Obyte: Totally new consensus algorithm + private untraceable payments

[diyhockey]

Why the fee is fixed?
Currently it is so low so that it is not attractive to be witness.

If obyte price increases enough it will be so high so that it will not be attractive to transfer value. If that happens there will be very little time if any to find a solution to that.

What solution do you have to this drawback?
Why you cannot have normal fee % of transaction that would be attractive to witnesses and users instead tou have fee that is attractive to both only in certain price value?

if the fees are too high then the developers will lower it by changing the code. Now you pay 1 byte for 1 byte of data, 1:1.  Nothing prevents to make this ratio 0.3:1 or whatever.
Although I might be wrong about the complexity. It is literally the same as 1mb blocks in Bitcoin. This is a completely random number, which can be either higher or lower (there was a several soft caps before we reached 1mb). It would seem to make sense to raise this limit as the blocks are filled, but .... we have what we have. Idiots seized power. Although many of them are certainly not idiots but parties with conflicting interest. The same can happen with Byteball. Witnesses will become greedy and will not want to reduce their income by changing ratio. Fanatics will tell you about Tony vision lol

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1696292937

[friet]

Guys,
It does not add up.
If developers have so much power so that they can change protocol then it is shitcoin.

Keeping it fixed does not add up also.
At what level of price 'people will want to use it again' ?
Can you tell?

[diyhockey]

Guys,
It does not add up.
If developers have so much power so that they can change protocol then it is shitcoin.

Keeping it fixed does not add up also.
At what level of price 'people will want to use it again' ?
Can you tell?

Changes may or may not be accepted. Developers bring it to you and you (you all) decide what you want. There is no reason to refuse the changes bearing the benefit. But what is good for you is harm to people earning a fee or providing third-party solutions to a problem. And vote of these people have more power than your.
btw shitcoin doesn't mean lack of changes. Is mean coin nobody use. Widely all altcoins except Ethereum

[friet]

Why not to do such a change now?

Why not to have % fee and give it to witnesses?
This could help obyte to grow.

[tarmo888]

Guys,
It does not add up.
If developers have so much power so that they can change protocol then it is shitcoin.

Keeping it fixed does not add up also.
At what level of price 'people will want to use it again' ?
Can you tell?

Developers can make the code, full nodes and witnesses decide.

At lower level from the price where it became too expensive. Market will decide, what it's worth.

[tarmo888]

Why not to do such a change now?

Why not to have % fee and give it to witnesses?
This could help obyte to grow.

How exactly will it help it to grow if not all witnesses are not even replaced yet?

[friet]

It will help to replace witnesses and decentralize the coin.

Market does not 'decide'. Market does not do any decision.
What fee in $ would you accept? And how do you know it is not lower than market 'decide'

[tarmo888]

It will help to replace witnesses and decentralize the coin.

Market does not 'decide'. Market does not do any decision.
What fee in $ would you accept? And how do you know it is not lower than market 'decide'

Market decides the GBYTE price and since transaction cost is roughly between 500-600 bytes, the cost in any other currency can be calculated. If people don't want to buy GBYTE when it is too high then somebody else will sell it for lower and vice-versa. How else do you think markets work?

[friet]

What fee could you accept in $?

[tarmo888]

What fee could you accept in $?

Pretty much any fee that is predictable. For example, if I would be an oracle and need to post something once every 6 minutes to Obyte DAG and every unit would be 1000 bytes big then I could estimate that I need less than 0.1 GBYTE per year and I would not need to worry how many CryptoKitties games or ICOs are launched during that year, my cost would still be 87600000 bytes per year.

[friet]

Men,
Oh yes...
So let every user of byteball estimate what they want to buy in the next 10 years and let them buy gbytes for the coming 10 years. If this is how it is supposed to be used then I don't think so it is usable. 

You don't consider you just got your salary and want to buy a pen? What fee will you accept?

[diyhockey]

Why not to do such a change now?

Why not to have % fee and give it to witnesses?
This could help obyte to grow.

because fees are low now
re % fee, I do not understand why people should pay different fees for the same services, depending on their ability to pay, religion, color, etc.

[friet]

Fee in % cannot be low?
Not getting you about different fees?

But you understand that sometimes something cost 10 gbytes and sometimes 1gbyte? Or that you dont understand also?

[diyhockey]

Fee in % cannot be low?
Not getting you about different fees?

But you understand that sometimes something cost 10 gbytes and sometimes 1gbyte? Or that you dont understand also?

I thought you about % of amount? Ex 1% of 10 GB tx is 0.1 GB, of 100 GB is 1 Gb. People pay different % for the same service

[tarmo888]

Men,
Oh yes...
So let every user of byteball estimate what they want to buy in the next 10 years and let them buy gbytes for the coming 10 years. If this is how it is supposed to be used then I don't think so it is usable. 

