Topic: Obyte: Totally new consensus algorithm + private untraceable payments - page 524. (Read 1234315 times)
August 07, 2017, 08:31:13 AM
am I will get airdrop too if I put my byteball on bittrex?
August 07, 2017, 08:29:46 AM
After August 7 we'll reach more than 50% distributed coins and will start a new phase of our distribution.
Up until now, we were distributing only to holders of BTC and Bytes, i.e. we were rewarding holding. Now we are adding actual users into the mix, i.e. we are going to reward transactions.
To get you an idea of how we are going to do it, we are going to partner with several categories of companies:
- merchants
- payment processors
- "Bitcoin debit card" companies
and offer 10% cashback, paid in Bytes, for all qualifying purchases (no matter how the purchases are paid). The cashback will be funded from the undistributed pool. For example, a customer who bought for $100 receives $10 cashback in Bytes, paid to his Byteball address, at the current exchange rate. For merchants, this is something that would drive sales and they would put effort into promoting the offer. In competitive industries, a 10% cashback is a very powerful tool to lure customers. For customers, this is a 10% discount (which matters a lot in some industries). For Byteball, it is new users who will have to get involved into the system in order to receive the cashback.
A few companies have already expressed interest (not disclosing the names while it is a work in progress).
A few extensions of this offer:
- 20% cashback if the purchase is paid in bytes or blackbytes. This would incentivize merchants to start accepting bytes and blackbytes, and the infrastructure will stay after the distribution ends.
- merchants can offer additional cashback to their customers. Merchants fund it themselves by buying bytes from the market, and for every 1% funded by the merchant we add 1% more from the undistributed pool.
If you see similarity with existing loyalty points schemes, it is similar indeed.
At a minimum, we receive many new users who learn about Byteball from their merchants, plus working payment integrations. And the users are not just crypto fans, it may be their first crypto coin for many users. With the most user friendly wallet in the industry, we are in the best position to expand beyond the crypto village.
We can continue adding 10-20% to existing byte balances to incentivize keeping the received bytes before more infrastructure is built, rather than cashing out immediately.
Two negative sides:
- the scheme is less transparent than plain adding on top of existing balances, and some share of fraud is inevitable. Merchants might try to deceive us to receive coins for themselves by reporting nonexistent sales or selling to themselves. This is mitigated by good choice of trustworthy merchants and our ability to disconnect any merchant at any time on suspicion of fraud. Their customers can also try to find ways to abuse the system, again we'll require the merchants to prevent that by excluding some types of purchases, monitoring customers, enforcing caps, etc. Additionally, if the merchant funds part of the cashback himself, he has skin in the game to counter the customer fraud.
- these new users are not holders for the most part, they are more likely to sell. Not a big problem, the point is they already know about Byteball and it's easy for them to get back. The new users are new to crypto, many of them won't use exchanges, and somebody will have to create new easier-to-use channels to fiat, which is positive for liquidity. Also, 10%-20% monthly distributions discourage fast selling while the distribution is ongoing. And lastly, the merchants who fund 50% of the cashback would partially balance the markets by buying coins.
On balance, I'm sure that these negatives are tolerable when we are going to achieve a vast expansion of our user base and acceptance at merchants.
For the current distribution round, nothing changes.
For the next distribution on September 6, we are changing the ratios in favor of Byte holders and slowing down the distribution to have more time to build out the cashback program:
BTC to Bytes: every 160 BTC gives you 1 GB from the distribution (or 0.00625 GB per BTC).
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).
Similar ratios for blackbytes.
For those who receive their first bytes from cashbacks, Sep 6 will be the first distribution when they receive +10%.
I'll make announcements as we add merchants in the cashback program.
Up until now, we were distributing only to holders of BTC and Bytes, i.e. we were rewarding holding. Now we are adding actual users into the mix, i.e. we are going to reward transactions.
To get you an idea of how we are going to do it, we are going to partner with several categories of companies:
- merchants
- payment processors
- "Bitcoin debit card" companies
and offer 10% cashback, paid in Bytes, for all qualifying purchases (no matter how the purchases are paid). The cashback will be funded from the undistributed pool. For example, a customer who bought for $100 receives $10 cashback in Bytes, paid to his Byteball address, at the current exchange rate. For merchants, this is something that would drive sales and they would put effort into promoting the offer. In competitive industries, a 10% cashback is a very powerful tool to lure customers. For customers, this is a 10% discount (which matters a lot in some industries). For Byteball, it is new users who will have to get involved into the system in order to receive the cashback.
A few companies have already expressed interest (not disclosing the names while it is a work in progress).
A few extensions of this offer:
- 20% cashback if the purchase is paid in bytes or blackbytes. This would incentivize merchants to start accepting bytes and blackbytes, and the infrastructure will stay after the distribution ends.
- merchants can offer additional cashback to their customers. Merchants fund it themselves by buying bytes from the market, and for every 1% funded by the merchant we add 1% more from the undistributed pool.
If you see similarity with existing loyalty points schemes, it is similar indeed.
At a minimum, we receive many new users who learn about Byteball from their merchants, plus working payment integrations. And the users are not just crypto fans, it may be their first crypto coin for many users. With the most user friendly wallet in the industry, we are in the best position to expand beyond the crypto village.
We can continue adding 10-20% to existing byte balances to incentivize keeping the received bytes before more infrastructure is built, rather than cashing out immediately.
Two negative sides:
- the scheme is less transparent than plain adding on top of existing balances, and some share of fraud is inevitable. Merchants might try to deceive us to receive coins for themselves by reporting nonexistent sales or selling to themselves. This is mitigated by good choice of trustworthy merchants and our ability to disconnect any merchant at any time on suspicion of fraud. Their customers can also try to find ways to abuse the system, again we'll require the merchants to prevent that by excluding some types of purchases, monitoring customers, enforcing caps, etc. Additionally, if the merchant funds part of the cashback himself, he has skin in the game to counter the customer fraud.
- these new users are not holders for the most part, they are more likely to sell. Not a big problem, the point is they already know about Byteball and it's easy for them to get back. The new users are new to crypto, many of them won't use exchanges, and somebody will have to create new easier-to-use channels to fiat, which is positive for liquidity. Also, 10%-20% monthly distributions discourage fast selling while the distribution is ongoing. And lastly, the merchants who fund 50% of the cashback would partially balance the markets by buying coins.
On balance, I'm sure that these negatives are tolerable when we are going to achieve a vast expansion of our user base and acceptance at merchants.
For the current distribution round, nothing changes.
