BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[dzimbeck]

David,

Have you seen the pegged assets over at bitshares? Thoughts? I thought it was the best implementation so far. A new one at ethereum tries to prove its better by rune4444 not sure of it yet.

Yeah i have seen it. Their methods are definitely different from ours. However they seem to work pretty well. The difference here at Bay is the proposal is to cause supply to react to voting so the peg can roll and grow the price or it could be a hard peg. Since all value is determined by supply vs demand i think its probably the simplest way to do a peg (either a hard peg or a rolling one).

Still i read bitshares paper and i think they do pretty good work over there. Ethereum has been proposed almost a year ago with very little activity. If they ever exist, they will need to hurry up and finish so people can develop for it. I'm not sure that  blockchain based approach is the correct one.

Not everything should be on the blockchain especially applications. On the other hand (some) modifications to the scripting system would be extremely useful so that is where i see Etheriums proposal a good idea. After all the bitcoin stack language is way too limiting.

[cryptohunter]

are any of the things david is coding exclusively for bitbay or this just all part of halo being coded out and trials with bitbay?

david how invested in bitbay are you and how exclusive are all of your current and ongoing developments tied to bitbay?

Is only the pegging going to be bitbay property?

Would you say you are equally interested in blackcoin and bitbay and invested in those two projects above all others?

Or is your primary interest neither and rather the halo project is what you are working on that can be licensed to anyone for a fee?

I would like to know the answers to those questions before investing more into either black or bay. I already have quite a bit of both.

The branding of Bitbay is more conducive to markets. There are also features exclusive to BitBay such as the pegging/hedging tools. The issue with BitHalo and  BlackHalo is that it will be harder to guarantee a stable price growth or stable economy. So yes, pegging is the only feature that is exclusively BitBay in our immediate roadmap.

However, consider its much easier to use markets when the prices aren't all over the place. Especially if there is a price growth with a rolling peg.

Blackcoin is the first coin I developed in however im not the main dev so there is less control over protocol. Decentralized markets are not technically hard coded in the coins protocol. It uses Bitmessage and the Halo modifications that are fully decentralized. However, Blackcoin will be the base currency for NightTrader microtrading contracts. So they have their own advantages.

My primary interest is delivering the products exactly as promised. Personally, i don't have a preference of Bitcoin over Blackoin or Bitbay. They are all good coins.

The thing about pegging is, its a hard coded protocol so it will work without exchanges or with them. But we do need to make sure that exchanges are willing to put the new Bitbay on their exchange. If everything works out well, then I'm very bullish on Bitbay(of course).

So yeah Blackcoin and Bay are my primary interests as coins because the people who invested in those want to see it pay off.

My interest in Halo is totally separate. It's not a financial incentive. I don't care if Halo succeeds, I care that double deposit escrow (2 party escrow) becomes the standard in Bitcoin. Nobody should use 3rd parties, it goes completely against decentralization. Third parties are biased. So yeah the Halo stuff is more of an idealistic thing. Its the reason i came to Bitcoin. As for Halo licenses, whats the point of a license if the idea of DECENTRALIZATION dies with it?? We want 2 party escrow, no courts or complex paperwork, no arbiters who are biased, no middle men taking from every deal, no more theft and deception. That idea i hope will become the standard escrow even if another company copies it and Halos name is forgotten.

Pegging happens to be one of my favorite cryptocurrency concepts. I really think programmable money should not be limited to the boring "Bob sends Alice coins". If we can force the coins to behave like an actual economy then we can prove cryptocurrency has true advantages over the dollar. We can make coins act like different asset classes, use the blockchain as a notary, and even use it to represent time.

Bitcoin is not being used correctly. Its being used as a speculative asset. Thats what we are trying to change.

Thanks for your informative answers David.

What if anything could help you speed up the development side? do you have other devs helping you out or are you coding everything yourself.

[dzimbeck]

Thanks for your informative answers David.

What if anything could help you speed up the development side? do you have other devs helping you out or are you coding everything yourself.

I'm coding everything. I've been working on Halo for over a year now. It's too hard to find anyone to help on the code. Even when you offer to pay them, regardless of how much is offered, most coders are not able to work on crypto stuff and most of them are extremely slow or are dishonest about their hours or need to spend weeks just understanding the code. The bigger problem is most of them will take weeks to respond and then disappear.

