BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[3r197]

I've got a question about the  'storing hidden files to images' feature - not to be confused with storing your private 'keys to image' feature.

The main weakness to this feature in my opinion is the amount of trust it requires, because if you don't trust the counterparty then you obviously can't know for sure if they send you an image with a virus included.

Is there any safe loophole to work around this issue?
Could we use imgur or something like that to help?

[cryptohunter]

The virus thing I have no idea.

You have a LOT of interesting ideas and applications for this project. Shame we don't have a ton of coders working under david to start on them.

Just as I say bay was one of the only alts in the green someone dumps a few. Lucky dip at 70sats.

Can you imagine upon completion if this project really does gain the attention it deserves. 70 sats dumpers will be bridge jumpers.

Then again with a big BTC bull run all bets are off with alts. Ill be holding tight though to my bays.

[3r197]

The virus thing I have no idea.

You have a LOT of interesting ideas and applications for this project. Shame we don't have a ton of coders working under david to start on them.

Just as I say bay was one of the only alts in the green someone dumps a few. Lucky dip at 70sats.

Can you imagine upon completion if this project really does gain the attention it deserves. 70 sats dumpers will be bridge jumpers.

Then again with a big BTC bull run all bets are off with alts. Ill be holding tight though to my bays.

Yeah the possibilities are nearly endless. Heck just for example...
Let's say we use the same advertising idea for employment!
The employers and employee's reputation status would help employers looking for employees or employees looking for employers. The top rated of each would receive the best offers to choose from.
It would be like a domino effect.

Heck with a little coding we could crosschain the system.
Let's say you are an employer that owns only BitBay.
You only use BitBay's employment market to outsource your workload demand.
Yet for what ever reason, you have no luck finding anybody on BitBay's market for your employment contract. You decide to check out BitHalo and notice that there are quite a lot of people selling their services for the same employment demand you desire.
So to make things simple you'd somehow have the option to include both bitbay and bithalo to advertise your issue! The P2M advertisement could automatically convert Bays for Bitcoins (depending on your request, e.g., a 40% to 60% ratio), to perform the P2M markerting advertisement campaign on to both BitBay and BitHalo client users.
Obviously with it automated, it would make it that much easier to complete the process which would increase usage. It could also work both ways - Bays for Bitcoins or Bitcoins for Bays.
Heck this could be a standard feature built-in that some people might want to use all the time in their advertising and hit both top target groups in each coin's client.

All the while you are maximizing the 'capitalistic' approach to the matter as you are maximizing (to your budgets limits) the # of possible top associated counterparties, therefore creating an auction/bid style contract to receive the highest quality return at the most affordable price.

[RJF19]

So for the blockchain boost file...

I'd like to finish a tutorial video on it to accompany the next update on the client. I'm guessing it will have a new peer.dat file for better synchronicity.

So I need to ask again, after a noob installs the client and wants to use the blockchain boost file to speed up the sync process...
What would the instructions be?
Will it be as easy as the user unzipping the bootstrap file (being the bitbaydata folder)  and replacing the whole folder with the old bitbaydata folder in their existing BitBay directory?

Not sure how frequently have we been updating it? If it's a bootstrap they need to load it in a special way. If it's just exact copy of blockchain files the only need to paste it in the bitbaydata directory

Is it possible to have a copy of the blockchain files held at mega or some filehosting place until we can afford our own dedicated server? or is the file just too huge?

Well there was cryptochainer.com, but the owner is MIA. Such a shame why people put forth an effort to create something for crypto and then just vanish with no explanation.

But yeah I agree, as demand grows for it, I'm sure we'll get something set up to provide the quickest solution.

I've requested these guys add it:

https://bitcointalk.org/index.php?topic=1378653.msg14024451#msg14024451

They offer both Blockchain Snapshot and Bootstrap service.

Nice work

I notice an altcoin bloodbath today as BTC starts to rise.  Bay seems to be holding it's own though.

Always glad to help out.

[kitey]

Am so glad this project is still going and seems to be going from strength to strength.

going to invest in this un found (as of yet) gem

[3r197]

Am so glad this project is still going and seems to be going from strength to strength.

going to invest in this un found (as of yet) gem

Thanks for the kind words.
Yeah David is coding this gem all by himself. I think Halo is somewhere over 60 to 70 thousand lines of coding!

