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Author Topic: Obyte: Totally new consensus algorithm + private untraceable payments  (Read 1216842 times)
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October 25, 2018, 11:52:14 AM
 #20581

I encourage whole Byteball team to see some Antonopoulos videos to know why byteball is not decentralized, and why you should not market the platform focusing on that. Because it is not true.

12 witnesses = 12 central points of failure but, of course, with the same power of another node (no absolute power like dpos crap) and marked as trustable by majority of users.

Byteball distributes trust amongst 12 witnesses. It is a distributed trust system, not a decentralized one. Decentralized implies no single point of failure, and this is not the case.

I think new platform name should reflect all those things.

What is the single point of failure then? There is none. In fact, I would argue that Byteball  is more decentralized by design than Bitcoin or Ethereum. When we have a lot more than 12 different witnesses to choose from it will also be more decentralized in practice.
That would have to be thousands. - How realistic is that?

Just imagine via black bites a growing market for weapons, drugs, child pornography develops...
In connection with this, high-profile entities as witnesses? Seriously?

In the future, every witness would have to fear being overrun by the henchmen of state power.

This is kind of a serious concern.

What can be done to shield witnesses from this? mask their id or perhaps 12 pools of witnesses that are on random rotation

I mean if there was super serious opposition regarding anon cc then blackbytes could be dropped to preserve the project

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October 25, 2018, 12:15:33 PM
 #20582

My concerns are that witnesses can blacklist some users and block outgoing transactions. In this case, most users will not be affected and will not have the motivation to change witnesses.
For example some guy will open SilkRoad and accept balls. Witnesses will decide to block all outgoing transactions from the seen addresses. Most of users will not be affected and SilkRoad users will not be protected from witnesses attack.
Another example: witnesses can block outgoing transactions from the whale address to prevent the dump.
Another example: witnesses can block outgoing transactions for all transactions over $10k. Users will need to pass a KYC, fill in the declaration, indicate the origin of the money for making such transactions.
hmm maybe this is why Byterbal integrate all this KYC solutions? Sad.  Byterbal is Putin's answer to Satoshi?

What are you talking about? It has been repeatedly told that witnesses don't have such powers as miners do.
If one of the witnesses would do that then other witnesses would notice that because it goes against the protocol rules and this witness would be kicked out from those other witness list of their witnesses. So, only thing that witness can censor is themselves out of the witness list, it is not the users who have to take action whether they approve such transactions or not.

Your scenario can happen if all witnesses are corrupt and that would result a hard-fork by the community, same way it would happen with Bitcoin or Ethereum.
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October 25, 2018, 12:18:18 PM
 #20583

My concerns are that witnesses can blacklist some users and block outgoing transactions. In this case, most users will not be affected and will not have the motivation to change witnesses.
For example some guy will open SilkRoad and accept balls. Witnesses will decide to block all outgoing transactions from the seen addresses. Most of users will not be affected and SilkRoad users will not be protected from witnesses attack.
Another example: witnesses can block outgoing transactions from the whale address to prevent the dump.
Another example: witnesses can block outgoing transactions for all transactions over $10k. Users will need to pass a KYC, fill in the declaration, indicate the origin of the money for making such transactions.
hmm maybe this is why Byterbal integrate all this KYC solutions? Sad.  Byterbal is Putin's answer to Satoshi?
Is that really the case?!  Shocked

Then one should not be surprised that bite ball is falling further and further behind in the ranking.
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October 25, 2018, 12:32:10 PM
 #20584

23% of transactions included the first decentralized public witnesses address over the past 12 hoursCool
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October 25, 2018, 12:36:41 PM
 #20585

My concerns are that witnesses can blacklist some users and block outgoing transactions. In this case, most users will not be affected and will not have the motivation to change witnesses.
For example some guy will open SilkRoad and accept balls. Witnesses will decide to block all outgoing transactions from the seen addresses. Most of users will not be affected and SilkRoad users will not be protected from witnesses attack.
Another example: witnesses can block outgoing transactions from the whale address to prevent the dump.
Another example: witnesses can block outgoing transactions for all transactions over $10k. Users will need to pass a KYC, fill in the declaration, indicate the origin of the money for making such transactions.
hmm maybe this is why Byterbal integrate all this KYC solutions? Sad.  Byterbal is Putin's answer to Satoshi?

