BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[Munti]

can we vote to change the pos reward entirely and have different rates of pos for



1 million holders

5 million holders

10 million holders

lets create more loyalty and reason to hold and stake.

Why do you want to do that? It would not be fair

Not sure why you think that. You buy and support bay more you get more %. It's like a savings account. You hold it for longer you get more %.

Everyone can buy in and hold at the same price. There was no unfair advantage for anyone to get easy coins.

The % simply is not high enough to encourage saving. Tiny upswing everyone want to dump and try buy back later for less.

Masternodes although unfair if set up on coins gained through advantage are a great way to encourage loyalty and saving.

You have this many coins in circ you need to encourage saving and holding until you have a large user base. Pivx is doing great because it encourages saving in chunks. You drop below 10000k coins you are dropping to a lower rate of income.

MUE just realised the same thing in the last months and my 30 sats coins are 3500 4200 sats lately.

I know masternodes are a fad in crypto at the moment. But that does not mean they make sense. Why go through the trouble of making a decentralized currency, market, etc and then start partially centralzing with masternodes?

The functions of masternodes seems to me to mainly be a tool to jack up the price of coins that have no real world usage. That might work for a while, but the extra emission will counter that over time. So yea, there may be short term gains, but long term it's not such a good idea. BitBay does not go for short term solutions. We are in it for the long haul. Besides, you seem to forget that we have two things that will be much more effective than masternodes:

1.
Marked with double deposit escrow. It's still slow on the market atm, but it will pick up. And then you will see the effect of double deposit escrow on a coin. Consider this:
When someone posts a contract to the market for  a $100 item, they also make a $100 worth of Bay deposit (if using recommended settings). What is the average time an   item is posted before someone buys it? Some are sold imidiatly, and some are never sold. You pick your own numbers for this, but I'll suggest 10 days as an average now. That means that $100 item has locked up $100 worth of Bay for 10 days before it's even sold. Then you have the days it takes to ship the item. Again, pick your own numbers. domestic usually takes 2-5 days when I buy something on the internet, international 2-4 weeks. I'll pick 10 days as an average for this too. So that's another 10 days that sellers deposit is locked. Now add buyers $100 deposit from the moment the deal is made until he receives the item. That another $100 worth of bay locked for 10 days. + the $100 worth of Bay that he is paying for the item (if payment is in Bay) for 10 days. So a $100 deal locks up $100 worth of Bay for 20 days, + $200 worth of Bay for 10 days. If you sum it up and average it out on 1 day you get $4000 worth of Bay locked up for a $100 deal. That is a ratio of 1:40! Now imagine if we have an average daily turnover of $100k on our market (Sounds much atm, but nothing compared to ebay, craigs list etc). With an 1:40 ratio that would lock up 4 million dollars worth of Bay at any given moment on average. That is more than our entire marketcap atm!

2.
We will have pegging. This will regulate the supply to meet the demand. And it is a much more precise tool than masternodes.


To everyone in here:
If you want to help increase value of Bay, there is a very simple thing you can do:
Find some of your old stuff that you want to sell, and post it on the market. Markets have gravity, so with more contracts posted, more people will start to use it.

[kylro]

can we vote to change the pos reward entirely and have different rates of pos for



1 million holders

5 million holders

10 million holders

lets create more loyalty and reason to hold and stake.

Why do you want to do that? It would not be fair

Not sure why you think that. You buy and support bay more you get more %. It's like a savings account. You hold it for longer you get more %.

Everyone can buy in and hold at the same price. There was no unfair advantage for anyone to get easy coins.

The % simply is not high enough to encourage saving. Tiny upswing everyone want to dump and try buy back later for less.

Masternodes although unfair if set up on coins gained through advantage are a great way to encourage loyalty and saving.

You have this many coins in circ you need to encourage saving and holding until you have a large user base. Pivx is doing great because it encourages saving in chunks. You drop below 10000k coins you are dropping to a lower rate of income.

MUE just realised the same thing in the last months and my 30 sats coins are 3500 4200 sats lately.

I know masternodes are a fad in crypto at the moment. But that does not mean they make sense. Why go through the trouble of making a decentralized currency, market, etc and then start partially centralzing with masternodes?