So yeah, every time im just forced to do all the coding. But honestly, its faster this way since i know the code by heart and can quickly debug it. But of course i do wish there was someone out there who could help. I think the coders that are, cost hundreds of thousands per year. And even then, there is no guarantee they will be motivated to work hard every day. In that case, you need a good project manager too.

When you think about it though being the only coder has its advantages. I don't have to spend all day training people or be at their mercy. And i can make many more commits and even break the code up if i want. Considering that Halo was the first with smart contracts and markets, i think we have done things a lot faster doing things this way.

[cryptohunter]

Thanks for your informative answers David.

What if anything could help you speed up the development side? do you have other devs helping you out or are you coding everything yourself.

I'm coding everything. I've been working on Halo for over a year now. It's too hard to find anyone to help on the code. Even when you offer to pay them, regardless of how much is offered, most coders are not able to work on crypto stuff and most of them are extremely slow or are dishonest about their hours or need to spend weeks just understanding the code. The bigger problem is most of them will take weeks to respond and then disappear.

So yeah, every time im just forced to do all the coding. But honestly, its faster this way since i know the code by heart and can quickly debug it. But of course i do wish there was someone out there who could help. I think the coders that are, cost hundreds of thousands per year. And even then, there is no guarantee they will be motivated to work hard every day. In that case, you need a good project manager too.

When you think about it though being the only coder has its advantages. I don't have to spend all day training people or be at their mercy. And i can make many more commits and even break the code up if i want. Considering that Halo was the first with smart contracts and markets, i think we have done things a lot faster doing things this way.

Thanks for taking the time to reply.

I do quite like BAY. The only things stopping me going even more in on this project is the fear that the original people involved at the start may still have some large amounts at hand to smack down on the markets in future. I still hold my ico coins and have stacked further. I do think this is one of the real projects to watch in the future though.

[dzimbeck]

Thanks for your informative answers David.

What if anything could help you speed up the development side? do you have other devs helping you out or are you coding everything yourself.

I'm coding everything. I've been working on Halo for over a year now. It's too hard to find anyone to help on the code. Even when you offer to pay them, regardless of how much is offered, most coders are not able to work on crypto stuff and most of them are extremely slow or are dishonest about their hours or need to spend weeks just understanding the code. The bigger problem is most of them will take weeks to respond and then disappear.

So yeah, every time im just forced to do all the coding. But honestly, its faster this way since i know the code by heart and can quickly debug it. But of course i do wish there was someone out there who could help. I think the coders that are, cost hundreds of thousands per year. And even then, there is no guarantee they will be motivated to work hard every day. In that case, you need a good project manager too.

When you think about it though being the only coder has its advantages. I don't have to spend all day training people or be at their mercy. And i can make many more commits and even break the code up if i want. Considering that Halo was the first with smart contracts and markets, i think we have done things a lot faster doing things this way.

Thanks for taking the time to reply.

I do quite like BAY. The only things stopping me going even more in on this project is the fear that the original people involved at the start may still have some large amounts at hand to smack down on the markets in future. I still hold my ico coins and have stacked further. I do think this is one of the real projects to watch in the future though.

Honestly we don't think they do. The slack group did a lot of work in trying to figure out wallet balances. Their opinion is that most of it was sold. After all the price got pretty low and a lot of the guys there bought it up. Im not happy about it either. But then again, the whole point of pegging/hedging is to make the actual coin into the market maker. Control supply to match demand anyways. I'm sure some coins have had worse distributions. Although Bitbays was definitely not ideal in the beginning.

But then again, the guys on slack know more about that than i do.

[Kevinrasf]

Thanks for your informative answers David.

What if anything could help you speed up the development side? do you have other devs helping you out or are you coding everything yourself.

I'm coding everything. I've been working on Halo for over a year now. It's too hard to find anyone to help on the code. Even when you offer to pay them, regardless of how much is offered, most coders are not able to work on crypto stuff and most of them are extremely slow or are dishonest about their hours or need to spend weeks just understanding the code. The bigger problem is most of them will take weeks to respond and then disappear.

So yeah, every time im just forced to do all the coding. But honestly, its faster this way since i know the code by heart and can quickly debug it. But of course i do wish there was someone out there who could help. I think the coders that are, cost hundreds of thousands per year. And even then, there is no guarantee they will be motivated to work hard every day. In that case, you need a good project manager too.