You clearly don't understand how DAG works, a witness cannot cherry pick the units it contributes to confirm. If he tries to do that, all children units from other user wouldn't be confirmed too.

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October 25, 2018, 01:34:07 PM
 #20586

My concerns are that witnesses can blacklist some users and block outgoing transactions. In this case, most users will not be affected and will not have the motivation to change witnesses.
For example some guy will open SilkRoad and accept balls. Witnesses will decide to block all outgoing transactions from the seen addresses. Most of users will not be affected and SilkRoad users will not be protected from witnesses attack.
Another example: witnesses can block outgoing transactions from the whale address to prevent the dump.
Another example: witnesses can block outgoing transactions for all transactions over $10k. Users will need to pass a KYC, fill in the declaration, indicate the origin of the money for making such transactions.
hmm maybe this is why Byterbal integrate all this KYC solutions? Sad.  Byterbal is Putin's answer to Satoshi?
Is that really the case?!  Shocked

Then one should not be surprised that bite ball is falling further and further behind in the ranking.

It is not the case https://wiki.byteball.org/Witness#FAQ_about_witnesses.2C_double_spending.2C_finality
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October 25, 2018, 03:27:56 PM
Last edit: October 25, 2018, 04:49:57 PM by barborrico
 #20587

(…)

Decentralized? He looks pretty "in-one-piece-ish" to me...

12 public witnesses, explained in whitepaper

Yes, I am aware of that and that's exactly what I was getting at.

The witnesses themselves are not decentralized; they are anything but. You have a maximum of 12 very "central" entities securing the network. And while I believe that the witnesses do not have the same amount of power as, say, EOS delegates have, it is at the very least intellectually dishonest to speak of "decentralized witnesses".

Now, maybe you could actually decentralize a witness, by making it a group of entities, playing merry-go-round or something. I think this has been discussed before.

TL;DR:
Calling a single person a "decentralized witness" is misleading.

I spare us all an inappropriate joke about certain news items and the decentralization of a human being, for obvious reasons.

We could also have 100 or 1000 witnesses but the platform will become less secure if you have more witnesses. A single witness has no power at all and can easily be replaced by users. Users have the real power in the Byteball network, not witnesses. Only when 6 or more witnesses collude they can harm the network, but they still can't change anything in the past. In fact they have very limited options for abuse.


This is no answer to my original point, which is "a single witness is not decentralized unless the witness consists of multiple entities".

You are trying to make it your point so that you can fire off what you have said earlier, so I'll play along:

Users having the real power sounds nice, but has some serious flaws. I'm too lazy to go into this, but very simplified, choosing witnesses is not much different than choosing delegates in a DPoS system. Go take a look at Lisk and EOS to see how that is going.
It is like talking with a wall, right?

Byteball is not decentralized. I am not fudding, only telling facts.

If I could choose my witness truly freely, maybe it could be called decentralized witnesses election... but I can only freely choose 1 witness. I am obligated to trust the witnesses already chosen if I am a new user, or I can't send transactions in a easy way. Of course I can pick any unit compatible with my list (afaik), but normal people won't do that.

This doesn't have to be a bad thing. The bad thing is the people who can't accept the truth, and seems more a hooligan than a person argumenting.

Yes, a witness has little power in the network. Yes, even if majority of witnesses collude, they can't rewrite the past or move funds which not belongs to him or harm deeply the network. Yes, there are no differences between a normal unit and a witness one.
But all above does not change the fact that A WITNESS IS A CENTRALIZED ENTITY AND WE NEED TO TRUST IT.

Seriously byteball, 2nd time I say this: Don't pretend to be what you are not.
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October 25, 2018, 05:02:14 PM
 #20588

Management and development prefer to keep silent about the problems reported instead of taking a concrete position.

