There are simply too many cryptocurrencies in circulation to keep tabs on them all. In the case of B3Coin, a currency very few people currently seem to care about, there is a lot of reason for concern. Specifically, its developers have seemingly frozen most of the network nodes, forcing all transactions to go through clients the developers are running themselves. It’s a shady tactic, to say the very least.
B3Coin Network Looks Rather Suspicious
It is not a big surprise that most people will have never heard of B3Coin. The currency is tracked on CoinMarketCap, but no one knows its circulating supply or market capitalization at this point in time. Moreover, it is not an actively traded currency either, which makes it far less appealing than other coins. The recent actions by the currency’s developers only add more fuel to this fire, as a lot of shady things are happening as of right now.
For one thing, the currency has no instamine or premine. That is a good sign, but it doesn’t make it the most trustworthy altcoin in the business either. There have been multiple network forks already, which is not a good sign whatsoever. Moreover, it was seemingly launched in August of 2016, yet few people have shown an interest in it since that time. It’s not an altcoin one can find on major exchanges either, as it’s only listed on Cryptopia and CoinExchange right now.
What made this currency so appealing all of a sudden is its introduction of masternodes. Anyone who sets up such a node can make a good amount of money for every transaction that comes through his or her node. Unfortunately, this is where issues have arisen for B3Coin enthusiasts. It would appear there are only 30 fundamental masternodes active right now, all of which are operated by the developers. These nodes will receive rewards from the staking bounty currently active on the B3Coin network. Around 60% of all staking rewards will go to masternodes, which can add up to a lot of money.
Sadly, the B3Coin network has been “frozen” for the past three days. This not only affects the people looking to run masternodes, but also those who want to move money to and from exchanges. The only masternodes working right now are receiving all the staking rewards, which means the B3Coin developers are lining their pockets. So far, no one has been able to do anything about this, nor will anyone be able to do so in the near future. All of this seems to have been a deliberate course of action by the developers, although things may not necessarily be as black-and-white as people think.
After all, there is always a chance that there is an understandable reason for this sudden turn of events. Sadly, that is unlikely to be the case, considering that the B3Coin developers have been purposefully IP banning individuals from Discord who ask too many questions. Since no one can move funds to or from exchanges, or even cash out earnings from the community pool, a lot of money is simply frozen at this time. This is not an acceptable development by any means, yet it shows why most altcoins are considered either useless or just plain scams.
The concept of masternodes is pretty popular among altcoin developers. That’s not surprising, as they incentivize users to lock up large amounts of currency for extended periods of time. When that happens, there is usually far less market volatility to contend with. However, purposefully preventing people from moving their funds is never an acceptable course of action. We can only hope the B3Coin situation resolves itself pretty quickly, but it remains to be seen how things will play out.
All the Coins rewarded to the Fundamental nodes created by the Devs testing are being burned.
I’m an investor, this is all fud. The network was down due to a bug, and now this has been fixed by the devs. All exchanges will be up and running soon.
https://uploads.disquscdn.com/images/9f054c727130d989364b84a2344eec41bc488db2a580d72a60cd0c30e5dd2569.png
Hi JP,
this is a very speculative article to say the least. You are right that the devs where getting all the masternode rewards the past days. This is to test the network. Maybe if you did some effort to go in to the community and listened to what’s going on, then you didn’t even need to do the effort to write this short sighted article.
The forks where neccesary to get the network running properly, the devs needed to test it so they did. The earned coins will be burned so please do your research a little better next time.
Kind regards,
Lout
This article is fake news. Those coins are burning much like your “news” website.
HAHAHA… ahhh this guy was the one that got banned the other day
Well a few community members couldn’t wait for release and figured out how to start nodes without official launch. Devs had no choice but to release the nodes when network wasn’t fully stable. Imagine if they didn’t then those few individuals would be raking it in. At least now some community members can get in as well. The rewarded coins already have been promised to be burned or used for marketing. Any ICO you buy into always allocates a % to marketing and dev team. Afterall these guys are putting in hours of work while we sit back and benefit. STOP THE FUD!
