Post
Topic
Re: BYTEBALL: Totally new consensus algorithm + private untraceable payments
by
StandingTall
on 18/01/2018, 23:11:19 UTC
The new distribution method would be indeed more effective if a new user attempting to verify wouldn't have to come up with 8 USD of byteball first and could be paid from the distribution pool right away without the need of:

1. finding out about Bitttrex/Cryptox/Cryptopia
2. registering on an exchange
3. transferring bitcoin/fiat to the exchange
4. buying at least 8 USD of byteball
5. withdrawing to a wallet
6. and finally geting verified and refunded

The above hassle is too much to make the method effective. I bet that Jumio requires to be paid 8 USD even if the user fails to verify in the end and this makes the verification to be paid from the distribution pool problematic and open to abuse (by Jumio actually or just rogue users). Users could be attempting verification, Jumio would be paid from the distribution pool, verification would fail and no verified user would be added to Byteball.