Thanks, I still don't know if anyone else is trying to create a stability protocol that allows price to increase and hold if demand grows as well.
The best of both worlds!

Update!!
The public invited beta peg build is almost ready to be released!
Just gathering a few more addresses to add to whitelist

Lazy exchanges I might add.
Heck we just found out that QIEX is actually using our Client to host user accounts. Why not?! It's a multisig wallet.
You'd think that with the amount of exchanges expected to exceed cryptocurrencies in the next 2 years (my joking statistic), that they would seek out every leveraged tool they could find to be better than their competition.

And someone was asking me earlier on another forum about the oracle for BitBay.

The more I research David's peg, the more I realize just how amazing it is.

Most experts will say the oracle protocol for a stablecoin is one of it's biggest weaknesses.
For a stablecoin to claim to be truly decentralized, such a weakness can't exist.

So how does BitBay's peg protocol counter the exploit?

#1 - First and foremost we are not hard pegged. So we do not 'break' if price changes.

#2 - The dynamic peg relies on voters to dictate what fair market price should be. The automated algorithm our peg uses is only as powerful as voters allow it to be. In other words, if you don't vote to use the algorithm to control the total coin supply, then it can't do anything to change it. As far as I know we are the only stablecoin that enforces coin supply by 'human' oracles - the majority consensus. Who knows... there may never be a time where the algorithm has more voting power than the manual voters. And David purposely made the voting system proactive. Which means you can't just set the vote to either deflate/inflate/hold/algo  and then walk away never to return to your computer. On the contrary, when you vote you only get a set amount of votes before you run out and have to 'reset' which voting input you want. This further strengthens the presence of a 'human' oracle the controls the majority consensus!

3# - Voting sessions are regulated. 200 blocks per voting session, which equals about 7 voting sessions per day (roughly 3.55 hours). If for an example, the majority of voters were voting in favor of the algorithm to manage coin supply. Then any exploiters would have to manage price manipulation for x amount of time before they could potentially cause the algorithm to work in their favor. But at any given time 'human' oracles could simply alter their voting to a manual vote to create resistance against the exploiters. This counters the power of the algorithm to change supply to their advantage.

#4 - In the near future we will be able to include our own algorithms that will vote based on our own desires. This will lead to multiple TA indicators at work to fit the needs of the investors who implement them. Yet again, it's never a permanent fix. Anytime these traders that use an algorithm, see manipulation at play trying to exploit the automated 'oracle', they can simply revert back to voting manually and thus creating what ever resistance they need to counter an attack.


So ask yourself how many stablecoins have a more sound oracle system?

Peg update:

So far most of our testing has run very smoothly with new build.

David's working on some small issues.

We are close to releasing the whitelist to the invited public

I responded to them as well!
Thanks for the link!

Just a matter of time before the big boys catch onto this!

https://bitcointalk.org/index.php?topic=5038442.msg46208944#msg46208944

There are currently over 57 "stable"coin projects in existence. Some are already live and others are still in development.
The vast majority of them will still have to build a marketplace or request integration into an existing marketplace if they are to ever really tap into being adopted as a 'currency'.

There is only 1 that has a trustless marketplace ready and an easy button web/mobile marketplace ready in a couple more months = BitBay

And the point I'm getting at is that now that all these stablecoins are beginning to come online, they better continue developing in a frenzy to build real world use applications as well.
Because if their hopes are to just sit back and remain 'sustainable' on centralized fundamentals by being used as a hedging mechanism for exchange traders, then they will most likely fail.
The shear number of new coins coming online will cause the industry's trade volume to get diluted more and more.

Investors need to take in consideration:

1) Definition - What is a stablecoin? Is it something that holds a hard pegged value to fiat or gold? What makes this fiat or gold stable? Is it not simply because its exchange price fluctuations are less volatile than other industries? So in the end, doesn't it just boil down to stabilizing the volatility? So why sell yourself short and let something else do that for you? Why not just create your own self sufficient volatility stabilizer? Why rely on something else to do it for you? Dependency is a weakness. And why stop there? If you remove the volatility, why does that mean you HAVE to keep it at a hard pegged 'value'? Why not let it find it's fair market value yet simply regulating the volatility while it searches for a fair market value!  BitBay is the only stablecoin that simply enforces regulating volatility. BitBay doesn't need gold or fiat to do that for it! It's completely independent!

