Apparently you have no idea what I've done for Byteball, not surprisingly though, because I was here long before you. Not only in terms of Byteball but in cryptocurrency general. You can see from my bitcointalk forum profile that I joined in early 2012. I got into bitcoin when it was cheap (4$) and I got into byteball when 1 gbyte was 10$. not to mention all the free gbytes I received during the initial distribution thanks to the bitcoins I linked. I am not surprised though, that you keep spitting bile at me, because you are one jealous (and fat) laggard which is apparent in your behavior. You appeared on the scene during the euphoria phase of the last rally and you know it and you are trying to hide it by being quick to downtalk "those other lambo boys" (but not you, oh no, you are not like THEM). You compensate with petty talk and arguments the shortcomings in other aspects of your image, trying too hard to fit in and "contribute". It's so obvious and it's disgusting.
As for my contribution, I have developed a functional Byteball casino which goes much farther than just a chat bot messenger. Not to mention that I provided the community with a C++ function for a byteball address validation and a bb2tcp proxy that let's anyone easily convert byteball connections to plaintext TCP. I guess while you've been busy talking the talk I've been busy walking the walk, as I disappeared from the slack roughly at the time I started developing the Byteball casino project (almost 2 years ago). But, you? A web site that puts your avatar inside an O-letter?! WTF? Are you making a joke here or what? You are talking about contribution and your own contribution is like a rookie level programming task completed by someone who even didn't learn software development in school but took it up by themselves as a hobby.
So, your greatest achievement is that you were early and you ported Javascript code into C++ code and created bb2tcp that only you use? https://github.com/coingaming/bb2tcphttps://wiki.obyte.org/Dev#Obyte_address_validation_in_C.2B.2BYour other contributions are adding extra pairing event and fixing console for non-tty https://github.com/byteball/ocore/commits?author=1Hyenahttps://github.com/byteball/headless-obyte/commits?author=1HyenaOh, and then there was also that PR that added your MUD bot to bot store https://github.com/byteball/obyte-hub/commits?author=1HyenaDamn, you have been so busy.  If all you know me is by the O-letter tool that took me only couple hours to make then you clearly have no idea what I have done during last 8 months. I am not going to list them here because there would be too many things to list, but your contribution is basically shown on just 5 links. And no, I got my first Bytes in October 2017 (like most other cryptocurrencies I got) and joined Slack community in end of March 2018 when email attestation was announced. I never said "scaling can only come AFTER adoption", what I said was ...
Softening things up there, aren't we? You have now resorted to shifting goalposts like all losers do when they have no other options. No problem, you stupidly chose the worst position to defend, so changing your opinion now is perfectly fine. What is not fine is the fact that you don't have balls to admit your mistakes and you are trying to smoothly shift the goal post without losing face. Not softening anything, just saying that you are lying or misunderstood. Right now, the worst thing about Byteball is the community as it's been infested by brainwashed moon lambo boys who think that cryptos are all about holding hands and doing pump-and-dumps around a socialist campfire.
I don't know why you are trying to tag me with socialism (I am against socialism), but like I said you before, you have weird understanding what socialism is. Byteball could scale really well if the economic incentives were right. It requires witnesses to professionalize and invest in hardware. Right now the greatest threat to byteball is the widespread fallacy that home users need to run nodes and validate transactions. Tony was smart enough to provide the lite wallet from the beginning but the idea of professional nodes has not been emphasized enough. I have not yet lost all hope for Byteball, but recent developments are not to be proud of. For example, the Byteball Improvement Protocol initiative could flush the whole project down the toilet. Just because Blockstream Token (BTC) uses it does not mean it's a good idea. You see, a base layer of money has to be rock solid and never change so that businesses could build on it. Bitcoin Core is doing it wrong and I am hurt to see Byteball going the same direction. You don't see the IP or TCP changing once every 6 months, do you? Internet would not exist if IP had an IPIP (internet protocol improvment protocol) and self-proclaimed shitlords using it as a personal experiment for whatever wild ideas they get.
The good thing is that it is true that with proper economic incentives, hardware and software, Byteball would have no problem scaling for the whole world. Also, Tony hasn't personally said anything stupid yet, so even if the community is full of brainwashed morons such as Tarmo, as long as Tony is not listening them and drives the project to the right direction, I can keep building on Byteball.
