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Topic: Obyte: Totally new consensus algorithm + private untraceable payments - page 11. (Read 1233994 times)

full member
Activity: 563
Merit: 103
I have one question about bonded stablecoins. Is any way to redeem both t1 & t2 (e.g. IUSD & GRD) in one TX to minimise curve fee and t2 price impact?

I think so, but there is no UI for that yet, it needs to be done  programmatically with headless-obyte or obyte.js library. For example, chatbot can generate payment request for multiple assets, oswap.io does that for adding liquidity.
legendary
Activity: 2955
Merit: 1049

Did your bank asked your agreement when they started following the new 5th Anti-Money Laundering Directive (AML5D)?
No, they did not.



of course, every customer received a notification about the changed terms and conditions and could agree or not -> if not - dissolution of the business relationship.
In which country do you live?

From Bittrex comes only a terse email and a week to react!
and that in the holiday season when many are not regularly active in the Internet.

Code:
Please note, if you do not respond within 7 days your account will be disabled. 

is that serious business for you?


edit:

It almost looks like you have some kind of business relationship with Bittrex.

Profit-sharing?

End of the discussion on this topic here with you




sr. member
Activity: 268
Merit: 250
I have one question about bonded stablecoins. Is any way to redeem both t1 & t2 (e.g. IUSD & GRD) in one TX to minimise curve fee and t2 price impact?
full member
Activity: 563
Merit: 103


Nope, exchanges can confiscate if you can't explain the source. AML applies to fiat banks too, they have to ask additional questions when you move more than $10k, but they can ask you the origin of the funds even with much smaller amounts. Doesn't matter if you have done the basic KYC or not, AML laws require them to ask more questions.
Most banks ask extra questions even when you withdraw money from exchange, back to your bank and they freeze deposit once you explain it's origins. Doesn't matter how much you withdraw.
There isn't much difference from regular bank and regulated exchange.

Not you keys, not your Bitcoin.

Yes, but you can decide for yourself whether you want to enter into a business relationship with this bank
or whether you want to accept changed conditions
or cancel them if you don't like them!



What are you talking about? Did somebody forced you to use the exchange? Did your bank asked your agreement when they started following the new 5th Anti-Money Laundering Directive (AML5D)?
No, they did not.

If you make a transfer to your bank account and they find it suspicious, they will ask source of funds. If you make a transfer to your bank account and the amount is bigger than 10 000 USD, they will have to ask source of funds even if it's not suspicious.

Regulated centralized exchanges are like banks, they have to follow AML laws. If you held more there than you can afford to lose and you can't explain the source then it's your fault.
legendary
Activity: 2955
Merit: 1049


Nope, exchanges can confiscate if you can't explain the source. AML applies to fiat banks too, they have to ask additional questions when you move more than $10k, but they can ask you the origin of the funds even with much smaller amounts. Doesn't matter if you have done the basic KYC or not, AML laws require them to ask more questions.
Most banks ask extra questions even when you withdraw money from exchange, back to your bank and they freeze deposit once you explain it's origins. Doesn't matter how much you withdraw.
There isn't much difference from regular bank and regulated exchange.

Not you keys, not your Bitcoin.

Yes, but you can decide for yourself whether you want to enter into a business relationship with this bank
or whether you want to accept changed conditions
or cancel them if you don't like them!

legendary
Activity: 2955
Merit: 1049


You do it for traders on  Bittrex which is CEX.

stay away from Bittrex!


(Bittrex global)


https://bitcointalksearch.org/topic/m.54567100





Soon the first lawsuits regarding DSGVO (Data Protection Regulation in EU - General Data Protection Regulation GDPR)
will come when more and more people are supposed to fill in these private data in this bunglingly made PDF
which is (allegedly) sent out by Bittrex via email link.
You can't even check if the document is really authorised by Bittrex!



 
full member
Activity: 563
Merit: 103


You do it for traders on  Bittrex which is CEX.

stay away from Bittrex!


