That's what I love about you David. Always trying to think ahead.
For you to still worry about scaling even after you've put so much though into BitBay's design to prevent bloat, is a great indication of how strong this coin really is. Even though you say there is a lot of work to do, I at least know you have been adamant from the beginning with keeping the coin as streamline as possible.
Thanks for letting us know you still think scalability is still a huge factor with all of crypto in general. I'll add it to the list of projects that need to be addressed after the peg is complete and for when we refactor the coding.

It makes me realize how many other coins are digging their own grave in regards to scalability. Sadly they can't or won't address it in fear of scaring investor confidence, which just allows the problem to spiral out of control even faster.

______

Just throwing thoughts out on the matter...
In regards to lightning networks - I know you (David) have your concerns over the matter because the system currently needs a strong central hub account holder to keep the transactions safe of others.

So killing 2 birds with one stone...
cryptohunter mentioned supernodes. what if we utilize a supernode system for the sake and safety of properly managing lightning networks?
It would solve a big portion of scalability along with appeasing the community investors with reason to support the coin by holding super nodes?
Have a portion of stake rewards provide incentive to supernodes/lightning network service nodes?

If the community wants it then sure. Granted David's recent release has paved the way for him to focus on the remaining core features: CLTV UI which is pretty much near completion, the last 4 smart contract templates, API, and then the rolling peg.

At this point those take top priority as I see the rolling peg being the most influential feature that we can add and has the potential to turn these 'churners' into looking for a new job.

With the new donate stake reward feature the possibilities are endless.
We can setup similar to Monero and have a dedicated webpage that not only votes for what to be posted on it, but voters can even donate their stake reward to fund the innovations. This way there will never be any gridlock. Budgets can be made for each innovation and the first innovation that reaches that budget gets the funding in motion to complete.
There is no other coin in cryptoland that can do this.
BitBay will be one of the first coins to help prove to the world that POW is a flawed system that is destined to create nothing but a centralized atmosphere of greedy miners.

So I'm all for throwing a vote on anything. I will pass along to the webdev that we need to create a page dedicated to funding new innovations. However, for the sake of Davids sanity, the core build must be completed first. Then any innovation that the majority voice of community requests can become the next focal point to integrate

The basic design of it is:
Have a system in place that freezes or liquefies coins in everyones' wallets at a proportional level based on price volatility.
These price corrections will be achieved through the use of our decentralized voting consensus. If people choose not to vote then their wallets will by default vote to allow an algorithm decide whats best for the system.
This freezing and liquefying will create coins of various values. You will have premium high liquidity  coins and lower value highly frozen coins.
These frozen coins can still be sold but with timelocks (CLTV), this will create a futures market for BitBay coins - the first of it's kind - where speculators will be able to buy up frozen coins in hopes that upon timelock maturity they will be worth more than they bought them for.
Exchanges will be enforced to utilize an API to track the frozen/liquid coin ratio. They will have multiple API's to choose from. The more advanced will be more accurate price reflections, while the lazier ones will become more of a pool causing traders to lose potential profits. Since the coins can be used as a new hedging tool for traders, I think exchanges will like the new volume it creates. Since we are a rolling peg we don't have to guarantee a definitive price, this allows for price still to swing just not in a volatile manner. With these small price swings it will allow for traders to potentially maximize their compounding interest affect! While hard pegged coins have to remain constant (hopefully)

Should create for one of the most exciting and lucrative trading games on the planet!

Hope this helps explain in a nutshell. We will release whitepaper on this in a couple months.

Block size: Good question. From doing a search I found David mentioning that BitBay is similar to Bitcoin in blocksize - yet we have a 64 second block time

Reward blocks will soon be roughly 20.5 Bays per block. Hope to have that update corrected within the month. This amount auto adjusts as it's based on 1% of the total supply. So as supply increases so will the block reward in retrospect. 1,007,611,188 BAY currently in circulation with 64 second blocks at 1% APR = 20.4487 per block
Nothing is set in stone with the current APR of 1%. There has been discussion of creating a variable APR rate in conjunction with the rolling peg to further strengthen price stability.



