BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[cryptohunter]

To sum it up, BitBay's peg must be classified as a trust based peg, and has chosen the safer version -a soft peg. The rest is micro economics -supply and demand. The revolutionary concept is that it is decentralized! Every other peg is centralized, i.e., controlled and/or dependent on one person or group of persons. If he/they fail, the peg fails!

For me, a peg becomes the all encompassing reason a given instrument exists, meaning, it becomes so important, if the given peg fails, all confidence in the underlying instrument drains away fast. And then whatever news/updates/current development going on at that time becomes very secondary, to re-instating the peg. And even if its achieved, that confidence takes a while to return, if ever.

Interested to see how this pans out.  

That's exactly why the solution needs to be decentralized. BitUSD relies on the success of BitShares, NuBits on custodians, Tether on backers

Nobody who is serious about finance should vest too much in those

It must be decentralized and that's what we are making. Bitbay won't require 3rd party intervention, just miner votes. I just wish more of crypto knew what is about to happen here. I think there are alot of silent eyes on this thread.

There are indeed. I wonder if you would start promoting it better via bounties for marketing, campaigns and stuff like that. I feel there's a need of some advertising for this coin. This is what you need, some fuel  

Yes we need to find a way to create some demand before the peg. We need also to get on polo.

First the volume, then polo, then the peg.

 So many junk coins out there that provide nothing new all zombies sitting in the top 100 and some much higher a lot residing on polo too from times when polo needed every bit of volume.

Trouble is BAY needs whale interest. Whales are on larger exchanges. Bittrex is not enough these days. I mean look at the junk of polo. Some of those coins are total and utter garbage. Some have no development in months and the wallets barely work.

I mean if we can even find a way to boost volume on bittex and get attention of polo and show them the work and dedication behind this project it would be impossible for them not to add us.

I still think a second ICO would have been a great thing months back when ICO was all the rage after eth.  Would have at the very least attracted a lot of attention and discussion about BAY and some funds.

[3r197]

To sum it up, BitBay's peg must be classified as a trust based peg, and has chosen the safer version -a soft peg. The rest is micro economics -supply and demand. The revolutionary concept is that it is decentralized! Every other peg is centralized, i.e., controlled and/or dependent on one person or group of persons. If he/they fail, the peg fails!

For me, a peg becomes the all encompassing reason a given instrument exists, meaning, it becomes so important, if the given peg fails, all confidence in the underlying instrument drains away fast. And then whatever news/updates/current development going on at that time becomes very secondary, to re-instating the peg. And even if its achieved, that confidence takes a while to return, if ever.

Interested to see how this pans out.  

That's exactly why the solution needs to be decentralized. BitUSD relies on the success of BitShares, NuBits on custodians, Tether on backers

Nobody who is serious about finance should vest too much in those

It must be decentralized and that's what we are making. Bitbay won't require 3rd party intervention, just miner votes. I just wish more of crypto knew what is about to happen here. I think there are alot of silent eyes on this thread.

There are indeed. I wonder if you would start promoting it better via bounties for marketing, campaigns and stuff like that. I feel there's a need of some advertising for this coin. This is what you need, some fuel  

Yes we need to find a way to create some demand before the peg. We need also to get on polo.

First the volume, then polo, then the peg.

 So many junk coins out there that provide nothing new all zombies sitting in the top 100 and some much higher a lot residing on polo too from times when polo needed every bit of volume.

Trouble is BAY needs whale interest. Whales are on larger exchanges. Bittrex is not enough these days. I mean look at the junk of polo. Some of those coins are total and utter garbage. Some have no development in months and the wallets barely work.

I mean if we can even find a way to boost volume on bittex and get attention of polo and show them the work and dedication behind this project it would be impossible for them not to add us.

I still think a second ICO would have been a great thing months back when ICO was all the rage after eth.  Would have at the very least attracted a lot of attention and discussion about BAY and some funds.

