Bitcoin Forum
October 30, 2020, 08:53:35 PM *
News: Latest Bitcoin Core release: 0.20.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 ... 1030 1031 1032 1033 1034 1035 1036 1037 1038 1039 1040 1041 1042 1043 1044 1045 1046 1047 1048 1049 1050 1051 1052 1053 1054 1055 1056 1057 1058 1059 1060 1061 1062 1063 1064 1065 1066 1067 1068 1069 1070 1071 1072 1073 1074 1075 1076 1077 1078 1079 [1080] 1081 1082 1083 1084 1085 1086 1087 1088 1089 1090 1091 1092 1093 1094 1095 1096 1097 1098 1099 1100 1101 1102 1103 1104 1105 1106 1107 1108 1109 1110 1111 1112 1113 1114 1115 1116 1117 1118 »
  Print  
Author Topic: Obyte: Totally new consensus algorithm + private untraceable payments  (Read 1218740 times)
tarmo888
Member
**
Offline Offline

Activity: 499
Merit: 53


View Profile WWW
March 07, 2019, 04:55:24 PM
 #21581

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.
1604091215
Hero Member
*
Offline Offline

Posts: 1604091215

View Profile Personal Message (Offline)

Ignore
1604091215
Reply with quote  #2

1604091215
Report to moderator
1604091215
Hero Member
*
Offline Offline

Posts: 1604091215

View Profile Personal Message (Offline)

Ignore
1604091215
Reply with quote  #2

1604091215
Report to moderator
1604091215
Hero Member
*
Offline Offline

Posts: 1604091215

View Profile Personal Message (Offline)

Ignore
1604091215
Reply with quote  #2

1604091215
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
diyhockey
Jr. Member
*
Offline Offline

Activity: 79
Merit: 2


View Profile
March 07, 2019, 05:09:33 PM
Last edit: March 07, 2019, 05:23:33 PM by diyhockey
 #21582

Quote
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
Member
**
Offline Offline

Activity: 499
Merit: 53


View Profile WWW
March 07, 2019, 05:24:35 PM
 #21583

Quote
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
Jr. Member
*
Offline Offline

Activity: 79
Merit: 2


View Profile
March 07, 2019, 05:34:35 PM
 #21584

Quote
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.
friet
Newbie
*
Offline Offline

Activity: 14
Merit: 0


View Profile
March 07, 2019, 05:41:00 PM
 #21585

You cannot wait and see what happens because it is gamble. Investors do not like gamble.

Let say you wait until fee is enormous and then apply solution x.

Investors know that there will be solution x. But they don't know if they will like that solution. How they can invest if they don't know?
tarmo888
Member
**
Offline Offline

Activity: 499
Merit: 53


View Profile WWW
March 07, 2019, 06:02:01 PM
 #21586

Quote
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.

I think market will self regulate it, fees go too high and merchants will drop it. That's what happened with Bitcoin in 2017.
bustedsynx
Sr. Member
****
Offline Offline

Activity: 857
Merit: 251



View Profile
March 07, 2019, 06:41:12 PM
 #21587

Anyway, the true hodlers think in bytes. In other words, how much bytes can I accumulate before they get expensive. They don't see the Bitcoin or fiat equivalent value of a byte.


▄▄▄███████▄▄▄
▄▄█████▀▀''`▀▀█████▄▄
▄███P'            `YY██▄
▄██P'                  `Y██▄
███'                      `███
███'                         ███
▄██'   ▄█████▄▄  ,▄▄▄▄▄▄▄▄▄▄p   ███
▄██▀  ,████▀P▀███.`██████████P   ▀██▄
███[ ,████ __. ███.   ,▄████▀    ███
███[ ]████████████[  ▄████▀       ███
███[ `████   ,oo2 ▄████▀'       ,███
▀██▄  `████▄▄█████d███████████   ▄██▀
▀██.   `▀▀▀▀▀▀"  Y▀▀▀▀▀▀▀▀▀▀▀  ,██▀
███.                        ,███
▀██▄                      ▄██▀
▀███▄_                 ,███▀
▀███▄▄_          _▄▄███▀
▀▀████▄▄ooo▄▄█████▀
▀▀███████▀▀'

365

TM

EZ365 is a digital ecosystem that combines
the best aspects of online gaming, cryptocurrency
trading
and blockchain education. ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀

..WHITEPAPER..    ..INVESTOR PITCH..

