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Author Topic: Obyte: Totally new consensus algorithm + private untraceable payments  (Read 1178027 times)
kaicrypzen
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December 15, 2016, 02:52:17 PM
Last edit: December 15, 2016, 06:04:13 PM by kaicrypzen
 #1761

And anyway, the problem is that to keep a price of 1 satoshi, you have to sell the coin to a large population.
Let's say bitcoin users are about 100M, that means you have to sell 10M Byteball to each of them to keep a price at 1 satoshi. Anything lower will make it trade in Litoshi or in Wei.

I think nobody here talked about trying to keep the price at 1 sat, and nobody's expecting to exchange 1 byte for 1 sat. Surely peolpe will exchange kilobytes, megabytes, gigabytes, and so on; so there isn't actually any problem.

Well, and what do you expect exchanges to do with that? Do you think they will be happy to list a coin like that? They won't change their way of functionning to allow kb, mg or gg, so it will stay at 1 sat forever...
The only way to go is to list it against Ethereum or Litecoin, but not Bitcoin. Since volume is made against BTC primarily, that doesn't sound good...

I don't think exchanges will have to change their way of functionning for that. We can imagine that they will list, let's say, a coin named MegaByte with the ticker MBB of instance; and maybe they will convert MBB to BB (and vice-versa) upon a sending/receiving request (or maybe something else). There will probably be a solution by the time Byte gets listed on exchanges. What I mean to say is that a byte is not bound to be exchanged for 1 sat, because there can (and will) be ways to do otherwise.

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December 15, 2016, 03:13:18 PM
 #1762

And anyway, the problem is that to keep a price of 1 satoshi, you have to sell the coin to a large population.
Let's say bitcoin users are about 100M, that means you have to sell 10M Byteball to each of them to keep a price at 1 satoshi. Anything lower will make it trade in Litoshi or in Wei.

I think nobody here talked about trying to keep the price at 1 sat, and nobody's expecting to exchange 1 byte for 1 sat. Surely peolpe will exchange kilobytes, megabytes, gigabytes, and so on; so there isn't actually any problem.

Well, and what do you expect exchanges to do with that? Do you think they will be happy to list a coin like that? They won't change their way of functionning to allow kb, mg or gg, so it will stay at 1 sat forever...
The only way to go is to list it against Ethereum or Litecoin, but not Bitcoin. Since volume is made against BTC primarily, that doesn't sound good...

The is no problem for exchange to list megabyte or gigabyte. Besides, byteball will have built in decentralized exchange where most of trade will happen.

If bytes will really trade below 1 sat, byteball transaction will be dirt cheap. This may be good or may be not so good.

.
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December 15, 2016, 03:54:13 PM
 #1763

Besides, byteball will have built in decentralized exchange where most of trade will happen.

First time hearing this, can you elaborate?
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December 15, 2016, 04:18:29 PM
 #1764

It's supposed to be the 21st

ZANO New Sources|1st ProgPowZ|PoW/PoS Hybrid|Scalable|Private|Contracting https://zano.org/   Donation BTC 1Jrx5UCkY4p6AQ2kHFu6yZDMFj88KNggkR Our enemy > http://themillenniumreport.com/2018/06/the-khazarian-mafia-you-dont-know-what-you-dont-know/
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December 15, 2016, 04:27:16 PM
 #1765

No. Time until 24. Dezember 2016, 23:59:59 (Reykjavik time)

9 DAYS 07 HOURS 35 MINUTES 45 SECONDS
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December 15, 2016, 04:47:19 PM
 #1766


The is no problem for exchange to list megabyte or gigabyte. Besides, byteball will have built in decentralized exchange where most of trade will happen.

If bytes will really trade below 1 sat, byteball transaction will be dirt cheap. This may be good or may be not so good.


