Oh ok so they deposit bay for escrow but what facilitates the external token transferring and validating? What stops someone from using the same payment say in btc twice to fool merchant? If i understane basically its bay held in escrow and then you have to manage transfer of fiat or any other coin manually and if they screw around their deposit goes out the window?
Correct
Also how would you know what the conversion rate was at.time of sale i put this info in sysrates.peg which rhe offer can query and get any fiat asset or token rate and validate payment amounts in consensus code making it secure to the network and not just off the record sanity checks which is prone to mistakes and other issues.
We only use conversion calculator (what you call peg, lol) for Bay-US$ and Bay-Btc. Those that need other conversions in their contracts will have to wait til we release the ability to write your own smart contracts in phyton.
"
Definition. When the price of a security, commodity, or currency is fixed at a certain amount either by agreement, or intervention in the market. This is commonly used to stabilize or fix currency exchange rates, for example many international currencies are pegged to the U.S. dollar."
Thats what a price peg means.. yours is by intervention mine is by agreement. By agreement means i can lookup at any time what that agreed rate was and use it in consensus to ensure historical payments were correct and its part of the blockchain network security...
So do you actually enforce the btc to bay price at time of sale in consensus code to ensure that thr payment was correct at the time of sale?(imagine having to resync and needing to lookup the rates)... yes sysrates.peg is just another form of peg..
In actuality, sys can peg to any asset or fiat or coin while bay will peg by definition to only bay...although bays peg is stricter and users have no choice but to pay with those rates because intervention enforces it.. with sys if users dont like the peg rate they can either choose not to buy that item or merchant can use another rate peg alias which follows rates more closely or offers an asset coin or fiat that another doesnt offer. This is the beauty of using blockchain services rather than just p2p.. and if you say bloat is an issue its not cause after expiration i prune both the db and the transaction from being spread across to other new nodes syncing up to reduce bandwidth and storage equirements
So it is not really the same level of integration at all... any coin then by your definition supports any other coins payments lol.. better just to say only bay is supported or people will get false impression
I have explained the difference between a calculator and a peg to you before:
http://www.investorwords.com/18459/pegged_price.htmlThe act of pegging price is exactly what is going on in Syscoin.. exactly how you think it would work by thinking of it as a price pegging feature. When you list something in USD it needs to peg that USD price to the rolling SYS/USD amount so that at any time someone may purchase it and pay correct amount at that time. The act of updating the pegging alias is what maintains the price peg for USD etc.
Saying its a fixed price/price gaurantee etc actually confuses not only the feature but the person using the UI who are introduced with new words that they have to make sense with. (UI faux pas)
I actually agree with munti on this, by that terminology we already "peg" in Bitbay because the price tracker on "Cash for Coins" is a bot that follows the original USD price of the offer (making sure they always get fair market value based on exchange rates)
But that is not pegging, its tracking.
Pegs in terms of crypto are economic pegs like NuBits or Tether. (and we could even call NuBits frontrunners)
just because its a simple approach doesnt mean its not achieving the same thing for our purpose. Its an endogeneous solution. Later when we have assets maybe it will make more sense because you would have federated pegs of custom assets saleable through offers which because of the design is pretty easy to implement. I see now what you guys mean but i think its still just a simple peg doing the same thing.. we dont need all the rules like bitshares shellingcoin or nubits.. i think crypto invented those ideas of pegs so to me they are called something else if not more complicated two way pegs. Only real diff I can see is that they are tradeable while mine isnt. I woulnt call it something else just because its not tradeable.
I have to say I'm puzzled now. Are you seriously saying that you don't see the difference in agreeing to a price in a different currency, and the act of stabilising a currency??? It may serve your purpose, but it's nowhere near the same thing.
Crypto did not invent pegging at all. Pegging has been an important tool in macro economics for a very long time. It still is. But most countries use a more sophisticated peg now than they did before. That makes it harder to recognise for non economists.
the only difference is you can trade nubits but you cant trade my peg.. its one way not two way.
Finally home at my keyboard again.
Now let me try to explain this once and for all. You posted a link that I assume was ment to be your justification of using the term pegging for your pricetracking in sys.
http://www.investorwords.com/18459/pegged_price.htmlI'll just post the definition you find there as well:
Definition
When the price of a security, commodity, or currency is fixed at a certain amount either by agreement, or intervention in the market. This is commonly used to stabilize or fix currency exchange rates, for example many international currencies are pegged to the U.S. dollar. Securities price pegging is however illegal, and regulated by the Securities and Exchange Commission.
You understood the words, but completely missed the context. Commodities in this context is not an iphone or a camera. We are talking oil, grain, etc. If I where to make a definition from the top of my head I would say that a commodity is not a commodity in the above context unless it is big enough to base derivatives on it. So we are back to what I told you before. Pegging is a term that is used in a macro enviroment. (Big commodities like oil actually are like currencies in some ways)
I share your concern that confusion about features should be avoided, and that's why I'm so opposed to your use of the term pegging.
Your last paragraph is a perfect example of how nothing makes sense anymore when you confuse a calculator with pegging
In actuality, sys can peg to any asset or fiat or coin while bay will peg by definition to only bay...although bays peg is stricter and users have no choice but to pay with those rates because intervention enforces it.. with sys if users dont like the peg rate they can either choose not to buy that item or merchant can use another rate peg alias which follows rates more closely or offers an asset coin or fiat that another doesnt offer. This is the beauty of using blockchain services rather than just p2p.. and if you say bloat is an issue its not cause after expiration i prune both the db and the transaction from being spread across to other new nodes syncing up to reduce bandwidth and storage equirements
So it is not really the same level of integration at all... any coin then by your definition supports any other coins payments lol.. better just to say only bay is supported or people will get false impression
1 Sys is not pegged to anything
2 Bay is not pegged to Bay. Bay will be pegged to US$
3 Please clarify if you are talking about peg or calculator in this sentence: "although bays peg is stricter and users have no choice but to pay with those rates because intervention enforces it.. with sys if users dont like the peg rate they can either choose not to buy that item or merchant can use another rate peg alias which follows rates more closely or offers an asset coin or fiat that another doesnt offer."
4 I agree its not the same level of integration if you are talking about pegging. The rolling peg that BitBay will implement is a fundamental feature whilst our, -and syscoins, calculator is a handy add-on or service.
5 Your last sentence is correct provided that any other coin follows our example and develops a market and a safe way to do business that allows for any coin to be used.
