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Author Topic: Obyte: Totally new consensus algorithm + private untraceable payments  (Read 1161775 times)
miramare
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August 14, 2018, 07:08:51 AM
 #19901

The distribution has been handled very badly. I was very vocal about it at the time and my feeling has not changed one tiny bit. From my own personal point of view it started very well with airdrops to bitcoin holders, although I missed most of those due to hearing about the project too late I still thought it was a great idea.

This plan was then modified so that byte holders benefited from airdrops to a greater extent than bitcoin holders. To me this again seemed fair and a natural progression.  I bought some bytes and benefited from a couple of airdrops. In hindsight this was the high point of the distribution plan.

I was aware that the supply was increasing hugely (As it had to. But also putting downward pressure on price) but this seemed like was offset from feeling like I was getting reward in terms of a slice of the pie receiving bytes on full moon as reward for showing faith and investing in the project by buying bytes.

So I bought more bytes, anticipating full moon airdrops. But then the warning signs, distribution to be skipped for the next full moon.... and then skipped again. Even then I still   ignored it and decided to buy in bigger. The tech being exciting. Then BOOM.

No more full moon airdrops AND no plan. Instead tiny amounts trickled to people for proving their ID. wtf! Most importantly no incentive to hold instead an incentive to dump. The fall down the rankings was entirely because of this.

At this point there is no point me selling really. I've made so many losses on byteball I may as well stick with it now. Its virtually written off in my mind. Despite the failing of the distribution I still think good things are possible but it is essential that a plan is made and stuck to. And that the distribution is finished. I haven't even gone into the question of witnesses but these also need to be sorted out before any credibility will be attached to byteball.


 

witness decentralization issue has been covered recently on Byteball Medium, 50% by January

65,500 and counting new users from Steem since July 12 https://byteball.co/attestors

Far better distributed than most crypto projects

Far better distribution?

What is the plan to distribute the left 1/3 Gbyte?
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August 14, 2018, 07:15:57 AM
 #19902

Wow, under 0.01 BTC. Down about 97% from ath versus BTC and 94% from ath versus USD. Looks like new marketing and distribution methods very effective Cheesy

byteball has a very small team. if you would like to help out send me a DM, that would be great. thanks

Thank you for the offer but no thank you. I can't see myself working on or with a coin that is operated by a single person, and the distribution of which is controlled by a small group or even a single person in secret.

I actually was quite interested in byteball at launch, and had plans to run a full node and setup a bot on freenode for tipping and/or betting, but I'm quite disillusioned by the repeated changes to the distribution mechanism(s) and the total network control by a single individual 18 months after launch.

Similar to afbitcoins I still hold a bit, which I've basically written off at this point, but time is much more precious than some satoshis. I just see this thread pop up on my unread list a lot and thought I'd chime in with some perspective.

Most of investors have the same feeling.
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August 14, 2018, 08:30:44 AM
Last edit: August 14, 2018, 01:36:22 PM by kaicrypzen
 #19903

When the marketing team will start selling the 110k Gbytes allocated to them?

110K has not been allocated to the marketing team. if it had it wouldnt not consist of about 3 people.......

FUD

Quote
Reserving ~110,433 GB for the Foundation still leaves about 22% of the total supply on the table. To make sure that we won’t sit back and enjoy our monthly dose of GBYTE turned into USD or EUR we also want to reserve 50% of the total 36 month payroll budget for a long term Motivation Plan for team members and advisors. https://medium.com/byteball/the-future-of-byteball-the-byteball-foundation-cca9d495bf46

nowhere does it saying 110k for marketing. Further it would be sold over a period of years. This stuff is so obvious it makes me question the intelligence of people here

Come on meterse, Guffy is very obviously just using marketing to encompass all the expenses ... No need to be insulting. The constructive answer is simply that the 110K are not for marketing only but for the foundation for various purposes ...

Btw, if anyone wants to track the undistributed funds, here is the address https://explorer.byteball.org/#MZ4GUQC7WUKZKKLGAS3H3FSDKLHI7HFO.

There is something I don't quite understand with the foundation projected expenses, since they were determined in dollars at a given time and then converted to the ~110433 GB, what was the reason why they were not sold at that time to secure the funds once and for all and move on? Those estimations were made with a price of $124 per GB, there was no guarantee whatsoever that the price would stay at those levels, as a matter of fact we are at $48 and there still is no guarantee that a bottom is reached. What would the plan be if the price continues to tank (and it can)? What if the entirety of the undistributed funds are not enough to cover the estimated expenses? Are there plans to use the community fund or to call for donations or something else?

Also, I think the images with quotes that are published from time to time are useless. On one hand, the image doesn't have much to do with the quote, on the other, we can see that the quote is intended to be somehow clever but it actually is not. Maybe they actually have an effect and serve a purpose, I just don't see it and I don't really have a better alternative, just pointing out that I think they don't add value, I may be wrong of course.

