Ive read the whitepaper over.. couple things come to mind.
1. I cant help but get over the fact the "witness" nodes to me feel like "centralization", as-is mentioned ... trusted institutions, banks etc can becomes these nodes. Whats preventing a majority collection of "witness" nodes from rewriting history or manipulating stuff as they see fit? Seems like a huge shortcoming to a otherwise amazing cryptocoin =)
2. The analogy of "value/stability" in the upper portion of the whitepaper is completely incorrect. The document references bitcoin's volatility in fiat currency exchange and then turns right around and states something along the lines that "bytes" are required to pay for storage used in the DAG ... hence inherent value. Those are 2 completely different and unrelated value measurements.
If you are going to use the "fee of bytes" then you have to relate that to bitcoin's inherent tx cost in fees, btc is required to guarantee miners actually include your transaction in the blockchain. This has nothing to do w/ fiat exchange price.
When it comes to both crypto's(all cryptocoins for that matter) the fiat exchange price is derived from the same thing - If people see a use for it, they will buy it, causing rising prices... period end of story.
3. Does anyone find it ironic that obtaining the entire supply is FREE??? To me, that means theres no effort / competition in obtaining the supply, therefore its inherently not worth much. I realize it all comes down to if enough folks find it useful enough to justify the cost of purchasing more from an exchange ... but still. The advantages of this coin will have to blow away Bitcoin in nearly every aspect AND people will have to want to use it more.... for this coin to be successful, otherwise it will just end up being another 1 out of hundreds of alts that dont mean anything. Just my 2c
In the end, #1 is my most concerning question, if someone could answer it in a way that instills more confidence in the network, Ill stand behind this alt like none other. But if its easily compromised through the "witnesses" then there really is no point to this coin.
1. They cant rewrite history, other full nodes also maintain copies. Witnesses in majority-collusion can only stall the network, or stop their own replacement.
3. Effort and competition exists in receiving the supply, little effort to install the app, link btc, just like in first years of btc, install the software set it to mine. Anyone linking btc is competing with everyone else, more btc linked - less bytes for you. Which explains little why Byteball is not hyped, and the first rule of Byteball.