2) Fundamentals - how decentralized is it? Why does that matter? There are multiple reasons, but one big one I foresee is what happens to these centralized coins when governments simply create their own digital crypto fiat? Such a fear doesn't apply to decentralized coins. https://bitcointalk.org/index.php?topic=1691458.140
There are numerous coins that claim they are decentralized. Yet literally none of them can guarantee that they can 'truly' enforce their price because it always boils down to trusting that someone (custodians, backers, burners, traders, insurers, etc) will be there to enforce the correction. This is a major centralized flaw! And the more the stablecoin sector of the industry dilutes itself with new coins, the harder it is to sustain this design.
BitBay doesn't try to hard peg its value, so it doesn't "break" if it can't maintain a value. It can always enforce it's stability protocols because of this. This very protocol is what removes the volatility in the first place. Collateral is not needed. Collateral is always welcome. But it's voluntary only. If you want to put up a 4 million dollar buy wall on BitBay, you are a voluntary backer. If you pull your backing, the coin will adjust as needed with or without someone else coming to take your place with a new buy wall!

3) Investment potential - If you are a retail investor what reason do you have for investing in these coins?  Does your centralized stablecoin reward retail investor coin holders? Or does it just make the elite market makers, exchange hosts more
money? What point is there in holding a stablecoin if it has no reward mechanism in place to provide you with a ROI. https://www.forbes.com/sites/simonmoore/2018/09/10/why-you-should-avoid-stablecoins-as-investments/#67bd2fe17a07    There are a few coins that realize this and realize the potential in giving retail investors ROI for supporting the coins - not just the elite centralize backers, market makers, exchanges, developers, etc.  And of these few coins, again, BitBay isn't focused on a hard pegged value. BitBay is always seeking fair market value, which means it can gain in value and potentially hold gains! When you combine our staking protocol to the system it makes for some interesting compounding gains on top of market price. In BitBay, people can buy up liquid coins and voluntarily freeze them for a higher stake reward interest rate. The current levels are set at: voluntary freeze (3 month time lock) = 4-5% newly minted coins per year, network frozen coins = 2-2.5% newly minted coins per year, and liquid coins = 1% newly minted coins per year. So imagine you had 10 million dollars invested in BitBay at the beginning of the year. You voluntarily freeze your coin supply 4 times back to back (3 month time locks) = you gain 4-5% newly minted coins. And on top of that, BitBay's exchange price increases by 10-12% over the course of 12 months. You do the math! That's a "little" bit better return than you'll get from any of these hard pegged stable coins!

Cheers!

Well if it were to crumble, I hope we have the peg in place before hand.

It would take down a lot of exchanges including bittrex.

The good news for us would be that IF they were behind the pump of 2017 for both BTC and altcoins, then they have very little invested in us anymore at this point to be of any worry.
I say that because in order for them to stay afloat as long as possible, in my opinion, they will try to liquidate any holdings they still have in altcoins to try to keep themselves alive.
Maybe I'm wrong, not sure. So many ways for it to play out.

I just wish this industry would wake up out of it's slumber and realize that BitBay has the best stability protocol in the industry.
It's a shame what the whale club manipulators and erc20 tokens have done to the industry. Everyone is scared shitless - sheep just looking for the next flock to follow

No need to have a doubtful outlook on acceptance.

What does bittrex have to lose?
Innovation is what drives volume.

This coin has had this innovation on its roadmap since day 1.
Pretty much the entire community is in favor of this innovation.

The voting and algorithm is fair and balanced.
We will actually help market manipulators make more money than their stupid AI bots ever could, because we can curb any major sell off within just 3-4 days.
Meanwhile, we and over 80% of the legacy altcoin community have been dealing with an 8 month bear trend.
It's kind of nice knowing that a bear trend can only last a few days with BitBay after the peg is released.

The key components to keeping Bittrex happy with the peg protocol integration is:
1) Provide a system that keeps their hands neutral - this has already been accomplished through a voting and algorithmic protocol that is 100% automated.
2) Provide a system that keeps their current security protocols sustained - David has a solution that still needs to be coded that will allow them to keep their cold wallets cold.


Don't forget they have financial backers to appease. These backers want bittrex back to it's former glory where it use to be the #1 exchange in volume

People boast about masternodes as some sort of amazing perk.
With BitBay you can simply buy up as much liquid coin as you want and if you want to voluntarily freeze it then you get 4x the interest rate as liquid coins staking

Peg Testing Update

So new voting session in. Froze down from 87.7% to 85.1%
So a 2.6% decrease. Last time it was 2.7%
So it's averaging so far with a discounted effect of 1/10th of a percent per voting session.

I'm guessing if we unfreeze it would create a compounding effect of 1/10th of a percentage as well

_________________________________________________________________
Just voluntarily froze 5 coins for 3 months (it's a default timeframe)!
Voluntarily frozen coins earn twice the interest rate of frozen coins and and 4 times the interest rate of liquid coins!

