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1  Alternate cryptocurrencies / Announcements (Altcoins) / Re: BYTEBALL: Totally new consensus algorithm + private untraceable payments on: March 31, 2018, 10:59:12 AM
Byteball allows anybody to upload arbitrary data (like docs, pdf, pictures or whatever) on the dag chain which makes it permanently part of the database stored by all full nodes. Now - what if somebody posts criminal stuff like child porn or something and suddenly all full nodes will store this shit forever? I think we need some safeguards against such abuse. Maybe only real ID verified users should be allowed to upload data? Any ideas or thoughts on this? How to ensure legality without censorship?

frankly, I didn't know about that until saw this. How could I upload and after that download arbitrary data into Byteball DAG? Please, step-by-step.
With DAG you sacrifice decentralization  by removing POW and POS. Any Byteball holder can be forced to censorship and responsibility.

Doesnt this mean that if anybody can be forced to censorship then those that control alot of it could be having advantage over the other? That pretty much mean that it isnt really decentralized isnt it? I kinda hard to analyze it on my own, care to explain it in short instead or is there a  link reference for it?

Someone correct me if I'm wrong, but decentralization is not the main selling point of Byteball.
I guess there might be some censorship, but not any kind of censorship. Witnesses actions will depend on how much it affects their businesses.

Here is some quote that I found very useful:

Hi Tony, I have seen most of your interviews and presentation. I have seen many question and doude about the "witness". Many people ask question about it over and over again. I think you or your team should give a presentation just about "witness".

By the way I have a question about it. Every one ask about the "12 witnesses" but in the Byteball Witnesses monitoring service there are more than 12, so to my underestanding there can more 12 witnessess. Let say there can be at some point 20 witnesses and it each user choose 12 out of 20 at random for confimation of the transaccion. Am I corrrect?

I think you should address the "witness" questions in a very deep presentation about it because you are getting it rid off "the minners". And in today cryptoverse miners have a lot of power, they are a multibilion industry that you are trying not use it at all.

OK, here's a little bit more about the 12 witness system Byteball uses versus PoW.

What miners do, they look at your transactions and decide, ďI like this transaction and will include it, or I donít like this transaction and wonít include itĒ. With witnesses, it is the reverse. It is users who look for witnesses to determine the consensus order of transactions. Witnesses donít decide anything about individual transactions. They are expected just to be there.

12 witnesses seems low?

If you up the number of witnesses it will be much harder for users to know and recognise them all so they would just go with the "default" and not care about it much. So you have to have a number that is both safe and practical, 12 seems to fit the job. This number is large enough to protect against occasional failures but is not too large so that users can still know every witness.

And we want the witnesses to be accountable, thatís why there is a way to replace them. The way it works is that every user, with every transaction, posts a list of 12 witnesses he trusts. But we wonít have consensus if the lists posted by different users are too far apart. Thatís why the lists of neighboring transactions on the DAG must differ by no more than one position. The fact that witnesses can be replaced is another difference with miners. The witnesses are accountable. If a witness loses trust of users, users immediately signal their mistrust by changing their witness lists.

Why DAG?

PoW, most notably Bitcoin has a number of drawbacks:

  • Miners are gatekeepers; they have the power to include or not include your transaction. So the access to the ledger is not quite free, you have to meet the minersí criteria for your transaction to be included in the next block.
  • Miners are not accountable; they are supposed to make money, period.
  • Fee market is an uncertainty; When the blocks are full, there is competition to get into the next block. Paying a higher fee supposedly increases your chances to get into the block. But a payment system which is supposed to be used in everyday business, is not a game of chance, there must be guarantees that once you send a transaction according to all the rules, which is properly signed, spends existing money, and is not a double-spend, after you send it, you can immediately disconnect and still be confident that it goes through. In blockchains, when the blocks are full, there is no certainty, no guarantees, no such thing as the right fee.
  • Trade-off between security and cost; block reward is supposed to be reduced over time and eventually go to 0. This means that miner incentives from block reward will decrease and they should be replaced by fees. Which means that the system is as secure as the total amount of fees paid, and there is an uncomfortable trade-off between security and cost.
  • Negative balance of resources; miners burn energy and have to pay to energy companies, outside the ecosystem. Which means that the balance between resources flowing in and out of the ecosystem is negative.
  • Outside incentives are ignored; lastly, miner incentives are only inside the ecosystem. They make more money by mining honestly than by doublespending Bitcoins, thatís true under assumption that all their incentives are inside Bitcoin. If we forget about the outside world, as if it doesnít exist. But in reality, outside incentives do exist. Even more, if there are other tokens issued on the same ledger, as it is the case on Ethereum, the block reward is still in the native currency only but now this should be balanced against doublespending not only the native currency but the other tokens too. If the tokens are worth more than the native currency, the system becomes insecure.

