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Author Topic: Obyte: Totally new consensus algorithm + private untraceable payments  (Read 1227724 times)
CryptKeeper
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February 07, 2017, 09:44:54 PM
 #4461


Done.

Please retweet: https://twitter.com/cryptkeeperbtt/status/829083197824704512

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
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escapefrom3dom
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February 07, 2017, 10:05:17 PM
 #4462

what is goin' with cryptox?

maintaining or overload?..

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February 07, 2017, 10:06:19 PM
 #4463

...anyone who does not connect his BTC must be totally stupid...
Truth is, you get a dividend of 0.5% as Bitcoin holder. If you were a whale with a million $ plus in BTC, would you really care and mess up your super secure cold wallets, just to get a 0.5% dividend?
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February 07, 2017, 10:51:54 PM
 #4464

what is goin' with cryptox?

maintaining or overload?..


I don't know what was wrong, but it's working again for me. Maybe it was a DDOS.
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February 07, 2017, 10:59:52 PM
 #4465

Question:

My laptop is currently undergoing repairs and my Byteball wallet is there too. I synced on the first round. Can I do another sync the next round without having access to my BTC and Byteball wallet?

If you didn't move or spend any of your byteballs after the first round you will get your second round coins sent to your wallet without you needing access to it. If you didn't move your Bitcoins from the address you linked then you will get more coins sent to your byteball wallet without you needing access to it.

Second round byteballs get sent to all addresses with a byteball balance, but second round black bytes only get sent to linked addresses, and bitcoin addresses must be linked to claim second round coins.
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February 08, 2017, 01:11:47 AM
 #4466

warning medium ot  Wink

I am writing this because this distribution is so incredibly interesting, but probably not everyone is aware of it (Besides, it is a treasure chest for sociologists, economists and marketing experts).
The second round is a good time for a retrospective and a look into the future.

Some history for the newcomer:
When tony started the distribution, he planned a distribution in 4 rounds (see above - a Big Bang with four steps).
1.   Round 10% -> 0,10 * 1E15 Bytes = 1E14 Bytes / 1E9 = 100000 GBytes
2.   Round 20%
3.   Round 30%
4.   Round 39% (1% reserved for future development)
Tony participates like everyone else with his BTC.

Tony's goal was / is a distribution with great spread.  He hoped (last year) that at the optimum 10% of BTC's capitalization would be linked ( 10% => 1600000 BTC = 1,6 billions Dollar)

The interest was however rather modest (70000 BTC -> 0,4 % of BTC's capitalization) . Genesis making by a Big Bang does not seem easy- people are so lazy .
As we can see here ( http://transition.byteball.org/firstround.html ), we were only a very small number of believers - ICOs., some Big, and a lot of small fishes  Grin

According to this result, there was the risk that some early adopters (big fishes) and the ICOs. would suck up all the bytes (like a black hole sucks all the matter by gravitation).
The first distribution scheme still provided a 1: 1 distribution of byte -> bytes. What would have further accelerated the process. Similar to matter, money unfortunately has the property of agglomerate very quickly (The byte to byte ratio controls the gravity in the distribution cosmos).

The newly created Byteball universe would have become dark, boring and desolate. Only inhabited by 3 black holes (the ICOs), two handful of suns/planets, moons, and some planetoids + dust . (However, there are enough coin universes of this kind Wink ).

Tony pulled the emergency brake:
There was a new (newbie friendly) distribution scheme. It slows the distribution radically to remain attractive to new users. It’s also a more altcoin holder friendly scheme ( gravity  set to 0.1 new bytes for every 1 byte you own at the moment of the snapshot-> people have more time to participate).
(new rules: https://bitcointalk.org/index.php?topic=1608859.3580 )

Now it becomes very interesting:
Due to the binding to BTC, the distribution of BTC with the BB distribution is repeated in a timelapse:

Before and right after the first round, Google Trends reported only inquiries from the US and Germany (and no-one else). Now (before the second round) Korea is the leader (since about 7 days), and the Netherlands +UK has joined. We are once around the world  (search google trends “Byteball” time: 7 days).
If you look at this video https://youtu.be/XFFvSYdKN78 you can estimate how the distribution (hopeful) continues.

Conclusion
The first thought was to carry out the distribution like a big bang in 4 steps. That did not quite work. Now, Byteball runs as a symbiont over the host BTC.
Will it work this way? I think yes, because anyone who does not connect his BTC must be totally stupid.  There is a classical win-win situation. Zero risk and one keeps the BTC only 24 hours a month (full moon) at an address.
Earlier or later, the insight should greatly gain ground at a lot btc owners and organizations.
This will be a very interesting year..


I feel this should be bumped every five page or so as decent posts can't rise to the top on this forum. If I was new to BB and I came across this info on the first latest page, I'd join the movement.
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February 08, 2017, 01:57:05 AM
 #4467

...anyone who does not connect his BTC must be totally stupid...
Truth is, you get a dividend of 0.5% as Bitcoin holder. If you were a whale with a million $ plus in BTC, would you really care and mess up your super secure cold wallets, just to get a 0.5% dividend?
And if you were a small fish with say 5 BTC, you would get a dividend in Byteball of 25$. 25$ is the daily volatility range of 1 BTC right now.

