Obyte: Totally new consensus algorithm + private untraceable payments - page 761.

SatoNatomato

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Quote from: LoyceV on April 26, 2017, 02:22:52 PM

Quote from: tonych on April 26, 2017, 01:46:47 PM

We are launching P2P insurance on smart contracts https://medium.com/byteball/making-p2p-great-again-episode-iv-p2p-insurance-cbbd1e59d527.

This leaves me with the same question I've had since I first read about smart contracts: how is the smart contract going to know what happened in real life?
From your link:

Quote

We have an oracle that monitors flight delays.

How does this oracle know? I can believe the smart contract structure can work, so you don't need to trust any third party insurance company on this, but you now move the uncertain factor elsewhere.

Quote

Some useful resources:
http://www.flightstats.com
http://flightaware.com/
https://www.flightradar24.com

I have the same question here: what if these sites are wrong? If you rely entirely on a third party website, you're copying all possible flaws they have. How is this better than using an actual insurance company?

Don't get me wrong, I like your projects, just curious if the flaws I can think of can be prevented.

You trust the oracle, the oracle knows because it is asking/requesting the data from flightstats.com it would be possible to construct the oracle so it uses more sources, but even an normal insurance company has to trust someone to tell when a flight has landed or not.

If the oracle lies but flightstats.com does not, you may be tricked, but in that case its open to the public and you can show that the oracle lied - hence the oracle can go to hell and nobody will use it again.

Its better than an insurance company because even me and you can be the insurer now, and more transparent than dealing with them.

LoyceV

legendary

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Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: tonych on April 26, 2017, 01:46:47 PM

We are launching P2P insurance on smart contracts https://medium.com/byteball/making-p2p-great-again-episode-iv-p2p-insurance-cbbd1e59d527.

This leaves me with the same question I've had since I first read about smart contracts: how is the smart contract going to know what happened in real life?
From your link:

Quote

We have an oracle that monitors flight delays.

How does this oracle know? I can believe the smart contract structure can work, so you don't need to trust any third party insurance company on this, but you now move the uncertain factor elsewhere.

Quote

Some useful resources:
http://www.flightstats.com
http://flightaware.com/
https://www.flightradar24.com

I have the same question here: what if these sites are wrong? If you rely entirely on a third party website, you're copying all possible flaws they have. How is this better than using an actual insurance company?

Don't get me wrong, I like your projects, just curious if the flaws I can think of can be prevented.

bobo012

sr. member

Activity: 714

Merit: 257

Can't believe the speed these upgrades are coming. Great work

nillohit

full member

Activity: 154

Merit: 100

***crypto trader***

Quote from: tonych on April 26, 2017, 01:46:47 PM

Dear hodlers,

The time has come to put your bytes into real use.

We are launching P2P insurance on smart contracts https://medium.com/byteball/making-p2p-great-again-episode-iv-p2p-insurance-cbbd1e59d527.

Starting today, you can use your bytes to buy or sell insurance against flight delay.
Some of you might be going to fly in the near future. Buy insurance from peers and get paid if your flight is delayed.
If you are selling insurance, you have opportunity to make a profit, thus earning interest on your holdings (with correct risk management, of course!).

Before buying/selling, learn stats about your flight to estimate the probability of delay and decide how much you are willing to pay (if buying) or ask (if selling). Some useful resources:
http://www.flightstats.com
http://flightaware.com/
https://www.flightradar24.com

Then post your offer in #p2p_insurance channel on our slack.

I'm going to fly to Dalaman (Turkey) via Istambul, and to get this market going, I ask you to insure my flights:
TK420 on Apr 30
TK2554 on Apr 30
TK2561 on May 9
TK413 on May 10

I'm willing to pay 10% for insurance against delay of 15 minutes or more, or 5% for insurance against delay of 30 minutes or more (I didn't actually research the stats and don't know how fair these premiums are, but a disbalance of supply and demand will tell me if I'm wrong). Each flight is a separate contract, and I'll be more than happy to buy from different sellers.

This is amazing......absolutely amazing ...... thank you very much Grin

tonych

legendary

Activity: 965

Merit: 1033

Dear hodlers,

The time has come to put your bytes into real use.

We are launching P2P insurance on smart contracts https://medium.com/byteball/making-p2p-great-again-episode-iv-p2p-insurance-cbbd1e59d527.

Starting today, you can use your bytes to buy or sell insurance against flight delay.
Some of you might be going to fly in the near future. Buy insurance from peers and get paid if your flight is delayed.
If you are selling insurance, you have opportunity to make a profit, thus earning interest on your holdings (with correct risk management, of course!).

