cryptohunter
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 Offline
Activity: 2100
Merit: 1167
MY RED TRUST LEFT BY SCUMBAGS - READ MY SIG
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December 02, 2016, 08:38:58 PM |
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Well I've been thinking a lot about the future of multi-sig. Obviously with an individual account on the client you have control of both signatures. In a joint account you have control of 1 sig and your partner/counterparty has control of the other. The only downfall of such a joint account is that if one or the other drops off the earth never to be found again, if their partner doesn't have their private key and password (which would be highly unlikely) then those coins in that account are lost/burned forever.
So I've been thinking on the matter, if we could have multiple options for joint account setups we could correct this and use it to our benefit. If for example, when a joint account is created, what if it asks you if you want a both sides to have manual signature capabilities or just one side to be manual and the other side to be 'auto-only'!
So with that in mind, inject that concept into an exchange account. You'd have a joint account set up with them where they are always in auto-sig, so you still have full control of your coins, yet your side of the account can either be auto or manual. If you want to buy or sell your coins you'd have the choice to either manually or auto-sign the approval.
So let's say someone hacks their system and tries to steal BitBay... before they could do it they'd need to hack your computer as well!
We could make it even better. With existing 2fa on exchanges, let's say the investor's computer gets hacked, his coins on the exchange would still be protected as long as he had 2fa in place and they don't have the capabilities to break his 2fa!! Any coins he doesn't have on the exchange would be in a separate personal account where he could spread onto to different devices! So the hacking issue would be nearly impossible!
So now with this technique we could have a trustless exchange to interact with the trustless client!!! All of this with minimal retrofitting from the exchanges end - they are in auto-signature mode!
In theory bitbay marketplace could be all you need for your online purchases and wealth transfer and storage. Who needs other currencies if the bitbay market took off in a huge way.  |
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"Bitcoin: mining our own business since 2009" -- Pieter Wuille
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cr197
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December 02, 2016, 08:55:11 PM |
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Well I've been thinking a lot about the future of multi-sig. Obviously with an individual account on the client you have control of both signatures. In a joint account you have control of 1 sig and your partner/counterparty has control of the other. The only downfall of such a joint account is that if one or the other drops off the earth never to be found again, if their partner doesn't have their private key and password (which would be highly unlikely) then those coins in that account are lost/burned forever.
So I've been thinking on the matter, if we could have multiple options for joint account setups we could correct this and use it to our benefit. If for example, when a joint account is created, what if it asks you if you want a both sides to have manual signature capabilities or just one side to be manual and the other side to be 'auto-only'!
So with that in mind, inject that concept into an exchange account. You'd have a joint account set up with them where they are always in auto-sig, so you still have full control of your coins, yet your side of the account can either be auto or manual. If you want to buy or sell your coins you'd have the choice to either manually or auto-sign the approval.
So let's say someone hacks their system and tries to steal BitBay... before they could do it they'd need to hack your computer as well!
We could make it even better. With existing 2fa on exchanges, let's say the investor's computer gets hacked, his coins on the exchange would still be protected as long as he had 2fa in place and they don't have the capabilities to break his 2fa!! Any coins he doesn't have on the exchange would be in a separate personal account where he could spread onto to different devices! So the hacking issue would be nearly impossible!
So now with this technique we could have a trustless exchange to interact with the trustless client!!! All of this with minimal retrofitting from the exchanges end - they are in auto-signature mode!
In theory bitbay marketplace could be all you need for your online purchases and wealth transfer and storage. Who needs other currencies if the bitbay market took off in a huge way. Yeah agreed! It's even capable of being a crypto exchange. Yet there's a long way to go before we could compete with exchanges in terms of speed, but that's about the only drawback to using bitbay as an exchange of other crypto. |
"Dishonour is like a scar on a tree, which time, instead of effacing, only helps to enlarge."
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cryptohunter
Legendary
Offline
Activity: 2100
Merit: 1167
MY RED TRUST LEFT BY SCUMBAGS - READ MY SIG
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December 02, 2016, 08:58:11 PM |
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Well I've been thinking a lot about the future of multi-sig. Obviously with an individual account on the client you have control of both signatures. In a joint account you have control of 1 sig and your partner/counterparty has control of the other. The only downfall of such a joint account is that if one or the other drops off the earth never to be found again, if their partner doesn't have their private key and password (which would be highly unlikely) then those coins in that account are lost/burned forever.
