Obyte: Totally new consensus algorithm + private untraceable payments

[Random-String-Symphony]

I'm not impressed. I don't see a point in this. If you have a visa/mastercard card, you have a bank account. If you have a bank account, you can just wire money on an exchange and buy bytes with reasonable 1-3% fee. Instead of working with high volume exchanges to list bytes, Tonych and team developed this rather bizarre way of buying bytes heavily subsidizing a private company in the process with undistributed funds.

Tell me what's so cool about it?

What a strange way of looking at things. People having bank accounts or not doesn't have anything to do with it.

The purpose of a fiat on-ramp is to reduce the amount of steps you have to take to purchase Bytes, make it simpler. You can't "just wire money to an exchange", you have to register an account, sometimes verify your bank account (small transaction to prove ownership of account) and when you want to withdraw you sometimes have to get your identity verified first. Trading costst fees and withdrawing costs fees, plus you have to learn how any particular exchange works. For new users this isn't particularly easy so why not try to improve the process?

Making it simpler is easier said than done but you have to start somewhere. First step is to establish an identity that you can use again and again and is trusted by banks/exchanges, that's why we have the Jumio attestation.  This is a way bigger deal than people make it out to be, the fact that we have this now means that the Byteball platform is trusted to be secure!

Now that you are trusted (i.e. replaced the proven to own bank account step + the proven identity step in one go) it's still pretty hard to find a party that allows direct crypto purchases but Tony managed to do just that: Indacoin. So now attested Byteball users can purchase Bytes through Mastercard or Visa without creating any extra accounts or having to verify anything extra. The fees on a site like Indacoin have to be huge because they run the risk of CC fraud/chargebacks, this risk is mugh lower for people being attested on Byteball so they naturally reduced the fees. This means Indacoin also trusts the Byteball platform! I guess once they find out fraud/chargebacks are almost non existant the fee could be lowered again, let's see.

So the big deal is not that people who already trust Byteball and jumped through a lot of hoops to get attested can now finally buy Bytes with fiat directly but the big deal is that Tony managed to convince outsiders that the Byteball platform can actually be trusted.

This paves the way for many more partnerships and improvements, these are the anchors to the real world that you need to become a succesful platform.

Now the subsidizing through undistributed funds also makes perfect sense because otherwise noone is going to use the service and that would be rather discouraging, also for Indacoin and Jumio. Getting all of this off the ground is a huge feat that will be appreciated in due time.

[barborrico]

Chicken and egg problem with Jumio attestation remains.

I am a new user, I have byteball wallet installed, if I want bytes I need to have bytes first.

Subsidize Jumio attestation and give 12$ as a reward. With that, a new user can play with bytes riskless, and then, if he/she likes the platform, buy bytes through bot. Or, getting more by spreading the word.

[rty]

We've got our first fiat on-ramp https://medium.com/byteball/buying-bytes-with-visa-or-mastercard-d8ee2d1a2b07. 

After passing the real-name attestation, it is now possible to buy Bytes with Visa and Mastercard with a low fee.  The fee is partially subsidized from undistributed funds.

Bot "Buy bytes with Visa or Mastercard"
don't work
"No profiles matching the request criteria"

Real name attestation bot:
"You were already attested at 2018-02-22. Attest again?"

Do you have all these fields in your profile: first name, last name, country, date of birth, ID number, ID type?

Yes, all fields "first name, last name, country, date of birth, ID number, ID type"
Tab "send this profile" don't active

Byteball wallet v2.1.0 light

[CryptoRobert]

Ripple did this several years ago. This was fun, but they stopped it because this giveaway was gamed like hell by guys who had access to HPC clusters. I got a lot of XRP renting AWS compute instances

Did too.  This could be easily managed by only making payments to Byteball verified accounts (Jumio), and limiting the payouts to a reasonable amount of computing power. What Tony needs is a lot of people with small rigs, not a few people with huge rigs.

Great idea if it will be fine tuned so as to be reasonably sure than nobody will be able to rig the system - as it often happens when there are givaways. We have recently seen it happening with the Byteball quiz.

[jjacob]

The 3% net commission does seem to be too high, but of course if you look at the 20% charge when buying from Indacoin directly, it is low.  Restricting the reward per user to $100 is not bad, because nobody is going to buy thousands of dollars worth of Byteball using this method.
But I wonder how many new users this method would attract to Byteball? Not too many, if you are a jumio-attested user already.

look at how much changelly put on top of the price when it was available. sometimes it was double. this isn't too far off the norm.

it's a great boon. very few projects have this availability, especially in wallet.

