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Author Topic: Obyte: Totally new consensus algorithm + private untraceable payments  (Read 1216817 times)
muleroaa
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December 19, 2018, 11:42:50 PM
 #21281

any new direction for this project?

Byteball team and community no longer post on this thread, too much signature comment spam, they use reddit etc https://www.reddit.com/r/ByteBall/comments/9yfbvt/i_am_tony_byteball_founder_and_lead_developer_ask/  

Every few days the same lame message from you, absolutely meaningless and unnecessary. Tony posted here just a few days ago.

I really don't understand this either, what's there to gain? Does this guy prefer Reddit over Bitcointalk and does not want to be interacting here? Very strange.

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December 20, 2018, 09:54:58 AM
 #21282


Hey! Contest to create a byteball bot! Details: https://steemit.com/byteball/@byteball.org/introducing-the-great-byteball-bot-war
bobq
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December 20, 2018, 09:05:33 PM
 #21283

I've been a skeptic from the very beginning regarding the new distibution method by the way of a lottery, and today I've noticed that the team has become aware too of the fact that there are problems in this method of distribution. This is their post on Medium:

https://medium.com/byteball/distribution-methods-revisited-we-need-you-b0a38800b722

The laws of statistics make it obvious that most of the bytes to be distributed would end up in the bags of whales. The first winner has been a whale and with the current rules most of the future winners would likely to be whales as well. Simple math. Glad to see that the team has realized that. This would obviously cause even more centralisation of the coin, not more decentralisation.
One of the problems of Byteball distribution has always been that it was not designed to favour decentralisation, as it claimed to aim at, but at the creation of whales. I have addressed this problem as early as May 2017 in this very thread, for example in this post of mine:

https://bitcointalk.org/index.php?topic=1608859.msg19154657#msg19154657

...but alas I was not listened to, and people even accused me of hating the rich or whatever, totally missing my point. This has led to the creation of mega-whales who possibly couldn't care less about Byteball, perhaps because the devs of concurrent platforms, and this problem is now here to stay since they have the power to crash the price at will. It will probably take ages to get this fact out of the way.
However I'm happy to see that the team is now finally realizing their mistakes quite rapidly and they are asking advise to the community. Right now I don't have a solution to suggest for a better distribution, but someone else may.

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December 20, 2018, 09:30:04 PM
 #21284

https://medium.com/byteball/distribution-methods-revisited-we-need-you-b0a38800b722

The laws of statistics make it obvious that most of the bytes to be distributed would end up in the bags of whales. The first winner has been a whale and with the current rules most of the future winners would likely to be whales as well. Simple math. Glad to see that the team has realized that.

Can you give any reference, which "laws of statistics" are you talking about? Formula would be nice, but link to any scientific paper would be better.

And what do you consider whale? http://draw.byteball.org/ considers whale somebody who have more than 500GB, so only 45% are considered whales (that was 70-80% during first draw), this makes it very likely that next winner is not a whale.

First draw is irrelevant today because it had different rules than are today. Blog post doesn't say that future winners will be whales as well, it says:
Quote
We knew that it would favor whales just as the Moondrops did, that’s just a fact of life, but we didn’t expect whale dominance to be as high as it was for the first draw.
Quote
We changed the rules for attested whales, but the effect of that change will be seen on the 21st of December draw.

It doesn't say it, but rules were changed for un-attested whales too, previously it was 0.1 points per GB, but was changed to 0.01 points per GB after first draw.
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December 21, 2018, 07:30:49 AM
 #21285

"Bytes price equal to 31.491 USD at 2018-12-21, but your current investment may be devalued in the future."
https://walletinvestor.com/forecast/byteball-bytes-prediction

The existing methods contribute very little to an increase in the spread, they tend to have the opposite effect.

Market laws are still ignored.
altcoinb
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December 21, 2018, 09:38:28 AM
 #21286

"Bytes price equal to 31.491 USD at 2018-12-21, but your current investment may be devalued in the future."
https://walletinvestor.com/forecast/byteball-bytes-prediction

The existing methods contribute very little to an increase in the spread, they tend to have the opposite effect.

Market laws are still ignored.
interesting would be to know, what is the status of your current project?
hopenotlate
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December 21, 2018, 09:56:25 AM
 #21287

- snip -
Posting on this forum is a waste of time,
 - snip -

...and you created an accont here just ten days ago just to state this .... Roll Eyes

It doesn't make much sense
cfif
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December 21, 2018, 03:12:55 PM
 #21288

why such a low price on GBB?Is it possible to start trading GBB on a regular stock exchange?
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December 21, 2018, 03:22:48 PM
 #21289

why such a low price on GBB?Is it possible to start trading GBB on a regular stock exchange?