Sure, witnesses should have high-end hardware, nobody is against that, but it's not just witnesses who needs to keep up, all full nodes need to keep up. I don't know if you are running full node or not, but if you would then you would know that even Raspberry Pi can keep up with full node right now. So, what exactly are we suppose to scale if there is need for less than 1TPS. Tony has voiced his opinion about Bitcoin mining and economy of scale multiple times here, but I guess you don't read. Also, many of the latest improvements on getting from 15TPS to 30TPS is also his and they are all about optimizing the SQL queries and doing some queries in memory instead. Tony still runs most witnesses, so it's still his vision. But go ahead, make your fork, nobody is stopping you. Good luck. |
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I'm a Byteball dev and a service provider for the byteball platform and I'm still going to call it byteball because I never agreed with Obyte as it's an inconvenient name to pronounce and it looks weird. If you were going to change the name then at least do it right, or are you planning on doing this every year now so you don't need to put much effort into it? Makes me wonder. Anyway, the management has taken a step to the worse in multiple fronts so I'm not even mad. Dropping slack for an inferior service, changing the name into a worse one, having all these moon lambo bois like tarmo888 making dumb comments like "scaling can only come AFTER adoption". I'm glad the price is pumping with those pump and dump news though, because I am increasingly seeking for an exit from this project. It had all the potential in the world but is now screwed due to the uneducated but vocal moon lambo bois who joined the project with the last rally (2017/2018).
One of us) My opinion is that the project was initially overvalued, including by me. But as time moved, the flaws began to show up as acne on the skin of a teen. After all it doesn't scale because tonych do not know how to scale it Lol @ "Byteball dev". Couple of PRs and commits on Github doesn't make you a Obyte developer. You have just made some chatbots that hardly use any Obyte core functionality. You could easily port them to FB Messenger, are you going to call yourself FB Messenger developer then? Slack was inferior service for Obyte because you don't understand the problems that the team had with Slack. Your solution to turn Obyte Slack into payed community is not a solution for a platform, which wants to be open for everybody, so Discord is better for that. Also, Slack was hell to moderate, Discord has better options for that because it is aimed to communities like that. Only things Discord is inferior to Slack: threaded comments and quoting. I never said "scaling can only come AFTER adoption", what I said was that there is no point to focus on scaling when there is no need for scaling yet. Year ago Obyte could do 15TPS, now it can do already 30TPS on average (peaks can go even into hundreds or thousands), but the need for TPS is still below 1TPS. It is not only my opinion, it's opinion of others too, that's why it's not a main focus. I am just focal about it. Obyte already scales better than Bitcoin and Ethereum on base layer. Tony knows how to scale it, it just not the main focus. Some steps for scaling has already been done with improving the SQL queries. Obyte core is not memory heavy or CPU heavy, it's heavy on the disk, so there are plenty of opportunities to scale from there (different databases have been tested). Eventually the whole ocore could be rewritten with C++ or some other low-level language (Node.js was chosen only to iterate faster in the beginning). And then there is layer-2, which Obyte haven't even touched yet. I consider Hyena a lambo boi, you are the one who is looking at the exit sign, I don't plan to exit nor buy any lambos. I just don't like people shit-talking without actually helping the project any way. |
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Never heard of this don't know where it goes but why people still commenting looks like it's a popular thread here will see how longer people comments here just for spreading opinions.
I think it could be because "p*nis envy", many other competitor altcoin shillers like to come here and FUD about Obyte because their own coin looks like stone age compared to Obyte  |
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After the rebrand months ago, Obyte will have significant improvements soon as the Obyte team said the changes on timestamps will be made.
Personally, I really like the very fast transaction speed of Obyte.
I made lots of transactions with Obyte and I have never got delayed transactions due to network's congestion.
It's amazingly power of the Obyte network to confirm transactions fastly and smoothly.
confirmation takes 10+ minutes for me. What you do to get fast confirmations? Everybody gets the unconfirmed transaction instantly and in 10-20 minutes it is confirmed and FINAL. That's not what many TOP50 coins have, so compared to others, that is fast transaction. Obviously there are some exceptions with some coins and 2-layer solutions like Lightning, but Obyte has it on base layer. |
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Obyte seems to have all the features to create a stablecoin with collateralized debt positions like Maker DAO: * define asset with no cap - check * issue new tokens to asset - check * burn tokens by sending back to definer - check * price feed oracle - check * create smart-contracts with Bytes as collateral - check * add trusted liquidator to smart-contract - check Centralized stablecoin like Tether that has USD as collateral is even easier to do and has already done before with Obyte. The most easiest would be to create a elastic supply stable coin on Obyte, but I guess nobody believes in those anymore. So, the tools are there, just needs somebody who wants to build a product like that with Obyte toolbox. |
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Been a while since I've actually used Byteball. Just wondering if there are any use or markets yet for Blackbytes.