So I've been thinking on the matter, if we could have multiple options for joint account setups we could correct this and use it to our benefit. If for example, when a joint account is created, what if it asks you if you want a both sides to have manual signature capabilities or just one side to be manual and the other side to be 'auto-only'!
So with that in mind, inject that concept into an exchange account. You'd have a joint account set up with them where they are always in auto-sig, so you still have full control of your coins, yet your side of the account can either be auto or manual. If you want to buy or sell your coins you'd have the choice to either manually or auto-sign the approval.
So let's say someone hacks their system and tries to steal BitBay... before they could do it they'd need to hack your computer as well!
We could make it even better. With existing 2fa on exchanges, let's say the investor's computer gets hacked, his coins on the exchange would still be protected as long as he had 2fa in place and they don't have the capabilities to break his 2fa!! Any coins he doesn't have on the exchange would be in a separate personal account where he could spread onto to different devices! So the hacking issue would be nearly impossible!
So now with this technique we could have a trustless exchange to interact with the trustless client!!! All of this with minimal retrofitting from the exchanges end - they are in auto-signature mode!
In theory bitbay marketplace could be all you need for your online purchases and wealth transfer and storage. Who needs other currencies if the bitbay market took off in a huge way. Yeah agreed! It's even capable of being a crypto exchange. Yet there's a long way to go before we could compete with exchanges in terms of speed, but that's about the only drawback to using bitbay as an exchange of other crypto. I agree but if you could essentially buy everything you needed online on the bay market place then is there need for many other crypto currencies? I guess as a speculative game they would still be fun. I see decentralised marketplaces are much bigger pieces of this new puzzle than crypto echanges. However yes it is cool bay could be a decentralised exchange too. |
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dzimbeck
Legendary
Offline
Activity: 2412
Merit: 1044
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December 03, 2016, 05:23:18 AM |
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I think in order to get volume into decentralized markets someone needs to make a way that a buyer can purchase anything on ebay using a plugin where someone would purchase for them and charge a commission. Automatically populating the markets.
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aidia
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December 03, 2016, 07:19:29 AM |
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Well I've been thinking a lot about the future of multi-sig. Obviously with an individual account on the client you have control of both signatures. In a joint account you have control of 1 sig and your partner/counterparty has control of the other. The only downfall of such a joint account is that if one or the other drops off the earth never to be found again, if their partner doesn't have their private key and password (which would be highly unlikely) then those coins in that account are lost/burned forever.
So I've been thinking on the matter, if we could have multiple options for joint account setups we could correct this and use it to our benefit. If for example, when a joint account is created, what if it asks you if you want a both sides to have manual signature capabilities or just one side to be manual and the other side to be 'auto-only'!
So with that in mind, inject that concept into an exchange account. You'd have a joint account set up with them where they are always in auto-sig, so you still have full control of your coins, yet your side of the account can either be auto or manual. If you want to buy or sell your coins you'd have the choice to either manually or auto-sign the approval.
So let's say someone hacks their system and tries to steal BitBay... before they could do it they'd need to hack your computer as well!
We could make it even better. With existing 2fa on exchanges, let's say the investor's computer gets hacked, his coins on the exchange would still be protected as long as he had 2fa in place and they don't have the capabilities to break his 2fa!! Any coins he doesn't have on the exchange would be in a separate personal account where he could spread onto to different devices! So the hacking issue would be nearly impossible!
So now with this technique we could have a trustless exchange to interact with the trustless client!!! All of this with minimal retrofitting from the exchanges end - they are in auto-signature mode!
Good thinking there, I like this. |
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Karartma1
Legendary
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Activity: 2310
Merit: 1422
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December 03, 2016, 11:40:54 AM |
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I think in order to get volume into decentralized markets someone needs to make a way that a buyer can purchase anything on ebay using a plugin where someone would purchase for them and charge a commission. Automatically populating the markets.
Hey David, I know that's different but do you think something like this would do the trick? http://blog.shakepay.co/2016/shakepay-instant/I don't how reliable this is, how safe it is but if this works as it says... I think you all understand the implications. |
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cryptohunter
Legendary
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Activity: 2100
Merit: 1167
MY RED TRUST LEFT BY SCUMBAGS - READ MY SIG
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December 03, 2016, 11:43:19 AM |
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I think in order to get volume into decentralized markets someone needs to make a way that a buyer can purchase anything on ebay using a plugin where someone would purchase for them and charge a commission. Automatically populating the markets.
I love that idea. Love. |
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logictense
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December 03, 2016, 11:51:26 AM |
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BAY is alive???!!!! Godz, I see dzimbeck positing, has he been released from ventress correctional facility?? Things are still in play? Lol.
