BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[joffmac]

i wonder when that will happen?anyone

[3r197]

i wonder when that will happen?anyone

The rolling peg?

I believe David's goal is to have everything done by the end of 1st qtr 2017.
I believe the "User Value Protection" protocol (our rolling peg) and the p2p python programmable smart contracts will be the final 2 features David completes.

[joffmac]

thanks,
cant wait  hope the price keeps improving uptill then.

[3r197]

thanks,
cant wait  hope the price keeps improving uptill then.

Yeah, my hope is that it could hit a nice pump right before the implementation of the peg. And since the peg will obviously bring stability, then a big pre-peg pump wouldn't turn right back into a dump.
So such a potential pump has never been witnessed before. Granted the actual initial peg value has yet to be determined yet so I don't know how that will play into the equation.
Yet I'd think any potential pump would have a big influence on determining the initial peg price.
Again, it's unprecedented and therefore never been witnessed before - history in the making.

I can't wait to get there as well!

[cryptohunter]

thanks,
cant wait  hope the price keeps improving uptill then.

Yeah, my hope is that it could hit a nice pump right before the implementation of the peg. And since the peg will obviously bring stability, then a big pre-peg pump wouldn't turn right back into a dump.
So such a potential pump has never been witnessed before. Granted the actual initial peg value has yet to be determined yet so I don't know how that will play into the equation.
Yet I'd think any potential pump would have a big influence on determining the initial peg price.
Again, it's unprecedented and therefore never been witnessed before - history in the making.

I can't wait to get there as well!

I hope we can get on some big exchanges before that happens too. We only need one influential character to get involved with the project and see its real potential.

[Wexfgy12]

Hi, possible to get an explanation of what teh "pegging" stuff means? Interested in this project

The blog/forums on the website seem dead..this project is still under active development?

[Munti]

Hi, possible to get an explanation of what teh "pegging" stuff means? Interested in this project

The blog/forums on the website seem dead..this project is still under active development?

This is very much under active development. You'r right about the site not being very lively. That's because we are mainly communicating on slack. We will use the forum section on site more in the future though. Mostly for help topics because it's nice to not have to read through a ton of pages here to find answers.

The rolling peg, as we call it, is a way to stabilize the value of Bay. We believe one of the obstacles for digital currencies is the volatility in price. Why would Alice and Bob start using a currency that can lose 20-50% of it's value in a day? Doesn't make sense. So we are coming with a solution to that. BitBay will be the first currency in the world with the ability to automatically regulate supply to meet demand at a target price. This is done by freezing/releasing Bay. It's basically the same thing that nations do when they increase or decrease money supply. It's just much easier to do because we don't have to factor in the effect on interest rates, unemployment etc.
The peg is designed to be flexible. Meaning we are not targeting a fixed value of Bay versus USD that never changes. Price will be allowed to move, but the extreme pumps and dumps that we know from crypto will not be possible. Think of the peg as a way to make the price of Bay move similar to bluechip stocks instead of crypto. An added advantage of our peg is what we call UVP, user value protection. The following is a very schematic example of how that works. If you buy 1 bitcoin worth of anycoin and it drops 20% you will only have 0.8 bitcoin left if you are forced to sell. In BitBay this will be different after the peg is implemented. If you buy 1 bitcoin worth of Bay and it drops 20% that will result in coins being frozen to maintain value. 20% of your coins are now frozen, so you will still only get 0.8 bitcoin if you are forced to sell, But you still have 20% of your Bay. When demand picks up they will be released, and you can sell them.

[disconnectme]

Please any link to the BitBay whitepaper and roadmap for this project, I want to review the paper and see how achievable is the roadmap timeline. I will like to also like to know if there is ICO funding for this project

[RJF19]

Hi, possible to get an explanation of what teh "pegging" stuff means? Interested in this project

The blog/forums on the website seem dead..this project is still under active development?

This is very much under active development. You'r right about the site not being very lively. That's because we are mainly communicating on slack. We will use the forum section on site more in the future though. Mostly for help topics because it's nice to not have to read through a ton of pages here to find answers.