It's super easy to do.

https://chainz.cryptoid.info/bay/tx.dws?922285242fcef58491bc4f65652f3ffd4fa0a3b3b32677fc6c8e743bd65adbfc.htm

Peg Update!!!

New private build is out!
Testing now!

Last voting session just froze my liquid supply from 90.4% to 87.7%
A 2.7% decrease. Which when you take in consideration discounting effects when freezing and compounding effects when unfreezing -  that is right on par with the 3% max change per voting session

Can't wait to rek the manipulators once and for all with this revolutionary system!

Peg Update:

David's just taking a little bit longer with the new peg build.
We realized that the 1% freeze per voting session is just not responsive enough. Considering that it only freezing 1% of liquid supply rather than total supply. So when we consecutively freeze coins, it actually "discounts" the rate of deflation. And when we consecutively unfreeze coins it "compounds" the rate of inflation.
So rather than have a 1% rate, we've come to conclusion that a percentage range would be the best option. Currently, David is setting up the new build to have a range of 1-3% per voting session. Each voting session is 200 blocks. which is roughly 7 sessions per day.
So depending on democratic voting and algorithm, we will now have a dynamic range to change supply.
Only befitting for a dynamic peg 😆
So in one day we now have the potential to freeze up to 21% of the coins supply (with discounting effect because it's based on existing liquid supply) and a max of 21% unfreezing (compounding effect). This creates a much more responsive structure, and therefore reduces the volatility compared to a flat rate 1% change.
Almost there guys! 😜

So if my math is correct and based on discounting and compounding interest rate effects...
If you have 1000 coins and we vote to freeze 3% every voting session for that day. Then those 1000 liquid coins would then be 807.9 liquid and 192.1 frozen
Where if it was just an initial 21% of 1000, that would actually be 790 coins liquid and 210 frozen.

That doesn't seem like much of a difference, but when we are dealing with just a flat rate 1% rate change system with a discounting and compounding effect, it becomes much more responsive!

So now the inverse applies to unfreezing.
Lets say you have 500 liquid and 500 frozen.
And the community votes to unfreeze by 21%
(3% per 7 voting sessions). Then we have a compounding effect that would unfreeze your supply to 614.9 liquid and 385.1 frozen.

Again not much extra compared to a straight rate of 21% of 500 = 605 coins liquid.
But in regards to just using 1%, we now have a much more responsive system

Bear manipulators that try to control the market price for their own best interests, will just have to give up and try somewhere else. 😜
Knowing we can freeze upwards of 63% in just 3 days, will make it hard even for the largest whale to do any real manipulation before they run out of the power to control the exchange!
With BitBay's dynamic peg the majority consensus is the "market mover"

Meanwhile, coins like Kowala, that use a burn system to deflate, will have to wait till their burn protocol supposedly allows for demand to catch up with supply. During this time miners supporting the network have virtually zero incentive to keep mining.

They can't burn peoples accounts, that would piss off investors. So they just have to sit back and burn newly minted coins from miners.
This could take weeks if not months to correct itself, especially if bitcoin decides to turn bullish for a long period of time.

Meanwhile we simply freeze a portion of everyone's liquid supply. There is no need to burn them. This protects your equity fairly. Your frozen coins actually mine more profit than liquid coins, so miners GAIN incentive to support the network  with frozen coins. This in turn provides demand and the ability for investors to buy frozen coins from those that just can't wait for some of their coins to unfreeze.
It's perfect. Those that want to sell can still sell - even frozen coins. It's just that the buyers will receive these frozen coins with a  time lock on them to protect the price. Once the time lock expires, then the coins become liquid again and the investor who bought at a potentially lower price could either hold the profit or sell at a profit once matured.

A much more responsive and fair system to all these stablecoins that are using a burn system.

Found active seller.
Not much left.
https://chainz.cryptoid.info/bay/wallet.dws?18840.htm

Can't wait till the day comes that we can freeze and regulate these guys from drastically hurting investor confidence anymore.
These last 8 months have been brutal for mostly all of the altcoins.

We are just a few weeks away from removing their abilities anymore.
And it couldn't have happened at a better time. The market manipulators have been busy dumping their altcoin reserves.
They should be close to running out of Bay.
The dynamic peg will regulate them no matter what happens.
But the idea that we will soon have a dynamic peg in place, while the market manipulators are nearly out of Bay coins, it is going to make the peg release that much better!

It's going to be fun to watch as the true investors begin to realize that they ARE the "market movers", without even having to trade!
Manipulators that are trying to drive price down, can't sell and vote at the same time. So this will make them easy to regulate.
It will be a first for the crypto industry where a majority consensus always rules as the "market mover"! Rather than just a handful of elite whales that hold all their coins on an exchange and paint the charts as they see fit.

