Topic: Obyte: Totally new consensus algorithm + private untraceable payments - page 246. (Read 1234271 times)

Yes it is. Come back often to this thread for an other fresh textcoin link.

I tried to claim the Bytes from this promotion, but the bot says it's already claimed. Was it a one-time promotion?

Awesome to see Bitcoin legends like you, BurtW and dooglus particpate here!!!


Agree that Dash did an amazing job with their platform where anyone can propose to do/create something, and coinholders can vote on it, in decentralizing the power more and engaging the community very well in building and getting things done.

Indeed there is one crucial difference in that Byteball has limited supply whereas Dash his supply is replenished. Still inflation in Dash goes down, so it is replenished less and less compared to value of the project. Byteball could also do a gradual lowering of funding such an initiative and still keep it going for many years.


I personally think that cancelling the March airdrop for Byteball holders was the right move. It replaced people that held bytes for mainly short term gains with more long term thinkers who can see the benefit of cancelling the airdrops to byteball holders for good.

One should be very careful to celebrate people leaving the project, but Byteball due to it's 'free' airdrops had attracted way too many people only in it for a quick buck, complaining constantly about more marketing, change name, change unit of account, more exchange listings etc, while doing themselves nothing productive for the project. Think the project is better off without them.

Let's build this into a diamond.

$20 for an registration with my personal ID, I think it is to cheap. $200 are better, this are our personal information and they are valuable. $20 is a joke in my opinion.

And the more you give out your identity to online services, no matter what or who they are, you are increasing the attack surface on your identity. I guess it's somehow inevitable since we are getting more wired every day.

I think you are wrong   Regular users don't lead they follow (or do what they are told by authority) The adoption curve always shows regular users coming in late to the party like always with new technology. There is no shortcut straight to mainstream unless forced by government. I don't forsee any governments forcing regular users to use byteball in the shortterm. As I said in my previous post, the expected demographic of users in these early days would be crytpo enthusiasts for whom centralisation is a big No and who know the difference between a blockchain and a DAG and who are willing to figure out adding a bot from the bot store or a conditional payment.

Ripple is nothing to aspire to. The mere fact that 60% of XRP is still undistributed after years puts the centralised reality of the token blatently out there in plain view. It stretches credibility a lot to even call it a crypto currency. It has a centralised ledger not a blockchain. Or I'm wrong again? If you hadn't guessed I am not a fan of ripple and have no intention of ever investing in it.


Thanks for that. Actually I share those concerns about witnesses but wanted to stick to coin distribution as the focus of my post. And yes I agree that the coins will always be distributed that way. It is the way of things. But I don't think you can really truthfully call 40% of undistributed coins as actually distributed afterall, but to the creator and without ever having circulated first.

Just to add a few additional thoughts. The example of Dash in my view is one to look at with great interest. Similar to Tony, Evan Duffield started out as THE dictator / dev in full control of Dash (then Darkcoin) like Tony is with Byteball. What Evan went on to do was genius in my view. He implemented Dash with a self funded treasury and voting mechanisms how to spend it. Nodes are incentivised with rewards which are a portion or mining rewards and thereby incentivised to scale up as network usage increases or lose those rewards.  Dash uses this treasury funding to pay its developers and in fact Evan has relinquished control completely from the development side of it. Dash also funds marketing and other things too through the same mechanism. The decision whether to fund or not decided by vote amongst the masternode holders. The number of masternodes is at all time highs just now showing long term faith by the big investors. The technology for all of this was quite simple it was the economics of it that provided the genius. If you haven't spotted it, this is a virtuous circle. Dash funds itself to improve and the value increases which means the funds available in the treasury for the next round go further which increase the value further and so on.

It seems that Tony wishes to use the un-distributed bytes as a treasury of sorts to spend enticing new users and to fund projects to promote and improve byteball. But the differences in how Dash has done it are vastly better with Dash. Tony appears to be looking at the pot of undistributed funds dwindling away through airdrops and panicked, halting the airdrops to stop the outflow and conserve the treasury he has at his disposal. Though he is not being explicit in this. Unlike Dash in which the treasury is replenished,  byteball's 'treasury' isn't, and once spent won't be available again. In Dash the treasury  is explicitly a treasury to be spent improving Dash, with byteball these undistributed bytes are supposed to be currency circulating through the network and because that has changed is causing uncertainty and angst among investors who are being sold a different thing. In Dash thousands of masternodes vote which proposals to fund, in byteball Tony decides, then sometimes changes his mind.

If the Dash model was to be followed could a portion of the fees collected by byteball witnesses be used to fund a treasury? Just a thought.

I feel a bit mean saying all this. I'd like to emphasise that I recognise Tony is a genius developer and has created an amazing coin. I hope that is understood. I wouldn't have invested or even be here commenting if I wasn't impressed with what Tony is doing and has already done.  

So it's like PayPal controlled by 12 entities. Could not it have regulatory issues?

