The CryptoNote/Bytecoin Scam - Reading Assignment

Read the brutal and well-researched takedown of Bytecoin posted to Bitcointalk a few months after its released. Answer the questions and post your answers below:

https://bitcointalk.org/index.php?topic=740112.0

  1. Based on Section 2, ‘The Alleged CryptoNote/Bytecoin Story’, when was Bytecoin released?
  2. Based on Section 4, ‘Indisputable Facts’, when was CryptoNote v2.0 actually released?
  3. Based on Section 7, “Layer after Layer’, why was Bitmonero/Monero successful when other Bytecoin forks weren’t?
  4. The post author leaves their Bitcoin address for donations. How much BTC did they receive in 2014? (hint: use a blockchain explorer)

1.April, 2012, they released Bytecoin

  1. The conclusion we draw from this is that the CryptoNote developers, as clever as they were, intentionally deceived everyone into believing that the CryptoNote whitepapers were signed in 2012 and 2013, when the reality is that the v2 whitepaper was created in March, 2014, and the v1 whitepaper haphazardly created a month later by stripping bits out of the v2 whitepaper (accidentally leaving dead footnotes in) .

3.Because they fucked themselves over by being fucking greedy, being utterly retarded, being batshit insane, and trying to create legitimacy where there was none. They lost the minute the community took Monero away from them, and no amount of damage control will save them from their own stupidity. Bytecoin’s 82% premine was definitely the result of a faked blockchain. CryptoNote’s whitepaper dates were purposely falsified to back up this bullshit claim. Both Bytecoin and CryptoNote have perpetuated this scam by making up fake website data and all sorts. They further perpetuate it using shill accounts, most notably “DStrange” and “Rias” among others.

They launched a series of cryptocurrencies that should be avoided at all cost: Fantomcoin, Quazarcoin, and Monetaverde. They are likely behind duckNote and Boolberry, but fuck it, it’s on your head if you want to deal with scam artists and botnet creators.

  1. The post author received: Total Received 1.23348604 BTC
1 Like
  1. It was released in April 2012.
  2. It was released in March 2014.
  3. Because the developers are well known in the crypto environment and that there is a strong community behind it.
  4. The author received 1.20078494 BTCs in 2014.
1 Like
  1. Based on Section 2, ‘The Alleged CryptoNote/Bytecoin Story’, when was Bytecoin released?
    April 2012

  2. Based on Section 4, ‘Indisputable Facts’, when was CryptoNote v2.0 actually released?
    13/03/2014

  3. Based on Section 7, ‘Layer after Layer’, why was Bitmonero/Monero successful and Bytecoin forks weren’t?
    Because of the way they’re developing the currency, but mostly because the “Core Devs” or whatever they’re called are made up of reasonably well-known people. That there are a bunch of them plus a bunch of other people contributing code means that they’re sanity checking each other.

  4. The post author leaves their Bitcoin address for donations. How much BTC did they receive in 2014? (hint: use a blockchain explorer)
    1.200078494 BTC in 2014

1 Like
  1. April 2012
  2. March 2014
  3. Because the team behind monero was well known and well respected while the other forks were done by people who really didn’t have the trust of the community.
    4.1.23348604 BTC
1 Like
  1. Based on Section 2, ‘The Alleged CryptoNote/Bytecoin Story’, when was Bytecoin released?
    April 2012.

  2. Based on Section 4, ‘Indisputable Facts’, when was CryptoNote v2.0 actually released?
    13/03/2014.

  3. Based on Section 7, “Layer after Layer’, why was Bitmonero/Monero successful when other Bytecoin forks weren’t?
    Because “core devs” were well-know people in the cryptocurrency community.

  4. The post author leaves their Bitcoin address for donations. How much BTC did they receive in 2014? (hint: use a blockchain explorer)
    1.23348604 BTC.

1 Like
  • Based on Section 2, ‘The Alleged CryptoNote/Bytecoin Story’, when was Bytecoin released?
    april 2012

  • Based on Section 4, ‘Indisputable Facts’, when was CryptoNote v2.0 actually released?
    march 2014

  • Based on Section 7, “Layer after Layer’, why was Bitmonero/Monero successful when other Bytecoin forks weren’t?
    The community had more trust reposed in the well known core devs of the project.

1 Like

1April 2012
2.march 2014
3.because the core developpers were well respected in the community
4.How much BTC did they receive in 2014? (hint: use a blockchain explorer)
1.23348604 BTC.