So much is happening!
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logictense
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December 03, 2016, 12:00:31 PM |
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Well I've been thinking a lot about the future of multi-sig. Obviously with an individual account on the client you have control of both signatures. In a joint account you have control of 1 sig and your partner/counterparty has control of the other.
Whats good in theory will never work in practice especially with BAY. If u look around u will notice a countless number of attempts to implement multisig, look at monero for instance. Calling this whitespacing. Its chattering on a dead thread. |
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cr197
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December 03, 2016, 12:20:06 PM
Last edit: December 03, 2016, 02:55:14 PM by cr197 |
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Well I've been thinking a lot about the future of multi-sig. Obviously with an individual account on the client you have control of both signatures. In a joint account you have control of 1 sig and your partner/counterparty has control of the other.
Whats good in theory will never work in practice especially with BAY. If u look around u will notice a countless number of attempts to implement multisig, look at monero for instance. Calling this whitespacing. Its chattering on a dead thread. Multi-sig is already functioning in BitBay. The Halo Client has had joint accounts for the last 2 years. David's going to release an small update very soon to alleviate some networking issues with the client and QT seed nodes. After that I'd be more than happy to test out a joint account with anyone here. We could create an account and then we could use that account to accept the BitBay faucet built into the marketplace. You'd get to see first hand how it works at no risk - the faucet is free obviously. After that we could transfer the coins to your personal account and I'd show you how it's done with either manual signature or auto signature. Like I said previously, in the future all it would take is to tweak the joint account to make it more one-sided. That way if you wanted to transfer coins to an exchange or money manager, you'd have a trustless setup where you still have full control of your coins even if something happened to your account partner - tweaked by locking one side of the account in auto-sig mode. The joint account is on my list of tutorial videos to make. But yeah I've tested it out with Munti and it works great and is very user friendly. It will be 100% complete on David's next 'major' update! That's where you will be able to create a joint account with yourself so you can have a private key on 2 separate devices. That way you could 'cold' stake your coins. The odds of a hacker stealing those coins in such a setup would be damn near impossible as they'd have to gain access to 2 computer devices simultaneously, then find your keys, then break through the passphrases! |
"Dishonour is like a scar on a tree, which time, instead of effacing, only helps to enlarge."
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dzimbeck
Legendary
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Activity: 2412
Merit: 1044
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December 03, 2016, 02:30:25 PM |
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Logictense earlier he was talking about multisig staking which I've already done in BlackHalo. I just need to add it to the UI. And the rest like contracts and joimt accounts 3+ years. You realize I've been programming on Bitbay for 2 years? Download the software see for yourself
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dzimbeck
Legendary
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Activity: 2412
Merit: 1044
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December 03, 2016, 02:33:25 PM |
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I think in order to get volume into decentralized markets someone needs to make a way that a buyer can purchase anything on ebay using a plugin where someone would purchase for them and charge a commission. Automatically populating the markets.
I love that idea. Love. Me too but we need to prioritize. Finish what we started and address that later. For now just do a custom contract. Bill shipping in escrow. |
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CryptoRambler
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December 03, 2016, 02:40:06 PM |
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Well I've been thinking a lot about the future of multi-sig. Obviously with an individual account on the client you have control of both signatures. In a joint account you have control of 1 sig and your partner/counterparty has control of the other.
Whats good in theory will never work in practice especially with BAY. If u look around u will notice a countless number of attempts to implement multisig, look at monero for instance. Calling this whitespacing. Its chattering on a dead thread. Multi-sig is already functioning in BitBay. The Halo Client has had joint accounts for the last 2 years. David's going to release an small update very soon to alleviate some networking issues with the client and QT seed nodes. After that I'd be more than happy to test out a joint account with anyone here. We could create an account and then we could use that account to accept the BitBay faucet built into the marketplace. You'd get to see first hand how it works at no risk - the faucet is free obviously. After that we could transfer the coins to your personal account and I'd show you how it's done with either manual signature or auto signature. Like I said previously, in the future all it would take is to tweak the joint account to make it more one-sided. That way if you wanted to transfer coins to an exchange or money manager, you'd have a trustless setup where you still have full control of your coins even if something happened to them - tweaked by locking one side of the account in auto-sig mode. The joint account is on my list of tutorial videos to make. But yeah I've tested it out with Munti and it works great and is very user friendly. It will be 100% complete on David's next 'major' update! That's where you will be able to create a joint account with yourself so you can have a private key on 2 separate devices. That way you could 'cold' stake your coins. The odds of a hacker stealing those coins in such a setup would be damn near impossible as they'd have to gain access to 2 computer devices simultaneously, then find your keys, then break through the passphrases! I like the idea a lot, and hope there are not many steps/ actions for users to take. eBay caught on because it is simple. Click. Buy. The crypto world cares about knowing all this stuff is baked in, but it may be best to keep all the cool to know stuff behind the scenes, and not as action steps for the user. It may help to speed development of the UI too, because we are adding 1 or maybe 2 steps, but not 5 or 10. Of course, David has most likely already thought this thru and I am behind the curve |
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cr197
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December 03, 2016, 06:21:38 PM |
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So I got my VMWare Workstation setup and running. Just waiting for the client to sync up on it. When it's done I will make 2 more videos for joint accounts and completing a custom contract
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"Dishonour is like a scar on a tree, which time, instead of effacing, only helps to enlarge."