The rolling peg, as we call it, is a way to stabilize the value of Bay. We believe one of the obstacles for digital currencies is the volatility in price. Why would Alice and Bob start using a currency that can lose 20-50% of it's value in a day? Doesn't make sense. So we are coming with a solution to that. BitBay will be the first currency in the world with the ability to automatically regulate supply to meet demand at a target price. This is done by freezing/releasing Bay. It's basically the same thing that nations do when they increase or decrease money supply. It's just much easier to do because we don't have to factor in the effect on interest rates, unemployment etc.
The peg is designed to be flexible. Meaning we are not targeting a fixed value of Bay versus USD that never changes. Price will be allowed to move, but the extreme pumps and dumps that we know from crypto will not be possible. Think of the peg as a way to make the price of Bay move similar to bluechip stocks instead of crypto. An added advantage of our peg is what we call UVP, user value protection. The following is a very schematic example of how that works. If you buy 1 bitcoin worth of anycoin and it drops 20% you will only have 0.8 bitcoin left if you are forced to sell. In BitBay this will be different after the peg is implemented. If you buy 1 bitcoin worth of Bay and it drops 20% that will result in coins being frozen to maintain value. 20% of your coins are now frozen, so you will still only get 0.8 bitcoin if you are forced to sell, But you still have 20% of your Bay. When demand picks up they will be released, and you can sell them.

You say BitBay will be the first. This begs the question, how does "Tether" do it? I have never seen the price of Tether change at all, always 1 USD yet the market cap is growing quite a bit. Just curious. I've been a supporter of Bay since the ICO.

 
 

[Piston Honda]

dead coin is dead

[Munti]

Hi, possible to get an explanation of what teh "pegging" stuff means? Interested in this project

The blog/forums on the website seem dead..this project is still under active development?

This is very much under active development. You'r right about the site not being very lively. That's because we are mainly communicating on slack. We will use the forum section on site more in the future though. Mostly for help topics because it's nice to not have to read through a ton of pages here to find answers.

The rolling peg, as we call it, is a way to stabilize the value of Bay. We believe one of the obstacles for digital currencies is the volatility in price. Why would Alice and Bob start using a currency that can lose 20-50% of it's value in a day? Doesn't make sense. So we are coming with a solution to that. BitBay will be the first currency in the world with the ability to automatically regulate supply to meet demand at a target price. This is done by freezing/releasing Bay. It's basically the same thing that nations do when they increase or decrease money supply. It's just much easier to do because we don't have to factor in the effect on interest rates, unemployment etc.
The peg is designed to be flexible. Meaning we are not targeting a fixed value of Bay versus USD that never changes. Price will be allowed to move, but the extreme pumps and dumps that we know from crypto will not be possible. Think of the peg as a way to make the price of Bay move similar to bluechip stocks instead of crypto. An added advantage of our peg is what we call UVP, user value protection. The following is a very schematic example of how that works. If you buy 1 bitcoin worth of anycoin and it drops 20% you will only have 0.8 bitcoin left if you are forced to sell. In BitBay this will be different after the peg is implemented. If you buy 1 bitcoin worth of Bay and it drops 20% that will result in coins being frozen to maintain value. 20% of your coins are now frozen, so you will still only get 0.8 bitcoin if you are forced to sell, But you still have 20% of your Bay. When demand picks up they will be released, and you can sell them.

You say BitBay will be the first. This begs the question, how does "Tether" do it? I have never seen the price of Tether change at all, always 1 USD yet the market cap is growing quite a bit. Just curious. I've been a supporter of Bay since the ICO.

 
 

I have never heard of Tether, so will have to look into it. That said, I left out an important word; decentralized. BitBay will be able to make the peg decentralized. There are other pegged coins out there, but they rely on some form of centralization.

[sidhujag]

Hi, possible to get an explanation of what teh "pegging" stuff means? Interested in this project

The blog/forums on the website seem dead..this project is still under active development?

This is very much under active development. You'r right about the site not being very lively. That's because we are mainly communicating on slack. We will use the forum section on site more in the future though. Mostly for help topics because it's nice to not have to read through a ton of pages here to find answers.