Text mostly taken from this excellent presentation from Tony in ZŁrich:

Highly recommended reading!
2  Alternate cryptocurrencies / Altcoin Discussion / Re: Which ALTS are the NEXT BIG THING? Add your Valid suggestion here now >>>>> POLL on: March 23, 2018, 04:32:48 AM
What do you think about Enigma (eng)? The team seems quite strong, people of the MIT. They have just realeased their roadmap and itīs very ambitious.
MIT? Maybe there are competent people involved, but you really need to talk more about some technicals details of it, like consensus mechanisms, and what innovation does it bring compared to the hundreds of cryptos we have in the market right now.
3  Economy / Trading Discussion / Re: Top reasons that leads to fail in trading on: February 01, 2018, 01:43:51 PM
1) Solid Trading Strategy
That's where I see a lot of people failing. Most of them come to the market expecting to double their money in a few weeks, when experienced traders are happy with 2 to 3% a month.
4  Other / Politics & Society / Re: how to break teenage video game addiction on: December 21, 2017, 07:11:51 PM
Games such as dota, dota2, csgo and much more caused the teenager addiction nowdays. How to prevent this things happen to our teenagers.
Although it does not seem to be a big problem, I understand that for many people it's quite difficult to control this habit.
From my experience, the best way to break a habit is by substituting this for something that makes you even more motivated and happy, and it depends on the individual, because each one is good at different things.
5  Alternate cryptocurrencies / Altcoin Discussion / Re: Ethereum Network Crashing?? on: December 06, 2017, 10:06:50 AM
Ethereum Network Crashing and now leading to pending and long time confirmation. Can this lead to Ethereum fall?
Is it due to the Crypto Kitty stuff?

I've heard it is causing bloating issues.
6  Alternate cryptocurrencies / Altcoin Discussion / Re: Mining on Cpu? on: November 16, 2017, 06:26:06 PM
My experience mining coins designed for CPU miners wasn't the best. I guess it's because there are too many botnets. In the pool stats you can see some crazy hashrates that don't really make much sense.
7  Other / Off-topic / Re: What other things do you currently invest in aside from cryptocurrency? on: October 16, 2017, 12:54:36 PM
At the moment, I'm invested in cryptocurrencies and a few other investments, but I'm trying to understand the stock market to invest in it as well. It's certainly one of the investments with the best risk/reward ratio.
8  Economy / Speculation / Re: Do you check Bitcoin price everyday? on: October 15, 2017, 02:19:21 AM
Although I have invested as a long term investment, I got in the habit of checking prices every day, and also the news. This way I can correlate the variations in the market with the events that occur in this space.
9  Alternate cryptocurrencies / Altcoin Discussion / Re: what is the best anonymous altcoin? on: September 30, 2017, 06:12:43 PM
i think noone can say best anonymous coin but some coins leading to this area. i think zcash and verge is leading.  didn't monero announced that they have found some mistakes at their blockchain?
I would be glad if you, or anybody else, provide us a link with this information, because as far as I know they have one of the best technologies when it comes to anonymity.
10  Alternate cryptocurrencies / Speculation (Altcoins) / Re: The most undervalued crypto? on: September 17, 2017, 05:03:38 AM
Keep an eye on Bytes/Blackbytes. These non-blockchain technologies might receive good attention in the future.

