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Author Topic: Obyte: Totally new consensus algorithm + private untraceable payments  (Read 1232105 times)
diyhockey
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March 07, 2019, 05:09:33 PM
Last edit: March 07, 2019, 05:23:33 PM by diyhockey
 #21521

Quote
How do you know that the price of 1 BTC will be high enough in 100 years that miners could mine just for transaction fees and no rewards?
People do not count and will not count their fees in BTC or satoshi. People count fees as a percentage of their income. For example 10% ($1) was too expensive in 1900 with $10 salary. In 2019 10% ($500) is too expensive with $3k salary. And 10% will be too expensive in 2121 with $1m average salary. Amount of candy wrappers doesn't matter. Value is matter. And it's +- the same in 1900, 2019 and 2121 despite the different amounts. So in case if block size remain the same as today, miners will receive the same value as today. Doesn't matter will BTC cost $100000m of dollars or $3800. One million in fees in 2121 will have value of $3k in 2019
This is actually a common misconception in crypto space among newbies that price of BTC affects on the amount of value received by miners from the fees pool
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tarmo888
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March 07, 2019, 05:24:35 PM
 #21522

Quote
How do you know that the price of 1 BTC will be high enough in 100 years that miners could mine just for transaction fees and no rewards?
People do not count and will not count their fees in BTC or satoshi. People count fees as a percentage of their income. For example 10% ($1) was too expensive in 1900 with $10 salary. In 2019 10% ($500) is too expensive with $3k salary. And 10% will be too expensive in 2121 with $1m average salary. Amount of candy wrappers doesn't matter. Value is matter. And it's +- the same in 1900, 2019 and 2121 despite the different amounts. So in case if block size remain the same as today, miners will receive the same value as today. Doesn't matter will BTC cost $100000m of dollars or $3800. One million in fees in 2121 will have value of $3k in 2019
This is actually a common misconception in crypto space among newbies.

Exactly, totally agree. When BTC/USD hits $1 million price, it might not be because people value it that high compared to now, it could be that average salary is also $1 million by then because USD has gone through hyperinflation.

But block size probably is not going to be still 1mb in 100 years. Same way, SHA256 will not be a used for 100 years.
diyhockey
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March 07, 2019, 05:34:35 PM
 #21523

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But block size probably is not going to be still 1mb in 100 years.
It will die with 1mb block. Maybe even after the next bull if we will see it. My point is that many people in crypto make face claims - " BTC price moon = more fees to miners". This is totaly wrong. People ready to pay reasonable share of their income. And this share does not depend on the price of BTC. Even if you BTC billionaire you likely smart enough to move out from the shit that asks to pay 10% of average salary of other people as a fees. I mean even if it's nothing to you, you will see perspectives and exit.
friet
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March 07, 2019, 05:41:00 PM
 #21524

You cannot wait and see what happens because it is gamble. Investors do not like gamble.

Let say you wait until fee is enormous and then apply solution x.

Investors know that there will be solution x. But they don't know if they will like that solution. How they can invest if they don't know?
tarmo888
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March 07, 2019, 06:02:01 PM
 #21525

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But block size probably is not going to be still 1mb in 100 years.
It will die with 1mb block. Maybe even after the next bull if we will see it. My point is that many people in crypto make face claims - " BTC price moon = more fees to miners". This is totaly wrong. People ready to pay reasonable share of their income. And this share does not depend on the price of BTC. Even if you BTC billionaire you likely smart enough to move out from the shit that asks to pay 10% of average salary of other people as a fees. I mean even if it's nothing to you, you will see perspectives and exit.

I think market will self regulate it, fees go too high and merchants will drop it. That's what happened with Bitcoin in 2017.
bustedsynx
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March 07, 2019, 06:41:12 PM
 #21526

Anyway, the true hodlers think in bytes. In other words, how much bytes can I accumulate before they get expensive. They don't see the Bitcoin or fiat equivalent value of a byte.


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friet
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March 07, 2019, 07:05:21 PM
 #21527

Yeah, and not true holders like those who think about equivalent in fiat money do not contribute to price of obyte. We dont want them. Keep pushing that bullshit.

Only money from true holders make difference. So before you buy please become true holder. Otherwise it is useless.
diyhockey
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March 07, 2019, 07:33:29 PM
 #21528

Yeah, and not true holders like those who think about equivalent in fiat money do not contribute to price of obyte. We dont want them. Keep pushing that bullshit.

