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Author Topic: Obyte: Totally new consensus algorithm + private untraceable payments  (Read 1164724 times)
xlcus
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April 12, 2018, 12:53:14 PM
 #18281

I love these short and simple Ad-banners.
What are you talking about, m8? Looks like spamming thread.

Looking at his signature of DeepOninion. You will know well that he is spamming his scam.

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fabi90
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April 12, 2018, 04:46:12 PM
 #18282

What if Byteball goes from negligible fees to no fees? Then it will be on par with IOTA and Nano. These three coins (and their their successor DAG coins) will then dominate the entire cryptocurrency space!
meterse
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April 12, 2018, 05:14:49 PM
 #18283

What if Byteball goes from negligible fees to no fees? Then it will be on par with IOTA and Nano. These three coins (and their their successor DAG coins) will then dominate the entire cryptocurrency space!

Let me quote the founder and lead developer once again:

About the fees. We want a system that is fair as much as possible, and doesn’t bleed resources to the outside world such as what PoW does, and still protects against spam. We don’t want a fee market and uncertainty that it brings, we want a fee that is known for certain. And fair means that the fee is proportional to the amount of resources consumed from the peers.

The simplest way to satisfy all these criteria is to set the fee equal to the transaction size in bytes. That simple. This also gives the natural name to the native currency: byte. You pay 1 byte of the currency to store 1 byte of transaction data.

Having no fees at all means less security and no spam protection.
meterse
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April 12, 2018, 05:18:53 PM
 #18284

Read the latest Byteball email newsletter: buy bytes using visa and mastercard plus two new grants accepted https://mailchi.mp/d4e199de62b3/buy-bytes-using-visa-and-mastercard-plus-two-new-grants-accepted
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April 12, 2018, 06:08:58 PM
 #18285

You can not compare Ripple and Byteball. Neither the technology nor the distribution. It is like comparing bears and apples. Ripple has a horrible distribution. Some months ago I read this post on Reddit covering Ripple's distribution. It shows all the madness.
https://www.reddit.com/r/Ripple/comments/7pr341/xrp_distribution/

As I understand it, ripple XRP were 100% premined and 60% are still hodl'd by the creators. With byteball it was 100% premined and I think 35% are currently hodl'd by creator. So yes quite similar. But byteball not quite as bad. And Tony (byteball creator) still as far as I know 'promising' to distribute all in ways judged to increase the amount of byteball users. (however the timescale for distribution is unknown).
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April 12, 2018, 07:19:27 PM
Merited by vlom (5), Random-String-Symphony (1)
 #18286

We've got our first fiat on-ramp https://medium.com/byteball/buying-bytes-with-visa-or-mastercard-d8ee2d1a2b07

After passing the real-name attestation, it is now possible to buy Bytes with Visa and Mastercard with a low fee.  The fee is partially subsidized from undistributed funds.


Simplicity is beauty
jjacob
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April 12, 2018, 09:27:49 PM
 #18287

We've got our first fiat on-ramp https://medium.com/byteball/buying-bytes-with-visa-or-mastercard-d8ee2d1a2b07.  

After passing the real-name attestation, it is now possible to buy Bytes with Visa and Mastercard with a low fee.  The fee is partially subsidized from undistributed funds.

The 3% net commission does seem to be too high, but of course if you look at the 20% charge when buying from Indacoin directly, it is low.  Restricting the reward per user to $100 is not bad, because nobody is going to buy thousands of dollars worth of Byteball using this method.
But I wonder how many new users this method would attract to Byteball? Not too many, if you are a jumio-attested user already.


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rty
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April 12, 2018, 10:08:22 PM
 #18288

We've got our first fiat on-ramp https://medium.com/byteball/buying-bytes-with-visa-or-mastercard-d8ee2d1a2b07

After passing the real-name attestation, it is now possible to buy Bytes with Visa and Mastercard with a low fee.  The fee is partially subsidized from undistributed funds.



