BitBay |Decentralized Marketplace|Smart Contracts|IoT Tech|Markets Open

[RiverBoatBTC]

I got a quick quesiton about something

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.


Lets say I am the buyers, and I really hate a seller. He sends me my product and I just dispute it causing him to lose coins, i keep doing this to bankrupt him. How will you prevent this?

I could care less if I lose coins I got the product in hand.

[amytheplanarshift]

I got a quick quesiton about something

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.


Lets say I am the buyers, and I really hate a seller. He sends me my product and I just dispute it causing him to lose coins, i keep doing this to bankrupt him. How will you prevent this?

I could care less if I lose coins I got the product in hand.

Because you have to deposit TWICE the amount required to buy the product. So, unless you are just some psychopathic rich weirdo who doesn't mind spending double the amount for something just to torment the seller, this isn't going to happen very often because most people actually value their money.

[RiverBoatBTC]

I got a quick quesiton about something

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.


Lets say I am the buyers, and I really hate a seller. He sends me my product and I just dispute it causing him to lose coins, i keep doing this to bankrupt him. How will you prevent this?

I could care less if I lose coins I got the product in hand.

Because you have to deposit TWICE the amount required to buy the product. So, unless you are just some psychopathic rich weirdo who doesn't mind spending double the amount for something just to torment the seller, this isn't going to happen very often because most people actually value their money.

So take for example I wanted to buy something for 10k USD I have to put 20k Down? No way... No way not happening.

Pretty sure if you polled the community as a whole they would not go for this either.

[Koontas]

So take for example I wanted to buy something for 10k USD I have to put 20k Down? No way... No way not happening.

Pretty sure if you polled the community as a whole they would not go for this either.

Yea, pretty absurd...  Will limit the market to people selling DOGE tshirts.   

[RiverBoatBTC]

So take for example I wanted to buy something for 10k USD I have to put 20k Down? No way... No way not happening.

Pretty sure if you polled the community as a whole they would not go for this either.

Yea, pretty absurd...  Will limit the market to people selling DOGE tshirts.   

Yes sir, think its a fatal flaw.

[MemoryShock]

from the ANN :

"Available for use immediately upon ICO completion:

- Windows QT wallet (Certified)
- Mac QT wallet (Certified)
- Block Explorer
- Android / iPhone wallets will release within just a few days of testing on the blockchain after initial coin distribution."

where is android/ios wallet ?
it should be already here since ....

I don't know why they claimed that it would be released so soon.  I had forgotten about that because I wanted an android wallet to mess around with.  Of course, if the main wallet is releasing tomorrow then it makes little sense to release mobile wallets without those features.

[RiverBoatBTC]

I will give it a test, but if thats the escrow system. I nor anyone else I know will ever use it.

[MemoryShock]

So take for example I wanted to buy something for 10k USD I have to put 20k Down? No way... No way not happening.

Pretty sure if you polled the community as a whole they would not go for this either.

Yea, pretty absurd...  Will limit the market to people selling DOGE tshirts.   

Yes sir, think its a fatal flaw.

Flaw?  Do you know how fast those things sell?  Merchandise movement is merchandise movement...

I don't think that smart contracts are going to be limited to DD though.  I could be wrong but I would think that they would be negotiable between seller/buyer.

[RiverBoatBTC]

So take for example I wanted to buy something for 10k USD I have to put 20k Down? No way... No way not happening.

Pretty sure if you polled the community as a whole they would not go for this either.

Yea, pretty absurd...  Will limit the market to people selling DOGE tshirts.   

Yes sir, think its a fatal flaw.

Flaw?  Do you know how fast those things sell?  Merchandise movement is merchandise movement...

I don't think that smart contracts are going to be limited to DD though.  I could be wrong but I would think that they would be negotiable between seller/buyer.

So in all honesty if you were lets say going to buy a miners for 1800 dollars you would be willing to put up 3600 dollars in escrow. Nahhh brother about 99% of people would not or could not afford to do it.

[BitcoinBaBa]

I got a quick quesiton about something

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.


Lets say I am the buyers, and I really hate a seller. He sends me my product and I just dispute it causing him to lose coins, i keep doing this to bankrupt him. How will you prevent this?

I could care less if I lose coins I got the product in hand.

