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.