Bite ball is not decentralised. That is clear.
Is development willing to change anything about this? I have no idea. The community is in the dark. The Bite ball dictatorship leaves its followers, as usual, in the fog.
A random rotation among hundreds of witnesses sounds good and would probably be a solution. Is it technically feasible? Sure, where there is a will...

I am still waiting in vain after months for corresponding feedback on the requirements I have presented.

The development produces past the demand, the marketing has no idea what this designation means at all and the management boasts with fog bombs and speech bubbles.
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October 25, 2018, 05:14:57 PM
 #20589

I encourage whole Byteball team to see some Antonopoulos videos to know why byteball is not decentralized, and why you should not market the platform focusing on that. Because it is not true.

12 witnesses = 12 central points of failure but, of course, with the same power of another node (no absolute power like dpos crap) and marked as trustable by majority of users.

Byteball distributes trust amongst 12 witnesses. It is a distributed trust system, not a decentralized one. Decentralized implies no single point of failure, and this is not the case.

I think new platform name should reflect all those things.

What is the single point of failure then? There is none. In fact, I would argue that Byteball  is more decentralized by design than Bitcoin or Ethereum. When we have a lot more than 12 different witnesses to choose from it will also be more decentralized in practice.
Netflix is not decentralized. But Netflix uses decentralized technologies in order to reduce bandwidth costs.

Byteball is not decentralized. But Byteball uses decentralized technologies in order to coordinate admision of new units in the database and distribute it to all full nodes.

You can use decentralized technologies without forming a decentralized consensus. But that does not make platform consensus "magically decentralized".
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October 25, 2018, 06:30:06 PM
 #20590

I encourage whole Byteball team to see some Antonopoulos videos to know why byteball is not decentralized, and why you should not market the platform focusing on that. Because it is not true.

12 witnesses = 12 central points of failure but, of course, with the same power of another node (no absolute power like dpos crap) and marked as trustable by majority of users.

Byteball distributes trust amongst 12 witnesses. It is a distributed trust system, not a decentralized one. Decentralized implies no single point of failure, and this is not the case.

I think new platform name should reflect all those things.

What is the single point of failure then? There is none. In fact, I would argue that Byteball  is more decentralized by design than Bitcoin or Ethereum. When we have a lot more than 12 different witnesses to choose from it will also be more decentralized in practice.
Netflix is not decentralized. But Netflix uses decentralized technologies in order to reduce bandwidth costs.

Byteball is not decentralized. But Byteball uses decentralized technologies in order to coordinate admision of new units in the database and distribute it to all full nodes.

You can use decentralized technologies without forming a decentralized consensus. But that does not make platform consensus "magically decentralized".

You know what also doesn't invalidate something being decentralized?
* The fact that witnesses can be only replaced gradually 1-by-1, this doesn't mean that it is not decentralized. This rule is there not just for fun.
* Only 12 witnesses doesn't also mean that it is not decentralized because 12 witnesses are not same as 12 validators or 12 miners or 12 representatives or 12 stakers or 12 coordinators.
* More than 12 witnesses doesn't make it more decentralized either, only thing that makes it more decentralized is replacing current witnesses with other more reputable persons and companies. Also, running a witness full node will make it more decentralized, even if you are not picked as a witness on anyone's list https://github.com/byteball/byteball-witness

And that is the process that Byteball is currently on, getting more decentralized with every new replaced witness.
When half of the Byteball witnesses get replaced then Byteball will be more decentralized than Bitcoin because these witnesses don't have the power that Bitcoin miners have and because you will never know how much Bitcoin hashpower belongs the same people because these are just some anonymous machines in mining pools, that Bitcoin full node that you might be running doesn't make it more decentralized because your input is minuscule compared to those who have big serverfarms with almost free electricity.

Byteball consensus is not directly comparable with other blockchain consensuses because Byteball is not just another Bitcoin fork.
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October 25, 2018, 07:07:22 PM
 #20591

(…)

… Byteball will be more decentralized than Bitcoin because …

(…)

Byteball consensus is not directly comparable with other blockchain consensuses because Byteball is not just another Bitcoin fork.

*compares Byteball with Bitcoin* --> "Byteball isn't directly comparable with other blockchains"

This doesn't add up, does it.


