Unbeknownst to many Crypto traders, the team at Bytecoin (BCN) had an AMA (Ask Me Anything) on Reddit that concluded on the 16th of May. This is the project’s third such event and was geared towards answering some lingering questions about the project’s road-map, its progress and to address the rumors that their was a pump and dump orchestrated when the coin was listed on Binance on the 8th of May.
With respect to the Binance listing, the coin managed to surge by 30% in less than one hour from $0.007 to $0.009. What initially happened is that the coin peaked to levels of $0.018 exactly after listing on Binance. Moments later, Binance users were experiencing delays with deposits and withdrawals, indicating a clogging of the BCN network. The issue was resolved but also occurred in two other exchanges: Poloniex and HitBTC.
The events described above, prompted many in the crypto community, to assume that the Coin is a pump and dump scheme. Many traders were quick to judge that the BCN team had intentionally orchestrated the delay so they can cash out efficiently, and with huge profits. However, the BCN team has refuted these claims and explained themselves on reddit.
The BCN team clearly stated that they only have control of the BCN software that governs the coin and were not aware what time Binance was going to make the announcement of the listing. The team reiterated that they have nothing but good intentions for the project and community. They said that the crypto market is what dictates the prices of the coins and tokens in general.
With respect to the scheduled Hard-fork of the coin to simplify the software, the BCN team has decided to reschedule the event due to the issues during the Binance listing. The main purpose of the hardfork as earlier stated, is to simplify the code, improve P2P protocol, and introduce dynamic fees.
More on the AMA (Ask Me Anything) discussion can be found on reddit.
Other questions that were answered were with regards to updating the roadmap and BCN debit cards. The BCN team pledged on updating on any developments on both issues with time. They also mentioned announcements of partnerships and more exchange listings of the coin to come as we progress down the year.
BCN is currently trading at $0.008644 and down 7.22% at the moment of writing this. This is because the entire market is also in the red, with the total crypto market capitalization dropping $3 – $5 Billion from levels witnessed only yesterday.