Bot "Buy bytes with Visa or Mastercard"
don't work Undecided
"No profiles matching the request criteria"

Real name attestation bot:
"You were already attested at 2018-02-22. Attest again?"
European Central Bank
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April 12, 2018, 10:14:55 PM
 #18289

The 3% net commission does seem to be too high, but of course if you look at the 20% charge when buying from Indacoin directly, it is low.  Restricting the reward per user to $100 is not bad, because nobody is going to buy thousands of dollars worth of Byteball using this method.
But I wonder how many new users this method would attract to Byteball? Not too many, if you are a jumio-attested user already.

look at how much changelly put on top of the price when it was available. sometimes it was double. this isn't too far off the norm.

it's a great boon. very few projects have this availability, especially in wallet.
tonych
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April 12, 2018, 10:43:21 PM
 #18290

We've got our first fiat on-ramp https://medium.com/byteball/buying-bytes-with-visa-or-mastercard-d8ee2d1a2b07

After passing the real-name attestation, it is now possible to buy Bytes with Visa and Mastercard with a low fee.  The fee is partially subsidized from undistributed funds.

Bot "Buy bytes with Visa or Mastercard"
don't work Undecided
"No profiles matching the request criteria"

Real name attestation bot:
"You were already attested at 2018-02-22. Attest again?"

Do you have all these fields in your profile: first name, last name, country, date of birth, ID number, ID type?

Simplicity is beauty
cryptohunter
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April 12, 2018, 11:39:18 PM
 #18291

We've got our first fiat on-ramp https://medium.com/byteball/buying-bytes-with-visa-or-mastercard-d8ee2d1a2b07

After passing the real-name attestation, it is now possible to buy Bytes with Visa and Mastercard with a low fee.  The fee is partially subsidized from undistributed funds.



this looks excellent

StandingTall
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April 13, 2018, 05:41:41 AM
Merited by jjacob (2)
 #18292

I'm not impressed. I don't see a point in this. If you have a visa/mastercard card, you have a bank account. If you have a bank account, you can just wire money on an exchange and buy bytes with reasonable 1-3% fee. Instead of working with high volume exchanges to list bytes, Tonych and team developed this rather bizarre way of buying bytes heavily subsidizing a private company in the process with undistributed funds.

Tell me what's so cool about it?

Chancellor on brink of second bailout for banks
Random-String-Symphony
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April 13, 2018, 06:29:06 AM
Merited by jbreher (1), vlom (1), kaicrypzen (1)
 #18293

I'm not impressed. I don't see a point in this. If you have a visa/mastercard card, you have a bank account. If you have a bank account, you can just wire money on an exchange and buy bytes with reasonable 1-3% fee. Instead of working with high volume exchanges to list bytes, Tonych and team developed this rather bizarre way of buying bytes heavily subsidizing a private company in the process with undistributed funds.

Tell me what's so cool about it?

What a strange way of looking at things. People having bank accounts or not doesn't have anything to do with it.

The purpose of a fiat on-ramp is to reduce the amount of steps you have to take to purchase Bytes, make it simpler. You can't "just wire money to an exchange", you have to register an account, sometimes verify your bank account (small transaction to prove ownership of account) and when you want to withdraw you sometimes have to get your identity verified first. Trading costst fees and withdrawing costs fees, plus you have to learn how any particular exchange works. For new users this isn't particularly easy so why not try to improve the process?

Making it simpler is easier said than done but you have to start somewhere. First step is to establish an identity that you can use again and again and is trusted by banks/exchanges, that's why we have the Jumio attestation.  This is a way bigger deal than people make it out to be, the fact that we have this now means that the Byteball platform is trusted to be secure!

Now that you are trusted (i.e. replaced the proven to own bank account step + the proven identity step in one go) it's still pretty hard to find a party that allows direct crypto purchases but Tony managed to do just that: Indacoin. So now attested Byteball users can purchase Bytes through Mastercard or Visa without creating any extra accounts or having to verify anything extra. The fees on a site like Indacoin have to be huge because they run the risk of CC fraud/chargebacks, this risk is mugh lower for people being attested on Byteball so they naturally reduced the fees. This means Indacoin also trusts the Byteball platform! I guess once they find out fraud/chargebacks are almost non existant the fee could be lowered again, let's see.

So the big deal is not that people who already trust Byteball and jumped through a lot of hoops to get attested can now finally buy Bytes with fiat directly but the big deal is that Tony managed to convince outsiders that the Byteball platform can actually be trusted.

This paves the way for many more partnerships and improvements, these are the anchors to the real world that you need to become a succesful platform.