We do not have Masternodes. We feel they have a tendency to centralized a coin. Coins that use masternodes to steer development are only going to look out for the 'masters' own best interests.
BitBay has the first user friendly decentralized voting consensus built into the wallet. This system allows for anyone with coins to vote - not just the elite rich. This provides opportunity for the "majority" to cast their voice on new innovations not just the elite 'masters' (sounds so cliche saying that in cryptoland).

|
We are excited to announce the new version of the BitBay Client - v1.28 - included along with our weekly community update.
You can view it here:
http://bitbay.market/blog/
http://bitbay.market/bitbay-community-update-performance-upgrade-v1-28-july-17th/


The new Client version will not overwrite the existing bitbaydata folder. I'm not on Mac so I can't guarantee the same applies to Mac users. It's best to create a backup of the bitbaydata folder to be safe.


We will update the version numbers on the website download page ASAP.
This update will allow the development team to focus solely on coding new feature to the Client - the remaining templates, CLTV UI, API, and rolling peg tech. (edited)

The Core team has come to the conclusion that it is in the best interest to revise the current website first, and then begin building a brand new website. This will give us more time to conceptualize our new branding guidelines.

The development team is finalizing the builds for the new release of Client. You can expect this release any day now. If you missed last week’s community update, this new version will update the following:
     Main update:
         The new built-in price tracking Custom Contract Template and soon to be released Buy/Sell Anything Template. This price tracking is vital for merchants to keep their merchandise as accurate as possible in real time.

     Minor fixes:
         Will provide a superficial fix to Mac synchronization issue
         Updated addnode list to the bitbay.conf file allowing your Client to find network connections faster.

Blocknet has successfully tested an atomic trade transaction pairing a trade between BitBay and Digibyte! Their decentralized exchange (Dex) will allow BIP 65 compatible coins to trade with each other through direct exchange pairings (no need to transition to Bitcoin first). When they complete their design, cryptocurrencies will be able to trade coins without the need for traders to deposit their capital into the hands of a middleman and therefore provide a reduced commission fee per trade!
https://bitcointalk.org/index.php?topic=890531.msg20008293#msg20008293

We are still organizing our preliminary budget before we release an official update to our community on our marketing fund, will update community as soon as it's finalized.

The development of our two secret summer projects continues. We will hopefully have more information on their progress by next week.

Thanks for the update ~ truxton!

 

Can't wait for this to begin growing!
It's going to be a beautiful sight to watch the migration from centralized exchanges to decentralized exchanges!

BitBay has begun its Chinese Tencent QQ community marketing campaign!
http://www.hongico.com/portal.php
We wish to expand our outreach into the Chinese community for months to come and provide as many community updates and translated blogs as possible!


David’s prepping to release next update for the Client - can be expected this coming week.
The new built-in price tracking Custom Contract Template and soon to be released Buy/Sell Anything Template. This price tracking is vital for merchants to keep their merchandise as accurate as possible in real time.
Will provide a superficial fix to Mac synchronization issue
Along with an updated addnode list to the bitbay.conf file for stronger network connections.


Multiple translators are beginning translations of BitBay documentation.
Currently we have in progress the translation of the bitcointalk OP in:
Dutch
French
Chinese
Portuguese
Some of these translators will be managing the native tongue BCT threads as well
We obviously have many more translator positions to fill. If you are interested please contact either Aletha or Craig.


We are still organizing our preliminary budget before we release an official update to our community on our marketing fund - should hopefully be next week.


Development of our two secret projects that are due to be release this summer are progressing. Hope to be testing one to prep for release within the next 2-3 weeks. We apologize for the delay, the developer’s family health issue has passed with good news and he is finally back to coding!


Thanks for supporting BitBay!

Yeah we got hammered hard by this guy.
https://chainz.cryptoid.info/bay/address.dws?15057.htm

Dumped 4.4 million coins on us last night.
Sadly if he sold conservatively he could have made nearly twice as much.

But one less person to have to deal with in the future.