What's the point of privacy coin if it's traded on regular exchange? It needs to be traded on de-centralized exchange, but unfortunately there has been low interest for them on de-centralized exchanges, so the last one that I know will close end of this year. Hopefully there will other exchange operators next year who would be interested of blackbytes, but I doubt it will have enough volume for long time in order to be added to CMC.
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December 21, 2018, 06:00:05 PM
 #21290

why such a low price on GBB?Is it possible to start trading GBB on a regular stock exchange?
Yes, important developments such as a decentralized Fiat/Crypto <=> GBB trade have been overslept for two years (and will probably continue to be).
The only two services that existed in this direction were centralized, which of course is not a solution, as you can see again.
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December 21, 2018, 06:19:52 PM
 #21291

New rules for the next draw scheduled for Friday Dec 28:

1.  Steem attestations with reputation over 60 are now also accepted along with real name attestations.  There are only about 3000 Steem users with such high reputation, and many of them have a significant social following.  The idea is that it'll help to build referral networks, attract smaller holders, and dilute the whales.

2. The draw has been criticized by both whales who think they are punished with the points system, and by smaller holders who see a large share of points still going to whales.  Now the draw is split in two:
- one is based on balances, just balances, no points.  The winner will be named Prince of Whales.
- the other is based on points as before, with rules further adjusted in favor of smaller holders (see below).  The winner will be named King of Goldfish (suggestions about a better name are welcome).
The prize fund is split in two: 100 GB for the Prince of Whales and 100 GB for the King of of Goldfish but each participant automatically participates in both draws and can win in each of them (even in both at the same time).  Now there can be two referrers, one for the Prince of Whales and one for the King of Goldfish, each receives 100 GB and 211.11 GBB.

3. The new rules for calculating points with the second threshold lowered from 1000 GB to 100 GB:
* Real-name attested addresses get 1 point per GB of balance up to 10 GB, plus 0.1 point for each GB between 10 GB and 100 GB, plus 0.01 point for each GB above 100 GB.
* Unattested addresses get 0.01 point per GB of balance.
* 0.1 point is awarded for each GB of balance increase over the maximum balance in the previous draws, up to a 2x increase.
* 0.2 point is deducted for each GB of balance decrease since the previous draw.

Simplicity is beauty
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December 21, 2018, 07:16:11 PM
 #21292

1.  Steem attestations with reputation over 60 are now also accepted along with real name attestations.  There are only about 3000 Steem users with such high reputation, and many of them have a significant social following. The idea is that it'll help to build referral networks, attract smaller holders, and dilute the whales.
What about the idea of finally creating a benefit?
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December 21, 2018, 07:26:59 PM
 #21293

1.  Steem attestations with reputation over 60 are now also accepted along with real name attestations.  There are only about 3000 Steem users with such high reputation, and many of them have a significant social following. The idea is that it'll help to build referral networks, attract smaller holders, and dilute the whales.
What about the idea of finally creating a benefit?

Yes the draw is not the most serious one.  We are working on a number of other ideas in parallel, they will be announced when ready.

Simplicity is beauty
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December 21, 2018, 08:07:11 PM
 #21294

1.  Steem attestations with reputation over 60 are now also accepted along with real name attestations.  There are only about 3000 Steem users with such high reputation, and many of them have a significant social following. The idea is that it'll help to build referral networks, attract smaller holders, and dilute the whales.
What about the idea of finally creating a benefit?

Yes the draw is not the most serious one.  We are working on a number of other ideas in parallel, they will be announced when ready.
Bad procedure.
Such ideas should be discussed before implementation. - Your last ideas missed the need, and the time is running...
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December 21, 2018, 09:00:31 PM
 #21295

Hello! Does running a full node give me anything? Some profit or advantage?
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December 21, 2018, 09:44:29 PM
Last edit: December 23, 2018, 12:36:18 PM by tarmo888
Merited by rty (1)
 #21296

Hello! Does running a full node give me anything? Some profit or advantage?

No, running a full node doesn't benefit anyone much (you will just know first if witnesses collude), running a full node is mostly for yourself (if you want direct access to all the DAG data in your local database). If you want to help the network then you should be running a full node that accepts incoming connection and it's called relay. https://github.com/byteball/byteball-relay

There is no benefit from running a relay, there is only benefit for running a witness, but the value of GBYTE is currently too low to profit as witness and you need to be non-anonymous to become a witness. https://github.com/byteball/byteball-witness

Theoretically, only running a Hub could be monetized with people who decide to use your Hub (I think it should be possible to add Basic Authentication to WSS), but it is difficult to convince users to use paid Hub instead of the free default Hub. https://github.com/byteball/byteball-hub
CryptoRobert
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December 21, 2018, 11:49:38 PM
 #21297

It is necessary to join the lottery registering with the bot every week or is one time enough?

