I've noticed quite a lot of unaccepted stake rewards on my wallet lately. Starting around 2/15/15 at about 2:00 am USA Central standard time - I'd say about 75% of my stake rewards are rejected - they have the "?" symbol in the transaction window.
Anyone else experiencing a high reject rate lately?
I keep seeing this, we will need some advice on this. Staking is not something I have worked on on a protocol level. Is it possible there is latency issue that submits them late? I'm going to look for some advice on that issue if anyone has ideas let me know. |
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Hi! How i can import my old wallet into this new BitBay Halo stuff... Every time i open it says i have 0 Btbays but i know i have 100 000. Why are they not showing around? Any advice will be more than good. Thanks a lot
If you are using the qt wallet, then it should show after it synchronizes. If you are using the Halo smart contracting wallet, then wallet.dat does not store your keys. Thats why it has the setup where it makes you start a new multisignature wallet which is stored in two ".private" files which it encourages you to hide in two jpegs. If you want more help on this, please PM me and would be more than happy to walk you through it. |
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Well I have 50% of my bitbay there and 3 btc. I dont think the altcoins are a problem. Just asked Steven but I dont know. I guess after Bitbay and NXT anyone should have seen this coming. It means we need to find more exchanges to host aside from Bittrex. If I had the time i would finish NightTrader. But im overworked.
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Hi all,
I'm new to Bitbay!
Got one question for now...
... can a dev explain to me how pegging can still keep a decentralized system intact?
As I'm confused...
...are we not here as a whole trying to break free from fiat centralization construct?
Trust me, I'm 'all for' a stable priced cryptocurrency, but as I've briefly glanced over Nubits tech, it seems that they 'dictate' when someone can sell their coins?
Correct me where I'm wrong as I might just not see the big picture?
I've got a few ideas of my own as to how this could work, but I'd like to hear dev's prospective on the matter first. I know this "pegging" concept is still in dev state and somewhat secretive, but as you devs have made clear - it's coming to Bitbay. I respect the privacy on the matter, but yet, can you guaranty that it still fits the "decentralized" molding that make crypto what was, is, and hopefully should always be?
A way for people to store and transact credits and debits without a centralized bank/government 'dictating' how it's going to be done and at the owner's expense?
Thanks in advance!
As you said the pegging is still under development, so that limits how clear an answer we can give you. Pegging is naturally about controlling supply and demand. The easy version of it would be buy and sell walls. If we were to peg bay to its current value that would be easy with buy and sell walls. 100 bitcoin would be a pretty unbreakable buy wall at today's price. Pegging bay to $1 however would require an insane amount of bitcoin. We can use walls at those levels, but only to flatten minor movements in price. Instead of locking enormous amounts of bitcoin in a wall, we are looking at the supply instead. By freezing a percentage of the bay in everyone's wallet we reduce supply to a level where it meets demand at the price we want. This can be done in different ways, and the main difference between strategies is whether it is a voluntary freeze or a forced one. A voluntary freeze would of course only affect those that voluntarily freeze their holdings, and might be a good mechanism to handle small to medium changes in demand to the downside. The big changes to the downside and also increased demand for bay would have to be dealt with by changing the percentages of frozen bay in everyone's wallet. I assume this is what your question is about. How will that be dealt with? Who makes the decision when to freeze and release bay? This can also be handled in different ways. Main models being automated versus controlled by humans. An automated model would work very much like a trading bot, only it would freeze and release bay in everyone's wallet instead of placing orders. It would also inherit the weaknesses of a trading bot, and can be manipulated. That means we might need a team to monitor and tweak it. So the most decentralized solution would in fact be the most centralized. With humans there are two basic models. A council versus everyone voting. We are leaning towards everyone voting, because we also believe in decentralized systems. At first glance you would think a pegging system is a straight forward thing. You just have to decide whether to use buy and sell wall or control of supply. However the devil is in the details. Should we use a hard or a soft peg for instance? I.e. do we peg it to $1 exactly or $1 +/- 20%? Do we peg it to $1 directly or do we use a rolling peg starting at say $0.01? Do we handle small fluctuations in demand the same way we handle big ones? How do we encourage the flow of bay between exchanges, merchants and consumers? There are pros and cons with everything. The choices we make on every question influences the whole system, and thus also what mechanism or mix of tools we need to use to achieve our goal. So to answer your question: We want it to be decentralized too, and we think voting is the way to go. But voting may not be practical for every fluctuation, so it is likely that it will be used for the major decisions, and that we use other methods for handling small fluctuations. NB. If you have ideas I'd like to hear them. Please send me a pm This was a really good explanation. Its exactly how I would have described it. Thanks for the input. I'm really thinking a "rolling hedge/peg" is superior to a hard peg. Because why not grow the price to get the volume? Then the walls required would be lower and adoption higher. After we have found stability, we can vote only to maintain it. The beauty is, we don't have to depend on centralized custodial wallets. |
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Question: How would we freeze coins that live in exchanges?
