Obyte: Totally new consensus algorithm + private untraceable payments

Quote from: Jabbawa on October 23, 2016, 07:41:12 PM

I'm very impressed by all of this Anton, like seriously, kudos to you.

If the functionality plays out as expected then you will have built something very useful. It shows a lot of established cryptos up for what they really are (unoriginal and not very disruptive).

I love your distribution idea. I say that as someone who holds 95% of his portfolio in alts. There is no way I can sell hundreds of btc of these alts and then buy them back without taking a huge hit, so I won't be able to get as much as I'd like. Nevertheless, I can appreciate the distribution system you are using and I think most of the arguments against it are weak. I think it seems very fair and extremely interesting. I applaud your motives (adoption) and your lack of the usual short-sighted greed. The only fair criticism that I'd see as desirable to avoid is the exchanges and other ico wallets with 1000s of btc that aren't really 'theirs' suddenly having 'too much' to be beneficial for byteball. Given the privacy implications for byteball I would not want any centralised authorities or businesses being able to coordinate to cause issues for it (against their own financial interest in byteball, but for their own financial interest in other ways). The only way around that that I can see would be to combine a wallet cap size and take a snapshot now of the biggest known wallets from exchanges and blacklist those addresses. I'm not sure many exchanges will go to great lengths to move customer coins around and split them up for an unknown new coin (sounds like a security nightmare for a big exchange), especially if they have to do it several times. At least it might put a few off doing that in the first couple of stages, so they will end up with MUCH less. I'm afraid that an exchange with tens of thousands of btc and the multiplier effect of 4 rounds will end up meaning the whole supply is dominated by a handful of market makers who might have an interest in seeing byteball fail.

I'm not really sure whether I think this is a huge issue, but I do agree you should have more of a think about the biggest, centralised wallets that hold coins for their customers rather than their own (I'd include some of the bigger recent ico's in that too myself Wink

)

I have a lot of respect for you at this point though Anton, so if you really don't think these super wallets (that will probably have a lot more than your 1%) would cause a problem then fair enough. No one is investing anything here anyway so it is 100% your gamble to take, win or lose.

Good luck with it all dude, I almost wish it was an ICO so I could contribute/support the project lol. /thumbs up

Thank you for your feedback, it is very encouraging!
Blacklisting addresses is certainly an option, but it is the last option in case a more friendly approach doesn't work. I'll try to get the exchanges to act for their customers, i.e. receive the bytes and credit them to customers' accounts. For plan B, any ideas how to find their addresses?