[ANN] Ebitz - 237 BTC in 8 days - POS - Zero Knowledge Proof - Deep Web

[n691309]

All the coins, we will distribute 95% with the ICO and as you can find in the specifications we have 3% annual interest.

I'm not much familiar with altcoins but extrabyte when you have time please explain to us in details what does "3% annual interest" mean because I don't understand it well.

[robelneo]

Will there be no Ebitz rewards? This coin will be very valuable! The subscription campaign will be paid in BTC, a high value until and so far no rewards for twitter that pay in ebitz, I will not be left out! Congratulations on the project sir.

People who participate on bounties are quick to dump the coin they promote for bitcoin.It solves two problems,bounty hunter will have his bitcoin if he is not interested in the coin he promote,the second one is there will be no dumping of Ebitz and the value will increase because there's not much sell order.

It's exactly why I'm interested in the project and coin, devs usually do not care about it and you're thinking about almost everyone, in other words you do not have to give Ebitz to show the value of the project, I'll watch every step of you! I'm a beginner in this world and unfortunately I can not contribute much at the moment 

You can contribute by participating in it's ICO,downloading and running the wallet and participate in it's trading to increase the volume.Ico is one of the most important stage in the development of a coin with a lot of features.

[ABISprotocol]

we all can not be sure that the creation keys are destroyed.

And about that, there are two options: 1) Use the same parameters from Zcash (as komodo did) or 2) generate our own trusted setup. The option 1 it is the most reliable and safe, because for the other option, we need to find 8-12 trusted people in the community with tech skills to be part of the process (Who would these people be?) and, delay the launch (because we will need to organize and coordinate the whole process). But the guys behind Zcash were working a lot of time to be prepare for that "ceremony" and they are working with people with the knowledge necessary for that task.

The option 1 looks like the safest and easiest way, Im ok with that.

I do agree also with option 1.

Interesting idea with Ebitz taking the Zcash concept in a different direction, I have just e-mailed the Ebitz group about it via their page. 

One comment, though, the Zcash setup cannot be assumed to be any good until it the results of it are audited - something that Peter Todd himself has acknowledged.

Specifically, he said, and I quote, "Until the software and deterministic builds are audited, the entire ceremony is a bunch of crypto hocus pocus that means nothing." (1)

(1) https://petertodd.org/2016/cypherpunk-desert-bus-zcash-trusted-setup-ceremony#single-point-of-failure

[joskye]

Ok on the surface this sounds great but I have two very important questions or I'm declaring red flags:

1. How do you plan to manage the ICO so that distribution of coins is even or at least even enough to prevent a 51% monopoly on coin ownership occurring in the hands of a small cabal of owners.

- 19.95 million coins for 500btc isn't much for some people and whale dominance can completely override the benefits that PoS otherwise brings.

- Is there going to be a maximum limit per individual investor?

- Do you think whale accumulation will damage community confidence in ebitz?

- Do you have any other mechanisms in place to limit whale accumulation (e.g. single person ownership >15% total supply).


2. Why don't you have your own dedicated whitepaper?

- Yes you explain the differences between zcash and ebitz nicely but you haven't explained how you are going to convert the zcash anonymity protocols to work on PoS.

- Where is the code for ebitz to explain how the PoS switch will be handled and scaled?

3. What is the method by which you will be receiving funding?

- I appreciate you are accepting bitcoin but having signed up to your wordpress website I see no explanation of how the ICO funds will be received/sent and how the tokens will then be issued after.

- Is there an escrow service?

- How do I know this isn't just a scam to steal my money?

4. Does this implementation still require a trusted setup?

...

I do like the ebtitz concept; PoS Zcash without a founders fee and future implementation of a marketplace are major plus points in it's favour over other anon cryptos but the time to ICO is very short (suspiciously so) and there are some big red flags unaccounted for here presently.

I am very interested but please could you provide a response to these important questions otherwise I am staying out of this one.

[extrabyte]

All the coins, we will distribute 95% with the ICO and as you can find in the specifications we have 3% annual interest.

