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Author Topic: Obyte: Totally new consensus algorithm + private untraceable payments  (Read 1171619 times)
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July 30, 2017, 11:44:48 AM
 #11661


What did you enter as a flight detail?

AB 6580 7.8.2017

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July 30, 2017, 11:49:42 AM
 #11662

You need to put the value in a correct format: AB6580 07.08.2017. It works fine:



The price is a bit steep though on this particular flight (20%):


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July 30, 2017, 11:49:56 AM
 #11663

Now we have flight delay insurance bot.  It's already added to the Bot Store.
That means you can also use it for flights you're not even taking!
In any other insurance business, that would be considered insurance fraud. Here it's okay I guess, and would be a nice way to experiment with it, turning it into a flight delay gambling bot.
Would it also be possible to use blackbytes for flight delay insurance?

"Gamble", "insurance" and "investment" are the words describing the same thing. The difference is only in the probability of loosing. If the probability of loosing is high its called gambling. If the probability of loosing is moderate it's called "insurance". If the probability of loosing is low it's called "investment". The final outcome is affecting the name too.  For example if somebody went broke on an "investment" you will hear people say that he "gambled" and lost. Buying insurance is a gamble too essentially. You gamble on the probability of negative event occurrence. Those who don't buy insurance actually gamble too - on the probability of negative event not occurring.

It's all the same thing but with different names given to it invoking negative or positive attitude of the one giving the name.

The flight delay byteball Bot is completely gambling from what I've seen here and from few screenshots above, that's from my perspective.
About the three words that you mention are three different things and different meaning.
Investment is legit and allowed, who said that investment has a low chance of loss ?
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July 30, 2017, 11:54:38 AM
 #11664

Now we have flight delay insurance bot.  It's already added to the Bot Store.
That means you can also use it for flights you're not even taking!
In any other insurance business, that would be considered insurance fraud. Here it's okay I guess, and would be a nice way to experiment with it, turning it into a flight delay gambling bot.
Would it also be possible to use blackbytes for flight delay insurance?

"Gamble", "insurance" and "investment" are the words describing the same thing. The difference is only in the probability of loosing. If the probability of loosing is high its called gambling. If the probability of loosing is moderate it's called "insurance". If the probability of loosing is low it's called "investment". The final outcome is affecting the name too.  For example if somebody went broke on an "investment" you will hear people say that he "gambled" and lost. Buying insurance is a gamble too essentially. You gamble on the probability of negative event occurrence. Those who don't buy insurance actually gamble too - on the probability of negative event not occurring.

It's all the same thing but with different names given to it invoking negative or positive attitude of the one giving the name.

The flight delay byteball Bot is completely gambling from what I've seen here and from few screenshots above, that's from my perspective.
About the three words that you mention are three different things and different meaning.
Investment is legit and allowed, who said that investment has a low chance of loss ?

Because there are low risk investments like government bonds and plenty others and high risk "investments" like leveraged derivatives and plenty of others that are no more than gambling.

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July 30, 2017, 11:55:37 AM
 #11665

You need to put the value in a correct format: AB6580 07.08.2017. It works fine:



Oh thanks, didn't see the second zero. But think that should be made possible for diff. formats


By the way, where will the date come from if the flight was definitely delayed and by how many minutes?

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July 30, 2017, 11:58:58 AM
 #11666

You need to put the value in a correct format: AB6580 07.08.2017. It works fine:


Oh thanks, didn't see the second zero. But think that should be made possible for diff. formats


By the way, where will the date come from if the flight was definitely delayed and by how many minutes?
As far as I know from the flight oracle. But I'm not sure what you need to do to check it in the app. Probably need to chat with the flight oracle - it's in the bot store:


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July 30, 2017, 12:11:34 PM
 #11667

As far as I know from the flight oracle. But I'm not sure what you need to do to check it in the app. Probably need to chat with the flight oracle - it's in the bot store:

From what I see in code, the insurance bot sends a message to user when the status of the flight is known. It communicates also with the bot oracle to make it inserting the flight status in DAG so you don't need to chat with the oracle.