When you think about it though being the only coder has its advantages. I don't have to spend all day training people or be at their mercy. And i can make many more commits and even break the code up if i want. Considering that Halo was the first with smart contracts and markets, i think we have done things a lot faster doing things this way.

Thanks for taking the time to reply.

I do quite like BAY. The only things stopping me going even more in on this project is the fear that the original people involved at the start may still have some large amounts at hand to smack down on the markets in future. I still hold my ico coins and have stacked further. I do think this is one of the real projects to watch in the future though.

Honestly we don't think they do. The slack group did a lot of work in trying to figure out wallet balances. Their opinion is that most of it was sold. After all the price got pretty low and a lot of the guys there bought it up. Im not happy about it either. But then again, the whole point of pegging/hedging is to make the actual coin into the market maker. Control supply to match demand anyways. I'm sure some coins have had worse distributions. Although Bitbays was definitely not ideal in the beginning.

But then again, the guys on slack know more about that than i do.

Yes indeed, we got an hold on the big wallets from the guys who were involved in the beginning.

Their stack is drying up and basically there won't be enough BAY left in their hands to cause any more trouble.

Everybody prefers all the BAY to be spread out more but I'd rather have BAY in loyal investors hands then in some shady figure's hands.

And I do invite you hereby to join our Slack group, if you want of course, then you will be more up to date with what we are planning etc.

[dirtyboots77]

What's the slack link?

[joffmac]

is their an eta for pegging?

[albert_mt]

good to see David is still around, after all Bitbay was a good investment.

[Kevinrasf]

What's the slack link?

Please send an E-mail to info@bitbay.market

Then you'll get an invite 

[3r197]

is their an eta for pegging?

Nothing set in stone. But rough 'guestimate' is around the end of 2015.

[ShiftyTripster]

 I just wanted to say thank you David and the rest of the folks helping. I still hold coins and it is nice to see something being worked on so hard and not a scam. You guys are really pulling this project from the Bob fiasco to something that holds much promise. Although I still hold coins I had to sell off some due to some unforeseen financial pressure. I bought really low so I did not loose anything. I intend on buying what I sold back soon and holding it. Keep up the great work.

[Penn.3D]

This has been said before, but it is worth repeating.....

If David can make the pegging happen, then every Bitbay you hold will be worth $1. Right now 1 btc can get you over a MILLION Bitbays! Now what are the chances that in a few months your 1M Bays will be worth 1M dollars? Well I don't really know, but considering that the dev is a bonafide genius and considering he and a team of others have been working on this project for nearly a year, I can definitely say that the chance of the peg working is WAY WAY WAY better than the chance of you winning a scratch off ticket for any substantial amount of money.

Bottom line is that anyone that doesn't put at least 1 btc into Bay right now is just a fool. The ratio of risk to reward here is about as good as you will ever see in your lifetime.

[Kevinrasf]

This has been said before, but it is worth repeating.....

If David can make the pegging happen, then every Bitbay you hold will be worth $1. Right now 1 btc can get you over a MILLION Bitbays! Now what are the chances that in a few months your 1M Bays will be worth 1M dollars? Well I don't really know, but considering that the dev is a bonafide genius and considering he and a team of others have been working on this project for nearly a year, I can definitely say that the chance of the peg working is WAY WAY WAY better than the chance of you winning a scratch off ticket for any substantial amount of money.

Bottom line is that anyone that doesn't put at least 1 btc into Bay right now is just a fool. The ratio of risk to reward here is about as good as you will ever see in your lifetime.

The pegging will happen, but most likely we will peg at a lower amount first.

And when the time comes we vote to bring it up.

if we immediately peg at 1$ that would require almost every BAY in existence to be frozen.

[funsponge]

Yes pegging will start very low I expect. $0.01 to start with possible even less maybe!? Over time will hopefully slowly increase as demand rises. The more people that own Bitbay & use it in the markets the better. So it's in everyone's interest to have the price pegged at a sensible price to allow newcomers & give them the opportunity to buy into Biybay & experience the markets.

Of cause pegging happens after the markets are released. Let's not rush David too much! He had a lot on his plate currently lol.

Slow and steady wins the race!

[RJF]

Thanks for your informative answers David.

What if anything could help you speed up the development side? do you have other devs helping you out or are you coding everything yourself.