The functions of masternodes seems to me to mainly be a tool to jack up the price of coins that have no real world usage. That might work for a while, but the extra emission will counter that over time. So yea, there may be short term gains, but long term it's not such a good idea. BitBay does not go for short term solutions. We are in it for the long haul. Besides, you seem to forget that we have two things that will be much more effective than masternodes:

1.
Marked with double deposit escrow. It's still slow on the market atm, but it will pick up. And then you will see the effect of double deposit escrow on a coin. Consider this:
When someone posts a contract to the market for  a $100 item, they also make a $100 worth of Bay deposit (if using recommended settings). What is the average time an   item is posted before someone buys it? Some are sold imidiatly, and some are never sold. You pick your own numbers for this, but I'll suggest 10 days as an average now. That means that $100 item has locked up $100 worth of Bay for 10 days before it's even sold. Then you have the days it takes to ship the item. Again, pick your own numbers. domestic usually takes 2-5 days when I buy something on the internet, international 2-4 weeks. I'll pick 10 days as an average for this too. So that's another 10 days that sellers deposit is locked. Now add buyers $100 deposit from the moment the deal is made until he receives the item. That another $100 worth of bay locked for 10 days. + the $100 worth of Bay that he is paying for the item (if payment is in Bay) for 10 days. So a $100 deal locks up $100 worth of Bay for 20 days, + $200 worth of Bay for 10 days. If you sum it up and average it out on 1 day you get $4000 worth of Bay locked up for a $100 deal. That is a ratio of 1:40! Now imagine if we have an average daily turnover of $100k on our market (Sounds much atm, but nothing compared to ebay, craigs list etc). With an 1:40 ratio that would lock up 4 million dollars worth of Bay at any given moment on average. That is more than our entire marketcap atm!

2.
We will have pegging. This will regulate the supply to meet the demand. And it is a much more precise tool than masternodes.


To everyone in here:
If you want to help increase value of Bay, there is a very simple thing you can do:
Find some of your old stuff that you want to sell, and post it on the market. Markets have gravity, so with more contracts posted, more people will start to use it.

One of the best messages I have read. I hate this hype on the masternode !
Decentralization is the priority. Money is largely secondary.

[cryptohunter]

can we vote to change the pos reward entirely and have different rates of pos for



1 million holders

5 million holders

10 million holders

lets create more loyalty and reason to hold and stake.

Why do you want to do that? It would not be fair

Not sure why you think that. You buy and support bay more you get more %. It's like a savings account. You hold it for longer you get more %.

Everyone can buy in and hold at the same price. There was no unfair advantage for anyone to get easy coins.

The % simply is not high enough to encourage saving. Tiny upswing everyone want to dump and try buy back later for less.

Masternodes although unfair if set up on coins gained through advantage are a great way to encourage loyalty and saving.

You have this many coins in circ you need to encourage saving and holding until you have a large user base. Pivx is doing great because it encourages saving in chunks. You drop below 10000k coins you are dropping to a lower rate of income.

MUE just realised the same thing in the last months and my 30 sats coins are 3500 4200 sats lately.

I know masternodes are a fad in crypto at the moment. But that does not mean they make sense. Why go through the trouble of making a decentralized currency, market, etc and then start partially centralzing with masternodes?

The functions of masternodes seems to me to mainly be a tool to jack up the price of coins that have no real world usage. That might work for a while, but the extra emission will counter that over time. So yea, there may be short term gains, but long term it's not such a good idea. BitBay does not go for short term solutions. We are in it for the long haul. Besides, you seem to forget that we have two things that will be much more effective than masternodes:

1.
Marked with double deposit escrow. It's still slow on the market atm, but it will pick up. And then you will see the effect of double deposit escrow on a coin. Consider this:
When someone posts a contract to the market for  a $100 item, they also make a $100 worth of Bay deposit (if using recommended settings). What is the average time an   item is posted before someone buys it? Some are sold imidiatly, and some are never sold. You pick your own numbers for this, but I'll suggest 10 days as an average now. That means that $100 item has locked up $100 worth of Bay for 10 days before it's even sold. Then you have the days it takes to ship the item. Again, pick your own numbers. domestic usually takes 2-5 days when I buy something on the internet, international 2-4 weeks. I'll pick 10 days as an average for this too. So that's another 10 days that sellers deposit is locked. Now add buyers $100 deposit from the moment the deal is made until he receives the item. That another $100 worth of bay locked for 10 days. + the $100 worth of Bay that he is paying for the item (if payment is in Bay) for 10 days. So a $100 deal locks up $100 worth of Bay for 20 days, + $200 worth of Bay for 10 days. If you sum it up and average it out on 1 day you get $4000 worth of Bay locked up for a $100 deal. That is a ratio of 1:40! Now imagine if we have an average daily turnover of $100k on our market (Sounds much atm, but nothing compared to ebay, craigs list etc). With an 1:40 ratio that would lock up 4 million dollars worth of Bay at any given moment on average. That is more than our entire marketcap atm!

2.
We will have pegging. This will regulate the supply to meet the demand. And it is a much more precise tool than masternodes.


To everyone in here:
If you want to help increase value of Bay, there is a very simple thing you can do:
Find some of your old stuff that you want to sell, and post it on the market. Markets have gravity, so with more contracts posted, more people will start to use it.

To me personally I would rather see bay rise swiftly to the top 10 or top 5 via whatever method is reasonable and shown to work with other projects. I would then like to see bay self fund mobile versions and anon options from that huge cap. Then reverse back to a 1-2% pos level after the peg. To have a high price/demand before the peg will be key.

I take your points on masternodes and do not really like them however the economic effect is beyond doubt very very powerful. Long term yes increased emission is bad but most people (big investors i have seen on this board reject bay) is because the loyalty effect is just not there yet for such a large minting, they see that people just keep trying to sell and jump back in. If that action was going to cost them on POS staking enough it is not worth the risk to keep doing that. Perhaps not just the number of coins you hold but the duration of holding without any withdrawals at all should be the multiplier here for the time being.

Masternodes are not great either because most end up on a few vps so security is weak. Just boosting pos % slightly to encourage more holding and saving is great short term and any increased emission will be far out weighted by the cost increase. This can be temporary just to boost price mc position and attention.

We need to reach the tipping point and that point is coming even as things are but to get further faster and have as high a price / high demand as possible before the peg is vital.  I know with bay we like to say things are fads or not important or not correct but coins that have no worries jumping on these fads are worth magnitudes more and offer nothing accept these fads. Part of being successful is not just excelling at what is important it is also taking away any reason to look elsewhere at all. If we had everything these fads offer then what is the point of going anywhere but bay.

People are hopping on these masternode/anon variable POS coins for short term pumps I agree. However some will use this influx of investment to fund tech that will keep a lot of them onboard. I hear people every day telling me anon and masternodes are fads but they are also telling me they are investing for short term pumps and profits. However those coins with 10% development funds are taking 10% of all this influx and using it to create new tech that could be very useful.

You need whales and pumps and fads. These are useful tools if you use them correctly. Trying to avoid these things is a mistake.

Bay deserves even to be a top 10 or top 5 coin. The only reason it is not is because we don't have whales and pump teams and marketing teams and fads people want. We could be extracting this pump fad wealth to fund the missing pieces of the bay puzzle....mobile, anon, etc

The only issue with the slowly slowly route is that those projects that have no qualms about jumping on fads, pumps and other vehicles will take funding your project should be attracting.

There is the fast route there is the slow route. Sometimes although the slow route seems guaranteed to take you further it does not sadly in this world. Most projects in the top 20 are selling dreams and fads. We have the tech we just aren't selling it well enough right now. Camp dash are marketing and networking pro's. Eth are even more so. Look at ethereums planned POS i mean you need a fortune to stake at all right?

Right now every rise is purely due to the tech and davids coding. Throw in a few fads, attract a few whales, get a few big pumps then when we are worth 500M we can worry about the long term emissions.

I agree post things on the market place, use it for competitions, lotteries anything really it can be used for so much.

Anyway bay will reach way higher soon even as it is i just think it should be top 5 not top 75.

[dzimbeck]

Newbi here just found this coin (aftr 3 yrs) but Shouldn't the dev be active on his twitter acct to give more play to his coin. if @dzimbeck is the twitter acct tied to the dev?

Yeah that's my Twitter... I just never knew how to use it and don't manage social media.

