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Author Topic: Obyte: Totally new consensus algorithm + private untraceable payments  (Read 1231369 times)
BillionairePal
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January 18, 2018, 09:58:37 PM
 #16781


The problem right now for new users, even if they want to give away their identity, is to come by $8 in Byteball. There is simple no way for them to buy Byteball. Bittrex is closed for new registrations and from Cryptopia there is no way to withdraw Byteball.

This can work ONLY if a major Exchange comes by... otherwise the system will starve to death.
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Malek17
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January 18, 2018, 09:58:57 PM
 #16782

i guess most people in the Crypto World prefer to remain private and anonymous.

From Slackjore who writes the Byteball Wiki:

The thing is you're only giving your details to ONE entity, Jumio. Other entities you give them the fact that you're attested, and whatever else is the minimum they need. It's a bit like PayPal has your credit card info, but when you buy something from a random company they don't get your cc info, just that PayPal attests you're ok. Jumio doesn't even know your Byteball address.
This is Crypto world we don't want to hear the word PayPal here.
PayPal, Visa,Master card ...etc will probably become absolute in a decade or so,that's why visa is already started it's war against Crypto by cancelling all bitcoin visa cards
sailthor
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January 18, 2018, 10:01:45 PM
Last edit: January 18, 2018, 10:20:58 PM by sailthor
 #16783

What stops my audience from just claiming the bytes I send them for verification to keep/sell. I can’t just trust every random internet users to completely expose their identity to something new to them

Nothing. It's either a "instadump" for $8 or get verified and get $12. Once you get verified, you want to refer your friends to get those extra $20 (for every person referred). It's just human behavior. Sure, there will be people that will dump $8, are they gonna affect the price or the network? No. Moreover, how many people will you send this to? It's not like you would lose hundreds or thousands. Even if half of your referrals convert, you get your money back and then some more.

No system or distribution method is fool-proof.
I'd like to see something like:
    New user requests verification in bot
    New user completes verification form/requirements
    Contract for payment to complete verification created
    New user sends us that contract
    We make the payment and the new user and I are credited instantly as well as new user being verified


That way you know that the person you are giving bytes to are willing and have already completed verifying themselves - just waiting for you to approve the payment. Otherwise I myself could already be verified (or not), make a post stating I need $8 to verify myself and just easily take $8 from the amount of people that message me willing to give me the bytes, to keep for myself.

The only way we can safely refer people is by having some sort of relationship or trust with the user. Now I don't know about you but I highly doubt anybody I know is willing to go through the effort for $12. If I was referring them purely just for them to see the byteball innovative technology/platform then I could do that previously sending them a textcoin. I don't see many new users coming in just from this distribution - hopefully you prove me wrong

sailthor
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January 18, 2018, 10:04:21 PM
 #16784

What stops my audience from just claiming the bytes I send them for verification to keep/sell. I can’t just trust every random internet users to completely expose their identity to something new to them

Absolutely! But! You can send them just 100,000 bytes each Wink
Then how can they pay for their verification?

Malek17
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January 18, 2018, 10:06:12 PM
 #16785

anyway if you going to do this KYC/AML verification you better do it with some major exchanges like Kraken,Bitstamp,coinbase..etc most people there are already verified and that will make it a hell lot easier for everybody and probably get Byteball listed there as well.
zecon
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January 18, 2018, 10:17:25 PM
 #16786

https://medium.com/byteball/sending-cryptocurrency-to-email-5c9bce22b8a9

Textcoins is great, and a step in the right direction. But can you all make a web wallet so the layman user has an easier time using Byteball rather than asking them to download and install the native wallet?

If you really want to do something, you’ll find a way. If you don’t, you’ll find an excuse.
— Jim Rohn
mvpsteel
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January 18, 2018, 10:50:46 PM
 #16787

Im really interested in getting into this coin once this correction settles. Was into IOTA and others but this seems to be better. I would suggest a refresh of the website. It seems to be less polished the alot of sites I've seen. That always helps the advertising to new potential adopters.
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January 18, 2018, 11:11:19 PM
Last edit: January 18, 2018, 11:21:48 PM by StandingTall
 #16788

The new distribution method would be indeed more effective if a new user attempting to verify wouldn't have to come up with 8 USD of byteball first and could be paid from the distribution pool right away without the need of:

1. finding out about Bitttrex/Cryptox/Cryptopia
2. registering on an exchange
3. transferring bitcoin/fiat to the exchange
4. buying at least 8 USD of byteball
5. withdrawing to a wallet
6. and finally geting verified and refunded

The above hassle is too much to make the method effective. I bet that Jumio requires to be paid 8 USD even if the user fails to verify in the end and this makes the verification to be paid from the distribution pool problematic and open to abuse (by Jumio actually or just rogue users). Users could be attempting verification, Jumio would be paid from the distribution pool, verification would fail and no verified user would be added to Byteball.

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BillionairePal
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January 18, 2018, 11:42:30 PM
 #16789

The new distribution method would be indeed more effective if a new user attempting to verify wouldn't have to come up with 8 USD of byteball first and could be paid from the distribution pool right away without the need of:

1. finding out about Bitttrex/Cryptox/Cryptopia
2. registering on an exchange
3. transferring bitcoin/fiat to the exchange
4. buying at least 8 USD of byteball
5. withdrawing to a wallet
6. and finally geting verified and refunded

The above hassle is too much to make the method effective. I bet that Jumio requires to be paid 8 USD even if the user fails to verify in the end and this makes the verification to be paid from the distribution pool problematic and open to abuse (by Jumio actually or just rogue users). Users could be attempting verification, Jumio would be paid from the distribution pool, verification would fail and no verified user would be added to Byteball.