You don't consider you just got your salary and want to buy a pen? What fee will you accept?

Like I said, if there isn't people who are willing to buy it for that price, somebody will selling it cheaper. Price increases the more valuable Obyte becomes for them and decreases when it becomes less valuable for them. If the fee to make a transaction to buy a pen is too high then clearly Obyte becomes less valuable to use.

But we are talking about fees that require GBYTE prices to be 1000x or 10000x higher, which would mean that Obyte marketcap would need to reach Bitcoin marketcap now. This is not going to happen overnight and you would not going to make purchases of pens on base layer, just like you don't want to make purchases of coffee on Bitcoin base layer. Obyte can have layer-2 solutions too, but it doesn't need them yet because we are not that far yet.

[friet]

If the fee to make a transaction to buy a pen is too high then clearly Obyte becomes less valuable to use.

Less valuable but enough less valuable to buy pen?

So whats the reason it is not a problem? Is that reason 'market decide' or is that reason 'second layer solution' or is that reason 'it is not gonna happen than gbyte will be worth so much' ?

If 'market decide' is a reason why fixed fee is not a problem why you are talking about solutions? We don't need any solution if what you are saying is correct. What solution you want for?

[tarmo888]

If the fee to make a transaction to buy a pen is too high then clearly Obyte becomes less valuable to use.

Less valuable but enough less valuable to buy pen?

So whats the reason it is not a problem? Is that reason 'market decide' or is that reason 'second layer solution' or is that reason 'it is not gonna happen than gbyte will be worth so much' ?

If 'market decide' is a reason why fixed fee is not a problem why you are talking about solutions? We don't need any solution if what you are saying is correct. What solution you want for?

Because there are more important things to work on now?

How do you know that the price of 1 BTC will be high enough in 100 years that miners could mine just for transaction fees and no rewards? You don't know, you can't know, but it's a far enough that you can predict after 20-30 years if it's ever going to happen or not. Same way here, the idea is that it would work out like that, but since we are not there yet, we can't really tell, so we need to wait and see.

Fee is not that fixed, it depends how much you post to DAG. Obyte is not just for payments, much more can be done on it.

[diyhockey]

How do you know that the price of 1 BTC will be high enough in 100 years that miners could mine just for transaction fees and no rewards?

People do not count and will not count their fees in BTC or satoshi. People count fees as a percentage of their income. For example 10% ($1) was too expensive in 1900 with $10 salary. In 2019 10% ($500) is too expensive with $3k salary. And 10% will be too expensive in 2121 with $1m average salary. Amount of candy wrappers doesn't matter. Value is matter. And it's +- the same in 1900, 2019 and 2121 despite the different amounts. So in case if block size remain the same as today, miners will receive the same value as today. Doesn't matter will BTC cost $100000m of dollars or $3800. One million in fees in 2121 will have value of $3k in 2019
This is actually a common misconception in crypto space among newbies that price of BTC affects on the amount of value received by miners from the fees pool

[tarmo888]

How do you know that the price of 1 BTC will be high enough in 100 years that miners could mine just for transaction fees and no rewards?

People do not count and will not count their fees in BTC or satoshi. People count fees as a percentage of their income. For example 10% ($1) was too expensive in 1900 with $10 salary. In 2019 10% ($500) is too expensive with $3k salary. And 10% will be too expensive in 2121 with $1m average salary. Amount of candy wrappers doesn't matter. Value is matter. And it's +- the same in 1900, 2019 and 2121 despite the different amounts. So in case if block size remain the same as today, miners will receive the same value as today. Doesn't matter will BTC cost $100000m of dollars or $3800. One million in fees in 2121 will have value of $3k in 2019
This is actually a common misconception in crypto space among newbies.

Exactly, totally agree. When BTC/USD hits $1 million price, it might not be because people value it that high compared to now, it could be that average salary is also $1 million by then because USD has gone through hyperinflation.

But block size probably is not going to be still 1mb in 100 years. Same way, SHA256 will not be a used for 100 years.

[diyhockey]

But block size probably is not going to be still 1mb in 100 years.

It will die with 1mb block. Maybe even after the next bull if we will see it. My point is that many people in crypto make face claims - " BTC price moon = more fees to miners". This is totaly wrong. People ready to pay reasonable share of their income. And this share does not depend on the price of BTC. Even if you BTC billionaire you likely smart enough to move out from the shit that asks to pay 10% of average salary of other people as a fees. I mean even if it's nothing to you, you will see perspectives and exit.