For the next distribution on September 6, we are changing the ratios in favor of Byte holders and slowing down the distribution to have more time to build out the cashback program:
BTC to Bytes: every 160 BTC gives you 1 GB from the distribution (or 0.00625 GB per BTC).
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).
Similar ratios for blackbytes.
For those who receive their first bytes from cashbacks, Sep 6 will be the first distribution when they receive +10%.
I'll make announcements as we add merchants in the cashback program.
On balance I think this is a good initiative for the coin. Incentives to use rather than hold make sense, and I like the x10 reduction for BTC holders versus the .5 reduction for byte holders. To the extent people are aware of this, it might prevent the pre/post dump crash in price we see around every distribution date.
I do not know how you will guard against fraud, as I can see people having a field day with that, but I still like what you are trying to do. Good luck finding trusted partners in crypto land. Go Byteball!
August 07, 2017, 08:23:59 AM
After August 7 we'll reach more than 50% distributed coins and will start a new phase of our distribution.
It was stated from day one that the purpose of this distribution is to get this coin into the hands of as many people as possible. Both coins (bytes and blackbytes) are meant to be used as currencies, and this is only possible when there are many users and apps to interact with. We already have a sizable community, a number of unique apps, and we are the only crypto project to have an app distribution platform (the Bot Store), but there is still a lot of room to grow in terms of user count, number of apps, and willingness of users to use these apps.
Up until now, we were distributing only to holders of BTC and Bytes, i.e. we were rewarding holding. Now we are adding actual users into the mix, i.e. we are going to reward transactions.
To get you an idea of how we are going to do it, we are going to partner with several categories of companies:
- merchants
- payment processors
- "Bitcoin debit card" companies
and offer 10% cashback, paid in Bytes, for all qualifying purchases (no matter how the purchases are paid). The cashback will be funded from the undistributed pool. For example, a customer who bought for $100 receives $10 cashback in Bytes, paid to his Byteball address, at the current exchange rate. For merchants, this is something that would drive sales and they would put effort into promoting the offer. In competitive industries, a 10% cashback is a very powerful tool to lure customers. For customers, this is a 10% discount (which matters a lot in some industries). For Byteball, it is new users who will have to get involved into the system in order to receive the cashback.
A few companies have already expressed interest (not disclosing the names while it is a work in progress).
A few extensions of this offer:
- 20% cashback if the purchase is paid in bytes or blackbytes. This would incentivize merchants to start accepting bytes and blackbytes, and the infrastructure will stay after the distribution ends.
- merchants can offer additional cashback to their customers. Merchants fund it themselves by buying bytes from the market, and for every 1% funded by the merchant we add 1% more from the undistributed pool.
If you see similarity with existing loyalty points schemes, it is similar indeed.
At a minimum, we receive many new users who learn about Byteball from their merchants, plus working payment integrations. And the users are not just crypto fans, it may be their first crypto coin for many users. With the most user friendly wallet in the industry, we are in the best position to expand beyond the crypto village.
We can continue adding 10-20% to existing byte balances to incentivize keeping the received bytes before more infrastructure is built, rather than cashing out immediately.
Two negative sides:
- the scheme is less transparent than plain adding on top of existing balances, and some share of fraud is inevitable. Merchants might try to deceive us to receive coins for themselves by reporting nonexistent sales or selling to themselves. This is mitigated by good choice of trustworthy merchants and our ability to disconnect any merchant at any time on suspicion of fraud. Their customers can also try to find ways to abuse the system, again we'll require the merchants to prevent that by excluding some types of purchases, monitoring customers, enforcing caps, etc. Additionally, if the merchant funds part of the cashback himself, he has skin in the game to counter the customer fraud.
- these new users are not holders for the most part, they are more likely to sell. Not a big problem, the point is they already know about Byteball and it's easy for them to get back. The new users are new to crypto, many of them won't use exchanges, and somebody will have to create new easier-to-use channels to fiat, which is positive for liquidity. Also, 10%-20% monthly distributions discourage fast selling while the distribution is ongoing. And lastly, the merchants who fund 50% of the cashback would partially balance the markets by buying coins.
On balance, I'm sure that these negatives are tolerable when we are going to achieve a vast expansion of our user base and acceptance at merchants.
For the current distribution round, nothing changes.
For the next distribution on September 6, we are changing the ratios in favor of Byte holders and slowing down the distribution to have more time to build out the cashback program:
BTC to Bytes: every 160 BTC gives you 1 GB from the distribution (or 0.00625 GB per BTC).
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).
Similar ratios for blackbytes.
For those who receive their first bytes from cashbacks, Sep 6 will be the first distribution when they receive +10%.
I'll make announcements as we add merchants in the cashback program.
It was stated from day one that the purpose of this distribution is to get this coin into the hands of as many people as possible. Both coins (bytes and blackbytes) are meant to be used as currencies, and this is only possible when there are many users and apps to interact with. We already have a sizable community, a number of unique apps, and we are the only crypto project to have an app distribution platform (the Bot Store), but there is still a lot of room to grow in terms of user count, number of apps, and willingness of users to use these apps.
Up until now, we were distributing only to holders of BTC and Bytes, i.e. we were rewarding holding. Now we are adding actual users into the mix, i.e. we are going to reward transactions.
To get you an idea of how we are going to do it, we are going to partner with several categories of companies:
- merchants
- payment processors
- "Bitcoin debit card" companies
and offer 10% cashback, paid in Bytes, for all qualifying purchases (no matter how the purchases are paid). The cashback will be funded from the undistributed pool. For example, a customer who bought for $100 receives $10 cashback in Bytes, paid to his Byteball address, at the current exchange rate. For merchants, this is something that would drive sales and they would put effort into promoting the offer. In competitive industries, a 10% cashback is a very powerful tool to lure customers. For customers, this is a 10% discount (which matters a lot in some industries). For Byteball, it is new users who will have to get involved into the system in order to receive the cashback.
A few companies have already expressed interest (not disclosing the names while it is a work in progress).
A few extensions of this offer:
- 20% cashback if the purchase is paid in bytes or blackbytes. This would incentivize merchants to start accepting bytes and blackbytes, and the infrastructure will stay after the distribution ends.
- merchants can offer additional cashback to their customers. Merchants fund it themselves by buying bytes from the market, and for every 1% funded by the merchant we add 1% more from the undistributed pool.
If you see similarity with existing loyalty points schemes, it is similar indeed.
At a minimum, we receive many new users who learn about Byteball from their merchants, plus working payment integrations. And the users are not just crypto fans, it may be their first crypto coin for many users. With the most user friendly wallet in the industry, we are in the best position to expand beyond the crypto village.