What about this KYC/AML compliance, does this extend to the whole project?

nope. russia has never followed through on anything ever. all they do is threaten and then nothing happens. when someone else wakes up the next day they directly contradict the previous statement.

best ignored.

Tony and Byteball in danger?

The Russian Ministry of Finance is drafting a law to criminalize the use of cryptocurrencies as money substitutes.

i've never heard of jumio.

regular people associate crypto with drug dealing, pedophiles and scams. if it was being distributed through their local bank or paypal then that's a different matter. they're not gonna go for this in the form it is.

So, guys, is there any proven method how to receive some bytes? Airdrops cancelled, ok, what is instead of them? What is the reason i should hold bytes?

Few people break up in the technical part, many are easier to buy a coin and sell it more expensive.

I have a level of comfort in that Coinbase and Bittrex have been assumed to do this due diligence for me (since they are "reputable" use this vendor). Both these exchanges already have my info and used Jumio to verify it so doing it again on the Byteball wallet doesn't increase my risk, IMO.

Maybe they should be. With all the hacks that have been perpetrated over the last several years, why would someone spill their creds willy-nilly over the intertubes? Who is behind Jumio anyhow? What is their track record? Why would the average consumer think Jumio would be any safer with their PII than would Sony or Target?

cashback https://explorer.byteball.org/#TU3Q44S6H2WXTGQO6BZAGWFKKJCF7Q3W
jumio https://explorer.byteball.org/#RJIUGYIVHM5TAZHU3ZPNTNZL5JF4JUTN

decentralisation is just about algorithm and means no single point of failure. No matter how many witnesses, this model always will be vulnerable to attacks from the government. No company will agree to remain a witness under the threat of imprisonment
as for the distribution of coins, then regardless of the initial distribution, in the future most of the pie will always belong to a few, and most will be satisfied with crumbs. The distribution of wealth is not a criterion determining the trust to the network. The rich get richer, this is a natural process. In turn, an shady, hasty distribution to a narrow circle of individuals, will forever destroy the reputation of the network

I think you're wrong. The last airdrop WAS botched, but don't throw the baby out with the bathwater.

Regular people don't even know what decentralized means. And the goal is to get to regular people. Regular people aren't scared to show their ID to a legit company like Jumio.

It takes time to reach the next inflection point, and that's what we're waiting on right now.

Ripple is basically the reference point here. Ripple is 60% undistributed and also still has centralized validators.

Byteball is an app (bot) platform. The relevant metric is the quality of the bots in the bot store. Right now I would describe them as promising, not great. But fortunately building bots is easy, and many more are surely on the way.

Yes....

The great plan is this...

• 12 bucks worth to anyone who verifies their ID.  
• Merchants who sign up can give cashback to customers denoted in byteball.
  
• Apply to Tony for funds if you have a good plan to develop something in the byteball ecosystem.
• Textcoin giveaways.
• Other great things still to be announced...

If anyone can provide information about the above distribution methods, especially how many are being distributed by each method I'd be very interested to see it. So far I have the perception that very few are being distributed by these methods at this time.

The obvious problems here are that none of these methods allow for a date we can plan for when the distribution is complete. Also the uptake seems very disappointing so far. And it does not look good that the original distribution plan has been discarded so whimsically to the detriment of many investors.

Going by what Tony says, he states that he wants to grow the network and cites Metcalfe's law as the reason.  https://en.wikipedia.org/wiki/Metcalfe%27s_law

No one would argue a bigger user base is bad. However I ascertain that Tony regards adding users to the network as more important than distributing the coins. Otherwise the airdrops would not be cancelled.

This is where I think the plan is failing, I feel that byteball needs credibility before users will join. To get the credibility that it needs it has to be as decentralised as possible. That means all coins distributed as utmost priority (except for the initially agreed amount to be held by Tony). That also means as a matter of priority the witnesses need to be credible.

I believe users are not coming to byteball because it is too centralised for reasons already stated and because of this all the really cool tech and new distribution methods are doomed to fail (until such time as byteball starts to look like a proper decentralised crypto currency at least). Byteball does not exist in a void. It is competing with many other crypto currencies, most of which are already decentralised. Most of the potential users are very savvy about this kind of thing. For a coin to be labelled as centralised is about the worst label that can be applied to a cryptocurrency and it  is being applied to Byteball.

To sum up. The primary intention of Tony is not to distribute the coins. Because airdrops were doing that very well but are cancelled. The intention of Tony is to entice a huge number of people to become lifelong byteball users through small donations. For me it is a matter of priorities being back to front. Byteball has to earn its users by first being a credible decentralised network and then the users will flood in (Because the tech IS really really cool).

_{* I made numerous small edits to this post to try and clarify better my ideas.}

SilentNotary is already integrated with Slack via SilentNotary app!
Run and try now!

ICO SilentNotary on Byteball https://silentnotary.com/

Yes