 
 

We are excited to announce that the following aspects of the bounty list have been assigned to the marketing team under the coordination of our Head of Marketing, Toomuchfun. To accept a bounty, simply apply for it. If you feel the price for a bounty should be increased you may also let us know your reason and we could potentially do so if it makes sense. To keep up with the momentum we have steadily been building our marketing team, we have decided the best path forward is for marketing to focus on completing these tasks in the immediate short term:
 
Rewrite Halo documentation


Organize and post a treasure hunts


Assist in new PR campaign  


Manage Facebook marketing campaign


Manage Reddit marketing campaign


Improve “Official” Facebook page


YouTube videos about BitBay


SEO Bitcointalk Thread and Website


Create Signature Artwork
  
 
The following bounty tasks are available if anyone would like to put their names forward to contribute:
 
Graphics Designer
 
Make a GIF of the “software in action” - $50
Needs screenshots of markets, list of features with diversity of screenshots compelling marketing and nice animation. Seeing is believing we can use this to post on forums
Requirements:
Must have a background in graphic design or marketing
Consult with Aletha before beginning
 
 
 
Make Infographic - $50
SYS, Open Bazaar vs Bitbay - Revised. Make people understand there is no comparison. We have 2 party escrow and 100s of features. I don't even think OB has wallet functions. You may have to download the competitions wallet to know how far ahead we are.
ETH vs BitBay infographic - Consult with David first so he can make bullet points. The themes are: Our smart contracts apply more to real world situations, ETH is bloatware our stuff is all P2P, we have a user interface and they don't have demo contracts, we have hundreds of features within their wallet yet the mist client is goofy and doesn't let me select text. Do a serious comparison, take notes and report your opinion of differences. ETH has the advantage of being able to issue tokens and do fancy contracts and programmable accounting. A great advantage and although they can do double deposit it required 3 years of work for me to make the user interface, user experience etc and currently we are STILL the only software in the world that does contracting between peers. ETH has a protocol but no UI or demo contracts or way for peers to reach out to each other.
Redesign BitcoinTalk OP infographics - Consult with Craig  yet real graphic design
Requirements:
Must have background in graphic design or marketing
Redesign of “About BAY” infographic.
 
Testers
 
Client bug bounty – $25
Coding bugs only. UI discrepancies do not count
Requirements:
None - feel free to try out every feature you can. If you find any bugs post them in the #support channel on Slack or on Bitcointalk
Make sure you turn ‘on’ your ‘create debug file upon exit’ feature found in your general settings tab
 
 
Public Marketing Bounties:



Find a list of PR firms – $10
Rank your favorite PR firm first, talk to a few and see their outreach, compare prices and let us know which one you think is the best fit for us to hire. Can we reach a larger audience? Is there a Chinese PR firm?! Bonus if you find one that’s cheap.
Requirements:
Inquire with Aletha before beginning


YouTube videos about BitBay - $0.01 per subscriber
Get a youtuber to talk about BitBay and potentially interview a veteran community member or talk about bitbay in general. This is only if they are posting relevant content as a girl who does makeup videos should not be talking about Bitbay. If more than 500 usd in bounties are paid and we don't see effects we might change the bounty reward
If the youtube has more than 100,000 subscribers you get a $100 bonus up to 5 of these bounties can be redeemed before a review. If the youtube has a million subscribers or more we don't care if their content is relevant. It could be a hot chick who normally talks about makeup and we will still take it.
Requirements:
Inquire with Aletha before beginning
 
Placement on new Exchanges campaign – $25 - $1000
https://coinmarketcap.com/exchanges/volume/24-hour/  That link sorts exchanges by volume.
Although it’s true that the peg will make us obsolete to exchanges that don't want to work with us, we need to tap into the Chinese market and hopefully Polo (take a guess which one we will pay 1000 for). Smaller exchanges with almost no volume will get a lower reward and we will base what we pay entirely on volume. The TOP exchanges get a greater reward. But just because it’s the top doesn't mean it will get the maximum reward. The current budget for this will not exceed $3000 dollars until our core team reviews the effects of the new exchanges. IF there are costs involved approve those with us first and we will decide if to pursue said exchange.
Requirements:
Inquire with Aletha before beginning


