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Author Topic: Obyte: Totally new consensus algorithm + private untraceable payments  (Read 1216764 times)
xlcus
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February 21, 2018, 02:48:30 PM
 #17441

So this dip was only caused by the cancelled airdrop? Nothing else?

AFAIK, this is the main cause. Many people HODL Byteball in hopes of accumulating coin via airdrop. Now that HODL Byteballs no longer has this benefit, I'm sure many just dumped. Hopefully, more use cases can be developed for this coin.

I agreed. At least, I am one of those guys to buy Byteball for the 10% airdrop. Anyway, I didn't dump my holding in this round.
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February 21, 2018, 04:30:50 PM
 #17442

I think stopping the airdrops was a good decision for the simple reason that it is good for investors. And I think most people holding byteball today are investors and this is absolutely natural and unavoidable. Why? Because there is simply no other reason to hold bytes in the moment: you cannot purchase anything with it, you cannot use it as a matter to transfer money between exchanges. Sure you can argue, many people (me included) would like to see it suceeed as an everyday payment method, but this is pretty far in the future. But why should I hold bytes now, if I want to use it to buy a beer in a couple of years. The answer is because I think it goes up in price in the meantime and that makes me an investor.
Therefore I think Tony needs to care for investors, because this are the only people holding bytes for the time beeing. Even if that is not Tonys intended target audience, but it is definetely the audience he has to deal with, if the project shall gain more adoption.

But as I wrote before, the uncertainty what will happen with the undistributed funds is a killer argument for all investors. Nobody knows how many will be distributed over which time periods, therefore the price could crash completely, if too many new bytes become available. How about putting the undistributed funds into smart contracts, that lock them up for predefined periods of time, so everybody knows how much new bytes can be distributed per time period?

One more comment on exchanges: everybody wants to see Byteball adopted, so why don't we try to get it to more of the big exchanges in order to establish it as a way to transfer money between exchanges? Byteball has fast confirmation times and low fees, so this is a good use case that could be estabished in a reasonable time frame. There are not that many use cases for a new cryptocurrency and this is a obvious one that can help drive adoption.

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February 21, 2018, 04:55:35 PM
 #17443

Tonych's sudden decisions about airdrops made Byteball my worst investments in 2017. Value of Byteball platform is influenced by airdrop significantly at this moment. It should not be canceled completely just becouse of investors care. Postpone, reduce percentage, but not cancel. Platform needs time to adopt and mature. Price will grow in natural way but with less investors stress.
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February 21, 2018, 05:42:16 PM
 #17444

Sorry but cancelling the airdrop without any discussion was the badest thing ever could happen. DEV is selfish and only do things on his own. So i´m sad this coin will be dumped over and over next months.

Agree, the same as  you went to the bank to receive interest from  your deposit and they turned you down. And the worst of it is that tonych kept this from us until this last moment while many people kept buying. Seems it's okay for him not to play fair. He just  lost all my credibility.
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February 21, 2018, 06:04:35 PM
 #17445

Blackbytes Bytes Exchange BEEB is offering you 1,000,000 Bytes!

Buy and sale your BlackBytes on BEEB! - http://beeb-bot.com



Here is your link to receive 1,000,000 Bytes: http://www.beeb-bot.com/textcoinclaim.php#textcoin?message-build-between-call-prevent-awake-marble-fantasy-method-blade-couple-fatal

Byteball payment gateway for web merchants https://byteball-for-merchants.com/ - BEEB  (Blackbytes Exchange Bot): https://www.beeb-bot.com/ (closed)
Network map, stats, Top Richests and Byteball world map at https://byteball.fr/ (closed) - Hub operator featuring the cashback witness https://byteball-cashback-witness.com (closed)
joeyp978
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February 21, 2018, 06:46:04 PM
 #17446

An update about future distribution plans.

So far, bytes were mainly distributed via airdrops to holders of BTC and Bytes, and a relatively small portion was distributed through the cashback program.  We started this free distribution with the purpose of getting the currency as wide spread as possible, and while the purpose stays the same, methods can change.  The airdrop method worked well to get the initial user base, but it also proved to be the least efficient in terms of user acquisition cost.

Over the next few months, we'll add more methods of free distribution.  One of them is already being developed, I expect it to be ready in the first half of December.  

The new methods are designed to grow our user base faster than the money supply.

While the new methods are still untested, it is early to drop the airdrops.  That's why the next round of distribution to Bytes and BTC holders is tentatively planned for the full moon of March 2, 2018.  The rules are the same as in the previous round:

For every 16 BTC you receive 0.1 GB,
For every 1 GB you receive additional 0.1 GB,

and similar rules for blackbytes.

This round can be postponed or even canceled depending on performance of other distribution methods.

As I said before, airdrops to holders of BTC and Bytes, which we did on full moons, were a good way to bootstrap the network and get initial attention.  But last few airdrops failed to attract any significant number of new users while quickly consuming the undistributed pool.  We had to pivot to other distribution methods, but at the time I was writing the above post they were not ready yet, and I had to tentatively put another old-style airdrop on the calendar.