I'm not much familiar with altcoins but extrabyte when you have time please explain to us in details what does "3% annual interest" mean because I don't understand it well.

Hi, take a look and feel free to ask me if you have another question:

"Proof of Stake is a proposed alternative to Proof of Work. Like proof of work, proof of stake attempts to provide consensus and doublespend preventio. Because creating forks is costless when you aren't burning an external resource Proof of Stake alone is considered to an unworkable consensus mechanism.

It was probably first proposed by Quantum Mechanic. With Proof of Work, the probability of mining a block depends on the work done by the miner (e.g. CPU/GPU cycles spent checking hashes). With Proof of Stake, the resource that's compared is the amount of Bitcoin a miner holds - someone holding 1% of the Bitcoin can mine 1% of the "Proof of Stake blocks".

Some argue that methods based on Proof of Work alone might lead to a low network security in a cryptocurrency with block incentives that decline over time (like bitcoin) due to Tragedy of the Commons, and Proof of Stake is one way of changing the miner's incentives in favor of higher network security."

Source and more info: https://en.bitcoin.it/wiki/Proof_of_Stake

we all can not be sure that the creation keys are destroyed.

And about that, there are two options: 1) Use the same parameters from Zcash (as komodo did) or 2) generate our own trusted setup. The option 1 it is the most reliable and safe, because for the other option, we need to find 8-12 trusted people in the community with tech skills to be part of the process (Who would these people be?) and, delay the launch (because we will need to organize and coordinate the whole process). But the guys behind Zcash were working a lot of time to be prepare for that "ceremony" and they are working with people with the knowledge necessary for that task.

The option 1 looks like the safest and easiest way, Im ok with that.

I do agree also with option 1.

Interesting idea with Ebitz taking the Zcash concept in a different direction, I have just e-mailed the Ebitz group about it via their page. 

One comment, though, the Zcash setup cannot be assumed to be any good until it the results of it are audited - something that Peter Todd himself has acknowledged.

Specifically, he said, and I quote, "Until the software and deterministic builds are audited, the entire ceremony is a bunch of crypto hocus pocus that means nothing." (1)

(1) https://petertodd.org/2016/cypherpunk-desert-bus-zcash-trusted-setup-ceremony#single-point-of-failure

Yes, thanks for your contact. We already know that, but still that option is the best for the moment.


Joskye, welcome aboard!

1. How do you plan to manage the ICO so that distribution of coins is even or at least even enough to prevent a 51% monopoly on coin ownership occurring in the hands of a small cabal of owners.

- 19.95 million coins for 500btc isn't much for some people and whale dominance can completely override the benefits that PoS otherwise brings.

We receive a lot of pm and mails asking us to remove the limit of 500 btc and make the sale unlimited, but for the moment we dont have plan to change our initial idea. Yes, we have 19,95 million of coins but can be divided into smaller measures (satoshis, bits).

- Is there going to be a maximum limit per individual investor?

No. Its a good idea, but anyone can make a new account and deposit btc from another address.

- Do you think whale accumulation will damage community confidence in ebitz?

No.

- Do you have any other mechanisms in place to limit whale accumulation (e.g. single person ownership >15% total supply).

As we said before, any attempt to avoid accumulation will be unsuccessful. Our opinion is that the best would be to make limit per individual investor (but as I said before, it will not be efficient) and after the sale its the free market, anyone can buy or sell his coin without limitation.

2. Why don't you have your own dedicated whitepaper?

- Yes you explain the differences between zcash and ebitz nicely but you haven't explained how you are going to convert the zcash anonymity protocols to work on PoS.

We are the first zcash based project to change the algo to PoS, so we are not going to make available our code/paper until our project will be released. To do otherwise would be to the detriment of our investors.

- Where is the code for ebitz to explain how the PoS switch will be handled and scaled?

We are the first zcash based project to change the algo to PoS, so we are not going to make available our code/paper until our project will be released. To do otherwise would be to the detriment of our investors.