The manipulators are trying to force altcoins into submission of bitcoins price action, that won't be possible anymore with us!

Everything is falling into place

David should have the new peg build out anytime now.
We will test ASAP so we can get the community testers involved as well.

Well people want an easy button. It will allow for a super fast system and even mobile access.
The biggest factor is that we can actually keep transactions protected by DDE smart contracts. This will still allow our web marketplace to give merchants the ability to undercut the competition compared to 3rd party merchant service hosts like eBay, Amazon, or even other crypto marketplaces.

And yeah, if people still want to be decentralized all the way, they can still have it! The best of both worlds with a stable price.

That's the other aspect that people have yet to realize. We are way ahead of all the other stablecoins in regards to real world use. While they are busy trying to build their peg, they still have to come up with services that allow them to actually apply their currency to. Most won't bother trying, they will just use centralized 3rd party service hosts to do that for them.
But that equals fees.
They will never be able to undercut our marketplace services because we don't charge anything to use them!

I'll try to explain how this is going to work for us once the exchanges incorporate it.

Let's say the current market manipulator, who bought up BitBay during 2017 and has been selling consistently since Jan 2018, only has 10 million Bay in his possession. He holds all his coins on the exchange so he has no voting power.
And once the exchanges incorporate peg QT wallets. The official start of the peg begins.
So we start at 100% liquid to be fair to the bears.
Over the course of 10 days the majority of voters decide to deflate supply down to only 10% liquid and 90% frozen.
Now just for the sake of example, during this time the manipulator hasn't been selling. He still has 10 million coins to play his stupid MM games.
So now with the peg ratio the way it is, he only has 1 million coins liquid to either sell down the price or place as resistance on the sell book.
After a few hours, the buyers buy him out. He now has all his remaining coins frozen. This causes price to increase too much so the algorithm takes over and inflate price by 2% in one voting session.
So now the manipulators 9 million coins he has frozen, he receives 2% of as liquid again. So now he can sell an additional 180,000 coins before he runs out - etc., etc., etc.
So now he's no longer a threat. His liquid coin supply is being regulated. He is not longer able to be a substantial Market Maker or Market Mover. He is just a flea that can be bought out with buyers actually appreciating his cheap coins.

And BitBay lived happily ever after.


The End


P.S. We actually help the jack ass make more money than his current index bot ever could!!!

If you are not actively voting on the Client, but you are actively staking coins. Then yes, each time you win a stake reward from a block, it's as if you are voting for the "Automated Pegging Vote" to decide to control supply and demand. Because your staked block reward takes away from others trying to vote to manually control supply. There is only 1 vote allowed per block.

There are 5 types of votes to choose from in the Client. It's very user friendly. No coding skills are required.

Automated Pegging Vote
Vote to Deflate/Freeze Supply
Vote to Inflate/Unfreeze Supply
Vote to Maintain Supply
Do not Vote on Supply

Thanks. I couldn't agree more
It's so sad to see the state of affairs with the altcoin industry right now.
It's easy to see that just a handful of market manipulating index bots control over 75% of the altcoin industry.

With our peg in place we can control them like a puppet. And when it shows that we can stabilize price, investor confidence will return and organic price growth will as well.

You can't beat having the best of both worlds.
The entire stablecoin industry, excluding BitBay, is focused solely on creating a hard pegged value.
Ours still allows for price to increase over time as long as demand continues to build, and focuses more on simply removing the volatility.
Once investors pick up on this, the first few months should be interesting to watch unfold


Bitcoin investors are in a bind here. One whale has 700 million dollars worth of coins left to manipulate the market as he wants.
I can only imagine how scared BitMex is. Someone has to buy back this guy's shorts. And each time he toys with price to satisfy his BitMex positions, he just makes himself stronger than before.
So if you take in consideration that his short is still in play. Once he covers it, he could be sitting on roughly 900 million in equity from his initial 800 million he started with. IMHO the only way he can lose is if BitMex bans his account or they go bankrupt

Sometimes the Client tries to attach coins to blockchain network and it fails.
Just try again.

It also could be because you might only have 1 key loaded. Goto your history tab and make sure the history tab is showing that you have 2 private keys connected.


If it's persistent then goto: Settings -> General Settings     and make sure you turn on "Create Debug File on Exit"

Then close the Client and look in your C:/BitBay directory. There should be a debug text document.
And PM that file to David here. That file is designed for the sole purpose of bugs. So of course, David would not allow it to provide any info other than bugs (priv keys are safe, etc)