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

[BitBay Team]

It's clear that some people are having difficulty configuring the new wallet and offering contracts. I am sure everyone can agree that it is a wise idea to extend the competition though next Sunday to give everyone a chance to compete. Let's wait for David to post a walk through and take it from there.

[Alty]

I would like to use BitBay to create a smart contract in the following manner.

If x person finishes x work by specified date he will receive x coins.

Do those coins have to be BAY or can it be set-up so that the contract pays out using any altcoin?

 

[Decentradical]

Not straight up. However, if that's part of the contract you can both leverage escrow against whatever goods you want to trade (Dollars, Yen, BTC, Doge, gold, pokemon cards).

I can see people with known bitcoin adresses using a smart contract to whitewash their BTC with gold and then back to BTC again under a different anonymous account. I don't think people realise we're sitting on a huge white-washing machine right here. Darkcoin has nothing on this.

[digicidal]

I would like to use BitBay to create a smart contract in the following manner.

If x person finishes x work by specified date he will receive x coins.

Do those coins have to be BAY or can it be set-up so that the contract pays out using any altcoin?

Agree with Decentradical's answer, however, I also believe that is part of the long-term goal really.  Hence the reason for eventually having a multicurrency wallet (see roadmap, I think that's where I picked that up).  That will be after the market itself is operational, and obviously we're being beta-test 'victims' at this point to a large extent.  That's good actually, no matter how great something works when you're coding it and testing it yourself... you always miss the stuff that actually makes sense to someone who isn't writing the code.

As I see it, eventually we should be able to have a smart contract which has BAY paying fees and securing the escrow, but with a payout in a different coin (BTC/BC/etc).  Ultimately it should also be possible for there to be even more complex transactions, i.e. a contract which pays x BC for deadlines 1 and 2, BTC for deadline 3, and a laptop computer for the final deadline.

As far as those talking about the mintage of 1B coins... in addition to the other arguments already raised (like DOGE's 97x that amount) - remember that BAY will be used for escrow... therefore there needs to be enough coins for many $1000's worth to be 'locked up' at any given time securing contracts.  Despite that, there still has to be enough coins for there to be some liquidity as well.  Sure there are plans for pegging and hedging prior to that even... but we're quite a ways away from that, and if BAY were 1000X more 'rare'... would you want to be playing with contracts which could be/are buggy for 10 BAY or so - knowing they might be burned if you do something wrong or a bug prevents acceptance?

[FollowMe]

Does the new wallet with contracts stake?

[digicidal]

Does the new wallet with contracts stake?

It doesn't appear to for me and for many others.  Can't even find a place where it's mentioned.  Waiting for the official word on that however, but based on many of our experience, the answer appears to be 'no'. 

[Decentradical]

Agree with Decentradical's answer, however, I also believe that is part of the long-term goal really.  Hence the reason for eventually having a multicurrency wallet (see roadmap, I think that's where I picked that up).  That will be after the market itself is operational, and obviously we're being beta-test 'victims' at this point to a large extent.  That's good actually, no matter how great something works when you're coding it and testing it yourself... you always miss the stuff that actually makes sense to someone who isn't writing the code.

Yes, ease of use is a very slow and organic progress. Right now smart process are limited (or rather, unlimited) to whatever people write in the contract. Eventually we're going to see contract presets for different uses and after that we're going to see full-on automation and eventually deep-integration with datasets.  

This is the first step towards monetising the internet of things.

[Alty]

Interesting.

Can see where this is going and look forward to the more advanced versions for more complex scenarios such as work contracts.

Another step in the right direction towards greater adoption and real world use.

[toknormal]

Just wait until the Chinese dive head first into the coin (I'm sure they're already in, but it's PEANUTS so far...) and then well....the dumping kiddies playing with tiny swings can all cry home to mommy after they see what they've missed out on.  As usual nobody can pull their head of their ass and see a coin with some vision and tech behind it for what it'll be in the coming weeks/months....

Again - not to detract from the constructive technical discussion, but this view of the world doesn't remotely do justice to what's going on or why. By the time this project starts to deliver significant technical results, those "dumping kiddies" will have been out and back into this coin more times that most of us will have had hot dinners.

They're not dumping because they think the project has no value or no prospective promise. They're dumping because they can and because there were no more buyers at the previous price. That is appropriate market behaviour.

The reason I'm posting this is because I'm sick of "dumpers" getting a bad name. Nobody does anyone any favours by overvaluing an asset. Nor can they be accused of denying the project's technical merits because most of them are probably already back in at a far lower price than the initial offering.

If you want traders to price in future development right from the start then fair enough, but then let the buyers do it rather then the sellers. The IPO attempted to do that except from the selling side which is kind of like trying to push a brick forward with a piece of string.

I managed to grab myself some panic sells @123 which has offset my losses a little bit, but I now need to day trade this coin to death to get anywhere near back to parity. I'm not going to hang around waiting for developers to rescue me and I don't think people in my position deserve to be maligned for it either.

Enjoy the ride wherever it takes us and whether your a holder, dumper or pumper 

[smallbay]

Just wait until the Chinese dive head first into the coin (I'm sure they're already in, but it's PEANUTS so far...) and then well....the dumping kiddies playing with tiny swings can all cry home to mommy after they see what they've missed out on.  As usual nobody can pull their head of their ass and see a coin with some vision and tech behind it for what it'll be in the coming weeks/months....

Again - not to detract from the constructive technical discussion, but this view of the world doesn't remotely do justice to what's going on or why. By the time this project starts to deliver significant technical results, those "dumping kiddies" will have been out and back into this coin more times that most of us will have had hot dinners.