Also as for the voting to increase stake. It does create more work but it keeps the community engaged. I'm voting against it lol. So because I hold a lot of coins will not be easy to defeat. With that said getting everyone to move to POS 3 took time and was stressful updating all the nodes.

As for increasing stake reward in a master node style thing. As it stands I'm not a fan of inflation. I think the pegging will already create competition for frozen coins since they give more vote power and you can get them at a discount. So why fix what isn't broken?

[Figatko]

Downloading the client and the blockchain archives from the official site. 10 years ago I would be happy with such download speed 

[Munti]

Downloading the client and the blockchain archives from the official site. 10 years ago I would be happy with such download speed 

Lol
Yea, the server could use an upgrade. Not priority atm though.

[Figatko]

I found a little bug or just inconvenience, Windows 10.
When I press "open account" button, I cannot cancel this and get rid of a box that appeared. The cross in the upper right corner is inactive. I need to press "normal account" and then cancel choosing files. Not a big trouble, but such things can be annoying for people and they may also think that software is not perfect.
Just in case, there was already another account opened. I don't know how this will work from the very start.

Looked at a market page, didn't understand at once the meaning of
"2315.0024,
$8.01,
BitBay"

[dzimbeck]

I found a little bug or just inconvenience, Windows 10.
When I press "open account" button, I cannot cancel this and get rid of a box that appeared. The cross in the upper right corner is inactive. I need to press "normal account" and then cancel choosing files. Not a big trouble, but such things can be annoying for people and they may also think that software is not perfect.
Just in case, there was already another account opened. I don't know how this will work from the very start.

Looked at a market page, didn't understand at once the meaning of
"2315.0024,
$8.01,
BitBay"

It shows the price in BitBay and in fiat... so its useful to people who want to see both.

[Karartma1]

David I didn't know you would have bcome a digibyte fanboy, a round defender and a monero chief scientist! 

That's the forum april's fool: those little symbols under our nick

Funny...

[cr197]

The first official BitBay decentralized voting poll is live!

For any new forum members we are casting votes to determine whether or not we should fix a stake reward glitch now or later. To fix it will require a fork in the chain.

It appears the developer is the only one who wants to wait, yet I can't even find him voting currently!  

Voting started at 7:00am UTC today.

If you wish to use your client to count votes, goto: Settings -> General Settings - > Mining/Staking Voting tab -> click on count votes and enter either: stakefork   or   nostakefork   as your text string to count.
Then you can enter the starting block when the voting poll officially began = 1135273
And then enter the most current block as an ending vote.
The Client will then scan the blockchain and tally up the votes for each text string.

Remember votes are only cast on staked blocks so they are not easy to be cast. Yet this affects everyone on an even level. So the sooner you start and the more coins you have, the better the chance your voice will be heard!

The voting poll ends 4/4/17 7:00 am UTC

The last official vote block found before that deadline will will a 5000 coin prize!

You don't have to use the client to track the votes cast. You can also use the blockchain. All votes goto a burn address.

stakefork vote address is:  https://chainz.cryptoid.info/bay/address.dws?bPFjpZ3TwVJHudKrhxzqb9oPDvhBsQBtPV.htm
Remember votes are only counted after official start of poll. So the first vote block found is
         https://chainz.cryptoid.info/bay/block.dws?1135399.htm

Again, I currently can't find anyone casting votes for:  nostakefork
If that is your desire you better get started ASAP.


Welcome to the future of blockchain technology where gridlock and political strife have no place!!!

 

[ultimatesky]

David I didn't know you would have bcome a digibyte fanboy, a round defender and a monero chief scientist! 

That's the forum april's fool: those little symbols under our nick

Funny...

Haha it's funny indeed. And if you ask me it would be good to keep those tags. It's shows newbie which alt their prefer.

BTW Is there an ETA when the staking rewards will become 'normal' again. 1.5 Bay is not a lot compare to power usage keeping/ keeping the network safe.

[cr197]

David I didn't know you would have bcome a digibyte fanboy, a round defender and a monero chief scientist! 

That's the forum april's fool: those little symbols under our nick

Funny...

Haha it's funny indeed. And if you ask me it would be good to keep those tags. It's shows newbie which alt their prefer.

