Obyte: Totally new consensus algorithm + private untraceable payments - page 1039.

kaicrypzen

hero member

Activity: 1344

Merit: 656

Quote from: toto31 on December 15, 2016, 05:34:09 AM

And anyway, the problem is that to keep a price of 1 satoshi, you have to sell the coin to a large population.
Let's say bitcoin users are about 100M, that means you have to sell 10M Byteball to each of them to keep a price at 1 satoshi. Anything lower will make it trade in Litoshi or in Wei.

I think nobody here talked about trying to keep the price at 1 sat, and nobody's expecting to exchange 1 byte for 1 sat. Surely peolpe will exchange kilobytes, megabytes, gigabytes, and so on; so there isn't actually any problem.

tonych

legendary

Activity: 965

Merit: 1033

Quote from: valley365 on December 14, 2016, 06:42:48 PM

Quote from: tonych on December 14, 2016, 03:06:29 PM

Quote from: yvv on December 14, 2016, 01:38:38 PM

Quote from: valley365 on December 14, 2016, 01:31:04 PM

Quote from: yvv on December 14, 2016, 12:42:35 PM

Quote from: valley365 on December 14, 2016, 12:04:56 PM

Quote from: tonych on December 14, 2016, 04:53:47 AM

It'll do as a very rough approximation, see the white paper for the exact criteria of finality.
Witnesses are expected to always emit transactions, that's one of the factors that determines the choice of witnesses.

But do witnesses have to do active transactions? That seem pretty random. It would be easier that witnesses will just do random transactions automatically (say transfer same amount to each other) so people's tx will be guaranteed to be confirmed after certain time?

They don't need to transfer nothing. They need submit a smallest possible storage unit (cheapest) which does not change inputs or outputs, but only confirms previous transactions.

They could do it, but my question is more on that is it automatic? Because if it does, then the confirmation time of any transactions can be guaranteed. Otherwise it all depends on the witness activities.

This is interesting question. Suppose, each of 12 witnesses run a script which submit transactions at crazy rate, but nobody else is using the network at this time. What happens then? Do witnesses end up loosing money?

Witnesses do post transactions automatically but do it in a bit more reasonable way https://github.com/byteball/byteball-witness/blob/master/start.js

OK will read the code. But what are the transactions they post automatically? do they send coins among themselves?

Each witness just pays to itself.

toto31

full member

Activity: 136

Merit: 100

Quote from: crypt0hash on December 14, 2016, 10:24:56 PM

well, have a look one guy would buy it for 13 satoshi Wink

Quote from: logictense on December 07, 2016, 04:52:57 PM

Lets start the ball rolling down the road. Im a buyer at 13 sato. Whos to cross the swords with me?

Why do you think that two years of intense work by the dev and his team that led to the very well functioning revolutionary product that could compete even with the bitcoin should have lower value and lower significance as by Ethereum Huh

Anyone on bitcointalk can claim anything, that doesn't make it true. And anyway, the problem is that to keep a price of 1 satoshi, you have to sell the coin to a large population.
Let's say bitcoin users are about 100M, that means you have to sell 10M Byteball to each of them to keep a price at 1 satoshi. Anything lower will make it trade in Litoshi or in Wei.
Good luck! Grin

icocoins

newbie

Activity: 52

Merit: 0

epic moment is coming!

icocoins.com is watching

NeuroticFish

legendary

Activity: 3668

Merit: 6382

Looking for campaign manager? Contact icopress!

Quote from: windjc on December 14, 2016, 08:58:02 PM

The transition bot isn't working for me. I click on the link and nothing happens. Please advise. Thx.

I can tell about the mistakes I made, maybe they help you find where your problem is.

1. I clicked the link on one computer, when the wallet was installed on another computer.
2. I clicked on the links that show on browser's status bar TN..something. Those don't work, they're for testnet (and I hope that you installed the livenet wallet).

I used Chrome and at the end it worked.

CryptKeeper

legendary

Activity: 2044

Merit: 1055

Quote from: windjc on December 14, 2016, 08:58:02 PM

The transition bot isn't working for me. I click on the link and nothing happens. Please advise. Thx.

