lol... Zimbayski

Yep, this is technically the first autonomous market ever. No arbiters, no servers however there is moderation so its useful to the masses. And actually from our tests its a million times easier than Ebay.

First round of tests in Halo worked flawlessly with markets. Moderator account works, Counter-Offer and bidding system is fully functional. Currently only templates available are custom. Reputation system is in its early stages but working. Points are awarded for good behavior and flagged orders cause lower rating.

Will now open testing for core community members on slack and any other volunteers. May wait until templates are fully finished to do full release. So we can test in the meantime. Still need more nodes connected.

Fully decentralized markets now working!

Is this a world first again?

The roadmap isnt perfect but its good to set the goal. Most developers dont like to promise release dates because of how complex coding is. An inside joke in the coding industry relates to the famous company Valve that made Half-Life and Half-Life 2.

Check this out...
https://developer.valvesoftware.com/wiki/Valve_Time

lol so heck if we can get within a few weeks of a release date thats an accomplishment.

Smart contracts, multisig, joint accounts and multicoin was working in BitHalo for over a year thats not a new feature. I didnt write the OP. So here is my current roadmap:

- Mac/Linux: COMPLETE but I'm waiting to release markets with these. We want to do some tests with volunteers to make sure it runs smooth on all systems
- Marketplace for BitBay and Halo: This is already working.
- Templates and counter-offer system, new ui for escrows, etc: This is what is being worked on now

We should test for at least a week privately in the community before official release.

Then I'm going to have to make a decision once that is complete.

NightTrader or Pegging will be after this.

The developement time for either of these paths are as follows... NT gives us an exchange platform to trade Bay especially off market sale of BitBay reserve using time locks.

NightTrader microtrading template: 2-4 weeks
Pegging: 4-6 weeks
Cold Staking: 2 weeks

Hey I just wanted to say thanks. Its good to have the support and comments like this really helps me stay motivated. Thank you.

Trust me, I doubt anyone here is proud of America or the dollar. There is a stigma with the usd and pegging coins. Personally, I think a rolling peg is best. Let the price move around as long as we can deflate to catch it. If you wanted to peg at a low price, you would be able to allow more coins in circulation. The higher price (to create walls) would require us to deflate tremendously.

Imagine if we only had 50 btc walls to support $1. To be sure of that price we would be deflating maybe even 99%. So instead of focusing on that specific price, i think its best to make it a growth target (Chinese Yuan, Euro, BTC, whatever). Just deflate as you need to bring volume back into coin. Because volume is all that really matters in my opinion.

Well I agree, to be honest, despite latency I will be trading on NightTrader on my own exchange because im really sick and tired of losing bitcoins on centralized exchanges.

It should be mentioned that any exchange we work with has to correctly calculate the reserves or else they will end up overselling the coin on the exchange! Then if too many people try and withdraw, the transactions will get declined (the exchange wallet can't spend its reserve).

So, any exchange we work with, will have to run a custom program to calculate the balance correctly. This means keeping track of who you sold to and what the interest rates were at the time. I can write an application to make this easy for them, however they must use that application responsibly and not oversell the coin. That requires trust because if they oversell it, people withdraw too much then the transactions get declined.

Any exchange running this program will give you two balances, BitBay and BitBay reserve. They will have to give you coins if there is inflation too.

However, if you trade Bitbay on a decentralized exchange (such as in NightTrader or BitBay markets), then you can do it perfectly with no need to trust an exchange.

However, considering exchanges like to work with pegging coins such as NuBits, i dont think it will be a problem to convince them to take it. The trust factor is the thing. After seeing so many centralized exchanges go down, its hard to say if they would do it correctly. On the other hand, why would they not calculate the balance correctly because if they don't, people would be able to dump on the market and we would notice the problem immediately.

Also, i personally like the idea of a rolling peg as opposed to a hard peg to allow stable growth.

Thank you munti for the excellent explanation and analysis!

I should also mention that I've got an update coming for this as well. We should be able to demo the markets soon. As for the administrator privelages, i should mention that when people install, to not install to program files because that folder requires admin privelages. This is why Bitcoin-Qt puts its data directory in appdata/roaming. Halo/BitBay keeps it in the same directory as the install.

Its going to be a lot of fun watching this coin completely redeem itself.

Yeah well of course. NightTrader is my baby from last year. Ive got the site as well NightTrader.org. Revenue can be generated in more ways than simply charging fees. Brand value alone being one of the most used altcoin clients. The more well known the software, the more value the advertising is. If I charge a fee perhaps it will be optional considering its a decentralized exchange. Most people probably would not disable the optional fee

I've had some really funny ideas for advertising one being a "decentralized billboard" where you can buy adspace and resell it and the highest bidder is shown in the client. Again, there would be no middle man so any ad space bought would be free and clear. But honestly, im only focusing on coding the markets and features we need to launch and from there we will see what everyone demands.

To elaborate on this, NightTrader microtrading will allow the ability to use deposits and trustless decentralized exchange with no fees and very low deposits for trading. The only drawback is it wont be high frequency and you would have to wait for confirmations. But it will be automated so you dont have to think about it and only leave the client running on your computer. It will support many different coins we may charge an entry fee to set up a coins daemon etc.

