Topic: Obyte: Totally new consensus algorithm + private untraceable payments - page 686. (Read 1234353 times)

I'd like to change your conclusion: it's a very cheap system with very low fees! You're talking Bitcoin-size for just $6k per day! Currently Bitcoin-miners earn $6M (1000 times more!) per day. I'd love to get a payment system that only takes 0.1% of the fees.
That brings me to a different conclusion again: if Byteball achieves Bitcoin's market cap and number of users, users will do much more transactions because of the low fee. I'm now doing 90% less Bitcoin-transactions than I used to do, simply because fees are so high.
10 times more transactions than Bitcoin would mean $60k per day in fees, and 500 GB database growth per year. I'm not sure what this would mean for bandwith requirements to support millions of users, especially if many full nodes download everything. It could be quite an expensive server.

Fair question. I haven't changed my witnesses yet, but I do realize it will ultimately be needed to stop relying on one person. The next question is: how do you know which one to pick? I think two witnesses have been "advertising" in this thread now, what happens if 1000 people run a witness? How do you choose?

Yeah, everyone can be a president. Does it mean that we are to reward him/her for just being reputable? What's your point?

Everyone can start a witnesses.

Kind Regards Christian

The Byteball witness concept still bothers me. I did some rough calculations regarding earnings that a witness will absorb from its operation when/if  Byteball achieves current Bitcoin levels of market cap and transactions throughput.

$40 billion Byteball market cap means that 1 GB will have $40.000 of value. (40B/1M=40.000)

Asuming that:
- an average byteball transaction size is 0,5Kb
- we have 300.000 transactions per day
- there are 12 witnesses and each posts on average the same number of transactions as the others
- I don't take into account the cost of posting units as it is negligible
- I don't take into account transactions that are bigger in size then 0,5Kb (like posting data by oracles, etc.)

we get:
- daily fees paid to all witnesses: 0,15GB=$6000 (300.000*0,5Kb)
- daily fees paid to any one of the witnesses: $500 ($6000/12)
- monthly earnings from running a witness: $15.000. ($500*30)

Conclusion:

1. A witness will earn $15.000 worth of bytes in fees on a monthly basis from just running a single computer.
2. If Byteball market cap grows 2x these earnings will obviously double: $80B market cap = $30.000 monthly earnings and so on.

My point is that running a witness have almost zero cost, yet its operation is disproportionally generously rewarded in fees. The only characteristic that a witness has to have differentiating it from any other participant in the byteball network is being reputable. But being rewarded with tens of thousands of dollars a month for just being reputable boggles my mind.

Maybe helpful:
https://bitcointalksearch.org/topic/m.19146602

If you can sign the message with the exchange address, I think you can link it. But seems you can not.

You need keep your btc on your wallet during the snapshot.

can i also link btc from exchange adresses?

and how long do i have to keep the btc on the adress, can i just move it there for the airdrop and then withdraw it?

   $840, shocked

Why are you all such pessimists?

I'm glad that you don't miss out on bytes if you don't link the new change address!

So you can link multiple byteball addresses with the transition bot as well as multiple BTC ones?

Thanks!

I didn't know this! My bytes from the airdrop 2 months ago had indeed moved to a change address. The wallet didn't tell me, but it makes sense.
This means I got 10% bytes for it, but no blackbytes.

[reminder]

I do not think you can trust them as there is already a thread on their tactics:
https://bitcointalksearch.org/topic/warning-icocountdowncom-scam-extortion-scheme-1480636

Top10 is just temporary, Top5 is the destination

If black bytes were taken into account, then probably already would be in the top 10.

6 months is too long, in my opinion, just 4 months.

Looking forward to the next round of distribution..

You could call it an Initial Coin Offering as these specific coins are released to the public for the first time. But it's more that icocountdown calls everything an ico, nothing changed for Byteball.

hey, I couldn't catch one issue. I have seen on icocountdown that Byteball (airdrop) ico will have been in 6 days. I missed something? Is it right? Byteball is goint to ico or this is another project? please, correct me if I am mistaken