Quote from: afbitcoins on September 22, 2018, 10:42:07 PM

Quote from: Kavallo on September 22, 2018, 10:20:44 PM

Quote from: afbitcoins on September 17, 2018, 08:55:44 PM

Quote from: Kavallo on September 17, 2018, 07:53:31 AM

Quote from: jjacob on September 16, 2018, 08:18:59 PM

Quote from: Kavallo on September 16, 2018, 02:21:15 PM

To scale down the denomination of Byteball on exchanges (from Gigabytes to Megabytes or lower) has been debated for a while now, mainly for reasons of marketing. But someone has pointed out that there are deeper reasons for doing that: to define a Byteball unity as 1 Gigabyte would be like defining an unity of dollar as 1 Million $. Of course this does not make any sense if you are looking for mass adoption, like Byteball is:

Ordinary investors don't really think that deeply. A lot of them just go out and buy the cheapest coin they can find, hoping it will explode like Bitcoin. We need those investors, just like we need the true believers of Byteball.
Denominating GB as the basic unit of Byteball ensures that they pass on.

You are sharing my same opinion without fully realizing it. In fact, not many of the community seem to have understood my post. As soon as you post something just a bit out of the usual common places and stereotypes people look at you as a fool (or an hopium smoker). Even here in the crypto world. Even here in the Byteball community. Sad.

I disagree about needing to change the denomonation. 1 bitcoin is a large sum of money but that doesn't do it any harm. The unit of GByte is quite convenient and nowhere near as big an amount as 1 bitcoin. The denomination is not the problem. If the price rises to millions of dollars we seemlessly start quoting in lesser amounts. Its no big deal, when theres a need.

Quote

A lot of them just go out and buy the cheapest coin they can find, hoping it will explode like Bitcoin. We need those investors, just like we need the true believers of Byteball.

This is true, we need those investors. The distribution has chased those investors away. For the time being. Savvy investors who like byteball will not buy now they will wait until the distribution is ending. There is no incentive to invest now while supply still needs to increase by 30 to 40% Or they give up bored if it becomes the never ending story.

Some people don't really get it. The only reason people buy Bitcoins is because they hope to sell it 10X or 100X higher. They consider it a store of value which possibly can make them rich.
Byteball is supposedly aiming to become a form of money people can actually use. Widespread adoption is the mission. For that purpose the base unity you are using to count the currency must be an everyday life quantity. Gigabytes are the "million of dollars" of Byteball - that doesn't make any sense for a currency you are actually planning to use. You need to scale it down.
Or perhaps the mission instead IS to make Byteball a store of value like Bitcoin. Then this should be stated clearly. But I don't think Tony is thinking like that, which is good, because what the world need is a cryptocurrency people can actually easily use. As a store of value, Bitcoin is already enough.

Yes it is supposedly aiming for that (money you can spend) - (bitcoin started out with that aim too). Its a long long way from that at the moment. I have never yet seen anything I can buy with byteball. When it gets there and one byte is something more valuable than a tiny fraction of a cent (or penny) then maybe that will be a practical unit to quote price with. Besides money needs to be a store of value or it won't be much good as money

If you have never seen anything you can buy with Byteball then perhaps you should book yourself a little vacation in Milano, Italy, where a number of shops are already accepting Bytes as a payment:

https://byteball.org/milan/

I guess other lists of shop would exist also for other cities.
Sometimes to see something it's just sufficient to look. Grin

Kavallo

Posts

Merits