Why is there no IOS wallet yet. That would help the market. And when is this fork goin into place? Any planes to make a burn wallet to cut down supply?
The fork will happen when i finish the other updates in the next release most likely shortly after and it will take at least a month to trigger on the blockchain so everyone has time to update their software. And why would we burn coins to cut supply?! Please excuse me for saying this but that doesn't make any sense. You should familiarize yourself with the rolling peg which can freeze and unfreeze supply which will be able to control the price. Before that I've got a bunch of updates to the existing templates which already can do pretty much anything you need it to do. The cash for coins template for example is a trustless way to buy Bitcoin or BitBay with cash/fiat using double deposit and unbreakable contracts. Since the contracts can't be broken there is no arbiter, middlemen, or fees to a big company. Its just peer to peer cash deals allowing anyone anywhere in the world to buy any coin they want. |
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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? Actually even my main account was not staking that often during tests. Which maybe is a good thing. It means more people are staking! You can see it here: https://chainz.cryptoid.info/bay/#!extraction That tells you the distribution of staking power |
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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. I don't doubt at all what you are saying. However with regard the rush this is kind of like a race. So far a lot of huge huge projects with massive funding behind them have only sold hype and dreams. There is nothing tangible there with those projects at all. However they are leveraging this hype and dream selling into a funding pot that takes investment/attention from other good real projects like bitbay. The trouble is once people believe they are part of a community and support the dreams and hype projects it can be difficult to get them to extract their investment and put it in a real project that does not sell dreams and hype. Look at the top 20 MC which of those projects are still pretty much vapour ware. Now imagine forcing all those investors to forget hype and dreams and put those funds in to real projects... bay would be a top 5 coin for sure. I like the sound of incentivising people to lock the coins down in the marketplace for periods of time indeed. Hopefully in certain sized packets to achieve scaling rewards. Anyway things are going well up another bump today. Soon bay will be a stable inside the top 50 , next step stable within the top 20. I'm really hoping bay will be recognised and become stable top 10 by the end of the year. The great thing about the peg is that once we are psychologically accepted in the top 10 we will enforce our place there not just because the usefulness of all the other features but also as a safe haven of stability of value. Same for top 5. I can see bay being the base currency for a lot of exchanges in the future because of this stability. I heard the owner of polo was a music grad with little coding or tech skill. Makes me wonder if bay could start its own exchange with bay as the base currency pretty soon. There must be some tech based people in the core other than david and off the shelf exchange scripts too. all fees go into repurchasing bay from the market and burning them so upward pressure is always there too. Giving us more scope to rise inflation for those accumulating and holding through a ranking system. I totally agree with you. The vapor products literally steal money from real ones. At least consider most of their volume is fake but how to be heard in a crowd of shouting people! I suppose just do it with actions. Hopefully our features will speak for us. |
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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. |
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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 |
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Thanks for the link! Really cool. |
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I just don't understand how the idea continues to perpetuate that the arbitrary division of coin supply somehow affects the worth of the crypto on the whole. I've been seeing this shit for years, either there's some FUD intentions or people are just so dense. Reminds me of this:  Ha-ha I'm archiving this image. Genius!! Lmao. |
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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... Yeah why remove a feature?! Lol... so much for transparent ledgers. |
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Any reason for the current price drop? Not really, it's maybe someone trying something foolish. I was saying I wish we could zoom out and show them the "one year in the future chart" The core has pretty damn strong hands. So it won't last. The train just went to pick a few new people up from the station. |
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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?! |
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Does 'voter-peg' fit? Or maybe 'velocity-peg'.