Well hopefully this next update will really spark some interest.

I'm just about to rap up with creating some tutorial videos for the client.
In the process I had to create a new account.
Got lucky on the generated address, lol

[RJF19]

To sum it up, BitBay's peg must be classified as a trust based peg, and has chosen the safer version -a soft peg. The rest is micro economics -supply and demand. The revolutionary concept is that it is decentralized! Every other peg is centralized, i.e., controlled and/or dependent on one person or group of persons. If he/they fail, the peg fails!

For me, a peg becomes the all encompassing reason a given instrument exists, meaning, it becomes so important, if the given peg fails, all confidence in the underlying instrument drains away fast. And then whatever news/updates/current development going on at that time becomes very secondary, to re-instating the peg. And even if its achieved, that confidence takes a while to return, if ever.

Interested to see how this pans out.  

That's exactly why the solution needs to be decentralized. BitUSD relies on the success of BitShares, NuBits on custodians, Tether on backers

Nobody who is serious about finance should vest too much in those

It must be decentralized and that's what we are making. Bitbay won't require 3rd party intervention, just miner votes. I just wish more of crypto knew what is about to happen here. I think there are alot of silent eyes on this thread.

There are indeed. I wonder if you would start promoting it better via bounties for marketing, campaigns and stuff like that. I feel there's a need of some advertising for this coin. This is what you need, some fuel  

Yes we need to find a way to create some demand before the peg. We need also to get on polo.

First the volume, then polo, then the peg.

 So many junk coins out there that provide nothing new all zombies sitting in the top 100 and some much higher a lot residing on polo too from times when polo needed every bit of volume.

Trouble is BAY needs whale interest. Whales are on larger exchanges. Bittrex is not enough these days. I mean look at the junk of polo. Some of those coins are total and utter garbage. Some have no development in months and the wallets barely work.

I mean if we can even find a way to boost volume on bittex and get attention of polo and show them the work and dedication behind this project it would be impossible for them not to add us.

I still think a second ICO would have been a great thing months back when ICO was all the rage after eth.  Would have at the very least attracted a lot of attention and discussion about BAY and some funds.

 

Well hopefully this next update will really spark some interest.

I'm just about to rap up with creating some tutorial videos for the client.
In the process I had to create a new account.
Got lucky on the generated address, lol

A good omen if I ever saw one! 

[cryptohunter]

To sum it up, BitBay's peg must be classified as a trust based peg, and has chosen the safer version -a soft peg. The rest is micro economics -supply and demand. The revolutionary concept is that it is decentralized! Every other peg is centralized, i.e., controlled and/or dependent on one person or group of persons. If he/they fail, the peg fails!

For me, a peg becomes the all encompassing reason a given instrument exists, meaning, it becomes so important, if the given peg fails, all confidence in the underlying instrument drains away fast. And then whatever news/updates/current development going on at that time becomes very secondary, to re-instating the peg. And even if its achieved, that confidence takes a while to return, if ever.

Interested to see how this pans out.  

That's exactly why the solution needs to be decentralized. BitUSD relies on the success of BitShares, NuBits on custodians, Tether on backers

Nobody who is serious about finance should vest too much in those

It must be decentralized and that's what we are making. Bitbay won't require 3rd party intervention, just miner votes. I just wish more of crypto knew what is about to happen here. I think there are alot of silent eyes on this thread.

There are indeed. I wonder if you would start promoting it better via bounties for marketing, campaigns and stuff like that. I feel there's a need of some advertising for this coin. This is what you need, some fuel  

Yes we need to find a way to create some demand before the peg. We need also to get on polo.

First the volume, then polo, then the peg.

 So many junk coins out there that provide nothing new all zombies sitting in the top 100 and some much higher a lot residing on polo too from times when polo needed every bit of volume.

Trouble is BAY needs whale interest. Whales are on larger exchanges. Bittrex is not enough these days. I mean look at the junk of polo. Some of those coins are total and utter garbage. Some have no development in months and the wallets barely work.