I remember there used to be a service which traded Blackbytes for regular GBytes at a 2% ratio or so. Wondering if that still exists.
I think I tried sending Blackbytes in the past but got some error, for some reason they can't be sent like regular Bytes and need to be sent a special way. Is there some tutorial which discusses on how to send these Blackbytes?
Not sure what you mean by markets, but if you mean centralized exchanges like Coinbase, Bittrex or Binance then thank god there is none. Blackbytes should always be sent P2P without middleman, otherwise one entity could start tracking who sent coins to who when the same coins end up back to that entity. Blackbytes are not great for speculative trading because their history grows as it changes hands. Blackbytes should be used for privacy, not for speculative trading. Read more Tony's original idea before it was launched https://bitcointalk.org/index.php?topic=1574508.0Blackbytes had BEEB bot and Freebe bot exchanges for quite some time, BEEB is closed now, but Freebe was recently bought by Marc de Mesel and is still alive https://www.reddit.com/r/CryptoCurrency/comments/adi3mh/whale_buys_anonymous_blackbytes_byteball_exchange/Blackbytes are not sent from wallet address to wallet address, they are sent from device to device and that was possible to do only via Obyte chat by pairing 2 devices, but since June 23th 2018, Blackbytes can also be sent on any other messaging platform (just make sure it's end-to-end encrypted) as textcoins https://medium.com/obyte/private-textcoins-6a2288d80757 |
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What is the max size of the single transaction you can create in Obyte? How long will it take to process a 100 Gb weight transaction? Will such a transaction be able to disable the nodes?
I don't know all the limits, there are different limits depending on message type (posting a poll has stricter limits than posting text), but 100 GB is probably not possible because SQLite would not even able to insert that amount of data at once (max that SQLite query can handle is little over 1GB). It will not disable the nodes, it will probably make the network slower as there is more data to sync. Most of the bottlenecks are not network related bandwidth limits, but validating the units instead, which are because of un-optimized SQL queries. |
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it will be necessary to understand more on your system. and your answer puts things in its place. as they say now, im now realized that im didnt understand anything. thanks for the answer.
You don't understand what is a meaning of toolbox? Did you try Google it? Obyte features are the tools, Obyte product is the toolbox with the tools. That's the full implementation. Are you saying that it is easier to develop all these features with Solidity, instead of just using those features that are built into Obyte? What needs more understanding of the platform, using some features or building the whole KYC integration from scratch? Obyte uses lot of same libraries (SHA256,RIPEMD160,BIP32,BIP39) as Bitcoin and Ethereum, but instead of some complicated programming language, it's using Node.js environment. Most of the client libraries for Ethereum are with Node.js anyways. So, how exactly would be Obyte learning curve steeper than anything else? If you know the basics of Bitcoin or Ethereum, you will feel comfortable with Obyte, just the data structure and consensus are different. |
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That's kind of odd question from somebody who is into cryptocurrencies. Kind of tired explaining all the problems that fiat has over cryptocurrencies. You should already know these answers.
Have you ever seen obyte.org?