Now that the new distribution methods are ready and proven, and we've added even more methods than originally planned, the March airdrop is cancelled.  November airdrop was the last one that paid to holders in proportion to their balances.

This is the list of the current distribution methods (in no particular order) that we'll continue to use and improve:

1. Cashback.

2. Verification rewards and referral rewards to those who verify their real name.  It is true that the referral system didn't work quite well for new users who have no Bytes yet, and we are going to introduce a new scheme which will allow to refer new users without sending them any Bytes.

3. Giveaways, such as those that Rafael does to his youtube subscribers.

4. Mass sending of textcoins to subscribers of our partners.  We have done two so far https://docs.google.com/spreadsheets/d/1heT6TUSpTJgRW-FUM0LbcoVjXZRCb3PbXQQLmzvNRvM/edit#gid=323859176 and will work on improving conversion in the future campaigns.

Other similar methods will be added over time, the purpose is to use the remaining undistributed coins most efficiently to acquire as many new users as possible.

There were multiple suggestions to redirect a part of undistributed funds from free distribution, i.e. from acquiring users, and spend it for hiring more people, paying contractors, etc.  While I understand the reasoning behind these suggestions, it is also important that we learn to spend money wisely, with the maximum effect per spent $, before (and if) we scale up the budget.  Anyway, it is unnecessary to repurpose the undistributed funds now as we have enough funds in the Community Fund to fund the current operations in the near future: it is over $1m in Bytes (plus another $1m in less liquid blackbytes).



Womp Womp Womppp.... March (After Airdrop) was when I was going to start messing around with this project and really look into it. Unfortunate decision I think. Goodluck to the project, however.
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February 21, 2018, 06:57:58 PM
 #17447


Do you guys have already fixed the Segwit claim problem with the transition bot?HuhHuh?
Doesn't matter. Another promise broken...
If you were doubtful, don't announce it. Some people have bought GBYTE specifically for this airdrop, and are now royally screwed by the Byteball team (basically Tony).
MaryAngela_Fantocci
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February 21, 2018, 07:00:20 PM
 #17448

Without airdrops for holders market decided to go down. Maybe that will help distribution too, for me it's a buy signal for sure.
creative~mind
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February 21, 2018, 07:46:24 PM
 #17449


Do you guys have already fixed the Segwit claim problem with the transition bot?HuhHuh?
Doesn't matter. Another promise broken...
If you were doubtful, don't announce it. Some people have bought GBYTE specifically for this airdrop, and are now royally screwed by the Byteball team (basically Tony).
AFAIK, it was stated by Tony that the last airdrop could be canceled or postponed. Someone correct me if I'm wrong.

⚪ Byteball (https://byteball.org/)     ❱❱❱     I T   J U S T   W O R K S .    ❱❱❱
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February 21, 2018, 07:55:18 PM
Last edit: February 21, 2018, 08:05:24 PM by julian071
 #17450

Great to see all the naggers leave! Hopefully we will be talking about something other then the free bytes they want to dump for fiat.


=P
maursader
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February 21, 2018, 08:54:55 PM
 #17451

unfortunate about the canceling the distribution.   

If we're going to change things on the fly, we not rebrand and ICO the remaining coins to build a proper team of devs/foundation for the platform.


I personally think that this more a good news than a bad one.

I bought into Byteball, because I think there will not be so much selling pressure in the near future.
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February 21, 2018, 10:46:27 PM
 #17452

Perfect time for a rebrand, after everyone has dumped.
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February 22, 2018, 02:18:07 AM
 #17453


Do you guys have already fixed the Segwit claim problem with the transition bot?HuhHuh?
Doesn't matter. Another promise broken...
If you were doubtful, don't announce it. Some people have bought GBYTE specifically for this airdrop, and are now royally screwed by the Byteball team (basically Tony).

You can't fix something that isn't broken.
You can't sign with a segwit address, so, it was never broken or possible.

You can't do it, so there is no sense bitching about it.   Meh, I guess you can complain all you want, but it's not going to change.
In the same token, you can complain that you can't roll a 13 on the craps table, but it will not change the fact that you can't roll it.


i went out of my way to sign a message for this march airdrop.  you should at least honor the march airdrop.

You mean you had to sign a message in hopes to get free money for the 30 seconds of work?  Sorry your labor wasn't rewarded with an airdrop that was never promised.  Yes, it was tentative, but nothing promised.  Shame on them for not giving free money to the public like they did for a full year.  Shame.

JesusCryptos
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February 22, 2018, 02:41:42 AM
 #17454

IMO this is very bad news. None of these methods are "proven" as you say, and they are all far more opaque than distributing to addresses with balances that can be checked on the networks.

How many dollar-equivalents have been spent in the cashback program so far? What's there been like 50 people send their passport to Juobi or whatever now? Youtube crypto scam videos? Really?

