Bitbay? are there any projects that offers these features? suggest some please!

[Joe-Bloggs]

I've been looking at this project Bitbay for several months. It does appear to offer an incredible feature set and is fully functional.
Was it actually the first alt to offer smart contracts?  I have some dash, eth, eos, cardano , and few others from way back and some Bitbay. Who here has researched Bitbay thoroughly? Why is this project not more widely known?
I'm looking to hear from those that have actually studied Bitbay.
What's the catch?  Are there more advanced projects around at a sub 300 market cap? It appears to offer more than many of the top 100 projects here and is older and is completely functional?


https://bitcointalk.org/index.php?topic=890531.0

 https://bitbay.market/

I don't like their website but that is not important for now.
Does it offer more than any other alt project outside of the top 100 alts? Top 50?
Does anyone have any criticisms of the project from a technical perspective?
I have invested around 3% of my crypto wealth in Bitbay the remaining in BTC, ada, eth, and a few others. I will increase to 10% bay if other projects do not surface through comparison that offer more value.
As far as I know this project is unrelated to Bitbay exchange.

Looking to compare Bitbay to any project outside of the top 25 let's go.

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[cr197]

I've been looking at this project Bitbay for several months. It does appear to offer an incredible feature set and is fully functional.
Was it actually the first alt to offer smart contracts?  I have some dash, eth, eos, cardano , and few others from way back and some Bitbay. Who here has researched Bitbay thoroughly? Why is this project not more widely known?
I'm looking to hear from those that have actually studied Bitbay.
What's the catch?  Are there more advanced projects around at a sub 300 market cap?

As far as I know, David Zimbeck, was the first person to create a peer-to-peer smart contract. This was taking place back around July of 2014.
https://www.youtube.com/watch?v=oS56CqCR-oU

He first worked with Blackcoin and also created BitHalo (a bitcoin based decentralized marketplace) before becoming lead dev of BitBay in early 2015 (after the community takeover).

Early on, his passion was "knowing" the importance of stability of price. He had  a vision of a decentralized protocol that could stabilize price. Without the need for collateral or promising a hard peg value to uphold.  
Meanwhile our only competition at the time was Tether, because they were the only other smart ones who realized the importance of stability back then.
For BitBay, it took years to develop the truly decentralized stability protocol called the Dynamic Peg. This is because it takes no short cuts!  Tether took short cuts and still is the king of stability coins but it is the most dangerous and centralized one to choose today.
Now that we have released our technology, we just simply need to grow awareness that we have a true alternative to Tether.


How it works...
It simply allows  the majority consensus to alway be in control of supply. This happens with simple Proof of Stake technology - the technology that ethereum is trying to transition to. We simply attach votes to the stake reward transactions. Voters are incentivised to vote because it gives them the power to control supply - which allows them to vote to attempt to protect their equity invested. No other coin offers this technology!!

The majority consensus completes a vote interval every 200 blocks. That means the vote restarts every 200 blocks. The average block height is 64 seconds. So, roughly every 3.55 hours the vote restarts.

At the end of each voting interval, voters get to decide:
Increase the available supply min 1% - max 3%
Or they can vote to keep supply the same
Or they can vote to reduce available supply min 1% - max 3%

When the feds adjust supply, it might take years before results take into affect.
With us, we are adjusting every 3.5 hours. Always trying to let supply equalize with demand.

It's done by enforcing a supply of coins. This supply can ONLY increase in value by stake rewards going to the coin holders that protect the block chain (adds about 1-3% increase a year in supply).
The dynamic peg simply gives every coin a memory. The coins never lose their memory. They have 2 states, they can either be a liquid coin or a reserve coin.
This can all be done proportionally through a simple curvature graph.
The voters (majority consensus) decide how many coins can be liquid and how many coins can be reserve.
Liquid coins have no limitations, hold the most voting power and have the potential to provide the highest ROI from stake rewards.
Reserve coins can only transact with a 1 month timelock applied to the receiver. This means that the receiver will not be able to move the coins on-chain again until the time lock expires. This simple delay mechanism creates a sub-premium quality to the coin.