Let's call it what it is: Wide distribution plans via people linking their BTC are over. Now it is about pumping the value of Bytes via distribution to Byteholders. Nothing wrong with that. I think we just saw another example that a wide distribution cannot be achieved so easily. It would have been a lot better without ICO accounts in the first round. In hindsight the optimum would have been to cut out accounts with more than 250 BTC or so in the first round without announcing it previously (the shitstorm wouldnt have been so intense probably, but you gotta live with the fact that you started with a lie). And then distribute to byteholders for years from a multisig-wallet.
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February 08, 2017, 02:47:25 AM
 #4468

This is great, raise more points like this and we will call out the trolls and not you.

I for one welcome criticism. If in doubt, whip it out. We will together find the flaws of this algorithm, maybe even both technically and socially, and use that knowledge to build better next time.

Well... last time I quoted from the whitepaper and explained my concerns you called me a troll...


Sorry about that.

I fucked up.

Now I feel warm and fuzzy inside  Cheesy

zanzibar
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February 08, 2017, 02:58:10 AM
 #4469

Byteball so needs a legit exchange
syclone
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February 08, 2017, 03:01:51 AM
 #4470

Got a wallet and am following the instructions on the chat...

ZFKUX5SVNKFA5GRO46R3N2D6VZKAM55P   Send some dust for testing purposes plzzzz.
str4wm4n
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February 08, 2017, 03:04:20 AM
 #4471

Byteball so needs a legit exchange

No doubt it would help for sure.

It's only a matter of time!
francism
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February 08, 2017, 03:41:57 AM
 #4472

Byteball so needs a legit exchange

No doubt it would help for sure.

It's only a matter of time!

Probably not, legit exchange might be waiting for complete distribution of all bytes which may take sometime.
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February 08, 2017, 04:02:54 AM
 #4473

I had to wipe my computer and all my applications.

I am trying to determine if I had a backup of my wallet. How does one backup a wallet?
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February 08, 2017, 04:06:51 AM
 #4474

I had to wipe my computer and all my applications.

I am trying to determine if I had a backup of my wallet. How does one backup a wallet?

I believe you need the seed for normal byteballs and the entire data directory for blackballs.
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February 08, 2017, 04:20:10 AM
 #4475

I had to wipe my computer and all my applications.

I am trying to determine if I had a backup of my wallet. How does one backup a wallet?

I believe you need the seed for normal byteballs and the entire data directory for blackballs.

Ok, but where is that seed located? Typically a crypto wallet will give you the seed. In this case, where do you get it from?
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February 08, 2017, 04:24:05 AM
 #4476

I had to wipe my computer and all my applications.

I am trying to determine if I had a backup of my wallet. How does one backup a wallet?

I believe you need the seed for normal byteballs and the entire data directory for blackballs.

Ok, but where is that seed located? Typically a crypto wallet will give you the seed. In this case, where do you get it from?

You get the seed from the wallet. Go to settings --> backup --> show seed.
windjc
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February 08, 2017, 04:59:11 AM
 #4477

I had to wipe my computer and all my applications.

I am trying to determine if I had a backup of my wallet. How does one backup a wallet?

I believe you need the seed for normal byteballs and the entire data directory for blackballs.

Ok, but where is that seed located? Typically a crypto wallet will give you the seed. In this case, where do you get it from?

You get the seed from the wallet. Go to settings --> backup --> show seed.

Ok, thanks. So if I did not do that then I have lost my other wallet forever, I assume?
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February 08, 2017, 05:21:21 AM
 #4478

...
You get the seed from the wallet. Go to settings --> backup --> show seed.

Ok, thanks. So if I did not do that then I have lost my other wallet forever, I assume?

You may still be able to recover your files. I think if you can recover the byteball directory you will be able to recover your seed. Try something like this for windows:
http://www.remorecover.com/windows/how-to-recover-folder-after-format.html

or look for something comparable for linux.
farl4web
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February 08, 2017, 06:06:59 AM
 #4479

Question:

My laptop is currently undergoing repairs and my Byteball wallet is there too. I synced on the first round. Can I do another sync the next round without having access to my BTC and Byteball wallet?

If you didn't move or spend any of your byteballs after the first round you will get your second round coins sent to your wallet without you needing access to it. If you didn't move your Bitcoins from the address you linked then you will get more coins sent to your byteball wallet without you needing access to it.

Second round byteballs get sent to all addresses with a byteball balance, but second round black bytes only get sent to linked addresses, and bitcoin addresses must be linked to claim second round coins.

I haven't moved anything, so I think I am save. Thanks for your reply.  Smiley

Follow the latest blockchain news: https://twitter.com/farl
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February 08, 2017, 06:28:18 AM
 #4480

Byteball so needs a legit exchange

Byteball needs a bigger exchange with higher trading volume, yes. But to say Cryptox is not a legit exchange is not fair to them, the exchange that support the price at the present price of 0.08BTC. I have used Cryptox to trade and my experience of the site is good

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