Only money from true holders make difference. So before you buy please become true holder. Otherwise it is useless.
I think nobody believe that GB can do x1000 or even that people will use this network. There is no usebase, no network effects, crypto founds ignore us. Fees is so hypothetical problem. There is bigger problems called scaling and witnesses distribution. As tarmo888 said it's only 30 tps. And as you can see it's only 1 of 12 distributed witness.
friet
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March 07, 2019, 08:06:58 PM
 #21529

I gave you solution to distribute the witnesses.

percentage fee
tarmo888
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March 07, 2019, 08:45:55 PM
 #21530

Fees is so hypothetical problem. There is bigger problems called scaling and witnesses distribution. As tarmo888 said it's only 30 tps. And as you can see it's only 1 of 12 distributed witness.

I agree about the lack of witnesses decentralization, I think that is the main problem for some users to take it seriously, but at the same time it has had some benefits too, mainly that Obyte has been able to iterate so fast because of this, this probably gets more difficult as Obyte becomes more decentralized.
I don't agree with scaling problem. If less than 1TPS is used and it can do 30FPS, where is the scaling issue? It can do 4-5 times as Bitcoin and 2 times more than Ethereum. For short peak times, it can do 10 times TPS too.


I gave you solution to distribute the witnesses.

percentage fee

If the witness joins because of fees, on the platform where most transactions are currently made by witnesses then it is not the witness Obyte is looking for. The whole point how witnesses work is that they need to post transactions themselves too and spend fees doing so. Your idea is basically to substitute witness fees, but not others. Where would those funds come from? From distribution fund that could be distributed to actual users instead?
friet
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March 07, 2019, 08:53:17 PM
 #21531

I don't get your problem.

What is so complex about giving witness percentage fee that you cannot understand?
tarmo888
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March 07, 2019, 09:18:58 PM
 #21532

I don't get your problem.

What is so complex about giving witness percentage fee that you cannot understand?

Have you tried to understand how Obyte actually works? https://obyte.org/Byteball.pdf
Do you understand what witnesses actually do?
friet
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March 07, 2019, 10:22:34 PM
 #21533

I'm not gonna explain it to you if I don't know what exactly you do not understand.
Sellman
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March 08, 2019, 08:17:23 AM
 #21534

Obyte, the topic should be managed better somehow.
I scanned around last five pages, that burried by boring discussion, out of context, and not really relate to Obyte project.
By the way, today I give you something relates to Obyte.
Chart, Obyte's chart, here:
https://coinmarketcap.com/currencies/obyte/
Look at this, please and you will see amazing magic to come soon.
friet
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March 08, 2019, 10:40:08 AM
 #21535

Oh yes.

Thank you for that remark.
we will do better so that our discussion is not boring to you.
cybterpunk
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March 10, 2019, 12:46:11 PM
 #21536

how is the exchange going?

also any plan for real life using for online business?
cybterpunk
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March 10, 2019, 12:46:42 PM
 #21537

only few coin have more than 1000 threads..

byteball is one of the few..
UmerIdrees
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March 10, 2019, 01:03:19 PM
 #21538

only few coin have more than 1000 threads..

byteball is one of the few..

What is new in byteball other than its name transform from Gbyte to Obyte ?  You can see its value, its down from last six or more months.
Can you tell me what are the future plans for this coin to grow in value ?

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tarmo888
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March 10, 2019, 01:51:00 PM
Last edit: March 10, 2019, 02:11:44 PM by tarmo888
 #21539

What is new in byteball other than its name transform from Gbyte to Obyte ?  You can see its value, its down from last six or more months.
Can you tell me what are the future plans for this coin to grow in value ?

Name changed from Byteball to Obyte, logo is temporary, no full rebranding yet (wallet name will be changed in next version).
The ticker on exchanges stayed GBYTE and hasn't changed. Currency units didn't change either, they are Bytes.
Obviously most coins are down from last 6 or more months, Obyte has gone up last 3 months.

This is what have been done during last 2 years https://press.obyte.org/timeline
Subscribe to newsletter, Twitter or Reddit to keep up what is coming next.
friet
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March 10, 2019, 04:59:01 PM
 #21540

Can you tell me what are the future plans for this coin to grow in value ?

There are no plans for this coin to grow in value.

There are only plans to prevent it from growing.

It could grow in value if witnesses are replaced. Witnesses would be replaced if they could get percentage of every transfer.
But byteball does not look for such witnesses. That prevents the coin from growing.

Another thing that prevents it from growing is that stupid fixed fee.

But these people who are not business oriented cannot understand that byteball with its stupid rules like:
"fee is fixed because it's the same as data size of transaction"
"byteball is not looking for such witnesses"
is less attractive to investors. The competition is very tough and you cannot have such a drawbacks. You cannot win with drawbacks. If real investors do not show up then byteball will run out of money and it's done.

And who is that byteball who does not look for such witnesses?
What kind of witness does byteball look for?
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