I recently created a google spreadsheet that tracks how the dynamic peg index functions.
I added a new column to it that shows how much capital is needed to hold a supply level at a specific price.
It's important to realize that our true strength doesn't come from an altcoin bull rally created by bitcoin.
Our true strength comes from realizing that you don't have to leave crypto with your profits after the bull rally ends.
With BitBay, you can park your equity with a protocol that fights to enforce the floor price.
This makes trading it a breeze. The current floor price is 0.20$  It's optimum to place orders around 0.19$ - 0.21$
If supply is willing, it will sell into those levels.
If more supply is needed then voters can agree to increase supply.
If too much supply drops price, then voters can agree to decrease supply to get it back to floor price.
Wash, rinse and repeat.

Hope this helps some with the inquiry!
Here is the link to the google spreadsheet that shows how much capital is needed to enforce a specific peg index level
https://docs.google.com/spreadsheets/d/1mam-OhRuhbgQWhOPTObBX-cJBEjvK4OexPtgnJF9FKU/edit?usp=sharing

[pedrillo0]

I've been looking at this project Bitbay for several months. It does appear to offer an incredible feature set and is fully functional.
Was it actually the first alt to offer smart contracts?  I have some dash, eth, eos, cardano , and few others from way back and some Bitbay. Who here has researched Bitbay thoroughly? Why is this project not more widely known?
I'm looking to hear from those that have actually studied Bitbay.
What's the catch?  Are there more advanced projects around at a sub 300 market cap?

Apparently Bitbay did not reach the acceptance that ETH, ADA, XLM or TRX has had.

But it is a good promise, its future is not yet known.

I for now put more for these altacoins ...

[cr197]

I've been looking at this project Bitbay for several months. It does appear to offer an incredible feature set and is fully functional.
Was it actually the first alt to offer smart contracts?  I have some dash, eth, eos, cardano , and few others from way back and some Bitbay. Who here has researched Bitbay thoroughly? Why is this project not more widely known?
I'm looking to hear from those that have actually studied Bitbay.
What's the catch?  Are there more advanced projects around at a sub 300 market cap?

Apparently Bitbay did not reach the acceptance that ETH, ADA, XLM or TRX has had.

But it is a good promise, its future is not yet known.

I for now put more for these altacoins ...

BitBay was actually top volume maker on Bittrex for multiple days back in 2016-2017.
Back when Bittrex was top exchange.

Bittrex would not give a straight answer as to why they wouldn't incorporate code for dynamic peg. So they delisted BitBay.
Latoken.com was the only exchange we could find to help list BitBay.

BitBay dev's are currently working on creating a new revolutionary multisignature exchange (for 3rd party) to host bitbay. And they will eventually be added to BlockDx, which is a truly decentralized atomic swap exchange.

Lot's to look forward to!

[Joe-Bloggs]

The exchange being constructed is going to be very interesting. Bittrex delisting and cryptopia failing was not good but having your own independent exchange will be a huge step forward.

With the Bitbay base code, can other 3rd party teams built services on top of it? It seems ideal for futures or sports betting, and you could have hosts of independent fully automated stores with auto escrow for high value items like bullion.

[cr197]

The exchange being constructed is going to be very interesting. Bittrex delisting and cryptopia failing was not good but having your own independent exchange will be a huge step forward.

With the Bitbay base code, can other 3rd party teams built services on top of it? It seems ideal for futures or sports betting, and you could have hosts of independent fully automated stores with auto escrow for high value items like bullion.

Yes it can. In the future the community will be able to create a library of both open source and closed source dapps.
These smart contracts can run "under the hood" in any website that wishes to integrate BitBay as a payment option. And since BitBay is already providing a price stabilizing mechanism, it gives us that much more appeal to be used as a payment method!
The automated escrow is key to keeping the contracts trustless. And when you no longer need a middleman to host the contract, you can cut out the fees associated with them.
This puts more money back into the pockets of the users!

