Bytecoin's frequency of troubles, pump & dump, ASIC friendliness shows us that why STEEM with far less problems is quite undervalued!

With announcement of Bytecoin (BCN) on Binance, it was pumped by 173% and almost gained 15 rank in the CoinMarketCap. It is antithesis coin against Monero now support CryptoNight ASICs. Monero and most cryptonight coin forked to reject CryptoNight ASICs.

Due to being CryptoNight ASIC friendly, its hashrate quadrupled to 200MH/s from mere 50MH/s last month. It was gaining some momentum but nobody saw such huge pump of 173% coming.

Now its wallets are disabled for both withdrawal and deposits. Bytecoin (BCN) has frequent problem with wallets. Its devs are anonymous and randomly update about developments. Though it is traded in mostly HitBTC and Poloniex until Binance, it had a strong HODLer community. Its price never went down in big way.

BCN developers claim to launch the first CryptoNight coin back in July 2012. However, Monero developers claims that CryptoNight algorithm never existed before 2013.

BCN is claimed to be ninja mined by early developers or miners. Almost 82% of the BCNs are mined already (e.g. 154 billions mined out of 184 billions total) over a period of 2 years since July, 2012. Therefore, it is said that more than 80% of are held by of people unknown, and untrustworthy (?) developers.

The best thing about BCN is it has very low transaction fee which is 0.01 BCN (0.018 cent while STEEM is free) compared $2.5 fee for monero and mineable by ASIC. Developers claimed that not making hardfork to change algorithm, BCN stays anonymous..

There is a conspiracy theory that giant ASIC manufacturers such as Bitmain may have coordinated the pump to provide value to their expensive ASICs. Not only Bitmain, there are four ASIC manufacturers who released CryptoNight ASICs.

I have a personal relationship with Bytecoin. I started mining BCN three years back with my CPUs. I almost mined 4M of BCN at its current value of 1.8 cents, it is handsome $82K. Unfortunately, I always sold them for Litecoins and now STEEM. If I did not lost all my LTC in OKex future trading, it would have been a handsome money.

Interestingly, I still own a CryptoNight ASIC and plan to Bytecoin again in future. Currently, I mine AEON- another cryptonight coin but it has future plan to switch algorithm. With recent success of BCN, after SH-256 (BTC), Scrypt (LTC), X11 (DASH) now CryptoNight (BCN) becomes the fourth largest ASIC mineable coin.

BCN sudden pump and dump, less frequent updates and wallet problems, shady ninja mining shows that STEEM is quite a decent coin. STEEM has a history of insta-mine record but it was for good cause to form Steemit Inc to take care of the developments and marketing.

In that sense, STEEM is quite undervalued. But due to its trouble with slow-onboarding, lack of details and deadlines for major upgrades (e.g. Hivemind and SMT), it is not reaching its potential value. It needs to speed up its sign-up process and better its user-friendly interface to see exponential growth of its users. Its current emission rate requires higher growth of users to rise up in price which is currently stalled.

However, it is worth risk to hold STEEM since one should buy it when it is undervalued and there is a uncertainty. Recent BCN and EOS pump shows with big updates how a crypto can easily reach to moon. Buy on rumor sell on news!

Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions.

Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.

Thanks for reading.
@riseofth
Cryptominer since 2013, occasional trader and tech blogger