Before buying/selling, learn stats about your flight to estimate the probability of delay and decide how much you are willing to pay (if buying) or ask (if selling). Some useful resources:
http://www.flightstats.com
http://flightaware.com/
https://www.flightradar24.com

Then post your offer in #p2p_insurance channel on our slack.

I'm going to fly to Dalaman (Turkey) via Istambul, and to get this market going, I ask you to insure my flights:
TK420 on Apr 30
TK2554 on Apr 30
TK2561 on May 9
TK413 on May 10

I'm willing to pay 10% for insurance against delay of 15 minutes or more, or 5% for insurance against delay of 30 minutes or more (I didn't actually research the stats and don't know how fair these premiums are, but a disbalance of supply and demand will tell me if I'm wrong). Each flight is a separate contract, and I'll be more than happy to buy from different sellers.

BadAss.Sx

legendary

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Bulletproof VPS/VPN/Email @ BadAss.Sx

Ok thanks everyone

kola-schaar

sr. member

Activity: 336

Merit: 260

yvv

legendary

Activity: 1344

Merit: 1000

.

Quote from: BadAss.Sx on April 26, 2017, 10:10:53 AM

I thought blackbytes were not tradeable..where can i trade them?

For now, only OTC. Check #trading_blackbytes at byteball.slack.com. Rumors say that automated trade bot is coming soon.

Karartma1

legendary

Activity: 2310

Merit: 1422

Quote from: BadAss.Sx on April 26, 2017, 10:10:53 AM

I thought blackbytes were not tradeable..where can i trade them?

slack channel, or p2p trades with someone here (use escrow)
there's also an exchange bot in the wallet

BadAss.Sx

legendary

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Bulletproof VPS/VPN/Email @ BadAss.Sx

I thought blackbytes were not tradeable..where can i trade them?

yvv

legendary

Activity: 1344

Merit: 1000

.

Quote from: BadAss.Sx on April 26, 2017, 08:38:18 AM

If you cannot exchange the blackbytes, how do they get their value?

You can. Why not?

BadAss.Sx

legendary

Activity: 1526

Merit: 1002

Bulletproof VPS/VPN/Email @ BadAss.Sx

If you cannot exchange the blackbytes, how do they get their value?

kaicrypzen

hero member

Activity: 1344

Merit: 656

Quote from: drawingthesun on April 26, 2017, 07:59:24 AM

Do blackbytes use the same address as byteballs?

Well yes, however you can not just send them to an address, you have to pair devices with the device you are exchanging with and satisfy a payment request that it sends you or click on their address (that they sent you through the chat interface) and use it to send blackbytes. (And you need bytes to pay for transaction fees.)

drawingthesun

legendary

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Do blackbytes use the same address as byteballs?

bobo012

sr. member

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Merit: 257

Quote from: BTCspace on April 26, 2017, 05:17:43 AM

so same rules for 5th distribution?

thank you

Yes, same rules

kaicrypzen

hero member

Activity: 1344

Merit: 656

Quote from: Donald_Buck on April 26, 2017, 07:20:09 AM

My GBYTES are at Bittrex. Can I participate und the airdrop distribution?

You should probably contact Bittrex to know if they intend to give you your share from the distribution depending on your balance, that is completely up to them. As far as I know, they didn't make any statement about that.

Donald_Buck

jr. member

Activity: 50

Merit: 4

My GBYTES are at Bittrex. (How) can I participate in the airdrop distribution?

BTCspace

hero member

Activity: 952

Merit: 501

so same rules for 5th distribution?

thank you

kaicrypzen

hero member

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Merit: 656

Quote from: NorthPixel on April 26, 2017, 04:01:57 AM

Conditions remain the same as for previous rounds? 0.065 for one Bitcoin and 0.1 for each GBYTE? If I connected the address in the previous round, do I need to connect it in this round?

Yes, conditions remain the same (0.0625 and 0.1). Linked addresses will stay linked for all the rounds, just make sure your funds are on them before the snapshots. By the way, Participation in Byteball distribution section in the first post is updated after each round with the conditions for the next round.

NorthPixel

sr. member

Activity: 314

Merit: 250

Quote from: naska21 on April 26, 2017, 03:31:05 AM

Quote from: tuvok007 on April 26, 2017, 03:19:00 AM

What is up with that airdrop? Can anyone just join or there are some conditions to participate?

anyone with byteballs in the wallet and/or btc linked to addresses relevant to that wallet

Conditions remain the same as for previous rounds? 0.065 for one Bitcoin and 0.1 for each GBYTE? If I connected the address in the previous round, do I need to connect it in this round?

Topic: Obyte: Totally new consensus algorithm + private untraceable payments - page 761. (Read 1234271 times)