Obyte: Totally new consensus algorithm + private untraceable payments

[deepenough]

*agitated*

So I'm fairly new to Cryptocurrency (Dec2017). After logging into Coinbase and transferring $1000 in BTC to GDAX and then transferring that $1000 BTC to Cryptopia I find that Byteball trading has been "broken" for months on that shit exchange. Tons of posts about people holding Bytes they can't retrieve. So I send the money back to my web wallet and get hit $10 in fees (FUCK CRYPTOPIA). So I google other options and see I can buy on Bittrex. Go and try to create an account but they aren't accepting new users. Long story short, I spend an hour and a half only to not own any GBYTE and lose $10 in BTC. I'm no whale and that attempted purchase accounts for half of my holdings.

-deep

[Freefactomizer]

*agitated*

So I'm fairly new to Cryptocurrency (Dec2017). After logging into Coinbase and transferring $1000 in BTC to GDAX and then transferring that $1000 BTC to Cryptopia I find that Byteball trading has been "broken" for months on that shit exchange. Tons of posts about people holding Bytes they can't retrieve. So I send the money back to my web wallet and get hit $10 in fees (FUCK CRYPTOPIA). So I google other options and see I can buy on Bittrex. Go and try to create an account but they aren't accepting new users. Long story short, I spend an hour and a half only to not own any GBYTE and lose $10 in BTC. I'm no whale and that attempted purchase accounts for half of my holdings.

-deep

Go cryptox.pl that is a small but reliable exchange without KYC.

[ByteFan]

I have published a paper about what I consider being design flaws when you look at how Byteball does (not) decentralize.

Open for comments.

https://medium.com/@prat486/byteball-move-proposal-831187509ed0

[peterpanda]

The coins need to be circulating NOT being hodled by the creator. It just is not a good look for a coin. Reminding me in a very uncomfortable way of Ripple. Sending out a couple of hundred bucks as incentive for KYC  ID is not an air drop. The coins will never be 98% distributed if this goes on. Consequence being that it will never be taken seriously as money.

The thing is the excuse of trying to get as many users as possible with meagre handouts is proven not to work. The best example being Iceland's Aurora coin. People have to be attracted to use it not bribed. It is not attractive seeing the Dev change plan and hodl his own premined coin.

Also it is flying under the radar but the witnesses are all but maybe two controlled by Tony.

I invested in this coin because the tech sounded amazing and the roadmap of airdrops was clear.

Shame to see the credibility draining away like this.

For those that call this greed. You need to rethink about the economics of supply and demand.

I agree, this has less to do with greed (although fear and greed are always factors in crypto) and everything to do with certainty.

Once the original moon airdrop distribution was completed there may well have been a big fall in price, and that price fall would have attracted new buyers looking for a bargain. The market takes care of adoption, if the tech is good, which it clearly is. Give the market certainty, and the tech potential in combination with the market does the rest for adoption.

I fear BB is losing future evangelists who will move onto other projects now, it's not like there is a shortage of crypto to get involved with. Distribute the remaining tokens quickly, that is the issue, not who gets them, that's my reading of the community backlash Tony is getting.

Whales inevitably start promoting tokens to increase their wealth, but that won't happen when there is uncertainty, they just leave the community, and Tony can't do this on his own.

Agree, and is there any way that Tony or any core team could hear this kind of voice?

[peterpanda]

I have published a paper about what I consider being design flaws when you look at how Byteball does (not) decentralize.

Open for comments.

https://medium.com/@prat486/byteball-move-proposal-831187509ed0

I think it will be beneficial to allocate part of remain fund to hub operator or witness node

[Freefactomizer]

I have published a paper about what I consider being design flaws when you look at how Byteball does (not) decentralize.

Open for comments.

https://medium.com/@prat486/byteball-move-proposal-831187509ed0

Some random remarks about your paper.

Your vision about hub's remuneration is a bit short-sighted, you don't consider that a hub can be tied to a custom version of wallet from which the operator can make revenue from advertizing or collected data. Gmail, Whatapps or whatever make money although having to support high infrastructure cost. If the user doesn't want to be the product, he could still choose to volontary pay for a hub, a small payment is so easy with Byteball... I don't see why this should be included in the protocol.

