Bitcoin Forum

I've been looking at this project Bitbay for several months. It does appear to offer an incredible feature set and is fully functional.
Was it actually the first alt to offer smart contracts?  I have some dash, eth, eos, cardano , and few others from way back and some Bitbay. Who here has researched Bitbay thoroughly? Why is this project not more widely known?
I'm looking to hear from those that have actually studied Bitbay.
What's the catch?  Are there more advanced projects around at a sub 300 market cap? It appears to offer more than many of the top 100 projects here and is older and is completely functional?


https://bitcointalk.org/index.php?topic=890531.0

 https://bitbay.market/

I don't like their website but that is not important for now.
Does it offer more than any other alt project outside of the top 100 alts? Top 50?
Does anyone have any criticisms of the project from a technical perspective?
I have invested around 3% of my crypto wealth in Bitbay the remaining in BTC, ada, eth, and a few others. I will increase to 10% bay if other projects do not surface through comparison that offer more value.
As far as I know this project is unrelated to Bitbay exchange.

Looking to compare Bitbay to any project outside of the top 25 let's go.

As far as I know, David Zimbeck, was the first person to create a peer-to-peer smart contract. This was taking place back around July of 2014.
https://www.youtube.com/watch?v=oS56CqCR-oU

He first worked with Blackcoin and also created BitHalo (a bitcoin based decentralized marketplace) before becoming lead dev of BitBay in early 2015 (after the community takeover).

Early on, his passion was "knowing" the importance of stability of price. He had  a vision of a decentralized protocol that could stabilize price. Without the need for collateral or promising a hard peg value to uphold.  
Meanwhile our only competition at the time was Tether, because they were the only other smart ones who realized the importance of stability back then.
For BitBay, it took years to develop the truly decentralized stability protocol called the Dynamic Peg. This is because it takes no short cuts!  Tether took short cuts and still is the king of stability coins but it is the most dangerous and centralized one to choose today.
Now that we have released our technology, we just simply need to grow awareness that we have a true alternative to Tether.


How it works...
It simply allows  the majority consensus to alway be in control of supply. This happens with simple Proof of Stake technology - the technology that ethereum is trying to transition to. We simply attach votes to the stake reward transactions. Voters are incentivised to vote because it gives them the power to control supply - which allows them to vote to attempt to protect their equity invested. No other coin offers this technology!!

The majority consensus completes a vote interval every 200 blocks. That means the vote restarts every 200 blocks. The average block height is 64 seconds. So, roughly every 3.55 hours the vote restarts.

At the end of each voting interval, voters get to decide:
Increase the available supply min 1% - max 3%
Or they can vote to keep supply the same
Or they can vote to reduce available supply min 1% - max 3%

When the feds adjust supply, it might take years before results take into affect.
With us, we are adjusting every 3.5 hours. Always trying to let supply equalize with demand.

It's done by enforcing a supply of coins. This supply can ONLY increase in value by stake rewards going to the coin holders that protect the block chain (adds about 1-3% increase a year in supply).
The dynamic peg simply gives every coin a memory. The coins never lose their memory. They have 2 states, they can either be a liquid coin or a reserve coin.
This can all be done proportionally through a simple curvature graph.
The voters (majority consensus) decide how many coins can be liquid and how many coins can be reserve.
Liquid coins have no limitations, hold the most voting power and have the potential to provide the highest ROI from stake rewards.
Reserve coins can only transact with a 1 month timelock applied to the receiver. This means that the receiver will not be able to move the coins on-chain again until the time lock expires. This simple delay mechanism creates a sub-premium quality to the coin.

I recently created a google spreadsheet that tracks how the dynamic peg index functions.
I added a new column to it that shows how much capital is needed to hold a supply level at a specific price.
It's important to realize that our true strength doesn't come from an altcoin bull rally created by bitcoin.
Our true strength comes from realizing that you don't have to leave crypto with your profits after the bull rally ends.
With BitBay, you can park your equity with a protocol that fights to enforce the floor price.
This makes trading it a breeze. The current floor price is 0.20$  It's optimum to place orders around 0.19$ - 0.21$
If supply is willing, it will sell into those levels.
If more supply is needed then voters can agree to increase supply.
If too much supply drops price, then voters can agree to decrease supply to get it back to floor price.
Wash, rinse and repeat.

Hope this helps some with the inquiry!
Here is the link to the google spreadsheet that shows how much capital is needed to enforce a specific peg index level
https://docs.google.com/spreadsheets/d/1mam-OhRuhbgQWhOPTObBX-cJBEjvK4OexPtgnJF9FKU/edit?usp=sharing

Apparently Bitbay did not reach the acceptance that ETH, ADA, XLM or TRX has had.