Changelly was a rip-off, if you were planning to use fiat to buy cryptocurrencies. However, it was not bad for buying cryptocurrencies like Byteball using Bitcoin. They got you the best possible price and added a margin of 0.5%. This wasn't too bad in the larger scheme of things.

[Haynes]

Byteball Bytes project has potential, because this project is unusual and interesting for most people, I will also follow their development. 

[vlom]

The 3% net commission does seem to be too high, but of course if you look at the 20% charge when buying from Indacoin directly, it is low.  Restricting the reward per user to $100 is not bad, because nobody is going to buy thousands of dollars worth of Byteball using this method.
But I wonder how many new users this method would attract to Byteball? Not too many, if you are a jumio-attested user already.

look at how much changelly put on top of the price when it was available. sometimes it was double. this isn't too far off the norm.

it's a great boon. very few projects have this availability, especially in wallet.

this is fucking great feature. this is what is needed. that Average Joe can buy coins with their most used payment method. you only have install the wallet and use two bots and here you go. you have a crypto currency. and after you bought bytes you can transfer them into blackbytes and Average Joe can "safely" buy stuff at the newst silkroad clone 

seriously: lower the entry barrier is something really useful.

[meterse]

[mindrust]

We've got our first fiat on-ramp https://medium.com/byteball/buying-bytes-with-visa-or-mastercard-d8ee2d1a2b07.  

After passing the real-name attestation, it is now possible to buy Bytes with Visa and Mastercard with a low fee.  The fee is partially subsidized from undistributed funds.

People are underestimating this feature because they are forgetting that its not just byteballs you can buy with VISA/MC, you can buy all the crypto with your credit card. You can use this bot for doing CreditCard>Byteball>Any crypto. Byteball to other crypto transformation can be incredibly cheap if you use the right exchange.

It is already very hard to buy crypto with credit cards. I know there are other ways but one of the most popular one I know is CEX.IO and while their exchange rates are already ridiculous, you also add like another %5 for the credit card fees. (total premium is around %10)

%3 is godsend compared to other similar cc/crypto services. Tbh, I don't know anything cheaper when it comes to buy crypto with cc. Even if the rates weren't good, this feature just enables another door for FIAT>Crypto route. It benefits everybody. (everybody but FIAT holders)

[European Central Bank]

I'm not impressed. I don't see a point in this. If you have a visa/mastercard card, you have a bank account. If you have a bank account, you can just wire money on an exchange and buy bytes with reasonable 1-3% fee. Instead of working with high volume exchanges to list bytes, Tonych and team developed this rather bizarre way of buying bytes heavily subsidizing a private company in the process with undistributed funds.

Tell me what's so cool about it?

do you know how many countries don't have decent exchanges? plenty. you might have to send money abroad or not be able to do it at all. localbitcoins is the obvious alternative but premiums there can easily be far more than this card fee.

remember there's a whole world out there and every single country has a different level of crypto accessibility.

People are underestimating this feature because they are forgetting that its not just byteballs you can buy with VISA/MC, you can buy all the crypto with your credit card. You can use this bot for doing CreditCard>Byteball>Any crypto. Byteball to other crypto transformation can be incredible cheap if you use the right exchange.

this is a very good point. i do wonder though how solid this avenue is going to be though. cards and crypto are looking pretty shaky these days.

[tonych]

We've got our first fiat on-ramp https://medium.com/byteball/buying-bytes-with-visa-or-mastercard-d8ee2d1a2b07. 

After passing the real-name attestation, it is now possible to buy Bytes with Visa and Mastercard with a low fee.  The fee is partially subsidized from undistributed funds.

Bot "Buy bytes with Visa or Mastercard"
don't work
"No profiles matching the request criteria"

Real name attestation bot:
"You were already attested at 2018-02-22. Attest again?"

Do you have all these fields in your profile: first name, last name, country, date of birth, ID number, ID type?

Yes, all fields "first name, last name, country, date of birth, ID number, ID type"
Tab "send this profile" don't active

Byteball wallet v2.1.0 light

Try upgrading to 2.2.0.  If it doesn't help, please pm me your attested address.