Which os and which browser are you using?
Be sure to have downloaded the correct livenet wallet (it's the second row of download links on the website).
Is the wallet popping up when you click the link?

crypt0hash

newbie

Activity: 57

Merit: 0

Quote from: toto31 on December 14, 2016, 08:01:28 PM

Quote from: Zer0Sum on December 14, 2016, 07:56:42 PM

Quote from: toto31 on December 14, 2016, 07:50:30 PM

Quote from: crypt0hash on December 14, 2016, 12:58:32 AM

just count

21 000 000 bitcoin x 100 000 000 satoshi = 2 100 000 000 000 000 = 2.1 peta satoshi

but there are 'only' 1 000 000 000 000 000 byteball = 1 peta byteball

it exists more satoshis than byteballs Grin

Given that amount of coins, this means that even if the coin trades at 1 satoshi, the market cap will be higher than Ethereum's. Who in their right mind will buy this at more than 1 satoshi? Litoshi trading incoming...

at 2 satoshis, market cap would be higher than bitcoin's current mc! lol

They will trade like IOTA:

https://bitcointalk.org/index.php?topic=1550236.380

which is for sure the road to mass adoption Cheesy

Sure, why not?

in addition many ppl get free BB by the giveaway, 1% of all the BB is foreseen for that

crypt0hash

newbie

Activity: 57

Merit: 0

Quote from: toto31 on December 14, 2016, 07:50:30 PM

Quote from: crypt0hash on December 14, 2016, 12:58:32 AM

just count

21 000 000 bitcoin x 100 000 000 satoshi = 2 100 000 000 000 000 = 2.1 peta satoshi

but there are 'only' 1 000 000 000 000 000 byteball = 1 peta byteball

it exists more satoshis than byteballs Grin

Given that amount of coins, this means that even if the coin trades at 1 satoshi, the market cap will be higher than Ethereum's. Who in their right mind will buy this at more than 1 satoshi? Litoshi trading incoming...

at 20 satoshis, market cap would be higher than bitcoin's current mc! lol

well, have a look one guy would buy it for 13 satoshi Wink

Quote from: logictense on December 07, 2016, 04:52:57 PM

Lets start the ball rolling down the road. Im a buyer at 13 sato. Whos to cross the swords with me?

Why do you think that two years of intense work by the dev and his team that led to the very well functioning revolutionary product that could compete even with the bitcoin should have lower value and lower significance as by Ethereum Huh

mxhwr

hero member

Activity: 616

Merit: 500

been watching this for a while now hope it recovers

Belligerent Fool

legendary

Activity: 1218

Merit: 1001

Quote from: toto31 on December 14, 2016, 08:01:28 PM

Quote from: Zer0Sum on December 14, 2016, 07:56:42 PM

Quote from: toto31 on December 14, 2016, 07:50:30 PM

Quote from: crypt0hash on December 14, 2016, 12:58:32 AM

just count

21 000 000 bitcoin x 100 000 000 satoshi = 2 100 000 000 000 000 = 2.1 peta satoshi

but there are 'only' 1 000 000 000 000 000 byteball = 1 peta byteball

it exists more satoshis than byteballs Grin

Given that amount of coins, this means that even if the coin trades at 1 satoshi, the market cap will be higher than Ethereum's. Who in their right mind will buy this at more than 1 satoshi? Litoshi trading incoming...

at 2 satoshis, market cap would be higher than bitcoin's current mc! lol

They will trade like IOTA:

https://bitcointalk.org/index.php?topic=1550236.380

which is for sure the road to mass adoption Cheesy

Or mass dumping from the dev as he holds all of the Byteballs premined... Doesn't anyone think about why he chose this way of long distribution, BTC linking addresses for coins, a DAG setup that isn't totally explained and could very well be centralized, although because of the premine in general it is as 1 person alone is at the rise and demise of this new coin or adapted technology, also that total amount of coins that will exist compared with the estimated marketcap is scary as anything, incentive for jumping on board Byteballs ? Because it's free, then you want people to buy your free coins ? OK Then Cheesy

windjc

legendary

Activity: 2156

Merit: 1070

The transition bot isn't working for me. I click on the link and nothing happens. Please advise. Thx.