 
Video Production
 
Video SEO campaign - $25 per video + costs (max 10 videos)
Start grabbing keywords to optimize easy videos. As not only do videos rank on google immediately but they usually rank at the top because google owns youtube. Keywords:"smart contracts" "unbreakable contracts" "decentralized markets" "rolling peg" "bitbay" and maybe run analytics on other keywords. If you want to split the bounty two people can work on this, one to manage SEO keyword research and another to create the videos. If the video is not cool or compelling we reserve the right to reject the attempt to claim this. So talk to core to make sure we like it. The payment of this job may be increased. Might require two people, one with video SEO expertise and one who makes good videos for the keywords.
Requirements:
Inquire with Aletha before beginning

   
 
Writers
 
 “Quality” posts to forums and news articles with good traffic - Price varies based on “quality” of post and location
Post to bitcointalk especially in communities we haven't tapped like Chinese OP. Do NOT SPAM the forums, space out your comments. Do things right, trolling will not be paid and no bots or abusing the bounty. In order to get paid submit links to the comments so we can confirm your count. We will give you a bonus for finding a new relevant forum. Do people post to topix? Where do the chinese post? What forums other than bitcointalk garner traffic? Reddit is included here so this bounty applies to reddit. Make sure the posts are quality. Not all slack members will qualify for this bounty as people should want to promote this way anyways because they love the project. So please ask us before you start. However we need to start reaching out more.
Commenting on news articles is allowed if its not trolling or obvious marketing of our project and it must be on articles that are actually related to the subject. Contact us for GIFs
Requirements:
Inquire with Aletha or Craig before beginning or else you will not receive any bounty.
 
 
 
Translators


Translate Bitcointalk OP - $30 per translation
Translate to chinese, russian, greek, spanish, dutch, french, arabic, hindi. The site will have a plugin that allows visitors to edit so this can be easily managed from freelancer or upwork.
Requirements
Inquire with Translator Manager(s) before beginning


Manage Chinese and/or Spanish communities - $20 per week per community
Our target markets are China and Venezuela cash buyers. Currently both countries have a hard time getting into crypto and our software solves that problems with trustless wires. We can increase payment if you can put in significant hours.
Reach out on QQ and make a list of platforms that are used in China or forums they go to in order to talk about crypto.
Contact their media outlets and bloggers and vloggers.
Should probably speak the language but if we don't have anyone who does then take the bounty and use google translation until someone is found to take your place
Requirements
Inquire with Aletha before beginning


 
 
Web Designer
 
Web Developer Update website – $1000
Contact us for all the details. You may need to take a moment to be familiar with the project.
Requirements:
Inquire with Aletha and David Zimbeck  

We are very fortunate to have such a strong community that it may be the case we have several volunteers working the same tasks. No doubt the marketing team will also end up with additional volunteer tasks to distribute as we start to implement their strategy.
 
So for now, I would invite anyone interested in these tasks to make themselves known. Please be aware the focus is on quality, not quantity, so if you’re struggling for time, please be realistic with what tasks you can manage over a 4-8-week timeframe.
 
Here is an updated list of our current marketing team. I would welcome them to assign themselves for the bounty tasks as well as anyone currently not listed in a specific role who may be interested.
 
 
Head of Marketing – TooMuchFun
Marketing assistant(s) - Lude - Nozulan - Spoink – Mctjin – Rafa – Alfonsorodz
Web Dev(s) – TBA soon
Web Security – Gitgud
Graphic Designer(s) – Seeking Positions
Video producers – Lowercase – Mctjin
Team assistants –  Gitgud – Ratatackeur – xxotakuxx
SEO specialist - silvervox325
Writers – BitBay_guy – GjSteele
Music – Mctjin
Social Media Manager(s) – BitBay_Guy – Mctjin – GjSteele – Lude
BitBay Developers – David Zimbeck – Anoxy – Thehiddenconifold - majd1239 - andreasp1994
Marketplace Manager(s) – rqdxrocket, Jimmyb
Support Manager(s) – Seeking Positions
Requirements
Must have thorough knowledge of the Client
Patience when working with others
Translation Manager(s) – Seeking Position

It wasn't so bad on a brand new i7 processor.
If it weren't for the damn restarts I would have completed it in about 30 hours.
The hard part was backing it up to my cloud   That took almost 4 days!
It worked though. I've downloaded my backup to test it out. Was just a few hours behind the chain!


But there in lies one of the biggest issues with Bitcoin, why support the network that only gives incentives to the miners.