They're not dumping because they think the project has no value or no prospective promise. They're dumping because they can and because there were no more buyers at the previous price. That is appropriate market behaviour.

The reason I'm posting this is because I'm sick of "dumpers" getting a bad name. Nobody does anyone any favours by overvaluing an asset. Nor can they be accused of denying the project's technical merits because most of them are probably already back in at a far lower price than the initial offering.

If you want traders to price in future development right from the start then fair enough, but then let the buyers do it rather then the sellers. The IPO attempted to do that except from the selling side which is kind of like trying to push a brick forward with a piece of string.

I managed to grab myself some panic sells @123 which has offset my losses a little bit, but I now need to day trade this coin to death to get anywhere near back to parity. I'm not going to hang around waiting for developers to rescue me and I don't think people in my position deserve to be maligned for it either.

Enjoy the ride wherever it takes us and whether your a holder, dumper or pumper 

You have no idea of what's going on.

[digicidal]

Again - not to detract from the constructive technical discussion, but this view of the world doesn't remotely do justice to what's going on or why. By the time this project starts to deliver significant technical results, those "dumping kiddies" will have been out and back into this coin more times that most of us will have had hot dinners.

They're not dumping because they think the project has no value or no prospective promise. They're dumping because they can and because there were no more buyers at the previous price. That is appropriate market behaviour.

The reason I'm posting this is because I'm sick of "dumpers" getting a bad name. Nobody does anyone any favours by overvaluing an asset. Nor can they be accused of denying the project's technical merits because most of them are probably already back in at a far lower price than the initial offering.

If you want traders to price in future development right from the start then fair enough, but then let the buyers do it rather then the sellers. The IPO attempted to do that except from the selling side which is kind of like trying to push a brick forward with a piece of string.

I managed to grab myself some panic sells @123 which has offset my losses a little bit, but I now need to day trade this coin to death to get anywhere near back to parity. I'm not going to hang around waiting for developers to rescue me and I don't think people in my position deserve to be maligned for it either.

Enjoy the ride wherever it takes us and whether your a holder, dumper or pumper  

Yep it's no different than any other coin at the moment... it's a token of value which is speculated on and actively traded without backing.  Although I have my initial investment largely un-tainted, I purposely held back a little over half my BTC I intended to invest ultimately for exactly that purpose.  I posted this early on during the ICO and was somewhat maligned for that position (as were those who said it was going to fall in price after trading opened).  Looks like they might have been right... huh?!

If you're a buy and hold type of investor - then do that, but for the love of all that's sacred... don't check the price daily.  You'll drive yourself crazy even if you're investing in a mutual fund!  Check in a year or two if it's a mutual fund... so in crypto-terms, that's like 4-5 weeks.  

If you're a trader on the other hand... swings of >50% both directions in a single day are like money falling from the sky (or money catching fire if you're on the wrong side naturally).  Part of the game and part of the culture... and it's not going to change based on whether or not a particular coin actually has a future or is simply a widget for speculation.

[Decentradical]

Yes market manipulation is a part of the unregulated economy that makes crypto so appealing to people. The stuff that's being pulled by these groups is highly illegal on any other regulated market space and would get you fined and or jailed in no time. So if you're involving yourself in this unregulated sphere then people trying to con you with smoke and mirror tactics on the price, that's part of the game. Most people here luckily already understand that.

As long as you're able to recognise the trickery for what it is you'll be fine. Keep your eyes on the product and not the price. The price is transient, the product is not.  

Pointing at the trickery, at the pumping, dumping and fudding and appealing to it as some form of authority is just foolish. That's just giving these plotters way too much credit. They're not the free market, they're just a tiny part of it. No matter how much people like Toknormal would like to pretend the mystic forces of the economy are at work here, it's only just a few people behind the curtain warping the price on a very small volume in order to shake things up. Nothing less but also certainly nothing more.

In the end short-traders are just parasites. The market doesn't need them. They don't add anything but then again, they're not really detracting much either. They're just ponzying against themselves. Every win for one short-trader is a loss for another.

[neo1947]

bitter truth better than sweet lies,)))))))

[qawzsx]

Decentralized Marketplace|Smart Contracts my ass if u don t know coding show some respect to other.where are those stupid morons who want to create smart contracts with fucking football,( betting)do u know what the smart contract is? David shame on you ,u lied to those who believe in u

Are you an idiot? Do YOU at least have any idea what you are talking about? )

[Normandoyle]

2015 is going to be amazing for BAY.

[neo1947]

Decentralized Marketplace|Smart Contracts my ass if u don t know coding show some respect to other.where are those stupid morons who want to create smart contracts with fucking football,( betting)do u know what the smart contract is? David shame on you ,u lied to those who believe in u

Are you an idiot? Do YOU at least have any idea what you are talking about? )

sir did u call me an idiot?

[Normandoyle]

Decentralized Marketplace|Smart Contracts my ass if u don t know coding show some respect to other.where are those stupid morons who want to create smart contracts with fucking football,( betting)do u know what the smart contract is? David shame on you ,u lied to those who believe in u

Are you an idiot? Do YOU at least have any idea what you are talking about? )

sir did u call me an idiot?

He asked if you were an idiot.

[qawzsx]

Decentralized Marketplace|Smart Contracts my ass if u don t know coding show some respect to other.where are those stupid morons who want to create smart contracts with fucking football,( betting)do u know what the smart contract is? David shame on you ,u lied to those who believe in u

Are you an idiot? Do YOU at least have any idea what you are talking about? )

sir did u call me an idiot?

He asked if you were an idiot.

politely

[kernels10]

is there a bsd wallet? or source i can compile?

[amytheplanarshift]

To be fair, 90% of the people in this thread are idiots.