This is one of the most important questions. Basically, they need to keep track of inflation and when an input has arrived. I'm going to have an application for the exchanges to calculate the inputs properly. They will probably want to add a coin class called "BitBay Reserve" and when inflation happens. BitBay and BitBay Reserve get updated. And when trading, the exchange will need to only know when the trade took place to calculate interest accurately. If the exchange does not do this, they will oversell the coin and then will not be able to honor withdraws (the withdraws would get declined). BTER is our primary contact for this. They already have NuBits and BitUSD so they are one of the most friendly exchanges with pegging assets. We need to have trust in the exchange. However, we can certainly buy and sell coins inside the BitBay or NightTrader markets. |
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Hi all,
I'm new to Bitbay!
Got one question for now...
... can a dev explain to me how pegging can still keep a decentralized system intact?
As I'm confused...
...are we not here as a whole trying to break free from fiat centralization construct?
Trust me, I'm 'all for' a stable priced cryptocurrency, but as I've briefly glanced over Nubits tech, it seems that they 'dictate' when someone can sell their coins?
Correct me where I'm wrong as I might just not see the big picture?
I've got a few ideas of my own as to how this could work, but I'd like to hear dev's prospective on the matter first. I know this "pegging" concept is still in dev state and somewhat secretive, but as you devs have made clear - it's coming to Bitbay. I respect the privacy on the matter, but yet, can you guaranty that it still fits the "decentralized" molding that make crypto what was, is, and hopefully should always be?
A way for people to store and transact credits and debits without a centralized bank/government 'dictating' how it's going to be done and at the owner's expense?
Thanks in advance!
Hey there, this is a wonderful question and I would like to say that perhaps the word pegging is a misnomer. Because the technique I'm actually implementing is deflation to create a stable hedge. All coins inflate. We are adding the possibility to inflate or deflate. If it deflates your coins forcefully become reserve but they become more scarce and thus more valuable. Then later we can inflate and stabilize the price. So if fiat disappears this will still be one of the most powerful features in crypto. It means we can focus less on price and more on features. So how is deflation determined? By voting. So there is no central body who decides the inflation and deflation rates. However since there is a possibility that people will vote in their own favor, in the early days there will be a majority vote to deflate at least 90% and re-stabilize the currency. So basically after the fork you will have coins as liquid and coins as reserve. The mining rules will not allow you to sell reserves unless there is inflation in the majority vote. By the way, i think everything should be decentralized... I'm a purist. I dont even like Bitcoin because mining is centralized. So yeah the voting is the only caveat here and all wallets get an equal vote. And those systems will improve over time. NuBits uses custodial wallets which was way too risky and volatile to me. We are trying to change the world here and it can't happen when you fall back on old habits like trusting third parties. So I think NuBits is very lucky to have gotten this far. However it was the inspiration for my idea that I explained above. |
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 Posted my first offer to BitBay. Still so much more to do. Templates, UI etc... Notice how it automatically converts the price to dollars. This will be incredibly useful for people who are new to crypto and don't want to constantly babysit the price of alts. The moderation system is done. The reputation system of course will be worked on during templates and such(rewarding good behavior). The way the reputation system works is "you judge what you see happen" so if you are not logged in to BitBay, you wont save to disk what people are doing. This may encourage people to stake because they want the most up to date market data too. A way to keep the data redundant is to encourage moderators to run servers. A decentralized reputation system is really helpful for node performance too. Of course its going to have to take on a life of its own. |
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You will probably see a lot more coins develop markets. Maybe even with halo tech or something thats just as good. The difference is who the markets are suited for, and the chance of success. Bay will be good for ordinary consumers because it will be pegged to US$, so it will have stable prices. It also has a good chance of success because it will get a flying start because of the alibaba-connection. Meaning there will be real sellers there from the start.