That's why I like Proof of Stake coins so much.

Thankfully, future decentralized exchanges like blocknet will help with the burden of supporting big chain POW coins.

When I downloaded bitcoin blockchain, I had to restart from scratch twice. On the third time it still disconnected after about 4 years of sync, but when I restarted the QT it resumed from existing location.

That could be your issue.
Bitcoin protocol mandates an 'anti-dust' minimum transaction size - all bitcoin clones follow the same principle. I believe every coin has a different minimum tx size.

The typical anti-dust tx size is around 5555 satoshi, and this applies for BitBay as well.

This is in place to hinder users from spamming and therefore clogging the network with small tx sizes.

If you are trying to send a small amount to exchange, try a minimum of 5555 satoshi.

We are pleased to announce that we are nearly complete with the preparations for release of David’s bounty list. The delay has been in part due finalizing what tasks are to be performed by our marketing team and what will become available for our ever growing community interest. These bounties require a degree of management and we are excited to officially announce a new team member, Aletha Kellond,  to the BitBay core development team.  She runs her own recruitment firm which makes her highly qualified to fulfill the role as BitBay’s bounty manager. Once we put the finishing touches on the bounty list we will release a new community update ASAP.


Also worth mentioning that our marketing team has finalized their new branding guidelines for BitBay! With this complete, we now can begin implementing their marketing strategy through our various core development teams and soon to be released community bounties.

David has been busy gearing up for the next release of the Client. He is working diligently to bring these new updates including exotic spend (Checklocktimeverify built-into the Client UI) and a new hard fork to correct the stake reward to the correct block reward value ASAP.
We’ve been testing:
 - a new price tracking feature for the “Custom Contracts” template. This will will also be applied to the Buy/Sell Anything template to be released in the near future.
 - a new import/export messaging system that allows for manually sending bitmessages to counterparties during “email based” contract negotiation as a failsafe way to continue correspondence.
 - pursuing some alternative solutions to the timeout/disconnect issues some of our Mac users and VM users are experiencing.

We are thankful for everyone downloading the Client and learning all of its features. Other than a few Mac OS and VM Client blockchain sync issues, we’ve noticed that the Client is performing very well in regards to users lack of bugs to report! This might not seem like much to some of you, but you must understand that most coins and tokens are still only boasting about their smart contract technology “roadmaps” that are still nothing but vaporware. Here at BitBay, we have been perfecting an actual working product for over 2 years!
 

The block reward will be "corrected" on the next major update. I'm hoping that's no later than 1-2 months away. It will require a hard fork.
So the POS version will remain 3.0, just with correct block reward per block.

There is actually a way you can track your staking potential
If you goto: https://chainz.cryptoid.info/bay/#!extraction

You can follow the amount of coins the network is staking. It typically ranges from 20% to 35% of the entire coin supply.
In POS 3.0, the APR of the coin is enforced, therefore the 20% to 35% of the coin supply staking earns the 1% APR of the total coin supply.

So the reality is that stakers are not really earning 1% APR but based off a 1 billion+  total coin supply, they are earning more like 3% to 5% APR

And don't forget... as the marketplace populates over time, there will be an increased number of coins at any given time that are locked in escrow during contract. This will further diminish the amount of coins available to potentially stake, and therefore increase APR even more, therefore creating more incentive to own!

So the system actually turns into a domino effect! 