[Joe-Bloggs]

The exchange being constructed is going to be very interesting. Bittrex delisting and cryptopia failing was not good but having your own independent exchange will be a huge step forward.

With the Bitbay base code, can other 3rd party teams built services on top of it? It seems ideal for futures or sports betting, and you could have hosts of independent fully automated stores with auto escrow for high value items like bullion.

Yes it can. In the future the community will be able to create a library of both open source and closed source dapps.
These smart contracts can run "under the hood" in any website that wishes to integrate BitBay as a payment option. And since BitBay is already providing a price stabilizing mechanism, it gives us that much more appeal to be used as a payment method!
The automated escrow is key to keeping the contracts trustless. And when you no longer need a middleman to host the contract, you can cut out the fees associated with them.
This puts more money back into the pockets of the users!

I have used the market wallet and it is one of the most advanced I have used. The number of options is quite immense. Is there a planned web and phone based front end with all of the same features? The videos and tutorial are very good.  There could be a few more.
I can find no other project that comes close to offering anything like this project does outside of the top 20 that is anywhere near completion.
I actually started this thread to entice other members to suggest any other projects that offer something like Bitbay. It genuinely does seem to offer more than any other alt out there and certainly more than anything outside of the very most well known and billion dollar caps.

[Paulogo]

It was overly obvious Bitbay kind of struggle to reach the acceptance that ADA, XLM has had. It looks promising to some extent, though its future is not yet ascertained. It's worth the stake.

[Salauddin1994]

I don’t think Bitbay offers more than all the other fun ones the reliability of this exchange site is much lower many are afraid to exchange because the demand for sports betting is much less new exchange sites are scamming more. Binance and bittrex are listed everywhere for the exchange it will take a long time for the demand to increase i have no idea how long it will last in the market.

[Mart1ncrypto]

I don't know what is so special about this cryptocurrency exchange. Reading a detailed review about BitPay, I didn't see anything that breakthrough and innovative from which I would like to trade on this exchange. The only thing that pleases is that the exchange was launched in 2014. This is a very long time, it is amazing that the exchange has not yet closed.

[Joe-Bloggs]

The confusing replies above were explained when I realized that some exchange has named themselves Bitbay?
I mean for this thread to focus on Bitbay the decentralized marketplace and rolling peg. I hear they are to launch a decentralized exchange shortly but that is nothing to do with this other Bitbay exchange.

I have not seen an alt that offers more in terms of potential use cases, utility and plausible real world application. The rolling pegging is the only decentralized way to smooth price fluctuations that is entirely trustless.
I don't think it is quite aggressive enough but that could be adjusted.
If you can suggest another project here that you feel offers anything like Bitbay outside of the top 100 please post it here.
I am interested in comparing Bitbay with any others that offer similar value currently.

I dont know why they have avoided all marketing until the project is complete. I think this is a mistake the larger projects advertise and market long before they have produced anything functional.

[Fern6]

There are lots of Alts that claim to offer more. Most of those are never completed.

[Joe-Bloggs]

There are lots of Alts that claim to offer more. Most of those are never completed.

This can be applied to many alts but with Bitbay if you examine it closely you will notice it is complete to a stage where it is fully functioning. There is some polishing to be done but it is nearer completion than the vast majority of alt projects.
I am not claiming Bitbay is definitely the best alt project. I am asking other members to tell me does it offer more than all other alt projects. I think it does and certainly it offers more than anything that is not a top 20 coin.
Take a look before assuming it is like most other alts out there. This project has some very original and interesting features that could have some real world usecases.  

Download the web market place and watch the video tutorials. You will see what I mean.

