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Re: BYTEBALL: Totally new consensus algorithm + private untraceable payments
Sorry to intrude on the FUD, but......
I can only speak for myself, but I am in awe of the innovation of blockchain technology. It offers western society, and the entire world, a decentralized financial system that affords ordinary people significantly more control over their money, and potential to gain wealth.
Speaking as a millennial with thousands of dollars of college debt, who feels disillusioned with our current financial and economic system, yet still clings to the idea of the American dream...I feel like many Byteball veterans have lost sight of the intention behind a DEcentralized financial system.
...
I can only speak for myself, but I am in awe of the innovation of blockchain technology. It offers western society, and the entire world, a decentralized financial system that affords ordinary people significantly more control over their money, and potential to gain wealth.
Speaking as a millennial with thousands of dollars of college debt, who feels disillusioned with our current financial and economic system, yet still clings to the idea of the American dream...I feel like many Byteball veterans have lost sight of the intention behind a DEcentralized financial system.
...
Byteball is neither blockchain nor decentralized. Good luck with your beg.
Whether it is blockchain or DAG, or technically constitutes as decentralized, I feel that this project falls under the overall concept of the decentralized financial system many blockchain enthusiasts hope to achieve. (Also, you are posting on a forum dedicated to blockchain technology, sooooo....
)As someone fairly new to this, I will openly admit that I have a lot to learn and may not be as knowledgable as those who have been into this for over a decade...but I do not think one needs to be a computer programer to understand principles of economics, or human behavior.
But I do appreciate the wishes for luck in my byteball panhandling endeavors.
That particular friend and I remain on rather shaky terms...but I digress. 
My family and boyfriend have started to come around (they basically had no choice lol), but feedback I've received from other people has generally been disinterest or apathy. Currently I am looking for ways to get my parents involved as safely as possible...which right now is just coinbase, and Robinhood soon apparently. But Blockport and Byteball look like they might have some promise.
But yeah...for the most part, I don't discuss it much anymore. lol
My family and boyfriend have started to come around (they basically had no choice lol), but feedback I've received from other people has generally been disinterest or apathy. Currently I am looking for ways to get my parents involved as safely as possible...which right now is just coinbase, and Robinhood soon apparently. But Blockport and Byteball look like they might have some promise.
But yeah...for the most part, I don't discuss it much anymore. lol
Re: BYTEBALL: Totally new consensus algorithm + private untraceable payments
Sorry to intrude on the FUD, but......
I can only speak for myself, but I am in awe of the innovation of blockchain technology. It offers western society, and the entire world, a decentralized financial system that affords ordinary people significantly more control over their money, and potential to gain wealth.
Speaking as a millennial with thousands of dollars of college debt, who feels disillusioned with our current financial and economic system, yet still clings to the idea of the American dream...I feel like many Byteball veterans have lost sight of the intention behind a DEcentralized financial system.
Now, and I may be misreading or not have all of the info here, so I say this based solely on what I have read in this thread:
The way many Byteball holders are responding to the idea of having to take [what will very likely be] a short-term loss in order to expand this opportunity for others is the kind of toxic attitude and thinking that made financial decentralization necessary in the first place.
The idea that you deserve more of something simply by virtue of having already accumulated a lot before others had a chance to is the very definition of greed. This is the sort of questionable ethical standard that keeps the average American out of the stock market or college.
Ever since I got into crypto, I have been trying to get my family and friends involved...but their always feel lost or confused by the flood of new information. But when I explained Byteball to my boyfriend and showed him the wallet, he immediately understood and it MADE SENSE to him.
The fact that this seems so incredibly unique+simple+userfriendly had me really excited about it when I started researching it.
It's disheartening to see that many veterans of Byteball would prefer not to let others in on the opportunity.
However, for those of you who are genuinely abandoning the project...I will VERY HAPPILY take all of your unwanted bits and bytes.
I can provide my FB to prove I'm not just a veteran looking for another way to cash in:
VCV4CNBCODU3MPGU2D6ROHQIIEQ62FPG
Or just keep selling so I can buy some when I get paid!
But I hope that those who are remaining part of the community appreciate what an awesome project they're a part of, and how many people it could bring into the crypto space.
I can only speak for myself, but I am in awe of the innovation of blockchain technology. It offers western society, and the entire world, a decentralized financial system that affords ordinary people significantly more control over their money, and potential to gain wealth.
Speaking as a millennial with thousands of dollars of college debt, who feels disillusioned with our current financial and economic system, yet still clings to the idea of the American dream...I feel like many Byteball veterans have lost sight of the intention behind a DEcentralized financial system.
Now, and I may be misreading or not have all of the info here, so I say this based solely on what I have read in this thread:
The way many Byteball holders are responding to the idea of having to take [what will very likely be] a short-term loss in order to expand this opportunity for others is the kind of toxic attitude and thinking that made financial decentralization necessary in the first place.
The idea that you deserve more of something simply by virtue of having already accumulated a lot before others had a chance to is the very definition of greed. This is the sort of questionable ethical standard that keeps the average American out of the stock market or college.
Ever since I got into crypto, I have been trying to get my family and friends involved...but their always feel lost or confused by the flood of new information. But when I explained Byteball to my boyfriend and showed him the wallet, he immediately understood and it MADE SENSE to him.
The fact that this seems so incredibly unique+simple+userfriendly had me really excited about it when I started researching it.