3. What is the method by which you will be receiving funding?

- I appreciate you are accepting bitcoin but having signed up to your wordpress website I see no explanation of how the ICO funds will be received/sent and how the tokens will then be issued after.

Remember that the ICO (http://www.ebitz.org/invest/) and Stats (http://www.ebitz.org/stats/) page will be available when the ICO starts.

- Is there an escrow service?

We will announce our decision during the weekend because in our group are different views about this but we have not made our final decision yet (some of us are not 100% comfortable with the idea to use an escrow). For the nature of our project and our plans we will make some enemies and that can become a witch hunt that we want to avoid. Read this: https://asktom.cf/index.php?topic=1681965.msg16886493#msg16886493

- How do I know this isn't just a scam to steal my money?

You must do your own due diligence and decide if the information provided by us gives you the confidence to invest in our proposal. I can say a thousand words, but they would be just that, words.

4. Does this implementation still require a trusted setup?

Yes, there are two options: 1) Use the same parameters from Zcash (as komodo did) or 2) generate our own trusted setup. The option 1 it is the most reliable and safe, because for the other option, we need to find 8-12 trusted people in the community with tech skills to be part of the process (Who would these people be?) and, delay the launch (because we will need to organize and coordinate the whole process). But we will use the same parameters from Zcash (we will not generate our own trusted setup). This the most reliable and safe, because the guys behind Zcash were working a lot of time to be prepare for the "ceremony" and they are working with people with the knowledge necessary for that task. Take a look: https://petertodd.org/2016/cypherpunk-desert-bus-zcash-trusted-setup-ceremony.


Thanks for your questions, feel free to participate here or on our slack.

Bye

[lestherat]

No Risk No Reward

Im ready to take some risk on this  

Good luck developers.

Can we download the wallet, that could give us some confidence  

Escrow is desired extrabyte  

Weeks ago one Ico turn into a complete Scam, called deClouds or something like that, and the developers ran with the btc leaving the investors without any btc or coin. We dont want that happen again.

[n691309]

Extrabyte thanks for answering me but I think still didn't get it, this 3% what means? The miners get this percentage or the team behid Ebitz? Also looking forward to Invest on Monday.

[placebo]

I'm very impressed how this project is being handled. I will join this ICO for sure. This dev knows what he is talking about and i believe this coin can be a nice alternative for ZEC and i believe it has more to offer then ZEC. I'm looking forward for Nov. 28. Finally a coin that really looks promissing.

[lestherat]

I'm very impressed how this project is being handled. I will join this ICO for sure. This dev knows what he is talking about and i believe this coin can be a nice alternative for ZEC and i believe it has more to offer then ZEC. I'm looking forward for Nov. 28. Finally a coin that really looks promissing.

Nice to see u here Placebo, if you are in then im in for sure on this one, 

We talk later on Yobit, regards man.

[placebo]

I'm very impressed how this project is being handled. I will join this ICO for sure. This dev knows what he is talking about and i believe this coin can be a nice alternative for ZEC and i believe it has more to offer then ZEC. I'm looking forward for Nov. 28. Finally a coin that really looks promissing.

Nice to see u here Placebo, if you are in then im in for sure on this one,  

We talk later on Yobit, regards man.

I already created my account on the website .  Also 5% premine is a lot less then coins like LSK etc. They had 10% for development. 5% is a good amount, not too high , not too low. Wondering if it will be added on Poloniex Yobit, C-CEX, Bittrex, etc for sure... but the big money is on Polo, so if it can hit Poloniex then this can be a very interesting coin to invest in

[n691309]

I'm very impressed how this project is being handled. I will join this ICO for sure. This dev knows what he is talking about and i believe this coin can be a nice alternative for ZEC and i believe it has more to offer then ZEC. I'm looking forward for Nov. 28. Finally a coin that really looks promissing.

Nice to see u here Placebo, if you are in then im in for sure on this one, 

We talk later on Yobit, regards man.