We can continue adding 10-20% to existing byte balances to incentivize keeping the received bytes before more infrastructure is built, rather than cashing out immediately.
Two negative sides:
- the scheme is less transparent than plain adding on top of existing balances, and some share of fraud is inevitable. Merchants might try to deceive us to receive coins for themselves by reporting nonexistent sales or selling to themselves. This is mitigated by good choice of trustworthy merchants and our ability to disconnect any merchant at any time on suspicion of fraud. Their customers can also try to find ways to abuse the system, again we'll require the merchants to prevent that by excluding some types of purchases, monitoring customers, enforcing caps, etc. Additionally, if the merchant funds part of the cashback himself, he has skin in the game to counter the customer fraud.
- these new users are not holders for the most part, they are more likely to sell. Not a big problem, the point is they already know about Byteball and it's easy for them to get back. The new users are new to crypto, many of them won't use exchanges, and somebody will have to create new easier-to-use channels to fiat, which is positive for liquidity. Also, 10%-20% monthly distributions discourage fast selling while the distribution is ongoing. And lastly, the merchants who fund 50% of the cashback would partially balance the markets by buying coins.
On balance, I'm sure that these negatives are tolerable when we are going to achieve a vast expansion of our user base and acceptance at merchants.
For the current distribution round, nothing changes.
For the next distribution on September 6, we are changing the ratios in favor of Byte holders and slowing down the distribution to have more time to build out the cashback program:
BTC to Bytes: every 160 BTC gives you 1 GB from the distribution (or 0.00625 GB per BTC).
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).
Similar ratios for blackbytes.
For those who receive their first bytes from cashbacks, Sep 6 will be the first distribution when they receive +10%.
I'll make announcements as we add merchants in the cashback program.
I've had a bone and an arrow https://www.youtube.com/watch?v=zNgFYKPSUOg
Great idea
August 07, 2017, 08:18:04 AM
The guys who are dumping right now maybe didn't get this 
For the next distribution on September 6, we are changing the ratios in favor of Byte holders and slowing down the distribution to have more time to build out the cashback program:
BTC to Bytes: every 160 BTC gives you 1 GB from the distribution (or 0.00625 GB per BTC).
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).
Similar ratios for blackbytes.
It's a good reason to dump now.Price will fall as they will be decreasing the distribution amount from next time.For the next distribution on September 6, we are changing the ratios in favor of Byte holders and slowing down the distribution to have more time to build out the cashback program:
BTC to Bytes: every 160 BTC gives you 1 GB from the distribution (or 0.00625 GB per BTC).
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).
Similar ratios for blackbytes.
Example:
Every 1 btc holder now gets 0.0625GB = 0.165×0.0625=0.0103125 BTC
From next distribution every 1 btc holder will get 0.00625GB=0.165×0.00625=0.00103125 BTC
Good to dump now
Not really though. All you need to do is buy GB and like always, you'll get more profit having GB than linking a BTC address.
August 07, 2017, 08:16:35 AM
What protection will be there for merchants who will try to fool the system by buying their own services just to claim bytes from the distribution pool?
August 07, 2017, 08:13:27 AM
5 Hrs till distribution! load up your bags now!
August 07, 2017, 08:13:12 AM
After August 7 we'll reach more than 50% distributed coins and will start a new phase of our distribution.
It was stated from day one that the purpose of this distribution is to get this coin into the hands of as many people as possible. Both coins (bytes and blackbytes) are meant to be used as currencies, and this is only possible when there are many users and apps to interact with. We already have a sizable community, a number of unique apps, and we are the only crypto project to have an app distribution platform (the Bot Store), but there is still a lot of room to grow in terms of user count, number of apps, and willingness of users to use these apps.
Up until now, we were distributing only to holders of BTC and Bytes, i.e. we were rewarding holding. Now we are adding actual users into the mix, i.e. we are going to reward transactions.
To get you an idea of how we are going to do it, we are going to partner with several categories of companies:
- merchants
- payment processors
- "Bitcoin debit card" companies
and offer 10% cashback, paid in Bytes, for all qualifying purchases (no matter how the purchases are paid). The cashback will be funded from the undistributed pool. For example, a customer who bought for $100 receives $10 cashback in Bytes, paid to his Byteball address, at the current exchange rate. For merchants, this is something that would drive sales and they would put effort into promoting the offer. In competitive industries, a 10% cashback is a very powerful tool to lure customers. For customers, this is a 10% discount (which matters a lot in some industries). For Byteball, it is new users who will have to get involved into the system in order to receive the cashback.
A few companies have already expressed interest (not disclosing the names while it is a work in progress).
A few extensions of this offer:
- 20% cashback if the purchase is paid in bytes or blackbytes. This would incentivize merchants to start accepting bytes and blackbytes, and the infrastructure will stay after the distribution ends.
- merchants can offer additional cashback to their customers. Merchants fund it themselves by buying bytes from the market, and for every 1% funded by the merchant we add 1% more from the undistributed pool.
If you see similarity with existing loyalty points schemes, it is similar indeed.
At a minimum, we receive many new users who learn about Byteball from their merchants, plus working payment integrations. And the users are not just crypto fans, it may be their first crypto coin for many users. With the most user friendly wallet in the industry, we are in the best position to expand beyond the crypto village.
We can continue adding 10-20% to existing byte balances to incentivize keeping the received bytes before more infrastructure is built, rather than cashing out immediately.
Two negative sides:
- the scheme is less transparent than plain adding on top of existing balances, and some share of fraud is inevitable. Merchants might try to deceive us to receive coins for themselves by reporting nonexistent sales or selling to themselves. This is mitigated by good choice of trustworthy merchants and our ability to disconnect any merchant at any time on suspicion of fraud. Their customers can also try to find ways to abuse the system, again we'll require the merchants to prevent that by excluding some types of purchases, monitoring customers, enforcing caps, etc. Additionally, if the merchant funds part of the cashback himself, he has skin in the game to counter the customer fraud.
- these new users are not holders for the most part, they are more likely to sell. Not a big problem, the point is they already know about Byteball and it's easy for them to get back. The new users are new to crypto, many of them won't use exchanges, and somebody will have to create new easier-to-use channels to fiat, which is positive for liquidity. Also, 10%-20% monthly distributions discourage fast selling while the distribution is ongoing. And lastly, the merchants who fund 50% of the cashback would partially balance the markets by buying coins.
On balance, I'm sure that these negatives are tolerable when we are going to achieve a vast expansion of our user base and acceptance at merchants.
For the current distribution round, nothing changes.