It's frustrating knowing where the price is now with all the features it currently has working.

In all honesty, after the rolling peg is complete and all it's features that spin off from it, I really don't think there will be another coin out there that will be able to match the number of features BitBay will have built into the wallet.

Sure Bitcoin has an unknown amount of 3rd party features, but that's because it's king.
But if there was a column on an exchange that tracked features in a coin, BitBay would already be in the top 5, and like I said after he finishes the peg, it will be 2nd to Bitcoin in total features.

And by then I'd think the masses could no longer ignore this fact and begin to contribute to it. As David's goal is to include python programmable smart contracts.
These are not to be compared to ether's smart contracts because David doesn't want to bloat the blockchain with a bunch of smart contracts.
They won't be as fast as ether's because they are obviously python and not C++, but they won't bloat the system.
He found a way to structure and secure these python programs without the need for it to be on the blockchain yet still secured by miners!!

Here's his thoughts on the matter from a previous post:

By the way, I had an idea for ethereum style blockchain contracts
by combining python with the mining rules, allowing people to make contracts that get pre-approved to run through pythons interpreter. And those contracts can be run from a text file
Instead of having to rebuild the daemon
In theory, you could have the miners check with a centralized address that puts the hashes and torrent link of the new contracts
Its just that python is slower than c++... thats the major drawback
and bitcoin already suffers from speed issues

However, I wanted to do the pegging this way, so I could test it live without constantly rebuilding the daemon and running nodes
his would be similar to how P2P python contracts work
but instead done at the miner level
So people would pay a transaction to a hash, then the miners would see if the hash is part of their approved list of contracts
if it is, they run the python code that was approved, they should hold a text file of it
or if they dont have it, they download it via torrent
Since they are preapproved, we can prevent bloating issues or weird bugs like infinite loops
But as long as the contract doesnt damage the network causing too much work for miners we can approve those
I guess the barrier to entry would be that users dont want to wait for approval
So people would rather play with Eth since there is already the language there to use live
in this case they can test live but only alone or on testnet

So lots more to come.

[*Sakura*]

Am so glad this project is still going and seems to be going from strength to strength.

going to invest in this un found (as of yet) gem

Thanks for the kind words.
Yeah David is coding this gem all by himself. I think Halo is somewhere over 60 to 70 thousand lines of coding!

It's frustrating knowing where the price is now with all the features it currently has working.

In all honesty, after the rolling peg is complete and all it's features that spin off from it, I really don't think there will be another coin out there that will be able to match the number of features BitBay will have built into the wallet.

Sure Bitcoin has an unknown amount of 3rd party features, but that's because it's king.
But if there was a column on an exchange that tracked features in a coin, BitBay would already be in the top 5, and like I said after he finishes the peg, it will be 2nd to Bitcoin in total features.

And by then I'd think the masses could no longer ignore this fact and begin to contribute to it. As David's goal is to include python programmable smart contracts.
These are not to be compared to ether's smart contracts because David doesn't want to bloat the blockchain with a bunch of smart contracts.
They won't be as fast as ether's because they are obviously python and not C++, but they won't bloat the system.
He found a way to structure and secure these python programs without the need for it to be on the blockchain yet still secured by miners!!

Here's his thoughts on the matter from a previous post:

By the way, I had an idea for ethereum style blockchain contracts
by combining python with the mining rules, allowing people to make contracts that get pre-approved to run through pythons interpreter. And those contracts can be run from a text file
Instead of having to rebuild the daemon
In theory, you could have the miners check with a centralized address that puts the hashes and torrent link of the new contracts
Its just that python is slower than c++... thats the major drawback
and bitcoin already suffers from speed issues

However, I wanted to do the pegging this way, so I could test it live without constantly rebuilding the daemon and running nodes
his would be similar to how P2P python contracts work
but instead done at the miner level
So people would pay a transaction to a hash, then the miners would see if the hash is part of their approved list of contracts
if it is, they run the python code that was approved, they should hold a text file of it
or if they dont have it, they download it via torrent
Since they are preapproved, we can prevent bloating issues or weird bugs like infinite loops
But as long as the contract doesnt damage the network causing too much work for miners we can approve those
I guess the barrier to entry would be that users dont want to wait for approval
So people would rather play with Eth since there is already the language there to use live
in this case they can test live but only alone or on testnet

So lots more to come.

