How could double deposit escrow be used for local bitcoin?
Could you list on the marketplace say an ebook that costs 3k USD in the post and your ebook you sell may accidentally cointain an empty wallet dat file that at a later date got a random deposit of 2btc?
I mean is that useful at all ?
It would be very useful considering the amount of money counterparties will save on local's cut. I don't understand the other part of your post. Do you mean hide money in a digital marketplace item on purpose? |
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How's everyone doing? Good to see bitbay performing so well. David's hardword is finally paying off!!  I can't seem to recall where I put my wallet.  Is 600 Satoshi good price? what was the ico price? yes for a coin with 1 billion supply it is a good price but Golem with same supply is at 16k and it is still considered undervalued. ICO price was just over 300 sats. We should see rise continue. Once whitepaper is released for rolling peg, I think the real fireworks will begin. It's already written, just waiting to get closer to release date of peg first to keep the copycats away. |
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How's everyone doing? Good to see bitbay performing so well. David's hardword is finally paying off!! I can't seem to recall where I put my wallet. Hey unusualfacts30! Glad to see you pop in to the thread. Where is the last place your remember running your wallet? Is it on a thumb drive by chance? |
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Just to make sure I understand correctly...
By being able to change the liquid supply, we can manipulate the spot price. This shouldn't affect market cap, however, because we're decreasing the supply to increase the spot price, and increasing the supply to decrease spot price. Since market cap = (supply x spot price), in theory, we should be able to keep the price constant.
My questions:
1. At what frequency is the liquid supply updated? It's not uncommon for crypto to have ±10% in a few minutes, and this could be troublesome for a consistent peg.
2. Is voting really going to be effective enough to keep track? It seems like it would be a full time job to constantly adjust the liquid supply manually.
3. Does the existence of illiquid supply affect the demand in any passive way? The dynamics here seem complex.
4. Will we ever get into a situation where BAY will be locked away indefinitely, in a sort of "checkmate" between keeping the peg consistent, and the inevitability of a drop in demand if the peg were to change (to release illiquid funds)?
Why is this necessary ? What is the benefit ? It just seems like how the central bank works except you are giving people the chance to vote. It seems like an unnecessary complication that has the potential to cause problems. The average Joe won't be voting anyway so this is one more way for the whales to manipulate the price If you ask for the #1 complaint of merchants accepting bitcoin as a payment option is that they fear its volatility. Their cash flow comes first and foremost, which means they can't afford to hold bitcoin if they sell items for bitcoin and then wake up one morning to see the price of bitcoin is down 5-10% because, for example, the damn Chinese government all of a sudden decides to manipulate the price through new unexpected regulation laws. Merchants must retain their profits to stay afloat. So they typically do the most obvious solution, which is to cash out to fiat as soon as the transaction is complete. The rolling peg will solve this. The goal of the rolling peg, in my opinion, it to provide a solution where the price of the coin can still fluctuate, but in a much more stabilized environment. My hopes are that it would become even more stable than most of the forex 'majors'. |
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Tether at .93 cents
Let's hope that centralized beast fails. Might as well take bitfinex down with it.
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not sure what is going on with the steaking process, my wallet has been steaking for 4 days without payment. i normally get 1 payment every 24 hours.
Are you on QT wallet or Client? How many coins do you have in your wallet? At 1% return stake reward, have you calculated how much you should earn based on a year's worth of staking? Then divide that by 365 to get appoximate amount you should earn per day? |
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Will masternodes be implemented?
