Obyte: Totally new consensus algorithm + private untraceable payments

[kola-schaar]

Especially according to this topic  (backup and safety):

pls, wht means : "to restor your wallets, you will need full backup of Bytesball setting. Just the wallet seed is not enough."

how i must save my wallet to restor it ?

You need to backup the entire wallet data folder, its location depends on your platform: https://github.com/byteball/byteball#byteball-backups-and-recovery.
But doing it is not practical, as you'll have to back up again every time you send or receive blackbytes (which are only saved in this folder).
A better option is to set up a multisig wallet with redundancy (such as 1-of-2 or 2-of-3) on multiple devices, which ensures that in case one of the devices fails you will still be able to use the wallet on the other device(s).  All devices will have a copy of the private payments (blackbytes).

yu say first 100k wallet loader will receive an part of 1% of all bytesball..yu talk of bytesball test or bytesball after beta..how you will distribute them ?

This is about livenet.
There is a long way ahead before we actually start to distribute this 1%, we will probably distribute only to mobile wallets after phone number verification.

hmm..i see..i can paired my current wallet or i must create new wallet to use multi-sig ?

Create a new multisig wallet: Menu -> Add wallet -> Multidevice wallet.
Pair two devices that you own, e.g. desktop and phone.

I have done a little Newbie-tutorial for the following topics:
1.-3. How to check my Bytes and Blackbytes / the Version of Byteball ?
3. – 6. How can I chat with the transition bot. In order to check my status (linked BTC address and linked amount)
7.-13. How to pair devices to send blackbytes or to create a multisig / multidevice wallet (for more security and redundant backup)  or only to make private chat Note: You must repeat the steps 7.-13. for each device and have to invite and accept in both directions
14.-16. How to create a multisig / multidevice wallet (for more security and redundant backup)
see:
http://imageshack.com/a/img922/3441/3T3lqE.png
http://imageshack.com/a/img921/5558/HN8ASd.png

[o0o0]

what a completely unfair distribution.. its going to be a dump fest from now till next distribution.. and then after a fresh batch of people get distrubted another 50%.. another dump fest.. best time to buy would be around march. but even then still another 9x the current amount to be distributed.

dump fest.

price is rising. aint nobody dumping their balls.

well lets do some simple math.

ICONOMI - one of the linked addresses to receive byteballs.

ICONOMI linked 70k btc - giving them 9.766% of the total supply by the time all distribution is over.

so they currently own 9766 byteballs = 245btc = $221,446 US dollars.

mid feb is the next round. they enter the 70k BTC once again, and in turn earn another 9766 Byteballs

assuming the price stays the same =

ICONOMI will own over 2.2million dollars USD or 10% of a currency.

one single entity owns 10% vs the other 7billion people on earth.


and that is just ICONOMI.. not to mention the other people that own large percentage.. LISK etc.


how is this fair, your giving a small portion of about 10 people 95% of the supply.




your project is already set up to fail, another project will take its place with a clone of byteballs with a fair distribution, excellent idea, failed distribution method, logic = lets give millionaires massive portions of the supply.

They dont earn another, next round each 1btc will give you 62.5megabytes only.

How is this fair? How is it in the real world, yet you are transacting with currencies? You think on your national economy that 1% or less of the population does not control the 90% of money supply? That 1 person can not crash your average western european countries economy? LOL. And extended to world economy, 150 people can move as much capital as the next 6billion combined.

If you are dealing with money, if you are buying and selling goods, you are contributing to inequality and unfair unjust world. Each transaction you make, and every one else makes with anything of value, is contributing to inequality. Rich get richer and poor get poorer, its not a dumb cliche its a realization of facts builtin any economical system. If you like to try alternatives go to Venezuela.

Can you point to any economy in the real world in any historical point in time where distribution is equal and is over time equalizing? LOL.

Money is the root of all evil, it is designed not to be equal and fair, any monetary system which goes against this basic truth fails and people dont consider it valuable to transact with.

Life is unfair, deal with it. I got my 1gb from 1btc, and bought more with the same 1btc, now I have +40GB. Now I am 1000001.23% richer than all the 99.9% of people of planet earth who didnt know how to buy a btc and sign a message with their wallet, those who still have 0gb. Unfair to them? Iconomi is looking down on my 40gb from their stash of their 9138312gb, so what?

What would you suggest would be a better distribution method? How would you do your byteball clone to be fair?

