Honestly we don't think they do. The slack group did a lot of work in trying to figure out wallet balances. Their opinion is that most of it was sold. After all the price got pretty low and a lot of the guys there bought it up. Im not happy about it either. But then again, the whole point of pegging/hedging is to make the actual coin into the market maker. Control supply to match demand anyways. I'm sure some coins have had worse distributions. Although Bitbays was definitely not ideal in the beginning.

But then again, the guys on slack know more about that than i do.

I'm coding everything. I've been working on Halo for over a year now. It's too hard to find anyone to help on the code. Even when you offer to pay them, regardless of how much is offered, most coders are not able to work on crypto stuff and most of them are extremely slow or are dishonest about their hours or need to spend weeks just understanding the code. The bigger problem is most of them will take weeks to respond and then disappear.

So yeah, every time im just forced to do all the coding. But honestly, its faster this way since i know the code by heart and can quickly debug it. But of course i do wish there was someone out there who could help. I think the coders that are, cost hundreds of thousands per year. And even then, there is no guarantee they will be motivated to work hard every day. In that case, you need a good project manager too.

When you think about it though being the only coder has its advantages. I don't have to spend all day training people or be at their mercy. And i can make many more commits and even break the code up if i want. Considering that Halo was the first with smart contracts and markets, i think we have done things a lot faster doing things this way.

Yeah i have seen it. Their methods are definitely different from ours. However they seem to work pretty well. The difference here at Bay is the proposal is to cause supply to react to voting so the peg can roll and grow the price or it could be a hard peg. Since all value is determined by supply vs demand i think its probably the simplest way to do a peg (either a hard peg or a rolling one).

Still i read bitshares paper and i think they do pretty good work over there. Ethereum has been proposed almost a year ago with very little activity. If they ever exist, they will need to hurry up and finish so people can develop for it. I'm not sure that  blockchain based approach is the correct one.

Not everything should be on the blockchain especially applications. On the other hand (some) modifications to the scripting system would be extremely useful so that is where i see Etheriums proposal a good idea. After all the bitcoin stack language is way too limiting.

The branding of Bitbay is more conducive to markets. There are also features exclusive to BitBay such as the pegging/hedging tools. The issue with BitHalo and  BlackHalo is that it will be harder to guarantee a stable price growth or stable economy. So yes, pegging is the only feature that is exclusively BitBay in our immediate roadmap.

However, consider its much easier to use markets when the prices aren't all over the place. Especially if there is a price growth with a rolling peg.

Blackcoin is the first coin I developed in however im not the main dev so there is less control over protocol. Decentralized markets are not technically hard coded in the coins protocol. It uses Bitmessage and the Halo modifications that are fully decentralized. However, Blackcoin will be the base currency for NightTrader microtrading contracts. So they have their own advantages.

My primary interest is delivering the products exactly as promised. Personally, i don't have a preference of Bitcoin over Blackoin or Bitbay. They are all good coins.

The thing about pegging is, its a hard coded protocol so it will work without exchanges or with them. But we do need to make sure that exchanges are willing to put the new Bitbay on their exchange. If everything works out well, then I'm very bullish on Bitbay(of course).

So yeah Blackcoin and Bay are my primary interests as coins because the people who invested in those want to see it pay off.

My interest in Halo is totally separate. It's not a financial incentive. I don't care if Halo succeeds, I care that double deposit escrow (2 party escrow) becomes the standard in Bitcoin. Nobody should use 3rd parties, it goes completely against decentralization. Third parties are biased. So yeah the Halo stuff is more of an idealistic thing. Its the reason i came to Bitcoin. As for Halo licenses, whats the point of a license if the idea of DECENTRALIZATION dies with it?? We want 2 party escrow, no courts or complex paperwork, no arbiters who are biased, no middle men taking from every deal, no more theft and deception. That idea i hope will become the standard escrow even if another company copies it and Halos name is forgotten.

Pegging happens to be one of my favorite cryptocurrency concepts. I really think programmable money should not be limited to the boring "Bob sends Alice coins". If we can force the coins to behave like an actual economy then we can prove cryptocurrency has true advantages over the dollar. We can make coins act like different asset classes, use the blockchain as a notary, and even use it to represent time.

Bitcoin is not being used correctly. Its being used as a speculative asset. Thats what we are trying to change.

If we have it next week, we will want to test it on slack first. But yeah im pretty close to an update.

Haha awesome. By the way, the new client has a translate/language option we can put screenshots of the client running in Russian.

Yeah sure! Some of these have already been answered but not sure we have a faq for that yet.

The first question is a great one and it works like so:
Once I complete the fork, the exchange will get an updated version of the wallet. Whenever someone trades they will report that trade to the api which will simulate it and figure out how much is reserve and liquid. The exchange will most likely have a special version of the client for this.