To me, it just shows that the coin suffers from a birth flaw, but why not...
As for the built-in exchange, I'll believe it when I see it. Too many coins have claimed they would have one, and never delivered.
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December 15, 2016, 05:56:47 PM
 #1767

The transition bot isn't working for me. I click on the link and nothing happens. Please advise. Thx.

Which os and which browser are you using?
Be sure to have downloaded the correct livenet wallet (it's the second row of download links on the website).
Is the wallet popping up when you click the link?


I downloaded the Mac lite wallet. I am using Chrome and I also tried Firefox and opened the website on both.  The wallet is not popping up.
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December 15, 2016, 06:07:30 PM
 #1768

The transition bot isn't working for me. I click on the link and nothing happens. Please advise. Thx.

Which os and which browser are you using?
Be sure to have downloaded the correct livenet wallet (it's the second row of download links on the website).
Is the wallet popping up when you click the link?


I downloaded the Mac lite wallet. I am using Chrome and I also tried Firefox and opened the website on both.  The wallet is not popping up.
Does the wallet say [NEW TESTNET] at the top?

Simplicity is beauty
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December 15, 2016, 06:13:38 PM
 #1769

Filtering of microtransactions sent from exchange wallets already works in fully automated mode, so no need to apply any other measures.

Okay, well I might have missed something then. The last thing I remember, is you asking for someone to confirm that one suspect address was a Bittrex one (which it was), so I was under the impression that you filtered out exchanges' addresses manually once they were added, suspected and confirmed.

It was the last manual intervention.
Since then the algo has got better https://bitcointalk.org/index.php?topic=1608859.msg17132797#msg17132797.

Simplicity is beauty
kaicrypzen
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December 15, 2016, 06:28:34 PM
 #1770

Filtering of microtransactions sent from exchange wallets already works in fully automated mode, so no need to apply any other measures.

Okay, well I might have missed something then. The last thing I remember, is you asking for someone to confirm that one suspect address was a Bittrex one (which it was), so I was under the impression that you filtered out exchanges' addresses manually once they were added, suspected and confirmed.

It was the last manual intervention.
Since then the algo has got better https://bitcointalk.org/index.php?topic=1608859.msg17132797#msg17132797.

Okay, I assume you are talking about this:

Now repeated attempts to link the same Bitcoin address will automatically blacklist this address.

I did see that, the keyword here for me is repeated, I understood that only a repeated attempt would be blacklisted, but if there's only one attempt to link an exchange address, what happens?

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December 15, 2016, 07:21:07 PM
 #1771

Filtering of microtransactions sent from exchange wallets already works in fully automated mode, so no need to apply any other measures.

Okay, well I might have missed something then. The last thing I remember, is you asking for someone to confirm that one suspect address was a Bittrex one (which it was), so I was under the impression that you filtered out exchanges' addresses manually once they were added, suspected and confirmed.

It was the last manual intervention.
Since then the algo has got better https://bitcointalk.org/index.php?topic=1608859.msg17132797#msg17132797.

Okay, I assume you are talking about this:

Now repeated attempts to link the same Bitcoin address will automatically blacklist this address.

I did see that, the keyword here for me is repeated, I understood that only a repeated attempt would be blacklisted, but if there's only one attempt to link an exchange address, what happens?

Most will be immediately rejected because there will be more than two outputs.  And there is always more than one cheater.

Simplicity is beauty
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December 15, 2016, 07:39:47 PM
 #1772

I send each day some btc to linked my BTC adres but bot is not update automatically,what to do?
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December 15, 2016, 07:56:13 PM
 #1773

I send each day some btc to linked my BTC adres but bot is not update automatically,what to do?

My experience is that it works flawlessly, if you are certain what your address is.
You probably have full control over your bitcoins but not address?
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December 15, 2016, 08:03:36 PM
 #1774

Besides, byteball will have built in decentralized exchange where most of trade will happen.

First time hearing this, can you elaborate?

tonych mentioned it earlier in this thread, just do your search.