I mean if we can even find a way to boost volume on bittex and get attention of polo and show them the work and dedication behind this project it would be impossible for them not to add us.

I still think a second ICO would have been a great thing months back when ICO was all the rage after eth.  Would have at the very least attracted a lot of attention and discussion about BAY and some funds.

Well hopefully this next update will really spark some interest.

I'm just about to rap up with creating some tutorial videos for the client.
In the process I had to create a new account.
Got lucky on the generated address, lol

Nice address there.

Does anyone know if David has spoken to busoni as yet?

[pugman]

who and why are people selling bay? - BUY AND HOLD! ITS GETTING PEGGED AT XMAS!

[Johnny00]

Volume is so low at price can change quickly

[*Sakura*]

How many BitBay in circulation? I mean real circulation, except coins that was locked in a scam exchanges?

[dzimbeck]

How many BitBay in circulation? I mean real circulation, except coins that was locked in a scam exchanges?

https://chainz.cryptoid.info/bay/

A billion and a bit extra from the interest over the years

Maybe the coins being actively traded is less than 20% considering a lot of the core members of slack hold their coins. But thats completely a guess on my part. Maybe some of the slack members want to chime in on this one.

[cryptohunter]

who and why are people selling bay? - BUY AND HOLD! ITS GETTING PEGGED AT XMAS!

Is this confirmed?

xmas is pegging day?

What's the word on the anon features? I wish more was spoken about on the thread than in slack. We need to realise that most people finding crypto jump off from this board. Slack is okay for certain more confidential discussions but main news should be here too. Also keeping this thread bumped and active will get more new eyeballs. Let's face it if you find the bitbay thread and see the market cap then you will be putting your BTC here before 99% of other alts.

[dzimbeck]

who and why are people selling bay? - BUY AND HOLD! ITS GETTING PEGGED AT XMAS!

Is this confirmed?

xmas is pegging day?

What's the word on the anon features? I wish more was spoken about on the thread than in slack. We need to realise that most people finding crypto jump off from this board. Slack is okay for certain more confidential discussions but main news should be here too. Also keeping this thread bumped and active will get more new eyeballs. Let's face it if you find the bitbay thread and see the market cap then you will be putting your BTC here before 99% of other alts.

No it isn't pegging day. I've still got a lot of coding to do. And yes I agree, the discussion on here has been pretty positive and thought provoking. Mostly, slack has been pretty quiet as I'm still working on an update.

[cryptohunter]

who and why are people selling bay? - BUY AND HOLD! ITS GETTING PEGGED AT XMAS!

Is this confirmed?

xmas is pegging day?

What's the word on the anon features? I wish more was spoken about on the thread than in slack. We need to realise that most people finding crypto jump off from this board. Slack is okay for certain more confidential discussions but main news should be here too. Also keeping this thread bumped and active will get more new eyeballs. Let's face it if you find the bitbay thread and see the market cap then you will be putting your BTC here before 99% of other alts.

No it isn't pegging day. I've still got a lot of coding to do. And yes I agree, the discussion on here has been pretty positive and thought provoking. Mostly, slack has been pretty quiet as I'm still working on an update.

Yes, I thought that sounded a little sudden.

Yes, I think most newcomers would prefer to use the board at least to start with. Also builds more of a community spirit.

[pugman]

the first 2 pages on this thread had users that never appear here anymore? Where they go?

Gizfreak
toknormal
RJF
silavon
kenbytes
issie81
risinhigher
BAYproviser
Kevinrasf
Mickeyb
ndrog
KC6TTR
unusualfacts30

[Figatko]

Users change nicks very often. Me too. I was here before.

