Obyte: Totally new consensus algorithm + private untraceable payments

[ByteFan]

Blackbytes Bytes Exchange BEEB is offering you 1,000,000 Bytes!

Buy and sale your BlackBytes on BEEB! - http://beeb-bot.com



Here is your link to receive 1,000,000 Bytes: http://www.beeb-bot.com/textcoinclaim.php#textcoin?message-build-between-call-prevent-awake-marble-fantasy-method-blade-couple-fatal

[1713274406]

1713274406

[1713274406]

1713274406

[1713274406]

1713274406

[1713274406]

1713274406

[1713274406]

1713274406

[joeyp978]

An update about future distribution plans.

So far, bytes were mainly distributed via airdrops to holders of BTC and Bytes, and a relatively small portion was distributed through the cashback program.  We started this free distribution with the purpose of getting the currency as wide spread as possible, and while the purpose stays the same, methods can change.  The airdrop method worked well to get the initial user base, but it also proved to be the least efficient in terms of user acquisition cost.

Over the next few months, we'll add more methods of free distribution.  One of them is already being developed, I expect it to be ready in the first half of December.  

The new methods are designed to grow our user base faster than the money supply.

While the new methods are still untested, it is early to drop the airdrops.  That's why the next round of distribution to Bytes and BTC holders is tentatively planned for the full moon of March 2, 2018.  The rules are the same as in the previous round:

For every 16 BTC you receive 0.1 GB,
For every 1 GB you receive additional 0.1 GB,

and similar rules for blackbytes.

This round can be postponed or even canceled depending on performance of other distribution methods.

As I said before, airdrops to holders of BTC and Bytes, which we did on full moons, were a good way to bootstrap the network and get initial attention.  But last few airdrops failed to attract any significant number of new users while quickly consuming the undistributed pool.  We had to pivot to other distribution methods, but at the time I was writing the above post they were not ready yet, and I had to tentatively put another old-style airdrop on the calendar.

Now that the new distribution methods are ready and proven, and we've added even more methods than originally planned, the March airdrop is cancelled.  November airdrop was the last one that paid to holders in proportion to their balances.

This is the list of the current distribution methods (in no particular order) that we'll continue to use and improve:

1. Cashback.

2. Verification rewards and referral rewards to those who verify their real name.  It is true that the referral system didn't work quite well for new users who have no Bytes yet, and we are going to introduce a new scheme which will allow to refer new users without sending them any Bytes.

3. Giveaways, such as those that Rafael does to his youtube subscribers.

4. Mass sending of textcoins to subscribers of our partners.  We have done two so far https://docs.google.com/spreadsheets/d/1heT6TUSpTJgRW-FUM0LbcoVjXZRCb3PbXQQLmzvNRvM/edit#gid=323859176 and will work on improving conversion in the future campaigns.

Other similar methods will be added over time, the purpose is to use the remaining undistributed coins most efficiently to acquire as many new users as possible.

There were multiple suggestions to redirect a part of undistributed funds from free distribution, i.e. from acquiring users, and spend it for hiring more people, paying contractors, etc.  While I understand the reasoning behind these suggestions, it is also important that we learn to spend money wisely, with the maximum effect per spent $, before (and if) we scale up the budget.  Anyway, it is unnecessary to repurpose the undistributed funds now as we have enough funds in the Community Fund to fund the current operations in the near future: it is over $1m in Bytes (plus another $1m in less liquid blackbytes).

Womp Womp Womppp.... March (After Airdrop) was when I was going to start messing around with this project and really look into it. Unfortunate decision I think. Goodluck to the project, however.

[CrytoMachine_11]

Do you guys have already fixed the Segwit claim problem with the transition bot??

Doesn't matter. Another promise broken...
If you were doubtful, don't announce it. Some people have bought GBYTE specifically for this airdrop, and are now royally screwed by the Byteball team (basically Tony).

[MaryAngela_Fantocci]

Without airdrops for holders market decided to go down. Maybe that will help distribution too, for me it's a buy signal for sure.

[creative~mind]

Do you guys have already fixed the Segwit claim problem with the transition bot??

Doesn't matter. Another promise broken...
If you were doubtful, don't announce it. Some people have bought GBYTE specifically for this airdrop, and are now royally screwed by the Byteball team (basically Tony).

AFAIK, it was stated by Tony that the last airdrop could be canceled or postponed. Someone correct me if I'm wrong.

[julian071]

Great to see all the naggers leave! Hopefully we will be talking about something other then the free bytes they want to dump for fiat.

[maursader]

unfortunate about the canceling the distribution.   

If we're going to change things on the fly, we not rebrand and ICO the remaining coins to build a proper team of devs/foundation for the platform.

I personally think that this more a good news than a bad one.

I bought into Byteball, because I think there will not be so much selling pressure in the near future.

[zanzibar]

Perfect time for a rebrand, after everyone has dumped.