I thought the AliBaba connection was bunk. Actually the Alibaba connection is true. Steven used to work there it was a fortunate coincidence. I'm not sure to what degree he can exercise his contacts however it is really useful for networking purposes. |
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For the person above ^
Its not "sketchy" that we havent finished the website. Who would have time for it? I'm working on a highly complex markets system and our other members
were working on the urgency of getting nodes hard coded so you can always stake! The reason this was priority is because if people don't stake for too long, there is a time stamp issue with the block and we would suffer a fork! That problem had to be addressed first. The next thing they will work on is the website.
As for the point about markets not being exclusive to BitBay I agree. But here is something to consider. Blackcoins markets was branded for NightTrader the microtrading exchange platform in their markets. BitBay is a better brand for markets "aka the ebay of bitcoin". So from a marketing perspective, the two coins are very different from each other. I love BC and would never recommend against it. However pegging is good for markets specifically because it can reduce volatility while people make purchases.
Consider that Bitcoin ALSO gets access to the markets. How can we have a market in BlackHalo/BitHalo/BitBay if people can't use the most popular currency of Bitcoin?
Coins have different brands and different roles in the industry. There will always be unique differences between the coins I'm developing for.
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Way to go David am looking forward to the Bay markets  Cannot wait to start buying and selling without the stupid 13%ish fee's currently with ebay and paypal. Did you manage to find anyone in India to help out? Well done all involved looking like a come back is on from where i sit. Well, I'm going to schedule interviews and get as many leads as possible. Nothing yet but I do have someone refactoring the code. In fact, they are on an "unbreakable Halo contract" and to be honest, it is working. He has to respond weekly or it blows up and the last two weeks were exciting. The bomb almost went off today but he came through in the nick of time. The thing about getting coders in India was I realized I'm on a deadline. I've got to get this beta markets out as fast as humanly possible! And to do that, I've got to code. So my hope is I can get a tangible beta out by the months end or the first half of next month. but coders are on deadline for Halo.. you said markets are far BlackCoin (Halo) and pegging is for BitBay. So when can we get an update for THIS coin (pegging)?? Otherwise, maybe should buy BlackCoin first? Such confuse. Hope to see update on pegging asap. They are only refactoring the code which means making it more efficient which is a totally seperate project. I'm currently the only coder for markets and pegging. The markets for BitBay is what is being working on right now and my deadline is within the month... all Halo clients use the same platform since smart contracts need a market environment to thrive. Pegging is coming soon but I would say stay with Bitbay because you believe in it not because you are waiting for right before pegging to buy. I have held Bitbay for awhile now not because of pegging but decentralized market i know it's going to be awesome. Good to here guess the project only needs you to complete markets for Bay bit of a catch 20, you look for coders to help but that takes the time from the progress you would have made without looking. Either way i am here for the long road Cheers for the information is there anyway i can keep more up to date away from here? Yes! You can join us on slack! The guys are on there every day and its really positive. We can send you an invite if you give us a username. |
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Way to go David am looking forward to the Bay markets Cannot wait to start buying and selling without the stupid 13%ish fee's currently with ebay and paypal. Did you manage to find anyone in India to help out? Well done all involved looking like a come back is on from where i sit. Well, I'm going to schedule interviews and get as many leads as possible. Nothing yet but I do have someone refactoring the code. In fact, they are on an "unbreakable Halo contract" and to be honest, it is working. He has to respond weekly or it blows up and the last two weeks were exciting. The bomb almost went off today but he came through in the nick of time. The thing about getting