Bitcoin Forum

Please forgive my noob questions. I'm new to this, and don't know where to start.

I stumbled across this site by coincidence: http://bitbay.market/

This has not anything to do with bitcoin, right? This is a similar technology?

Are there other decentralized markets out there?

there's syscoin and projects like openbazar as well, but bitbay is the one with smart contracts and pegging on the way (and well known genius dev behind it)
i invested few btc in bitbay for the long run  8)

Bitbay so far are the only one who made it very close, altough they are taking a very long time to do it.
The coin seems to going up on bittrex the last couple of days. So there is something going on there.

Thank you for your answers.

I found some info on syscoin and openbazar. They both seem to be dependent on escrow agents. That's a contradiction to decentralized. Or am I missing something?

So you both think BitBay is a good investment? At what price point is it not a good investment anymore?

I can't see much downside at all at this point.

I agree. This project is one of the most undervalued due to the unfortunate ICO events. Its competitor Syscoin is currently 20x value.

I bought some. Maybe I buy more next week when I get more bitcoin  :)


I never got an answer to that question. Why do many call syscoin and openbazar decentralized when they depend on escrow?

Good question. I guess no one can answer it because it's not true to begin with. Maybe they have monitors for the escrow agents? Yet that isn't decentralized. And who pays the monitors for the escrow agents? Is there extra mining fees to cover both the escrow agents and the monitors of the escrow agents? Sounds like a nightmare in terms of a scalability factor.

NXT also has a (decentralized) marketplace but that not very well known, therefore it's illiquid and generally speaking you can't see too many signs of life over there.

After a quick google search I get the impression that there are two NXT markets. Is that correct?
The NXT market for digital content only with feedback as the only buyer protection?
The NXT freemarket for everything else and relying on feedback and escrow agent is that correct?

I guess you could argue that relying on feedback only is fully decentralized. Not sure I would take the risk unless it was for very small amounts of money though.

Please correct me if I got this wrong

There is also freemarket what bases on Nxt blockchain but is not the Nxt Marketplace itself.

You can download software here http://nxtfreemarket.com or use the web version https://freemarketlite.cc/index.html

I read somewhere yesterday the NXT Dev had jumped ship to Lisk? Not sure if that's true.

I own Bitbay too! Such a sleeping giant! David Zimbeck who is doing the Dev at Bitbay and the create of 'Halo' & 'Nighttrader' is like the Bill Gates of crypto! I'm expecting Bitbay to be a contender in 2016!

I own Bitbay! I see the potential it has and what David is doing over there is ground breaking stuff. I've bought in early and glad I did! This is explode

I own bitbay too now  :)

But I would still like to know if bitbay is the only decentralized market or if there are others out there.

I think it's the only one

Open-Bazaar is another decentralized market. It a peer to peer marketplace where people can sell and buy goods in bitcoin. I think you would be throughly interested and also, I am not sure if it is fully functioning yet. I see decentralized market places as the new "market". People seem to have another added level of comfort knowing that something is decentralized. 

As I understand it openbazar will use escrow agents. How can anything be decentralized when it uses escrow agents? Thats just another version of ebay etc.
If I'm missing something here, please tell me

I think this link regarding disputes on Open-Bazaar would be able to answer your question in full detail without leaving behind any connecting dots much more simpler than I can.  :)

https://gist.github.com/drwasho/405d51bd1b1a32e38145

Bitbay will use Bithalo Which specifically is decentralized escrow (2 party escrow) making it the only decentralised market that I'm aware

Open bizarre isn't out yet I believe. So many crypto's promising things but haven't yet delivered. At least Bitbay have something out there working!

Thanks for the link. This was interesting...
But my oh my, what a terrible idea. There's not just one but potentially two third parties.
Users would have to trust anonymous strangers or the third parties would have to charge high fee's to cover potential liability costs.

But all that is besides the point really. it's clear to me that this is not a truly decentralized market, and that's what I wanted to know.

I wonder if decentralized markets are really in use. Just saying.

I don't really care if it's out there or not. It's the concept of decentralized market I'm interested in because I think it can be used for other things as well. But it has to be fully decentralized, not semi.
So me buying a little Bay was only to be able to tell my grandchildren that I once supported the worlds first decentralized market (if that's what Bitbay is)

yes Bitbay have one - download it! test it out!