I'm coding everything. I've been working on Halo for over a year now. It's too hard to find anyone to help on the code. Even when you offer to pay them, regardless of how much is offered, most coders are not able to work on crypto stuff and most of them are extremely slow or are dishonest about their hours or need to spend weeks just understanding the code. The bigger problem is most of them will take weeks to respond and then disappear.

So yeah, every time im just forced to do all the coding. But honestly, its faster this way since i know the code by heart and can quickly debug it. But of course i do wish there was someone out there who could help. I think the coders that are, cost hundreds of thousands per year. And even then, there is no guarantee they will be motivated to work hard every day. In that case, you need a good project manager too.

When you think about it though being the only coder has its advantages. I don't have to spend all day training people or be at their mercy. And i can make many more commits and even break the code up if i want. Considering that Halo was the first with smart contracts and markets, i think we have done things a lot faster doing things this way.

Thanks for taking the time to reply.

I do quite like BAY. The only things stopping me going even more in on this project is the fear that the original people involved at the start may still have some large amounts at hand to smack down on the markets in future. I still hold my ico coins and have stacked further. I do think this is one of the real projects to watch in the future though.

Honestly we don't think they do. The slack group did a lot of work in trying to figure out wallet balances. Their opinion is that most of it was sold. After all the price got pretty low and a lot of the guys there bought it up. Im not happy about it either. But then again, the whole point of pegging/hedging is to make the actual coin into the market maker. Control supply to match demand anyways. I'm sure some coins have had worse distributions. Although Bitbays was definitely not ideal in the beginning.

But then again, the guys on slack know more about that than i do.

Me and my 2 mil are still with you if that helps, just been busy with other projects, glad to see you are still at it and making progress. Always know you would see it to success...

[dzimbeck]

^ the pegging has been discussed in depth about how much liquidity we should have. I feel like volume is going to be more important than price in the end. I would rather see it where it takes 1 year to sell 1 million bay at .01 cents than it would be 5-10 years to sell 1 million at $1. But really thats up to the core community. I know munti is well versed on the subject. It would be nice to run some simulations to get an idea of the ideal rate of growth.

And of course marketing will always be important too, because having a product is half the battle.

But then again, if volume is high that would reflect demand and if it sustains high volume we could always test higher levels by voting. As for ETA, the templates was a much bigger update than anticipated. Not to mention ive created a translator that supports 92 languages. That forced me to update the strings to utf16 which was a little bit of a pain. Also, ive made tons of changes to the core and made it a lot more efficient. We are going to be testing a build with the first template this week.

After the first template is tested and we confirm price tracking of the usd works, guarantor contracts and all the user friendly stuff works, the others will be easier and faster for sure. Pegging gets worked on after that. After all, its best to have the product completely commercial.

In other words, the point is, this inflation/deflation freezing/unfreezing tool is probably my favorite idea in crypto. So yeah of course its worth working my ass off to get it completed regardless of anything else. After all, actions speak louder than words.

[drizzle2405]

^ the pegging has been discussed in depth about how much liquidity we should have. I feel like volume is going to be more important than price in the end. I would rather see it where it takes 1 year to sell 1 million bay at .01 cents than it would be 5-10 years to sell 1 million at $1. But really thats up to the core community. I know munti is well versed on the subject. It would be nice to run some simulations to get an idea of the ideal rate of growth.

And of course marketing will always be important too, because having a product is half the battle.

But then again, if volume is high that would reflect demand and if it sustains high volume we could always test higher levels by voting. As for ETA, the templates was a much bigger update than anticipated. Not to mention ive created a translator that supports 92 languages. That forced me to update the strings to utf16 which was a little bit of a pain. Also, ive made tons of changes to the core and made it a lot more efficient. We are going to be testing a build with the first template this week.

After the first template is tested and we confirm price tracking of the usd works, guarantor contracts and all the user friendly stuff works, the others will be easier and faster for sure. Pegging gets worked on after that. After all, its best to have the product completely commercial.

In other words, the point is, this inflation/deflation freezing/unfreezing tool is probably my favorite idea in crypto. So yeah of course its worth working my ass off to get it completed regardless of anything else. After all, actions speak louder than words.

A simple screenshot posted on the forum, showing the program running in the background, would definitely help add some fuel to fire.  After all, word of mouth is still one of the best forms of marketing.

The world needs a solid change...