* ICO/STO Platform (cheaper and easier than on Ethereum)
* Developer friendly (friendlier that PayPal or Braintree or any other fiat/credit card processor)
* Risk-free conditional smart payments (doesn't even need oracle if used for Obyte assets)
* P2P insurance (either by finding a counterpart from public channels or flight insurance bot, could be used for other insurance too)
* Prediction markets (currently only possible by finding a counterpart from public channels and then offering contract via chat)
* P2P betting (either by finding a counterpart from public channels or via sports betting bot or BB Odds website
* Textcoins (actually what sending funds to email means, PayPal just uses email as account number, even better than PayPal when used with email attestation or username attestation)
* Sovereign identity (most coins only dream about it in their whitepapers, Obyte have it already for over the year)
* P2P payments in chat (like Venmo or WeChat)
* Chatbots (don't know any Chatbot platform that also has payments included, maybe WeChat and probably Facebook soon)
* Blackbytes (great for privacy, if used the right way)
* Cashback for merchants
everything is right and you are right about that. in this project there is everything but without full implementation. and you always have to focus on something. need privacy? there is a monero or a new hyip called grin or beam. looking for smart contracts there is a tron and eth. for value guys bitcoin is better than nothing, and for payterminals there is a npsx. Without full implementation? what do you mean? Obyte is like a toolbox, so you complain that toolbox is not a house? Can you airdrop your coins to Bitcoin or Ethereum users and know how much it will cost to you? No, fees are not predictable. Can you do KYC on Ethereum or you have to pay a lot of money to KYC provider, so user would need to scan their documents again and again, even if they have already done it with same KYC provider. Can you launch your own token on Ethereum or you need to hire a developer to do that for you? Can you do P2P betting/insurance/predictions on Ethereum without developer? No, you raise millions and build something stupid like Augur just to do something basic that could be already have been built into the platform. ICO/STO platform is also a tool, if you want to use that to build your house, you can use it. And can do it cheaper because you don't have to pay for KYC provider because Obyte has it built-in. Conditional payments, smart-contracts and oracles are also tools. full implementation is the flight insurance bot and sports betting bot that use these tools to build a product. Textcoins is also just a tool, so anybody can use it as a paper voucher in their product. There is also smart-vouchers, which other people can also use as digital vouchers. And that makes it a full implementation, a box of tools that you can build your stuff on. And there will be more tools added into the toolbox, it is your business decision to buy one toolbox or build these tools yourself one by one. |
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You listed the functions, but the question was not about that. As a merchant you don't need ico, smart payments, insuranse, betting and other. You need only add payment button on your site and spend money from sales. That's all. Why Obyte button is better than Visa or ETH button? Why as a merchant i will prefer Obyte over ETH?
There is only one reason - the size of the community aka spenders. If i see that my customers want Obyte, i will add Obyte. There is no difference will on the button logo btc, eth or visa. Merchants want to sell their goods and they don't get a fuck about textcoins.
Why limit yourself to just payments, even PayPal doesn't do just payments, it can do recurring payments too. If you are interesting in just payments then there are lot more options out there. Even new OpenBanking/PSD2 API for banks is able to do just payments, so all cryptocurrencies that do just payments are quite hard to sell in very near future. There is no need to be ultra illegal or ultra legal. Both markets are open and it would be great to be accepted on both. But both legal and illegal markets completely ignore Obyte.
The only target group for crypto currencies is the unregulated market. A decentralized solution is urgently needed there. And only on this market there is a serious demand for cryptos, because it only makes sense there. The masses are not interested in cryptos. It will only deal with cryptos because of the increasingly attractive unregulated markets. You still living in 2013 when Silk Road was booming. What is increasing is number of people who want to smoke weed, not hard drugs. And weed is becoming more legal in more states. Bitcoin was used back then and there are many-many more options today (including blackbytes), but it is still as private as good as is your opsec in general. So, amount of people who are suddenly able to do it without getting caught is not increasing as fast as you claim. It is still a niche market compared to all the legal options out there and in most cases, if weed becomes legal in most states, all you need is just privacy. |
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because it's not a same product as PayPal what Obyte can offer to a legal merchant, that can't offer PayPal (visa, alipay, eth/dai and so on)? That's kind of odd question from somebody who is into cryptocurrencies. Kind of tired explaining all the problems that fiat has over cryptocurrencies. You should already know these answers. Have you ever seen obyte.org? * ICO/STO Platform (cheaper and easier than on Ethereum) * Developer friendly (friendlier that PayPal or Braintree or any other fiat/credit card processor) * Risk-free conditional smart payments (doesn't even need oracle if used for Obyte assets) * P2P insurance (either by finding a counterpart from public channels or flight insurance bot, could be used for other insurance too) * Prediction markets (currently only possible by finding a counterpart from public channels and then offering contract via chat) * P2P betting (either by finding a counterpart from public channels or via sports betting bot or BB Odds website * Textcoins (actually what sending funds to email means, PayPal just uses email as account number, even better than PayPal when used with email attestation or username attestation) * Sovereign identity (most coins only dream about it in their whitepapers, Obyte have it already for over the year) * P2P payments in chat (like Venmo or WeChat) * Chatbots (don't know any Chatbot platform that also has payments included, maybe WeChat and probably Facebook soon) * Blackbytes (great for privacy, if used the right way) * Cashback for merchants |
