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Bug fixed. Seems there was a bug in the POS alliance coding that was designed to fight spam attacks. But it opened weakness for chain to fork
Testing new QT wallet now. Version 3.1.1
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It looks like the Marketplace is cleared out from the old stuff prior to launch at LA Token.
BAY is really set to Rock & Roll - Buy/Sell Anything, Custom Contracts, Buy/Sell Coins, Barter/Trade, Find a Job, Hire Someone - templates are all up and working. And it's ALL FREE to enterprising individuals.
Let's get some enterprising folks on there who don't want to pay the huge fees on Ebay, etc. to buy and sell their Precious Metals (PM's), etc.
Cheers!
We have been successfully testing the latest QT wallet version. The new version is needed to allow for the Web Wallet to work correctly with the peg! Will give an update on the release as soon as yshurik finishes the last bit of coding! |
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Balances are still be adjusted on the exchange for some people. Once they complete the balances adjustments, then withdrawals will be available again |
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guys, I went through all things here but still do not understand - I have some amount of frozen coins, and only about 1% of liquid coins. When my coins are unfrozen? I do not think it is fair that my coins are frozen against my will. Taking into account that they are on a wallet since 2017 or 2016.
We've had the dynamic peg on our roadmap since the launch of the coin back in Nov. 2014 We've had whitepaper released on the dynamic peg since 2018 You can still sell your reserve coins. You simply have to wait for 1 month time lock to expire before the exchange can allow you to trade. The reserve market on the exchange will be selling at a sub premium price obviously. Yet due to the timelock protocol, the exchange can run into supply bottlenecks even for the reserve coin supply. This is beneficial to the price for those that can already sell reserve coins on exchange. |
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@dzimbeck thanks for the reaction, I run QT wallet. Tried to add nodes which are running this latest wallet (from this explorer: https://chainz.cryptoid.info/bay/#!network) , but still the same. Some progress and hours of nothing after that. Never mind, I will sync it somehow, there is about 1/3 of the chain to download left. I have to close/open wallet again and again. Bootstrap could be fine, but there is no official download link and taking the one from somebody on the Internet is not the best solution. Here is bootstrap https://github.com/bitbaymarket/bitbay-bootstrap/releases |
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will there be a new build after the fork? containing all the peg stuff within the wallet/market?
also if you want every bitbay holder to do the update maybe mention it on facebook and twitter?
No this is the new build. It has to be implemented before the fork. We are currently testing out the new QT wallet and the new Halo Client wallet. if you need a guide for the qt wallet you can review it here https://docs.google.com/document/d/1vvtR8q_oSIXXW0JfAgsXgRJcFoLrxrUWRNueT7hOAMo/edit?usp=sharing |
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Facebook is coming out with their own Centralized crypto I see. Ironic since they prohibit crypto advertising on their site.  So... No Thank You, Facebook Track Everything Social Profile Mark of the Zuckerberg Beast Coin. lol I'm Stackin' that DECENTRALIZED / ANONYMOUS / NO MIDDLEMAN / SELL ANYTHING NOW / https://bitbay.market/wall-of-features BAY Coin, Baby...  They will help with mainstream adoption, but I agree with you. THey have a much bigger hidden agenda. Their biggest money maker is selling data to 3rd parties. This will just give them more options to steal privacy for profit |
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DAI is on coinbase, even in the USA. I just checked online. This is really good news for us for multiple reasons!! 1) We are way more compliant in regards to a decentralized stablecoin protocol compared to their system. 2) There system is designed for one reason - decentralized leverage trading and lending interest earnings. And yet Coinbase is able to list them! US regulators hate margin trading. 3) MKR token isn't listed and most likely is a security. Either way, we don't have any sort of "common enterprise" token that reaps all the profits from a stability fee. Yet they still listed DAI. This should be a good foundation to stand on once we are ready to present peg package to exchanges. There is no way Coinbase would be able to list DAI in US if regulators were already holding them in a hot seat for a protocol they felt was against their guidelines https://www.financemagnates.com/cryptocurrency/exchange/coinbase-launches-dai-dai-stablecoin-on-retail-platforms |
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@BOoOBa - Yes, the BAY community is waiting for OEX.com to fulfill their commitment to be listed with their very important exchange.
Let's hope they are honorable and do it. I've been hearing about it for a few months now, with launch dates kept being pushed back.