No I don't think so and to be honest I don't understand the reason for all the hype behind centralized nodes There is probably no good technical argument for them at all. Psychologically though they without question are effective in stimulating accumulation and holding. That's the thing with hype it is usually over something that does not deserve hyping, although to harness that hype and use it to fuel marketing, building a larger community and extracting development funds is not a bad thing for a project. Projects selling dreams , vapour and hype seem to be doing better than those that are selling tech that is ready. That is quite a sad fact in crypto today. Let's hope people wise up. Well maybe after the next update that includes parking we can incentivize users to park their coins with a similar effect. But why the rush? We have tools we are going to release more powerful than that masternode gimmick. So the moral of the story is as simple as stating that Masternodes are for "Master-baiters"  Hook, line, and sinker! And they all want your money! Can you imagine where Hypecoin would be if they had just included masternodes? https://bitsharestalk.org/index.php/topic,22325Crypto life - you got to love it! |
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Any reason for the current price drop? Strange time to dump isnt it but never mind perhaps just trying to get some panic sells and accumulating did bittrex remove the distribution button? if so why? They did, and we all miss it  I guess the whales didn't like it... I think I missed something here. "distribution" button? Yeah it use to be where you could click on a distro tab/button that would load up the top 50 accounts being held for a coin. C-cex still does it if you want to see what I'm talking about. It was a great way to track what accounts were selling and accumulating, and add that along with a blockchain tracker, you had some valuable information in front of you if you spent the time to track it. Sadly it's gone now. |
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Wouldn't exchanges have to cooperate to a high degree here? The coins in each user's accounts usually just correlate to a percentage of some total supply owned by the exchange. If I transfer 100 coins to an exchange right before a 50% freeze, I'll still be able to trade all 100 of my coins, even though the exchange's wallets will have the funds tied up. The problem will be when I try to withdraw, or rather, when more than 50% of their stored funds are withdrawn. It would benefit those who withdrew earlier, and it seems possible that this could avalanche into a bank-run type scenario. In order to avoid this issue, all exchanges would have to artificially implement the coin's logic within their trade mechanics. Thoughts?
Astute observation! Well, first of all the miners enforce it so if exchanges don't pay attention they can become insolvent. With that said most exchanges are corrupt. So there is a few pages of my whitepaper listing multiple strategies for dealing with them. Ideally they run the API and query balance of frozen and liquid with it. The more data they supply about trades the less of a melting pot it becomes. A user would have two balances frozen and liquid. We can then handle somewhat inaccurate API calls that mix liquidity or super accurate ones that check the trades. The worst case scenario we allow full withdraw with the one month time lock to move the partially frozen chunks but that is only if we get desperate because then like you said people with their money on the exchange early have the unfair edge. You might tempt them with arbitrage elsewhere but really we want co-operative exchanges. There are a few that will work with us I think. We may end up turning a small exchange into a big one. The other way is rely on decentralized exchanges which literally move the funds like (hopefully) Blocknet or Komodo assuming either of them get popular. Perhaps we could create our own centralised exchange with bitbay as the base currency which will be like the most stable vs usd exchange out there. All fee's after costing taken out for running it used to buy back bay from the market place and provide constant upwards pressure. also whats up with tether today> seems to be 10% down? Maybe Bitfinex needs more money to stay afloat? Yeah i've never seen it drop more than a couple of % then always bounce quickly back... something has damaged it Maybe the Bitfinex vs WellsFargo lawsuit?! Seems bays peg is more needed than ever  Ahh!!! Didn't know about the Wells Fargo lawsuit! Seems they withdrew, but I wonder what's really going on behind the curtain, for them to waste the time and energy to even file? http://www.coindesk.com/bitcoin-exchange-bitfinex-withdraws-lawsuit-wells-fargo/Either way... point being is that Tether's stability shouldn't teeter on a centralized entity's actions. The whole scenario very well could be the other way around where someone files a lawsuit against Ifinex on a whims notice and causing its demise. Heck Wells Fargo could possibly have drawn out that case in court for years - hence the withdrawal. |
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Wouldn't exchanges have to cooperate to a high degree here? The coins in each user's accounts usually just correlate to a percentage of some total supply owned by the exchange. If I transfer 100 coins to an exchange right before a 50% freeze, I'll still be able to trade all 100 of my coins, even though the exchange's wallets will have the funds tied up. The problem will be when I try to withdraw, or rather, when more than 50% of their stored funds are withdrawn. It would benefit those who withdrew earlier, and it seems possible that this could avalanche into a bank-run type scenario. In order to avoid this issue, all exchanges would have to artificially implement the coin's logic within their trade mechanics. Thoughts?