If David will be able to communicate their ideas to their logical conclusion, then I think this project has very promising future. And it is one of the most undervalued coins in the history of the cryptocurrency, which creates favorable conditions for the early-stage investment.

[wtman]

I believe so too which is why I've been an investor for several months and hope to stay one

I have put in some suggestions for utility earlier as well.

[3r197]

Am so glad this project is still going and seems to be going from strength to strength.

going to invest in this un found (as of yet) gem

Thanks for the kind words.
Yeah David is coding this gem all by himself. I think Halo is somewhere over 60 to 70 thousand lines of coding!

It's frustrating knowing where the price is now with all the features it currently has working.

In all honesty, after the rolling peg is complete and all it's features that spin off from it, I really don't think there will be another coin out there that will be able to match the number of features BitBay will have built into the wallet.

Sure Bitcoin has an unknown amount of 3rd party features, but that's because it's king.
But if there was a column on an exchange that tracked features in a coin, BitBay would already be in the top 5, and like I said after he finishes the peg, it will be 2nd to Bitcoin in total features.

And by then I'd think the masses could no longer ignore this fact and begin to contribute to it. As David's goal is to include python programmable smart contracts.
These are not to be compared to ether's smart contracts because David doesn't want to bloat the blockchain with a bunch of smart contracts.
They won't be as fast as ether's because they are obviously python and not C++, but they won't bloat the system.
He found a way to structure and secure these python programs without the need for it to be on the blockchain yet still secured by miners!!

Here's his thoughts on the matter from a previous post:

By the way, I had an idea for ethereum style blockchain contracts
by combining python with the mining rules, allowing people to make contracts that get pre-approved to run through pythons interpreter. And those contracts can be run from a text file
Instead of having to rebuild the daemon
In theory, you could have the miners check with a centralized address that puts the hashes and torrent link of the new contracts
Its just that python is slower than c++... thats the major drawback
and bitcoin already suffers from speed issues

However, I wanted to do the pegging this way, so I could test it live without constantly rebuilding the daemon and running nodes
his would be similar to how P2P python contracts work
but instead done at the miner level
So people would pay a transaction to a hash, then the miners would see if the hash is part of their approved list of contracts
if it is, they run the python code that was approved, they should hold a text file of it
or if they dont have it, they download it via torrent
Since they are preapproved, we can prevent bloating issues or weird bugs like infinite loops
But as long as the contract doesnt damage the network causing too much work for miners we can approve those
I guess the barrier to entry would be that users dont want to wait for approval
So people would rather play with Eth since there is already the language there to use live
in this case they can test live but only alone or on testnet

So lots more to come.

If David will be able to communicate their ideas to their logical conclusion, then I think this project has very promising future. And it is one of the most undervalued coins in the history of the cryptocurrency, which creates favorable conditions for the early-stage investment.

Well that's the hardest part. He's already got so much on his plate to finish first.
I think we should gain some coder's interest in the near future as he progresses with the project.

Python smart contracts is one of the last items on the long list of things to complete.
But yeah, I agree. Who ever's been holding the price down will eventually run out.

[dzimbeck]

The thing is as the size of the software increases so does the work load. But the good news is I'm making progress. There is an end in sight. I've got it all mapped out. The fiasco with Zcash was a perfect example of supply and demand something we intend to have more control of.

[3dant]

I'm not sure why this isn't going through the roof...ok the past history on this coin isn't the best...but it looks bloody promising, maybe getting this thread to come up first on a google search rather than the old one will help a little...........and everyone should try and give poloniex a nod...they say they like to add coins with good devs and promising tech...lets see if they are true to their word.

[3r197]

I'm not sure why this isn't going through the roof...ok the past history on this coin isn't the best...but it looks bloody promising, maybe getting this thread to come up first on a google search rather than the old one will help a little...........and everyone should try and give poloniex a nod...they say they like to add coins with good devs and promising tech...lets see if they are true to their word.

Yeah, thanks for the interest and kind words.

I think there has been some issues with the owner of BCT causing us to have no luck with SEO capabilities.