I tried your project, it's viable. I wish you success because your idea is practicable. Thanks! We certainly hope it will finally be able to change the status quo of crypto market cycles. While Bitcoin takes 3-4 years to complete 1 cycle. We are speculating that we could complete one in as little as 3-6 weeks |
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Even with the big user base that these coins have, it seems like secure options to store these coins are nowhere to find so most of people store them in exchanges.
Is anyone aware of any Stablecoin that can easily be stored in an open source wallet (desktop/Android) or HW wallet?
But isn't the concept beyond ironic. How many of them have backdoor seizure coding? The whole point of the concept is to keep close tabs on users. My guess is that IF they don't have backdoor coding, then they will only supply 3rd party custodial wallets - so they can backdoor you still. Decentralized projects are the future. Besides... all these private, fiat-backed stablecoins will eventually have to compete with sovereign stablecoins. |
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Hi so one way to acquire BAY is just use our markets. There is a coins for cash template and if you let people know you want to buy they can either acquire them for you or sell direct. You can even do a custom contract. That's the advantage of P2P markets is sellers and buyers. Just remember to let our community know either here or one slack about the contract. Also the solution for the web markets is pretty simple but I haven't seen a system like it yet. Zeronet probably doesn't let data expire or is best for serving static pages. In that case github would be fine for serving pages for free. As for the web markets and any decentralized site, my solution has a few steps. * All major logic is run client side in javascript. Because users should validate their own transactions and verify data and prices * Blockchain data can be verified client side on chainz and other services as well as with nodes running the site directly * External data can be scraped from third parties like coinmarketcap *Nodes that run markets do so voluntarily. They share the data with a master/slave system and it is not blockchain based. *If the master node (the node that updates the database from slaves) goes offline a new one is automatically selected *A user connecting connects to any of the nodes or several and that's OK for trivial data. Just make sure all nodes sync with master *All user data has an expiration date, even personal data and its ALL encrypted using their private key therefore if the master node messes with this data it will not be able to be decrypted! Nobody has access but the user *Messages P2P is end to end encrypted again preventing tampering *All requests and messages are signed with private key making SSL not as important and login much safer *Messages with expiration date vary (from months to years depending on data type) *Images can be stored on sites like IMGUR with a bundle of API keys used client side or anonymous pastebins *Publicly shared data (such as offers) share a common decryption key and are signed by users making tampering almost impossible *Master nodes that tamper with data will obviously be replaced by slaves who prove it was tampered (perhaps using master signature of hash) *DDOS is stopped easily by traffic limits per node or progressive POW or "proof of time locked funds per KB" the more messages sent. *Database size is contained by the fact that most data is trivial, users can back up data and hash it, nodes may also archive with hash The above system lets anyone join without the concern of data issues or trust. It also allows anyone to serve the data with big servers. It's possible that Zeronet, IPFS or even DPOS databases have a design close enough to the above but some of the things in the required specs are pretty specific. If this is designed by our team we can probably open source it and increase contributors to our github. I've not had the time to research any alternatives but if they can do the above with a few modifications that saves us a lot of work. If for whatever reason, any trust of nodes serving is involved a list can be periodically updated on github by reputation. Also stakers can potentially vote them in or out and even give them incentive by a stake donation so I don't see those things as issues for trivial data. Contracts can at least have very important info backed up on chain by a hash or a small encryption of minimal critical data(for example a disposable key). If you really wanted to be fancy, use stenography to store data into images on 3rd party services And thats it, I think the design itself is pretty simple... it just needs to be coded and I really dont want to have any of the above features missing (except perhaps a variation in how nodes group together or something) Hopefully this makes sense.  It's going to make things interesting for sure. You've got entire platforms that are gambling on creating web 3.0 on a blockchain. And now that there are alternatives along with alternative concepts in development, it could create some competition. I'm going to gamble on the easiest solution will be the winner. Sure ethereum has smart contracts included with it's web 3.0. But as we are going to prove, you can add smart contracts to off-chain decentralized web networks as well. So I can't wait to see how things fall into place. |