For the next distribution on September 6, we are changing the ratios in favor of Byte holders and slowing down the distribution to have more time to build out the cashback program:
BTC to Bytes: every 160 BTC gives you 1 GB from the distribution (or 0.00625 GB per BTC).
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).
Similar ratios for blackbytes.
For those who receive their first bytes from cashbacks, Sep 6 will be the first distribution when they receive +10%.
I'll make announcements as we add merchants in the cashback program.
Very good work and nice decisions.It was stated from day one that the purpose of this distribution is to get this coin into the hands of as many people as possible. Both coins (bytes and blackbytes) are meant to be used as currencies, and this is only possible when there are many users and apps to interact with. We already have a sizable community, a number of unique apps, and we are the only crypto project to have an app distribution platform (the Bot Store), but there is still a lot of room to grow in terms of user count, number of apps, and willingness of users to use these apps.
Up until now, we were distributing only to holders of BTC and Bytes, i.e. we were rewarding holding. Now we are adding actual users into the mix, i.e. we are going to reward transactions.
To get you an idea of how we are going to do it, we are going to partner with several categories of companies:
- merchants
- payment processors
- "Bitcoin debit card" companies
and offer 10% cashback, paid in Bytes, for all qualifying purchases (no matter how the purchases are paid). The cashback will be funded from the undistributed pool. For example, a customer who bought for $100 receives $10 cashback in Bytes, paid to his Byteball address, at the current exchange rate. For merchants, this is something that would drive sales and they would put effort into promoting the offer. In competitive industries, a 10% cashback is a very powerful tool to lure customers. For customers, this is a 10% discount (which matters a lot in some industries). For Byteball, it is new users who will have to get involved into the system in order to receive the cashback.
A few companies have already expressed interest (not disclosing the names while it is a work in progress).
A few extensions of this offer:
- 20% cashback if the purchase is paid in bytes or blackbytes. This would incentivize merchants to start accepting bytes and blackbytes, and the infrastructure will stay after the distribution ends.
- merchants can offer additional cashback to their customers. Merchants fund it themselves by buying bytes from the market, and for every 1% funded by the merchant we add 1% more from the undistributed pool.
If you see similarity with existing loyalty points schemes, it is similar indeed.
At a minimum, we receive many new users who learn about Byteball from their merchants, plus working payment integrations. And the users are not just crypto fans, it may be their first crypto coin for many users. With the most user friendly wallet in the industry, we are in the best position to expand beyond the crypto village.
We can continue adding 10-20% to existing byte balances to incentivize keeping the received bytes before more infrastructure is built, rather than cashing out immediately.
Two negative sides:
- the scheme is less transparent than plain adding on top of existing balances, and some share of fraud is inevitable. Merchants might try to deceive us to receive coins for themselves by reporting nonexistent sales or selling to themselves. This is mitigated by good choice of trustworthy merchants and our ability to disconnect any merchant at any time on suspicion of fraud. Their customers can also try to find ways to abuse the system, again we'll require the merchants to prevent that by excluding some types of purchases, monitoring customers, enforcing caps, etc. Additionally, if the merchant funds part of the cashback himself, he has skin in the game to counter the customer fraud.
- these new users are not holders for the most part, they are more likely to sell. Not a big problem, the point is they already know about Byteball and it's easy for them to get back. The new users are new to crypto, many of them won't use exchanges, and somebody will have to create new easier-to-use channels to fiat, which is positive for liquidity. Also, 10%-20% monthly distributions discourage fast selling while the distribution is ongoing. And lastly, the merchants who fund 50% of the cashback would partially balance the markets by buying coins.
On balance, I'm sure that these negatives are tolerable when we are going to achieve a vast expansion of our user base and acceptance at merchants.
For the current distribution round, nothing changes.
For the next distribution on September 6, we are changing the ratios in favor of Byte holders and slowing down the distribution to have more time to build out the cashback program:
BTC to Bytes: every 160 BTC gives you 1 GB from the distribution (or 0.00625 GB per BTC).
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).
Similar ratios for blackbytes.
For those who receive their first bytes from cashbacks, Sep 6 will be the first distribution when they receive +10%.
I'll make announcements as we add merchants in the cashback program.
I'm little bit affraid by the negative points and to be sure the balance is good for ByteBall and it's community, think you have to make a big work around this system of cashback.
But I thank you for all these goods ideas.
August 07, 2017, 08:12:55 AM
This dumping sucks! I was betting on BB going up especially after the sharp drop after last distribution.
there is nothing sucking about a dump in a coin with a good future!
i am new to Byteball, and i have recently found out about it but i am already very interested and total in.
when the dumps begin and the panics start, that is the best time to buy more Bytes. it is the bottom of the price just like last time, you get cheap coins and add it to your wallet and get profit. it is all a win-win situation.
I hope it drops even more after this airdrop than it did the last time, maybe I'll finally be able to get up to a 100,000 Bytes in my wallet and add it to what I got in the slack jaucet
when i said i am in, i really meant it. i have already claimed only 1 airdrop and this will be the second one and also on top of it i have bought more bytes in the dips and will surely continue to buy more.
Indeed. I came into crypto late June and watched the July airdrop (and it's plummet around July 19). Linked my address but since I didn't have anything to invest I didn't get anything.
For the next distribution on September 6, we are changing the ratios in favor of Byte holders
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).
Edit: Just noticed "BTC to Bytes: every 160 BTC gives you 1 GB from the distribution (or 0.00625 GB per BTC)". It was 0.0625GB/BTC before.
August 07, 2017, 08:07:25 AM
The guys who are dumping right now maybe didn't get this
For the next distribution on September 6, we are changing the ratios in favor of Byte holders and slowing down the distribution to have more time to build out the cashback program:
BTC to Bytes: every 160 BTC gives you 1 GB from the distribution (or 0.00625 GB per BTC).
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).
Similar ratios for blackbytes.
It's a good reason to dump now.Price will fall as they will be decreasing the distribution amount from next time.For the next distribution on September 6, we are changing the ratios in favor of Byte holders and slowing down the distribution to have more time to build out the cashback program:
BTC to Bytes: every 160 BTC gives you 1 GB from the distribution (or 0.00625 GB per BTC).
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).
Similar ratios for blackbytes.
Example:
Every 1 btc holder now gets 0.0625GB = 0.165×0.0625=0.0103125 BTC
From next distribution every 1 btc holder will get 0.00625GB=0.165×0.00625=0.00103125 BTC
Good to dump now
August 07, 2017, 07:58:51 AM
The guys who are dumping right now maybe didn't get this
For the next distribution on September 6, we are changing the ratios in favor of Byte holders and slowing down the distribution to have more time to build out the cashback program:
BTC to Bytes: every 160 BTC gives you 1 GB from the distribution (or 0.00625 GB per BTC).
