Participation in Byteball distribution
If you missed the 1st round of distribution, you can still participate in the further rounds. If you were in the 1st round, you can multiply your holdings. In the second round, which is expected in mid-February, you receive:
- 62.5 MB for every 1 BTC of proven balance
- 0.1 new bytes for every 1 byte (received in the 1st round)
There was 100 000 GB distributed in the first round.
This means that there will be 10 000 GB distributed to byteball holders in the second round (0.1 new bytes for every 1 byte received in the 1st round).
Let us assume that in the second round there will be 100 000 BTC linked.
This would mean there will be 6250 GB distributed according to BTC balances.
So most likely the dev will distribute much less bytes in the second round (than in the first round).
People tend to be suspicious about cryptos where the majority of coins is held by the dev for a long time.
This is not like Bitcoin where you know everything about the distribution from the beginning. Here we have the dev who reserves the right for himself to distribute most coins arbitrarily in the future. A free airdrop distribution is risky but possible. But here there is one person who controls 90 percent of the total amount of coins and this one person can ARBITRARILY decide about their future distribution. For months, maybe year(s) to come.
This must make byteball feel like a joke for any serious investor.
Well, I can consider all other critics to be a FUD, and the concerns about the ICOs included in distribution can be also somehow discarded (I believe that will not do that much harm at the end of the day), but this concern quoted above sounds
really important to me!! And it is a somewhat worrying.
tonych and/or
CryptKeeper, could you please address this comment? Its not a simple FUD or grunt of people who are unhappy by distribution. I believe its valid concern.
If the majority of coins remains at your disposal for so long time, how do you think it will affect the adoption by exchanges or other businesses? You may be the most honest person in the world, and will keep all your promises (and I personally believe you
will), but how you can prove that to others, so they believe you will not just dump your undistributed coins?
This is a valid concern, lets hope tony has a deadline of 3-6 months for the distro to be completed by. Before then I'd be surprised if the price did anything exciting, too many large holders, but I don't agree with all the negativity by some over the ico whales getting such a big stake, I think long-term their dumping now will be seen in a positive light, it keeps downward pressure on the price so regular Jo & Jane can buy a nice stake at a reasonable price. A period of low prices is essential for a coin without an ico or mining to spread the tokens around, if the price is too high too early then the subsequent crash burns all the early adopters who bought too high, then you have lots of pissed off people calling 'scam' forever more. Look at other coins like NXT that had to distribute 100% of the coins at the start, problems with jealousy and frustration at the ico whales that took years to unwind, I think having the BB ico whale dumping ballast here with BB will keep prices low, let people accumulate, and prevent a lot of anger later on. The NXT whale 'problem' has been avoided here, as the price willbe in the toilet for a while to come, nobody made 2000 bitcoin profit with BB.
Any birthing process looks horrible, who's seen a human born ... looks aweful, but it's effective. BB birth is pretty good, but also has some blood and guts about too.
Pro tip, accumulate BB slowly and expect the price to be very low for 12 months or more