.Telegram     Twitter   Facebook

                       .'M████▀▀██  ██
                      W█Ws'V██  ██▄▄███▀▀█
                     i█████m.~M████▀▀██  ███
                     d███████Ws'V██  ██████
                     ****M██████m.~███f~~__mW█
          ██▀▀▀████████=  Y██▀▀██W ,gm███████
      g█████▄▄▄██   █A~`_WW Y█  ██!,████████
   g▀▀▀███   ████▀▀`_m████i!████P W███  ██
 _███▄▄▄██▀▀▀███Af`_m███   █W ███A ]███  ██
__ ~~~▀▀▀▀▄▄▄█*f_m██████   ██i!██!i███████
Y█████▄▄▄▄__. i██▀▀▀██████████ █!,██████
 8█  █▀▀█████.!██   ██████████i! █████
 '█  █  █   █W M█▄▄▄██████   ██ !██
  !███▄▄█   ██i'██████████   ██
   Y███████████.]██████████████
   █   ███████b ███   ██████
   Y   █   █▀▀█i!██   ████
    V███   █  █W Y█████
      ~~▀███▄▄▄█['███
            ~~*██

Play

            │
    │      ███
    │      ███
    │      ███
    │   │  ███
   ███  │  ███
   ███ ███ ███
 │  ███ ███ ███
███ ███ ███ ███
███ ███  │   │
███ ███  │   │
 │   │
 │

Trade

           __▄▄████▄▄
     __▄▄███████████████▄▄▄
 _▄▄█████████▀▀~`,▄████████████▄▄▄
 ~▀▀████▀▀~`,_▄▄███████████████▀▀▀
   d█~  =▀███████████████▀▀
   ]█! m▄▄ '~▀▀▀████▀▀~~ ,_▄▄
  ,W█. *████▄▄__ '  __▄▄█████
  !██P  █████████████████████
   W█. - ██████████████████▀
  i██[   ~ ▀▀█████████▀▀▀
 g███!
Y███

Learn
friet
Newbie
*
Offline Offline

Activity: 14
Merit: 0


View Profile
March 07, 2019, 07:05:21 PM
 #21588

Yeah, and not true holders like those who think about equivalent in fiat money do not contribute to price of obyte. We dont want them. Keep pushing that bullshit.

Only money from true holders make difference. So before you buy please become true holder. Otherwise it is useless.
diyhockey
Jr. Member
*
Offline Offline

Activity: 79
Merit: 2


View Profile
March 07, 2019, 07:33:29 PM
 #21589

Yeah, and not true holders like those who think about equivalent in fiat money do not contribute to price of obyte. We dont want them. Keep pushing that bullshit.

Only money from true holders make difference. So before you buy please become true holder. Otherwise it is useless.
I think nobody believe that GB can do x1000 or even that people will use this network. There is no usebase, no network effects, crypto founds ignore us. Fees is so hypothetical problem. There is bigger problems called scaling and witnesses distribution. As tarmo888 said it's only 30 tps. And as you can see it's only 1 of 12 distributed witness.
friet
Newbie
*
Offline Offline

Activity: 14
Merit: 0


View Profile
March 07, 2019, 08:06:58 PM
 #21590

I gave you solution to distribute the witnesses.

percentage fee
tarmo888
Member
**
Offline Offline

Activity: 499
Merit: 53


View Profile WWW
March 07, 2019, 08:45:55 PM
 #21591

Fees is so hypothetical problem. There is bigger problems called scaling and witnesses distribution. As tarmo888 said it's only 30 tps. And as you can see it's only 1 of 12 distributed witness.

I agree about the lack of witnesses decentralization, I think that is the main problem for some users to take it seriously, but at the same time it has had some benefits too, mainly that Obyte has been able to iterate so fast because of this, this probably gets more difficult as Obyte becomes more decentralized.
I don't agree with scaling problem. If less than 1TPS is used and it can do 30FPS, where is the scaling issue? It can do 4-5 times as Bitcoin and 2 times more than Ethereum. For short peak times, it can do 10 times TPS too.