(Bittrex global)

https://twitter.com/BittrexGlobal

for about half a year now, they have been blocking more and more long-standing customers and refusing to withdraw values without notice
(Obyte of course also)

https://bitcointalksearch.org/topic/m.55046197

https://bitcointalksearch.org/topic/m.54567100


It's not only Bittrex who does that. Ever since they added fiat currencies and credit card payments, they have required more KYC because AML regulations require that. For random or bigger payments, they are forced to ask source of founds too.



 but they have to give you the chance to withdraw your assets and then end the business relationship and not just confiscate everything; - not even the fiat banks act like that!
even long-time registered customers (with KYC) are affected by the fact that they can no longer get their property!

That is expropriation!

 Angry


Nope, exchanges can confiscate if you can't explain the source. AML applies to fiat banks too, they have to ask additional questions when you move more than $10k, but they can ask you the origin of the funds even with much smaller amounts. Doesn't matter if you have done the basic KYC or not, AML laws require them to ask more questions.
Most banks ask extra questions even when you withdraw money from exchange, back to your bank and they freeze deposit once you explain it's origins. Doesn't matter how much you withdraw.
There isn't much difference from regular bank and regulated exchange.

Not you keys, not your Bitcoin.
legendary
Activity: 2955
Merit: 1049


You do it for traders on  Bittrex which is CEX.

stay away from Bittrex!


(Bittrex global)

https://twitter.com/BittrexGlobal

for about half a year now, they have been blocking more and more long-standing customers and refusing to withdraw values without notice
(Obyte of course also)

https://bitcointalksearch.org/topic/m.55046197

https://bitcointalksearch.org/topic/m.54567100


It's not only Bittrex who does that. Ever since they added fiat currencies and credit card payments, they have required more KYC because AML regulations require that. For random or bigger payments, they are forced to ask source of founds too.



 but they have to give you the chance to withdraw your assets and then end the business relationship and not just confiscate everything; - not even the fiat banks act like that!
even long-time registered customers (with KYC) are affected by the fact that they can no longer get their property!

That is expropriation!

 Angry


full member
Activity: 563
Merit: 103
~

Thank you, and one of my questions is still waiting for the answer:

How long will last the reward program for liquidity providers  on oswap?

Regarding bounding stablecoins, I still don't understand the collateralization behind them. For example, what assets are used for OUSD and OAU to secure them?  Are they fully collateralized? Who really  controls the back-up fund? Where that fund is placed?

Liquidity distribution was launched in October and it's length was evaluated in December, it's all in the announcement. Next evaluation whether it should continue or not will be in April
https://medium.com/obyte/liquidity-mining-8cce2bf3722e
Quote
We initially plan the distribution for 2 months, after which it will be re-evaluated. Update of December 21: the distribution period is extended for 4 months, until the end of April 2021.

IUSD, IBIT, ITH, IAU have GBYTE as reserve asset. OUSD, OBIT, OETH, OAU are just stablecoins without interest and can be exchanged with stable+ tokens.
TOTAL_CAP has OUSD as reserve asset.

It's proper DeFi, humans don't control it, it's locked in smart-contract (Autonomous Agent) and can be taken back at price, which is based on multidimensional bonding curve formula when redeeming governance token or stable+ token.
full member
Activity: 563
Merit: 103


You do it for traders on  Bittrex which is CEX.

stay away from Bittrex!


(Bittrex global)

https://twitter.com/BittrexGlobal

for about half a year now, they have been blocking more and more long-standing customers and refusing to withdraw values without notice
(Obyte of course also)

https://bitcointalksearch.org/topic/m.55046197

https://bitcointalksearch.org/topic/m.54567100


It's not only Bittrex who does that. Ever since they added fiat currencies and credit card payments, they have required more KYC because AML regulations require that. For random or bigger payments, they are forced to ask source of founds too.

This is normal thing that happens in regulated exchanges.
full member
Activity: 563
Merit: 103


You do it for traders on  Bittrex which is CEX.

stay away from Bittrex!




