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

[whetherman]

A very interesting and ambitious project to say the least.

What advantages does it offer over OpenBazaar?

Highly motivated backers from the private sector for one.  Built in blockchain with smart contracts.  Large dev budget. Turn key solution from Halo. Hedging, yuan pegging.

[godzirra]

A very interesting and ambitious project to say the least.

What advantages does it offer over OpenBazaar?

The AMA is over but he answered your question there.

http://www.reddit.com/r/BitBay/comments/2lwx22/ama_with_bitbay_and_dzimbeck/

[BitcoinBaBa]

Thanks for the response, whetherman and godzirra.

Well, it does look like a great project in the making. Also gotta love the Chinese ,just see the effect they had on BitShares!

Watching closely and may buy into this "Decentralized Alibaba" ICO.

[jokumat]

.. After the debut of the markets, we will fork the coin into a hedging coin. This will greatly reward investors who get in on the ground floor, and it will eliminate volatility using a similar system to NuBits...

Why is currency pegging good for investors? One would expect just the opposite. If the currency is pegged to something (like fiat), then its value can't rise. 

[godzirra]

.. After the debut of the markets, we will fork the coin into a hedging coin. This will greatly reward investors who get in on the ground floor, and it will eliminate volatility using a similar system to NuBits...

Why is currency pegging good for investors? One would expect just the opposite. If the currency is pegged to something (like fiat), then its value can't rise.  

Merchants may not want the volatility associated with cryptocurrency. It's a way of attracting a wider audience. It also serves as a hedge against risk. ie. Bitshares BitUSD. It's a necessity if you're going after mass adoption imo.

[RJF]

Our new website has just launched.

http://www.thebitbay.org/

What do you guys think?

Nice job!

[jibble]

.. After the debut of the markets, we will fork the coin into a hedging coin. This will greatly reward investors who get in on the ground floor, and it will eliminate volatility using a similar system to NuBits...

Why is currency pegging good for investors? One would expect just the opposite. If the currency is pegged to something (like fiat), then its value can't rise. 

From the looks of it, The folked coin will be the hedge coin, with a stable value, most likely named bitbay(Yuan) So while the folked coin will have a steady constant stable value, the actual coin will not be limited to the same things as the folked coin

[sumantso]

Is this related to NEXXUS? The one who scammed investors through Cryptostocks? They gave out a few dividends, sold their shares and then fled.

[BitBay Team]

Is this related to NEXXUS? The one who scammed investors through Cryptostocks? They gave out a few dividends, sold their shares and then fled.

Not to sure why everyone seems to think we are related to scammers. We are NOT though. This is a legit project with a legit development manager and some very well connected team members.

Join the revolution.

[digicidal]

Is this related to NEXXUS? The one who scammed investors through Cryptostocks? They gave out a few dividends, sold their shares and then fled.

Not to sure why everyone seems to think we are related to scammers. We are NOT though. This is a legit project with a legit development manager and some very well connected team members.

Join the revolution.

It's inevitable considering the current environment of both altcoins and ICOs especially.  It's a put-up or shut-up world right now... however, I think this project has the makings of something great.  On the other hand, you can't really be surprised at the skepticism either... it's healthy to not get too enthusiastic about any crypto-based projects.  By meeting and exceeding expectations as the project proceeds you'll have much less of that.

Well, with the exception of the people that are butt-hurt over not getting in early for the sake of being safe and waiting for everything to be proven and done.

[TwinWinNerD]

With this IPO you would win every Buzzword-bingo out there!

[TwinWinNerD]

Also you guys realize that 0 features are ready yet?

"BitBay Features (Currently in Development / Upcoming Releases)"

[dzimbeck]

So both parties lose money if the contract is broken and the money are distributed trough the blockchain and trough the people who are staking , good idea right ?

Sadly this doesnt work. In a proof of stake system there would be a chance to collude for the block. So the funds are instead destroyed/burned by sending to Bitcoineater or 6a

[BitBay Team]

Also you guys realize that 0 features are ready yet?

"BitBay Features (Currently in Development / Upcoming Releases)"

Actually. Our Halo smart contracts are working well and will be released prior to BTER releasing the funds from escrow. Our marketplace is in its final stage of testing and  is inches away from being ready as well.

So we do have some features ready.

[Adderral]

Also you guys realize that 0 features are ready yet?

"BitBay Features (Currently in Development / Upcoming Releases)"

Actually. Our Halo smart contracts are working well and will be released prior to BTER releasing the funds from escrow. Our marketplace is in its final stage of testing and  is inches away from being ready as well.

So we do have some features ready.

Good to here dev. Can't wait to try the market place out.

[Arambol]

Isn't a 3000BTC too much a bit?

[dzimbeck]

Also you guys realize that 0 features are ready yet?

"BitBay Features (Currently in Development / Upcoming Releases)"

Not true man, BlackHalo and BitHalo have had smart contracts for almost a year and I'm the creator of it. So the smart contracts are done and not in beta they are released in BC. I'm just changing the GUI for BitHalo and thus and related projects. Furthermore, Bitmessage was integrated into Halo with Encrypted email so that is how the beta markets are based. So thats incredbily simple to release. More of the challenges for me is keeping it user friendly and deciding how much feature I want to publish in beta markets. So really the only thing challenging me this month is user friendliness and how much work I decide to put int whitelisting system for the beta (since its definitely a fun system and im experimenting with different ways of earning trust on the network) and how much I decide to change Bitmessage. I'm going to probably give the option to fall back on a server for a couple reasons... the first is to give a simple way into the whitelist by earning your way in (aka not posting crap) the next is to give me the option for a low maintenance kill switch in case it gets too rowdy. Also, I suppose the last is if Bitmessage gets clobbered with ddos attacks from asics. I'm implementing burn to prevent that but that still doesnt mean that a rich person couldnt do it so adjusting the level of burn is a work in progress. All of this is more just how I decide to release Beta markets which are actually Halo markets that already go into Bit/BlackHalo and Bay.

So the short non-tech version of this is: Smart contracts of course, done. Makets, almost done and just testing user friendliness, UI and whitelist. Fork to checklocktimeverify and pegging, needs to be done still but there is already source to pull from and I know the bitcoin scripting system like a boss.

Let me see what I can drum up in the ways of a sample "smart contract client" so you guys can at least give feedback on their UI that they made for this.

Hope this answers your concern. By the way, everyone who reads this please note between Halo/NightTrader work and Bay work I'm totally swamped. My free time to be on forums will not be as much as I want. So maybe at the end of the month it will be less hectic.

[dzimbeck]

So both parties lose money if the contract is broken and the money are distributed trough the blockchain and trough the people who are staking , good idea right ?

Sadly this doesnt work. In a proof of stake system there would be a chance to collude for the block. So the funds are instead destroyed/burned by sending to Bitcoineater or 6a

So if both parties agree to brake the contract, their funds will be destroyed again ?

Yeah, please read my whitepaper at www.BlackHalo.info. And if you want to download that client, you can play with smart contracts to get a feel for it. Although thats not the user friendly version which I have been working on all month.

Just dont brake the contract unless you hate money hahaha

[Momimaus]

How much coins will stay by the development team?

What is the timeline for all this fantastic features? Will you be able to deliver these things before Ethereum and NXT?

[BitBay Team]

How much coins will stay by the development team?

What is the timeline for all this fantatsic features? Will you be able to deliver this things before Ethereum and NXT?

We'll have coins set aside for different parts of the project. Some coins will be sold immediately for working capital. For a time line, we can tell you that before the new year you'll have a new client that is multi-coin, has smart contracts and a marketplace.