Astute observation! Well, first of all the miners enforce it so if exchanges don't pay attention they can become insolvent. With that said most exchanges are corrupt. So there is a few pages of my whitepaper listing multiple strategies for dealing with them. Ideally they run the API and query balance of frozen and liquid with it. The more data they supply about trades the less of a melting pot it becomes. A user would have two balances frozen and liquid. We can then handle somewhat inaccurate API calls that mix liquidity or super accurate ones that check the trades. The worst case scenario we allow full withdraw with the one month time lock to move the partially frozen chunks but that is only if we get desperate because then like you said people with their money on the exchange early have the unfair edge. You might tempt them with arbitrage elsewhere but really we want co-operative exchanges. There are a few that will work with us I think. We may end up turning a small exchange into a big one. The other way is rely on decentralized exchanges which literally move the funds like (hopefully) Blocknet or Komodo assuming either of them get popular. Perhaps we could create our own centralised exchange with bitbay as the base currency which will be like the most stable vs usd exchange out there. All fee's after costing taken out for running it used to buy back bay from the market place and provide constant upwards pressure. also whats up with tether today> seems to be 10% down? Maybe Bitfinex needs more money to stay afloat? |
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Top 100 is the untouched over last 24 hours.
Most active sellers to date: Current Amount Previous amount
BLE1M3UDEzJxbkHHA5pZLPkT7zXq2xdpqm 211,649 516,765
BCK5KHcDTpgZULrzKyY4ygxYEuFBHRqwJE 340,332 371,216
BHokzCwQ1RPUavAPFEHNsgZoxo6pgPsxDX 241,594 261,317
B6HtsEuEQfzJTsf751xFj11DpuFjzQfgiS 159,263 218,850
Totals 952,838 1,368,148
Happy trading (edited)
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Hi there! I download the QT Bitbay wallet for Mac some days ago and transferred all Bitbay coins from Bittrex to that wallet. Everything was fine till I opened the wallet today and my coins were gone. Apparently they were partially transferred to another address. I just started recently going into cryptocurrency so it might be the case that they are not even lost, and I just do not understand what is going on. I would appreciate if anyone could help me out. Thanks Mika92 Could you Private Message me your receiver address? We've recently had another person also on a MAC QT Wallet that is having issues with his coins 'seemingly' stuck in 'limbo land' between his wallet and Bittrex wallet. If I had your address I could compare the 2 on the blockexplorer and see if they are similar. Also have you tried to open a support ticket with Bittrex? It might be worth the effort to see what they have to say about the matter. The other person having an issues is showing his address sending and receiving his coins back and forth from his wallet to bittrex - over and over again. Sorry this is happening to you, can't make heads or tails of it yet, but would like to help anyway we can. Another option to try is to run a VM on your Mac. Load up a Windows or Linux Debian OS an try to load the QT wallet on that to see if the same thing is happening. |
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Damn the price is falling and falling, buy the dip?
Yup. Pretty much the entire alt exchange is in red because Bitcoin is bullish. Perfect time to buy more. |
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who here has tested blocknet?
also how much testing of bitbay on blocknet has been done yet
someone here has completed a successful trade on blocknet exchange yet?
david have you seen it in action and working correctly and confident it will be like the dex you envisioned?
I think if blocknet works as expected and bay is one of a handful of coins there working from the offset this could be great for bay.