This is a bit weird when you say that nobody would like to be a witness since you've been trying for 1 year to become one and I reckon that anybody somehow involved with Byteball would gladly accept to be one. Maybe your arguments could be right but I'm not convinced by witnesses chosen by proof of stake, it would give power to a few rich holders from whom we know nothing and remove the possibility for users to get a witness out. In overall this solution would suffer from all the flaws of PoS (see PoS vs PoW debate).

When you want to remove the header commission and keep the DAG narrow with a hard coded function, have you an idea of the algorithm used ? it doesn't look trivial to do.

[ByteFan]

I have published a paper about what I consider being design flaws when you look at how Byteball does (not) decentralize.

Open for comments.

https://medium.com/@prat486/byteball-move-proposal-831187509ed0

Some random remarks about your paper.

This is a bit weird when you say that nobody would like to be a witness since you've been trying for 1 year to become one and I reckon that anybody somehow involved with Byteball would gladly accept to be one.

True but I never said that I would challenge my real world identity and reputation for that. Many guys would like to become witnesses for the witnessing commission only, it is not what the white paper claims a witness should be. Also they should be well reputed real world entity being  "anybody somehow involved with Byteball would gladly accept to be one" does not meet the criterion too.

[Freefactomizer]

I have published a paper about what I consider being design flaws when you look at how Byteball does (not) decentralize.

Open for comments.

https://medium.com/@prat486/byteball-move-proposal-831187509ed0

Some random remarks about your paper.

This is a bit weird when you say that nobody would like to be a witness since you've been trying for 1 year to become one and I reckon that anybody somehow involved with Byteball would gladly accept to be one.

True but I never said that I would challenge my real world identity and reputation for that. Many guys would like to become witnesses for the witnessing commission only, it is not what the white paper claims a witness should be. Also they should be well reputed real world entity... not me and being an "anybody somehow involved with Byteball would gladly accept to be one" does not meet the criterion too.

To lose your reputation you would have to try to collude with other witnesses to do bad things. If you simply run honestly your node, you take no risk.
I recognize though there is too much uncertainty about who will eventually be witnesses and we have some kind of egg and chicken issue.

[ByteFan]

I have published a paper about what I consider being design flaws when you look at how Byteball does (not) decentralize.

Open for comments.

https://medium.com/@prat486/byteball-move-proposal-831187509ed0

Some random remarks about your paper.

This is a bit weird when you say that nobody would like to be a witness since you've been trying for 1 year to become one and I reckon that anybody somehow involved with Byteball would gladly accept to be one.

True but I never said that I would challenge my real world identity and reputation for that. Many guys would like to become witnesses for the witnessing commission only, it is not what the white paper claims a witness should be. Also they should be well reputed real world entity... not me and being an "anybody somehow involved with Byteball would gladly accept to be one" does not meet the criterion too.

To lose your reputation you would have to try to collude with other witnesses to do bad things. If you simply run honestly your node, you take no risk.

Not only because you also bless the code you are running with your reputation. Where is the third party (or more likely peer review) saying the code is flawless and that your reputation will remain immaculate when running it?

[naska21]

I have published a paper about what I consider being design flaws when you look at how Byteball does (not) decentralize.

Open for comments.

https://medium.com/@prat486/byteball-move-proposal-831187509ed0

I think it will be beneficial to allocate part of remain fund to hub operator or witness node

If only Byteball had  implemented the voting system community  could manage fund allocation, and we would have fair decentralized distribution. The collective intelligence, in my view, is far more powerful and to a greater extend  creative than the mind of just one dev whether he is genius or not. Voting weight would depend upon the balance which in turn could be  determined between low and upper limits.

[Karartma1]

Reading the last posts I agree that there should be a clearer roadmap in terms of final coins distribution. As afbitcoins mentions we can not rely on a few bucks given for completing KYC. I am not against change but I start not to feel much comfortable in this new evolutionary path. There's no perfect model of distributing coins (agreed) but IMHO here the issue is as follows:
Tonych, what do you want to make of your project?  