Add to this that Bittrex doesnt accept new users at the moment. And from Cryptopiaa you cant withdraw Byteball. So it is IMPOSSIBLE for a crypto beginner to come by $8 in Byteball even if he really wants to...
DarkStar_
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January 18, 2018, 11:47:47 PM
 #16790

Add to this that Bittrex doesnt accept new users at the moment. And from Cryptopiaa you cant withdraw Byteball. So it is IMPOSSIBLE for a crypto beginner to come by $8 in Byteball even if he really wants to...

Cryptox is working as far as I know, and if the user is Korean, they can buy from Upbit which I believe is also working. They could also do the old fashioned way of buying coins and do a peer to peer transaction with someone willing to sell their bytes, on some where like this forum.

@darkstar
If the textcoin link has been published before the underlying payment is confirmed at the textcoin Server you get the "doesn't exist" message. Probably it would be best practice not to publish a textcoin before its stable/confirmed.

A textcoin can only be claimed once so if someone was faster you do get the second message. Want a privat textcoin just for you to test it? Send me a PM.

I remember sending myself a textcoin, and while it was unconfirmed, my client told me that it was unconfirmed and that I needed to wait, not that it doesn't exist. I know how they work, and I was using that message to show that it did work. Thanks for the offer though  Cheesy

StandingTall
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January 19, 2018, 12:14:26 AM
 #16791

Cryptox is working as far as I know

But you can't deposit fiat on Cryptox. Minimum BTC deposit is 0.01 BTC which is over 100 USD and the BTC network transaction fee is around 20 USD. You can use LTC or other altcoins but it makes all the hassle even worse.

To sum up:

1. You can't register on Bittrex
2. You can''t deposit fiat on Cryptox and minimum crypto deposits are way over 8 USD
3. You can't withdraw from Cryptopia

You have no other options and to verify via Jumio/Byteball you HAVE TO find somebody who just sends you over 8 USD worth of bytes which won't be easy because giving away money for free is not the most popular hobby of humanity.

Counting that this is going to be a viral distribution method is wishful thinking.

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Malek17
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January 19, 2018, 12:36:05 AM
 #16792

Any one want to start a Multisig community fund here to give anybody new who join Byte ball telegram group 2MB that means 1GB should bring 500 new members.
I am sure you asked the question why Telegram? simply because you need to confirm your phone number to join telegram that means it can be used as some sort of proof of individuality,so it's less likely to abuse this method
Big Naturals
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January 19, 2018, 12:39:30 AM
 #16793

So no more 10% airdrops now?
IckyYak22871
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January 19, 2018, 12:40:31 AM
 #16794

i guess most people in the Crypto World prefer to remain private and anonymous.

Yeah, right, that is why they all have verified accounts at multiple exchanges.
Malek17
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January 19, 2018, 12:53:58 AM
 #16795

i guess most people in the Crypto World prefer to remain private and anonymous.

Yeah, right, that is why they all have verified accounts at multiple exchanges.

Exchange is different it's a link between Fiat and Crypto once coins moved to Crypto yeah sure most people prefer to remain anonymous there is not contradiction in both statements
IckyYak22871
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January 19, 2018, 12:55:13 AM
 #16796

@tonych could you please clarify, if a user will try to verify multiple accounts, what will happen? Will Jumio allow this? Will all accounts have the same ID hash or different?
tonych (OP)
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January 19, 2018, 01:44:46 AM
 #16797

@tonych could you please clarify, if a user will try to verify multiple accounts, what will happen? Will Jumio allow this? Will all accounts have the same ID hash or different?

Both Jumio and the bot won't see any problem with this.  However the attestation reward will be paid only once.  The same ID will have the same ID hash.

Simplicity is beauty
meterse
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January 19, 2018, 02:41:10 AM
 #16798

So no more 10% airdrops now?

I think there are better ways to gain adoption. Textcoin and Jumio is a step in the right direction. Bitcoin whales getting free bytes and dumping them on the market doesn't help anyone, except the whale
Wekkel
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January 19, 2018, 02:41:30 AM
 #16799

To sum up:

1. [irrelevant steps]

[...] to verify via Jumio/Byteball you HAVE TO find somebody who just sends you over 8 USD worth of bytes which won't be easy because giving away money for free is not the most popular hobby of humanity.

Counting that this is going to be a viral distribution method is wishful thinking.

You could be wrong: the system comes with a lot of incentives to do the registration. It only takes one person (the initiator) starting it by paying their friend/relative and guiding them through the proces. The new Byteball user receives $20 Byteball and the initiator receives $20 Byteball. Both the initiator and the new Byteball user can seek 2 new users without paying a dime themselves (it is funded by the $20 Byteball received earlier). The circle completes again and this could go on indefinitely.

Giving away $8 to a friend/relative/colleague is a no brainer, especially when pulling someone into crypto tech (at least in my enthusiasm). I wouldn’t feel a loss if I make sure the receiver completes the signup proces. Yes, ‘social pressure applied’  Wink

I think the biggest challenge for people is:
1. trusting Jumio with giving personal details
2. stating a real use case for 1
3. no Byteball wallet in the Apple iStore

There, I said it  Grin

Apple is the juicy ‘apple’ missing here.

I will surely try to convince a few Android users to give it a try and signup. Any ideas on point 2 are welcome.

thrax
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January 19, 2018, 02:51:37 AM
 #16800


Are bitcoin holders with linked addresses still going to get a share of the distribution, or is that finished now?
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