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).
Similar ratios for blackbytes.
For the next distribution on September 6, we are changing the ratios in favor of Byte holders and slowing down the distribution to have more time to build out the cashback program:
BTC to Bytes: every 160 BTC gives you 1 GB from the distribution (or 0.00625 GB per BTC).
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).
Similar ratios for blackbytes.
August 07, 2017, 07:57:30 AM
After August 7 we'll reach more than 50% distributed coins and will start a new phase of our distribution.
It was stated from day one that the purpose of this distribution is to get this coin into the hands of as many people as possible. Both coins (bytes and blackbytes) are meant to be used as currencies, and this is only possible when there are many users and apps to interact with. We already have a sizable community, a number of unique apps, and we are the only crypto project to have an app distribution platform (the Bot Store), but there is still a lot of room to grow in terms of user count, number of apps, and willingness of users to use these apps.
Up until now, we were distributing only to holders of BTC and Bytes, i.e. we were rewarding holding. Now we are adding actual users into the mix, i.e. we are going to reward transactions.
To get you an idea of how we are going to do it, we are going to partner with several categories of companies:
- merchants
- payment processors
- "Bitcoin debit card" companies
and offer 10% cashback, paid in Bytes, for all qualifying purchases (no matter how the purchases are paid). The cashback will be funded from the undistributed pool. For example, a customer who bought for $100 receives $10 cashback in Bytes, paid to his Byteball address, at the current exchange rate. For merchants, this is something that would drive sales and they would put effort into promoting the offer. In competitive industries, a 10% cashback is a very powerful tool to lure customers. For customers, this is a 10% discount (which matters a lot in some industries). For Byteball, it is new users who will have to get involved into the system in order to receive the cashback.
A few companies have already expressed interest (not disclosing the names while it is a work in progress).
A few extensions of this offer:
- 20% cashback if the purchase is paid in bytes or blackbytes. This would incentivize merchants to start accepting bytes and blackbytes, and the infrastructure will stay after the distribution ends.
- merchants can offer additional cashback to their customers. Merchants fund it themselves by buying bytes from the market, and for every 1% funded by the merchant we add 1% more from the undistributed pool.
If you see similarity with existing loyalty points schemes, it is similar indeed.
At a minimum, we receive many new users who learn about Byteball from their merchants, plus working payment integrations. And the users are not just crypto fans, it may be their first crypto coin for many users. With the most user friendly wallet in the industry, we are in the best position to expand beyond the crypto village.
We can continue adding 10-20% to existing byte balances to incentivize keeping the received bytes before more infrastructure is built, rather than cashing out immediately.
Two negative sides:
- the scheme is less transparent than plain adding on top of existing balances, and some share of fraud is inevitable. Merchants might try to deceive us to receive coins for themselves by reporting nonexistent sales or selling to themselves. This is mitigated by good choice of trustworthy merchants and our ability to disconnect any merchant at any time on suspicion of fraud. Their customers can also try to find ways to abuse the system, again we'll require the merchants to prevent that by excluding some types of purchases, monitoring customers, enforcing caps, etc. Additionally, if the merchant funds part of the cashback himself, he has skin in the game to counter the customer fraud.
- these new users are not holders for the most part, they are more likely to sell. Not a big problem, the point is they already know about Byteball and it's easy for them to get back. The new users are new to crypto, many of them won't use exchanges, and somebody will have to create new easier-to-use channels to fiat, which is positive for liquidity. Also, 10%-20% monthly distributions discourage fast selling while the distribution is ongoing. And lastly, the merchants who fund 50% of the cashback would partially balance the markets by buying coins.
On balance, I'm sure that these negatives are tolerable when we are going to achieve a vast expansion of our user base and acceptance at merchants.
For the current distribution round, nothing changes.
For the next distribution on September 6, we are changing the ratios in favor of Byte holders and slowing down the distribution to have more time to build out the cashback program:
BTC to Bytes: every 160 BTC gives you 1 GB from the distribution (or 0.00625 GB per BTC).
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).
Similar ratios for blackbytes.
For those who receive their first bytes from cashbacks, Sep 6 will be the first distribution when they receive +10%.
I'll make announcements as we add merchants in the cashback program.
To be honest this is the worst decision and it sucks.Price of byteball will fall now.I am out and dumping my gbytes now It was stated from day one that the purpose of this distribution is to get this coin into the hands of as many people as possible. Both coins (bytes and blackbytes) are meant to be used as currencies, and this is only possible when there are many users and apps to interact with. We already have a sizable community, a number of unique apps, and we are the only crypto project to have an app distribution platform (the Bot Store), but there is still a lot of room to grow in terms of user count, number of apps, and willingness of users to use these apps.
Up until now, we were distributing only to holders of BTC and Bytes, i.e. we were rewarding holding. Now we are adding actual users into the mix, i.e. we are going to reward transactions.
To get you an idea of how we are going to do it, we are going to partner with several categories of companies:
- merchants
- payment processors
- "Bitcoin debit card" companies
and offer 10% cashback, paid in Bytes, for all qualifying purchases (no matter how the purchases are paid). The cashback will be funded from the undistributed pool. For example, a customer who bought for $100 receives $10 cashback in Bytes, paid to his Byteball address, at the current exchange rate. For merchants, this is something that would drive sales and they would put effort into promoting the offer. In competitive industries, a 10% cashback is a very powerful tool to lure customers. For customers, this is a 10% discount (which matters a lot in some industries). For Byteball, it is new users who will have to get involved into the system in order to receive the cashback.
A few companies have already expressed interest (not disclosing the names while it is a work in progress).
A few extensions of this offer:
- 20% cashback if the purchase is paid in bytes or blackbytes. This would incentivize merchants to start accepting bytes and blackbytes, and the infrastructure will stay after the distribution ends.
- merchants can offer additional cashback to their customers. Merchants fund it themselves by buying bytes from the market, and for every 1% funded by the merchant we add 1% more from the undistributed pool.
If you see similarity with existing loyalty points schemes, it is similar indeed.
At a minimum, we receive many new users who learn about Byteball from their merchants, plus working payment integrations. And the users are not just crypto fans, it may be their first crypto coin for many users. With the most user friendly wallet in the industry, we are in the best position to expand beyond the crypto village.
We can continue adding 10-20% to existing byte balances to incentivize keeping the received bytes before more infrastructure is built, rather than cashing out immediately.