They will report 2 balances in the exchange, Bitbay and BitBay reserve. However we will make it easy for them. Exchanges already need to run the coin daemons for actual withdraws so asking the api for that info should be trivial.

IF they oversell the coin, that would be no different from selling phantom bitcoin or phantom dogecoin Its extremely unethical for the exchange to do that! Although they have been know to do that since there is no regulation.

If they try that in BitBay the will immediately be found out though because the miners will decline the withdraw! Because you cant take more money than is liquid! There is no way to cheat that.

Okay so your second question. I'm still in contact with the guy who started the project although he is a little inactive. Perhaps hes just waiting for me to update. He used to work at Alibaba and should have some contacts.

Lastly, the next update so far is one of the most major core updates which is total redesign of the UI for contracts and templates which automatically track prices and negotiate. Not to mention tons of other little changes. We should at least be testing several of the templates this month. Once thats done, the next step is pegging.

Not sure yet, im working on it every day. It depends on if i want to release early before finishing all the templates. Personally i want to release with all of them complete. BUT we may do some private testing on slack. If you want to join our slack pm me and if we do some tests will let the core group know.

Yes this is correct. There needs to be a new staking command (submitblock) for me to complete that feature. I've already got it so that wallet can find blocks, make the transaction and prepare it but the submitblock command needs to be finished so we can stake from multisignature. It will be staking before we start pegging thats for sure. But right now my priority is templates.

Yes those coins are safe, however it makes sense to use the newer build of the QT which will synchronize. The QT wallet will be abandoned after the
pegging so you have lots of time. Currently I'm working on making the software fully commercial. So that means you can use more than the basic custom template (all templates fully functional) and all the other user friendly features. The new build i have right now is extremely fast and stable.

Yeah if you see at the site, there is two wallets. There is the standard QT wallet that is not multisig. For that one, like 3r said back up your wallet and use it with the new QT wallet.

And then there is the markets wallet which is multisig so its not compatable with your old wallet.dat and you would have to send coins to whatever address you generate there.

It sounds like you only need to use the new QT wallet and copy your wallet over. Let me know if you need any help.

Well actually thats a good question. "Mom" can sell at the click of a few buttons. The deposits will be automatically set for her and she will notice that she needs extra coins to start the offer. However if she doesnt have the deposit, she can set a custom one. If you sell a 6000 dollar item, there is no reason a 1000 dollar deposit is not enough. After all the person will rather release escrow and get their 1000 back than pay 7k for something that was 6k. Also you can do guarantor contracts where the deposit is zero. But perhaps only one person deposits.

So mom wants to buy her first coin, she doesnt have funds. So she asks for a guarantor(the software figures that out automatically) and a person can put up their deposit so mom can trust them but she is not required to do one. A guarantor would probably only sell about 50-100 dollars worth of coins to her in that case. But they will deposit 50 on a contract of 50 and all mom would have to do is sign for it after she sends the cash.

Yeah well the good thing about this pegging system is we can roll the price up or down. So even at .01 cent you would be holding a tremendous amount of money. Its a question of how much liquidity is desired. We can roll the peg upwards using deflation (and that may also create a nice arbitrage too). The key here is supply should match demand.

So the thing is, every update comes in order. We have the templates working nicely so when people see the peg and buy in, they see the user friendly markets that even their mom could understand which we could fill with p2p cash orders or selling items etc. New buyers will see the value in completed software. Plus it makes marketing it so much easier!

That is why this update comes first.

As for an update on progress, yes the software is coming along. I'm currently privately testing the fiat templates which also have automatic price tracking. Also testing guarantor contracts for people without deposits. This new client is totally different the entire UI for contracts has transformed. Its perhaps my biggest update to the contracting system itself in a year. So consider that this update is huge. I've got to make sure its watertight, stable, fast and secure. So  be patient, things are progressing and we will have something soon.

It seems like we are still listed, you should pull it from coinmarketcap. Either way we will be able to trade in the markets themselves or on NightTrader. Anyways yeah the templates are coming along nicely, will do some tests shortly. Hope everyone has a nice July 4th

Everyone knows my Bitbay addresses they have lowercase "b" because they are Halo accounts and ive never sold a coin. Anyone who is on slack already knows that. The other guys who started the project have sold however, seems like they are trying to rebuy their coins. Congrats mrcashking/bob/ryan or whoever you are, you are banned from this thread now. Adios.

Anymore deceptive/negative comments will get removed. You guys are going to have to get lives outside of your basements. I insist a little fresh air will do you wonders. I challenge you to stay off the internet for a day.  