Btw., this whole "it's more decentralized than Bitcoin" is factually wrong. I am not interested in theories about the future, but in facts. Currently, Byteball is more centralized and I doubt that spreading the 12 witnesses geographically and over different entities will not change that much. But since you seem to like theories, let's talk about that:

The way Byteball selects witnesses, as well as their functions, is roughly comparable to DPoS systems. I mentioned that before, but I'll state it again. So, if you want to take a look into Byteballs future, you can take a look at DPoS projects, such as Lisk, EOS, Tron, Ark and so on.

DPoS has a pretty big problem: due to its structure, it is

a) not as permissionless as mining is (and to a lesser degree staking in traditional PoS; both obviously have financial barriers) and

b) it invites collusion (see EOS and Lisk for prime examples), while PoW invites competition.

What that means in practice is that is way more profitable for delegates/witnesses to work together and vote for each other than it is for miners, because miners are basically stuck in a big prisoners dillemma. There is no inherent incentive to work together as miners, and if there is, a group of miners has no in-system way to punish miners who do not behave as the group wants them to.

Which sounds good at first glance ("they are working together, great!") is a huge problem for a trustless and permissionless system. In a trustless system, you don't want people to work together; in fact, it should not play a role whether people work together or not, at least on a protocol level that is. If the protocol layer itself cares about people working together (or not), it most likely means this layer is not as trustless/permissionless as it claims to be.
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October 25, 2018, 07:49:56 PM
Last edit: October 25, 2018, 08:11:38 PM by barborrico
 #20592

* The fact that witnesses can be only replaced gradually 1-by-1, this doesn't mean that it is not decentralized. This rule is there not just for fun.
This means users need external coordination outside the system in case of witnesses misbehaviour, quite impossible case seeing what witnesses you are presenting.
* Only 12 witnesses doesn't also mean that it is not decentralized because 12 witnesses are not same as 12 validators or 12 miners or 12 representatives or 12 stakers or 12 coordinators.
Of course not. Who are the ones of the list putting real resources to work so anybody can be sure of real resources spent without having to know who are he/she/whatever?
* More than 12 witnesses doesn't make it more decentralized either, only thing that makes it more decentralized is replacing current witnesses with other more reputable persons and companies. Also, running a witness full node will make it more decentralized, even if you are not picked as a witness on anyone's list https://github.com/byteball/byteball-witness
More distributed fits better I think. And byte waste too.

And that is the process that Byteball is currently on, getting more decentralized with every new replaced witness.
Of course, you can slice their head, and you have sucessfully decentralized a witness.

When half of the Byteball witnesses get replaced then Byteball will be more decentralized than Bitcoin because these witnesses don't have the power that Bitcoin miners have
A bitcoin node doesn't have to care about power a miner have in order to use bitcoin network, like with witnesses in Byteball.

It checks if signatures and proof of work are valid. If so, this means it has received the data he has to receive. Nobody has to know another, nobody has to reveal the identity, removing failure points of the system.

In byteball, you have witnesses. If you haven't got a witnesses list, you have to get the last unit one in order to use the platform. If you have already  one, it must be compatible.
They are publicly, known and well behavioured. Should have to trust them in order to use the platform? Please answer.

and because you will never know how much Bitcoin hashpower belongs the same people because these are just some anonymous machines in mining pools, that Bitcoin full node that you might be running doesn't make it more decentralized because your input is minuscule compared to those who have big serverfarms with almost free electricity.
I don't have to care about that. Am I sure they spent resources to get that block? That spent resources is where all nodes form a consensus.
In byteball, the witnesses as a whole is where all nodes form a consensus.

It is not hard to understand, I think.

I tell you a fact that maybe you don't know: even if 100% of hashrate belongs to same bad actor, he could only rewrite 2 days on the past. So if you have to be 100% sure of transaction finality in bitcoin, simply have to wait +288 valid blocks and done.