Yeah, supporters have been trying to get us on poloniex through the request form, but right now the volume is probably too low.
I think that could change once poloniex realizes that they could essentially stake BitBay on their exchange securely because wallets have 2 private keys and the client has a joint account system.
So they could have a 'hot' cold wallet staking because they could run the wallet on 2 separate computer devices. A hacker would have to penetrate both devices to gain access to the 'hot' cold wallet.

So essentially they could stake trader's coins while they are trading. This could create all sorts of interesting features, especially after the coin completes the rolling peg tech. Since BitBay is converting to Proof of Stake 3.0, exchanges have the capability to gain higher stake reward percentages as it would virtually turn into a mining pool with various return percentages provided to the traders.
This would allow for an exchange like poloniex to reap a fair amount of stake coins for their own benefit. They would give the most back to the traders, but retain a cut for the service.

The way I understand POS 3.0 is that with BitBay starting off with 1 billion coins at 1% inflation per year, no matter what the total number of coins will increase by 1% (10 million coins). So if only 5 people with a combined total of 5 million coins were staking in the entire network for one year, Then those stakers would gain the 10 million coins by the end of the year based on their percentages of coins owned.
That's way more than a 1% ROI.

It's impossible for every coin to stake in the network. So no matter what, the return will be higher than 1%.

Currently Bittrex has over 100 million coins sitting in their exchange waiting to be bought.
With the volume capabilities of poloniex, if BitBay was traded there, that amount could possibly triple.
So with  300 million coins on average staking over the course of a year and the rest of the network is only staking 400 million, then polo would essentially earn 42.8% of the 10 million minted.
Doesn't seem like much, but if you factor in a random peg value of $0.10 (just as an example, no one knows the starting peg value), then polo would be minting a total of USD 428,000.00 per year!!!!! Granted a lot of it would go back to the traders, but I'm sure they could create incentives to alter that, like free trading for traders who hold over 50,000 BitBays on the exchange.

No other coin can offer this feature an exchange (mainly because of price stability from rolling peg technology)

So yeah, I agree BitBay should be on poloniex, because in the future we will help them make a shit load of money!


Edit:
None this even takes in consideration that Bittrex an Poloniex could actually buy the coin for themselves because of this capability.
So essentially for the first time, you could have exchanges that not only allow for traders to trade it, but they would also have financial 'strings' attached to it so they would help protect the value of it!

[wtman]

I'm not sure why this isn't going through the roof...ok the past history on this coin isn't the best...but it looks bloody promising, maybe getting this thread to come up first on a google search rather than the old one will help a little...........and everyone should try and give poloniex a nod...they say they like to add coins with good devs and promising tech...lets see if they are true to their word.

They do and with the amount of consistent innovation happening with this coin, they will no longer want to ignore it. It will get added on Polo soon, I hope unless we fail in spreading the word and communicating our achievements to Poloniex.

[Yefet]

As far as I hear Poloniex does not stake the POS coins (unfortunately, I forget and can't provide the source of the info), neither does BitTrex, I think, but better ask them directly  
I heard (in the Ambercoin thread) C-Cex does stake. And I am affraid Bter does the same.
For the coinholders it is better to trade their coins on the non-staking exchanges.

[3r197]

As far as I hear Poloniex does not stake the POS coins (unfortunately, I forget and can't provide the source of the info), neither does BitTrex, I think, but better ask them directly  
I heard (in the Ambercoin thread) C-Cex does stake. And I am affraid Bter does the same.
For the coinholders it is better to trade their coins on the non-staking exchanges.

I totally agree with your thoughts.
I'm not a big advocate of even holding coins on an exchange - once your done trading, withdraw immediately.
But as history has shown time and time again, that even after exchanges get hacked over and over, traders still end up leaving their coins in them for extended periods of time.

With that in mind, we might as well work with what they want. Yes, you are right Polo and Bittrex do not stake POS coins at the moment, but that's because they are afraid to because they would increase the exposure of these wallets to outsiders wanting to hack them. They would be deemed 'hot' wallets because they are online and running in order to mint new coins. They don't want to risk the possibility of their reputation if someone hacked their system. Once hacked, the first thing the hackers would go for is the 'hot' wallets. So for extra security they maintain their wallets in cold storage or offline. These can still be hacked buy in my opinion it typically can only be done by an insider in the exchange.