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August 14, 2018, 08:35:00 AM
 #19904

Wow,my byteball,crashed. Shocked
Got more balls.
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August 14, 2018, 10:33:22 AM
 #19905


had the airdrops continued as scheduled byteball would have wasted giving funds to the same users over and over again, not growing the network.

New methods clearly better, especially distributing to large platforms like Steem/ locking funds for vesting period. expect more


The network grows because coins can be spend on real life, and coins can be spend on real life because are valuable.

For a coin to be a coin (and not a reward which I have to sell inmediately in order to not lose it), it should have value.

Also, 65k new wallets does not mean 65k new users. It means 65k steem users aware of byteball. Aware of the dropping price and the lack of demand too (compare steem,sbd vs gbyte volumes).

If Byteball foundation wants to do it well, simply has to stop judging who deserves receive the coins.

Byteball is going against nature, against market: https://en.wikipedia.org/wiki/Pareto_principle

Even if you would be able to redistribute whole wealth in a fair manner, soon wealth distribution would become unfair, because human capability distribution is unfair.

If you impose coin distribution instead of letting market decide, then nobody would want to hold it (due to unorganic and enforced distribution rules which leads to uncertainity, and future has already enough uncertainity). And this is exactly what is happening right now.

I hope to be wrong.

Let there be light!
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August 14, 2018, 12:02:14 PM
 #19906

Thank god I got rid of this crap long way ago.
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August 14, 2018, 12:11:43 PM
 #19907

I remember some stupid hungry whale eating every ball and raising multi terabyte buy walls at .04. I'd like to see him now.
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August 14, 2018, 01:06:51 PM
 #19908

Ethereum has blocks and transactions.

Byteball only has transactions.


This is one of the most advantageous specifications of Byteball.
.

Due to this Byteball  is most suited for  ICOs, I guess,  but unfortunately  few start-ups in the world realized the potential of this tool when  at their disposal. Byteball transaction fee is relatively inexpensive if we compare it to the ratio of ETH  spendings against the reach of the target ICOs' investors.



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August 14, 2018, 02:08:29 PM
 #19909

Bittrex will delist this shit in the next window. Sell while you can
meterse
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August 14, 2018, 02:39:42 PM
 #19910

Bittrex will delist this shit in the next window. Sell while you can

a user with 34 comments and 0 merit. FUD with no crediblity

Byteball works and has far more then enough volume for bittrex to make nice profits. No reason to delist
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August 14, 2018, 02:41:31 PM
 #19911

Wow,my byteball,crashed. Shocked
Got more balls.

if you have balls you have something most crypto investors lack
meterse
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August 14, 2018, 02:47:57 PM
 #19912


had the airdrops continued as scheduled byteball would have wasted giving funds to the same users over and over again, not growing the network.

New methods clearly better, especially distributing to large platforms like Steem/ locking funds for vesting period. expect more


The network grows because coins can be spend on real life, and coins can be spend on real life because are valuable.

For a coin to be a coin (and not a reward which I have to sell inmediately in order to not lose it), it should have value.

Also, 65k new wallets does not mean 65k new users. It means 65k steem users aware of byteball. Aware of the dropping price and the lack of demand too (compare steem,sbd vs gbyte volumes).

If Byteball foundation wants to do it well, simply has to stop judging who deserves receive the coins.

Byteball is going against nature, against market: https://en.wikipedia.org/wiki/Pareto_principle

Even if you would be able to redistribute whole wealth in a fair manner, soon wealth distribution would become unfair, because human capability distribution is unfair.

If you impose coin distribution instead of letting market decide, then nobody would want to hold it (due to unorganic and enforced distribution rules which leads to uncertainity, and future has already enough uncertainity). And this is exactly what is happening right now.

I hope to be wrong.

doesnt sound like you understand how the Steem campaign worked.

attestation was for steem usernames, most steem users do not have mutliple accounts with sufficent rep made prior to july 12 to claim rewards from multiple byteball wallets
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August 14, 2018, 03:06:40 PM
 #19913


had the airdrops continued as scheduled byteball would have wasted giving funds to the same users over and over again, not growing the network.

New methods clearly better, especially distributing to large platforms like Steem/ locking funds for vesting period. expect more


The network grows because coins can be spend on real life, and coins can be spend on real life because are valuable.

For a coin to be a coin (and not a reward which I have to sell inmediately in order to not lose it), it should have value.

Also, 65k new wallets does not mean 65k new users. It means 65k steem users aware of byteball. Aware of the dropping price and the lack of demand too (compare steem,sbd vs gbyte volumes).

If Byteball foundation wants to do it well, simply has to stop judging who deserves receive the coins.