But it is a good promise, its future is not yet known.

I for now put more for these altacoins ...

BitBay was actually top volume maker on Bittrex for multiple days back in 2016-2017.
Back when Bittrex was top exchange.

Bittrex would not give a straight answer as to why they wouldn't incorporate code for dynamic peg. So they delisted BitBay.
Latoken.com was the only exchange we could find to help list BitBay.

BitBay dev's are currently working on creating a new revolutionary multisignature exchange (for 3rd party) to host bitbay. And they will eventually be added to BlockDx, which is a truly decentralized atomic swap exchange.

Lot's to look forward to!

The exchange being constructed is going to be very interesting. Bittrex delisting and cryptopia failing was not good but having your own independent exchange will be a huge step forward.

With the Bitbay base code, can other 3rd party teams built services on top of it? It seems ideal for futures or sports betting, and you could have hosts of independent fully automated stores with auto escrow for high value items like bullion.

Yes it can. In the future the community will be able to create a library of both open source and closed source dapps.
These smart contracts can run "under the hood" in any website that wishes to integrate BitBay as a payment option. And since BitBay is already providing a price stabilizing mechanism, it gives us that much more appeal to be used as a payment method!
The automated escrow is key to keeping the contracts trustless. And when you no longer need a middleman to host the contract, you can cut out the fees associated with them.
This puts more money back into the pockets of the users!

I have used the market wallet and it is one of the most advanced I have used. The number of options is quite immense. Is there a planned web and phone based front end with all of the same features? The videos and tutorial are very good.  There could be a few more.
I can find no other project that comes close to offering anything like this project does outside of the top 20 that is anywhere near completion.
I actually started this thread to entice other members to suggest any other projects that offer something like Bitbay. It genuinely does seem to offer more than any other alt out there and certainly more than anything outside of the very most well known and billion dollar caps.

It was overly obvious Bitbay kind of struggle to reach the acceptance that ADA, XLM has had. It looks promising to some extent, though its future is not yet ascertained. It's worth the stake.

I don’t think Bitbay offers more than all the other fun ones the reliability of this exchange site is much lower many are afraid to exchange because the demand for sports betting is much less new exchange sites are scamming more. Binance and bittrex are listed everywhere for the exchange it will take a long time for the demand to increase i have no idea how long it will last in the market.

I don't know what is so special about this cryptocurrency exchange. Reading a detailed review (https://cryptogeek.info/en/exchanges/bitbay) about BitPay, I didn't see anything that breakthrough and innovative from which I would like to trade on this exchange. The only thing that pleases is that the exchange was launched in 2014. This is a very long time, it is amazing that the exchange has not yet closed.

The confusing replies above were explained when I realized that some exchange has named themselves Bitbay?
I mean for this thread to focus on Bitbay the decentralized marketplace and rolling peg. I hear they are to launch a decentralized exchange shortly but that is nothing to do with this other Bitbay exchange.

I have not seen an alt that offers more in terms of potential use cases, utility and plausible real world application. The rolling pegging is the only decentralized way to smooth price fluctuations that is entirely trustless.
I don't think it is quite aggressive enough but that could be adjusted.
If you can suggest another project here that you feel offers anything like Bitbay outside of the top 100 please post it here.
I am interested in comparing Bitbay with any others that offer similar value currently.

I dont know why they have avoided all marketing until the project is complete. I think this is a mistake the larger projects advertise and market long before they have produced anything functional.

There are lots of Alts that claim to offer more. Most of those are never completed.

This can be applied to many alts but with Bitbay if you examine it closely you will notice it is complete to a stage where it is fully functioning. There is some polishing to be done but it is nearer completion than the vast majority of alt projects.
I am not claiming Bitbay is definitely the best alt project. I am asking other members to tell me does it offer more than all other alt projects. I think it does and certainly it offers more than anything that is not a top 20 coin.
Take a look before assuming it is like most other alts out there. This project has some very original and interesting features that could have some real world usecases.  

Download the web market place and watch the video tutorials. You will see what I mean.

No, Other alts like Tron, XRP, XLM, Litecoin, Ethereum, EOS, and more are more offer things rather than Bitbay project. I visit the link and the projects since 2014, old project right, but I never hear about it. And I try to search it on coinmarketcap and I found nothing. My reference to the rate that the coin is good or not. So the answers are clear Bitbay is shitcoin for me, this is my personal opinion, you may disagree

But what Im asking is does Bitbay offer more technically than all other alts.
Not if it is more expensive.