coders in India was I realized I'm on a deadline. I've got to get this beta markets out as fast as humanly possible! And to do that, I've got to code. So my hope is I can get a tangible beta out by the months end or the first half of next month. but coders are on deadline for Halo.. you said markets are far BlackCoin (Halo) and pegging is for BitBay. So when can we get an update for THIS coin (pegging)?? Otherwise, maybe should buy BlackCoin first? Such confuse. Hope to see update on pegging asap. They are only refactoring the code which means making it more efficient which is a totally seperate project. I'm currently the only coder for markets and pegging. The markets for BitBay is what is being working on right now and my deadline is within the month... all Halo clients use the same platform since smart contracts need a market environment to thrive. Pegging is coming soon but I would say stay with Bitbay because you believe in it not because you are waiting for right before pegging to buy. |
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Way to go David am looking forward to the Bay markets Cannot wait to start buying and selling without the stupid 13%ish fee's currently with ebay and paypal. Did you manage to find anyone in India to help out? Well done all involved looking like a come back is on from where i sit. Well, I'm going to schedule interviews and get as many leads as possible. Nothing yet but I do have someone refactoring the code. In fact, they are on an "unbreakable Halo contract" and to be honest, it is working. He has to respond weekly or it blows up and the last two weeks were exciting. The bomb almost went off today but he came through in the nick of time. The thing about getting coders in India was I realized I'm on a deadline. I've got to get this beta markets out as fast as humanly possible! And to do that, I've got to code. So my hope is I can get a tangible beta out by the months end or the first half of next month. |
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@Dzimbeck
is there any plan to make android wallet for bitbay?..
Its a complex proposal to have a good android wallet. Since BitBay is really resource intensive it would require a lot of work to port it to android. But perhaps a "simple wallet" can be planned? There was some people who made proposals to partner with me on a mobile Halo. But that would distract me from the tasks at hand. |
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Hello guys, I have been giving most my updates on Slack because thats where most of the core team has been spending their time. One member(metakid) wrote an amazing bot for chatting and other things. Also he helped with marketing organization and promos and connected us to the new Qt wallet which is looking very nice. We will be setting up some permanent nodes so that staking will always have connections.
As for me, I'm working now daily on markets. Today, I made the moderation and trust building system. So you can receive a rating, flag orders, leave reviews, etc. Everything in the decentralized server works like Bitcoin. I hash the orders and verify them with your public key which represents your account. There are two moderation keys as well for advanced moderation. Although it is decentralized and there is no central server. However, the peers keep a memory of what is going on and what they see and validate is what they will remember.
So far its really cool its like the "email of Bitcoin" since each message is verified and I could add so many layers to it. I've even seen some interesting ideas on i2p with Bitmessage. I'm tempted to change more of it but for now we need the support of all the nodes. Blackcoin has prepared to add checklocktimeverify and we have also added it and will prepare to fork a little bit later with pegging. The markets already work. I can add nodes to make Bitmessage faster but I'm not going to do that for beta testing. Instead, we just have a local data directory which was a common Bitmessage request that I've taken the initiative to fulfill. I'm still debating with myself to add more nodes or not.
The whitelisting system will be much more effective once we have nodes with great reputations. So I'm starting with the most basic.
I've tested posting orders to the markets and I can easily add and remove orders or markets. Now I am designing the whole UI and templates. That is the most complex part since each template will auto-execute or greatly assist you. I've got to decide how much customization I want with it before debuting the markets. Its possible I will give some updates with screenshots in the near future.