Two negative sides:
- the scheme is less transparent than plain adding on top of existing balances, and some share of fraud is inevitable. Merchants might try to deceive us to receive coins for themselves by reporting nonexistent sales or selling to themselves. This is mitigated by good choice of trustworthy merchants and our ability to disconnect any merchant at any time on suspicion of fraud. Their customers can also try to find ways to abuse the system, again we'll require the merchants to prevent that by excluding some types of purchases, monitoring customers, enforcing caps, etc. Additionally, if the merchant funds part of the cashback himself, he has skin in the game to counter the customer fraud.
- these new users are not holders for the most part, they are more likely to sell. Not a big problem, the point is they already know about Byteball and it's easy for them to get back. The new users are new to crypto, many of them won't use exchanges, and somebody will have to create new easier-to-use channels to fiat, which is positive for liquidity. Also, 10%-20% monthly distributions discourage fast selling while the distribution is ongoing. And lastly, the merchants who fund 50% of the cashback would partially balance the markets by buying coins.
On balance, I'm sure that these negatives are tolerable when we are going to achieve a vast expansion of our user base and acceptance at merchants.
For the current distribution round, nothing changes.
For the next distribution on September 6, we are changing the ratios in favor of Byte holders and slowing down the distribution to have more time to build out the cashback program:
BTC to Bytes: every 160 BTC gives you 1 GB from the distribution (or 0.00625 GB per BTC).
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).
Similar ratios for blackbytes.
For those who receive their first bytes from cashbacks, Sep 6 will be the first distribution when they receive +10%.
I'll make announcements as we add merchants in the cashback program.
August 07, 2017, 07:46:36 AM
This dumping sucks! I was betting on BB going up especially after the sharp drop after last distribution.
there is nothing sucking about a dump in a coin with a good future!
i am new to Byteball, and i have recently found out about it but i am already very interested and total in.
when the dumps begin and the panics start, that is the best time to buy more Bytes. it is the bottom of the price just like last time, you get cheap coins and add it to your wallet and get profit. it is all a win-win situation.
I hope it drops even more after this airdrop than it did the last time, maybe I'll finally be able to get up to a 100,000 Bytes in my wallet and add it to what I got in the slack jaucet
when i said i am in, i really meant it. i have already claimed only 1 airdrop and this will be the second one and also on top of it i have bought more bytes in the dips and will surely continue to buy more. specially with the last update from tonych about their cooperating with the merchants and also encouraging the merchants with byteball.
on top of it there is this part:
For the next distribution on September 6, we are changing the ratios in favor of Byte holders
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).
August 07, 2017, 07:38:47 AM
Is the timezone specified in the time for the snapshot the same timezone as the Bitcointalk forums use and show in the upper right corner of the screen?
This site, Moongiant, shows the time of the full moon according to your current timezone.
August 07, 2017, 07:38:00 AM
Is the timezone specified in the time for the snapshot the same timezone as the Bitcointalk forums use and show in the upper right corner of the screen?
UTC 18:10
https://time.is/de/UTC
August 07, 2017, 07:36:47 AM
More than 1.2 million BTC linked to Byteball!
Please retweet: https://twitter.com/cryptkeeperbtt/status/894493516390420480
Please retweet: https://twitter.com/cryptkeeperbtt/status/894493516390420480
The price is still really, really low. Last month I was expecting it to reach $950 at the very least but it's way below that and still dropping.
This dumping sucks! I was betting on BB going up especially after the sharp drop after last distribution.
there is nothing sucking about a dump in a coin with a good future!
i am new to Byteball, and i have recently found out about it but i am already very interested and total in.
when the dumps begin and the panics start, that is the best time to buy more Bytes. it is the bottom of the price just like last time, you get cheap coins and add it to your wallet and get profit. it is all a win-win situation.
I hope it drops even more after this airdrop than it did the last time, maybe I'll finally be able to get up to a 100,000 Bytes in my wallet and add it to what I got in the slack jaucet
August 07, 2017, 07:35:47 AM
Is the timezone specified in the time for the snapshot the same timezone as the Bitcointalk forums use and show in the upper right corner of the screen?
UTC 18:10
August 07, 2017, 07:35:33 AM
After August 7 we'll reach more than 50% distributed coins and will start a new phase of our distribution.
It was stated from day one that the purpose of this distribution is to get this coin into the hands of as many people as possible. Both coins (bytes and blackbytes) are meant to be used as currencies, and this is only possible when there are many users and apps to interact with. We already have a sizable community, a number of unique apps, and we are the only crypto project to have an app distribution platform (the Bot Store), but there is still a lot of room to grow in terms of user count, number of apps, and willingness of users to use these apps.
Up until now, we were distributing only to holders of BTC and Bytes, i.e. we were rewarding holding. Now we are adding actual users into the mix, i.e. we are going to reward transactions.
To get you an idea of how we are going to do it, we are going to partner with several categories of companies:
- merchants
- payment processors
- "Bitcoin debit card" companies
and offer 10% cashback, paid in Bytes, for all qualifying purchases (no matter how the purchases are paid). The cashback will be funded from the undistributed pool. For example, a customer who bought for $100 receives $10 cashback in Bytes, paid to his Byteball address, at the current exchange rate. For merchants, this is something that would drive sales and they would put effort into promoting the offer. In competitive industries, a 10% cashback is a very powerful tool to lure customers. For customers, this is a 10% discount (which matters a lot in some industries). For Byteball, it is new users who will have to get involved into the system in order to receive the cashback.
A few companies have already expressed interest (not disclosing the names while it is a work in progress).
A few extensions of this offer:
- 20% cashback if the purchase is paid in bytes or blackbytes. This would incentivize merchants to start accepting bytes and blackbytes, and the infrastructure will stay after the distribution ends.
- merchants can offer additional cashback to their customers. Merchants fund it themselves by buying bytes from the market, and for every 1% funded by the merchant we add 1% more from the undistributed pool.
If you see similarity with existing loyalty points schemes, it is similar indeed.
At a minimum, we receive many new users who learn about Byteball from their merchants, plus working payment integrations. And the users are not just crypto fans, it may be their first crypto coin for many users. With the most user friendly wallet in the industry, we are in the best position to expand beyond the crypto village.
We can continue adding 10-20% to existing byte balances to incentivize keeping the received bytes before more infrastructure is built, rather than cashing out immediately.
Two negative sides:
- the scheme is less transparent than plain adding on top of existing balances, and some share of fraud is inevitable. Merchants might try to deceive us to receive coins for themselves by reporting nonexistent sales or selling to themselves. This is mitigated by good choice of trustworthy merchants and our ability to disconnect any merchant at any time on suspicion of fraud. Their customers can also try to find ways to abuse the system, again we'll require the merchants to prevent that by excluding some types of purchases, monitoring customers, enforcing caps, etc. Additionally, if the merchant funds part of the cashback himself, he has skin in the game to counter the customer fraud.