For example if cars with 20bhp and square wheels cost 1M dollars and I was only asking 10k for a car with 1000bhp and round wheels then would that mean the 1000bhp car was a shit car?

Now I'm not suggesting eth is a shitcoin. Xrp is certainly a centralized garbage project and if you examined the distribution, xlm is a copy of xrp with good distribution. Tron I'm not sure about.
However the entire goal of most people here to is find projects that compete technically with the top alts that are under the radar and point of entry is very low.

Judging a project by its market cap is a not entirely sensible.
One must evaluate the technical aspects and the potential usecases.
When I have questioned highly respected developers from other very innovative projects they have agreed Bitbay is a hyper advanced project that is perhaps the most underrated here.

I want to hear from people that really want to make a technical comparison between projects.
I feel that is most useful.

One should not worry about the price especially since it is at the mercy of 3rd party centralized exchanges.
Bitbay is currently constructing it's own in house decentralized exchange.

Compare technically with regard real world practical usecases.
Eth is outstanding of course but is magnitudes more expensive.
Cmc is highly manipulated and very misleading.

I think I had see them before back in the old days, almost forgot about this one.
Well if their marketing team are too lazy to do their work which is marketing chance the project will dying out, no matter what you think your project is. I personally think most of the top 50 or even top 20 are worth a crap technically and usefulness in real world, most are just a copy or fork of the others.
Who ever going to use Ethereum classic and it's still worth almost a billion dollars?

It's not exactly that the marketing team is lazy or anything. The problem is that there are no more funds for marketing left after getting scammed out early on in the project by a core team member. He left with those funds.
Things were coing really well when we were on Bittrex. Then they delisted us because they didn't want do deal with the advanced coding of the peg, even though they were offered help with it. Since lots of other exchanges were using Bittrex as a base we lost them too. On top of that all the others exchanges have just delisted us, some without giving a reason. So in the end we've spent lots of funds on exchanges that dropped us all of a sudden.

This thread seeks to establish is whether or not Bitbay offers more technically than any other alt outside of the top 100 or top 50? Even the top 25. This is not an attemp to claim it is the best project out (although it may be)and to unfairly criticise other projects. I want to hear why any members feel it is not.

What I wanted to do was have a transparent and fair comparison the design and technical advantages that each project has and how those designs open up opportunities for real world applications and use cases.

I've not heard any other criticism other than people are not aware of it. That is entirely irrelevant for this thread.
I want to know what projects if there are any out there offer more than Bitbay outside of the top 100 or even top 50.
I am also a huge fan of ethereum and several other very large projects but I want to locate and invest in lower cap projects for obvious reasons.

So far I see no member suggesting a project that comes even close to offering what Bitbay does for anywhere near this price range. Take into account it is the only plausible fully decentralized peg out there and DDE market place that exists.
The use cases for this are enormous. The elegant design is quite unique.

If you can stabilize a price then you can utilize it as a medium of exchange. This is vital to allow crypto to succeed in achieving mass adoption.
But at the same time stabilizing price into a hard pegged value has more disadvantages than advantages.
Allowing price to continuously discover fair market value is a win win for both investors and speculators.

Never before has crypto been able to provide investors with mathematical certainties about price.
We know the floor price is set to 0.20$ per liquid coin.
We know that the majority consensus of voters can enforce this price.
We also know that there is a fixed amount of coins and they hold a memory that never changes. (however, due to staking supply adjusts  - which only adds 1-3% to the supply every year - not enough to hurt price)
And since we know that the price can be enforced and the supply can be determined, then we have all the variables needed to complete a mathematical equation to determine support levels.

Floor Price + Liquid Supply Support + Peg Index Level = Sustainable Market Cap

There are roughly over 1 billion coins in circulation. With a floor price of 0.20$ we can determine that the cost to hold BitBay completely liquid will require about 200,000,000$
With that support level in place, it would be impossible for someone to sell under 0.20$!!!

At that point, they only thing that can happen is that the price will have to go up in value if demand continues to buy!!!
This puts pressure on the price algorithm to increase the floor price value.
The current algo that voters use is very simple. In the future we will allow for custom algo's for voters to use.
The current algo will increase the floor price once the market price increases 3x the floor price for a set amount of time. And then it increases the value of the floor price by by 1.5 times.