BTW Is there an ETA when the staking rewards will become 'normal' again. 1.5 Bay is not a lot compare to power usage keeping/ keeping the network safe.

David will have to answer that.

But yeah that will be determined after this vote is completed.
And you are correct, 1.5 coins per block is pretty weak. Once that is fixed the total should equal about 20.5 per block!
So get your coins while they are still cheap! I'd love to be able to have a steady income from BitBay stake rewards after the rolling peg

[dzimbeck]

David I didn't know you would have bcome a digibyte fanboy, a round defender and a monero chief scientist! 

That's the forum april's fool: those little symbols under our nick

Funny...

Haha it's funny indeed. And if you ask me it would be good to keep those tags. It's shows newbie which alt their prefer.

BTW Is there an ETA when the staking rewards will become 'normal' again. 1.5 Bay is not a lot compare to power usage keeping/ keeping the network safe.

That all depends... we are using the software to vote to see if we fork to increase it

[dzimbeck]

You can watch the status of the voting in the software. To see if we should fork to increase the stake. The voting ends in a couple days.

Here are the two addresses:
stakefork = bPFjpZ3TwVJHudKrhxzqb9oPDvhBsQBtPV
https://chainz.cryptoid.info/bay/address.dws?bPFjpZ3TwVJHudKrhxzqb9oPDvhBsQBtPV.htm

nostakefork = bNoCY5mK3V7TVZDKoTqYCySC4vzzwDLuGm
https://chainz.cryptoid.info/bay/address.dws?bNoCY5mK3V7TVZDKoTqYCySC4vzzwDLuGm.htm

Current score is 11 for nostakefork and 55 for stakefork

I warn you all, nostakefork is going to make a ferocious comeback. In your client, don't forget to cast as many votes as you anticipate winning.
I've started off by casting 1000 for nostakefork.

Bitcoin core should take notes, this is how a diplomatic decision is made for forking.

[boldandbratsche]

To everyone in here:
If you want to help increase value of Bay, there is a very simple thing you can do:
Find some of your old stuff that you want to sell, and post it on the market. Markets have gravity, so with more contracts posted, more people will start to use it.

What are the names of the markets?  I want to join some, but I do not know where to find a list of the market names to add.

[Munti]

To everyone in here:
If you want to help increase value of Bay, there is a very simple thing you can do:
Find some of your old stuff that you want to sell, and post it on the market. Markets have gravity, so with more contracts posted, more people will start to use it.

What are the names of the markets?  I want to join some, but I do not know where to find a list of the market names to add.

The default market is BitBay. But you can make as many new markets as you want

[cryptohunter]

The first official BitBay decentralized voting poll is live!

For any new forum members we are casting votes to determine whether or not we should fix a stake reward glitch now or later. To fix it will require a fork in the chain.

It appears the developer is the only one who wants to wait, yet I can't even find him voting currently!  

Voting started at 7:00am UTC today.

If you wish to use your client to count votes, goto: Settings -> General Settings - > Mining/Staking Voting tab -> click on count votes and enter either: stakefork   or   nostakefork   as your text string to count.
Then you can enter the starting block when the voting poll officially began = 1135273
And then enter the most current block as an ending vote.
The Client will then scan the blockchain and tally up the votes for each text string.

Remember votes are only cast on staked blocks so they are not easy to be cast. Yet this affects everyone on an even level. So the sooner you start and the more coins you have, the better the chance your voice will be heard!

The voting poll ends 4/4/17 7:00 am UTC

The last official vote block found before that deadline will will a 5000 coin prize!

You don't have to use the client to track the votes cast. You can also use the blockchain. All votes goto a burn address.

stakefork vote address is:  https://chainz.cryptoid.info/bay/address.dws?bPFjpZ3TwVJHudKrhxzqb9oPDvhBsQBtPV.htm
Remember votes are only counted after official start of poll. So the first vote block found is
         https://chainz.cryptoid.info/bay/block.dws?1135399.htm

Again, I currently can't find anyone casting votes for:  nostakefork
If that is your desire you better get started ASAP.


Welcome to the future of blockchain technology where gridlock and political strife have no place!!!

 

This is an important event. Possibly in historic terms too.