- these new users are not holders for the most part, they are more likely to sell. Not a big problem, the point is they already know about Byteball and it's easy for them to get back. The new users are new to crypto, many of them won't use exchanges, and somebody will have to create new easier-to-use channels to fiat, which is positive for liquidity. Also, 10%-20% monthly distributions discourage fast selling while the distribution is ongoing. And lastly, the merchants who fund 50% of the cashback would partially balance the markets by buying coins.
On balance, I'm sure that these negatives are tolerable when we are going to achieve a vast expansion of our user base and acceptance at merchants.
For the current distribution round, nothing changes.
For the next distribution on September 6, we are changing the ratios in favor of Byte holders and slowing down the distribution to have more time to build out the cashback program:
BTC to Bytes: every 160 BTC gives you 1 GB from the distribution (or 0.00625 GB per BTC).
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).
Similar ratios for blackbytes.
For those who receive their first bytes from cashbacks, Sep 6 will be the first distribution when they receive +10%.
I'll make announcements as we add merchants in the cashback program.
It was stated from day one that the purpose of this distribution is to get this coin into the hands of as many people as possible. Both coins (bytes and blackbytes) are meant to be used as currencies, and this is only possible when there are many users and apps to interact with. We already have a sizable community, a number of unique apps, and we are the only crypto project to have an app distribution platform (the Bot Store), but there is still a lot of room to grow in terms of user count, number of apps, and willingness of users to use these apps.
Up until now, we were distributing only to holders of BTC and Bytes, i.e. we were rewarding holding. Now we are adding actual users into the mix, i.e. we are going to reward transactions.
To get you an idea of how we are going to do it, we are going to partner with several categories of companies:
- merchants
- payment processors
- "Bitcoin debit card" companies
and offer 10% cashback, paid in Bytes, for all qualifying purchases (no matter how the purchases are paid). The cashback will be funded from the undistributed pool. For example, a customer who bought for $100 receives $10 cashback in Bytes, paid to his Byteball address, at the current exchange rate. For merchants, this is something that would drive sales and they would put effort into promoting the offer. In competitive industries, a 10% cashback is a very powerful tool to lure customers. For customers, this is a 10% discount (which matters a lot in some industries). For Byteball, it is new users who will have to get involved into the system in order to receive the cashback.
A few companies have already expressed interest (not disclosing the names while it is a work in progress).
A few extensions of this offer:
- 20% cashback if the purchase is paid in bytes or blackbytes. This would incentivize merchants to start accepting bytes and blackbytes, and the infrastructure will stay after the distribution ends.
- merchants can offer additional cashback to their customers. Merchants fund it themselves by buying bytes from the market, and for every 1% funded by the merchant we add 1% more from the undistributed pool.
If you see similarity with existing loyalty points schemes, it is similar indeed.
At a minimum, we receive many new users who learn about Byteball from their merchants, plus working payment integrations. And the users are not just crypto fans, it may be their first crypto coin for many users. With the most user friendly wallet in the industry, we are in the best position to expand beyond the crypto village.
We can continue adding 10-20% to existing byte balances to incentivize keeping the received bytes before more infrastructure is built, rather than cashing out immediately.
Two negative sides:
- the scheme is less transparent than plain adding on top of existing balances, and some share of fraud is inevitable. Merchants might try to deceive us to receive coins for themselves by reporting nonexistent sales or selling to themselves. This is mitigated by good choice of trustworthy merchants and our ability to disconnect any merchant at any time on suspicion of fraud. Their customers can also try to find ways to abuse the system, again we'll require the merchants to prevent that by excluding some types of purchases, monitoring customers, enforcing caps, etc. Additionally, if the merchant funds part of the cashback himself, he has skin in the game to counter the customer fraud.
- these new users are not holders for the most part, they are more likely to sell. Not a big problem, the point is they already know about Byteball and it's easy for them to get back. The new users are new to crypto, many of them won't use exchanges, and somebody will have to create new easier-to-use channels to fiat, which is positive for liquidity. Also, 10%-20% monthly distributions discourage fast selling while the distribution is ongoing. And lastly, the merchants who fund 50% of the cashback would partially balance the markets by buying coins.
On balance, I'm sure that these negatives are tolerable when we are going to achieve a vast expansion of our user base and acceptance at merchants.
For the current distribution round, nothing changes.
For the next distribution on September 6, we are changing the ratios in favor of Byte holders and slowing down the distribution to have more time to build out the cashback program:
BTC to Bytes: every 160 BTC gives you 1 GB from the distribution (or 0.00625 GB per BTC).
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).
Similar ratios for blackbytes.
For those who receive their first bytes from cashbacks, Sep 6 will be the first distribution when they receive +10%.
I'll make announcements as we add merchants in the cashback program.
Fantastic Tonych. One of the hardest working and innovative devs so far.
Keep up the great work.
August 07, 2017, 07:33:34 AM
Hi, Steve.
Yes, it is.
Check your local time here: http://time.unitarium.com/utc/1810
Is the timezone specified in the time for the snapshot the same timezone as the Bitcointalk forums use and show in the upper right corner of the screen?
Yes, it is.
Check your local time here: http://time.unitarium.com/utc/1810
August 07, 2017, 07:30:29 AM
Is the timezone specified in the time for the snapshot the same timezone as the Bitcointalk forums use and show in the upper right corner of the screen?
August 07, 2017, 07:30:18 AM
After August 7 we'll reach more than 50% distributed coins and will start a new phase of our distribution.
It was stated from day one that the purpose of this distribution is to get this coin into the hands of as many people as possible. Both coins (bytes and blackbytes) are meant to be used as currencies, and this is only possible when there are many users and apps to interact with. We already have a sizable community, a number of unique apps, and we are the only crypto project to have an app distribution platform (the Bot Store), but there is still a lot of room to grow in terms of user count, number of apps, and willingness of users to use these apps.
Up until now, we were distributing only to holders of BTC and Bytes, i.e. we were rewarding holding. Now we are adding actual users into the mix, i.e. we are going to reward transactions.
To get you an idea of how we are going to do it, we are going to partner with several categories of companies:
- merchants
- payment processors
- "Bitcoin debit card" companies
and offer 10% cashback, paid in Bytes, for all qualifying purchases (no matter how the purchases are paid). The cashback will be funded from the undistributed pool. For example, a customer who bought for $100 receives $10 cashback in Bytes, paid to his Byteball address, at the current exchange rate. For merchants, this is something that would drive sales and they would put effort into promoting the offer. In competitive industries, a 10% cashback is a very powerful tool to lure customers. For customers, this is a 10% discount (which matters a lot in some industries). For Byteball, it is new users who will have to get involved into the system in order to receive the cashback.
