Hacker News new | past | comments | ask | show | jobs | submit login

Nope. You are confused. You should consider this great news because you are about to discover something quite interesting!

Bytecoin is a ground up rewrite (for better or worse) blockchain cryptocurrency which uses a pretty boring schnorr-like ring signature in an _very_ clever way to achieve strong privacy. The ring signature its using has been peer reviewed, though the partial uncloaking technique they use to prevent double spending is a novel application.

(And come on, I'm not usually one to lean on authority— but you ought to believe /me/ when I say it's not copying Bitcoin and that it's doing something very useful and interesting for cryptographic privacy)

The privacy achieved by Bytecoin is better than any existing-in-production privacy tools (e.g. CoinJoin) and also as good as or better than every theoretical system I've heard proposed except for Zerocash. Relative to ZeroCash, Bytecoin exists today and has simpler cryptographic assumptions, better performance for signers, and no requirement for trusted initialization. Because it doesn't mask values its anonymity set is potentially smaller, though the implementation does some clever denomination tricks to reduce the harm of value transparency.

The reason I included a hyperlink instead of just speaking comparatively was so that you wouldn't have to suffer from any confusion on the matter. :)

Kinda sad that with all the worthless clonecoin and whitepapercoin pumping people are missing the few bits of real innovation that are getting created, enh? Don't you agree, sir_doge_alot? :P

> See here for proof of calling out curve225519 vs scrypt http://www.google.com/trends/explore#q=curve25519%2C%20scryp.... (when scrypt isn't even really an improvement upon bitcoin).

I have no idea why you're comparing an elliptic curve group with a crappy proof of work algorithm, so here is a bunny with a pancake on its head: http://www.upsidedownguild.com/wp-content/uploads/2013/12/pa...

I think it's because there used to be a really bad alt-coin called Bytecoin, and the stigma remains to this day.

Wow, ok I didn't even bother to check this fact.

I was assuming the entire time that "bytecoin" was referring to the group that literally copied the bitcoin sourcecode entirely, and left it at that.

What is "the new bytecoin" then that you are supposedly referring to?

It seems very naive of the "new bytecoin team" to adopt a name that has been associated with fraudulant activity in the past.

The technology on which bytecoin is based is great, bytecoin itself though has a massive premine/instamine of I believe 80%+ of the currency already. There is a new solution out which is gaining traction, a fork called Monero which removed the premine and is currently gaining traction.

I must apologize, because the only knowledge I have so far of bytecoin is that it started out as literally a DIRECT COPY of the bitcoin source code. They didn't change a single thing whatesoever, until they realized that that motive was fruitless and positioned themselves to adopt something/anything that differentiated themselves from bitcoin.

I still rest behind my case.

I have not invested a single penny in bytecoin and probably never will.

Do they have professional cryptographers working on and vouching for their source code like zerocash? Please, inform me.

I beg of you to tell me the next great crypto currency to invest in. But for now, I am investing most of my diversification fund into zerocoin.

Guidelines | FAQ | Lists | API | Security | Legal | Apply to YC | Contact