I already created my account on the website .  Also 5% premine is a lot less then coins like LSK etc. They had 10% for development. 5% is a good amount, not too high , not too low. Wondering if it will be added on Poloniex Yobit, C-CEX, Bittrex, etc for sure... but the big money is on Polo, so if it can hit Poloniex then this can be a very interesting coin to invest in

We should notice that in poloniex is also zcash so it may affect the process of listing the ebitz, but yeah if ebitz will be listed in poloniex then it would be awesome because trading volume there is $10M daily.

[joskye]

Question:

There is a 500btc limit so if I donate 1 btc will I get 1/500th of the available 19.5 million ebitz coins?

Also how will the ebtiz coins be distributed to me?

PS PoS chains can be broken if any single individual owns >51% of coin supply.

251 btc is nothing to certain BTC whales so the real question is how will you prevent this from happening?

[placebo]

Question:

There is a 500btc limit so if I donate 1 btc will I get 1/500th of the available 19.5 million ebitz coins?

Also how will the ebtiz coins be distributed to me?

PS PoS chains can be broken if any single individual owns >51% of coin supply.

251 btc is nothing to certain BTC whales so the real question is how will you prevent this from happening?

You know it doesn't make sense for a whale to break the coin as then the coin will be worthless and he will lose too.

[placebo]

I'm very impressed how this project is being handled. I will join this ICO for sure. This dev knows what he is talking about and i believe this coin can be a nice alternative for ZEC and i believe it has more to offer then ZEC. I'm looking forward for Nov. 28. Finally a coin that really looks promissing.

Nice to see u here Placebo, if you are in then im in for sure on this one, 

We talk later on Yobit, regards man.

I already created my account on the website .  Also 5% premine is a lot less then coins like LSK etc. They had 10% for development. 5% is a good amount, not too high , not too low. Wondering if it will be added on Poloniex Yobit, C-CEX, Bittrex, etc for sure... but the big money is on Polo, so if it can hit Poloniex then this can be a very interesting coin to invest in

We should notice that in poloniex is also zcash so it may affect the process of listing the ebitz, but yeah if ebitz will be listed in poloniex then it would be awesome because trading volume there is $10M daily.

The biggest issue with ZCASH is the inflation I see EBZ price doing a lot better then ZCASH because it doesn't have any inflation at all, yes, a small 3% yearly...

[bittraffic]

Zcash is all over the exchanges already. i prefer to trade on yobit because buy and selling is made easy than on some other exchanges that I'd have to wait for someone to bid for the price i order. Ebitz is backed by great team. 

[robelneo]

Zcash is all over the exchanges already. i prefer to trade on yobit because buy and selling is made easy than on some other exchanges that I'd have to wait for someone to bid for the price i order. Ebitz is backed by great team. 

I also prefer to trade Ebitz on Yobit this is my main exchange and I use my earnings to buy coins and beside Yobit traders are known to throw their support on popular projects like Ebitz.

[twistelaar]

What if somebody buys 100BTC, or 200?

Or do you have a build in limit in the ico per registrant?

[alexa10]

how to mining?

[placebo]

What if somebody buys 100BTC, or 200?

Or do you have a build in limit in the ico per registrant?

Look here:

Update about our ICO: Ebitz ICO will commence on November 28, 2016 (1 PM UTC) and end on December 26, 2016 (1 PM UTC), or when we reach the goal of 500 BTC.

Honestly, when you check that RISE had 1500 BTC during ICO then I think this 500 BTC can be achieved pretty fast.

[cohnhead]

No Risk No Reward

Im ready to take some risk on this  

Good luck developers.

Can we download the wallet, that could give us some confidence  

Escrow is desired extrabyte  

Weeks ago one Ico turn into a complete Scam, called deClouds or something like that, and the developers ran with the btc leaving the investors without any btc or coin. We dont want that happen again.

I would agree.

nothing ventured...nothing gained.

a wallet for review would be nice...but who knows maybe funds are needed to fully develop wallet.

escrow can be gamed so maybe not totally necessary.. still it give warm fuzzy to investors