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dzimbeck
Legendary
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Activity: 2412
Merit: 1044
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December 04, 2016, 06:48:29 AM |
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help wallet doesnt start to sync on my win10 laptop. with other wallets i have no issue. could i try something differently ? thank you bitbay and his dev has everything to write a good story about it  The old nodes are currently offline since the service providing them is no longer there. You can add the nodes listed on chainz or we can send you peers.dat so you can connect. I'm releasing a new markets wallet in a day or two and that will have those build in. |
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Bobsurplus
Legendary
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Activity: 1008
Merit: 1000
Making money since I was in the womb! @emc2whale
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December 04, 2016, 07:00:20 PM |
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help wallet doesnt start to sync on my win10 laptop. with other wallets i have no issue. could i try something differently ? thank you bitbay and his dev has everything to write a good story about it The old nodes are currently offline since the service providing them is no longer there. You can add the nodes listed on chainz or we can send you peers.dat so you can connect. I'm releasing a new markets wallet in a day or two and that will have those build in. When are you gonna start marketing this shit? |
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cr197
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December 04, 2016, 07:56:41 PM |
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The Interview is ready. It is long with a great deal of information I am looking forward to sharing with everyone.
David and I are coordinating the interview's release with updates he is deploying in the next week or so. We are betting his current progress combined with some publicity from the interview will convince investors to check out BAY more closely.
Here is an excerpt from the finished article...
CCN – Can you walk me through your vision for BitBay?
David Z. – I was on the team when BitBay still consisted mostly of undeveloped ideas. I was already working on decentralized markets with BitHalo, and the guys who brought me in just had a coin and a marketing plan. The original idea for BitBay was an international market, much like EBay. Unlike EBay though, BAY could be used to exchange anything, including the purchase of good and services, negotiating contracts, employment, and even in bartering. Also, unlike EBay, there are no fees. Perhaps most importantly, BitBay will be developed as a secure way for two entities to make any kind of unbreakable contract without the need for anyone else to be involved… no arbiters… no middle-man. This unbreakable contract technology was already a feature I built into BitHalo the year before. I was able to simply integrate it into BitBay.
Looks great where is the interview going to be published? I will be publishing on Medium and Steem. I will be generating interest using various Slack, Reddit, and Bitcointalk threads. I could really use everyone's help here though... If you have Twitter or are on Facebook, posting a link where others in the Crypto community will see it will be the best way to get the word out. In addition, I am attempting to find a Crypto News site interested in picking it up. If you know someone on a site such as BraveNewCoin, get me in touch with them and I will send them the article. Thanks gjsteele71 I've got a Gab.ai account set up as well. Working on searching like minded crypto crowd there. Will help out anyway I can. |
"Dishonour is like a scar on a tree, which time, instead of effacing, only helps to enlarge."
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Coinmin
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December 04, 2016, 09:13:10 PM |
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I think in order to get volume into decentralized markets someone needs to make a way that a buyer can purchase anything on ebay using a plugin where someone would purchase for them and charge a commission. Automatically populating the markets.
I love that idea. Love. Also take a look to affiliate programm in an exchange. |
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dzimbeck
Legendary
Offline
Activity: 2412
Merit: 1044
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December 04, 2016, 11:11:23 PM |
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I think in order to get volume into decentralized markets someone needs to make a way that a buyer can purchase anything on ebay using a plugin where someone would purchase for them and charge a commission. Automatically populating the markets.
I love that idea. Love. Also take a look to affiliate programm in an exchange. Are there exchanges that offer affiliates? |
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