[Michail1]

Do you guys have already fixed the Segwit claim problem with the transition bot??

Doesn't matter. Another promise broken...
If you were doubtful, don't announce it. Some people have bought GBYTE specifically for this airdrop, and are now royally screwed by the Byteball team (basically Tony).

You can't fix something that isn't broken.
You can't sign with a segwit address, so, it was never broken or possible.

You can't do it, so there is no sense bitching about it.   Meh, I guess you can complain all you want, but it's not going to change.
In the same token, you can complain that you can't roll a 13 on the craps table, but it will not change the fact that you can't roll it.

i went out of my way to sign a message for this march airdrop.  you should at least honor the march airdrop.

You mean you had to sign a message in hopes to get free money for the 30 seconds of work?  Sorry your labor wasn't rewarded with an airdrop that was never promised.  Yes, it was tentative, but nothing promised.  Shame on them for not giving free money to the public like they did for a full year.  Shame.

[JesusCryptos]

IMO this is very bad news. None of these methods are "proven" as you say, and they are all far more opaque than distributing to addresses with balances that can be checked on the networks.

How many dollar-equivalents have been spent in the cashback program so far? What's there been like 50 people send their passport to Juobi or whatever now? Youtube crypto scam videos? Really?

There are still 40% of coins to distribute, and now they are basically completely able to be distributed by shady backroom deals or not at all. There is no way to validate distribution beyond this point. So long and thanks for all the fish.

I agree, with so many coins still to distribute, new and better schemes need to be added asap, and transparency is essential. I'm not saying Tony can't do this, just that old system worked fine, just needed to remove exchange addresses etc

Finishing distribution asap is more critical than driving adoption now, in a bull market good crypto get adopted, and since 2017 crypto adoption is moving forward. I really hope Tony appreciates the need to be transparent, and that's difficult when third parties are involved in some of these distro methods.

Old school crypto people will hear bullshit detectors going off now, fud elert, exit scam accusations etc  Did not have to be this way, could have just stuck with full moons for another 6 months, anyone is free to buy BB and get some free airdrop. Simple is better than complicated, and these other methods will take years, and be prone to abuse.

All the people disappointed that they will not get free coins any more should think that what gives MORE value to a coin is the growth of its adoption base, not the growth of the number of coins in their own wallets. Tony's new distribution systems are still not completely (or if you prefer - remotely) satisfying, but anyway they are much better that just giving those coins to us, which would be of no use for the growth of the adoption base.

[MagnusHH]

Random and changing dilution of current (and potentially future) holders assets with redistribution by the dev, together with the loss of trust this causes, have a serious potential to harm rather than help this network. If Tony ends up putting those coins to phenomenally good use, then maybe this is for the best, but I see no sign of that so far. Cashback for a handful of shops that are being paid to take byteball and a buggy and philosophically questionable KYC program are terrible uses of what amounts by inflation to current holders money.

[BTCWagering]

I do think cancelling the March airdrop was a blunder -- although as others have said, it should have been postponed anyways because Cryptopia is currently confiscating all their customers' GBYTE for the last 2 months.

BUT -- the verification process / attestation bot is BRILLIANT. If you can't see that, you're not hooked up right. It JUST LAUNCHED, so the numbers so far aren't very meaningful.

[jjacob]

Random and changing dilution of current (and potentially future) holders assets with redistribution by the dev, together with the loss of trust this causes, have a serious potential to harm rather than help this network. If Tony ends up putting those coins to phenomenally good use, then maybe this is for the best, but I see no sign of that so far. Cashback for a handful of shops that are being paid to take byteball and a buggy and philosophically questionable KYC program are terrible uses of what amounts by inflation to current holders money.

The amount distributed through the Jumio verification program is very small. I think most users are hesitant to part with personal information in the crypto space at this stage. They certainly couldn't be tempted by $12 worth of a coin.
About the other distribution methods, I guess we have to just wait and watch. If as you say, these methods turn out to be effective ways to get new users to the ecosystem, the value of the bytes we hold will definitely rise.

[CryptKeeper]

Announcement from chief developer Tony on Slack:

there are about 2000 people who linked their btc address since november in anticipation of the cancelled airdrop.  We'll do a small airdrop for them, about $30 worth to each.  Both to those who linked via microtx (and spent money) and those who linked by signing.  Even if BTC balance is 0.  They are all new users after all.

[Pinstripe]

Announcement from chief developer Tony on Slack:

there are about 2000 people who linked their btc address since november in anticipation of the cancelled airdrop.  We'll do a small airdrop for them, about $30 worth to each.  Both to those who linked via microtx (and spent money) and those who linked by signing.  Even if BTC balance is 0.  They are all new users after all.

Nice!

A good move in the right direction!