toto31

full member

Activity: 136

Merit: 100

Quote from: Zer0Sum on December 14, 2016, 07:56:42 PM

Quote from: toto31 on December 14, 2016, 07:50:30 PM

Quote from: crypt0hash on December 14, 2016, 12:58:32 AM

just count

21 000 000 bitcoin x 100 000 000 satoshi = 2 100 000 000 000 000 = 2.1 peta satoshi

but there are 'only' 1 000 000 000 000 000 byteball = 1 peta byteball

it exists more satoshis than byteballs Grin

Given that amount of coins, this means that even if the coin trades at 1 satoshi, the market cap will be higher than Ethereum's. Who in their right mind will buy this at more than 1 satoshi? Litoshi trading incoming...

at 2 satoshis, market cap would be higher than bitcoin's current mc! lol

They will trade like IOTA:

https://bitcointalk.org/index.php?topic=1550236.380

which is for sure the road to mass adoption Cheesy

Zer0Sum

legendary

Activity: 1588

Merit: 1000

Quote from: toto31 on December 14, 2016, 07:50:30 PM

Quote from: crypt0hash on December 14, 2016, 12:58:32 AM

just count

21 000 000 bitcoin x 100 000 000 satoshi = 2 100 000 000 000 000 = 2.1 peta satoshi

but there are 'only' 1 000 000 000 000 000 byteball = 1 peta byteball

it exists more satoshis than byteballs Grin

Given that amount of coins, this means that even if the coin trades at 1 satoshi, the market cap will be higher than Ethereum's. Who in their right mind will buy this at more than 1 satoshi? Litoshi trading incoming...

at 2 satoshis, market cap would be higher than bitcoin's current mc! lol

They will trade like IOTA:

https://bitcointalk.org/index.php?topic=1550236.380

toto31

full member

Activity: 136

Merit: 100

Quote from: crypt0hash on December 14, 2016, 12:58:32 AM

just count

21 000 000 bitcoin x 100 000 000 satoshi = 2 100 000 000 000 000 = 2.1 peta satoshi

but there are 'only' 1 000 000 000 000 000 byteball = 1 peta byteball

it exists more satoshis than byteballs Grin

Given that amount of coins, this means that even if the coin trades at 1 satoshi, the market cap will be higher than Ethereum's. Who in their right mind will buy this at more than 1 satoshi? Litoshi trading incoming...

at 20 satoshis, market cap would be higher than bitcoin's current mc! lol

valley365

hero member

Activity: 868

Merit: 1003

Quote from: tonych on December 14, 2016, 03:06:29 PM

Quote from: yvv on December 14, 2016, 01:38:38 PM

Quote from: valley365 on December 14, 2016, 01:31:04 PM

Quote from: yvv on December 14, 2016, 12:42:35 PM

Quote from: valley365 on December 14, 2016, 12:04:56 PM

Quote from: tonych on December 14, 2016, 04:53:47 AM

It'll do as a very rough approximation, see the white paper for the exact criteria of finality.
Witnesses are expected to always emit transactions, that's one of the factors that determines the choice of witnesses.

But do witnesses have to do active transactions? That seem pretty random. It would be easier that witnesses will just do random transactions automatically (say transfer same amount to each other) so people's tx will be guaranteed to be confirmed after certain time?

They don't need to transfer nothing. They need submit a smallest possible storage unit (cheapest) which does not change inputs or outputs, but only confirms previous transactions.

They could do it, but my question is more on that is it automatic? Because if it does, then the confirmation time of any transactions can be guaranteed. Otherwise it all depends on the witness activities.

This is interesting question. Suppose, each of 12 witnesses run a script which submit transactions at crazy rate, but nobody else is using the network at this time. What happens then? Do witnesses end up loosing money?

Witnesses do post transactions automatically but do it in a bit more reasonable way https://github.com/byteball/byteball-witness/blob/master/start.js

OK will read the code. But what are the transactions they post automatically? do they send coins among themselves?

kaicrypzen

hero member

Activity: 1344

Merit: 656

Quote from: tonych on December 11, 2016, 06:17:15 PM

Filtering of microtransactions sent from exchange wallets already works in fully automated mode, so no need to apply any other measures.