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I knew this would happen. It was just a matter of time before sovereign stablecoins enter the arena. Decentralized stablecoin solutions are the only way to break free from the status quo. There's roughly 400 stablecoins in development. Of which, about 90% of then are private, centralized, hard-pegged, fiat-backed stablecoins. When sovereign coins become the norm. How many of these private coins will still be standing? The road ahead is looking brighter and brighter. https://blockpublisher.com/bank-of-france-is-on-the-verge-to-lunch-its-own-stablecoin/ |
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@dzimbeck, cr197 & The Entire BAY Team, Been going through ALL 25 pages of the Dynamic Peg QT Wallet Gui VERY carefully. Let me say this - You guys and the team are AMAAAAAZING! Wow... I'm a MD with patents around the globe and do a little programming; let me say this - The Smartest People in The World Ain't Got Nothin' On YOU! lol Again - it's amazing the concepts and programming you folks gotta do. Just sayin' - Cheers From cr197Hey guys we are making good progress with peg documentation. The new QT GUI guide is coming along just fine. Still a couple more hours of work to get everything I want on it - including some "How To's" We'll get it all formalized when we finish. But for now if you are interested in checking out the new QT GUI: https://docs.google.com/document/d/1g25erk3zt5ZVzGYYwe74Zp1gw4nfgxJTWjMIvqzhwgs/edit?usp=sharing...Doc says - BOOM!Thanks for the kind words. It's a lot of info, which is why we will make some "How To Quick Guides" Most people will simply want to know: 1) How to stake for extra returns 2) How to navigate through their coin inputs efficiently so they can continue staking extra returns. The real winners for the peg will be those who own Bay before the fork. Because we will start the peg index at 0% reserve. So current Bay investors will be able to freeze as many of their liquid coin inputs as they want into "Voluntary Frozen Liquid" So the initial investors will be maximizing their stake ROI. Cause once the peg kicks in, I'm sure most will agree, it's time to wipe our current price manipulator off the grid. We might have to vote to increase peg index to 150-200 range in order to do so. The point I'm getting at is that when that happens there will be less and less liquid coins available that can try to earn higher stake rewards. As long as initial investors never move their frozen liquid they will keep staking 40 coin inputs. But the rest of the network will have better chance of staking a max of 20 coin inputs. It could take months before we ever see another peg index "0" value before it would allow others to finally take full advantage of that opportunity again. I hope you liked the google spreadsheet. Since the index is based on percentages, it literally gives us the power to wipe out any liquid coins a manipulator owns in as little as 10 days! The key is that they have to constantly sell in order to manipulate. Which is why they only take about 10 days!! But we can manually vote as well and if he backs off his sell pressure, the majority could say, "We don't think he's done yet" and just keep deflating just to add insult to injury. There are so many trade game possibilities with this, it is ridiculous. Some won't even show themselves until it's trading in real time. BAY/BTC BAY/ALT BAY/FIAT BAYR/BTC BAYR/ALT BAYR/FIAT BAY/BAYR I'm excited to see how BAY/BAYR plays out. it has some very interesting possibilities for those that are in disagreement with price action. Bulls and Bears could find some very lucrative trade opportunities presented to them. One thing is for sure, trade bot programmers are going to make some money when their employers ask for a revised bot to trade BitBay.  Can't wait for it to get here. Almost show time! |
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BitBay will eventually be listed on blockdx. But I'm guessing not until after we fork for peg. What are some decent exchanges that don't require KYC? |
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The best decentralized approach would be what BitBay.Market is trying to achieve.
As far as I know 99.99% of stablecoin projects think they have to be hard-pegged to a currency or commodity.
They don't. And this is their biggest weakness.
If anyone trades forex, they will know that the dollar value is not hard pegged. Its value is dynamic. The only difference is that it exchanges within a low volatility market. This low volatility is to a point where people are willing to accept it as a medium of exchange. A 5 dollar burger is still a 5 dollar burger at a restaurant, even if on a bad day in forex, the dollar possibly loses over 1/2% in value against gold or the Euro, etc.
Therefore the most robust stablecoin is one that tries to establish itself as a decentralized cryptocurrency that's value is independently determined. Bitcoin can already do this except it most likely has years even possibly decades before it will ever become stabilized enough to be considered a medium of exchange.
So the only real step bitcoin is missing is a way to stabilize it's price. Paul Donovan, chief global economist of UBS, said it best back in an interview published in Nov. 2018, "Every economist knows a store of value is about balancing supply and demand, and with cryptocurrencies you cannot control the supply in response to a drop in demand."
