The Bytecoin Pump that Broke the Internet
Bytecoin (BCN) got pumped so very hard after being recorded on Binance it basically escalated the Bytecoin network.
The narrative is exemplified well by the next Bytecoin Tweets out of May 8 — 9:
I’m pleased to declare that Bytecoin is recorded on @binance!!! A thousand thanks for everybody who engaged from the integration procedure! And also a massive thanks to your community to get sticking to us for this time around! @jnfgoldberg #BCN #binance #ByteCoin
— Bytecoin BCN (@Bytecoin_BCN) May 8, 2018
Bytecoin Development team is currently working hard to mend all of the network problems. The majority of the difficulties have recently been mended. The software that is fixed is definitely going on the web thus be ready to upgrade your Bytecoin customers.
We’ll upgrade you after the computer software will likely be readily available for downloading.
— Bytecoin BCN (@Bytecoin_BCN) May 9, 2018
Dear Community. We’d love to describe scenario with all the Binance/ #Bytecoin amount. We overlook ‘t have any influence on one or the other’s amount. We are responsible for only our software and all we are doing now is trying to fix everything ASAP, please excuse us for any inconvenience.
— Bytecoin BCN (@Bytecoin_BCN) May 9, 2018
I am assuming the network issues were a result of every Bytecoin holder who had been holding bags from the last few pumps rushing to take their insane and nearly instant gains, but that is just an assumption.
This event must have been a bittersweet moment for the Bytecoin team. On the one hand, they all became insanely rich on paper very quickly, on the other hand, that short period of glory was filled with them working to update their network as it began to lag and freeze up due to the rapid influx of usage. This all happened so quickly that it must have been like a blur for them.
To be fair, Bytecoin doesn’t restrain the amount Binance, just traders perform. Some times traders will rush a coin up once it’s before all else recorded on a market, and when in a blue moonthey have just a small assistance from pump classes.
The stark reality is, Bytecoin mended their problems quickly and also did a fantastic job of conveying what had been happening. Fingers crossed they can obtain some good sells in earlier costs settle.
This string of events can be a Fantastic reminder of a Couple of significant classes, they’re:
- If you desire a lambo, find diamonds which were dumped hardand purchase thempray, then get prepared to market them very fast if when they obtain pumped. Many will more than likely do nothing, however once in awhile, you may reach on the lotto.
- If you would like to maintain your current cash, then stay clear of purchasing coins which have only been pumped along with those which you simply didn’t bother to research.
NOTE: There is nothing defame with Bytecoin as a coin, check out their Twitter. There is nothing defame with speculating and jumping in and out of a pump and dump (I’m fairly certain running a pump and dump is illegal on paper, but like “prohibited ” in theory has little bearing on the reality of the crypto space). The main point of this article, aside from bringing awareness and perhaps a chuckle, is this: if you are new to the crypto space, and you don’t understand very well what a pumpanddump is, or neglect ‘t understand that they can occur when low volume coins obtain listed on exchanges, try to figure it out. Listen to others or watch the exchanges. Do not by purchase the top of some crazy pump and then HODL into the ground.
TIP: Bytecoin went from $0.00004 a year ago to $0.002 in April to $0.03 on May 8th. Before you scoff, consider that this isn’t uncommon in crypto. Bitcoin was able to cost a cent. Surethe Bytecoin pump was so phenomenal, however it surely wasn’t so unusual. In fact, Bytecoin itself was pumped a considerable amount in May, 2017. In low volume coins, the effects tend to be a little crazy, but if you want to be honest with yourself, go back and open up ANY crypto chart. XRP is a good example of major high-volume coin that has a story not so different from Bytecoin (minus the breaking the internet part). Crypto is like the Wild West, but instead of a Sheriff, you obtain John McAfee on bath salts. I’m half joking.
Dogecoin doing well seems to correlate with major crypto corrections.