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i mean ok, you don't like illegal things. Where is the legal things then? Even random pornocoin will have more usecases then Obyte. Shame
For legal goods and services there are Paypal and credit cards. They fulfil the requirements splendidly. The Zero-Byte regime now lacks the foresight that the unregulated market double every year. The unregulated market not only offers illegal goods, but the suppliers there have an interest in using a marketplace where they can act freely without being confronted with the usual harassment by state authorities. Again, not correct, you most probably are not PayPal user or haven't developed using anything using PayPal. Money on PayPal is not your money, it's same as money in bank and PayPal is happy to freeze your money even faster than a bank. PayPal is great for recurring payments, but lot of their tech is frozen for 10 years, so it is not really programmable money. For that use case, they have bought Braintree. Things that PayPal is basically same as email attestation on Obyte. They are totally missing the chat payments, so they bought have Venmo too. Obyte is much more than PayPal, Braintree or Venmo. Most people opsec sucks (including me and you), so there is handful amount of people who would not shoot themselves in the foot doing illegal stuff on Internet. So, it doesn't matter if more people buy weed every year or not, suggesting them to use cryptocurrencies where it is still illegal is stupid. So, if there is only handful amount of people who could do their opsec securely without getting caught, there will always be bigger market for legal stuff, no matter if there is already PayPal or not, because it's not a same product as PayPal. |
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So, witnesses have no power to censor any transactions because that would go conflict with all the full nodes could you shutdown witnesses of tonych for a day and we will see how transactions will not be censored? By the way is Tony still alive? Asking because haven't seen any meetup with him for a while. He must be doing something for real world adoption in his hole? on a serious note why you still didn't replace even half of the witnesses? Is no one interested in breakthrough technology? The goal is not to replace the witnesses with some anonymous randos, they still have to fit into the the requirements. https://wiki.obyte.org/Witness#How_to_become_a_witnessSo, yeah, as long as more than six Tony's witnesses are not replaced, there is risk Obyte would need a hard-fork to recover the loss of founder. I also think that the process has been slow (way slower than expected), but then again it is lot of work and it has become more to focus when Valerius joined in last summer. https://medium.com/obyte/the-future-of-byteball-the-byteball-foundation-cca9d495bf46There are already some witnesses lined up, but not announced yet. https://twitter.com/ObyteOrg/status/1095977601271820288And I have advised many on setting the witness node up, so I am sure there will be more to come. |
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Fact: You're ignoring the real need. Why? - Answer: Because you know that your witnesses will go to jail if you serve that real demand. No, that may seem fact to you because of your limited understanding and ignorance how things actually work. Witnesses are not the only ones who validate transactions, all full nodes do that. So, witnesses have no power to censor any transactions because that would go conflict with all the full nodes. All they do is prevent double-spends. If witnesses only witness the transactions and cannot change or influence the transactions any way then they can't be held responsible for those either. All they do is just witness that these transactions took place and they don't witness those that all full nodes identified as invalid. I am pretty sure that your limited brain power hasn't even figured out yet why using blackbytes for illegal activity is bad idea because you don't actually understand the risks and how blackbytes actually work. Either way, it is not meant for illegal activity, it's for privacy. Privacy doesn't have to be illegal. Illegal markets is your wet dream and it is minuscule market compared to all the legal activities that could be done with cryptocurrencies. So, the only those users go to jail who do the illegal stuff thinking that DLTs are good for that use case, witnesses or other full nodes are not one of them. Just like Silk Road, cryptocurrencies can give you somewhat privacy to do that, but eventually you fxck up anyways somehow, just matter of time. So, use it for privacy, not for illegal activity. |
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Witness decentralization is in process and there was just lately news that new witness candidates will be announced soon. https://twitter.com/ObyteOrg/status/1095977601271820288Witnesses are behind TOR so they are not vulnerable to DDoS, but you don't know that because you just like to FUD without actually learning how things work. Apparently, you don't even understand the difference between the hub and witnesses. The witnesses are not anonymous, they are tangible by name and thus also their technique. So what? Are saying that you will "convince" over 6 witnesses to collude at the same time to double-spend? Because that is all they can do if they collude, they have no other role, they don't approve or disapprove the transactions, so if you could get over 6 witnesses to collude then you can fxck over one merchant and all those witnesses would get replaced. Or you are trying to say that some government could shut down 6 witnesses at once, even if they are located all around the world? Why? It wouldn't change the thing, it would be hard forked to start again with different witnesses. What's your point? Do you have like anything valuable to add? Or you come up with some other non-issue? Or you suggestion is that the witnesses should be anonymous? Ever heard Sybil attack? I guess not. You are aware of the basic criticism: Due to a lack of foresight you overlook the current needs and show yourself incapable to position this project for the future. The technical shortcomings are then added, but can be changed under circumstances, if not, then even worse. Your criticism is valueless because it is not even technically accurate. You just like to FUD. |