[sailthor]

Ripple did this several years ago. This was fun, but they stopped it because this giveaway was gamed like hell by guys who had access to HPC clusters. I got a lot of XRP renting AWS compute instances

Did too.  This could be easily managed by only making payments to Byteball verified accounts (Jumio), and limiting the payouts to a reasonable amount of computing power. What Tony needs is a lot of people with small rigs, not a few people with huge rigs.

Great idea if it will be fine tuned so as to be reasonably sure than nobody will be able to rig the system - as it often happens when there are givaways. We have recently seen it happening with the Byteball quiz.

It is POW. You can't "rig the system" - that's the point of POW rewards

[ilcapitano]

~
Try upgrading to 2.2.0.  If it doesn't help, please pm me your attested address.

Hi tonych,

Can I find rich list in the Byteball DAG explorer? If yes, please tell me how to see rich list of Byteball holders.

[jhenfelipe]

~
Try upgrading to 2.2.0.  If it doesn't help, please pm me your attested address.

Hi tonych,

Can I find rich list in the Byteball DAG explorer? If yes, please tell me how to see rich list of Byteball holders.

You can check the Byteball Top 100 richest list here https://byteball.fr/Top100ByteballRichest.php . You'll be able to search your address too to easily check if you belong to top 100. I'm not sure though if it's up to date.

[ilcapitano]

You can check the Byteball Top 100 richest list here https://byteball.fr/Top100ByteballRichest.php . You'll be able to search your address too to easily check if you belong to top 100. I'm not sure though if it's up to date.

Highly appreciate your information, jhenfelipe. I have visited the link and found that most of byteball coins belong to the top 10 in the rich list.
Furthermore, what I know is 99% of Byteball will be planned to distribute to community via campaigns. Therefore, I guess the top 2 (or a bit lower ranks) belongs to Byteball team. Am I right?

[CryptKeeper]

Smart contracts are not only for smart kids
https://byteball.org


Please retweet https://twitter.com/ByteballOrg/status/984435303334150144

[bitcampaign]

Smart contracts are not only for smart kids
https://byteball.org


Please retweet https://twitter.com/ByteballOrg/status/984435303334150144

it looks interesting, i think save the better byteball inside the wallet, i like the concept of this project since long time, retweet done

[CryptKeeper]

PUBLIC SERVICE ANNOUNCEMENT

Dear Byteball SilentNotary tokenholders!
Due to the technical error of the tokensale bot termination, several completely erroneous transactions:
42DCC3RPADD2DGXH52NTFZ5GLYCGA7TD
OUZ6WHKI53QJMGLF73JAYA7JWKEHDFNV
DYTQJ64VBVSVQ2KERMYYTWQZ4NUU6UYR
DYTQJ64VBVSVQ2KERMYYTWQZ4NUU6UYR
JTYIJR6GSK2F26JM6IHFLS575FQ3DXK2 were made.
These transactions do not correspond to the token sale aggrement and violate the rights of legal tokens holders, so the following decision was made:
1. We will issue a new tokens (assets) on the Bytball platform and distribute them between all legal token holders in the appropriate proportion. 2. The old token (asset) is no longer supported.
We apologize for the inconvenience and kindly ask you to temporarily refrain from operations with SilentNotary assets.

(from Byteball Slack)

[acquafredda]

We've got our first fiat on-ramp https://medium.com/byteball/buying-bytes-with-visa-or-mastercard-d8ee2d1a2b07.  

After passing the real-name attestation, it is now possible to buy Bytes with Visa and Mastercard with a low fee.  The fee is partially subsidized from undistributed funds.

You are really full of surprises! Even implementing the missing fiat bridge for bytes. I wonder how long do we have to wait for the selling side to be 100% able to use byteball wallet as an excellent gateway in and out the crypto world.
Excellent job!

[ByteFan]

We've got our first fiat on-ramp https://medium.com/byteball/buying-bytes-with-visa-or-mastercard-d8ee2d1a2b07.  

After passing the real-name attestation, it is now possible to buy Bytes with Visa and Mastercard with a low fee.  The fee is partially subsidized from undistributed funds.

You are really full of surprises! Even implementing the missing fiat bridge for bytes. I wonder how long do we have to wait for the selling side to be 100% able to use byteball wallet as an excellent gateway in and out the crypto world.
Excellent job!

What is the point of "partially subsidize" the fee from the distribution fund? Why not fully compensate, or adjust to the average exchange fee (bittrex fee is 0.25%), if the goal is to facilitate FIAT-->GByte conversion.