Why not consider giving all linked accounts $30?
 - After the Cryptopia Situation is fixed of course . . .and we're done  



 (Don't forget to include the BlackBytes as well)

[MagnusHH]

I think at this point I certainly need a straight answer from Tony: Can current byte holders expect a ca. 40% dilution of their asset value, or will significant future distribution methods include a share to current owners to reduce their effective inflation rate?

The clear suggestion at the start of the air drops was that the dilution would be much less than an extra 40% on top of what we have had. Has this changed? I for one bought in with the expectation of reduced dilution, which some people are incorrectly calling a dividend, and I would assume many of the people who bought bytes thought so too. This question has a serious impact on the current and future value of this token, and after all the changes this should be answered definitively by the dev at least as a statement of intent.

[naska21]

Announcement from chief developer Tony on Slack:

there are about 2000 people who linked their btc address since november in anticipation of the cancelled airdrop.  We'll do a small airdrop for them, about $30 worth to each.  Both to those who linked via microtx (and spent money) and those who linked by signing.  Even if BTC balance is 0.  They are all new users after all.

Sounds like a fair deal , considering the current  situation that surrounds March airdrop.However, the lack of clear rules determining the distribution of both bytes and blackbytes with regard to 40% left in dev's  hands  issues a source of markets' cautious toward Byteball.

[bitserve]

Announcement from chief developer Tony on Slack:

there are about 2000 people who linked their btc address since november in anticipation of the cancelled airdrop.  We'll do a small airdrop for them, about $30 worth to each.  Both to those who linked via microtx (and spent money) and those who linked by signing.  Even if BTC balance is 0.  They are all new users after all.

Nice!

A good move in the right direction!


Why not consider giving all linked accounts $30?
 - After the Cryptopia Situation is fixed of course . . .and we're done  



 (Don't forget to include the BlackBytes as well)

In the right direction? It's even worse than simply cancelling the whole airdrop completely.

Anyway... I will keep hodling because I think Byteball is fundamentally a good idea and technology. I just hope that, in the future, it gets its shit together and begins to also have any potential as an investment too.

Fortunately, for most people it is just a matter of "don't looking a gift horse in the mouth". For the rest... just remember to "not invest more than you are willing to lose". It doesn't make any sense to keep arguing what Byteball should be or do... it is what it is, take it or leave it.

[Pinstripe]

Announcement from chief developer Tony on Slack:

there are about 2000 people who linked their btc address since november in anticipation of the cancelled airdrop.  We'll do a small airdrop for them, about $30 worth to each.  Both to those who linked via microtx (and spent money) and those who linked by signing.  Even if BTC balance is 0.  They are all new users after all.

Nice!

A good move in the right direction!


Why not consider giving all linked accounts $30?
 - After the Cryptopia Situation is fixed of course . . .and we're done  



 (Don't forget to include the BlackBytes as well)

In the right direction? It's even worse than simply cancelling the whole airdrop completely.

Anyway... I will keep hodling because I think Byteball is fundamentally a good idea and technology. I just hope that, in the future, it gets its shit together and begins to also have any potential as an investment too.

Fortunately, for most people it is just a matter of "don't looking a gift horse in the mouth". For the rest... just remember to "not invest more than you are willing to lose". It doesn't make any sense to keep arguing what Byteball should be or do... it is what it is, take it or leave it.

Even worse? how can you say that?

Many were out of pocket over this, and you can't really blame anyone for believing it was going to happen - that would be a bit harsh dont you think?

It's a decent and ethical thing to do - a step in the right direction - and they are new users.

I think you make some good points otherwise.

[MagnusHH]

On the off chance Tony that you haven't considered this:

Absent you burning those coins, there is a guaranteed 40% inflation that is going to happen to the circulating supply of this currency. When you issue a statement suggesting that a portion of this new currency won't go to the existing holders in proportion, to the extent that they believe you, you reduce the value of their coins by that percentage almost instantly, or increase it when you do the reverse. Until the distribution ends, you are in effect in the position of Janet Yellen, or any other central banker when speaking or acting on the money supply. This is ironically what many of the non-speculators originally got into this space to avoid, and while this is unavoidable to some extent while the distribution continues, the damage can be minimized by being clear in how you intend the split between current holders and new holders to be, and being as consistent as possible with the distribution model and as gradual when making changes as possible. Ultimately ending the distribution and returning to the algorithmically determined (0%) inflation rate as soon as possible is the best outcome unless you are certain you can spend those investors money to create more or the same value added to the system, including the uncertainty and volatility you are inducing.

Until this ends you are acting as lead core dev, primary witness, and also as stated above as primary market maker. These are the three blockchain constituencies (devs, miners, and holders) that are meant to be decentralized and hold each other in check. You must take steps to free this project up if it is to reach its full potential. That means more witnesses, more devs with better community interaction and governance structure, and a more consistent distribution plan. The technology is amazing and has brilliant potential, but without these things no matter how good the tech is, you are essentially running a centralized database with extra steps.