1 Like
  1. April 2012.
  2. March 2014.
  3. Because the developers are well known in the crypto environment and that there is a strong community behind it.
  4. 1.20078494 BTC.
  1. In April 2012.
  2. In September 2013.
  3. Because the core developers were well-know people within cryptocurrency community.
  4. 1.23348604 BTC
1 Like
  1. Based on Section 2, ‘The Alleged CryptoNote/Bytecoin Story’, when was Bytecoin released?
    April, 2012

  2. Based on Section 4, ‘Indisputable Facts’, when was CryptoNote v2.0 actually released?
    3/03/2014

  3. Based on Section 7, “Layer after Layer’, why was Bitmonero/Monero successful when other Bytecoin forks weren’t?
    Monero is streets ahead, partly because of the way they’re developing the currency, but mostly because the “core devs” or whatever they’re called are made up of reasonably well-known people. That there are a bunch of them (6 or 7?) plus a bunch of other people contributing code means that they’re sanity checking each other

  4. The post author leaves their Bitcoin address for donations. How much BTC did they receive in 2014? (hint: use a blockchain explorer)
    1.2btc in 2014

1 Like
  1. Based on Section 2, ‘The Alleged CryptoNote/Bytecoin Story’, when was Bytecoin released?
    April 2012

  2. Based on Section 4, ‘Indisputable Facts’, when was CryptoNote v2.0 actually released?
    March 2014

  3. Based on Section 7, “Layer after Layer’, why was Bitmonero/Monero successful when other Bytecoin forks weren’t?
    It was not run by the original CryptoNote people, and the developers were well-known.

  4. The post author leaves their Bitcoin address for donations. How much BTC did they receive in 2014? (hint: use a blockchain explorer)
    1.2 BTC

1 Like
  1. April 2012
  2. March 2014
  3. It was the only one developed by people known in crypto world. It was not a scam like many other CryptoNote coins that were developed by shady characters.
  4. 1.2 BTC
1 Like

1. Based on Section 2, ‘The Alleged CryptoNote/Bytecoin Story’, when was Bytecoin released?

In April 2012.

2. Based on Section 4, ‘Indisputable Facts’, when was CryptoNote v2.0 actually released?

In March 2014.

3. Based on Section 7, “Layer after Layer’, why was Bitmonero/Monero successful when other Bytecoin forks weren’t?

Bitmonero’s core developer was/is part of the CryptoNote developers, but he was a bad leader, so the community decided to create a fork of the project and develop Monero.
Monero’s team is composed by well known people and a strong community, all the others were exposed as scams.

4. The post author leaves their Bitcoin address for donations. How much BTC did they receive in 2014? (hint: use a blockchain explorer)

1rysLufu4qdVBRDyrf8ZjXy1nM19smTWd received in total 1.23348604 BTC.

In 2014 (1 BTC donated in August and 0.2 BTC donated in September) he received 1.2 BTC.
In August 2014 the bitcoin price was around 580 USD, so in total he received around 696 USD.

Interesting that he did withdraw the 1st BTC straight away, but the next withdrawal of the rest (around 0.2321 BTC) happened only on 2020-02-21. 0.2321 BTC. In Febraury 2020 the bitcoin price was around 10k. Because of covid-19, the price dropped in the end of February, so who knows, this guy smelled the drop and cashed out before the crash! Good call!

1 Like
  1. Based on Section 2, ‘The Alleged CryptoNote/Bytecoin Story’, when was Bytecoin released?
    • April, 2012
  2. Based on Section 4, ‘Indisputable Facts’, when was CryptoNote v2.0 actually released?
    • v2 whitepaper was created in March, 2014, and the v1 whitepaper haphazardly created a month later by stripping bits out of the v2 whitepaper (accidentally leaving dead footnotes in)
  3. Based on Section 7, “Layer after Layer’, why was Bitmonero/Monero successful when other Bytecoin forks weren’t?
    • Mostly because the “core devs” or whatever they’re called are made up of reasonably well-known people. That there are a bunch of them (6 or 7?) plus a bunch of other people contributing code means that they’re sanity checking each other.
  4. The post author leaves their Bitcoin address for donations. How much BTC did they receive in 2014? (hint: use a blockchain explorer)
    • 1.23348604 BTC
1 Like
  1. April 2012
  2. March 2014
  3. The core devs were well known in the community.
  4. 1.2 BTC
1 Like

1- April, 2012,

2- 17/10/2013

3- According to the author, Monero was successfully because of the way they were developing the currency, and mostly because the “core devs” were made up of reasonably well-known people unlike cryptonote/bytecoin. There were around 6 or 7 developers, plus a bunch of other people contributing to the code, and that meant that they’re sanity checking each other.

4- 1.23348604 BTC

1 Like
  1. “in April, 2012, they released Bytecoin”
  2. “v2 whitepaper was created on 13/03/2014”
  3. Monero coin had own community net-effect, and also crypto ‘public’ known devs as a core-team
  4. “1.23348604 BTC”
1 Like
  1. April, 2012
  2. 13/03/2014
  3. Monero is streets ahead, partly because of the way they’re developing the currency, but mostly because the “core devs” or whatever they’re called are made up of reasonably well-known people.
  4. 1.2 BTC
1 Like
  • Based on Section 2, ‘The Alleged CryptoNote/Bytecoin Story’, when was Bytecoin released?
    April 2012.

  • Based on Section 4, ‘Indisputable Facts’, when was CryptoNote v2.0 actually released?
    13/03/2014.

  • Based on Section 7, “Layer after Layer’, why was Bitmonero/Monero successful when other Bytecoin forks weren’t?
    because the “core devs” or whatever they’re called are made up of reasonably well-known people. That there are a bunch of them (6 or 7?) plus a bunch of other people contributing code means that they’re sanity checking each other.

  • The post author leaves their Bitcoin address for donations. How much BTC did they receive in 2014? (hint: use a blockchain explorer)
    1.2 BTC

1 Like