Now the subsidizing through undistributed funds also makes perfect sense because otherwise noone is going to use the service and that would be rather discouraging, also for Indacoin and Jumio. Getting all of this off the ground is a huge feat that will be appreciated in due time.

⚪ Byteball     ❱❱❱     I T   J U S T   W O R K S .    ❱❱❱
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April 13, 2018, 07:10:54 AM
Merited by kaicrypzen (1)
 #18294

Chicken and egg problem with Jumio attestation remains.

I am a new user, I have byteball wallet installed, if I want bytes I need to have bytes first.

Subsidize Jumio attestation and give 12$ as a reward. With that, a new user can play with bytes riskless, and then, if he/she likes the platform, buy bytes through bot. Or, getting more by spreading the word.

Let there be light!
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April 13, 2018, 09:58:34 AM
 #18295

We've got our first fiat on-ramp https://medium.com/byteball/buying-bytes-with-visa-or-mastercard-d8ee2d1a2b07

After passing the real-name attestation, it is now possible to buy Bytes with Visa and Mastercard with a low fee.  The fee is partially subsidized from undistributed funds.

Bot "Buy bytes with Visa or Mastercard"
don't work Undecided
"No profiles matching the request criteria"

Real name attestation bot:
"You were already attested at 2018-02-22. Attest again?"

Do you have all these fields in your profile: first name, last name, country, date of birth, ID number, ID type?

Yes, all fields "first name, last name, country, date of birth, ID number, ID type"
Tab "send this profile" don't active

Byteball wallet v2.1.0 light
CryptoRobert
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April 13, 2018, 12:21:00 PM
 #18296


Ripple did this several years ago. This was fun, but they stopped it because this giveaway was gamed like hell by guys who had access to HPC clusters. I got a lot of XRP renting AWS compute instances Smiley

Did too.  This could be easily managed by only making payments to Byteball verified accounts (Jumio), and limiting the payouts to a reasonable amount of computing power. What Tony needs is a lot of people with small rigs, not a few people with huge rigs.

Great idea if it will be fine tuned so as to be reasonably sure than nobody will be able to rig the system - as it often happens when there are givaways. We have recently seen it happening with the Byteball quiz.

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April 13, 2018, 02:09:15 PM
 #18297

The 3% net commission does seem to be too high, but of course if you look at the 20% charge when buying from Indacoin directly, it is low.  Restricting the reward per user to $100 is not bad, because nobody is going to buy thousands of dollars worth of Byteball using this method.
But I wonder how many new users this method would attract to Byteball? Not too many, if you are a jumio-attested user already.

look at how much changelly put on top of the price when it was available. sometimes it was double. this isn't too far off the norm.

it's a great boon. very few projects have this availability, especially in wallet.

Changelly was a rip-off, if you were planning to use fiat to buy cryptocurrencies. However, it was not bad for buying cryptocurrencies like Byteball using Bitcoin. They got you the best possible price and added a margin of 0.5%. This wasn't too bad in the larger scheme of things.


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April 13, 2018, 05:10:24 PM
 #18298

Byteball Bytes project has potential, because this project is unusual and interesting for most people, I will also follow their development.  Cheesy Wink
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April 13, 2018, 05:29:58 PM
 #18299

Bytes, blackbytes, DAG algorithm (no chained, no blocked one), sendable via email address, large proportional coins distributed to community through different campaigns.
Lots of more interesting things in the year of 2018. Let's stay tuned and waiting patiently for good news from Tonych.

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April 13, 2018, 06:01:12 PM
 #18300

The 3% net commission does seem to be too high, but of course if you look at the 20% charge when buying from Indacoin directly, it is low.  Restricting the reward per user to $100 is not bad, because nobody is going to buy thousands of dollars worth of Byteball using this method.
But I wonder how many new users this method would attract to Byteball? Not too many, if you are a jumio-attested user already.

look at how much changelly put on top of the price when it was available. sometimes it was double. this isn't too far off the norm.

it's a great boon. very few projects have this availability, especially in wallet.

this is fucking great feature. this is what is needed. that Average Joe can buy coins with their most used payment method. you only have install the wallet and use two bots and here you go. you have a crypto currency. and after you bought bytes you can transfer them into blackbytes and Average Joe can "safely" buy stuff at the newst silkroad clone  Tongue

seriously: lower the entry barrier is something really useful.

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