The rolling peg, as we call it, is a way to stabilize the value of Bay. We believe one of the obstacles for digital currencies is the volatility in price. Why would Alice and Bob start using a currency that can lose 20-50% of it's value in a day? Doesn't make sense. So we are coming with a solution to that. BitBay will be the first currency in the world with the ability to automatically regulate supply to meet demand at a target price. This is done by freezing/releasing Bay. It's basically the same thing that nations do when they increase or decrease money supply. It's just much easier to do because we don't have to factor in the effect on interest rates, unemployment etc.
The peg is designed to be flexible. Meaning we are not targeting a fixed value of Bay versus USD that never changes. Price will be allowed to move, but the extreme pumps and dumps that we know from crypto will not be possible. Think of the peg as a way to make the price of Bay move similar to bluechip stocks instead of crypto. An added advantage of our peg is what we call UVP, user value protection. The following is a very schematic example of how that works. If you buy 1 bitcoin worth of anycoin and it drops 20% you will only have 0.8 bitcoin left if you are forced to sell. In BitBay this will be different after the peg is implemented. If you buy 1 bitcoin worth of Bay and it drops 20% that will result in coins being frozen to maintain value. 20% of your coins are now frozen, so you will still only get 0.8 bitcoin if you are forced to sell, But you still have 20% of your Bay. When demand picks up they will be released, and you can sell them.

You say BitBay will be the first. This begs the question, how does "Tether" do it? I have never seen the price of Tether change at all, always 1 USD yet the market cap is growing quite a bit. Just curious. I've been a supporter of Bay since the ICO.

 
 

I have never heard of Tether, so will have to look into it. That said, I left out an important word; decentralized. BitBay will be able to make the peg decentralized. There are other pegged coins out there, but they rely on some form of centralization.

Is it an endogenous solution? How is price checked by consensus code in a decentralized solution?
Here is vitalik on stable currencies.. id suggest david writes something similar if he thinks he solved the problem better than shellingcoin.

https://blog.ethereum.org/2014/11/11/search-stable-cryptocurrency/

Having read that what does the consensus code check to determine demand and thus adjust supply?

I believe tether is a closed system and is more like a market maker not sure though.

Afaik the problem is 2 fold.. determining how far from current price the target price is and actually changing the supply.. getting the current price is easy on paper but presents some problems with hackers when trying to do it in a decentralized way.. in syscoin i read it from an alias thats published which cant be hacked but rely on centralization.. so to create a simple peg of any currency is as simple as creating an  alias with peg information and rest of network gets it and cant screw around with the peg.... voting for it presents other problems which is thr act of changing the supply... so im interested to hear how these problems were solved in a decentralized method by david to avoid both of these problems.

[ptcgroup10009]

Hi, possible to get an explanation of what teh "pegging" stuff means? Interested in this project

The blog/forums on the website seem dead..this project is still under active development?

This is very much under active development. You'r right about the site not being very lively. That's because we are mainly communicating on slack. We will use the forum section on site more in the future though. Mostly for help topics because it's nice to not have to read through a ton of pages here to find answers.

The rolling peg, as we call it, is a way to stabilize the value of Bay. We believe one of the obstacles for digital currencies is the volatility in price. Why would Alice and Bob start using a currency that can lose 20-50% of it's value in a day? Doesn't make sense. So we are coming with a solution to that. BitBay will be the first currency in the world with the ability to automatically regulate supply to meet demand at a target price. This is done by freezing/releasing Bay. It's basically the same thing that nations do when they increase or decrease money supply. It's just much easier to do because we don't have to factor in the effect on interest rates, unemployment etc.
The peg is designed to be flexible. Meaning we are not targeting a fixed value of Bay versus USD that never changes. Price will be allowed to move, but the extreme pumps and dumps that we know from crypto will not be possible. Think of the peg as a way to make the price of Bay move similar to bluechip stocks instead of crypto. An added advantage of our peg is what we call UVP, user value protection. The following is a very schematic example of how that works. If you buy 1 bitcoin worth of anycoin and it drops 20% you will only have 0.8 bitcoin left if you are forced to sell. In BitBay this will be different after the peg is implemented. If you buy 1 bitcoin worth of Bay and it drops 20% that will result in coins being frozen to maintain value. 20% of your coins are now frozen, so you will still only get 0.8 bitcoin if you are forced to sell, But you still have 20% of your Bay. When demand picks up they will be released, and you can sell them.