There are still 40% of coins to distribute, and now they are basically completely able to be distributed by shady backroom deals or not at all. There is no way to validate distribution beyond this point. So long and thanks for all the fish.

I agree, with so many coins still to distribute, new and better schemes need to be added asap, and transparency is essential. I'm not saying Tony can't do this, just that old system worked fine, just needed to remove exchange addresses etc

Finishing distribution asap is more critical than driving adoption now, in a bull market good crypto get adopted, and since 2017 crypto adoption is moving forward. I really hope Tony appreciates the need to be transparent, and that's difficult when third parties are involved in some of these distro methods.

Old school crypto people will hear bullshit detectors going off now, fud elert, exit scam accusations etc  Did not have to be this way, could have just stuck with full moons for another 6 months, anyone is free to buy BB and get some free airdrop. Simple is better than complicated, and these other methods will take years, and be prone to abuse.

All the people disappointed that they will not get free coins any more should think that what gives MORE value to a coin is the growth of its adoption base, not the growth of the number of coins in their own wallets. Tony's new distribution systems are still not completely (or if you prefer - remotely) satisfying, but anyway they are much better that just giving those coins to us, which would be of no use for the growth of the adoption base.

⚪ Byteball          I T   J U S T   W O R K S .  
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ANN THREAD                  TELEGRAM                     TWITTER                  MEDIUM                  SLACK                  REDDIT
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February 22, 2018, 02:51:20 AM
 #17455

Random and changing dilution of current (and potentially future) holders assets with redistribution by the dev, together with the loss of trust this causes, have a serious potential to harm rather than help this network. If Tony ends up putting those coins to phenomenally good use, then maybe this is for the best, but I see no sign of that so far. Cashback for a handful of shops that are being paid to take byteball and a buggy and philosophically questionable KYC program are terrible uses of what amounts by inflation to current holders money.
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February 22, 2018, 03:54:49 AM
 #17456

I do think cancelling the March airdrop was a blunder -- although as others have said, it should have been postponed anyways because Cryptopia is currently confiscating all their customers' GBYTE for the last 2 months.

BUT -- the verification process / attestation bot is BRILLIANT. If you can't see that, you're not hooked up right. It JUST LAUNCHED, so the numbers so far aren't very meaningful.
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February 22, 2018, 05:47:49 AM
 #17457

Random and changing dilution of current (and potentially future) holders assets with redistribution by the dev, together with the loss of trust this causes, have a serious potential to harm rather than help this network. If Tony ends up putting those coins to phenomenally good use, then maybe this is for the best, but I see no sign of that so far. Cashback for a handful of shops that are being paid to take byteball and a buggy and philosophically questionable KYC program are terrible uses of what amounts by inflation to current holders money.

The amount distributed through the Jumio verification program is very small. I think most users are hesitant to part with personal information in the crypto space at this stage. They certainly couldn't be tempted by $12 worth of a coin.
About the other distribution methods, I guess we have to just wait and watch. If as you say, these methods turn out to be effective ways to get new users to the ecosystem, the value of the bytes we hold will definitely rise.


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February 22, 2018, 06:20:23 AM
 #17458

Announcement from chief developer Tony on Slack:

Quote
there are about 2000 people who linked their btc address since november in anticipation of the cancelled airdrop.  We'll do a small airdrop for them, about $30 worth to each.  Both to those who linked via microtx (and spent money) and those who linked by signing.  Even if BTC balance is 0.  They are all new users after all.

Follow me on twitter for the latest news on bitcoin and altcoins and I'll follow you back the same day!
Obyte - An open cryptocurrency platform ready for real world adoption
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February 22, 2018, 06:27:27 AM
Last edit: February 22, 2018, 07:22:44 AM by Pinstripe
 #17459

Announcement from chief developer Tony on Slack:

Quote
there are about 2000 people who linked their btc address since november in anticipation of the cancelled airdrop.  We'll do a small airdrop for them, about $30 worth to each.  Both to those who linked via microtx (and spent money) and those who linked by signing.  Even if BTC balance is 0.  They are all new users after all.


Nice!

A good move in the right direction!


Why not consider giving all linked accounts $30?
 - After the Cryptopia Situation is fixed of course . . .and we're done  Grin



 (Don't forget to include the BlackBytes as well)

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February 22, 2018, 07:55:05 AM
 #17460

I think at this point I certainly need a straight answer from Tony: Can current byte holders expect a ca. 40% dilution of their asset value, or will significant future distribution methods include a share to current owners to reduce their effective inflation rate?

The clear suggestion at the start of the air drops was that the dilution would be much less than an extra 40% on top of what we have had. Has this changed? I for one bought in with the expectation of reduced dilution, which some people are incorrectly calling a dividend, and I would assume many of the people who bought bytes thought so too. This question has a serious impact on the current and future value of this token, and after all the changes this should be answered definitively by the dev at least as a statement of intent.
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