Hopefully they will be testing soon. But yeah I agree, this will open the door for a lot of possibilities! And hopefully the elite exchanges that could care less about innovating, will come to realize the term, "evolve or die". Once BitBay completes the rolling peg, we could be a huge asset for Blocknet's exchange as I'd love to see them also create a trustless or semi-trustless loaning service for margin trading. Margin trading requires a stable currency as a base to loan out leverage. Fiat is out of the question, regulation is just too retard to follow. After BitBay implements the rolling peg, the stability factor would match it perfect for such a setup with Blocknet. And if such a design needed deposits (I don't know for sure), we could still deposit BitBay to the Blocknet exchange through a semi-trustless joint account system that David's already added to the Halo Client. It's basically a multi-signature wallet. The loaner would hold 1 key and the exchange would hold one key. All transfers must first be approved by either the loaner or the exchange. And for extra security the exchange could add 2fa as well. And if I'm correct on my assumption, since we will soon have the locktime / parked coins feature, we can basically setup an joint account loan with Blocknet that auto expires after a set time, i.e., 1 month, 3 months, etc. So this way if they somehow lost their key to your joint account wallet, you'd still get them back once the account expires. And to top that all off with the fact that joint accounts can stake! And they can stake without running into the security risk mining pools create, since joint accounts are independent of each other. So if a semi-trustless margin trading loaning service was provided, not only would loaners earn interest from loaning to leverage traders, they could also safely earn stake reward in the process! And since BitBay is implementing a rolling peg, and not a hard peg, price still has the potential to fluctuate under stable conditions. So loaners have the potential of compounding their interest earnings on multiple fronts! So without a need for fiat red tape regulation, margin trading can now existing via 100% cryptocurrency backing and at a minimum of a semi-trustless security protocol, which is exponentially more secure than what status quo exchanges currently provide! It's time the elite exchanges start to wake up! They are running out of time! |
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Does BitBay have a good roadmap available atm?
Only thing I can find is the one without the dates.
We don't give dates. This is avantgarde coding, so naturally it's unpredictable. is there a way to run the wallet or the client on a raspberry pi? I've not been successful at running the client in Raspbian OS on Rasberry Pi 3. The Client works flawlessly on Debian 8. I guess Raspbian has a few minor variances in the library builds. That doesn't mean it's not capable to run in it. It just means that we would need to figure out what library's might need tweaking. I'm pretty new to linux, and still consider myself to be a novice. So I don't even know if other linux OS's are capable of booting on the Raspberry Pi 3. The only drawback to the Raspberry Pi is it's power obviously. 1 gig of ram is not worth utilizing as a device to use to stake the client with, if that is your intentions. However, when I find the time and money, eventually, I'd love to see what I could do with a Pi cluster and testing with the client. |
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There already is a billion coins. Should it be increased with a higher percentage for stake? What percentage do you want to move to?
It is going to stay at 1% But the stake reward is currently at the wrong value. It's only producing 1.5 coins per block and should be producing 20.5 |
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Vote update! Current vote tally: 816 for stakefork 456 for nostakefork Looks like our teamwork has paid off! Only 6hours and 45 minutes left to vote! Last vote block found wins a prize! So the first decentralized vote on the BitBay blockchain is complete! Voting results: stakefork = 917 votes nostakefork = 557 votes Congrats! stakefork wins the vote! The last official vote cast before the voting poll ended belongs to... https://chainz.cryptoid.info/bay/block.dws?1136574.htmCongrats! You win a 10,000 coin prize for casting the final vote! Thanks to everyone who participated! We will have many more in the future. With BitBay gridlock and political strife are a thing of the past! |
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Vote update! Current vote tally: 816 for stakefork 456 for nostakefork Looks like our teamwork has paid off! Only 6hours and 45 minutes left to vote! Last vote block found wins a prize! |
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Heya,
I've been building interest in Bitbay. Sounds like a promising project! Out of curiosity, does BitBay have a lot of competition for the direction it's trying to head in? Ie, are there other crypto-based, decentralized marketplaces similiar being released?
Trying to understand the uniqueness of the project, what competition it has and what kind of growth it could expect over the coming year or more
Thanks, have a good day
http://bitbay.market/walloffeatures/ |
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