Byteball is going against nature, against market: https://en.wikipedia.org/wiki/Pareto_principle

Even if you would be able to redistribute whole wealth in a fair manner, soon wealth distribution would become unfair, because human capability distribution is unfair.

If you impose coin distribution instead of letting market decide, then nobody would want to hold it (due to unorganic and enforced distribution rules which leads to uncertainity, and future has already enough uncertainity). And this is exactly what is happening right now.

I hope to be wrong.

doesnt sound like you understand how the Steem campaign worked.

attestation was for steem usernames, most steem users do not have mutliple accounts with sufficent rep made prior to july 12 to claim rewards from multiple byteball wallets

I dont know how what you are saying relates to my reply.

Do you think I am wrong? Why?

Let there be light!
meterse
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August 14, 2018, 03:09:26 PM
 #19914

re what you said about steem
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August 14, 2018, 04:02:09 PM
 #19915

Peercoin valued higher than byteball, what a russian scam Cheesy
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August 14, 2018, 04:21:26 PM
 #19916

Wow, under 0.01 BTC. Down about 97% from ath versus BTC and 94% from ath versus USD. Looks like new marketing and distribution methods very effective Cheesy

byteball has a very small team. if you would like to help out send me a DM, that would be great. thanks

Thank you for the offer but no thank you. I can't see myself working on or with a coin that is operated by a single person, and the distribution of which is controlled by a small group or even a single person in secret.

I actually was quite interested in byteball at launch, and had plans to run a full node and setup a bot on freenode for tipping and/or betting, but I'm quite disillusioned by the repeated changes to the distribution mechanism(s) and the total network control by a single individual 18 months after launch.

Similar to afbitcoins I still hold a bit, which I've basically written off at this point, but time is much more precious than some satoshis. I just see this thread pop up on my unread list a lot and thought I'd chime in with some perspective.

fair enough, you think the same as many people, I cant really argue.

To be honest I think many people have left through frustration for the reasons you mention

I too have been frustrated, especially regarding lack of decentralization

On those two subjects I can say

1. There has been a public statement that the aim is to have half of witnesses out of tonys hands by January 2019 http://prntscr.com/kia3my This was annouced recently, and previously nothing remotely this concrete was ever stated. Valerius who started as head of strategy in June is in charge of getting this done. Remember before around mid 2018 nobody but Tony and a few devs were part of the project. Sure Steve has been around for a while but apart from him nobody in a non development role for any period of time. The resources are now in place to actually get it decentralized, where as before tony and the devs didnt have time. Remember Byteball hit a market cap of like $800 million with a team of basically 5 people, and it did this twice, May 2017 odd and January 2018.

2. Distribution methods. Steem was the first time Byteball had ever incorporated a smart contract to lock airdropped funds for 1 year, and that only started in July. The signs are that this has gotten bytes into the hands of far more people than continually airdropping to bytes and btc holders like initially planned, 65,000 new wallets from that alone https://byteball.co/attestors

Similar distributions are planned for bigger platforms using the same format, but locking in a higher % of the funds into a contract as evidence shows it doesnt seem to affect people that much if they are getting it free anyway.

This should get bytes distributed amongst far more people than the vast majority of other projects



Sorry, but I don't think "out of Tony's hands" is anywhere close to decentralized. There's no concrete plans except have the byteball foundation run one or two, right? So they won't technically be run by the same person, just run by a foundation started by that person. If that happens plus a few more nodes are run by people within the project, I don't think that really changes the situation in any meaningful way.
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August 14, 2018, 04:34:24 PM
 #19917

Quote
Sorry, but I don't think "out of Tony's hands" is anywhere close to decentralized. There's no concrete plans except have the byteball foundation run one or two, right? So they won't technically be run by the same person, just run by a foundation started by that person. If that happens plus a few more nodes are run by people within the project, I don't think that really changes the situation in any meaningful way.
Would be a joke
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August 14, 2018, 04:55:07 PM
 #19918

Wow, under 0.01 BTC. Down about 97% from ath versus BTC and 94% from ath versus USD. Looks like new marketing and distribution methods very effective Cheesy

byteball has a very small team. if you would like to help out send me a DM, that would be great. thanks

Thank you for the offer but no thank you. I can't see myself working on or with a coin that is operated by a single person, and the distribution of which is controlled by a small group or even a single person in secret.

I actually was quite interested in byteball at launch, and had plans to run a full node and setup a bot on freenode for tipping and/or betting, but I'm quite disillusioned by the repeated changes to the distribution mechanism(s) and the total network control by a single individual 18 months after launch.

Similar to afbitcoins I still hold a bit, which I've basically written off at this point, but time is much more precious than some satoshis. I just see this thread pop up on my unread list a lot and thought I'd chime in with some perspective.

fair enough, you think the same as many people, I cant really argue.