Okay, well I might have missed something then. The last thing I remember, is you asking for someone to confirm that one suspect address was a Bittrex one (which it was), so I was under the impression that you filtered out exchanges' addresses manually once they were added, suspected and confirmed.

tonych

legendary

Activity: 965

Merit: 1033

Quote from: yvv on December 14, 2016, 01:38:38 PM

Quote from: valley365 on December 14, 2016, 01:31:04 PM

Quote from: yvv on December 14, 2016, 12:42:35 PM

Quote from: valley365 on December 14, 2016, 12:04:56 PM

Quote from: tonych on December 14, 2016, 04:53:47 AM

It'll do as a very rough approximation, see the white paper for the exact criteria of finality.
Witnesses are expected to always emit transactions, that's one of the factors that determines the choice of witnesses.

But do witnesses have to do active transactions? That seem pretty random. It would be easier that witnesses will just do random transactions automatically (say transfer same amount to each other) so people's tx will be guaranteed to be confirmed after certain time?

They don't need to transfer nothing. They need submit a smallest possible storage unit (cheapest) which does not change inputs or outputs, but only confirms previous transactions.

They could do it, but my question is more on that is it automatic? Because if it does, then the confirmation time of any transactions can be guaranteed. Otherwise it all depends on the witness activities.

This is interesting question. Suppose, each of 12 witnesses run a script which submit transactions at crazy rate, but nobody else is using the network at this time. What happens then? Do witnesses end up loosing money?

Witnesses do post transactions automatically but do it in a bit more reasonable way https://github.com/byteball/byteball-witness/blob/master/start.js

yvv

legendary

Activity: 1344

Merit: 1000

.

Quote from: valley365 on December 14, 2016, 01:31:04 PM

Quote from: yvv on December 14, 2016, 12:42:35 PM

Quote from: valley365 on December 14, 2016, 12:04:56 PM

Quote from: tonych on December 14, 2016, 04:53:47 AM

It'll do as a very rough approximation, see the white paper for the exact criteria of finality.
Witnesses are expected to always emit transactions, that's one of the factors that determines the choice of witnesses.

But do witnesses have to do active transactions? That seem pretty random. It would be easier that witnesses will just do random transactions automatically (say transfer same amount to each other) so people's tx will be guaranteed to be confirmed after certain time?

They don't need to transfer nothing. They need submit a smallest possible storage unit (cheapest) which does not change inputs or outputs, but only confirms previous transactions.

They could do it, but my question is more on that is it automatic? Because if it does, then the confirmation time of any transactions can be guaranteed. Otherwise it all depends on the witness activities.

This is interesting question. Suppose, each of 12 witnesses run a script which submit transactions at crazy rate, but nobody else is using the network at this time. What happens then? Do witnesses end up loosing money?

valley365

hero member

Activity: 868

Merit: 1003

Quote from: yvv on December 14, 2016, 12:42:35 PM

Quote from: valley365 on December 14, 2016, 12:04:56 PM

Quote from: tonych on December 14, 2016, 04:53:47 AM

It'll do as a very rough approximation, see the white paper for the exact criteria of finality.
Witnesses are expected to always emit transactions, that's one of the factors that determines the choice of witnesses.

But do witnesses have to do active transactions? That seem pretty random. It would be easier that witnesses will just do random transactions automatically (say transfer same amount to each other) so people's tx will be guaranteed to be confirmed after certain time?

They don't need to transfer nothing. They need submit a smallest possible storage unit (cheapest) which does not change inputs or outputs, but only confirms previous transactions.

They could do it, but my question is more on that is it automatic? Because if it does, then the confirmation time of any transactions can be guaranteed. Otherwise it all depends on the witness activities.

yvv

legendary

Activity: 1344

Merit: 1000

.

Quote from: valley365 on December 14, 2016, 12:04:56 PM

Quote from: tonych on December 14, 2016, 04:53:47 AM

It'll do as a very rough approximation, see the white paper for the exact criteria of finality.
Witnesses are expected to always emit transactions, that's one of the factors that determines the choice of witnesses.

But do witnesses have to do active transactions? That seem pretty random. It would be easier that witnesses will just do random transactions automatically (say transfer same amount to each other) so people's tx will be guaranteed to be confirmed after certain time?

They don't need to transfer nothing. They need submit a smallest possible storage unit (cheapest) which does not change inputs or outputs, but only confirms previous transactions.

Topic: Obyte: Totally new consensus algorithm + private untraceable payments - page 1039. (Read 1234271 times)