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July 30, 2017, 12:13:52 PM
 #11668

is a BCC distribution planned? thanks!
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July 30, 2017, 12:20:28 PM
 #11669

As far as I know from the flight oracle. But I'm not sure what you need to do to check it in the app. Probably need to chat with the flight oracle - it's in the bot store:

From what I see in code, the insurance bot sends a message to user when the status of the flight is known. It communicates also with the bot oracle to make it inserting the flight status in DAG so you don't need to chat with the oracle.

That's perfect then. No need to do anything just wait for the message to arrive and if the flight is delayed unlock money from the contract. It's a beauty Wink

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July 30, 2017, 12:21:38 PM
 #11670



When you establish an insurance contract the bot puts the money into the contract (just like you) and it stays there until the contract expires. So insolvency is not an issue in this case. That's the big advantage of smart contracts. The insurance payment is guaranteed by mathematics and algorithm. There's no way that you won't be paid. That's not the case with traditional insurance companies. They can go broke and not pay their clients.



Of course, there is insolvency issue with the bot too, same as with insurance company. If many flights will be delayed, the bot will get broke, and somebody will not get paid.

.
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July 30, 2017, 12:25:02 PM
 #11671

I really like the new Flight Delay insurance, does anyone have the exact specifications for such an insurance? Just one flight must be min 1 day later, anything more specific available?


thx

As the screenshot shows you choose what kind of delay you want compensated and with what amount of money. You choose 30 min, 1 hour, 2 hours, or 4 hours or cancellation. You provide  the amount of expected compensation and the bot provides you with the cost of such insurance.

For anybody taking real flights and risking some serious cost associated with flight delay this is an excellent solution to be compensated. No more hassle with airlines about refunds that they rarely provide. Here it is 100% guaranteed in a trustless way. Perfect!



Who gives odds?
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July 30, 2017, 12:26:29 PM
 #11672

Of course, there is insolvency issue with the bot too, same as with insurance company. If many flights will be delayed, the bot will get broke, and somebody will not get paid.


No the compensation money is put in a smart-contract, you're sure to be paid. If the bot runs out of money it will simply don't propose insurance contracts anymore.

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July 30, 2017, 12:34:27 PM
 #11673

Of course, there is insolvency issue with the bot too, same as with insurance company. If many flights will be delayed, the bot will get broke, and somebody will not get paid.


No the compensation money is put in a smart-contract, you're sure to be paid. If the bot runs out of money it will simply don't propose insurance contracts anymore.

Oh, does the bot also deposit funds into same contract? I missed this part.

.
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July 30, 2017, 12:35:25 PM
 #11674

Who gives odds?


It's based on statistics about flight you want to insure.

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July 30, 2017, 12:35:57 PM
 #11675

So, insurance bot is basically a casino with 5% house edge.

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July 30, 2017, 12:40:22 PM
 #11676

Oh, does the bot also deposit funds into same contract? I missed this part.

Yes, you will see appear a funded smart-wallet that you can spend only if the flight is delayed/canceled. Otherwise that's the bot that will take the money back.

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July 30, 2017, 12:44:09 PM
 #11677

Can someone guide me if there is any other steps for the next airdrop.
I bought 1 GByte and I have them in my byteball desktop wallet, will I receive 0.2GB automatically or I should make a request/link them somewhere?
Transition bot is only for linking bitcoin address to byteball address right? Or I can use for byteball-byteball too?
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July 30, 2017, 12:54:06 PM
 #11678

Who's going to count? Is the world's Gambling company or insurance companies, if the odds are more up, then, gambling, gambling, P2P net loan can be, is not great progress?
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July 30, 2017, 12:59:35 PM
 #11679

Can someone guide me if there is any other steps for the next airdrop.
I bought 1 GByte and I have them in my byteball desktop wallet, will I receive 0.2GB automatically or I should make a request/link them somewhere?
Transition bot is only for linking bitcoin address to byteball address right? Or I can use for byteball-byteball too?

All fine. Just relax.
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July 30, 2017, 01:05:24 PM
 #11680

what will the insurance pay if a flight is cancelled?

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