But is that all for BitBay coin, or is it gonna be added to BlackCoin too? I invested some but sold after I saw that BitBay wont be the only coin with markets. Please tell us your work is just for BitBay so us buyers know what to buy. thanx. There are some very big differences between BlackHalo and BitBay. Personally, I think both are very good. BlackHalo has microtrading with NightTrader when the markets debut but Bitbay will have pegging/hedging. So they both have markets but are very different. One is more focused on trading, the other on economy. Personally the hedging in BitBay is very exciting to me and I think its the main reason to buy this coin especially now when its so cheap. Since it will be consensus driven deflation and inflation so the price will be able to grow with the demand. Once we add pegging, i think every coin will want it. In theory, it is a very powerful set of rules. The pegging part is what will be the most interesting. Common folks and Merchants will have the security of a stable coin with an stable value so that their coins dont suddenly drop in price. I really hope when we get to that point people will notice our deflation. I think they will the debate is at what speed should we deflate and if we should deflate on the fork like automatically 90% or build to it. |
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Hello guys, I have been giving most my updates on Slack because thats where most of the core team has been spending their time. One member(metakid) wrote an amazing bot for chatting and other things. Also he helped with marketing organization and promos and connected us to the new Qt wallet which is looking very nice. We will be setting up some permanent nodes so that staking will always have connections.
As for me, I'm working now daily on markets. Today, I made the moderation and trust building system. So you can receive a rating, flag orders, leave reviews, etc. Everything in the decentralized server works like Bitcoin. I hash the orders and verify them with your public key which represents your account. There are two moderation keys as well for advanced moderation. Although it is decentralized and there is no central server. However, the peers keep a memory of what is going on and what they see and validate is what they will remember.
So far its really cool its like the "email of Bitcoin" since each message is verified and I could add so many layers to it. I've even seen some interesting ideas on i2p with Bitmessage. I'm tempted to change more of it but for now we need the support of all the nodes. Blackcoin has prepared to add checklocktimeverify and we have also added it and will prepare to fork a little bit later with pegging. The markets already work. I can add nodes to make Bitmessage faster but I'm not going to do that for beta testing. Instead, we just have a local data directory which was a common Bitmessage request that I've taken the initiative to fulfill. I'm still debating with myself to add more nodes or not.
The whitelisting system will be much more effective once we have nodes with great reputations. So I'm starting with the most basic.
I've tested posting orders to the markets and I can easily add and remove orders or markets. Now I am designing the whole UI and templates. That is the most complex part since each template will auto-execute or greatly assist you. I've got to decide how much customization I want with it before debuting the markets. Its possible I will give some updates with screenshots in the near future.
But is that all for BitBay coin, or is it gonna be added to BlackCoin too? I invested some but sold after I saw that BitBay wont be the only coin with markets. Please tell us your work is just for BitBay so us buyers know what to buy. thanx. There are some very big differences between BlackHalo and BitBay. Personally, I think both are very good. BlackHalo has microtrading with NightTrader when the markets debut but Bitbay will have pegging/hedging. So they both have markets but are very different. One is more focused on trading, the other on economy. Personally the hedging in BitBay is very exciting to me and I think its the main reason to buy this coin especially now when its so cheap. Since it will be consensus driven deflation and inflation so the price will be able to grow with the demand. Once we add pegging, i think every coin will want it. In theory, it is a very powerful set of rules. |
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The paper I read says "reducing malleability" not eliminate. When both parties are communicating p2p, they are holding on to the raws. With that raw tx malleability is so much easier, they dont need to be a miner to intercept it, they have it right there. Regardless, its a good idea to position yourself for AT because eventually all the coins should improve their own protocols. I'm happy to notice that Blackcoin just added checklocktimeverify preparing for v3.