This statement should be expounded upon, as currently lyndon dolman looks like a random dude on the internet saying random things.
At 8:38 AM 11/28/2017 one of the core team members, DavidJB3 announced that the rewards gained from fundamental node (B3’s version of master nodes) which were used for testing by the devs would be burnt.
In addition, before today’s announcement, some of those coins were distributed among the community in the form of air drops. The coins have not been used to line the devs pockets.
This article is riddled with such great “research”. Well done.
I invested in this coin, so another once that puts a bad taste in your mouth. Oh well moving on to other coins. @paulgpotts
This is FUD too. Nobody has any confirmation of burns. Money in those nodes is still there. They don’t post anything outside of discord and they refuse to pin conversations in discord so you can find the latest news about the problems.
Hopefully it will work out in the end. But the qty of ‘issues’ this coin had had leads to 2 conclusions. The developers are a joke and never test their own code, and should not be in crypto, finance or health industries. OR they orchestrated this shit which tends to go along with the mentality that they ‘have to stop using github’, because their code is so awesome and world changing that someone will steal (hah, steal open source) it and release before they can.
Get real, if you believe that you don’t know how GitHub works and that the code could just not be committed until testing outside of github and release was ready. These guys are full of BS and should be marked for all future crypto they get involved with. Some of these guys who are devs or work hand in hand with them claim to work for sale force and other major corporations. Not saying it’s true, but I hope if it is and they do keep scamming that those companies find cause for termination after looking deeper at what their employees spend their days doing besides work. If they don’t actually resolve the issue in a completely transparent and fair manner I hope they get dox’d.
Hi Paul, your investment is safe and sound. Give it a week and you will see the results of all the hard work. When the exchanges go live, you won’t be let down 😉
You can be sued for libel for writing this falsehood. Who are you working for?I had expected investigative journalism before rushing to print.You’re doing so much damage if you don’t correct this ASAP. The developers have reputation as they’ve worked for bitcore and bitsend token.They’re fixing bugs and other issue to ensure network stability. No one is earning money by this action.To say am not disappointed by this article is to state the least dispeakable.Do a thorough research and come up wit the true story in order not to deceive the investing community
Absolutely love a well researched, well written, balanced article, pity this drivel has been published instead!
You should be ashamed.
Thanks,
BS, how did this happen with all their amazing security by not releasing code to GitHub? The community members hacked dev computers and stole it?
These guys are full of crap and change their tune every 24-48 hours about the what and why. I hate government and want them out of crypto, but people like this keep doing shit that’s either going to get big gov involved or cause laws to outlaw crypto. In either case their F’n up a good thing….
BigCrypto
Which Guy was it?
My name is Lyndon In the Discord brother, see you on the inside
I don’t agree with you at all. A community member wrote this and I agree 100% with it:
B3 team is doing quite a difficult and brilliant job taking this coin into its new future. Otherwise, this coin would plummet to death because of hyperinflation. Instead, it gained over $85mil market cap. It was a huge success, which was not easy. Also implementing a whole new concept of masternode was not like typing a few words to criticise. If they would not take those steps and implement new upgrades, impatient people would start screaming seeing the price plummeting. It seems like a double edged sword, no matter how good or bad you run a project, some people would never be happy. It is time to become mature and to appreciate the B3 team for the hard work and for saving B3 coin from hyperinflation inflicted death.
Greatly appreciating B3 team for their fabulous efforts to take this coin into the next level.
And B3 Dev run test Fundamental Nodes are burning the coins. Dev’s are obviously not profiting from this. Devs are building B3 because it’s their passion and that’s why the community grew from 1,000 people to over 10,000 people in less than 3 months.
It’s called reading the code and figuring it out. Maybe if you were smart enough you could have done the same. That’s the beauty of open source and an exact reason why the devs don’t like releasing code early. This is stated on their website. They don’t want competitors getting a jump start. It’s unfortunate but you can’t point fingers until it’s all figured out and we see the end result. All of this FUD is going to kill the coin and then your investment is really screwed. What if it was you who got a node early? Would you be commenting on this article the way you are? You want to believe something you can’t prove go ahead but don’t ruin it for real investors. And by real I mean people that invested thousands because if you’re one of those people you weren’t be trying to scare other investors away with accusations. *Drops the mic*
This article is a load of bullshit, the author JP Buntinx is an uninformed twat that does not know how to do research before posting his slander.