Because you have to deposit TWICE the amount required to buy the product. So, unless you are just some psychopathic rich weirdo who doesn't mind spending double the amount for something just to torment the seller, this isn't going to happen very often because most people actually value their money.

So take for example I wanted to buy something for 10k USD I have to put 20k Down? No way... No way not happening.

Pretty sure if you polled the community as a whole they would not go for this either.

^ You get it.
The DD escrow just doesn't seem practical for use.
I wonder how many people actually read the complete FAQ or understood how the escrow system really works.

[qawzsx]

So take for example I wanted to buy something for 10k USD I have to put 20k Down? No way... No way not happening.

Pretty sure if you polled the community as a whole they would not go for this either.

Yea, pretty absurd...  Will limit the market to people selling DOGE tshirts.   

Yes sir, think its a fatal flaw.

Flaw?  Do you know how fast those things sell?  Merchandise movement is merchandise movement...

I don't think that smart contracts are going to be limited to DD though.  I could be wrong but I would think that they would be negotiable between seller/buyer.

So in all honesty if you were lets say going to buy a miners for 1800 dollars you would be willing to put up 3600 dollars in escrow. Nahhh brother about 99% of people would not or could not afford to do it.

Why do people always talk big figures? What about a cell phone? What about a software license? What about a domain name?
By your logic, 99% of online transaction are >1500$ right?

Such ignorance...

Wait until you buy that 1800 miners and receive shit

[RiverBoatBTC]

So take for example I wanted to buy something for 10k USD I have to put 20k Down? No way... No way not happening.

Pretty sure if you polled the community as a whole they would not go for this either.

Yea, pretty absurd...  Will limit the market to people selling DOGE tshirts.   

Yes sir, think its a fatal flaw.

Flaw?  Do you know how fast those things sell?  Merchandise movement is merchandise movement...

I don't think that smart contracts are going to be limited to DD though.  I could be wrong but I would think that they would be negotiable between seller/buyer.

So in all honesty if you were lets say going to buy a miners for 1800 dollars you would be willing to put up 3600 dollars in escrow. Nahhh brother about 99% of people would not or could not afford to do it.

Why do people always talk big figures? What about a cell phone? What about a software license? What about a domain name?
By your logic, 99% of online transaction are >1500$ right?

Such ignorance...

Wait until you buy that 1800 miners and receive shit

If I wanted buy a website I would go to godaddy, unless its established then it would cost more then 9.99 so that point is void.
The cellphones I own cost 250+ each so that is also not a good point
I will not have that problem cause I will use a escrow service that may cost me 5$ bucks lol....

I got a quick quesiton about something

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.


Lets say I am the buyers, and I really hate a seller. He sends me my product and I just dispute it causing him to lose coins, i keep doing this to bankrupt him. How will you prevent this?

I could care less if I lose coins I got the product in hand.

Because you have to deposit TWICE the amount required to buy the product. So, unless you are just some psychopathic rich weirdo who doesn't mind spending double the amount for something just to torment the seller, this isn't going to happen very often because most people actually value their money.

So take for example I wanted to buy something for 10k USD I have to put 20k Down? No way... No way not happening.

Pretty sure if you polled the community as a whole they would not go for this either.

^ You get it.
The DD escrow just doesn't seem practical for use.
I wonder how many people actually read the complete FAQ or understood how the escrow system really works.

I hate when people point out a problem and people get offensive about it, instead of looking at it from there point of view.

[qawzsx]

So take for example I wanted to buy something for 10k USD I have to put 20k Down? No way... No way not happening.

Pretty sure if you polled the community as a whole they would not go for this either.

Yea, pretty absurd...  Will limit the market to people selling DOGE tshirts.  

Yes sir, think its a fatal flaw.

Flaw?  Do you know how fast those things sell?  Merchandise movement is merchandise movement...

I don't think that smart contracts are going to be limited to DD though.  I could be wrong but I would think that they would be negotiable between seller/buyer.

So in all honesty if you were lets say going to buy a miners for 1800 dollars you would be willing to put up 3600 dollars in escrow. Nahhh brother about 99% of people would not or could not afford to do it.

Why do people always talk big figures? What about a cell phone? What about a software license? What about a domain name?
By your logic, 99% of online transaction are >1500$ right?

Such ignorance...