.
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December 15, 2016, 08:07:53 PM
 #1775


The is no problem for exchange to list megabyte or gigabyte. Besides, byteball will have built in decentralized exchange where most of trade will happen.

If bytes will really trade below 1 sat, byteball transaction will be dirt cheap. This may be good or may be not so good.


To me, it just shows that the coin suffers from a birth flaw, but why not...
As for the built-in exchange, I'll believe it when I see it. Too many coins have claimed they would have one, and never delivered.

There are several working decentralized exchanges built into blockchains out there, it is not a rocket science.

.
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December 15, 2016, 08:14:19 PM
 #1776

Tonych -

I set up my wallet. I sent my transaction from my blockchain.info wallet per the transition bots request. The incoming wallet address is 1LwrNbfBNQBchpycFBVu7q3xVXHsa3phpB.

I was told on this forum that the next step would be for me to send all my blockchain.info bitcoin to 1LwrNbfBNQBchpycFBVu7q3xVXHsa3phpB.

However, it doesn't look like I am in control of 1LwrNbfBNQBchpycFBVu7q3xVXHsa3phpB. Its had other transactions coming in and out of it that weren't mine in the past.

So, apparently the way I was told I could do all this while keeping my funds in my blockchain.info wallet doesn't work.

Please advise on what I should do? Thanks.
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December 15, 2016, 08:28:37 PM
 #1777

Tonych -

I set up my wallet. I sent my transaction from my blockchain.info wallet per the transition bots request. The incoming wallet address is 1LwrNbfBNQBchpycFBVu7q3xVXHsa3phpB.

I was told on this forum that the next step would be for me to send all my blockchain.info bitcoin to 1LwrNbfBNQBchpycFBVu7q3xVXHsa3phpB.

However, it doesn't look like I am in control of 1LwrNbfBNQBchpycFBVu7q3xVXHsa3phpB. Its had other transactions coming in and out of it that weren't mine in the past.

So, apparently the way I was told I could do all this while keeping my funds in my blockchain.info wallet doesn't work.

Please advise on what I should do? Thanks.

Sending minute amount of BTC to given address (in your case 1LwrNbfBNQBchpycFBVu7q3xVXHsa3phpB) serves only to prove that you control SENDING address. All your BTC should remain in that sending address under your full control.
You must be certain what your sending address is and have full control over it. I dont know how blockchain.info works in that regard. Someone else should chime in.
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December 15, 2016, 08:32:01 PM
 #1778

Which exchange is this going to be listed?
it does have huge supply for a coin to have substantial value but i wanted to know live on exchange particularly the volume before investing.

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December 15, 2016, 08:35:32 PM
 #1779

Tonych -

I set up my wallet. I sent my transaction from my blockchain.info wallet per the transition bots request. The incoming wallet address is 1LwrNbfBNQBchpycFBVu7q3xVXHsa3phpB.

I was told on this forum that the next step would be for me to send all my blockchain.info bitcoin to 1LwrNbfBNQBchpycFBVu7q3xVXHsa3phpB.

However, it doesn't look like I am in control of 1LwrNbfBNQBchpycFBVu7q3xVXHsa3phpB. Its had other transactions coming in and out of it that weren't mine in the past.

So, apparently the way I was told I could do all this while keeping my funds in my blockchain.info wallet doesn't work.

Please advise on what I should do? Thanks.

To have a list of your (used) addresses in blockchain.info, go to "Settings" --> "Addresses" , click on "Manage" then "Show" (Used Addresses) and click on "OK".
Check if "1LwrNbfBNQBchpycFBVu7q3xVXHsa3phpB" is in the list
kaicrypzen
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December 15, 2016, 08:41:31 PM
 #1780

I send each day some btc to linked my BTC adres but bot is not update automatically,what to do?

My experience is that it works flawlessly, if you are certain what your address is.
You probably have full control over your bitcoins but not address?

Can you please provide some more info? Does the bot show a diffrent balance than what is shown in a Bitcoin blockchain explorer for your linked address?

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