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Author Topic: Obyte: Totally new consensus algorithm + private untraceable payments  (Read 1224212 times)
tonych
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April 05, 2017, 07:14:56 PM
 #6401

From the blog

Quote
Now you can short any coin without owning it, simply by betting that its price goes below certain level. Being a binary option, this contract also limits your loss (you can’t lose more than you paid) and includes an implicit take-profit (no risks after the price breaks the set level).

You can actually do better than this with price oracles. You can issue collateralized loans. You can peg a token to any real world asset or basket of assets by backing it with equivalent amount of collateral in bytes or other crypto.
 

I guess there is some trust involved that the collateral holder won't run away with the collateral?

Simplicity is beauty
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April 05, 2017, 07:21:32 PM
 #6402

http://bitsonline.com/study-costly-side-smart-contracts/

TL;DR version: Turing-completeness = BAD, Turing-incompleteness = GOOD.
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April 05, 2017, 07:31:41 PM
 #6403

From the blog

Quote
Now you can short any coin without owning it, simply by betting that its price goes below certain level. Being a binary option, this contract also limits your loss (you can’t lose more than you paid) and includes an implicit take-profit (no risks after the price breaks the set level).

You can actually do better than this with price oracles. You can issue collateralized loans. You can peg a token to any real world asset or basket of assets by backing it with equivalent amount of collateral in bytes or other crypto.
 

I guess there is some trust involved that the collateral holder won't run away with the collateral?

Collateral can be locked by smart contract, just like bitshares does.

.
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April 05, 2017, 07:34:17 PM
 #6404

Do I understand this correctly that to use this betting feature one must find:

1. some other user eager to be a counterparty to the betting contract
2. find out the other user's device address
3. pair the wallet with the other user's device
4. start a chat and set up a contract as described in the medium post

If that's correct we need some community forums to find possible counterparty users to bet with.
Slack channels is good short-term solution, similar to finding trading partners to exchange any other asset or currency, there should be a channel to find prediction-market betters.
 
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April 05, 2017, 07:35:57 PM
 #6405

As an alternative to Cryptox.pl you could try to use the Bitcoin oracle in order to exchange Bitcoin and Byteballs with someone else. Of course it is not an exchange replacement but it is a new save way to trade.

can we get byteball on bittrex so I dont have to use a janky ass exchange?

I am just playing a little bit around with Byteball and I am wondering if there is an API I can use to access DAG data on localhost? Couldn't find any information on the web.
Other users have said they take a copy of the byteball.sqlite file and access it with any sqlite browsers, even the CLI sqlite3 works well.

Alternative is, you could run the byteball-explorer yourself locally, and thus explore the DAG with that nice interface.
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April 05, 2017, 08:19:36 PM
Last edit: April 10, 2017, 06:47:03 AM by ParmaBTC
 #6406

COUNTDOWN TO NEXT SNAPSHOT
11th APR 2017 06:08 UTC
tonych
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April 05, 2017, 08:58:42 PM
 #6407

From the blog

Quote
Now you can short any coin without owning it, simply by betting that its price goes below certain level. Being a binary option, this contract also limits your loss (you can’t lose more than you paid) and includes an implicit take-profit (no risks after the price breaks the set level).

You can actually do better than this with price oracles. You can issue collateralized loans. You can peg a token to any real world asset or basket of assets by backing it with equivalent amount of collateral in bytes or other crypto.
 

I guess there is some trust involved that the collateral holder won't run away with the collateral?

Collateral can be locked by smart contract, just like bitshares does.

OK, assuming the collateral is locked by a smart contract, I wonder how it can be guaranteed that there is enough collateral even if the price of the real-world asset rises 10x.

Simplicity is beauty
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April 05, 2017, 09:15:08 PM
Last edit: April 05, 2017, 09:58:51 PM by yvv
 #6408

From the blog

Quote
Now you can short any coin without owning it, simply by betting that its price goes below certain level. Being a binary option, this contract also limits your loss (you can’t lose more than you paid) and includes an implicit take-profit (no risks after the price breaks the set level).

You can actually do better than this with price oracles. You can issue collateralized loans. You can peg a token to any real world asset or basket of assets by backing it with equivalent amount of collateral in bytes or other crypto.
 

I guess there is some trust involved that the collateral holder won't run away with the collateral?

Collateral can be locked by smart contract, just like bitshares does.

OK, assuming the collateral is locked by a smart contract, I wonder how it can be guaranteed that there is enough collateral even if the price of the real-world asset rises 10x.

There is a minimum collateral defined by maintenance collateral ratio. When collateral value drops below this ratio, position gets margin called by a smart contract. There is no 100% guarantee against black swan event (when collateral value goes to shit instantly), but risk of such event can be reduced by setting high enough MCR. This works in practice on bitshares DEX.  Everything works pretty much similar to how brokerage firms do it, but implemented through a smart contract.

.
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April 05, 2017, 11:27:45 PM
 #6409

From the blog

Quote
Now you can short any coin without owning it, simply by betting that its price goes below certain level. Being a binary option, this contract also limits your loss (you can’t lose more than you paid) and includes an implicit take-profit (no risks after the price breaks the set level).

You can actually do better than this with price oracles. You can issue collateralized loans. You can peg a token to any real world asset or basket of assets by backing it with equivalent amount of collateral in bytes or other crypto.
 