[3r197]

So with the recent DDOS attacks on ether forcing them to hark fork.
@David, could you explain again the security features with BitBay.
I know in order to create a contract you have to include a small miner fee and your computer has to incorporate some POW to broadcast over the bitmessage network (which takes about 1 - 5 minutes).
What else is there in place?
I mean lets say someone tries to DDos the default BitBay marketplace - would that affect the entire network or just that specific bitmessage 'chan'. Meaning if Alice had a marketplace called "Alice's shop", that bitmessage 'chan' wouldn't be affected by a DDos attack on others 'chans'?

And if it only affects those computers that are subscribed to a specific 'chan' is there any way for a user to remove the default BitBay 'chan' for such an event (if that's the 'chan' they attack)?

What if there was some sort of algorithm that could distinguish a potential DDos attack and temporarily increase miner fee's for such an attack?
Or if new users had a higher fee at first, and based on reputation system of just 1 or 2 completed contracts, the miner fee returns to minimal amounts?

Just wanting to brainstorm on the issue.

Thoughts?

[3r197]

Also on the matter...

This recent cyber attack on the US of A, has caused a lot of people to wake up to the fact that their security system is weak.
To hear that baby moniter devices were just some of the many devices that turned into botnets to overwhelm sites like Twitter, Etsy, Github, Vox, Spotify, Airbnb, Netflix, and Reddit;  it's quite amazing to say the least.

I've got to admit, our current liberal ran government is quite hilarious. They are so afraid to hurt anyones feelings that they always reveal their upcoming attacks in any form of warfare.
Them recently proposing that they were going to cyber attack Russia was about the stupidest thing on the planet to do.
And here we are.


_____________________________________________________________
I'm guessing the client's search engine require network resources?
Would there be a way to add a possible POW stage to that as well?

[cryptohunter]

the first 2 pages on this thread had users that never appear here anymore? Where they go?

Gizfreak
toknormal
RJF
silavon
kenbytes
issie81
risinhigher
BAYproviser
Kevinrasf
Mickeyb
ndrog
KC6TTR
unusualfacts30

Maybe they lost interest or moved to other projects. Patience is key here with crypto. Some of the best projects take a long time to come to fruition.
Some change usernames. Some are not interested in crypto any longer in general perhaps. Who can say. I'm sure the same can be said for many threads on this board.

[cryptohunter]

So with the recent DDOS attacks on ether forcing them to hark fork.
@David, could you explain again the security features with BitBay.
I know in order to create a contract you have to include a small miner fee and your computer has to incorporate some POW to broadcast over the bitmessage network (which takes about 1 - 5 minutes).
What else is there in place?
I mean lets say someone tries to DDos the default BitBay marketplace - would that affect the entire network or just that specific bitmessage 'chan'. Meaning if Alice had a marketplace called "Alice's shop", that bitmessage 'chan' wouldn't be affected by a DDos attack on others 'chans'?

And if it only affects those computers that are subscribed to a specific 'chan' is there any way for a user to remove the default BitBay 'chan' for such an event (if that's the 'chan' they attack)?

What if there was some sort of algorithm that could distinguish a potential DDos attack and temporarily increase miner fee's for such an attack?
Or if new users had a higher fee at first, and based on reputation system of just 1 or 2 completed contracts, the miner fee returns to minimal amounts?

Just wanting to brainstorm on the issue.

Thoughts?

Interesting questions .

[RJF19]

the first 2 pages on this thread had users that never appear here anymore? Where they go?

Gizfreak
toknormal
RJF
silavon
kenbytes
issie81
risinhigher
BAYproviser
Kevinrasf
Mickeyb
ndrog
KC6TTR
unusualfacts30

Still here. RJF account was hacked, now RJF19...

[3r197]

So is the price increase in BTC due to the news about the quantum computer test?

http://www.altcointoday.com/bitcoin-can-withstand-quantum-computer-attacks/

[3r197]

Heck just this morning Nubits had $87 of volume.
Now it's almost $14,000 even with the system is knowingly unstable.
Volume is all because of the recent BTC volatility.

Wait until BitBay provides it's price stability feature. And all the extras that form because of it - like futures markets.