I gave you solution to distribute the witnesses.

percentage fee

If the witness joins because of fees, on the platform where most transactions are currently made by witnesses then it is not the witness Obyte is looking for. The whole point how witnesses work is that they need to post transactions themselves too and spend fees doing so. Your idea is basically to substitute witness fees, but not others. Where would those funds come from? From distribution fund that could be distributed to actual users instead?
friet
Newbie
*
Offline Offline

Activity: 14
Merit: 0


View Profile
March 07, 2019, 08:53:17 PM
 #21592

I don't get your problem.

What is so complex about giving witness percentage fee that you cannot understand?
tarmo888
Member
**
Offline Offline

Activity: 499
Merit: 53


View Profile WWW
March 07, 2019, 09:18:58 PM
 #21593

I don't get your problem.

What is so complex about giving witness percentage fee that you cannot understand?

Have you tried to understand how Obyte actually works? https://obyte.org/Byteball.pdf
Do you understand what witnesses actually do?
friet
Newbie
*
Offline Offline

Activity: 14
Merit: 0


View Profile
March 07, 2019, 10:22:34 PM
 #21594

I'm not gonna explain it to you if I don't know what exactly you do not understand.
Sellman
Full Member
***
Offline Offline

Activity: 406
Merit: 112



View Profile
March 08, 2019, 08:17:23 AM
 #21595

Obyte, the topic should be managed better somehow.
I scanned around last five pages, that burried by boring discussion, out of context, and not really relate to Obyte project.
By the way, today I give you something relates to Obyte.
Chart, Obyte's chart, here:
https://coinmarketcap.com/currencies/obyte/
Look at this, please and you will see amazing magic to come soon.
friet
Newbie
*
Offline Offline

Activity: 14
Merit: 0


View Profile
March 08, 2019, 10:40:08 AM
 #21596

Oh yes.

Thank you for that remark.
we will do better so that our discussion is not boring to you.
cybterpunk
Full Member
***
Offline Offline

Activity: 414
Merit: 101


View Profile
March 10, 2019, 12:46:11 PM
 #21597

how is the exchange going?

also any plan for real life using for online business?
cybterpunk
Full Member
***
Offline Offline

Activity: 414
Merit: 101


View Profile
March 10, 2019, 12:46:42 PM
 #21598

only few coin have more than 1000 threads..

byteball is one of the few..
UmerIdrees
Full Member
***
Offline Offline

Activity: 952
Merit: 156


★777Coin.com★ Fun BTC Casino!


View Profile
March 10, 2019, 01:03:19 PM
 #21599

only few coin have more than 1000 threads..

byteball is one of the few..

What is new in byteball other than its name transform from Gbyte to Obyte ?  You can see its value, its down from last six or more months.
Can you tell me what are the future plans for this coin to grow in value ?

tarmo888
Member
**
Offline Offline

Activity: 499
Merit: 53


View Profile WWW
March 10, 2019, 01:51:00 PM
Last edit: March 10, 2019, 02:11:44 PM by tarmo888
 #21600

What is new in byteball other than its name transform from Gbyte to Obyte ?  You can see its value, its down from last six or more months.
Can you tell me what are the future plans for this coin to grow in value ?

Name changed from Byteball to Obyte, logo is temporary, no full rebranding yet (wallet name will be changed in next version).
The ticker on exchanges stayed GBYTE and hasn't changed. Currency units didn't change either, they are Bytes.
Obviously most coins are down from last 6 or more months, Obyte has gone up last 3 months.

This is what have been done during last 2 years https://press.obyte.org/timeline
Subscribe to newsletter, Twitter or Reddit to keep up what is coming next.
Pages: « 1 ... 1030 1031 1032 1033 1034 1035 1036 1037 1038 1039 1040 1041 1042 1043 1044 1045 1046 1047 1048 1049 1050 1051 1052 1053 1054 1055 1056 1057 1058 1059 1060 1061 1062 1063 1064 1065 1066 1067 1068 1069 1070 1071 1072 1073 1074 1075 1076 1077 1078 1079 [1080] 1081 1082 1083 1084 1085 1086 1087 1088 1089 1090 1091 1092 1093 1094 1095 1096 1097 1098 1099 1100 1101 1102 1103 1104 1105 1106 1107 1108 1109 1110 1111 1112 1113 1114 1115 1116 1117 1118 »
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!