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Witness decentralization is in process and there was just lately news that new witness candidates will be announced soon. https://twitter.com/ObyteOrg/status/1095977601271820288Witnesses are behind TOR so they are not vulnerable to DDoS, but you don't know that because you just like to FUD without actually learning how things work. Apparently, you don't even understand the difference between the hub and witnesses. The witnesses are not anonymous, they are tangible by name and thus also their technique. So what? Are saying that you will "convince" over 6 witnesses to collude at the same time to double-spend? Because that is all they can do if they collude, they have no other role, they don't approve or disapprove the transactions, so if you could get over 6 witnesses to collude then you can fxck over one merchant and all those witnesses would get replaced. Or you are trying to say that some government could shut down 6 witnesses at once, even if they are located all around the world? Why? It wouldn't change the thing, it would be hard forked to start again with different witnesses. What's your point? Do you have like anything valuable to add? Or you come up with some other non-issue? Or you suggestion is that the witnesses should be anonymous? Ever heard Sybil attack? I guess not. |
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The main Obyte hub is currently not available. The admin has been notified and it will be back online shortly. You can use one of the other hubs currently available from this list: https://wiki.obyte.org/Hub#List_of_hubsCentral witnesses, central hubs. A decentralized currency that cannot be attacked looks different. Sorry, but nobody really needs that. Why are you so butthurt, is it because nobody wants to implement your ideas? Your FUD is not even accurate. If the Hub is down, you replace the Hub, that's why there are multiple Hubs available. If you build your own wallet app on Obyte and don't want to be affected by the availability of the main Hub, then you host your own Hub. That is not centralized. Witness decentralization is in process and there was just lately news that new witness candidates will be announced soon. https://twitter.com/ObyteOrg/status/1095977601271820288Witnesses are behind TOR so they are not vulnerable to DDoS, but you don't know that because you just like to FUD without actually learning how things work. Apparently, you don't even understand the difference between the hub and witnesses. Maybe, if you would not shit-talk a coin that you want it to implement your idea, maybe you would find more like-minded people who take you seriously. |
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1. Different miners have different economic costs. There are miners who will start working at a loss at $4k, while others will still be fine at $2k. I'm predict nothing. Price can go up, price can go down, price can stay the same. I don't know lol. The same for hashrate. Predict something can people who own necessary information. Like how many farms will be off at X price. The same applies to the price, if you have information about cash flows and plans of billionaires, then perhaps you can predict the price movement. https://www.blockchain.com/charts/hash-rate?timespan=all you can see correlation of hashrate with BTC price 3. This time is different. Capitalization has increased significantly. Bandwidth has reached the limit. That means we know that Bitcoin is unusable in big scale. You expect a big scale when you think about the next bull run, because you need really much money to push this cap even higher. In the end, it doesn't even matter. A sample of two interactions has no value. Lightning is in beta on very early stages, there nothing to talk about. 5. Because there no difference now or in 2125. If you ignore usd inflation, people will find $1k fees per tx unusable at any BTC price and any year. Replacing the subsidy with transaction fees is possible only if the volume of onchain transactions is increased. Bitcoin community seems strongly reject it. Speculation about their future behavior make no sense. What you want to bring here with SegWit? Segwit is a malleability fix mainly. As a side effect, we got an ineffective increase of the block. SegWit reduces transaction size, so miners can put more transactions in the block. While the amount of data moving through the network remains the same. Roughly we got x2 transactions in the 1mb block, but also we got x4 to the amount of data moving through the network. So it would be better to have 4mb blocks with x4 transactions instead. But again SegWit had other goals. Honestly i think Obyte is a step backward compared to Bitcoin. You may disagree, i'd recommend to read early Bitcoin posts. People tried to escape from Obyte model in 2010, now it's called crypto 3.0 though lol 1) Like I said, don't see the hashrate drop even half linear or logarithmic scale, there was quite a drop in December, but nothing special. If the hashrate doesn't drop half, then the price needs to double. One or the other. 5) There will be a huge difference during next 100 years, SegWit will make the use of space in a block more efficient, bigger block will allow more transaction throughput, bigger harddrives allow bigger blocks and faster internet need to be accounted into future projections too, Lightning network will take a lot of load off the mainnet too. SHA256 is not forever, 1mb block size is also not forever (if i am not mistaken, can be done with soft-fork). It seems that you think that Bitcoin stays the same for next 100 years. Bitcoin has never had Obyte model, if you don't get that, it is you who needs to read the whitepaper. So, how did they tried to escape something that wasn't there in 2010? |
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1. So, do you think that miners will start selling BTC without profit? Or they start selling their previously earned profit at lower value?
