Topic: Obyte: Totally new consensus algorithm + private untraceable payments - page 1104. (Read 1234271 times)

I must read more carefully! 

About participation of exchanges in the distribution.

It is not the first time that people raise valid concerns about exchanges using their customers funds to get a large chunk of bytes, for themselves.  A few people offer to cap the amount on one bitcoin address but immediately admit that it is easily subverted by splitting the balance across multiple addresses, in other words, it doesn't work.

I see two solutions that work, both are something that I cannot do alone, and the community help is of utmost importance.

1.  Dilute the share of exchanges by bringing more people on board.  Fortunately, all individuals combined still hold much more bitcoins than the exchanges, hence this is achievable.

2.  Approach the biggest exchanges and ask them to give bytes straight to customers, as Jabbawa suggested above.  I'm going to do it but this will only work if there are enough customers who ask them about that.  If you are a customer, you can help.

(To avoid derailing this conversation into endless discussions about inequality, this post is about exchanges using funds that do not belong to them, not about whales using the BTC that they own)

This thread is about Byteball, not IOTA.  If your question is about Byteball, we have both traceable currency bytes and untraceable blackbytes, see CryptKeeper's answer above about blackbytes.

gotcha! thanks for the clarification.

Not at all - compare the white papers and the source code.
https://bitcointalksearch.org/topic/m.16163839

No, it's an original source code with a different consensus algorithm.

So this is just an IOTA clone with a different distribution method?

This could be seen as another ICO scam because the 50 BTC would go to the developer alone. This is to be avoided, the reputation of the whole project is at stake here.
IMO the developer of Byteball has done well with this kind of distribution!

Keep in mind that this is only the initial distribution. Sure there will be a lot of trading of Bytes and Blackbytes OTC or on the exchanges afterward and my educated guess is that you can still fetch some cheap coins then! 

AFAIK it's pretty untraceable because the transaction data is off-chain, only held by payer and payee. The disadvantage of this is that you have some more work doing regular backups if you want to keep this data. An alternative to backups is to link multiple devices, e.g. mobile phone and desktop pc, then their wallets hold all the private data simultaneously.

From OP:
"..then the number of bytes and blackbytes you receive on the launch date will be proportional to the BTC amount on your linked address"

So the rich get richer!?

TBH I´m very active in crypto but i own just about 0.xxx BTC. And some whales with e.g 200 BTC get the coins for nothing. Strange logic! IPO/ICO s are much fairer than this. As a small fish i have less money to invest .... and to lose. If a whale want to invest 50 BTC in a project he can win a lot ... or lose a lot.  Know what i mean?

I was thinking the same, exchanges will be the large stakeholders of Byteball.

How anonymous will this be in theory?

Is IOTA untraceable really?

/CLAP, well said!

Good job tonych! Great distribution method and the tech sounds very exciting. Very impressed with every aspect of the project so far.

Lol @ the ridiculous criticisms of the distribution method. I hold a lot of alts, many of which I can't convert to btc and back because the liquidity/vol is too low and it would cost me a fortune (some newer coins don't even have enough orders in the book to cover my holdings). I'm not complaining though, the method is completely fair and I will cobble together what BTC I can closer to the time.

I wouldn't worry too much about how broad the distribution is anyway, if the tech does what it says it won't matter that much. IOTA only had 300 ICO buyers, it hasn't stopped it shooting up to top 10 market cap before it has even hit any exchanges.

The only concern I see is that exchanges keep coins due to their customers. Is there any way you could refuse claims from wallets that belong to exchanges? Most of those addresses are known and the size of the claims would make them pretty obvious too. Perhaps a 1000btc claim cap per address or some such? Obviously exchanges could split the money and move it around to get away with it, but I doubt many would jump through a lot of hoops for an unknown, new alt. Have you been in contact with any of the big ones to ask if they will give bytes straight to customers?

I will be keeping an eye on this one.

Ok, cool.




In big cooperations (Apple, Microsoft, Google whatever) the founders have huge stakes in the company, way more than 5%-10%, this gives them incentive to work hard.
Imo the public don't care, they want development not to stagnate, which could happen if the price drops drasticly.
Also Byteball is 'free', who cares how much you keep, as long as the project keeps being developped.

I am giving imput, I like your project, but hey in the end it's your call.

Idk why exactly I'm so excited about this coin...but I am!

Oh yes, everybody will be able to issue custom tokens on byteball platform. Great feature for crowd funding.

I fear that having 5-10% of the money supply controlled by a single person would make other stakeholders feel uncomfortable, which directly contradicts my stated purpose of getting as many people on board as possible.  And I am not completely altruistic here, I do want the worth of my stake to be high, and I want to achieve that by making a wide distribution (which subsequently increases the byte's value through network effects) rather than by taking a larger chunk of the pie.

The amount is a fixed amount, no additional tokens will be released, nor custom tokens to my knowledge.
The OP should take more than 1%, it will be good for the project.

Free token, great technology? Not seeing why people are attacking anyone about this it's pretty much a win-win for everyone involved? Please don't attack the dev he will bring us some very positive things and already has done. 

Byteball token is not a stake in a company. It is a fee token. Topic starter can always issue a custom token on his network to fund his development, which will better suite crowd funding needs.