Yeah or maybe liquid peg? Moving peg is actually more direct than "rolling peg". Pegging is a word I want to avoid. Despite being an economic term (which is not used so often) now has a bizarre sexual term that seems to dominate google. So from an SEO perspective it would be nice to target a niche keyword that also fits within our target market but also explicitly describes what the currency is doing. Liquidity-Voting Vote-Pricing Dyno-Priced Smart-Pricing Stake-Pricing Smart-Staking Who are you saying, is the target market? Well I guess finding the term is tough enough. I'm not entirely sure who we are targeting I was just thinking about seo. Maybe something with freezing or forcing or moving. What words are synonymous with economic pegs? So the closest term in economics is crawling peg?! Cool term but not explicit for newcomers who won't be able to visualize it |
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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. |
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We need tiered pos returns based upon amount held and duration held else it will be a continual battle against the churners.
People should be rewarded for accumulating and holding firm.
Coinage doesn't work because it allows people to gain by being disconnected. That was one of the major things removed from the original POS. |
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wallet download is so slow. could you please offer a fast download option. thank you.
more than two hours for about 300mb.
Are you talking about blockchain or the site?! It's actually not hosted at my server (the site) so I can't really do anything about that. I'm assuming you are referring to the new Mac QT build?! If you are talking about the blockchain you can download it precompiled here: http://bitbay.market/downloads/yes, i am trying to download the qt wallet. i stopped the download. Well switch to the markets wallet anyways! It's better to be honest. And smaller download. |
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Does 'voter-peg' fit? Or maybe 'velocity-peg'.
Yeah or maybe liquid peg? Moving peg is actually more direct than "rolling peg". Pegging is a word I want to avoid. Despite being an economic term (which is not used so often) now has a bizarre sexual term that seems to dominate google. So from an SEO perspective it would be nice to target a niche keyword that also fits within our target market but also explicitly describes what the currency is doing. |
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I actually dont know jack shit abt Bay's coin supply.. can any1 elaborate? cuz for me, 800 sats for a 1B coin supply is just fucked up. I just wanna know what this peg thing is alot of people are talking about...
Yeah I know what you mean, the USD is a supply of infinity (if you are fed reserve) and otherwise countless trillions. Marketcap matters not supply. What's will all these new profiles repeating the same banter? The rolling peg allows us to vote on freezing coins and it effects all users equally. Coins then have unique liquidity so each coin would maintain those properties to everyone who receives it. This allows us to force the price of liquid coins in a dynamic way allowing us to vote on supply constantly throughout the day. Totally decentralized market peg. Forcing stability at the same time as allowing price growth Alright so, marketcap is the share price x amount of shares available yes? In that sense, if this rolling peg is doing what I assume it is doing, then the price now is artificially made to boast a higher coin price. Then as of this moment the price of BAY is overpriced since this price rise is due to artificial supply restriction and not genuine price appreciation through increased market demand. Please correct me if I am horribly wrong since I am actually not here to FUD like a mofo, I just want someone to point me to the proper direction where I can read up on the rolling peg and how important it is to how BAY works. Since liquid/illiquidity does not make sense to me at all atm... an asset is an asset is an asset. btw, I miss you dzimbeck <3 The point you are missing is the liquid amount changes HOURLY or DAILY. So the idea that there is some "fixed" liquidity emulating a large marketcap is totally not true. The liquid coins can certainly inflate and they would to punish any vicious pumpers who try to take advantage of ultra-cheap pumps. The idea is to force harmony between volume (demand) and price (supply). The frozen assets are quickly available once the volume increases. So only a low volume coin (might) have a lower effective marketcap. And you would definitely want it that way because you don't want supply to so far beyond demand of the target price! This is the entire problem with Crypto!! They don't have any way to truly EMULATE larger markets. Forcing stability and consumer confidence. Also, this is a massive benefit over hard pegs that rely on "trading tricks" and insanely unstable voluntary incentives (like parking) not to say we can't offer "bonds" like parking but this is truly the only decentralized free and fair way to do it. There can certainly be two asset classes within the same "asset" as you call it because of the way I'm going to have miners analyse the coins being spent. They can force the division of the