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Bytecoin [BCN] development team releases an official statement – says it was caused due to a bug

Sthuthie Murthy

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Bytecoin [BCN] development team releases an official statement - says it was caused due to a bug
Source: Max Pixel

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They claim that there was a huge growth of users and the mining activity which led to around 25% of the miners using an outdated software and the rest 75% of the miners using the new software.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.”

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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.

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2 Comments

2 Comments

  1. Andrew Jenkins

    May 10, 2018 at 5:38 PM

    This basically turned into low float stock fomo. Those are the types you get in and get out on. I feel sorry for the bagholders caught into the mix because it was up 700% at one point on binance. You’re not getting that back.

    • J P

      May 10, 2018 at 11:13 PM

      I got caught by this, due to a small last minute rookie fomo trade. I unwound it when I got to work with an $80 loss. However – I agreed to buy at $0.20, and was happy to get out at $0.16, only had myself to blame, no research, no idea about the total supply, considered myself lucky to have got burned with such a small loss. What did surprise me was how long it went on for… people still buying at 10x hours later.

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‘The U.S SEC must regulate the cryptocurrency market to eliminate the bad actors’ – says Ran Neu Ner

Laira Rebecca

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‘The U.S SEC must regulate the cryptocurrency market to eliminate the bad actors’ - says Ran Neu Ner, the CNBC host
Source: Max Pixel

CNBC Fast Money, hosted by Melissa Lee, had Ran Neu Ner as the guest this time. Ran Neu Ner is a famous host of CNBC Africa’s Crypto Trader show and is the Founder of OnChain Capital.

The main topic of discussion was about “Is cryptocurrency market being manipulated?”

According to Ran, in the past, it was easier to manipulate the cryptocurrency market because there were a very few exchanges, a few on-ramps, and off-ramps. However, today with an overall market cap of $330 billion, it is a bit more difficult, because there are many exchanges and the volume of the digital currencies are much higher.

He also mentioned about the recent tweets that exposed a group, who is manipulating small penny tokens and how they got exposed for manipulating small e-liquid tokens.

Melissa further raised a doubt about how the market manipulation is occurring in deepest markets like London Interbank Offered Rate [LIBOR] and compared it with the U.S cryptocurrency market.

Ran mentioned that he is not sure about it, because the U.S. Securities and Exchange Commission [SEC] has not regulated Bitcoin and other cryptocurrencies.

Therefore, there are no regulated acts, under which the illegal terms can be questioned.

He says:

“what is the problem of driving the prices up? It is illegal in terms of what act? We are not a currency, not a commodity, we don’t know what we are.”

Further, they discussed, due to the uncertain market values of BTC and other coins, should the traders be cautious about what the SEC, U.S. Commodity Futures Trading Commission [CFTC] or the U.S Department of Justice [DOJ] is going to look at.

Ran says, when the SEC and other organizations come up with regulations, it is going to open the floodgates for new money to come in. He thinks that regulations are eminent and he expects SEC to quote new regulations for cryptocurrency and hopes that everyone will follow it.

Also, he mentioned that he would encourage crackdowns because they can catch the bad actors who create a lack of trust. To obtain a real asset class with real people, eliminating bad actors is very important.

Ran believes that people across the U.S are waiting for the guidance of SEC and they have a huge part to play in regulating cryptocurrencies, while other countries are already looking into various aspects of cryptocurrency and have started accepting them.

A cryptocurrency enthusiast says:

Always an interesting conversation when it comes to manipulation. The #Silver market has had a conspiracy theory about being manipulated for more than 10 years.”

Anthony Matthew, a business analyst says:

“BTCUSD barely broke lower than 7500 all day, despite well-known news of cryptotrade manipulation and DOJ + CFTC investigation.  I feel like I am trading in the stock market again, so I am buying Bitcoin at 7500.”

A cryptocurrency miner named Chad commented:

“Maybe the DOJ and @CFTC will crack down on manipulative paid Roger Ver shilling appearances too”

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TRON [TRX] partners with vSport to launch world’s first Soccer Blockchain

Prerana Sarkar

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TRON partners with vSport to launch world's first Soccer Blockchain
Source: Pixabay

On May 25, Justin Sun announced that TRON and vSport have come up with a partnership where the two companies can support each other in the development of the soccer industry’s blockchain technology by sharing content and creating communities that shall increase its reach.

vSport aims to build a sports ecosystem with cross-partnerships with leading networks’ like TRON along with authorized distributors of the World Cup and make payments easier and more scalable. This project is dedicated to creating a public chain for the Global Sports Industry. It is expected to be the world’s first non-profitable blockchain platform, involving tokens.

Qiang Bai, an artificial intelligence entrepreneur who is the mastermind behind the creation of vSport has paired with the famous Dutch footballer Wesley Sneijder. This collaboration also involves the world’s largest sports social media powerhouse 433, and China’s Sport8 which is a successful sports educational platform.

After the launch in Singapore, vSport co-founder, Wesley was quoted as saying:

“I believe Blockchain can help to bring balance to the economics of sports. That is why we launched our sports-chain project. I’m excited to see an open and decentralised sports community that focuses on fans first.”

Both the parties have come to an agreement on sharing its collaborative techniques, resources, and energy to create a decentralized web platform to make the blockchain technology more mainstream. The TRON community believes in rewards for all the people contributing to its progress. A special community is going to conduct an assessment of the participant’s contribution based on which TRX tokens, TRON merchandises like t-shirts and gifts will be offered.

Justin Sun, the Founder of TRON, has put out his views stating:

“Soccer is the biggest sport in the world. It has the largest fan base, and the community has always had a keen sense and great enthusiasm for new things. Combining soccer and sports in general, with blockchain technology will effectively expand community support for blockchain. This will provide people with an enhanced experience of blockchain and even change their lifestyles.”

He mentioned Wesley Sneijder, the former Netherlands national team footballer who Justin claimed to have helped in heading soccer-related projects off the field. He then spoke of him as:

“Wesley Sneijder, who not only helped the Netherlands dominate the field, but also has spearheaded soccer-related projects off the field. As a fast learner that embraces blockchain technology, it’s likely that Wesley will completely change the structure of the soccer ecosystem through this initiative. TRON very much looks forward to this partnership.”

Today he posted on Twitter saying:

 

The TRON protocol provides one of the most scalable operating systems in the world with its blockchain technology. It enables users with large-scale data transmission with a promise of more than 10,000 transactions per second. They also have the feature of smart contracts for crowdfunding and issuing more digital assets.

One Twitter user supports the partnership by replying:

vSport now holds a large traffic with more than 30 million sports enthusiasts and 15 million supporters from China. The 2018 Russia World Cup is scheduled to open on the 14th of June, gaining more importance in what was announced today. TRON and vSport will work towards creating a blockchain based ‘soccer results forecasting platform’ for better quality entertainment for its fans.

According to Qiang Bai:

“With sports models of the past, it is hard for fans to get rewards in exchange for their enthusiasm and contributions, which causes serious imbalance in the value structure. Collaborating with TRON allows us to join forces with another strong company, leveraging our soccer and sports resources to solve difficult soccer and sports industry-related issues. We will work together to build and nurture a healthy soccer and sports ecosystem. I believe this will be a great way to give back to soccer fans around the world.”

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