You say BitBay will be the first. This begs the question, how does "Tether" do it? I have never seen the price of Tether change at all, always 1 USD yet the market cap is growing quite a bit. Just curious. I've been a supporter of Bay since the ICO.

 
 

tether works by "real" bank deposit of dollars matching the available tether usd token .

[Munti]

Please any link to the BitBay whitepaper and roadmap for this project, I want to review the paper and see how achievable is the roadmap timeline. I will like to also like to know if there is ICO funding for this project

There is no whitepaper for BitBay, and it's not really needed. Much of the tech is developed already, so you can test it for yourself. You can read a little about the key features in the about section on our site. The only thing that could need a whitepaper is the pegging, and we don't want to give other coins a chance to copy it before we have released it ourself.

Our roadmap is to release templates for buy/sell anything, hire someone/offer to do a job, phyton contracts (write your own smart contract), fork to POS3 to allow cold staking, and pegging. We are not announcing any eta, but David hopes to be done in Q1 2017.

[RJF19]

dead coin is dead

"dead" coin might be dead but BitBay is doing fine in spite of you...

[Munti]

Hi, possible to get an explanation of what teh "pegging" stuff means? Interested in this project

The blog/forums on the website seem dead..this project is still under active development?

This is very much under active development. You'r right about the site not being very lively. That's because we are mainly communicating on slack. We will use the forum section on site more in the future though. Mostly for help topics because it's nice to not have to read through a ton of pages here to find answers.

The rolling peg, as we call it, is a way to stabilize the value of Bay. We believe one of the obstacles for digital currencies is the volatility in price. Why would Alice and Bob start using a currency that can lose 20-50% of it's value in a day? Doesn't make sense. So we are coming with a solution to that. BitBay will be the first currency in the world with the ability to automatically regulate supply to meet demand at a target price. This is done by freezing/releasing Bay. It's basically the same thing that nations do when they increase or decrease money supply. It's just much easier to do because we don't have to factor in the effect on interest rates, unemployment etc.
The peg is designed to be flexible. Meaning we are not targeting a fixed value of Bay versus USD that never changes. Price will be allowed to move, but the extreme pumps and dumps that we know from crypto will not be possible. Think of the peg as a way to make the price of Bay move similar to bluechip stocks instead of crypto. An added advantage of our peg is what we call UVP, user value protection. The following is a very schematic example of how that works. If you buy 1 bitcoin worth of anycoin and it drops 20% you will only have 0.8 bitcoin left if you are forced to sell. In BitBay this will be different after the peg is implemented. If you buy 1 bitcoin worth of Bay and it drops 20% that will result in coins being frozen to maintain value. 20% of your coins are now frozen, so you will still only get 0.8 bitcoin if you are forced to sell, But you still have 20% of your Bay. When demand picks up they will be released, and you can sell them.

You say BitBay will be the first. This begs the question, how does "Tether" do it? I have never seen the price of Tether change at all, always 1 USD yet the market cap is growing quite a bit. Just curious. I've been a supporter of Bay since the ICO.

 
 

I have never heard of Tether, so will have to look into it. That said, I left out an important word; decentralized. BitBay will be able to make the peg decentralized. There are other pegged coins out there, but they rely on some form of centralization.

Is it an endogenous solution? How is price checked by consensus code in a decentralized solution?
Here is vitalik on stable currencies.. id suggest david writes something similar if he thinks he solved the problem better than shellingcoin.

https://blog.ethereum.org/2014/11/11/search-stable-cryptocurrency/

Having read that what does the consensus code check to determine demand and thus adjust supply?

I believe tether is a closed system and is more like a market maker not sure though.