I speculate that major exchanges will start listing it after the end of the distribution, so now might be a good moment to buy some.
11  Alternate cryptocurrencies / Altcoin Discussion / Re: BAN list China ICO's on: September 14, 2017, 04:23:03 AM
It seems that the ban did not affect much the price of these cryptos, at least not like some doom and gloom guys expected. I think the biggest risk for these cryptos is if Bitcoin pumps hard after this bear market.
12  Economy / Speculation / Re: Is it too late to buy bitcoin? on: September 14, 2017, 03:58:40 AM
I don't think so, unless you're expecting big returns in the short or medium term. For the long term, the future is bright, since according to very competent analysts, we are not even at the beginning of the "S Curve".
13  Bitcoin / Bitcoin Discussion / Re: What does the cryptocurrency industry need? on: September 14, 2017, 03:42:31 AM
What the cryptocurrency industry really needs are more Bitcoin ATMs.
14  Economy / Economics / Re: Why Should I Choose Bitcoin ?? on: September 14, 2017, 03:30:40 AM
All the reasons you have mentioned, and also the fact that so far there is not a better option in the market.
We have Litecoin, but it seems that Bitcoin will always be further ahead, not just in terms of userbase, but also in terms of price. We also have Monero, which is very good for privacy, but it looks like it is much worse in terms of scalability.
15  Bitcoin / Bitcoin Discussion / Re: Why banksters are now in war with bitcoin? on: September 14, 2017, 03:22:50 AM
In reference to what Jamie Dimon (JP Margan CEO) says, calling bitcoin as a fraud.

We know for sure these days will come when banks and bankers will start the war with bitcoin.
So why these banksters started their war this time while bitcoin is recovering from the Chinese nightmare?
Bankers want to kill bitcoin for what reason? Perhaps, they see bitcoin provides more promising future compare to their nasty banking system.

Share your thoughts on this matter, please? thanks.
The guy is not very smart. Calling fraud a technological innovation, that is only not more revolutionary than the Internet itself, it's a very stupid attitude.

I don't even know what he expects with this. Bring more publicity to Bitcoin?
16  Economy / Economics / Re: China banning bitcoin exchages, good or bad? on: September 14, 2017, 03:07:39 AM
China has only to lose if they ban Bitcoin exchanges. It's a business with great potential, and I think this will only grow in the future.

I'm also surprised that they don't realize that they can't stop technology. This will only cause the emergence of decentralized exchanges, anonymous exchanges and p2p trading.
17  Alternate cryptocurrencies / Altcoin Discussion / Re: ICO is the best way to invest? on: September 14, 2017, 02:53:14 AM
It's good for the creators of the ICO, but it's bad for the investor, because he is paying for something that does not even exist, and in most cases is not going to exist outside the whitepaper.
18  Alternate cryptocurrencies / Altcoin Discussion / Re: Ethereum: Good alt or stay away? on: September 14, 2017, 02:40:35 AM
For a cryptocurrency used almost exclusively for speculation, I think the market cap is insane. This PoS transition will also bring a lot of turbulence.
19  Bitcoin / Bitcoin Discussion / Re: Is Bitcoin a currency or asset? on: September 14, 2017, 02:33:58 AM
I think Bitcoin is both. But, at the current state, I see it more as an asset than a currency, because a currency is something that people use every day in exchange for things. Right now, Bitcoin is more used by traders and, of course, people who believe in it as a store of value.
20  Economy / Speculation / Re: Bitcoin will rise up or fall down? on: September 14, 2017, 02:23:11 AM
I think for now the bitcoin price will go down, I really hope that the bitcoin players in china want to persuade his government to re-legalize Bitcoin Undecided
First of all, I don't know if it's rumor or official, but in case it is true, I don't think they would have success persuading their government. However, Bitcoin would continue to be a great cryptocurrency, and such an event would only increase the number of people making transactions via p2p trading.
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