Byteball consensus is not directly comparable with other blockchain consensuses
It is, is exactly what all cryptocurrencies which are not bitcoin are doing. And is what we are talking about.
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October 25, 2018, 08:36:26 PM
 #20593

(…)

Decentralized? He looks pretty "in-one-piece-ish" to me...

12 public witnesses, explained in whitepaper

Yes, I am aware of that and that's exactly what I was getting at.

The witnesses themselves are not decentralized; they are anything but. You have a maximum of 12 very "central" entities securing the network. And while I believe that the witnesses do not have the same amount of power as, say, EOS delegates have, it is at the very least intellectually dishonest to speak of "decentralized witnesses".

Now, maybe you could actually decentralize a witness, by making it a group of entities, playing merry-go-round or something. I think this has been discussed before.

TL;DR:
Calling a single person a "decentralized witness" is misleading.

I spare us all an inappropriate joke about certain news items and the decentralization of a human being, for obvious reasons.

We could also have 100 or 1000 witnesses but the platform will become less secure if you have more witnesses. A single witness has no power at all and can easily be replaced by users. Users have the real power in the Byteball network, not witnesses. Only when 6 or more witnesses collude they can harm the network, but they still can't change anything in the past. In fact they have very limited options for abuse.


This is no answer to my original point, which is "a single witness is not decentralized unless the witness consists of multiple entities".

You are trying to make it your point so that you can fire off what you have said earlier, so I'll play along:

Users having the real power sounds nice, but has some serious flaws. I'm too lazy to go into this, but very simplified, choosing witnesses is not much different than choosing delegates in a DPoS system. Go take a look at Lisk and EOS to see how that is going.
It is like talking with a wall, right?

Byteball is not decentralized. I am not fudding, only telling facts.

If I could choose my witness truly freely, maybe it could be called decentralized witnesses election... but I can only freely choose 1 witness. I am obligated to trust the witnesses already chosen if I am a new user, or I can't send transactions in a easy way. Of course I can pick any unit compatible with my list (afaik), but normal people won't do that.

This doesn't have to be a bad thing. The bad thing is the people who can't accept the truth, and seems more a hooligan than a person argumenting.

Yes, a witness has little power in the network. Yes, even if majority of witnesses collude, they can't rewrite the past or move funds which not belongs to him or harm deeply the network. Yes, there are no differences between a normal unit and a witness one.
But all above does not change the fact that A WITNESS IS A CENTRALIZED ENTITY AND WE NEED TO TRUST IT.

Seriously byteball, 2nd time I say this: Don't pretend to be what you are not.

There is no difference between one witness and another in any kind of practical way so it doesn't matter that you can't choose them freely, they're all the same. They don't *do* anything, they *witness*. The only reason to replace one is because you think some candidate has more to lose in the real world so their bond is stronger and they have even less reason to misbehave than another one. "A" witness doesn't matter, it's about all 12, so no you never trust a single witness and you don't have to. I'm afraid you just don't understand how the mechanism works and what a witness can and can not do, even though we've been trying to explain it you. Instead of asking more questions you jump to conclusions that are just plain wrong.


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October 25, 2018, 08:56:39 PM
 #20594

I encourage whole Byteball team to see some Antonopoulos videos to know why byteball is not decentralized, and why you should not market the platform focusing on that. Because it is not true.

12 witnesses = 12 central points of failure but, of course, with the same power of another node (no absolute power like dpos crap) and marked as trustable by majority of users.

Byteball distributes trust amongst 12 witnesses. It is a distributed trust system, not a decentralized one. Decentralized implies no single point of failure, and this is not the case.

I think new platform name should reflect all those things.

What is the single point of failure then? There is none. In fact, I would argue that Byteball  is more decentralized by design than Bitcoin or Ethereum. When we have a lot more than 12 different witnesses to choose from it will also be more decentralized in practice.
Netflix is not decentralized. But Netflix uses decentralized technologies in order to reduce bandwidth costs.

Byteball is not decentralized. But Byteball uses decentralized technologies in order to coordinate admision of new units in the database and distribute it to all full nodes.

You can use decentralized technologies without forming a decentralized consensus. But that does not make platform consensus "magically decentralized".