Afaik the problem is 2 fold.. determining how far from current price the target price is and actually changing the supply.. getting the current price is easy on paper but presents some problems with hackers when trying to do it in a decentralized way.. in syscoin i read it from an alias thats published which cant be hacked but rely on centralization.. so to create a simple peg of any currency is as simple as creating an  alias with peg information and rest of network gets it and cant screw around with the peg.... voting for it presents other problems which is thr act of changing the supply... so im interested to hear how these problems were solved in a decentralized method by david to avoid both of these problems.

Interesting article, but not very relevant for us. We have a very different approach. We will release more info later.

[sidhujag]

Hi, possible to get an explanation of what teh "pegging" stuff means? Interested in this project

The blog/forums on the website seem dead..this project is still under active development?

This is very much under active development. You'r right about the site not being very lively. That's because we are mainly communicating on slack. We will use the forum section on site more in the future though. Mostly for help topics because it's nice to not have to read through a ton of pages here to find answers.

The rolling peg, as we call it, is a way to stabilize the value of Bay. We believe one of the obstacles for digital currencies is the volatility in price. Why would Alice and Bob start using a currency that can lose 20-50% of it's value in a day? Doesn't make sense. So we are coming with a solution to that. BitBay will be the first currency in the world with the ability to automatically regulate supply to meet demand at a target price. This is done by freezing/releasing Bay. It's basically the same thing that nations do when they increase or decrease money supply. It's just much easier to do because we don't have to factor in the effect on interest rates, unemployment etc.
The peg is designed to be flexible. Meaning we are not targeting a fixed value of Bay versus USD that never changes. Price will be allowed to move, but the extreme pumps and dumps that we know from crypto will not be possible. Think of the peg as a way to make the price of Bay move similar to bluechip stocks instead of crypto. An added advantage of our peg is what we call UVP, user value protection. The following is a very schematic example of how that works. If you buy 1 bitcoin worth of anycoin and it drops 20% you will only have 0.8 bitcoin left if you are forced to sell. In BitBay this will be different after the peg is implemented. If you buy 1 bitcoin worth of Bay and it drops 20% that will result in coins being frozen to maintain value. 20% of your coins are now frozen, so you will still only get 0.8 bitcoin if you are forced to sell, But you still have 20% of your Bay. When demand picks up they will be released, and you can sell them.

You say BitBay will be the first. This begs the question, how does "Tether" do it? I have never seen the price of Tether change at all, always 1 USD yet the market cap is growing quite a bit. Just curious. I've been a supporter of Bay since the ICO.

 
 

I have never heard of Tether, so will have to look into it. That said, I left out an important word; decentralized. BitBay will be able to make the peg decentralized. There are other pegged coins out there, but they rely on some form of centralization.

Is it an endogenous solution? How is price checked by consensus code in a decentralized solution?
Here is vitalik on stable currencies.. id suggest david writes something similar if he thinks he solved the problem better than shellingcoin.

https://blog.ethereum.org/2014/11/11/search-stable-cryptocurrency/

Having read that what does the consensus code check to determine demand and thus adjust supply?

I believe tether is a closed system and is more like a market maker not sure though.

Afaik the problem is 2 fold.. determining how far from current price the target price is and actually changing the supply.. getting the current price is easy on paper but presents some problems with hackers when trying to do it in a decentralized way.. in syscoin i read it from an alias thats published which cant be hacked but rely on centralization.. so to create a simple peg of any currency is as simple as creating an  alias with peg information and rest of network gets it and cant screw around with the peg.... voting for it presents other problems which is thr act of changing the supply... so im interested to hear how these problems were solved in a decentralized method by david to avoid both of these problems.

Interesting article, but not very relevant for us. We have a very different approach. We will release more info later.

so its not endogenous ? then it relies on external data? cool will look out for the info when it comes out.. sucks theres no code to look at.

[RJF19]

Hi, possible to get an explanation of what teh "pegging" stuff means? Interested in this project

The blog/forums on the website seem dead..this project is still under active development?