I was told about it before the stupid project even started. So yeah, I'm sure of it. And dont accuse me of sockpuppets, thats retarded. I use my real name on these forums unlike most people and hardly even waste time on here. Only a coward hides behind his keyboard.

Besides, who is crazy enough to let someone else manage their staked coins?

As for my involvement with Bob thats old news. I didnt know who he was when the Bitbay project started and they tried to drag my name through the mud. Obviously if i knew he was such a bastard, i would have never touched that project. There was 4 other people on it and most of my talks were with Steven. It could have happened to anyone. This subject is boring. Please dont come here and talk about other coins, this thread is for Blackcoin only.

Bitcoin was also a pump and dump, have you ever heard of Willy on My Gox? Lol dont even get me started on that one.

I'm only doing my job, i dont think im anyone. He asked a direct question about finanaces which wasnt supposed to be my job in the first place, and ive directly answered him. And unlike Bob, I dont pay for fans. I'm too busy coding.

You on the other hand... follow Bob from coin to coin. What a shocker.

All posts below were about circuits and before "illuminati coin"?? Haha, i see you also were in viral. Another Bob coin. Yeah you have no business commenting here. Go somewhere where there is no actual devs please.

mrcashking, lets get some things straight here: Bitbay was not my coin to begin with, it was Steven Dais. He offered me 100 + 10% of the coin which i never would have taken this deal otherwise because I was working in Blackcoin for FREE i might add for one year. That got raised later a few days before the ico.

You and the investors did not only get a clone of BlackHalo, you also got my undivided time and attention to complete the tasks which were promised.

The agreement made to Steven who hired me was exactly this: To build decentralized markets and implement a pegging/hedging system. Two reasons were made for the decision of pegging. One, was because i wanted to permanently protect investors from volatility in existing coins and because i didnt know if i could trust Stevens partners.

Let me make some more points. Steven paid me a good amount of that Bitcoin in advance. If he had not hired me i would never have cared to work on a pegging system or on decentralized markets.

By the way, I've delivered decentralized markets FASTER than an entire team of people working at Open Bazaar. Let that sink in for a minute. You think its so fucking easy then pick up a computer and start coding it yourself. See if you can make decentralized markets in 2 months flat with a full counter-offer system.

You didnt hire me, that 171 BTC was not for developement.

The funds raised from the ICO namely the amounts that Steven, Lin, Bob and Gekko got were supposed to be used for developement. They got over 1300 BTC. If you are really upset about it go chase them who have done NOTHING. Bob promised 500 in the dev fund to start with. Instead every single one of them kept the btc and left. This includes Bob/Lin and Ryan.

Also, I have spent money on development as listed before and i took my time to explain to you how it was spent and what the results were. In exchange for the Bitcoin, Bitbay will have exactly what was promised.

You aleady have markets, im working on templates, if I'm not coding there is no client and nobody else in Bitcoin even knows how to do it... I've tried to hire coders they dont exist. And the ones that do charge several hundred thousand a year. So I'm the only one who can even code this.

Its not really even that much money and I'm going to be stuck working the rest of the year. Personally this is not worth the aggravation. How would you like it if i went to your job and told you that you shouldnt be receiving money for your work?

Now dont be surprised if these comments get deleted, Meta wants the forums to be positive and supportive.

Finally, the code I made in Blackcoin was not open source, people would make me offers of 30-50,000 for the code all the time. But since they wanted dark markets i turned them down. BitBay was the first to ask for it and want commercial markets. The code is worth millions, not just a few scraps of BTC. Entire companies are working on this and cant even produce smart contracts. In fact, the Bitcoin foundation failed for 4 years to produce working smart contracts until BlackHalo was made. You just dont know what you are talking about.

BE patient, go find something else to do while you wait. Pegging is extremely complex coding and the templates added over 10,000 lines of code to the core. If there is a single typo or mistake in logic, the code wont work. Most of my day is spent figuring out how to make the code secure from ddos, changing of the code, hacks and other attempts to interfere with contracts. This includes filtering and checking every piece of the contracts communication. And thats not the half of it.

Thanks for kind words. By the way, AltcoinUK is a profile of Bob/Gekko.

mrcashking, i AM the developer. I've singlehandedly coded BitBay and Halo which is over 30,000 lines. I code literally all day. Now stop being a troll.

damiano, hey im aware of the reason you cant connect its probably because i referred to a dynamic IP of a google server to check for internet connection. If thats not why, let me know what the reason is. If you want to move your coins sooner let me know and i will push a patch. The windows version was already patched. The reason linux wasn't was because I started working on templates and wanted to release everything at once. Plus, I've been looking at building a cross platform Mac and Linux build.

Do you need a Linux update sooner? Templates should be done pretty soon. I'm coding them as we speak.