All users in the Byteball network follow the same rules, they are all equal, but to be able to resolve doublespends you need some order in the transactions, witnesses provide this order. They follow the same rules as everybody else. The difference is that you know who they are so you can kick them out if they misbehave. This gives YOU the power and not the witness. You can't do that with miners.

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October 25, 2018, 08:58:56 PM
 #20595

(…)

Decentralized? He looks pretty "in-one-piece-ish" to me...

12 public witnesses, explained in whitepaper

Yes, I am aware of that and that's exactly what I was getting at.

The witnesses themselves are not decentralized; they are anything but. You have a maximum of 12 very "central" entities securing the network. And while I believe that the witnesses do not have the same amount of power as, say, EOS delegates have, it is at the very least intellectually dishonest to speak of "decentralized witnesses".

Now, maybe you could actually decentralize a witness, by making it a group of entities, playing merry-go-round or something. I think this has been discussed before.

TL;DR:
Calling a single person a "decentralized witness" is misleading.

I spare us all an inappropriate joke about certain news items and the decentralization of a human being, for obvious reasons.

We could also have 100 or 1000 witnesses but the platform will become less secure if you have more witnesses. A single witness has no power at all and can easily be replaced by users. Users have the real power in the Byteball network, not witnesses. Only when 6 or more witnesses collude they can harm the network, but they still can't change anything in the past. In fact they have very limited options for abuse.


This is no answer to my original point, which is "a single witness is not decentralized unless the witness consists of multiple entities".

You are trying to make it your point so that you can fire off what you have said earlier, so I'll play along:

Users having the real power sounds nice, but has some serious flaws. I'm too lazy to go into this, but very simplified, choosing witnesses is not much different than choosing delegates in a DPoS system. Go take a look at Lisk and EOS to see how that is going.

 A WITNESS IS A CENTRALIZED ENTITY AND WE NEED TO TRUST IT.


In what way do we need to trust a witness? A witness just sends transactions which (by definition of the protocol) cannot be fake or wrong or invalid in any way. And these witness txs are simply our way of attaining consensus on which transactions are final.

With Bitcoin, you don't really have to trust miners: if there are conflicting txs pending, then it doesn't matter which one they confirm. Whichever one they  choose to put in their block becomes final. The only risk is with enough hashing power they could roll back and restart mining from an earlier block, thus changing recent history in a way.

Likewise, you really don't have to trust witnesses with Byteball: if there are conflicting txs pending, then it doesn't matter which one they choose. Whatever they choose to append their tx to becomes final. And the roll back risk does not even exist here.

So, Byteball is even MORE trustless than Bitcoin.

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October 25, 2018, 10:59:28 PM
 #20596

*compares Byteball with Bitcoin* --> "Byteball isn't directly comparable with other blockchains"

This doesn't add up, does it.
Byteball consensus is not directly comparable with other blockchain consensuses
It is, is exactly what all cryptocurrencies which are not bitcoin are doing. And is what we are talking about.

Maybe it got lost in translation, but what I meant by "directly" was that you can't take thousands of miners vs. 12 witnesses and say: "more is more decentralized" if you do not take account what miners can do and what witnesses can do. Of course they are comparable, but only if you actually take account all the facts. It is more easier to compare Bitcoin with some Bitcoin fork or some dPOS blockchain because there is less difference. Maybe I should have put NOT DIRECTLY in all caps, but I was hoping you get the idea from rest of the text.


I tell you a fact that maybe you don't know: even if 100% of hashrate belongs to same bad actor, he could only rewrite 2 days on the past. So if you have to be 100% sure of transaction finality in bitcoin, simply have to wait +288 valid blocks and done.

Well, I am not sure why would somebody brag about fact like that, sounds pretty bad if somebody could rewrite 2 days of transactions. It sounds pretty bad if somebody could rewrite even last 1 hour, so kind of ridiculous to waste so much energy on something so uncertain.

I have also some facts you might not know, on Byteball, it doesn't matter how much fees you pay, your transactions won't be censored because of that or for any other reason. And the best part, you can be certain about the finality of the transactions, no need stop your business for 2 days or even hour.
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October 25, 2018, 11:12:37 PM
 #20597


Of course, you can slice their head, and you have sucessfully decentralized a witness.