2. Like you said, it reduces the printing of the new ones. And who is getting the new ones? Miners.
This means miners need to ask twice as much for BTC than they ask now and half as much new coins enter the market as before. They are not getting magically 2 times more powerful ASICs, that's for sure.
3. Bitcoin price has increased in anticipation of halving previous times, so you are saying that this time it won't do that anymore? How is this time so much different?
4. The whole logic of Bitcoin mining distribution is build on that price will increase with every halving for next 100 years,
5. so eventually the price would be high enough that miners can live off the transactions fees.
1. Retail miners will not mining BTC in loss for a long time and will shut down their farms. Big farms may do it some time and don't sell BTC in loss, but after all they become bankrupt. You can google these stories. 2. The price is formed not only by miners. The share of new generated coins is below 0.9%. This is a consensus between all sellers and buyers. If miners do not sell at the market price, they will not receive fiat and will not be able to pay bills. They will have to close the farms, mining difficulty will decreasing until reaches the break-even point. 3. - Correlation does not imply causation - Historical events are a reflection of the past and not a forecast of the future - Past performance is no guarantee of future results - for any conclusions you need a sample of 1000 halvings at least. You make conclusions with sample of 1 halving. I ddn't say it won't or it will. That's you speak as if you came to us from the future. I am only pointing out flaws in your story. And actually this time is different. Capitalization has increased significantly. Bandwidth has reached the limit (I mean that now it is not just a story of haters). 4. The whole logic of Bitcoin mining distribution is not the law. It can work just as well as not work. 5. Do you mean if BTC will cost $100mm now, it will be fine to pay $1k fees? . The whole logic of Bitcoin mining was fair distribution of coins and network protection. I doubt that the idea was to subsidize miners at the expense of buyers. You can find Satoshi's posts on this forum and read everything yourself. The fact is that 1mb block size was a temporary solution to a problem called spam. Initially there were no block size limit. It is logical to assume that under such conditions miners would live at the expense of volume (volume of transactions) and not at the expense of high fees or subsidies. But again, now it become political. So read yourself, in any case it is interesting to find out how it all began. 1. Who is going to mine Bitcoin then? So, you predict that instead of price at least doubling, hashrate will half instead? When has that happened before? 3. There has been more than one halving before and this time it is not different, just like it wasn't different last time. That whole "this time it's different" logic is also why people get burned with bull-runs because they think that this time it won't crash, it will crash again and again. Historical data can't predict the future for stock, but you can't also ignore it. Because of the distribution, Bitcoin cycles are not so much like stocks. Bandwidth hit the limit during the bull-run and fees were high, it's not a problem right now. Lightning will make it less an issue during next bull-run. 5. Why $1k fees now? The reward is just halving, not divided by 10. It has 100 years to go in order to replace the rewards with transaction fees. During that time, 1mb block size can be increased as well. Also, because of SegWit, more improvements on how many transactions can be fit into same size block will be done, so both of these will mean that there will be unpredictable amount of transactions on mainnet in 100 years. I wasn't into Bitcoin in the beginning. To be honest, I even thought that XRP made more sense, but having invested half of my time as developer in this space during last 1.5 years, I have found that somebody who likes altcoin like Obyte, which has found a different solution to problems that Bitcoin has, hating whatever is TOP3 is kind of stupid. More better TOP3 does, the more chances Obyte also has. I don't mind anymore (but I am glad it has stopped) that over 50% of bytes were airdropped to BTC holders because without BTC, there wouldn't probably be Obyte. |
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