So if the market value stayed above 0.60$ for a set amount of time (I think it takes 2-3 days), then the floor price of the algo would increase from 0.20$ to 0.30$
At 0.30$ the equity needed to support a full liquid supply of coins would be roughly 300,000,000
This new value is protected by the majority consensus of voters. It is enforceable!!!

So an investor that decided to provide support of 200,000,000 could eventually see the value of his investment increase 50% with the guarantee that he owns the majority consensus and could protect his equity by voting.
This investor would have literally bought out the bottom with no fear of someone trying to undermine his investment in the future!

Again, we can finally apply math to the price of a cryptocurrency. No one else gives this same kind of guarantee other than hard pegged stablecoins. Which can only provide small ROI by buy low sell high tactics on the spread.

Here is a google spreadsheet that shows how the dynamic peg can freeze liquid coins into reserve coins and let investors determine what market cap is need to support the floor price at a specific peg index level.
https://docs.google.com/spreadsheets/d/1mam-OhRuhbgQWhOPTObBX-cJBEjvK4OexPtgnJF9FKU/edit?usp=sharing

The above explanation is very interesting. It is obviously an ingenious design.
It removes reliance upon a centralized party to hold collateral that provides the guarantee of assured value.
Is the reduction of liquid supply rapid or aggressive enough in your opinion?

As the recent bitbay twitter tweet would explain that the last bitcoin dump could have mitigated its losses. Bitcoin dumped around 16% in just 28 hours.
The dynamic peg would have allowed bitcoin holders the ability to freeze 24% of supply if it had the dynamic peg integrated into it.

There is no telling how this could affect the price of bitcoin. It's never been tested on a high volume scale. But it will once it is discovered.
Just imagine how much support could be found by people waiting on the dips when you have a protocol that can enforce protecting a store of value that suites the majority consensus needs.

https://twitter.com/BitBayofficial/status/1332063147012853763

edit:
I would say that is aggressive enough  ;D

I might not have much information about this project but one thing I have come to understand for a while now is that, once the team within a project is capable of offering good features and not only that, but the team being also able to maintain and improve on those features, the project will stand the test of time; this is to the best of my understanding is what has kept many blockchains platform working till date, whilst they grow both in operations and in users. So I think, for Bitbay not to be widely known shows that the team might have lost interest or failed to keep up to what's expected of them which might then result to less attention from users. Nevertheless, I will check on the platform to understand more and why it really caught your attention to this extent.

Yes, download the marketplace wallet and read the white paper also talk to the developer.
I have no reservations at all saying this is by far the most underrated project here if you are using price or market cap as some form of marker.

There are other projects proclaiming they can build something similar but claims I have noticed far more often than not hear remain claims or dreams.

I'm not advocating people leave bitcoin for any alt but some projects have such vast potential gains from sub 300 market caps it is worth considering a small taste be it Bitbay or one of the other interesting and underrated projects.  

Cr197

That is a very interesting link. I think bay has developed an extreme volatility prevention mechanism. It's certainly a stability mechanism rather than a hard peg. The security and cold staking feature is also amazing the voting mechanism. The wall of features on the thread are immense and that was 2018 the last update. I see many updates since then.

Bitbay is not completed because its exchange is not finished yet. I prefer coins that are more similar to Bitcoin, like Litecoin and Doge. They are easier for people to use. Too complicated Alts like Ethereum or Bitbay aren’t what most people need or want.

The decentralized exchange they are currently working on is an extra they are adding to the completed project. They can polish some aspects but their projects is fully functional.
The decentralized exchange is almost to a test level apparently so that is very exciting. Most of Bitbay issues look to stem from 3rd party services letting them down. They are now going to able to avoid that and no longer rely on centralized exchanges.

Simple projects that are almost bitcoin clones are very desirable to some people but it is hard for them to stand out against other alts technically. I have some litecoin and doge also. You

You say alts that copy bitcoin have a hard time to stand out from bitcoin and other simple coins. So the same for coins that copy ethereum and other complicated coins. You have said yourself you have bitcoin, litecoin and doge so you know this.

Well Bitbay was the first smart contract capable project and is in no way a fork or copy of ethereum.
Having said that, I take your point that complex projects are not for everyone. If you prefer to use simple designs that is a your choice.

The thread only seeks to examine if Bitbay offers more features and functionality than anything else around its price range or even. 50 or 100x or 500x more expensive.
I'm not a Bitbay maximalist I have a few projects that I'm invested in but Bitbay strikes me as stupidly underrated and undervalued. It's just crazy to me it has a cap that low. If there is anything out there completed and offering anywhere near the useful array of features at anywhere near this price then bring it here.