Looks like you are still trying to make fun of the phrase "decentralized witness".  Maybe not the best way to say it, "independent witness" would sound better but I bet you understood it anyway.

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October 25, 2018, 11:23:11 PM
 #20598

They are publicly, known and well behavioured. Should have to trust them in order to use the platform? Please answer.

Of course you have to trust them (as a group), it's clearly stated everywhere.  The whole point is about leveraging the trust in 12 people/orgs to enable random strangers to trust each other, which they wouldn't do otherwise.  It's only in a trustworthy environment that value can be created.

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October 26, 2018, 12:07:25 AM
 #20599

There is no inherent incentive to work together as miners, and if there is, a group of miners has no in-system way to punish miners who do not behave as the group wants them to.


You are right about incentives.  But there is something else.  PoW mining is an economic activity.  You have capex, you have opex, almost all your profits are burned in your huge costs, and you have to care about efficiency in order to stay in the game.  And in any economic activity, you have economy of scale.  As your mining farm gets bigger, it becomes more efficient and stands better against the competition.  You get volume discounts for miners, you will be the first in line for the new generation of miners, you can get cheaper electricity when you buy wholesale, it becomes worthwhile to relocate to a more favorable location, and you can hire the best talent in the industry.  It doesn't matter if the PoW algorithm is ASICable or not, the economy of scale is universal.  It might be not very important in the growing market when everyone, even a smaller and weaker miner, gets a portion of the growing pie, but nothing lasts forever and as the market matures and gets more competitive, the weaker players are darwinized, and the hash power gets concentrated in the hands of a few bigger miners.  Miners, not mining pools.  This looks like an end-game of any PoW based blockchain, because it has a heavy "hook" into the economy, and the economy favors scale.  You can call it emergent centralization.  Incidentally, Byteball moves in the opposite direction.

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October 26, 2018, 12:47:20 AM
 #20600

There is no inherent incentive to work together as miners, and if there is, a group of miners has no in-system way to punish miners who do not behave as the group wants them to.


You are right about incentives.  But there is something else.  PoW mining is an economic activity.  You have capex, you have opex, almost all your profits are burned in your huge costs, and you have to care about efficiency in order to stay in the game.  And in any economic activity, you have economy of scale.  As your mining farm gets bigger, it becomes more efficient and stands better against the competition.  You get volume discounts for miners, you will be the first in line for the new generation of miners, you can get cheaper electricity when you buy wholesale, it becomes worthwhile to relocate to a more favorable location, and you can hire the best talent in the industry.  It doesn't matter if the PoW algorithm is ASICable or not, the economy of scale is universal.  It might be not very important in the growing market when everyone, even a smaller and weaker miner, gets a portion of the growing pie, but nothing lasts forever and as the market matures and gets more competitive, the weaker players are darwinized, and the hash power gets concentrated in the hands of a few bigger miners.  Miners, not mining pools.  This looks like an end-game of any PoW based blockchain, because it has a heavy "hook" into the economy, and the economy favors scale.  You can call it emergent centralization.  Incidentally, Byteball moves in the opposite direction.

Yes, economy of scale is a thing. But why are you so focussed on talking about Bitcoin? I mean, as the inventor of Byteball (if that is the appropriate term), I would be much more interested in your views regarding Byteballs inherent problems, not Bitcoins.

Like the DPoS comparison I made in the post. Do you have any thoughts on that, especially with Lisk and EOS as rather gloomy outlooks? I mean, I realize they are not comparable on a 1:1 basis, but there are similarities, don't you think?

Quote
...Incidentally, Byteball moves in the opposite direction.

Can you explain what you mean by that? I can't see how this statement is accurate.


Of course, you can slice their head, and you have sucessfully decentralized a witness.


Looks like you are still trying to make fun of the phrase "decentralized witness".  Maybe not the best way to say it, "independent witness" would sound better but I bet you understood it anyway.

Yes, "independent witness" is way better. "Decentralized witness" is misleading.
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