This is very much under active development. You'r right about the site not being very lively. That's because we are mainly communicating on slack. We will use the forum section on site more in the future though. Mostly for help topics because it's nice to not have to read through a ton of pages here to find answers.

The rolling peg, as we call it, is a way to stabilize the value of Bay. We believe one of the obstacles for digital currencies is the volatility in price. Why would Alice and Bob start using a currency that can lose 20-50% of it's value in a day? Doesn't make sense. So we are coming with a solution to that. BitBay will be the first currency in the world with the ability to automatically regulate supply to meet demand at a target price. This is done by freezing/releasing Bay. It's basically the same thing that nations do when they increase or decrease money supply. It's just much easier to do because we don't have to factor in the effect on interest rates, unemployment etc.
The peg is designed to be flexible. Meaning we are not targeting a fixed value of Bay versus USD that never changes. Price will be allowed to move, but the extreme pumps and dumps that we know from crypto will not be possible. Think of the peg as a way to make the price of Bay move similar to bluechip stocks instead of crypto. An added advantage of our peg is what we call UVP, user value protection. The following is a very schematic example of how that works. If you buy 1 bitcoin worth of anycoin and it drops 20% you will only have 0.8 bitcoin left if you are forced to sell. In BitBay this will be different after the peg is implemented. If you buy 1 bitcoin worth of Bay and it drops 20% that will result in coins being frozen to maintain value. 20% of your coins are now frozen, so you will still only get 0.8 bitcoin if you are forced to sell, But you still have 20% of your Bay. When demand picks up they will be released, and you can sell them.

You say BitBay will be the first. This begs the question, how does "Tether" do it? I have never seen the price of Tether change at all, always 1 USD yet the market cap is growing quite a bit. Just curious. I've been a supporter of Bay since the ICO.

 
 

tether works buy "real" bank deposit of dollars matching the available tether usd token .

Ah, I see. So it's sort of a "hybrid" system? Crypto world and real world mix. I would love to see the code that determines the amounts and makes the deposits...

[dzimbeck]

Tether is literally just as simple as saying "we back 100k coins with 100k USD" I assume the increase in supply was due to increase in capital. The problem? When the centralized backer disappears, bye bye Tether and bye bye money.

BitBays peg doesnt need to worry about hard fixed price, just a stable price. If they vote by an algorithm it's still elective. That's enforced on the client side so it's still Democratic and decentralized.

The voting freezes supply that can also be unfrozen. It's strange to me that currency's (only) inflate. Currencies should be able to deflate as well. Coins freeze so that early investors get benefits of being early since they hold their frozen coins to be deployed as volume increases.

Finding a target price might take a long time. But the most important guarantee is survival of a HEALTHY price of the coin. We can guarantee this because if it becomes unhealthy we deflate.

Glad you brought up Tether also. Because we can do what they do but decentralized. Imagine Bill wants to back Bitbay but he's poor. So he and others vote for deflation. Now he decreases supply to 30k coins. He wants to guarantee a price of 30k so he takes 30k in btc and he places a buy wall. Now nobody can break his peg unless they vote to inflate. But Bill will see if the voting becomes unsustainable and remove the wall. Also he won't need 30k to hold it at a dollar anyways because it's a fallacy of proposition to think everyone will sell.

Regardless the price will always be healthy and unlike a hard peg price can grow and is not stuck to the weakening dollar.

[jacaf01]

Please any link to the BitBay whitepaper and roadmap for this project, I want to review the paper and see how achievable is the roadmap timeline. I will like to also like to know if there is ICO funding for this project

There is no whitepaper for BitBay, and it's not really needed. Much of the tech is developed already, so you can test it for yourself. You can read a little about the key features in the about section on our site. The only thing that could need a whitepaper is the pegging, and we don't want to give other coins a chance to copy it before we have released it ourself.

Our roadmap is to release templates for buy/sell anything, hire someone/offer to do a job, phyton contracts (write your own smart contract), fork to POS3 to allow cold staking, and pegging. We are not announcing any eta, but David hopes to be done in Q1 2017.

So you are telling me there is no whitepaper neither roadmap and that the decision changed on quick feet.