To be honest I think many people have left through frustration for the reasons you mention

I too have been frustrated, especially regarding lack of decentralization

On those two subjects I can say

1. There has been a public statement that the aim is to have half of witnesses out of tonys hands by January 2019 http://prntscr.com/kia3my This was annouced recently, and previously nothing remotely this concrete was ever stated. Valerius who started as head of strategy in June is in charge of getting this done. Remember before around mid 2018 nobody but Tony and a few devs were part of the project. Sure Steve has been around for a while but apart from him nobody in a non development role for any period of time. The resources are now in place to actually get it decentralized, where as before tony and the devs didnt have time. Remember Byteball hit a market cap of like $800 million with a team of basically 5 people, and it did this twice, May 2017 odd and January 2018.

2. Distribution methods. Steem was the first time Byteball had ever incorporated a smart contract to lock airdropped funds for 1 year, and that only started in July. The signs are that this has gotten bytes into the hands of far more people than continually airdropping to bytes and btc holders like initially planned, 65,000 new wallets from that alone https://byteball.co/attestors

Similar distributions are planned for bigger platforms using the same format, but locking in a higher % of the funds into a contract as evidence shows it doesnt seem to affect people that much if they are getting it free anyway.

This should get bytes distributed amongst far more people than the vast majority of other projects



Sorry, but I don't think "out of Tony's hands" is anywhere close to decentralized. There's no concrete plans except have the byteball foundation run one or two, right? So they won't technically be run by the same person, just run by a foundation started by that person. If that happens plus a few more nodes are run by people within the project, I don't think that really changes the situation in any meaningful way.

its not people within the project running the public witnesses, thats the reason we still dont have them....... the witnesses are not going to be run by the foundation either

if it was just a matter of internal it would have been done long ago
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August 14, 2018, 05:02:08 PM
 #19919

The distribution has been handled very badly. I was very vocal about it at the time and my feeling has not changed one tiny bit. From my own personal point of view it started very well with airdrops to bitcoin holders, although I missed most of those due to hearing about the project too late I still thought it was a great idea.

This plan was then modified so that byte holders benefited from airdrops to a greater extent than bitcoin holders. To me this again seemed fair and a natural progression.  I bought some bytes and benefited from a couple of airdrops. In hindsight this was the high point of the distribution plan.

I was aware that the supply was increasing hugely (As it had to. But also putting downward pressure on price) but this seemed like was offset from feeling like I was getting reward in terms of a slice of the pie receiving bytes on full moon as reward for showing faith and investing in the project by buying bytes.

So I bought more bytes, anticipating full moon airdrops. But then the warning signs, distribution to be skipped for the next full moon.... and then skipped again. Even then I still   ignored it and decided to buy in bigger. The tech being exciting. Then BOOM.

No more full moon airdrops AND no plan. Instead tiny amounts trickled to people for proving their ID. wtf! Most importantly no incentive to hold instead an incentive to dump. The fall down the rankings was entirely because of this.

At this point there is no point me selling really. I've made so many losses on byteball I may as well stick with it now. Its virtually written off in my mind. Despite the failing of the distribution I still think good things are possible but it is essential that a plan is made and stuck to. And that the distribution is finished. I haven't even gone into the question of witnesses but these also need to be sorted out before any credibility will be attached to byteball.


 

witness decentralization issue has been covered recently on Byteball Medium, 50% by January

65,500 and counting new users from Steem since July 12 https://byteball.co/attestors

Far better distributed than most crypto projects

Far better distribution?

What is the plan to distribute the left 1/3 Gbyte?

did you miss the Steem distribution that has been ongoing since july 12?
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August 14, 2018, 05:48:36 PM
 #19920


had the airdrops continued as scheduled byteball would have wasted giving funds to the same users over and over again, not growing the network.

New methods clearly better, especially distributing to large platforms like Steem/ locking funds for vesting period. expect more


The network grows because coins can be spend on real life, and coins can be spend on real life because are valuable.

For a coin to be a coin (and not a reward which I have to sell inmediately in order to not lose it), it should have value.

Also, 65k new wallets does not mean 65k new users. It means 65k steem users aware of byteball. Aware of the dropping price and the lack of demand too (compare steem,sbd vs gbyte volumes).

If Byteball foundation wants to do it well, simply has to stop judging who deserves receive the coins.

Byteball is going against nature, against market: https://en.wikipedia.org/wiki/Pareto_principle

Even if you would be able to redistribute whole wealth in a fair manner, soon wealth distribution would become unfair, because human capability distribution is unfair.

If you impose coin distribution instead of letting market decide, then nobody would want to hold it (due to unorganic and enforced distribution rules which leads to uncertainity, and future has already enough uncertainity). And this is exactly what is happening right now.

I hope to be wrong.
This guy is right.

Disitribution changes caused this to be a shit coin to use.
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