Ok your "deal with it" approach isn't making things sound any better

how would i make my clone different? max of 10btc linked. fair. now its averaged against everyone somewhat equally, not 1 entity has 100000x times more than every other person, ready waiting to dump the market with over $250,000 usd worth.


i think with such a new approach, why set up for failure, is this method the absolute fairest and best method the developer could think of? or am i missing something?

its the equivalent of having 1000 people stuck on an island and finding a load of 500 apples, and saying ok lets give 4 people 448 of those apples, and the remaining 996 people will have to share 2 apples. its actually cringe worthy how they think this was ever fair, its setup the market for failure, this will continue to be a topic of weakness throughout the coins life.

how would you know if i sent my 100btc into 10 addresseses of 10btc each and linked each one?

you cant not include addresses where funds are sent from. i might have sent 10btc to 10 people for services. those 10 people maybe interested in your project and linked. try again. you make out its simple when it is not. where humans are part of it there will be abuse. the bedt system tries to minimise this. those crying unfair are those within not much wanting lots. the world isnt fair there is no equal. if you want equal move to a communist nation. then complain that you do more but receive the same.

the end true result is you should shut up. tony made the project and he chose the distribution. if uou dislike it gotk it and run your coin. dont criticise anothers. you've fone nothing gor it. embrace the rules of it, constructively provide feedback or get off your high horse fork ot snd take your direction if you think uou are right its that simple.

ps you might think you have all the answers but you dont. if you were that smart youd have made a new coin and solved thr problem already.

[crema]

Hello,

I am almost newbie on ByteBall, maybe the question has been already answered...

Do you know what to do with Blackballs? If there is a market for them? Do they have a actual market value?...

Thank you very much!

[kaicrypzen]

Do you know what to do with Blackballs? If there is a market for them? Do they have a actual market value?...

You can exchange blackbytes (not blackballs ) for bitcoins or bytes. Check the channels #trading and #trading_blackbyte on the Slack and/or this topic https://bitcointalk.org/index.php?topic=1728405.

[yvv]

are there plans to put the platforms trustless exchange in-wallet?

Yes, they are. Check out exchange bot in testnet wallet https://byteball.org/testnet.html

[vthfvuuj]

good, exchange bot is success.  Thank you

[spark.bet]

Do they have a actual market value?...

There are 2.1111 blackbytes for 1 byteball

[spark.bet]

Flat bitcoin market
Flat byteball market

[crema]

Do you know what to do with Blackballs? If there is a market for them? Do they have a actual market value?...

You can exchange blackbytes (not blackballs ) for bitcoins or bytes. Check the channels #trading and #trading_blackbyte on the Slack and/or this topic https://bitcointalk.org/index.php?topic=1728405.

Thank you very much.

[tonych]

@tonych

Why don't you change the distribution such that it rewards actual users of byteball? You could code a smart contract such that every tenth transaction fee is redeemed from undistributed reserve. This way the amount of bytes in circulation would grow with the same pace as usage.

This proposal is not bad at all. But one big agreement must be:

The new coins only goes to new users. The problem: i could make 10k adresses to reach many byteballs. So this proposal needs more clarifications.

My idea is to reward frequent users. Right now, everybody can buy bytes at the market to pay tx fees. Let everybody pay first, than make a snapshot every so often, and redeem each address a fraction of fees which it payed (e.g 10%). This way it does not matter how many addresses one individual has, he still needs to pay first to be redeemed later. And this puts whales out of the loop unless they become frequent users.

For example, exchanges will be frequent users and get redeemed a lot, but this will benefit their users, since exchange can charge less fees.

Given that most transactions are 500-1000 bytes, only 10% is redeemed, and there are 8.8 * 10¹⁴ still undistributed bytes, if you do the math, you won't like this idea yourself.

[spark.bet]

Is there a reason for the  specific number 2.1111 blackbyte for 1 byteball?
Why not just 2 for 1.

[Tanglemymind]

Do you know what to do with Blackballs? If there is a market for them? Do they have a actual market value?...

You can exchange blackbytes (not blackballs ) for bitcoins or bytes. Check the channels #trading and #trading_blackbyte on the Slack and/or this topic https://bitcointalk.org/index.php?topic=1728405.

what do I do with my blueballs?

[kola-schaar]

Do you know what to do with Blackballs? If there is a market for them? Do they have a actual market value?...