It's disheartening to see that many veterans of Byteball would prefer not to let others in on the opportunity.
However, for those of you who are genuinely abandoning the project...I will VERY HAPPILY take all of your unwanted bits and bytes.
I can provide my FB to prove I'm not just a veteran looking for another way to cash in:
VCV4CNBCODU3MPGU2D6ROHQIIEQ62FPG
Or just keep selling so I can buy some when I get paid!
But I hope that those who are remaining part of the community appreciate what an awesome project they're a part of, and how many people it could bring into the crypto space.
Re: BYTEBALL: Totally new consensus algorithm + private untraceable payments
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.
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).
What about secret/magic textcoin phrases with hints and clues? You could do famous quotes, song lyrics, or word puzzles.
You could make it fun by creating a YouTube channel that hosts weekly games and prize giveaways...that would serve to both create hype and distribute tokens.
Last summer I worked at camp for school-aged kids, and managed to create a successful literacy program simply by combining fun with prizes...and within the privacy of our own homes, every adult is just a really anxious kid. lol
Full Disclosure 1: Have been in the space for approximately forty-five days
Prior to that, I thought it was some video game currency that could also be used by nerds to buy drugs or child porn.
Had it not been for my curious nature, I would probably still believe that.
I have been learning and researching daily...certainly no expert, but I've figured out enough to understand how it works, about exchanges, wallets, the different major altcoins, reputable sources for current info, etc.
After doubling my money (prior to the recent crash), I naturally started telling anyone who would listen about the opportunity.
My parents, sister, and boyfriend have all bought in now (although they like to just "forget about it"), but only my boyfriend has actually taken some sort of interest.
Then I thought about a friend I have, who always complains about how much she hates living in the same town she's been in her entire life, who lives paycheck to paycheck, and is always trying to offer me the "opportunity" to join a "multi-level marketing" company and peddle overpriced cosmetics no one ever heard of...or ever wants to buy. Her get rich quick schemes of the past have reminded me of episodes of I Love Lucy.
Anyway, I tell this friend...
"OMG that sounds awesome how do I sign up?"
"Well, you don't sign up..."
"So how do I join?"
"You have to register on an exchange, and buy a "base" currency before branching out to others."
"How do I know which to buy?"
"Bitcoin is probably your best bet at first."
"Um...K. Then what?"
"Then you start doing research into the different exchanges, but stick with ones that generally have good reviews and are widely used, I can give you a list though. Then you can start looking into different coins, the concepts and teams behind them..."
"But what I don't have the time or interest to do research?"
Now at this point, I should have just said "Then go back hocking the beauty products only you buy."
But I didn't. No, instead I thought "HEY, if I do research and transfer what I learn to a google doc, she and others I know can benefit from the knowledge! "
I sent her nine pages of notes, and she never even thanked me. She never said ANYTHING. But a couple of days ago when Bitcoin dropped, guess who called to subtly gloat for not getting involved? Why, my research-averse "friend" of course!
Probably because of all the times I refused to jump into ponzi scams with her.
Why is it that people will work for eight hours straight at a job that doesn't pay nearly enough, but won't even take the time do research into something that could literally change their lives.
It would be really awesome to read some stories by crypto-veterans about when they were finally able to show up the critics and doubters...I bet that would make a few other n00bs happy as well.
Prior to that, I thought it was some video game currency that could also be used by nerds to buy drugs or child porn.
Had it not been for my curious nature, I would probably still believe that.
I have been learning and researching daily...certainly no expert, but I've figured out enough to understand how it works, about exchanges, wallets, the different major altcoins, reputable sources for current info, etc.
After doubling my money (prior to the recent crash), I naturally started telling anyone who would listen about the opportunity.
My parents, sister, and boyfriend have all bought in now (although they like to just "forget about it"), but only my boyfriend has actually taken some sort of interest.
Then I thought about a friend I have, who always complains about how much she hates living in the same town she's been in her entire life, who lives paycheck to paycheck, and is always trying to offer me the "opportunity" to join a "multi-level marketing" company and peddle overpriced cosmetics no one ever heard of...or ever wants to buy. Her get rich quick schemes of the past have reminded me of episodes of I Love Lucy.
Anyway, I tell this friend...
"OMG that sounds awesome how do I sign up?"
"Well, you don't sign up..."
"So how do I join?"
"You have to register on an exchange, and buy a "base" currency before branching out to others."
"How do I know which to buy?"
"Bitcoin is probably your best bet at first."
"Um...K. Then what?"
"Then you start doing research into the different exchanges, but stick with ones that generally have good reviews and are widely used, I can give you a list though. Then you can start looking into different coins, the concepts and teams behind them..."
"But what I don't have the time or interest to do research?"
Now at this point, I should have just said "Then go back hocking the beauty products only you buy."
But I didn't. No, instead I thought "HEY, if I do research and transfer what I learn to a google doc, she and others I know can benefit from the knowledge!
" I sent her nine pages of notes, and she never even thanked me. She never said ANYTHING. But a couple of days ago when Bitcoin dropped, guess who called to subtly gloat for not getting involved? Why, my research-averse "friend" of course!
Probably because of all the times I refused to jump into ponzi scams with her.
Why is it that people will work for eight hours straight at a job that doesn't pay nearly enough, but won't even take the time do research into something that could literally change their lives.
It would be really awesome to read some stories by crypto-veterans about when they were finally able to show up the critics and doubters...I bet that would make a few other n00bs happy as well.