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Hi Guys
Just a quick heads up to people having booting issues with wallets:
David recommends using file / exit and not the red x. The x does not truly exit the wallet: it merely sends it to the taskbar. Then when people use task manager to kill it, halo processes are still running, complicating reboot.
He is working on a video walk through of the wallet and smart contracts, should be out in the next day or two. Then we can resume the betting competition in style : -)
thanks,
BitBay team
Thanks that should help. Can't wait to get the betting going !! |
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Looks slick, now lets get this baby going |
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Yep the graphs so far dont look too good, but to me it looks more like someone is accumulating with the wallet to be released this week, otherwise why put up the big sell walls and remove them when they get bitten into?
Also lol at " high hopes and dreams crushed" with this coin in it's infancy, anything yet to be released and Dec. 5 around the corner.
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What do you mean by " markets that are subject to scammers on both sides" ? With the double escrow they'd lose a ton of money.
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You got me too, I scooped up some more as well, and Im even more excited for the 5th now
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Hypothetical scenario:
Suppose Bob sells a guitar to Alice.
Both of them deposit the value in a shared account.
Bob gets the payment and notifies the system that all is good.
Alice does get the guitar and is satisfied with it. She however forgets to notify the system in order for the release of the amount from the double escrow account
The escrow times out and both of them loose money .
i.e:
alice has now payed x(Deposit) +x(money payed to bob) = 2x
and bob has nothing now => x(money received from alice ) - x(deposit) =0 [and the guitar is gone]
Is there a way to recover from that ?
Please note: I am a substantial investor in bitbay and believe it its future .. This is just a question ..not a fud:).
Good question, I don't think any rational person would consider this fud, quite the opposite I think constructive questions are much appreciated by most. I'd also like to hear the answer from the bitbay team on that but I'd think since the funds don't get burned but go to the bitbay team there might be some sort of grace period, where if both parties issue a ticket to the support, with the transaction id, or something along those lines, they might be able to still get their money after the expiration date. Again this is just speculation on my part though, but now Im curious about the solution to this problem as well. How exactly do funds "go to the BitBay Team" ? Not sure you are correct about that. Anyhow, having a third party to clean up messes sort of goes against the whole decentralized market concept. Sorry my bad for some reason I initially misread or misinterpreted the last sentence of this answer from the faq. Q: Please explain how the escrow system will protect buyers & sellers in BitBay transactions. A: The system is the revolutionary double deposit escrow. Both Buyer and Seller place deposits into a shared account. There is no need for an escrow agent. The deposits serve as the incentive to perform. Therefore theft and deception is impossible in these escrows. If those actions occur, the parties will not agree, the escrow will expire and they both lose. BitBay takes the profit out of theft. |
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Hypothetical scenario:
Suppose Bob sells a guitar to Alice.
Both of them deposit the value in a shared account.
Bob gets the payment and notifies the system that all is good.
Alice does get the guitar and is satisfied with it. She however forgets to notify the system in order for the release of the amount from the double escrow account
The escrow times out and both of them loose money .
i.e:
alice has now payed x(Deposit) +x(money payed to bob) = 2x
and bob has nothing now => x(money received from alice ) - x(deposit) =0 [and the guitar is gone]
Is there a way to recover from that ?
Please note: I am a substantial investor in bitbay and believe it its future .. This is just a question ..not a fud:).
Good question, I don't think any rational person would consider this fud, quite the opposite I think constructive questions are much appreciated by most. I'd also like to hear the answer from the bitbay team on that but I'd think since the funds don't get burned but go to the bitbay team there might be some sort of grace period, where if both parties issue a ticket to the support, with the transaction id, or something along those lines, they might be able to still get their money after the expiration date. Again this is just speculation on my part though, but now Im curious about the solution to this problem as well. |
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Great faq, I was actually surprised that I had a few misconceptions, that were cleared up by it, but now I'm even more excited about this project.
Also it should keep the thread clear for new questions instead of getting the same old questions over and over again.
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Any news on when the walletupdate will be released?
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Looking good, personally Id rather wait a little longer for the fully functioning wallet. |
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People sell stuff when they need money. They need money because they don't have any. When they don't have any money, they can't place the escrow deposit.  Sounds like a good biz opp. There will always be those that need or want a 3rd party to escrow the deal. There will also be those that will need this explained and a may need a little help to understand the software/marketplace. I've been offering escrow for years now and I do not see this as a end to those services. In fact I hope to see it built into the client for escrow (i imagine it will be alot like bitrated where I, or multi-escrowers(why choose one) wouldn't even know about the escrow unless there is a dispute or I wish to charge a fee) I just may need to tweak what I offer and how I offer it. Stay the course.. We are NOT there yet. I can imagine some of the mods earlier mentioned in this thread acting as an escrow, but I dont know Id like to hear David expand on this as well. |
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Are there any roadmap dates? Expected time frame for releases? I read this coin has a dev team working on this full time - is that true?
I still don't follow how this is better than open bazaar but I may invest to hedge my bets.
G.
And you never will, until you start reading the thread. The answer to your last question is 2 posts above this post. |
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1. What is the development schedule? More specifically: When will the functions be in place described in the OP?