B3 will succeed because it has an awesome community and an awesome Dev team!
“JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world’s leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.”
LMAO, Worlds leading bullshit writer, maybe. you’re a fucking joke!
I still have hope and thanks for the reply. I can’t wait for B3 to come back…
Let us keep our fingers crossed
Hi JP,
The dev’s in my experience have been the most transparent and helpful devs to date on any coin i experienced. This is an incredibly speculative with no substantiation and a “click bait” title with a very strong title that suggests it is in fact true.
IMO this whole article makes you come across like a click-bait whoring amateur. Lout is correct, no coin like this has ever been done…so of course, they have to try new things to get problems sorted.
Please consider rewriting the article, at least you will win over some of your readership again, this is not the way for you to progress your career.
The op is 100% correct, if you are thinking of investing in this shitcoin please dont. The team robbed everyone who put their hard earned money into the pools or solo staking by bringing up 10 masternodes before schedule reducing everyone elses stakes by 60%, and monopolizing the masternodes using the billions of coins they earned off the backs of people to create more. If you have a question about anything you are told FUD and then insta banned by their less than professional ape like marketer. This is done in order not to scare away new investors and reap the benefits off the back of their hard earned cash.
You bring up several good points. 90% of the community was attracted by the 10k% rewards which was pulled right out from under us and politically spun as a positive move forward. They’ve locked B3 down until after 80k which is when the high rewards expire. I think the most telling sign is the cult-like behavior they have inspired in the community. Anyone with opposing views is met with shouts of ‘fud!’ and promptly banned. There is no room for criticism in the herd of sheep that is the B3 discord chat. Even Suppo has voiced his disdain for the spamming of facebook groups inspired by more bribes.
As I write this cryptokane announces “we’re still working on the least disruptive means to get everyone back on the same chain moving forward. Any questions regarding exchanges will be ignored until this issue is resolved.” which was instantly met with more than 50 positive likes. Not only is the lack of transparency and information rampant, but they’ve bribed the community into compliance by giving away coins to those who help “stop fud” and also topping off accounts why are shy of having enough for masternode (that way more are tied up in limbo). Seems to me like the rich get richer and the poor get handouts… tell me which other economies that followed this path have survived?
B3 feels more like a cult with perma-bans locked and loaded for any naysayers- it took them less than 15 seconds to ban me after posting a link to this article. Be weary of organizations which leave no room for criticism.
I might add that anyone who looks at the blocks can clearly see the same fn addresses winning the rewards again and again and again. This was supposed to be a “once you win you go to the back of the line” system yet we’ve gone several days without a single explanation or even acknowledgement that there is a problem. One might think wallet #1 on the rich list (which was controversially dismantled for unknown reasons) and the fn hackers were inside jobs with the goal of controlling coin supply… but what do I know, I’m just a fudder.
As of this day, I will no longer be reading any articles from “The Merkle” because of this piece. It’s pure speculation. Did you even talk to any Devs? I think you tried to whale your way in on a Fundamental node, jumping on all the buzz. When things didn’t go your way, you wrongly flexed your journalistic powers. But….I’m just speculating. Thanks Senior Editor for letting this article pass through. I’m done.
You’ve got to be kidding… B3 has been one of the scammiest things I’ve seen in Cryptocurrency to date. I’ve been waiting weeks on a “frozen” pool withdraw… over 30 million coins and I’ve been totally boned out of this “hyper staking”.
Burning OUR coins is not something to be celebrated…
Burning OUR coins is nothing to be celebrated. A percent of those coins should be given to the pool (the community) and then pool withdraws promptly processed. This freezing coins all over the network is bullshit.
Looks like a downright op-ed here
Wait… maybe hes on the wrong chain…