Thanks for the heads up, but half a year ago I withdrew all my funds (including Gbyte) from that exchange. That is why I asked about KuCoin.  Unfortunately KuCoin has no trading against  Gbyte. Would be great if it was listed there. The team will probably have to think about this.

I would stay away of KuCoin https://www.coindesk.com/hackers-drain-kucoin-crypto-exchanges-funds
legendary
Activity: 2955
Merit: 1049


You do it for traders on  Bittrex which is CEX.

stay away from Bittrex!


(Bittrex global)

https://twitter.com/BittrexGlobal

for about half a year now, they have been blocking more and more long-standing customers and refusing to withdraw values without notice
(Obyte of course also)

https://bitcointalksearch.org/topic/m.55046197

https://bitcointalksearch.org/topic/m.54567100



legendary
Activity: 964
Merit: 1008
We are launching two rewards programs to improve the liquidity of GBYTE:

- we double your profit from long positions -- for traders
- rewards for net buys -- for holders

https://miro.medium.com/max/476/0*KGcMQNtgpr_XmPSW

Join here: https://trade.obyte.org

More background and details in the blog post: https://medium.com/obyte/obyte-trading-rewards-c7abf1086518

"To participate, you will need to create a read-only API key in your Bittrex account and join the rewards program with this key at trade.obyte.org."

With this API you are able to read ALL user's balances and trades, somehow I'm not feeling too comfortable doing that.

That's understandable. It's not uncommon that you have to sacrifice some privacy to get a benefit. To minimize the privacy impact, we don't require any other personally identifiable information, even email, so we can't (even if we wanted to) link your trading history to your identity.
full member
Activity: 563
Merit: 103
We are launching two rewards programs to improve the liquidity of GBYTE:

- we double your profit from long positions -- for traders
- rewards for net buys -- for holders

https://miro.medium.com/max/476/0*KGcMQNtgpr_XmPSW

Join here: https://trade.obyte.org

More background and details in the blog post: https://medium.com/obyte/obyte-trading-rewards-c7abf1086518

"To participate, you will need to create a read-only API key in your Bittrex account and join the rewards program with this key at trade.obyte.org."

With this API you are able to read ALL user's balances and trades, somehow I'm not feeling too comfortable doing that.

There are multiple distributions going on, choose whichever distribution you feel most comfortable:
https://medium.com/obyte/obyte-trading-rewards-c7abf1086518
https://medium.com/obyte/introducing-referral-program-for-bonded-stablecoins-b5455f189c1c
https://medium.com/obyte/liquidity-mining-8cce2bf3722e
legendary
Activity: 2898
Merit: 1017
We are launching two rewards programs to improve the liquidity of GBYTE:

- we double your profit from long positions -- for traders
- rewards for net buys -- for holders

https://miro.medium.com/max/476/0*KGcMQNtgpr_XmPSW

Join here: https://trade.obyte.org

More background and details in the blog post: https://medium.com/obyte/obyte-trading-rewards-c7abf1086518

"To participate, you will need to create a read-only API key in your Bittrex account and join the rewards program with this key at trade.obyte.org."

With this API you are able to read ALL user's balances and trades, somehow I'm not feeling too comfortable doing that.
full member
Activity: 563
Merit: 103
We are launching two rewards programs to improve the liquidity of GBYTE:


You do it for traders on  Bittrex which is CEX. Why not to extend the reward program for traders on odex.ooo where there is almost no trades? As to CEX, why not to try to list   some bounded stablecoins  like OUSD, OAU, OBIT and such on some  centralized  exchange, say KuCoin for example?

Because, centralized exchanges have trading pairs with other blockchains, if the GBYTE loses value on centralized exchanges then stablecoins need more GBYTE as reserve. In order to have more value in Bonded Stablecoins, GBYTE value needs to improve too and that value can come from people buying GBYTE at higher price. Luckily, there is a loop, if stablecoins need more reserve then the one who fixes the peg, gets rewarded, which means they fix the peg by buying GBYTE and if they do it at higher price, it fixes the peg without buying any extra governance tokens or selling stable+ tokens.

oswap.io already has distribution https://liquidity.obyte.org/, but both odex.ooo and oswap.io are decentralized exchanges with Obyte tokens, they don't bring in value from other cryptocurrencies. They let Obyte users switch between different Obyte assets.