2. What makes Bitbay different from Openbazar? Adding smart contracts to it?
The first question was answered multiple times already times already in this thread. I just asked for someone to make an FAQ. The second question is like this, Open bazaar is not decentralized markets. They are pseudo centralized. Most importantly, OB relies on arbiters. Arbiters don't work. This is why E-Bay and alibaba constantly deal with fraud with shipping. Arbiters cannot help the situation. How do they know who is lying? The same is of course true for juries and law. Double deposit escrow is superior to any arbitration system because its immune to collusion, bad judgement, and middle men. Also, OB doesnt have smart contracts and they dont have all the other Halo features, the economy, etc. BitBay, Halo etc are smart contracting systems with an entire economy within. There are tons of plans in store. Please look through the thread for my schedule and I'm going to ask the community to put together an FAQ Lastly, I was asked about difference from BlackHalo and basically BlackCoin is centered around NightTrader, Multipool, upwards price pressure cold staking and smart contracts Bitbay is most about hedging, markets (although BlackHalo also has), hardware, and exotic contracts. Lots more is in store for both projects so just hang tight. How is OB pseudo centralized? |
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If I would want to invest I would need two things:
1) A document that explains how you want to achieve what you described in your OP technically: Explained as detailed but at the same time as easily as possible (NO hiding behind fancy words). For example: How is your "POS 2.0" supposed to work exactly??
2) A presentation of the whole team, at best where all relevant team members are publicly known.
Do you have such documents?
This was posted by the devs earlier. It should answer your second question. "We've compiled a bit of information about some of the core team members behind BitBay. We will always listen to the concerns of our supporters and we feel deeply honored to have such intelligent investors with us at the ground level. Team Member Bios:David Zimbeck - USA / Cambodia - Born and raised in Los Angeles, California and currently living in Cambodia. David is a long time cryptography & bitcoin community member and widely respected developer / creator of Black Halo technology for BlackCoin. He is the lead developer of the BitBay Project and our development team manager. He also enjoys a good game of chess. Rick K. - New York, New York - Private sector entrepreneur and online marketplace expert. Rick is our mainland China liaison with Alibaba.com. Rick has signed an NDA and therefore the public scope of his involvement with BitBay will reflect that agreement. Rick is coordinating the integration of established vendors into the marketplace. Jay Lin - United Kingdom - American born and raised in the United Kingdom. Jay Lin grew up in London, earned his computer science degree from University College London and has spent much of his career there, but his family roots are in Taiwan (ROC). Speaking several asian languages and culturally fluent in Asian business methods and etiquette, Jay is head of marketing and brand management for BitBay. Edward (Eddie) - Korea - Web development. Eddie is our master geek, fluent in multiple programming languages and especially talented in engineering large user account systems. Ed is a long time fan Kung Fu movies (Bruce Lee). He loves philosophy and anthropology. Nicos - Russia - Crypto enthusiast since 2012. Computer science degree. Marketing experience. Nicos earned his cred in the rough and tumble years of the new Russian capitalism, and has ties with some major bitcoin payment processors. Nicos is also governed by a nondisclosure agreement that limits his public profile. Dog lover. Serial Entrepreneur. Holly - Taiwan - Manufacturing, Factory management, Connections with top Alibaba vendors. Holly comes from one of Taiwan's most deeply rooted commercial families and has over 20 years experience with sourcing western production in Chinese factories. She also holds a NDA agreements with several online marketplace companies. Her most recent specialization has been mass production of cellphone accessories including iPhone cases. Holly found her way to us through her latest venture, supplying bitcoin ATM’s to Taiwan and Mainland China. Profile images coming soon."Thanks a lot for your post! Not a bad start  Who is the main developer on the team? https://www.linkedin.com/in/zimbeck doesn't look like a serious coder; more like the profile of a marketer. Is that assessment correct? This here https://github.com/Bitbaydev/bitbay/graphs/contributors doesn't look too much like active development. Where is the valuable work (a whitepaper or new code)? Au contraire! David is one of the best coders in the bussiness. If you wanna read up on his work you should check out BlackHalo and Nighttrader at http://blackhalo.info/ |
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What happened to the BitBay board on Trello? Or is it just down for me?
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hey guys im aware of the roadmap, maybe i shouldve written my post a little differently, what i meant was, is there a specific goal date in mind for the hedging? And after that happens what will happen with our coins? Will they be taken off the exchangess and traded in BitBay marketplace instead?
Can't answer the second question, but I believe around 5 - 6 months out was the goal on the hedging system. Someone feel free to correct me if that is not correct. Less than 5 I think. What will happen to the coins is only a certain percent become liquid BUT they will have a higher value. We can slowly increase the value and liquidity over time. I have a whiteboard video showing how its done on Youtube that im uploading now. Can we get a bounty for people to join BitBay subreddit and Trello community board? Lets post on reddit and we can decide the bounty. So what is the difference between this and this quote from the roadmap: The last two get worked on simultaneously with Hedging taking precedence: *Hedging transition with the checklocktimeverify --- this is about a month... we can pull from NuBits, but we are dealing with a larger supply so that math has to work out to manage all of everyones funds properly. If they pay my dev team I can have them work on this fork BEFORE I finish my markets which would greatly increase the speed in the fork. |
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Looks like a very interesting project, I'll keep watching
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Everyone clamoring for BAY to be listed... you do realize that the devs haven't released source yet right? Kind of hard for anyone to even evaluate listing without it.
thanks,
richie@bittrex
thanks richie.
we will release source asap.
maybe in next 24 hours.Nice let's get this thing going |
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Hi Everyone
Just a friendly reminder, this is a moderated thread, posts that seek only to fud, and posts with profanity will be deleted.
THCMak, concerning your question about upcoming releases, the wallet with smart contract functionality will be out soon. This will be a real step forward for both all of us and the community as a whole. So start thinking about creative smart contracts - you are just a few days from being able to build them yourself : -) The launch of the marketplace itself is still on track for January.
Thanks.
BitBay Team
Great can't wait to build my own smart contracts !!! So is this right what the guy earlier posted, that bter will keep the funds till you provide a wallet with working smart contracts? |
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