I don't think we should fork the coin right now it just creates work. However I also do not think we should start this democracy with David casting votes with 100M coins. It will set a bad president for the democratic nature of the voting mechanism. You can guarantee at this stage less than 25% of coins will be put to use for voting so a 10% chunk voting at this point is a certain victory for whatever way david votes. It almost nulls the point of having a vote.

I would suggest for the sake of democracy no voting by the dev until bay is way more popular and 10% is not such a huge factor.

Rather we just listen to his reasons for a no fork vote more carefully.

From a selfish POV david could vote for a fork because with 100M bay he stands to accumulate more than anyone else. He must have a good reason for casting a non fork vote.

I'd rather push ahead with the project rather than doing another fork right now.

Hopefully the pegging will come forth and the next upgrade or update we fix the interest rate.

[boldandbratsche]

To everyone in here:
If you want to help increase value of Bay, there is a very simple thing you can do:
Find some of your old stuff that you want to sell, and post it on the market. Markets have gravity, so with more contracts posted, more people will start to use it.

What are the names of the markets?  I want to join some, but I do not know where to find a list of the market names to add.

The default market is BitBay. But you can make as many new markets as you want

My thing just needed to update.  Now I see listings

[cr197]

The first official BitBay decentralized voting poll is live!

For any new forum members we are casting votes to determine whether or not we should fix a stake reward glitch now or later. To fix it will require a fork in the chain.

It appears the developer is the only one who wants to wait, yet I can't even find him voting currently!  

Voting started at 7:00am UTC today.

If you wish to use your client to count votes, goto: Settings -> General Settings - > Mining/Staking Voting tab -> click on count votes and enter either: stakefork   or   nostakefork   as your text string to count.
Then you can enter the starting block when the voting poll officially began = 1135273
And then enter the most current block as an ending vote.
The Client will then scan the blockchain and tally up the votes for each text string.

Remember votes are only cast on staked blocks so they are not easy to be cast. Yet this affects everyone on an even level. So the sooner you start and the more coins you have, the better the chance your voice will be heard!

The voting poll ends 4/4/17 7:00 am UTC

The last official vote block found before that deadline will will a 5000 coin prize!

You don't have to use the client to track the votes cast. You can also use the blockchain. All votes goto a burn address.

stakefork vote address is:  https://chainz.cryptoid.info/bay/address.dws?bPFjpZ3TwVJHudKrhxzqb9oPDvhBsQBtPV.htm
Remember votes are only counted after official start of poll. So the first vote block found is
         https://chainz.cryptoid.info/bay/block.dws?1135399.htm

Again, I currently can't find anyone casting votes for:  nostakefork
If that is your desire you better get started ASAP.


Welcome to the future of blockchain technology where gridlock and political strife have no place!!!

 

This is an important event. Possibly in historic terms too.

I don't think we should fork the coin right now it just creates work. However I also do not think we should start this democracy with David casting votes with 100M coins. It will set a bad president for the democratic nature of the voting mechanism. You can guarantee at this stage less than 25% of coins will be put to use for voting so a 10% chunk voting at this point is a certain victory for whatever way david votes. It almost nulls the point of having a vote.

I would suggest for the sake of democracy no voting by the dev until bay is way more popular and 10% is not such a huge factor.

Rather we just listen to his reasons for a no fork vote more carefully.

From a selfish POV david could vote for a fork because with 100M bay he stands to accumulate more than anyone else. He must have a good reason for casting a non fork vote.

I'd rather push ahead with the project rather than doing another fork right now.

Hopefully the pegging will come forth and the next upgrade or update we fix the interest rate.

All good points.
Looks like my dog will just have to starve for a few more months. 

[dzimbeck]

Sure. I make more interest if I increase stake. But am forced to babysit a fork where we have to force everyone to upgrade. When QT is gone it's easier. But for something as minor as this it seems a bit of a hustle to spend a month worrying if we got all nodes on the new build.

So I would have to do what, change the port number? Tell exchanges to rebuild? I'm thinking the bigger rewards come with finishing the remaining templates and rolling peg.

And it's pretty fair... I'm definitely outnumbered by other voters and some.guys in core could easily defeat my vote.

But to level the playing field I'm going to stop voting for a day.