According to the startup team, the developers could not affect the cost of the cryptocurrency, since their sphere of influence includes only the regulation of program code.
The Bytecoin blockchain-project team, answering questions during an online session at the Reddit forum, stated that it was not involved in manipulating the price of the BCN’s cryptocurrency after its listing on Binance‘s crypto-exchange. This is written by Ethereum World News.
According to the representatives of the startup, they did not know when exactly the trading platform would add support for BCN tokens, and only the management of the program code of cryptocurrency is in the sphere of influence of specialists. The cost of coins is directly regulated only by the cryptocurrency market, the team noted.
In early May, the digital coin exchange rate BCN showed unusually high growth – within a few hours, the price of the cryptocurrency jumped by more than 160%. Then several crypto exchanges had to suspend all operations on buying and selling of crypto-currency. This incident affected the attitude of the crypto community to the project – cryptocurrency developers were accused of deliberate manipulation for the sake of gaining profit.
We wrote a few weeks ago, that it might be a good idea to avoid Bytecoin and there are reasons for that. For more details, please refer to this article.
The brief story of the conflict – Bytecoin is suspected to be premined (had coins owned by unknown actors before the public release of the blockchain – Editor) badly (over 80%) that makes it centralized and the price of the coin can be influenced by the developers’ team or owners of this huge amount of the coins. Also, it might seem that Bytecoin faked it’s history, adding additional 2 years of existence in order to hide the coin’s premine period.
There are more details on that issue in the message written by The Lead Developer of Monero – FluffyPony. His words had a huge influence as Monero code was forked from the code of Bytecoin, so the Lead Developer has the huge knowledge regarding the Bytecoin’s code.
Our community has proven that it is false and the amount of our supporters shows that we have had nothing but honest intentions towards Bytecoin and our community since the 1st day of its inception.
All of the scam accusations, we believe, are coming from the Monero community, whose aim is to try to de-stabilize us because we are their main competition.
BCN team answered on that recently.
The link, provided in this reply, is claimed to be the proof that all accusations are false. But, as always, BCN team ignored the suggestion to increase transparency of their product.