Hi, I have read the whitepaper and as I can understand, the price of a byte should be approximately corresponding to the cost to store one byte of unit data in the decentralized database. So should we expect that Byteball's price will be stable and does not increase much, even decrease over time because the cost of data storage will obviously decrease over time as the technology advances?
No, you misunderstood the rule. The cost of storing data is equal to the amount of data you want to store
in bytes. How much 1 byte costs depends on the market conditions on exchanges.
Example:
1 megabyte of byteball bytes costs 100 USD on exchanges. The cost of storing 1 megabyte of data in the byteball system is equal to 100 USD.
1 megabyte of byteball bytes costs 1000 USD on exchanges. The cost of storing 1 megabyte of data in the byteball system is equal to 1000 USD.
How much a harddrive costs doesn't matter here.
Hmm I read the section 1 Introduction/Exchange rate of the whitepaper, and it seems to address the volatility problem of bitcoin price (in the very first sentence), says with byteball there will be a "negative feedback" process like commodities or bounds, which keeps the price back to reasonable range if it goes too far, doesn't it?
It is a measure of the utility of the storage in this database, and actual users will have their opinion on what is a reasonable price for this. If the price of byte rises above what you think is reasonable for your needs, you will find ways to store less bytes, therefore you need to buy less bytes, demand decreases, and the price falls. This is negative feedback, common for all goods/services whose demand is driven by need, not speculation.
Though I haven't really understood how this negative feedback really works: "If the price of byte rises above what you think is reasonable for your needs, you will find ways to store less bytes, therefore you need to buy less bytes, demand decreases, and the price falls" --> how can regular users who suffer from high fees try to store less bytes? Doesn't the stored bytes depend on the architecture and the code instead of the regular users who send the transactions?
We get involved sending money to eachother, chatting and using the bots.