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tarmo888
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December 21, 2018, 11:55:44 PM
 #21298

It is necessary to join the lottery registering with the bot every week or is one time enough?

Just one time, it will keep track balances of added address too (updates in some interval). Just write anything to the bot and it will respond to you with latest overview of your added addresses.
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December 23, 2018, 01:47:45 PM
 #21299

Quote
For now we are going to reduce the reward to $1 per 1,000,000 WCG points earned, effective from Monday December 24 on. This way the method will still work like a faucet but it will be much harder to make a profit, which was never intended. We’ll monitor what this change does and make further changes when necessary

Seriously? I really don't know how your whole distribution policy could get any more stupid. You actually diminish the amount of Bytes for thousands of people who are actively contributing to something (positive) to 1/10 while at the same time keep on throwing away hundreds of GB to 1 (or 2) lonesome users per week? Someone PLEASE explain the mathematical/statistical intentions behind this.

Additionally you also diminished the lottery chance for unattested users to an absolute minimum, so practically only the KYC users have a chance. Nice "private untracable" altcoin. Keep up the good work, Russians!  Undecided
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December 23, 2018, 02:04:40 PM
 #21300

Quote
For now we are going to reduce the reward to $1 per 1,000,000 WCG points earned, effective from Monday December 24 on. This way the method will still work like a faucet but it will be much harder to make a profit, which was never intended. We’ll monitor what this change does and make further changes when necessary

Seriously? I really don't know how your whole distribution policy could get any more stupid. You actually diminish the amount of Bytes for thousands of people who are actively contributing to something (positive) to 1/10 while at the same time keep on throwing away hundreds of GB to 1 (or 2) lonesome users per week? Someone PLEASE explain the mathematical/statistical intentions behind this.

Additionally you also diminished the lottery chance for unattested users to an absolute minimum, so practically only the KYC users have a chance. Nice "private untracable" altcoin. Keep up the good work, Russians!  Undecided

Which thousands of people are you talking about? There are around 500 accounts mining for WCG and most of them are pools where the people will never see their bytes or WCG points asset on Byteball (non-transferable), they probably don't even know they would get anything if mined individually. Point of WCG was not to make profit, it's about contributing to something positive like you said. https://wcg.report/

It has been just 2 weeks and there are already more addresses (not users) on draw distribution than there was on WCG http://draw.byteball.org/
"private untracable" is only the blackbytes asset, which are distributed to newsletter subscribers and draw winners at the moment.

Again, try to keep up, the rules for draw lottery have fine-tuned after every week draw (un-attested small holders still have dis-advantage). Latest rules are these, which will increase the chances for other un-attested users again:

New rules for the next draw scheduled for Friday Dec 28:

1.  Steem attestations with reputation over 60 are now also accepted along with real name attestations.  There are only about 3000 Steem users with such high reputation, and many of them have a significant social following.  The idea is that it'll help to build referral networks, attract smaller holders, and dilute the whales.

2. The draw has been criticized by both whales who think they are punished with the points system, and by smaller holders who see a large share of points still going to whales.  Now the draw is split in two:
- one is based on balances, just balances, no points.  The winner will be named Prince of Whales.
- the other is based on points as before, with rules further adjusted in favor of smaller holders (see below).  The winner will be named King of Goldfish (suggestions about a better name are welcome).
The prize fund is split in two: 100 GB for the Prince of Whales and 100 GB for the King of of Goldfish but each participant automatically participates in both draws and can win in each of them (even in both at the same time).  Now there can be two referrers, one for the Prince of Whales and one for the King of Goldfish, each receives 100 GB and 211.11 GBB.

3. The new rules for calculating points with the second threshold lowered from 1000 GB to 100 GB:
* Real-name attested addresses get 1 point per GB of balance up to 10 GB, plus 0.1 point for each GB between 10 GB and 100 GB, plus 0.01 point for each GB above 100 GB.
* Unattested addresses get 0.01 point per GB of balance.
* 0.1 point is awarded for each GB of balance increase over the maximum balance in the previous draws, up to a 2x increase.
* 0.2 point is deducted for each GB of balance decrease since the previous draw.

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