One way to increase the speed of this is to set up a few high speed servers for the markets. But first we should see what people think about the markets when released. Right now im working on the templates.

Hey guys, my visa in India expired I would have had to apply for it from the states apparently. So I'm visiting a lot of my contacts in Europe and meeting with various people about corporate structure etc talking to investors etc. I have found a free place to stay in Europe so I can finish coding the markets without any distractions. There was a weeks delay getting settled again. So far I'm still the only coder although I do have someone on a Halo contract re-factoring the code for efficiency and such. So things are moving along just wanted to give an update.

As for the issue with BTER it honestly may be good that we saw that. Im never using an exchange again I lost at least 3 btc on there and like 2 on mintpal. So perhaps when Bitbay pegs we would want to use only decentralized exchanges so we can be sure they wont sell inflated coins. This is a topic we should cover when that day comes(when I finish the deflation). I know we can always trade decentralized in the markets themselves.

If you are alluding to BTER, i think that your BitBay is safe (unless you sold it).

We can always find another exchange to host pegging or even host it in the wallet tradable in NightTrader or something. We will figure it out. Cryptocurrency isnt going anywhere.

Well pegging is definitely the feature im most excited about but the markets come first. But it will be soon just hang in there. Rome wasnt built in a day 

No problem, take your time. I'm traveling the next few days and usually completely swamped in work so no big deal.

Thank you that really helps. You know what, even if these products arent the ones to make it, all that matters is if the ideas survive. I would rather it get copied by 1000 businesses than it having to be the one. If the idea gets into the world, especially double deposit, we will have won a major victory.

You are welcome. Thanks for the support. The good thing is this is the first time in history open source projects really stand a chance to get noticed. Imagine combining blockchain tech with video games or having stocks that run like crypto assets and pay dividends honestly. The only thing left to do is decentralize everything including farming(spirulina/water from air), manufacturing(3d printed electronics), home building(Compressed earth block machines and 3d printed homes), communication/media(local meshnets), energy(spirulina again, solar and a million other techs), petrol(spirulina again) etc etc

Bitcoin is very destructive to idealists because it draws the wrong kind of attention. The idea of decentralization is not being pushed and instead centralized services and middle men seek to dominate it and already have done so successfully(centralized mining and 3rd party services get 100% of the VC funding). Thats why a lot of people don't like Halo. It gets rid of middle men in a quest to reduce that fat in society.  It also makes deception impossible or very impractical which is not going to be very popular with 50% of society. This same fat that makes people wealthy BUT in the long run makes the majority poor since the resources get abused and people are extracted from. A bottled waters price is determined by the middle men services to get it to you. You in turn pay for everything BUT the water (you pay for the marketing, the lawyers, the branding, the shipping, etc). Excess consumption was never a good idea and its going to take a miracle to have middle men want to disempower themselves.

Imagine how many jobs are completely pointless because they are servicing the middle men. A majority of the jobs we do serve no true function other than sustaining the broken system and support pointless industries only geared at extraction. Even though governments would never admit this or realize it because they are afraid and live in perpetual fear, they actually benefit from cutting down consumption. But they think they have to constantly increase it to obfuscate themselves and control people. If the unnecessary services were eliminated, people could actually live their lives and express their creative potentials and we would advance immensely. Everyone would win. But i think society is heading in the opposite direction and its maybe so difficult to resist the tide.

The problem has and will always be media(not money the problem was never the money, it doesnt even exist). The truth is out there but the only thing that can't be decentralized easily is the voice/media. Anyone that tries will get destroyed. The other  issue is changing the hearts of men. It may never really happen since most people only think in terms of their immediate desires.

Speaking of which, bitcointalk is not a good website anymore because it has become overrun with fake profiles. I think the next bitcointalk should require a bitcoin balance and a valid public key to register. Really, this site should be shut down.

Most devs dont "care" because they aren't devs. All they know how to do is clone a coin and slap a website together and promise you the moon.

There are only about 10-20 serious and devoted devs in crypto. And maybe a lot of them will burn out. Then consider out of them, they are overworked. I know I sure as hell am. Then consider they deal with tremendous pressure! They work on open source so the reward is diminishing if they dont make it and they have to compete with people who are not devs, but only know how to raise funds with vaporware.Then consider how many of those devs are just greedy and their projects need to be equally innovative and creative. If they have no marketing, they also might hit many road blocks. Getting assistance is hard too because most coders dont understand blockchain tech (maybe only so few cryptographers in the world who will work in cryptocurrency).

In a game/business/(all current industry) with a mix of honest people and liars expect the liars to always rise to the top (because they can cheat and you cant). We are in a growing industry so expect this environment to hinge on what I've just said here.

Only the very lucky few honest people make it because their products were powerful enough and didn't get sabotaged. Crypto is not a healthy industry because it revolves around money and thus is currently driven by greed not ideology. This doesnt mean it wont progress though. It will but it will probably end up in the wrong hands.

Hopefully, new people can come into the space and develop but then again with the open source issue they would need some serious motivation. Devs are not fund raisers and fund raisers are not devs.

Dont let this demotivate you, in contrast, it should help you notice the projects that are worth their salt.