Bytecoin (BCN) Debacle Turns Fishy: Here Is What We Know So Far
Bytecoin (BCN) skyrocketed then its network buckled under pressure from increased traffic, or that is what we knew yesterday. CoinMarketCap “removed” the coin from its ranking at the time and its now at the bottom end of the list.
And thus, Bytecoin (BCN) is, at the moment, still asking the cryptocurrency ranking and data site CoinMarketCap.com to reinstate it for the sake of its investors.
Earlier, the team at the beleaguered crypto reported that they had been able to fix the bug that had caused a massive network failure soon after its coin BCN was listed on Binance.
Web wallet is back online
Hours after the massive network failure, the Bytecoin team came forth with an assuring message to its community.
Later, a statement by the Bytecoin Development team explained that getting listed on Binance “was the cause for an explosive amount of user growth and mining activity. Due to a large number of miners who were using the old software a bug appeared in the network consensus. That bug was the cause of the network’s instability.”
However, the statement explained that the team had been working hard to try and fix all the network issues that had cropped up the other day. They also updated the community via the same Twitter account saying that most of the problems had been fixed and that the fixed software was being released online.
The message further asked the network users to be prepared to do an update to their Bytecoin clients. It ended by informing that more updates would follow once the software had been made available for download.
CoinmarketCap hasn’t reinstated BCN
Yet after all these, Bytecoin is still ranked at 1591 out of 1594 cryptocurrencies on CoinMarketCap.com. Even more worrying for the Bytecoin team, the site has yet to show any statistics regarding exchanges listing BCN. That has forced the cryptocurrency to plead that the situation is rectified.
CoinMarketCap has neither responded to the plea nor reinstated the coin as requested. At the time of writing, BCN was still ranked way down the ladder, with no updated stats.
Users can’t access their funds/coins on Poloniex more than 24 hours later
And it appears the situation hasn’t fully been remedied as reported by the Bytecoin devs. There are widespread pleas from anguished investors who say they still can’t access their funds, more than 24 hours after the network issues began. The biggest complaint is about transactions being reflected as completed on Poloniex, but not deposited into the investors’ wallets. One such user pleaded with the Bytecoin team:
“Please fix the Poloniex missing withdrawal/ unrecognized Transaction ID bug, we’ve been desperately waiting for it as our funds are nowhere to be found. Has been more than 36hrs. Thanks”
And yet another finds it quite amusing that the BCN team are much more worried about not being on CoinMarketCap than fixing the issue that has led to millions of BCN being held on Poloniex. The investor calls on them to do something, saying:
“This is priceless, you are more worried about being listed on @CoinMarketCap rather than helping resolve the issues with @Poloniex. They are holding thousands of users BCN to ransom, including mine for over 2days now.”
This plea is repeated all over the social media, forcing Bytecoin to respond via twitter saying:
This may well be fine with the investors, as long as their patience is rewarded with positive feedback and a return of their funds. However, there seems to be something wrong going on at Bytecoin other than the network congestion.
Could it be complacency?
The continued lack of fixes on the issues surrounding Poloniex could be interpreted to mean that there was complacency on the part of the Bytecoin (BCN) team and the exchange. It’s not that way, though, until clarity of sorts comes out of the whole debacle. Poloniex Exchange, the twitter page for the exchange has this message that incidentally is more than 22 hours old:
There isn’t any clear communication and nothing more has been communicated, leading to many on Twitter to question the role of the crypto exchange in the whole matter. It is quickly turning into something questionable.