You can exchange blackbytes (not blackballs ) for bitcoins or bytes. Check the channels #trading and #trading_blackbyte on the Slack and/or this topic https://bitcointalk.org/index.php?topic=1728405.

what do I do with my blueballs?

I think with this question you are wrong here. According to this:
http://www.medicaldaily.com/blue-balls-are-real-how-do-men-get-them-explainer-337500
You have to go to the doctor  

Otherwise, they are currently (at that stage ) primarily for the purpose of reproduction (I think you know what I mean: to get more little balls).
Later the balls will learn to make great things .. Actually everything just as in the real life..
If you are a developer, you can teach them something -that would be great 

[Karartma1]

Is there a reason for the  specific number 2.1111 blackbyte for 1 byteball?
Why not just 2 for 1.

This reminds me when Satoshi got asked why the 21 Million limited coin supply was chosen. The good answer back then was: does it matter?

[yassin54]

Another scam attempt, please everybody made very careful about fake conversations in DM
If the scammer says sent BTC, always check my btc address, I have only One BTC address and it's that one :

https://blockchain.info/address/153tSmxbKfby652LUyYdYEZhoxY9RzHYrz

No problem acting as Escrow for your deal.

Seller = xxxxx
Buyer =  louisieth1
Goods : xxxxx @ 5.4BTC

No escrow fee but tips are welcome

• xxxxx please transfer xxxxGBB to my Escrow address: BUSOXIQ53PJYOXQPFDE76W7U2SRDXHEV
  
  Never send to any other address!!

The Escrow address can be verified in my main Escrow thread : www.bitcointalk.org/index.php?topic=303281

• louisieth1 after confirmation please send payment directly to xxxxx
• xxxxx after you have received payment please notify me to release the BTC to louisieth1.
  

Thanks,
Yassin


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[SatoNatomato]

Just created a thread,

Go here to send and receive kilobytes from fellow bitcointalkers.

https://bitcointalk.org/index.php?topic=1747361.new#new

[CryptKeeper]

Better go to slack for trading!

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

There's also an automated order book at #book (Bytes asks and bids only):

List of commands:
ASKS
BIDS
ASK <BTC> <GB>
BID <BTC> <GB>
REMOVE ASK
REMOVE BID

Please keep this in mind for your own safety:

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)

@martis
Registered escrow bitcoin address: 1pMPHbinYokoXEDav5J3tkto14rxBSwx9
Fee: 1% in BTC (split 50/50 between buyer and seller)

Get your slack invite here: http://slack.byteball.org/

[CryptKeeper]

Just created a thread,

Go here to send and receive kilobytes from fellow bitcointalkers.

https://bitcointalk.org/index.php?topic=1747361.new#new

Good idea! Thanks for creating such thread.

    

[yvv]

@tonych

Why don't you change the distribution such that it rewards actual users of byteball? You could code a smart contract such that every tenth transaction fee is redeemed from undistributed reserve. This way the amount of bytes in circulation would grow with the same pace as usage.

This proposal is not bad at all. But one big agreement must be:

The new coins only goes to new users. The problem: i could make 10k adresses to reach many byteballs. So this proposal needs more clarifications.

My idea is to reward frequent users. Right now, everybody can buy bytes at the market to pay tx fees. Let everybody pay first, than make a snapshot every so often, and redeem each address a fraction of fees which it payed (e.g 10%). This way it does not matter how many addresses one individual has, he still needs to pay first to be redeemed later. And this puts whales out of the loop unless they become frequent users.

For example, exchanges will be frequent users and get redeemed a lot, but this will benefit their users, since exchange can charge less fees.

Given that most transactions are 500-1000 bytes, only 10% is redeemed, and there are 8.8 * 10¹⁴ still undistributed bytes, if you do the math, you won't like this idea yourself.

I don't see where this number comes from. All of bytes will be distributed this way eventually. If you want to distribute them faster, you could redeem 90% of fees.

[kaicrypzen]

Given that most transactions are 500-1000 bytes, only 10% is redeemed, and there are 8.8 * 10¹⁴ still undistributed bytes, if you do the math, you won't like this idea yourself.

I don't see where this number comes from. All of bytes will be distributed this way eventually. If you want to distribute them faster, you could redeem 90% of fees.

8.8*10¹⁴ is the number of remaining bytes to be distributed: In percentage, that is 100-10(first round)-1(tonych's)-1(first 100m users) = 88% of 10¹⁵ which is 8.8*10¹⁴. Distributing that amount only by redeeming a fraction of the fee would take quite some time.