two by looking at prospective outputs and force you to make change on the ones not leaving your account. Although I've put together a very technical 20 page whitepaper, not yet published so its a lot more complex than I'm letting on. Thus there are two styles of assets on the same chain. The frozen coins and the liquid ones. The frozen coins can thaw and become liquid quite fast if the volume rises and the price rises based on the communities collective wishes. And they would certainly want to freeze some of the supply if price goes too low and that my friend should increase volume!! Why? Because a person buying liquid coins knows a certain amount will be more valuable by watching the voting rate. If hes long on BitBay he will want this. Also, once it reaches a stable target price volume again will increase because people know when Bitcoin goes down, they have a stable hedge far superior than the broken Tether!! Yes Tether went below a dollar proving yet again 3rd parties cannot be trusted. So it would be wise for an investor to quickly cash out BTC for BitBay because they can wait in BitBay as they watch BTC decline. And even potentially watch Bays value rise because the peg is "rolling" or "moving" and not fixed. This dynamic system is exactly the same as how governments do it with the caveat that its decentralized and all users are in control (or an algorithm can handle it too). In my opinion its what Bitcoin should have been. Regardless we shall see soon enough! Fun times ahead. "Rolling peg" is what I used to describe it. But also "moving peg", "user value protection", "freezing/unfreezing", "inflation/deflation" were some of the names tossed around. Let me know if you can think of other names for this as it's never been done before. |
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wallet download is so slow. could you please offer a fast download option. thank you.
more than two hours for about 300mb.
Are you talking about blockchain or the site?! It's actually not hosted at my server (the site) so I can't really do anything about that. I'm assuming you are referring to the new Mac QT build?! If you are talking about the blockchain you can download it precompiled here: http://bitbay.market/downloads/ |
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I'm highly skeptical as to whether freezing coins can actually tame the market forces into a predictable/stable token value, especially with voting. Voting takes time, and the market moves instantly. Through what process do stakeholders determine what amount of coins to freeze, and can we trust them to accurately make that determination? Do you have insight on the incentive/game theory behind this, and perhaps investigated if there is any tragedy-of-the-commons scenario to look out for?
If I remember correctly, NuShares tried to do this and failed spectacularly. Let's not make the same mistakes.
this is nothing like NuShares. They have a centralized peg. First of all, they are closed source, use custodial wallets and do burning and offer insane interest for parking. This is nothing like that, this is fully decentralized AND dynamic. First of all votes are counted a few times per day. The markets client already has voting and we used it to decide on a fork. The ones invested are the ones who have a vested interest in price, volume, stability. Also you can do freezing based on an algorithm. It's not opt in like Nubits, its forced. A person with 100 coins who hasn't moved it since it froze 50% when moving it sets aside 50 as frozen and 50 as liquid. The transfer of the liquid coins is thus immediate. If the coins inflate those 50 become more liquid and his frozen 50 become gradually available 1/50th for each 1% increase. The amount of times we count the vote will determine how fast the coins freezes and unfreezes. If we count 24 times a day and each movement is 1% then it could be 24% (compound) inflation or deflation. If we only count the votes once per day at a change of 1% it is thus 1% max a day. You will all get the option to download a "demo" client where we can force the freeze on client side so we can all play with it and get an idea for what is going to be the most reasonable freezing system. These variables are absolutely critical. Its makes a big difference how often votes are counted, how much it deflates in each step etc. Also there is a way to bypass the law entirely with frozen funds as they can be moved "slowly" so they are really "slowed funds". The slowed funds can be moved under the condition that they are locked for 1 month. I used to think 3 but am now thinking of making it 1. We should decide on that time span too because everything makes a difference. |
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Is there a wallet you can use that will sync quicker?
I'd like to move my XEM out from exchange. I'd send it back later when I can think straight and trade for more. Which wallet can you recommend that works faster?
Our wallet downloads the chain but we have a bootstrap that doesn't need to sync most of it so I recommend that. BitHalo for example is electrum based so it doesn't download the chain. As for altcoins very few have electrum servers. It's for your own security that the chain is downloaded because it verifies the transactions |
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