[3r197]

^ the pegging has been discussed in depth about how much liquidity we should have. I feel like volume is going to be more important than price in the end. I would rather see it where it takes 1 year to sell 1 million bay at .01 cents than it would be 5-10 years to sell 1 million at $1. But really thats up to the core community. I know munti is well versed on the subject. It would be nice to run some simulations to get an idea of the ideal rate of growth.

And of course marketing will always be important too, because having a product is half the battle.

But then again, if volume is high that would reflect demand and if it sustains high volume we could always test higher levels by voting. As for ETA, the templates was a much bigger update than anticipated. Not to mention ive created a translator that supports 92 languages. That forced me to update the strings to utf16 which was a little bit of a pain. Also, ive made tons of changes to the core and made it a lot more efficient. We are going to be testing a build with the first template this week.

After the first template is tested and we confirm price tracking of the usd works, guarantor contracts and all the user friendly stuff works, the others will be easier and faster for sure. Pegging gets worked on after that. After all, its best to have the product completely commercial.

In other words, the point is, this inflation/deflation freezing/unfreezing tool is probably my favorite idea in crypto. So yeah of course its worth working my ass off to get it completed regardless of anything else. After all, actions speak louder than words.

A simple screenshot posted on the forum, showing the program running in the background, would definitely help add some fuel to fire.  After all, word of mouth is still one of the best forms of marketing.

The world needs a solid change...

These screenshots were posted back on page 96. So they have already had many more improvements added to them.
Quote from: dzimbeck on May 27, 2015, 02:38:29 PM

Yeah this next update is major. I'm working on all templates. To give an idea how intense it is, ive attached screen shots. Bartering for example has 2 lists of items. A wish list of things you want and a list of things you have. People can trade their list with yours and Halo calculates the values of everything. So it will be extremely easy to find out how much Gold to send in exchange for potatoes and avocados. You can even combine goods and services BitBay is only used to insure the transactions so its critical to find out what the deposit has to be. Currently, it depends on: How big each shipment is, how much quantity you can sell and how many things in your list you will accept in exchange.

Shipping is another matter entirely. I'm relying mostly on DHL because its in every country. This will be only for calculating shipping. Buyers will be able to calculate this (if i can find a good api). Sellers might have free shipping, request buyer to calculate or request the negotiate that only when in escrow.

The three templates for offers are mostly done but countering is an entirely different ui in some cases (like in barter). Also the interface while in escrow in also different. So my estimate for time to spend coding on this, didnt consider some of the complexities of the templates themselves. Anyways, im making progress and hope to be done soon.

Screenshots:
Forms can be complex or simple depending on what is selected which reveals hidden sections.
https://i.imgur.com/vpw5vVm.jpg

Same form with less selected...
https://i.imgur.com/zdVVEDq.jpg

With cash deals, you need to supply funding info... but this info in withheld until the deal funds
https://i.imgur.com/CDvHp75.jpg

Standard employment contract. The unique feature here is automated payments with submission of progress reports.
https://i.imgur.com/xJjIC0P.jpg

A Standard Sellers contract... its been recommended most people will want to debate shipping while in escrow, not before
https://i.imgur.com/Arid7xP.jpg

Wanna see something cool?! How about a reverse auction!? This can attract traffic to the market.
https://i.imgur.com/virQBTY.jpg

The most INTENSE contract... bartering. Very complex for me to code this. We can figure out how much gold is worth an avocado. Goods/Services can be matched. The only thing is, since both parties ship things, there is no real way to calculate shipping, its assumed to be part of the price for now or it gets sorted out in escrow.
https://i.imgur.com/ivnW6CX.jpg

Adding an item might be more advanced or not depending on the item. My idea is to encourage farm co-ops.
https://i.imgur.com/oRS69pI.jpg

The software magically knows what everything is worth and barters the items. You make your offer to the seller on this screen.
https://imgur.com/SI3uAia

Anyways, let me know your feedback, the shipping is by far the most complex issue. On slack we discussed giving the option to sort it out in escrow. But ive listed a few other options as well.

David is about to post the first template to beta test on slack. We will test all template pages on slack before we release the public beta (with these templates). Then marketing will go on full throttle. After that the goal is to code the client to stake which will eventually make the qt wallet obsolete. And then coding for the peg will commence.

[Piston Honda]

hey can i ever get my 4btc i was scammed out of back from the origins of this coin? kthnxbye!