"Raw" transactions aren't a part of the protocol, only part of the bitcoind API. I assume you mean that the protocol involves parties sending incomplete transactions to each other? In my implementation, the deposit transaction (the one that would get mutated) is never send between the parties, only its hash. Of course checklocktimeverify requires a hard fork and I can't imagine Bitcoin forking. And also, how can they add it and convince everyone to update their custom clients because with checklocktimeverify you can refund your own money if they counterparty isn't paying attention to the script.
Actually, OP_CHECKLOCKTIMEVERIFY could be added in a soft fork. Yeah and the party has a raw tx, which they have the power to change by slightly altering the sig. |
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Hello guys, I have been giving most my updates on Slack because thats where most of the core team has been spending their time. One member(metakid) wrote an amazing bot for chatting and other things. Also he helped with marketing organization and promos and connected us to the new Qt wallet which is looking very nice. We will be setting up some permanent nodes so that staking will always have connections.
As for me, I'm working now daily on markets. Today, I made the moderation and trust building system. So you can receive a rating, flag orders, leave reviews, etc. Everything in the decentralized server works like Bitcoin. I hash the orders and verify them with your public key which represents your account. There are two moderation keys as well for advanced moderation. Although it is decentralized and there is no central server. However, the peers keep a memory of what is going on and what they see and validate is what they will remember.
So far its really cool its like the "email of Bitcoin" since each message is verified and I could add so many layers to it. I've even seen some interesting ideas on i2p with Bitmessage. I'm tempted to change more of it but for now we need the support of all the nodes. Blackcoin has prepared to add checklocktimeverify and we have also added it and will prepare to fork a little bit later with pegging. The markets already work. I can add nodes to make Bitmessage faster but I'm not going to do that for beta testing. Instead, we just have a local data directory which was a common Bitmessage request that I've taken the initiative to fulfill. I'm still debating with myself to add more nodes or not.
The whitelisting system will be much more effective once we have nodes with great reputations. So I'm starting with the most basic.
I've tested posting orders to the markets and I can easily add and remove orders or markets. Now I am designing the whole UI and templates. That is the most complex part since each template will auto-execute or greatly assist you. I've got to decide how much customization I want with it before debuting the markets. Its possible I will give some updates with screenshots in the near future.
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I'm reading bip 66 now. +1 for removing OpenSSL. Its such a pain in the butt and there is no reason open source high security software should be trusting it. Also, I do a lot of work in Bitmessage and really would love to implement an alternative. The paper I read says "reducing malleability" not eliminate. When both parties are communicating p2p, they are holding on to the raws. With that raw tx malleability is so much easier, they dont need to be a miner to intercept it, they have it right there. Regardless, its a good idea to position yourself for AT because eventually all the coins should improve their own protocols. I'm happy to notice that Blackcoin just added checklocktimeverify preparing for v3.
Of course checklocktimeverify requires a hard fork and I can't imagine Bitcoin forking. And also, how can they add it and convince everyone to update their custom clients because with checklocktimeverify you can refund your own money if they counterparty isn't paying attention to the script.
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Ok the new bitcoin core will not solve the problem. Even a 1% chance of malleability will end up becoming 100% with a dedicated scammer. For example, your program works with raw transactions. So I only need to hold on to the raw, change it a little bit and send it to as many pools and nodes as possible. If they mine my fake TX, then your TX will be considered bad and declined. Both parties work with raw transactions, thats the problem. So I can hold a bad copy and interfere.
"Sending the TX to as many pools and nodes as possible" is the part made difficult by newer versions of Bitcoin Core, nodes will now reject transactions that use e.g. non-standard signature encodings. The only way to get it in a block would be for a miner to be on a old version of Bitcoin Core, or for the attacker to mine the transaction themselves (which is expensive). By the way, congrats so far. Its nice to see more people out there writing software and you are very familiar with scripting which is awesome. Anyways, you think that the new Bitcoin Core will not have any malleability at all? If I possess the new Bitcoin Core, and I have on me a raw transaction you are saying there is no way I can alter a single byte to change the txid? Anyways do you have any good links on that. I'm not so sure about this. If I've got the raw tx, it shouldn't be hard. |
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