So the whole point of my post above is that with BitBay, it's unlike 99% of the other coins out there, as you are capable of using 2 private keys to access and run 1 wallet.
So this gives a lot more options to the user. Not only can these keys be encrypted with separate passphrases, David's added steganography to the client, so you could essentially hide the encrypted private keys inside images. With 2 private keys you can create joint accounts. Joint accounts would be no different than 2 business partners running a business and each partner has a key that unlocks the door to any funding they need to conduct business. It makes it impossible for 1 business partner to 'steal from the cookie jar' without the other's permission because the cookie jar has 2 locks on it.

Joint accounts don't have to be for 2 business partners. You could essentially create a joint account for yourself.
With this in mind, here is an example of how tight the security of BitBay really is...
You could essentially passphrase protect one key, hide it in an image and store it on a laptop. The second key is also passphrase protected, hidden in an image, yet stored on a raspberry pi.
So in order for someone to hack your joint account wallet, they'd first have to simultaneously hack both computer devices. Then locate the images with the keys inside of them. Then crack the passphrase that protects the private keys. I'm not saying that anything is impossible in the world of hacking, but I'm sure you could ask around - this wouldn't be easy to do by a long stretch!

Now with that in mind - imagine applying that to an exchanges cold wallet, hence why David calls it 'cold staking'.
The exchanges wallet could be 'hot' yet it's a joint account setup and only 1 key is hot while the other key cold and hiding on another computer device.
This could most likely only get hacked by an insider.

So yeah, polo and bittrex do not stake coins because they are afraid of exposing the hot wallets to hackers, but with BitBay's Halo Client, now they have a way to stake them and it would essentially be no different from still calling it a 'cold wallet'.

So why not stake and retain the rewards for profit?

I hope that clears things up for you. This is just one reason of many why I'm very bullish about the future of BitBay.

[3r197]

There are plenty of extra safety measures you could add to this security setup.

For example, have a password protected folder through a 3rd party app like:
http://www.digitalcitizen.life/5-tools-password-protect-your-folders-windows
http://www.intowindows.com/top-4-free-folder-locker-software-for-windows/


This password protect folder would have 5 sub folders - each with their own separate password.

In each subfolder have over 1000 random images.
So a hacker would have to hack a minimum of 2 passwords (if he's lucky) or up to 6 passwords (if he's unlucky) to find the image with the key (that's password protected) out of 5000 different images.

[cryptohunter]

What i don't understand it that david is a very famous coder and conceptual designer. Other coders have recognised this... How are polo and the rest of the community not taking this project more seriously?

Even  that other smart coder that's been working on emunie seemed rather interested/impressed with davids ideas.

We need some whale interest else someone who is good at making people take notice.

I know eventually this project will be too important to be ignored but it needs to happen before the pegging takes place really. We want to be on big exchanges before that because installing some kind of custom software into their exchange may not be something they want to do. However if we are on there already generating a lot of volume they will not want to remove us.

[3r197]

What i don't understand it that david is a very famous coder and conceptual designer. Other coders have recognised this... How are polo and the rest of the community not taking this project more seriously?

Even  that other smart coder that's been working on emunie seemed rather interested/impressed with davids ideas.

We need some whale interest else someone who is good at making people take notice.

I know eventually this project will be too important to be ignored but it needs to happen before the pegging takes place really. We want to be on big exchanges before that because installing some kind of custom software into their exchange may not be something they want to do. However if we are on there already generating a lot of volume they will not want to remove us.

Well I believe David has been a little leary of marketing because of the stage of development of the Halo client.
I think that stance will change on this next client update. Due to the ICO exchange host thievery (BTER), marketing funds are extremely low.
However, we've overcome so much already despite of this, some hard core community members are trying to help David with any future marketing funds needed to start pushing out a strong campaign.
This should create a domino effect (as I've mentioned before) because Proof of Stake coins hold a huge advantage over Proof of Work coins; supporters don't have to fear a centralized entity curbing the minting of new coins.
So as the price increases so will the marketing funding. In my opinion it could grow into a marketing campaign the likes of which Bitcoin could only 'drool' over!

[dzimbeck]

Poloniex should add us, it's totally crazy that they don't.

They add coins with no development.

Does not make sense to me.

[Figatko]

Did you try to talk to them?