[fadhilz123]

No, Other alts like Tron, XRP, XLM, Litecoin, Ethereum, EOS, and more are more offer things rather than Bitbay project. I visit the link and the projects since 2014, old project right, but I never hear about it. And I try to search it on coinmarketcap and I found nothing. My reference to the rate that the coin is good or not. So the answers are clear Bitbay is shitcoin for me, this is my personal opinion, you may disagree

[Joe-Bloggs]

No, Other alts like Tron, XRP, XLM, Litecoin, Ethereum, EOS, and more are more offer things rather than Bitbay project. I visit the link and the projects since 2014, old project right, but I never hear about it. And I try to search it on coinmarketcap and I found nothing. My reference to the rate that the coin is good or not. So the answers are clear Bitbay is shitcoin for me, this is my personal opinion, you may disagree

But what Im asking is does Bitbay offer more technically than all other alts.
Not if it is more expensive.

For example if cars with 20bhp and square wheels cost 1M dollars and I was only asking 10k for a car with 1000bhp and round wheels then would that mean the 1000bhp car was a shit car?

Now I'm not suggesting eth is a shitcoin. Xrp is certainly a centralized garbage project and if you examined the distribution, xlm is a copy of xrp with good distribution. Tron I'm not sure about.
However the entire goal of most people here to is find projects that compete technically with the top alts that are under the radar and point of entry is very low.

Judging a project by its market cap is a not entirely sensible.
One must evaluate the technical aspects and the potential usecases.
When I have questioned highly respected developers from other very innovative projects they have agreed Bitbay is a hyper advanced project that is perhaps the most underrated here.

I want to hear from people that really want to make a technical comparison between projects.
I feel that is most useful.

One should not worry about the price especially since it is at the mercy of 3rd party centralized exchanges.
Bitbay is currently constructing it's own in house decentralized exchange.

Compare technically with regard real world practical usecases.
Eth is outstanding of course but is magnitudes more expensive.
Cmc is highly manipulated and very misleading.

[thenextking]

I think I had see them before back in the old days, almost forgot about this one.
Well if their marketing team are too lazy to do their work which is marketing chance the project will dying out, no matter what you think your project is. I personally think most of the top 50 or even top 20 are worth a crap technically and usefulness in real world, most are just a copy or fork of the others.
Who ever going to use Ethereum classic and it's still worth almost a billion dollars?

[Squisshy]

I think I had see them before back in the old days, almost forgot about this one.
Well if their marketing team are too lazy to do their work which is marketing chance the project will dying out, no matter what you think your project is. I personally think most of the top 50 or even top 20 are worth a crap technically and usefulness in real world, most are just a copy or fork of the others.
Who ever going to use Ethereum classic and it's still worth almost a billion dollars?

It's not exactly that the marketing team is lazy or anything. The problem is that there are no more funds for marketing left after getting scammed out early on in the project by a core team member. He left with those funds.
Things were coing really well when we were on Bittrex. Then they delisted us because they didn't want do deal with the advanced coding of the peg, even though they were offered help with it. Since lots of other exchanges were using Bittrex as a base we lost them too. On top of that all the others exchanges have just delisted us, some without giving a reason. So in the end we've spent lots of funds on exchanges that dropped us all of a sudden.

[Joe-Bloggs]

This thread seeks to establish is whether or not Bitbay offers more technically than any other alt outside of the top 100 or top 50? Even the top 25. This is not an attemp to claim it is the best project out (although it may be)and to unfairly criticise other projects. I want to hear why any members feel it is not.

What I wanted to do was have a transparent and fair comparison the design and technical advantages that each project has and how those designs open up opportunities for real world applications and use cases.

I've not heard any other criticism other than people are not aware of it. That is entirely irrelevant for this thread.
I want to know what projects if there are any out there offer more than Bitbay outside of the top 100 or even top 50.
I am also a huge fan of ethereum and several other very large projects but I want to locate and invest in lower cap projects for obvious reasons.

