BYC coins in the Bittrex Wallet

Donnie
Donnie

Hi Christopher,

Sorry for being a newbie concerning cryptocurrencies and asking this question, but I am wondering what does it mean for Bittrex to be holding BYC coins. It's my understanding that these are the coins that were not sold during the ICO back in 2014? Will these coins ever be put on the exchange for sell or possibly dumped at once? I know in the beginning you were offering for people to directly buy BYC with a credit card. Were the coins they bought coming from the Bittrex wallet or off the sell wall on Bittrex? Also, were any BYC coins premined before the public launch? I know there is some criticism on the internet about BYC being instamined, but I feel you answered those concerns very well. I know I probably could have gotten this information off of the coinblab forum, but I wasn't around then and that forum has since been shutdown.

Comments

  • Donnie
    Donnie

    Cont...
    I had to have a continuation since there is a limit to how long a post can be.
    One last thing concerning your partnership with Avenquest is that I know they are using the Bytecent platform and blockchain technology for their AQ rewards program, but will that mean the value of the Bytecent coin will go up, as well? It's my understanding it will since they will have to buy Bytecent coins to use for their rewards system.

    Sorry for being so lengthy and asking so many questions but I have $155,000 invested in BYC coins that I bought a week ago, so you can see why I am trying to be as thorough as possible concerning this coin. I read all 85 pages, TWICE, on the bit coin talk forum and I am a BIG believer in the potential and future of this coin and these questions are not meant to be negative or critical in anyway. I am telling everyone I know to invest in BYC because I truly believe GREAT things are ahead for this coin in 2018 and beyond.

  • Donnie
    Donnie

    Thank you for your patience and taking the time to answer my questions seeing I am very new to cryptocurrency and how everything works!

  • Christopher
    Christopher

    Hi Donnie,

    Sorry about the post limit. I did that to prevent spam, and thankfully we finally have a forum that is not flooded with spam, (knock on wood). I just increased the limit, let's see how that goes.

    1. The coins that were not sold during the ICO were burned by Bittrex. They are unable to be spent or dumped on the market.

    2. Bytecent was premined only for the ICO coins, and as stated above the unsold coins were burned. Here is the block with the ICO coins: https://chainz.cryptoid.info/byc/block.dws?e7d1b526a1cba16e1870da6fa0f951698336c7eb070b91acb69e59801e6037f1.htm

    3. Bytecent was never instamind. Actually, when we went live we purposely set the block reward to 0.01 for x amount of blocks to give enough people time to setup their miners. https://chainz.cryptoid.info/byc/block.dws?c5a46346f0c18a65c42cbada6f9e11958deffd6f468d746e2203f360e98778e0.htm

    4. Our partnership with Avanquest is good for Bytecent because it helps keep demand for Bytecent stable. We are currently working on two project for Avanquest that will release soon, and Bytecent will get more exposure.

    Thank you for believing in the project and more great stuff is coming soon!

  • Donnie
    Donnie

    Thank you VERY much for taking the time to answer my questions! It is much appreciated.

    Just two other questions I have, and I'll try to leave you alone.

    1. Is there a way we can see how many miners are mining BYC on average per day? Just curious how many miners are mining this coin in order to help secure the network. It's my understanding the more miners the better, so I am curious about what the avg miners per day is.

    2. It's my understanding that there is a max supply of 33 million coins of BYC and that almost 2 million have already been mined and that it should take almost 50 years to mine the rest of the coins. I read @ https://bitcointalk.org/index.php?topic=999498.1480 that there are 525,600 coins to be mined per year for the next 50 years. That leaves around 26,280,000 more coins to be mined and if that is true, and there have already been 2 million mined then where does that leave the other 5 million coins? ( 33 million minus 2 million already mined minus 26 million left to mine). Is that how many were burned by Bittrex (5 million)? I hope I am making sense with this question.

  • Christopher
    Christopher
    1. No.
    2. Bittrex burned 68,359 BYC.
    3. The time it takes to mine all the coins is an estimation. Each day a different amount of coins are mined: https://chainz.cryptoid.info/byc/#!overview
      So 50 years is not exactly when all the coins are mined. However, it will take a very long time before we come close to 33 million coins.

    Best,
    Christopher

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