Why would centralized exchange list OUSD, OAU, OBIT if they already have better alternatives with higher supply. There is not much point for listing OBIT if they already have BTC. These stablecoins make sense being traded on Obyte at same value they are being traded on centralized exchanges.

There is more point if exchanges list IUSD, IAU or IBIT, but that's bit boring for them too because while there can be some price difference with ostable.org, there will not be much price difference if the stable+ coins are on-peg.

What would make most sense to have listed on centralized exchanges from Bonded Stablecoins are GRD, GRB and GRAU because these are volatile speculative assets, which price depends on speculation of how much stable+ tokens get issued.
legendary
Activity: 964
Merit: 1008
We are launching two rewards programs to improve the liquidity of GBYTE:

- we double your profit from long positions -- for traders
- rewards for net buys -- for holders



Join here: https://trade.obyte.org

More background and details in the blog post: https://medium.com/obyte/obyte-trading-rewards-c7abf1086518
sr. member
Activity: 268
Merit: 250
Two news about bonded stablecoins:

1. OUSD can now be selected as reserve currency for new stablecoins

2. There is a new stablecoin called OCMC which tracks the total crypto market cap as reported by CoinMarketCap. Its current value is 343.774, which is the total marketcap in billions. You can use it to bet on overall crypto performance: buy when you expect it to rise, sell for OUSD when you expect it to fall. Direct link: https://ostable.org/trade/RC6N2RHP32DBL5G2JN3OREZBSUNPV5WQ#buy
Welcome GCMC!

GCMC is a new asset similar to OCMC, but reserve currency is represented by GBYTE instead of OUSD.
GCMC also tracks the total cryptocurrency market capitalization as OCMC, but GCMC is priced in GBYTE.
As a result, you make a profit when any of the GBYTE price or the total market capitalization of the cryptocurrency rises.
When the GBYTE price and the total cryptocurrency market capitalization grow together, you get double the profit!

Let's rock - BUY the dip!
full member
Activity: 563
Merit: 103

Quote
They have also pledged that if they lose interest then they let the community know
That's all they have given as a pledge? Why they have to be interested in witnessing? What are their independent benefits from that?

Quote
Neither of them have the absolute control.
They are called Order Providers, right? They're designed to keep an order. Disorder means devastating for the network stability the utilizing which is impossible without. For that reason they must be independent but they aren't, right? They might will have got independent in unknown time in the future... Their amount is 13 and 6 of them represent Tony personally, right?

So, I'm not going to rant any more. You guys have done a great work, but seems like there is a fundamental mistake in those rules. I'm not going neither to strict them nor to teach you. You have to know better issues of true decentralization Smiley


Best Order Provider candidates are those who have some other benefit for having the Obyte network properly functioning, so they don't have to receive any funds from undistributed funds or network fees, but rather their everyday business. Others just want to be early adopters of new technology, latest Order Provider said they do it for education and research purposes.

Witnesses is bad name because other blockchain witnesses do different things. Order Provider is bad name too because the word "order" has many meanings. Sure, there would be disorder if Order Providers would stop posting, but I have a feeling that you have not properly read the Medium blog because they are not Order Keeper, but Order Providers. Another proposed alternative was also call them as Lighthouses, but I guess that would not help to understand them either.

Not sure what you mean that they are not independent, all non-founder Order Providers are independent.

There can be unlimited amount of Order Provider candidates, 12 can be for each transaction, 11 in a transaction must be same as others, majority is 7 out of 12 and there are 7 independent non-founder Order Providers. The 13 you saw is probably Order Providers that some user has different than other because they haven't updated their list.