And he nailed it on the head! While he was trying to be a smart ass about the future of crypto and why he thinks it will fail, he also provided the solution to fix the rampant volatility in the industry.
This is programmable money, never underestimate what can be hard coded into a blockchain - never say never.
BitBay.Market will be the first cryptocurrency that will solve this. Rather than complicate itself with hard pegging itself like 99.99% of others are doing. BitBay is simply applying a decentralized peg protocol that will allow coin holders to vote to freeze or unfreeze the total coin supply. Each coin has a memory, and can either be a liquid coin or a reserve coin depending on the voters consensus. This way it doesn't have to print new coins or burn existing coins. It simply takes the majority consensus and freezes or unfreezes the liquid supply so that it can "balance with dynamic demand". BitBay will prove Paul Donovan wrong.
This means price is not hard pegged. It can reach new values and hold these values. And why not? Pegging a stablecoin to the dollar, which has been steadily losing value since God knows how long, doesn't make any sense. If anything, decentralized cryptocurrencies that have a limited supply with or without regulated inflation should always be able to gain in value against fiat as long as demand growth is constant.
Will the price be volatile? In the beginning most likely, yes, it will. But over time, the ability to balance supply with demand should keep trade ranges contained with a minimal amount of volatility.
How is this possible? Bitcoin can take anywhere from 1-2 years for a bear market to end. With BitBay, voters can freeze roughly 80% of the total liquid supply in just 8 days! It would be hard pressed for a bear trend to last longer than 8-12 days at most. Some traders wouldn't even call that a trend, just a hiccup!
When investors can fight back against speculators, they have much more incentive to want to invest and stake which pushes out the volatility speculators so love.
There are many goals for this decentralized peg as I've already states some above, but one other major goal is to create a low-volatility coin is always independent of any other coin, currency or commodity.
Voters have the power to create either a positive or a negative correlation to bitcoin's price action. This could allow BitBay to be used as a volatility hedge against bitcoins price action. But people must remember also that since BitBay is not hard pegged, the profit potential does not stop once a trader hedges. For example, if bitcoin goes up in a bullish mini trend, but then traders feel that it could retrace, they now have 2 options: either sell their btc for a hard pegged stablecoin or sell their btc for BitBay. If they choose the former then for the most part, their ability to continue to increase their equity is done (unless they have access to margin trading and short). If they chose BitBay, their is the 'potential' that the new demand for BitBay from btc hedgers could actually cause BitBay to go up in value against BTC. This way they have the potential to continue profiting on top of their btc profit taking! There is risk obviously since nothing is guaranteed. But remember if any losses get out of control with BitBay, then voters will start freezing to protect their equity!
It should make for one hell of an interesting trade game.
BitBay.Market is just about 2-4 weeks away from presenting the decentralized peg to exchanges to test and integrate. The coding is done, it's been done since Nov. 2018. They just have to finish up the exchange integration coding.
Hope this helps some people open up their eyes to some of the possibilities that are about to enter the industry!
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However it could be that flagged seriously messed up adverts can be removed via a decentralised voting process since we already have decentralised voting built into bitbay. I think they would have to be seriously illegal and undesirable to most for them to bother voting them off though. Most people are not going to bother voting off things that are grey areas or things that are not universally recognised as offensive. It would take a bit of planning.
"Undesirable to most people" means that a small fringe group is no longer allowed to meet their needs? Democracy is the dictatorship of the majority over the minority? Do we seriously want to continue the state mischief in cryptospace? In OpenBazaar one has the possibility to block unwanted sellers and their offer. The moral superiority can therefore be given to oneself, but is not imposed on others. Which wallet market client or qt wallet? it should sync faster than that for five hours. what OS? and have a slow internet?
Market client. Linux Mint Internet: 91.6 Mbps Download, 95.0 Mbps Upload yeah it sucks. David literally left for an extended leave of absence away from home the day after he released the new linux build. This was back in mid september. Before we had a chance to test it, he was already gone. They updated libraries and caused the build to break. I'm amazed you can even get the Client started. He's been able to continue coding peg while hes gone. But he can't fix linux till he gets back home. Hopefully that will be in a just a few days. Sorry about the wait. |
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Update:
Testing going well.
Haven't run into any bugs for 3 days now. Still lots more to test.
QT wallet development with peg integration is progressing just fine
Hopefully in another 2-3 weeks we will be ready for test exchange release to multiple cexes.
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