We consider the problem of flavor changing neutral currents (FCNC's) in a hypercolor-based scenario for dynamical symmetry breaking. Within the framework of a simplified model we focus on a part of the ΔS = 2 amplitudes hitherto considered dangerous, and show that it is subject to a measure of natural suppression, via a GIM-like mechanism herein called pseudo-GIM. Furthermore, this part depends on angles which cannot be determined, directly, from low energy experiments and which may — in the present state of the art — be regarded as adjustable parameters. The FCNC problem, of hypercolor, thus largely reduces to a non-problem. We also note that the failure of two groups at PETRA to observe very light pseudo-Goldstone bosons is a non-problem as well. Present phenomenology therefore fails to provide any credible evidence that may be used in reaching a verdict on hypercolor; until higher energy machines go into operation one must either reserve judgement or appeal to aesthetic criteria.