Strange this rolling peg hasn't been covered more in the crypto media.



I will have a look at TCR but is it completed?
If it's a concept but as yet not test ready then its not a comparison for a complete project.

What is the point of Bitbay and Ethereum? People only need bitcoin to send coins to each other to pay for things. It is slow so litecoin and doge improved on speed and cost less.

Well Bitbay and Etherum allow unbreakable contracts. So that opens up endless usecases. Its smart money. It knows only to transfer if the terms of some agreement are met. I love the idea of DDE which bay has.
Both are part of decentralizing many aspects of trade, services etc that would easily be abused if they were centralized.
Sure some of the features are super powerful and super complex especially with ethereum.
The rolling peg is also ingenious and would be ideal for their p2p marketplace.

If you only ever needed to send coins to each other and nothing more and both parties were 100% trustworthy you would never need anything more than bitcoin really. Of course litecoin, doge etc are good to off load the strain and as back ups.

I don't need smart contracts. Or any of those unnecessary features. I buy things I send them litecoin or doge. It takes seconds.  You should change the thread name because it does not offer more to everyone. It offers nothing extra to me.

Yes you believe it offers nothing additional to you but what if

● you send coins without escrow and get scammed?
 
Or

● you wish to cold stake your coins and receive interest?

Or

● you wished to leave your relative some of your lite coins but wanted them released gradually over time?

I mean with ethereum and smart coins you can do lots of interesting things.
I wish to find out is the a project that can offer more features than others for the extremely low cost of Bitbay?
I'm joining with the Bitbay team to learn more. The more I find out what they are doing, the more I'm convinced they are the best value project out there.

I track Bitbay in Coinmarketcap as a crypto asset and the data is nothing. It is still empty. But when I tracked the exchange, this is true:
https://coinmarketcap.com/exchanges/bitbay/

If looking at the volume, Bitbay has good trading volume as an exchange. However, if it is a coin, we need to seek deeper as shown in Coingecko
https://www.coingecko.com/en/coins/bitbay
The problem is that is this exchange trusted, reputable, and also great enough?

The price of BAY as the token of Bitbay itself is around $0.21. It is following the other altcoins where they are increasing their price.

I think the price is very good and it might be very expensive because this is an exchange platform so it is impossible to decline, judging from Binance which has the same platform as Bitbay.

Tell me a bit about it here. Tell me the main points that are good about it that stand out.
I really like completed projects due to the fact I've been scammed before with promises.
Tokens are not usually something I would look at. However something exceptional that was ready and tested could be something g to consider.

People are free to suggest anything they believe offers as much as Bitbay does for comparable investment.
Even projects 10x the cap are welcome as sensible comparisons. So yes ethereum offers very complex smart contracts but does have higher overheads than Bitbay which can still conduct smart (enough) contracts for most cases and has a pegging mechanism. So yes they are kind of comparable. But the price is completely different.

I welcome all comparisons.

I think what anyone will say you will still claim Bitbay is superior because it have a lot of features. Even when people do not always need them.

I'm not sure that you understand what these features are.
They would protect you from being scammed through the DDE and cut out any middle man fees both for the escrow or 3rd party market place or auctions.

You would find the features very useful. I feel you either do not understand those features and many others Bitbay provides or haven't studied Bitbay at all. It is the most remarkable project that I've found here sitting outside of the top 25.

How does Bitbay operate entirely free escrow, it is for the consumer to trust Bitbay decision. I download their wallet and see nothing.

You probably downloaded the standard QT wallet? Try the marketplace wallet this is the powerful one with all of the features.
Watch the instructional videos. Please comment only after spending the time to give it a fair trial.
You appear to have joined and immediately posted negative comments. Test and research what Bitbay is capable of.
Do you see that no member has provided another example of a project that can offer anything like this for the similar or even 10x its market cap.

I joined to talk about litecoin. I see you are saying that Bitbay is better than all other alts. That is why I comment.
I have downloaded the Bitbay market place wallet. It looks very complicated for a average user. It does look very different than litecoin or dogecoin. I have not watched instruction videos. There is 2 variety of Bitbay coins.

Yes there are 2 states of Bitbay. That is the elastic supply. Some are liquid and others are reserved or frozen.
The liquid supply is determined by both demand and the votes of liquid holders.
That is merely part of the genius.

I The only problem Bitbay has is that most investors in the crypto sector are unable to correctly appraise and analyse new projects.

There is no other project that can really be said to compare with Bitbay and certainly not outside of the top 25 on coinmarketcap.