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Author Topic: Obyte: Totally new consensus algorithm + private untraceable payments  (Read 1168431 times)
yvv
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December 27, 2016, 04:08:03 PM
 #2701

Thanks for introducing bytes for trading. We know now that the current byteball market cap is 1.73 mln USD. Not bad for 2 days after being born Smiley

We have to wait for some trade volume before we can make conclusion about market cap. Just selling a few coins at random price does not mean much.

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davidoski
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December 27, 2016, 04:11:37 PM
 #2702

@ yvv
sure, it's just 2 days


@tonych

It would be helpful for marketing and publicity to add Byteball to coinmarketcap.com To do so there's a need to provide total supply and publicly available supply (i.e. airdropped, not held by you for later distribution) on the official website. Can you do this? Then we could request to add Byteball to coinmaketcap.com.


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December 27, 2016, 04:41:31 PM
 #2703

Successfully deposited 1GB to Cryptox.pl
Successfully sold 1GB for .019BTC
Successfully withdrew .019BTC

The deposit took about 5 minutes to confirm, and the withdrawal was nearly instant. The user interface on Cryptox.pl is a bit different from what I'm used to, but not at all complicated. Looks good.

Am I spamming? Report me!
GODLIKE
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December 27, 2016, 04:42:14 PM
 #2704

I am available for the ITALIAN TRANSLATION, hope there will be a reward  Roll Eyes

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December 27, 2016, 04:55:56 PM
 #2705

I am available for the ITALIAN TRANSLATION, hope there will be a reward  Roll Eyes

Like this?
https://bitcointalk.org/index.php?topic=1625648

 Cheesy  Cheesy  Cheesy

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December 27, 2016, 05:08:54 PM
 #2706

I want to thank kaicrypzen, crypt0hash and all the others who did a great job helping with support!

Thumbs up, guys. Great Byteball community!  Kiss

Thank you too CryptKeeper for your great support and very helpful information regarding byteball! Lets make the BB community great. Smiley

BB is as a great platform, I really like it.
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December 27, 2016, 05:24:04 PM
 #2707

Successfully deposited 1GB to Cryptox.pl
Successfully sold 1GB for .019BTC
Successfully withdrew .019BTC

The deposit took about 5 minutes to confirm, and the withdrawal was nearly instant. The user interface on Cryptox.pl is a bit different from what I'm used to, but not at all complicated. Looks good.

Selling Byteballs now is like buying a pizza with bitcoins in 2009.

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December 27, 2016, 05:32:17 PM
 #2708


Selling Byteballs now is like buying a pizza with bitcoins in 2009.



Not necessarily. If only 10% of the currency has been dropped so far one might expect the price to fall significantly when the rest of the currency will be released onto the market. Additionally Bitcoin is on the bull run at the moment so turning bytes to btc is rather reasonable. When/if the price of bitcoin stabilizes then buying bytes back will be reasonable. Thirdly - we don't know if Byteball system won't be hacked because of some bug. Bitcoin is 8 years old and has not been hacked during this time so confidence in the security of its code is pretty high. We can't be so sure about Byteball as its security will be proved (or disproved) when all the hackers in the world wil try to find and exploit any bugs it may have.

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December 27, 2016, 05:39:24 PM
 #2709

Wowzers, whales had a field day with this project!!!  Shocked



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yvv
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December 27, 2016, 05:44:49 PM
 #2710


Selling Byteballs now is like buying a pizza with bitcoins in 2009.



Not necessarily. If only 10% of the currency has been dropped so far one might expect the price to fall significantly when the rest of the currency will be released onto the market. Additionally Bitcoin is on the bull run at the moment so turning bytes to btc is rather reasonable. When/if the price of bitcoin stabilizes then buying bytes back will be reasonable. Thirdly - we don't know if Byteball system won't be hacked because of some bug. Bitcoin is 8 years old and has not been hacked during this time so confidence in the security of its code is pretty high. We can't be so sure about Byteball as its security will be proved (or disproved) when all the hackers in the world wil try to find and exploit any bugs it may have.

Think about how cheap is bytball transaction at this price. You can submit about 2M transactions using 1GB.

.
davidoski
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December 27, 2016, 05:53:46 PM
 #2711

True but this is rather remotely related to the price. With litecoin and plenty of other altcoins you can actually have free transactions.

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jeremy grol
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December 27, 2016, 06:58:44 PM
 #2712

I have 32 GB to sell. PM your offer according to current price value. Don't lose your time with ridiculous offers.
davidoski
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December 27, 2016, 07:11:44 PM
Last edit: December 27, 2016, 07:27:30 PM by davidoski
 #2713

This discussion led me to do some calculation - with what market cap of the Byteball system transactions become expensive. I take for simplification that the standard transaction is 500 bytes in size. We get the following:



Therefore we can start to worry about the cost of a single transaction only when the market cap approaches $10 trillion. Obviously other use cases of the system become too expensive much sooner.

Let's see when uploading 1 MB file becomes expensive:



As we can see with only $10 billion market cap (less than the current market cap of bitcoin) storing 1 MB file in the Byteball system becomes expensive ($10). It shows that the design of the system (1 quadrillion cap of internal currency) precludes any widespread use case regarding data storing. Claiming that the system is scalable with regard to data storage is therefore unsubstantiated.