Wait until you buy that 1800 miners and receive shit

If I wanted buy a website I would go to godaddy, unless its established then it would cost more then 9.99 so that point is void.
The cellphones I own cost 250+ each so that is also not a good point
I will not have that problem cause I will use a escrow service that may cost me 5$ bucks lol....

I got a quick quesiton about something

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.


Lets say I am the buyers, and I really hate a seller. He sends me my product and I just dispute it causing him to lose coins, i keep doing this to bankrupt him. How will you prevent this?

I could care less if I lose coins I got the product in hand.

Because you have to deposit TWICE the amount required to buy the product. So, unless you are just some psychopathic rich weirdo who doesn't mind spending double the amount for something just to torment the seller, this isn't going to happen very often because most people actually value their money.

So take for example I wanted to buy something for 10k USD I have to put 20k Down? No way... No way not happening.

Pretty sure if you polled the community as a whole they would not go for this either.

^ You get it.
The DD escrow just doesn't seem practical for use.
I wonder how many people actually read the complete FAQ or understood how the escrow system really works.

I hate when people point out a problem and people get offensive about it, instead of looking at it from there point of view.

You know.........nevermind, you are that type. I waste my time

You don't believe in crypto, you don't see it's purpose, you are in for profit and that alone. Why are you posting on this forums? Seems like you're doing fine using your FIAT.

[RiverBoatBTC]

Your silly my concerns are real if you see them or not. I have raised the same concerns in other blockmarkets as well the only difference is the other communities explained how they would fix it.

Here i get you are a none believer, go spend fait.

I have to spend fait till the power, rent and other service will take my coins.

I dono why you are all butt hurt and not abusive.

[waxo]

that's funny that nobody had mentioned the real interest of this coin
the smart contacts is the coin killer

I think this coin has every chance of being included in a black market because of smart contracts.
The main concern of these sites is trust buyer/seller with the BAY everything will be easier and  secured,the BAY integration into a market is more than likely .
The BTC started like that and everyone knows the rest of the story .
Of course it is worth it only if the road is followed .

I think for the double escrow the best option is to accurate the escrow to the buyer/level.
example, if  i start  my business with 0 rates i have to put the same amount but after my reputation gets better it's going to decrease .

[Decentradical]

Escrows have been used for a very long time right now. There are three main downsides:

- Loss of liquidity
- High transaction fees
- Reliance on trustworthy middlemen

The biggest downside is the transaction fee. Real-life eskrows are hugely expensive. But they're worth it in large business deals because they secure against large companies breaking down on deals going haywire. Eskrows aren't used for guitars or cellphones in this case, they're used in corporate lawsuits, fusions and large construction projects. That's where the humongous margins are considered normal.  

Right off the bat, Bitbay removes the biggest downside. The transaction fees are negligible.

Middlemen are another problem. They exist, but they are rare. Putting a large sum of money to be 'taken care for' by someone else, no matter how reputable is a problem. It takes a lot of checks and balances to counter the huge incentive for the middlemen to watch the deal go bust. This immediately explains why escrow fees are so expensive.

Bitbay also solves this. The escrow holder is a piece of incorruptible software.

So what remains is the loss of liquidity. People are entirely right that this is inconvenient for shopping online. Both for the merchant as well as the customer. But it's foolish to focus on just this. The exchange isn't just an Ebay, it's also a currency  exchange, a stock exchange, a service platform, a craigslist and a ticketswap.

So fair enough. Bitbay won't immediately be used for the next smartphone or Furby. But it WILL be used to buy commodities and services. Stuff like gold, stock, coins. As well as marketing, design and code. There's simply no real alternative in this world.

It's not going to take out the online vendors. But it's going to facilitate a whole new market of traders that are currently really struggling in a financial environment where mutual trust is very low. If liquidity is the only obstacle then so be it. Not every downside is an unacceptable downside.

---

As for the price. I don't like that subject but I couldn't avoid the main optimistic and pessimistic comments being thrown here. I don't think much is going to happen upon the wallet release. IF something happens, like a surge then it's just smoke and mirrors by someone who wants it to appear that way.

What people have to take into account is that an ICO remains an incredibly hard to estimate thing to predict. There's no mining, there's very little buying and selling and a few BTC's worth can let you set the price wherever you like. We have no idea what Bitbay value. This initial market cap is just very arbitrary. The 20-30 area will probably stay here for a while and that's not really going to say anything about the coin itself.