Staking - Proof of Stake
Q.) How does staking work and why does it generate value?
A.) Proof of Stake (POS) was originated by Peercoin. It’s an eco-friendly alternative to Proof of Work (POW) coins like Bitcoin. It is similar to POW except that you don’t need mining hardware to mine new coins. You simply have to hold coins in your wallet and keep the wallet connected to the network. To keep staking fair it requires that the coins held in a wallet reach a maturity level before they can begin staking for newly minted coins.In order for coins to mature they must not leave the wallet or else they risk reseting their maturity level. BitBay’s maturity level is roughly 2 hours or (120 block confirmations at 64 second block time)  - after that they begin the process of staking for the next newly found block on the blockchain. If they fail to stake the next block they gain miniscule advantage to potentially stake the next block, this repeats over and over until they finally stake a block, after which the coins must wait another 2 hours before they can become mature again.
All of this is automated as long as you hold coins in your wallet and keep you computer online and unlocked (yet still password protected) to the network. The more mature coins you own the better the odds that you will stake the next block receiving the newly minted coins that are associated with that block.
Proof of Stake holds many advantages over Proof of Work - mainly being:
Miners in POW always have the fear that their mining hardware will become obsolete premature of their breakeven point. New hardware can turn existing hardware worthless in just a matter of weeks. With Proof of Stake your coins are the mining hardware, they only risk is that someone wants to buy more coins to stake more than you, yet this creates a scarcity factor and drives the price of the coin up in value which does nothing but benefit your pocket!
In cryptocurrencies, any computer that supports a fully synchronized blockchain online is considered a “node” for the network. Currently with most POW coins like Bitcoin, there is no incentive for people to be a node for the network as all incentive goes to the miners. As their blockchain grows in size the number of nodes are diminishing as there is no reward for supporting it. POS coins provides incentive for people to syncronize to the blockchain which secures the network and helps provide a healthy decentralized atmosphere for the coin.


BitBay staking schematics:
New block added to blockchain every 64 seconds.
Coin maturity 120 confirmations at 64 second blocks = 128 minutes
1% annual increase in coins supply enforced by POS 3.0 protocol (see below)
Staking Protocol: POS 3.0 which is cloned from the Blackcoin developer known as “rat4”. POS 3.0’s whitepaper can be found here: https://bravenewcoin.com/assets/Whitepapers/Blackcoin-POS-3.pdf
It’s main upgrades are that it enforces a true APR of the coin supply.
Mature coins can only stay mature if you keep your wallet running. There is no ‘coin age’ factor anymore.


This is achieved by providing a block reward proportional to the APR. BitBay currently has a total supply of 1,007,545,000. With BitBay’s 64 second block time that equals 492,750 new blocks per year (60x60x24x365/64), which equals a current block value of 20.44 newly minted coins per block. This amount will keep adjust over time as the total coin supply increases. With this enforcement factor in mind, we can actually create a much higher APR for staking wallets. It’s impossible for the community to stake every coin in the total supply for various reasons - some are locked in contracts, timelock bonds, held on exchanges for trading, etc. That being said, the APR is only rewarded to those that participate. The coin supply will increase 1% no matter what, yet if only 30% of the entire coin supply is staking then that 30% will receive the 1% APR of 1 billion+ coins! We believe the actual APR’s will vary from 2% to 5% a year - not the advertised 1%!
 
 
Q.) How much RAM do I need for staking?
A.)   4 GB of RAM should be sufficient for staking BAY. Anything less and you begin to lose potential rewards due to processing power. I tried staking once on a raspberry pi (1 RAM) and couldn’t find a block on a healthy amount of coins even after 6 days of staking.
 
 
Q.) Can you mine BitBay?
A.) Staking is just another form of mining. See above for staking information

Q.) How do I stake.
A.) First, the Client needs to be synchronized 100%. Second, you need coin in your wallet to be able to stake. Then you unlock your wallet by going to the File tab of the Client and click on “Unlock Wallet”. For security reasons it’s best to unlock your wallet for staking only.


You can review the network staking statistics here: https://chainz.cryptoid.info/bay/#!extraction
You can look up your address on the staking list.

Thanks for the help! Watching now.

Have you been staking for a while?
One of the flaws of QT wallets is that they create coin piles that create memory bloat over time since every time you stake a coin input, it splits the input in half.
The Client alleviates this as it's the only wallet that organizes coin inputs - so memory bloat is a thing of the past.

If you've been staking for a while with your QT you might not be able to send a large amount of coins all at once to the exchange.
You might have to send in smaller amounts


Maybe adjust your fee as well in the options menu found in settings tab,

Odd.
I've heard of one other person who's come across that in reddit.

Try this link out. See if David's solutions help?
https://www.reddit.com/r/BitBay/comments/6gdq6c/bitbay_programs_dont_work/

So sad to see a coin with an actual function die off.

An alternative (that don't cost reoccurring fees) to quatloo is in the works. And no it won't need an ICO to fund itself. It's going to be an addition to an existing coin.