So far I see no member suggesting a project that comes even close to offering what Bitbay does for anywhere near this price range. Take into account it is the only plausible fully decentralized peg out there and DDE market place that exists.
The use cases for this are enormous. The elegant design is quite unique.

[cr197]

This thread seeks to establish is whether or not Bitbay offers more technically than any other alt outside of the top 100 or top 50? Even the top 25. This is not an attemp to claim it is the best project out (although it may be)and to unfairly criticise other projects. I want to hear why any members feel it is not.

What I wanted to do was have a transparent and fair comparison the design and technical advantages that each project has and how those designs open up opportunities for real world applications and use cases.

I've not heard any other criticism other than people are not aware of it. That is entirely irrelevant for this thread.
I want to know what projects if there are any out there offer more than Bitbay outside of the top 100 or even top 50.
I am also a huge fan of ethereum and several other very large projects but I want to locate and invest in lower cap projects for obvious reasons.

So far I see no member suggesting a project that comes even close to offering what Bitbay does for anywhere near this price range. Take into account it is the only plausible fully decentralized peg out there and DDE market place that exists.
The use cases for this are enormous. The elegant design is quite unique.

If you can stabilize a price then you can utilize it as a medium of exchange. This is vital to allow crypto to succeed in achieving mass adoption.
But at the same time stabilizing price into a hard pegged value has more disadvantages than advantages.
Allowing price to continuously discover fair market value is a win win for both investors and speculators.

Never before has crypto been able to provide investors with mathematical certainties about price.
We know the floor price is set to 0.20$ per liquid coin.
We know that the majority consensus of voters can enforce this price.
We also know that there is a fixed amount of coins and they hold a memory that never changes. (however, due to staking supply adjusts  - which only adds 1-3% to the supply every year - not enough to hurt price)
And since we know that the price can be enforced and the supply can be determined, then we have all the variables needed to complete a mathematical equation to determine support levels.

Floor Price + Liquid Supply Support + Peg Index Level = Sustainable Market Cap

There are roughly over 1 billion coins in circulation. With a floor price of 0.20$ we can determine that the cost to hold BitBay completely liquid will require about 200,000,000$
With that support level in place, it would be impossible for someone to sell under 0.20$!!!

At that point, they only thing that can happen is that the price will have to go up in value if demand continues to buy!!!
This puts pressure on the price algorithm to increase the floor price value.
The current algo that voters use is very simple. In the future we will allow for custom algo's for voters to use.
The current algo will increase the floor price once the market price increases 3x the floor price for a set amount of time. And then it increases the value of the floor price by by 1.5 times.

So if the market value stayed above 0.60$ for a set amount of time (I think it takes 2-3 days), then the floor price of the algo would increase from 0.20$ to 0.30$
At 0.30$ the equity needed to support a full liquid supply of coins would be roughly 300,000,000
This new value is protected by the majority consensus of voters. It is enforceable!!!

So an investor that decided to provide support of 200,000,000 could eventually see the value of his investment increase 50% with the guarantee that he owns the majority consensus and could protect his equity by voting.
This investor would have literally bought out the bottom with no fear of someone trying to undermine his investment in the future!

Again, we can finally apply math to the price of a cryptocurrency. No one else gives this same kind of guarantee other than hard pegged stablecoins. Which can only provide small ROI by buy low sell high tactics on the spread.

Here is a google spreadsheet that shows how the dynamic peg can freeze liquid coins into reserve coins and let investors determine what market cap is need to support the floor price at a specific peg index level.
https://docs.google.com/spreadsheets/d/1mam-OhRuhbgQWhOPTObBX-cJBEjvK4OexPtgnJF9FKU/edit?usp=sharing

[Joe-Bloggs]

The above explanation is very interesting. It is obviously an ingenious design.
It removes reliance upon a centralized party to hold collateral that provides the guarantee of assured value.
Is the reduction of liquid supply rapid or aggressive enough in your opinion?