to many, for it to be really values anything close to that it would be competing with BTC. FUCK I DONE FUCKED UP YO”
Shurg1, another Redditor says:
“Explain how the v1 whitepaper supposedly written in 2012 has footnotes linking to forums posts made in 2013? Guess you never realised the whitepaper was backdated to 2012 from 2014 (when it was really written) to hide the 80% premine. I’m guessing most of those premined coins were sold during this pump, the devs are laughing all the way to the bank at the expense of you suckers.”