I understand what you are saying about being interested in the concept decentralized market, but funsponge has a point.
I get the impression that you are new to the crypto scene. What you should know is that new coins are released daily by anonymous devs with impressive plans. Most of these are just pump and dump schemes. Decentralized markets are one of the features they sometimes claim in order to get people to invest. Sadly they have neither the intention nor the ability to deliver that.
Then there are those that build some kind of market and call it decentralized when it's not. (Kudos for noticing that. A lot of veterans in here have not seen it).
So it is important that it is out there.

I would very much like to hear how you plan to use the tech or the consept

I stand corrected.  :)
Thank you for making it so clear. It does matter that it's out there.

There's nothing I would like more than to talk about my project, but it's a little early for that. Maybe in a few months...

interesting indeed - seems like everyones rushing to buy coins with decentralized markets. They have forgotten about Bitbay or is that next week shopping list?

Bump

My last attempt to  ask if there are other coins than BitBay that have decentralized market

there isnt as far as im aware. David Zimbeck is your best bet for a answer as he has build the only true decentralsed market for bitbay and can tell you which comes close and which are just major fakes that are claiming to be decentralised. Hes on the Bitbay thread daily.

We aren't launched yet and you didn't specify whether you wanted to know about launched projects only.

eMunie has a decentralized marketplace, all the usual expected features and we have auctions functioning too.  I *think* we are the only ones to do this successfully so far (I may be wrong).  Seller nodes don't need to be online 24/7 either, just fire and forget your listing and come online daily to check for sales.

Its pretty much feature complete at this point, and you'll be able to test drive it in the upcoming Open Beta (scheduled for just after Coinfest).

If you didn't want still in development projects, accept my apology and I'll get my coat :)

David (to my knowledge anyway) is a great dev. Not only can he code out stuff a lot of devs can't he's actually very straight and down to earth.  Also very active on the thread. He is probably just a little bit too quiet.
Bitbay is a sleeping giant. Probably one of the most under rated projects on this board. I bought some at the ICO and still hold it. I have grabbed another bite lately since he has stayed with the project until now and I believe he will stick to the end. Kudos to the man who could have chucked it in when the rest of the bay team bailed.

The decentralized market is not it's only feature and will probably not be it's most important either.

You may leave your coat where it is, and no apologies needed  :)

I can't find any info that confirms that the market you are referring to is truly decentralized. Any links?

We've operated pretty much under the radar for most of the past 3 years, lots of R&D etc.  Most features have been through multiple iterations since the beginning, I had some goals I wanted to meet no matter what it took, but how to get there was pretty unknown.  

I chose not to keep much public tech info available as it would mean constantly updating or redoing it as ideas were scrapped and new ones trialed.  Detrimental with regard to keeping people educated but much less work load for me :)

That's slowly changing as functionality and algorithms etc are finalized.  If you want to be more involved in discussions and stay in the loop, most activity happens on our forum, as having those type of discussions here these days is a difficult due to all the discussions from all the other projects.  

I'm there daily and chat live in the shout box, answer questions, discuss tech, and we're now in the position where we can educate publicly (the first ever eMunie presentation is happening at the UK Coinfest for example).  So come on over, if you can't find the answer you need to a topic in the threads there, post a new one and I'll happily provide in depth answers :)

I didn't quite understand what you ment in your last sentence, but I'm starting to wonder...
I have downloaded the software now. In the custom contract there is as choice between normal contract and phyton/smart contract. Is that what you mean? Is it possible to write code for your own contracts? Is phyton contract BitBay's equivalent to Etherum's Dapps?

Yes, you will be able to write code for your own smart contracts. It is not the same as Etherum. Etherum is somewhat limited. Python contracts will be much more powerful. You should go to bitbay thread https://bitcointalk.org/index.php?topic=890531.new#new and ask David about this if this is something you are interested in.

No more suggestions for decentralized market, so I guess BitBay really is the only one.

I want to thank all of you that have tried to answer my question.

I assume that I'm supposed to lock this topic now that I will not check it anymore?