Please check if I did these calculations correctly as this looks like a rather serious issue.

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housebtc
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December 27, 2016, 07:20:30 PM
 #2714

Thanks for introducing bytes for trading. We know now that the current byteball market cap is 1.73 mln USD. Not bad for 2 days after being born Smiley

On which exchange is Byteball listed? $1.7 million is huge for a day trade, what I'm concern about is the daily volume
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December 27, 2016, 07:51:21 PM
 #2715

Thanks for introducing bytes for trading. We know now that the current byteball market cap is 1.73 mln USD. Not bad for 2 days after being born Smiley

On which exchange is Byteball listed? $1.7 million is huge for a day trade, what I'm concern about is the daily volume
You can trade BB in slack, at the trading thread and at this exchange. --> GBYTE/BTC

I guess its better in slack and use always excrow!

There is a slack channel #trading, please go there if you want to buy, sell, exchange Bytes and Blackbytes or want to speculate about the price!  Grin

Please keep this in mind for your own safety:

Quote
Little guide for Byteball trading

This slack channel is for discussing Byteball trading and for organizing such trades. Please be aware that at the moment, the only way to trade safely is through a reputable escrow middleman! Even if you think you know the guy who you want to trade with, you should better trade through an escrow! We've already seen lots of scammers who try to impersonate well-known community members. So proceed with due diligence and always make sure that you are dealing with the right person, especially your escrow middleman. Only use registered escrow services and compare the usernames and bitcoin addresses carefully before you send someone your precious coins!

Registered escrow services:

@yassinnxt
Registered escrow bitcoin address: 153tSmxbKfby652LUyYdYEZhoxY9RzHYrz
Fee: 1% in BTC (from Byteball buyer)
(approx. 2700 BTC escrowed so far)

@seccour
Registered escrow bitcoin address: 1Hx3kxKbYyNgGyqzLB5Qw8BA8dZbuu1Xjn
Fee: none (tips accepted)
(over 500 BTC escrowed so far)


Get your slack invite here: http://slack.byteball.org/
HI-TEC99
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December 27, 2016, 08:00:02 PM
 #2716

I looked through the transactions in the block explorer and couldn't understand the technical terms. In this example transaction what are Unit, Authors, Children, and Parents? Is the Unit like a Bitcoin transaction ID and the Authors like a Bitcoin sending address?

https://explorer.byteball.org/#zD17W8iMLjb4Uxtt66NIcdhiCv9MCAtQFaBDY4jSXNo=

Quote
Unit zD17W8iMLjb4Uxtt66NIcdhiCv9MCAtQFaBDY4jSXNo=
Authors
UGP3YFIJCOCUGLMJUFKLXLNYNO4S7PT6
Children
V1UF7jRtqFUDWsOxmSLz23rTs7s0azPbpiNrXncsH74=
Parents
EjR+BnqoiGywB7WIEpELtxjyLku2bVylF8EcAjVGteE=
KSy9G0vl4PdpqZb9VCLJ2pnZyDtcUT+gE30O3uaX9uE=
davidoski
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December 27, 2016, 08:01:49 PM
 #2717

Read the f.. white paper...

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SatoNatomato
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December 27, 2016, 08:04:14 PM
 #2718

This discussion led me to do some calculation - with what market cap of the Byteball system transactions become expensive. I take for simplification that the standard transaction is 500 bytes in size. We get the following:



Therefore we can start to worry about the cost of a single transaction only when the market cap approaches $10 trillion. Obviously other use cases of the system become too expensive much sooner.

Let's see when uploading 1 MB file becomes expensive:



As we can see with only $10 billion market cap (less than the current market cap of bitcoin) storing 1 MB file in the Byteball system becomes expensive ($10). It shows that the design of the system (1 quadrillion cap of internal currency) precludes any widespread use case regarding data storing. Claiming that the system is scalable with regard to data storage is therefore unsubstantiated.

Please check if I did these calculations correctly as this looks like a rather serious issue.

Great calculations.

I do not expect the system to be a general purpose data storage though, storing 1MB is already too much for what people are storing in various blockchains already - which is certificates, and hashes of public keys or other such small things which are in the 4kb range.

If you are really really really rich then you can use it to store your mp3 files or your 4K movies in it.

So to me, this says, the design is solid, we dont want your 4k movies as transactions, but your 4kilobyte rsa keys are perfect, hell throw in a 128kilobyte message for fun.

System scales well.
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December 27, 2016, 08:04:57 PM
 #2719

We have a new #auctionroom channel in slack:

Quote
Second auction of the day will take place approximately @ 20:45 UTC today (not earlier but maybe a bit later). Amount for sale is 48GB. Bids start at 0.45BTC.

If you want to take part in the auctions, you can get your slack invite here:
http://slack.byteball.org/

Follow me on twitter for the latest news on bitcoin and altcoins and I'll follow you back the same day!
Obyte - An open cryptocurrency platform ready for real world adoption
tonych
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December 27, 2016, 08:06:27 PM
 #2720

Wallet can be encrypted? How?

Yes.  Menu -> Settings -> Request password

Simplicity is beauty
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