ForexMinute.com – By the time I finished writing my article on Neutrino, a newly appeared cryptocurrency that rose over 300% within 24 hours and quickly grabbed the ninth richest market cap place, I saw another coin bullying its way to the list of top ten cryptocurrencies in the same manner. It was Bytecoin which, since yesterday, is sitting on the same spot on which its long-distance cousin Neutrino was sitting. But the question is, how?
Before yesterday, nobody in their right minds heard of Bytecoin. While digging CoinMarketCap.COM, I got to know a little too usual about this skyrocketing crypto coin. Significant information revealed that a majority of Bytecoin have been already premined, which means a large chuck of these coins might be possessed by either an actor or a group of actors, who might be manipulating the market by pumping it.
It is obvious that in such a case, nobody will be willing to invest in Bytecoin, which supposedly is a centralized cryptocurrency. The surprise jumps seem like a long gone strategy to lure investors as they all have understood the maliciousness behind such schemes.
Although, I don’t want to rip off Bytecoin by accusing it as yet another crook cryptocurrency, but in fact it is my understanding that if a coin, whose existence, aims, features and none the least creators, are and were always unknown to us, then it’s credibility is sure be under the shades of doubt.
While inspecting its blockchain, I got know that the coin is being mined since 2012 by few dozens of CPUs. The idea I got from this observation was that that Bytecoin was initially made only for personal purposes, therefore was kept away from mainstream cryptocurrency markets for too long. What we see today is sudden outburst of all the premined coins, resulting into a higher available supply and market cap alongside.
Final Verdict: Try not investing Bytecoin for now as it seems heavily manipulated. We are all further waiting for any announcement by its yet-unknown developers.
To contact the reporter of the story: Yashu Gola at email@example.com
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