Thank you for trying to understand, but you fundamentally still don't understand the basics, so I laugh at your attempt to teach about things you don't understand.
jr. member
Activity: 142
Merit: 5

I'm not quite sure if I'm right about it, but I can't then realize what they're running witnesses for if it's that disadvantageous? I can't believe in they're just bunch of altruists, aren't they? How many witnesses have been replaced with new ones that way since the project got started, btw?

Regarding to the witnesses, I'm not going to argue... For now, I'm still have my own opinion about the risks. I agree that community can hard-fork etc, but they, unfortunately, won't turn the transactions back if that collapse had suddenly happened. I also agree that new witnesses have to grow 1 by 1. But I disagree to the point that old witnesses have to approve new ones to add... and that personal identity thing really has to play any significant role in consensus. I will learn more about it.  

Thanks a lot, anyway.


Obviously, one shows interest to become a Order Provider when they are interested that the network keeps running (transactions become stable). They have also pledged that if they lose interest then they let the community know, so they could be replaced without downtime. So far, none of the new Order Providers have been replaced, but each new Order Provider has been replacing the old founder's address with the new Order Provider's address.

Order Providers that are being used by users in almost real-time, can be seen from there
https://stats.obyte.org/witnesses.php

Candidate interviews and poll result can be seen from there
https://medium.com/obyte/decentralization/home

Not all candidates had polls, some earlier candidates were only chosen when stats.obyte.org showed support for new candidate, but even with polls, Order Providers replaced their witnesses when users replaced theirs in the app.

What transactions need to be turned back? Order Providers ARE NOT gatekeepers who mark one transaction valid or other invalid - all full nodes do that and they all follow the same rules in the code (if you change the rules, you hard-fork). It does not matter whose transactions they choose parent because it will cause all the other transactions below it to become stable eventually too.

There is no re-orgs or rollbacks, once certain part of the DAG is stable then all those transactions are confirmed, but it's not because somebody marked them confirmed - they are confirmed because order of transactions in that part of the DAG cannot change anymore (majority of Order Providers have posted and cannot have best parent in that part of DAG).

None of these rules have picked randomly, they are there for reason:
* fixed number of Order Providers - whether it's 6, 12, 24 or 100, it would be so much more difficult if each user could have variable number of Order Providers and it would have 0 benefits.
* 12 Order Providers - that's a number big enough to avoid failures, but small enough so users could remember those entitites. there can be unlimited amount of Order Providers on the network because each user can change one in their list if the 11 other stay the same as others.
* publicly known entities for Order Providers - if they are not identified, then attacker could spawn hundreds of Order Providers and announce hundreds of candidates. if majority of even 200 total Order Providers are by single attacker, you have Sybil attack.
* if there is Sybil attack or majority of different Order Providers collude then they can either do a invalid transaction, which will stop the network (unless there is hard-fork to change that rule) or just stop running the nodes (no more stable part of DAG) or not replacing Order Providers based on how users signal them.

In a way, it has similar balance like there is between Bitcoin full nodes and Bitcoin miners. Both have to run the same software, because if they don't then once produces blocks to full nodes, which nobody else but them run, but at the same time full nodes with different software doesn't get any blocks because nobody runs miner for that fork.

On Obyte, there is no middlemen who control what can go to block, but Order Providers and have the same relationship with users, one can't be without the other. Neither of them have the absolute control.

Quote
They have also pledged that if they lose interest then they let the community know
That's all they have given as a pledge? Why they have to be interested in witnessing? What are their independent benefits from that?

Quote
Neither of them have the absolute control.
They are called Order Providers, right? They're designed to keep an order. Disorder means devastating for the network stability the utilizing which is impossible without. For that reason they must be independent but they aren't by now, right? They might will have got independent in unknown time in the future... Their amount is 13 and 6 of them represent Tony personally, right?

So, I'm not going to rant any more. Sorry, if I bothered you.
You guys have done a great work, but seems like there is a fundamental mistake in those rules. I'm not going neither to strict them nor to teach you. You know better about true decentralization.

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