I guess there is some trust involved that the collateral holder won't run away with the collateral?

Collateral can be locked by smart contract, just like bitshares does.

OK, assuming the collateral is locked by a smart contract, I wonder how it can be guaranteed that there is enough collateral even if the price of the real-world asset rises 10x.

There is a minimum collateral defined by maintenance collateral ratio. When collateral value drops below this ratio, position gets margin called by a smart contract. There is no 100% guarantee against black swan event (when collateral value goes to shit instantly), but risk of such event can be reduced by setting high enough MCR. This works in practice on bitshares DEX.  Everything works pretty much similar to how brokerage firms do it, but implemented through a smart contract.

Does it mean there is trade-off between being overcollaterized (thus wasting capital) and bearing the risk of margin call?
What brokerage firms do seems like the opposite: they lend you 100x of what they hold in collateral, thus increasing money supply.

Quote
position gets margin called by a smart contract
Byteball smart contracts are just constraints.  They just tell you the conditions when this contract can be spent.  They can't sell a position.  This also assumes presence of a market which is not a protocol-level thing.

Simplicity is beauty
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April 05, 2017, 11:52:54 PM
 #6410

Does it mean there is trade-off between being overcollaterized (thus wasting capital) and bearing the risk of margin call?
What brokerage firms do seems like the opposite: they lend you 100x of what they hold in collateral, thus increasing money supply.

Yes, there is a trade of between being overcollateralized and margin called. No, it is not the opposite to brokerage firms. Borrower's position at bitshares gives leverage, although  lower than brokers usually give, but this is just a parameter of smart contract.

Quote
Byteball smart contracts are just constraints.  They just tell you the conditions when this contract can be spent.  They can't sell a position.  This also assumes presence of a market which is not a protocol-level thing.

Well, it is worth to think about how to implement CDOs in trustless way outside the protocol level, because this opens quite amazing opportunities.

.
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April 05, 2017, 11:59:15 PM
 #6411

Byteball is one of the projects that have various bounties and pays out 100% of the time. Since this project has been alive for a while, this one is nothing that you would want to miss out on.

 
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April 06, 2017, 12:27:25 AM
 #6412

What is the pairing code of the CoinMarketCap oracle?

It doesn't accept pairing requests.
What for?

Don't I have to pair with CoinMarketCap oracle to use it with contracts? The previous oracle (BTC Oracle) had a pairing code. I thought this one has too.


Chancellor on brink of second bailout for banks
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April 06, 2017, 12:28:16 AM
 #6413

COUNTDOWN TO NEXT SNAPSHOT
11th APR 2017 06:08 UTC

ooohweeh

looking forward to it

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April 06, 2017, 04:58:33 AM
 #6414

Anyone know if this coin has a logo?







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Cryptopia..██
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April 06, 2017, 06:38:03 AM
 #6415

Anyone know if this coin has a logo?
Yes
|
|
V

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April 06, 2017, 07:05:38 AM
 #6416

byteball coin not open signature campaign agan dev
ussualy every airdrop distribution byteball coin open twitter campaign and signature campaign


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April 06, 2017, 09:15:13 AM
 #6417

Hi,

Love the project, however any command line version for unix systems ?

$ ../nwjs-v0.14.7-linux-x64/nw .
[23625:23625:0406/110342:ERROR:browser_main_loop.cc(271)] Gtk: cannot open display:

Thanks


Byteball payment gateway for web merchants https://byteball-for-merchants.com/ - BEEB  (Blackbytes Exchange Bot): https://www.beeb-bot.com/ (closed)
Network map, stats, Top Richests and Byteball world map at https://byteball.fr/ (closed) - Hub operator featuring the cashback witness https://byteball-cashback-witness.com (closed)
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April 06, 2017, 09:17:29 AM
 #6418

Working wallet in win10 works ass well.
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April 06, 2017, 09:53:30 AM
 #6419

What is the pairing code of the CoinMarketCap oracle?

It doesn't accept pairing requests.
What for?

Don't I have to pair with CoinMarketCap oracle to use it with contracts? The previous oracle (BTC Oracle) had a pairing code. I thought this one has too.

No, they are a bit different.
The price oracle posts prices explicitly: https://explorer.byteball.org/#XCHNbbG+lG2as/ZIDSsq1TM/6SDcnhAHLiyAsfnFfPA=
The BTC oracle posts only Merkle root https://explorer.byteball.org/#YQiZd+FA3Urbm5vykIjZXprObuqpedaZwkZkm7Qgar4= (it would be insane to post every output of every 1MB block), so you have to talk with the BTC oracle to obtain a Merkle proof for your transaction and then use it to redeem the contract.

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April 06, 2017, 09:54:07 AM
 #6420

Hi,

Love the project, however any command line version for unix systems ?

$ ../nwjs-v0.14.7-linux-x64/nw .
[23625:23625:0406/110342:ERROR:browser_main_loop.cc(271)] Gtk: cannot open display:

Thanks


There is a headless-wallet which you can use as "command-line" interface, but if you only like to start the GUI Wallet from command line, the binary is called Byteball, so unzip it then ./Byteball. Working with the headless-wallet is tedious and not like a normal command-line interface.

The above error "cannot open display" is due to running it without Xorg server, or without X11 forwarding with ssh, or as another user which doesnt have ~/.Xauthority and DISPLAY env set.
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