[Dr_Voidberg]

I have published a paper about what I consider being design flaws when you look at how Byteball does (not) decentralize.

Open for comments.

https://medium.com/@prat486/byteball-move-proposal-831187509ed0

Very well written!
My concerns about top funded wallets being Witnesses:
The largest amounts of GB are in the hands of other ICO managers. They can (or have) distribute their coins to multiple wallets to dominate the top10 or 20. So there is the risk about giving network control to people from competing projects.

Idea:
Use 100 witnesses instead of 12. Select these 100 at random from all wallets which have a minimum amount of GB and activity.

[Freefactomizer]

I have published a paper about what I consider being design flaws when you look at how Byteball does (not) decentralize.

Open for comments.

https://medium.com/@prat486/byteball-move-proposal-831187509ed0

Some random remarks about your paper.

This is a bit weird when you say that nobody would like to be a witness since you've been trying for 1 year to become one and I reckon that anybody somehow involved with Byteball would gladly accept to be one.

True but I never said that I would challenge my real world identity and reputation for that. Many guys would like to become witnesses for the witnessing commission only, it is not what the white paper claims a witness should be. Also they should be well reputed real world entity... not me and being an "anybody somehow involved with Byteball would gladly accept to be one" does not meet the criterion too.

To lose your reputation you would have to try to collude with other witnesses to do bad things. If you simply run honestly your node, you take no risk.

Not only because you also bless the code you are running with your reputation. Where is the third party (or more likely peer review) saying the code is flawless and that your reputation will remain immaculate when running it?

You're making this issue specific to Byteball but it's the same for any crypto and even open-source softwares in overall. If you are a business and accept a payment in crypto you bless the software you're running. It wouldn't hurt to have all the code audited but after more than 1 year of running and $ millions of value transfered we cannot consider that Byteball is an obscure software. And introducing a flaw on purpose isn't that easy, there are several people including me that watch commits to Byteball-core and we would expect a witness to be conservative and wait before deploying updates.

[Freefactomizer]

Idea:
Use 100 witnesses instead of 12. Select these 100 at random from all wallets which have a minimum amount of GB and activity.

You don't prevent Sybil attack by doing that.

[edgar]

so in 1 day after i contacted cryptopia the wallet is updated??

what the actual fk have you lot been doing the last 3 months???

by the way - you're welcome!

[sunnydmd]

IOTA and GBYTE are the only 2coins that using blockless technology on the market right now, am I right, guys?
IOTA has no transaction fee, does the GBYTE?
I'm a fan of IOTA, but wanna know more about GBYTE.
, miss the day that GBYTE price = 0.33btc

[vlom]

so in 1 day after i contacted cryptopia the wallet is updated??

what the actual fk have you lot been doing the last 3 months???

by the way - you're welcome!

what did you write them? just in case i have an issue in the future.

[codemanX]

IOTA and GBYTE are the only 2coins that using blockless technology on the market right now, am I right, guys?
IOTA has no transaction fee, does the GBYTE?
I'm a fan of IOTA, but wanna know more about GBYTE.
, miss the day that GBYTE price = 0.33btc

There is another competitor NANO (formerly Raiblocks) which uses the Tangle technology. Byteball has very low transaction fees.

It seems you don't have any GByte yet when you don't know about it, right? Then I wonder why you are missing the day when 1 GByte was 0.33 BTC, you have the chance to buy Byteball very cheap now.

[Karartma1]

so in 1 day after i contacted cryptopia the wallet is updated??

what the actual fk have you lot been doing the last 3 months???

by the way - you're welcome!

https://bitcointalk.org/index.php?topic=2948513.0

I think you were late to the party man! The world does not spin around you. 

[BTCWagering]

so in 1 day after i contacted cryptopia the wallet is updated??

what the actual fk have you lot been doing the last 3 months???

by the way - you're welcome!

You haven't done bollocks. Everything GBYTE on Cryptopia is still frozen.