A few companies have already expressed interest (not disclosing the names while it is a work in progress).
A few extensions of this offer:
- 20% cashback if the purchase is paid in bytes or blackbytes. This would incentivize merchants to start accepting bytes and blackbytes, and the infrastructure will stay after the distribution ends.
- merchants can offer additional cashback to their customers. Merchants fund it themselves by buying bytes from the market, and for every 1% funded by the merchant we add 1% more from the undistributed pool.
If you see similarity with existing loyalty points schemes, it is similar indeed.
At a minimum, we receive many new users who learn about Byteball from their merchants, plus working payment integrations. And the users are not just crypto fans, it may be their first crypto coin for many users. With the most user friendly wallet in the industry, we are in the best position to expand beyond the crypto village.
We can continue adding 10-20% to existing byte balances to incentivize keeping the received bytes before more infrastructure is built, rather than cashing out immediately.
Two negative sides:
- the scheme is less transparent than plain adding on top of existing balances, and some share of fraud is inevitable. Merchants might try to deceive us to receive coins for themselves by reporting nonexistent sales or selling to themselves. This is mitigated by good choice of trustworthy merchants and our ability to disconnect any merchant at any time on suspicion of fraud. Their customers can also try to find ways to abuse the system, again we'll require the merchants to prevent that by excluding some types of purchases, monitoring customers, enforcing caps, etc. Additionally, if the merchant funds part of the cashback himself, he has skin in the game to counter the customer fraud.
- these new users are not holders for the most part, they are more likely to sell. Not a big problem, the point is they already know about Byteball and it's easy for them to get back. The new users are new to crypto, many of them won't use exchanges, and somebody will have to create new easier-to-use channels to fiat, which is positive for liquidity. Also, 10%-20% monthly distributions discourage fast selling while the distribution is ongoing. And lastly, the merchants who fund 50% of the cashback would partially balance the markets by buying coins.
On balance, I'm sure that these negatives are tolerable when we are going to achieve a vast expansion of our user base and acceptance at merchants.
For the current distribution round, nothing changes.
For the next distribution on September 6, we are changing the ratios in favor of Byte holders and slowing down the distribution to have more time to build out the cashback program:
BTC to Bytes: every 160 BTC gives you 1 GB from the distribution (or 0.00625 GB per BTC).
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).
Similar ratios for blackbytes.
For those who receive their first bytes from cashbacks, Sep 6 will be the first distribution when they receive +10%.
I'll make announcements as we add merchants in the cashback program.
It was stated from day one that the purpose of this distribution is to get this coin into the hands of as many people as possible. Both coins (bytes and blackbytes) are meant to be used as currencies, and this is only possible when there are many users and apps to interact with. We already have a sizable community, a number of unique apps, and we are the only crypto project to have an app distribution platform (the Bot Store), but there is still a lot of room to grow in terms of user count, number of apps, and willingness of users to use these apps.
Up until now, we were distributing only to holders of BTC and Bytes, i.e. we were rewarding holding. Now we are adding actual users into the mix, i.e. we are going to reward transactions.
To get you an idea of how we are going to do it, we are going to partner with several categories of companies:
- merchants
- payment processors
- "Bitcoin debit card" companies
and offer 10% cashback, paid in Bytes, for all qualifying purchases (no matter how the purchases are paid). The cashback will be funded from the undistributed pool. For example, a customer who bought for $100 receives $10 cashback in Bytes, paid to his Byteball address, at the current exchange rate. For merchants, this is something that would drive sales and they would put effort into promoting the offer. In competitive industries, a 10% cashback is a very powerful tool to lure customers. For customers, this is a 10% discount (which matters a lot in some industries). For Byteball, it is new users who will have to get involved into the system in order to receive the cashback.
A few companies have already expressed interest (not disclosing the names while it is a work in progress).
A few extensions of this offer:
- 20% cashback if the purchase is paid in bytes or blackbytes. This would incentivize merchants to start accepting bytes and blackbytes, and the infrastructure will stay after the distribution ends.
- merchants can offer additional cashback to their customers. Merchants fund it themselves by buying bytes from the market, and for every 1% funded by the merchant we add 1% more from the undistributed pool.
If you see similarity with existing loyalty points schemes, it is similar indeed.
At a minimum, we receive many new users who learn about Byteball from their merchants, plus working payment integrations. And the users are not just crypto fans, it may be their first crypto coin for many users. With the most user friendly wallet in the industry, we are in the best position to expand beyond the crypto village.
We can continue adding 10-20% to existing byte balances to incentivize keeping the received bytes before more infrastructure is built, rather than cashing out immediately.
Two negative sides:
- the scheme is less transparent than plain adding on top of existing balances, and some share of fraud is inevitable. Merchants might try to deceive us to receive coins for themselves by reporting nonexistent sales or selling to themselves. This is mitigated by good choice of trustworthy merchants and our ability to disconnect any merchant at any time on suspicion of fraud. Their customers can also try to find ways to abuse the system, again we'll require the merchants to prevent that by excluding some types of purchases, monitoring customers, enforcing caps, etc. Additionally, if the merchant funds part of the cashback himself, he has skin in the game to counter the customer fraud.
- these new users are not holders for the most part, they are more likely to sell. Not a big problem, the point is they already know about Byteball and it's easy for them to get back. The new users are new to crypto, many of them won't use exchanges, and somebody will have to create new easier-to-use channels to fiat, which is positive for liquidity. Also, 10%-20% monthly distributions discourage fast selling while the distribution is ongoing. And lastly, the merchants who fund 50% of the cashback would partially balance the markets by buying coins.
On balance, I'm sure that these negatives are tolerable when we are going to achieve a vast expansion of our user base and acceptance at merchants.
For the current distribution round, nothing changes.
For the next distribution on September 6, we are changing the ratios in favor of Byte holders and slowing down the distribution to have more time to build out the cashback program:
BTC to Bytes: every 160 BTC gives you 1 GB from the distribution (or 0.00625 GB per BTC).
Bytes to Bytes: every 10 GB of existing balance gives you additional 1 GB from the distribution (in other words, +10% to existing balances).
Similar ratios for blackbytes.
For those who receive their first bytes from cashbacks, Sep 6 will be the first distribution when they receive +10%.
I'll make announcements as we add merchants in the cashback program.
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