[RiverBoatBTC]

Escrows have been used for a very long time right now. There are three main downsides:

- Loss of liquidity
- High transaction fees
- Reliance on trustworthy middlemen

The biggest downside is the transaction fee. Real-life eskrows are hugely expensive. But they're worth it in large business deals because they secure against large companies breaking down on deals going haywire. Eskrows aren't used for guitars or cellphones in this case, they're used in corporate lawsuits, fusions and large construction projects. That's where the humongous margins are considered normal.  

Right off the bat, Bitbay removes the biggest downside. The transaction fees are negligible.

Middlemen are another problem. They exist, but they are rare. Putting a large sum of money to be 'taken care for' by someone else, no matter how reputable is a problem. It takes a lot of checks and balances to counter the huge incentive for the middlemen to watch the deal go bust. This immediately explains why escrow fees are so expensive.

Bitbay also solves this. The escrow holder is a piece of incorruptible software.

So what remains is the loss of liquidity. People are entirely right that this is inconvenient for shopping online. Both for the merchant as well as the customer. But it's foolish to focus on just this. The exchange isn't just an Ebay, it's also a currency  exchange, a stock exchange, a service platform, a craigslist and a ticketswap.

So fair enough. Bitbay won't immediately be used for the next smartphone or Furby. But it WILL be used to buy commodities and services. Stuff like gold, stock, coins. As well as marketing, design and code. There's simply no real alternative in this world.

It's not going to take out the online vendors. But it's going to facilitate a whole new market of traders that are currently really struggling in a financial environment where mutual trust is very low. If liquidity is the only obstacle then so be it. Not every downside is an unacceptable downside.

Thank you for a honest answer that make sense, its rare here I guess.

But does multisig not already cover the stuff other then the market?

[Decentradical]

Correct! And like with any innovation Bitcoin is very prone to absorb it like some cheesy sci-fi monster. It's why it's open-source in the first place. To let everyone else experiment and take risks after which Bitcoin can cherry-pick the successes.

What Bitcoin can't do however, is make big changes without upsetting the market. And that's why not every technology can easily be 'borrowed' from other coins. If you want a run an exchange then speed is tantamount. Especially with volatile goods you want to be able to respond rapidly to fluctuations. And remember, the biggest downside of smart contracts is the loss of liquidity. The loss of liquidity is compensated by the speed. After all, you remain liquid if transactions happen within minutes or even seconds. Bitcoin can't do that. There's always that sluggish delay.

That's what makes Bitbay and Blackcoin interesting right now. They innovate rapidly but there's a certain integrity under the hood that Bitcoin missed out on. No miner farms, no rapid inflation and incredible speed. If you have that then you can keep on innovating without grandpa Bitcoin coming over and taking all your inventions.

[RJF]

A lot of posters here are operating under the totally INCORRECT assumption that "Double Escrow" means double the cost of the item. This is TOTALLY INCORRECT unless the parties want it to be that way. The two parties involved in the escrow agreement have to set, and agree upon, an escrow amount. They are NOT forced to use double the amount of the contract, they can choose the amount.

One more time:

The parties involved in the transaction agree upon the escrow amount. Period.

[qawzsx]

Your silly my concerns are real if you see them or not. I have raised the same concerns in other blockmarkets as well the only difference is the other communities explained how they would fix it.

Here i get you are a none believer, go spend fait.

I have to spend fait till the power, rent and other service will take my coins.

I dono why you are all butt hurt and not abusive.

Yes, your concerns are real, but those concerns cannot be applied since we cannot have a service to cover EVERYTHING, ever.

- yes, there will be people who cannot afford it
- yes, there will be people who don't wanna have X amount of money stuck into the service
- etc

BUT, there is still a huge market who's gonna be happy to have such a service, you can't say that 99% will not use it. It's just pure ignorance.

I'm not but hurt at all and nor abusive, but I don't like ignorance.
You CAN"T say that you have real concerns, but in the same time STATE that 99% of people will not use.

I have a real concern with paypal too.

"I design a website for a client. He is paying me through paypal. After I deliver the website, he issues a chargeback for X reason. I'll have absolute 0 chance to stop that since the BUYER is right in the eyes of paypal"

Anyway...I'm to lazy to write walls of text, you get the point...