BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[gjsteele71]

BitBay MAC QT Wallet Required Update


An issue with the MAC QT Wallet has been found and fixed. Please visit the BitBay Market Download page (http://bitbay.market/downloads) for the latest version. This was related to a security patch in the Wine Bottle build. It is recommended not to transfer BAY into or out of your QT Wallet until after you have updated.

This issue did not affect the BitBay Marketplace Client. You will only need to update if you are still using the MAC QT Wallet.

The QT Wallet is essentially obsolete now that the Marketplace Client allows staking. The core team recommends moving your BAY to the Marketplace Client after running the update. Please contact a member of the BitBay core team on Slack (http://bitbay.market/wp-login.php?action=slack-invitation) or here on Bitcointalk if you have any questions.

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[cryptohunter]

Wouldn't exchanges have to cooperate to a high degree here? The coins in each user's accounts usually just correlate to a percentage of some total supply owned by the exchange. If I transfer 100 coins to an exchange right before a 50% freeze, I'll still be able to trade all 100 of my coins, even though the exchange's wallets will have the funds tied up. The problem will be when I try to withdraw, or rather, when more than 50% of their stored funds are withdrawn. It would benefit those who withdrew earlier, and it seems possible that this could avalanche into a bank-run type scenario. In order to avoid this issue, all exchanges would have to artificially implement the coin's logic within their trade mechanics. Thoughts?

Astute observation! Well, first of all the miners enforce it so if exchanges don't pay attention they can become insolvent. With that said most exchanges are corrupt. So there is a few pages of my whitepaper listing multiple strategies for dealing with them. Ideally they run the API and query balance of frozen and liquid with it. The more data they supply about trades the less of a melting pot it becomes.

A user would have two balances frozen and liquid. We can then handle somewhat inaccurate API calls that mix liquidity or super accurate ones that check the trades. The worst case scenario we allow full withdraw with the one month time lock to move the partially frozen chunks but that is only if we get desperate because then like you said people with their money on the exchange early have the unfair edge. You might tempt them with arbitrage elsewhere but really we want co-operative exchanges. There are a few that will work with us I think. We may end up turning a small exchange into a big one.

The other way is rely on decentralized exchanges which literally move the funds like (hopefully) Blocknet or Komodo assuming either of them get popular.

Perhaps we could create our own centralised exchange with bitbay as the base currency which will be like the most stable vs usd exchange out there.
All fee's after costing taken out for running it used to buy back bay from the market place and provide constant upwards pressure.

also whats up with tether today> seems to be 10% down?

Maybe Bitfinex needs more money to stay afloat?

Yeah i've never seen it drop more than a couple of % then always bounce quickly back... something has damaged it

[Munti]

Wouldn't exchanges have to cooperate to a high degree here? The coins in each user's accounts usually just correlate to a percentage of some total supply owned by the exchange. If I transfer 100 coins to an exchange right before a 50% freeze, I'll still be able to trade all 100 of my coins, even though the exchange's wallets will have the funds tied up. The problem will be when I try to withdraw, or rather, when more than 50% of their stored funds are withdrawn. It would benefit those who withdrew earlier, and it seems possible that this could avalanche into a bank-run type scenario. In order to avoid this issue, all exchanges would have to artificially implement the coin's logic within their trade mechanics. Thoughts?

Astute observation! Well, first of all the miners enforce it so if exchanges don't pay attention they can become insolvent. With that said most exchanges are corrupt. So there is a few pages of my whitepaper listing multiple strategies for dealing with them. Ideally they run the API and query balance of frozen and liquid with it. The more data they supply about trades the less of a melting pot it becomes.

A user would have two balances frozen and liquid. We can then handle somewhat inaccurate API calls that mix liquidity or super accurate ones that check the trades. The worst case scenario we allow full withdraw with the one month time lock to move the partially frozen chunks but that is only if we get desperate because then like you said people with their money on the exchange early have the unfair edge. You might tempt them with arbitrage elsewhere but really we want co-operative exchanges. There are a few that will work with us I think. We may end up turning a small exchange into a big one.

The other way is rely on decentralized exchanges which literally move the funds like (hopefully) Blocknet or Komodo assuming either of them get popular.

Perhaps we could create our own centralised exchange with bitbay as the base currency which will be like the most stable vs usd exchange out there.
All fee's after costing taken out for running it used to buy back bay from the market place and provide constant upwards pressure.

also whats up with tether today> seems to be 10% down?

Maybe Bitfinex needs more money to stay afloat?

Yeah i've never seen it drop more than a couple of % then always bounce quickly back... something has damaged it

Well, a centralized peg is extremly high risk. They can decide not to honor it whenever they choose.

[dzimbeck]

Wouldn't exchanges have to cooperate to a high degree here? The coins in each user's accounts usually just correlate to a percentage of some total supply owned by the exchange. If I transfer 100 coins to an exchange right before a 50% freeze, I'll still be able to trade all 100 of my coins, even though the exchange's wallets will have the funds tied up. The problem will be when I try to withdraw, or rather, when more than 50% of their stored funds are withdrawn. It would benefit those who withdrew earlier, and it seems possible that this could avalanche into a bank-run type scenario. In order to avoid this issue, all exchanges would have to artificially implement the coin's logic within their trade mechanics. Thoughts?

Astute observation! Well, first of all the miners enforce it so if exchanges don't pay attention they can become insolvent. With that said most exchanges are corrupt. So there is a few pages of my whitepaper listing multiple strategies for dealing with them. Ideally they run the API and query balance of frozen and liquid with it. The more data they supply about trades the less of a melting pot it becomes.

A user would have two balances frozen and liquid. We can then handle somewhat inaccurate API calls that mix liquidity or super accurate ones that check the trades. The worst case scenario we allow full withdraw with the one month time lock to move the partially frozen chunks but that is only if we get desperate because then like you said people with their money on the exchange early have the unfair edge. You might tempt them with arbitrage elsewhere but really we want co-operative exchanges. There are a few that will work with us I think. We may end up turning a small exchange into a big one.

The other way is rely on decentralized exchanges which literally move the funds like (hopefully) Blocknet or Komodo assuming either of them get popular.

Perhaps we could create our own centralised exchange with bitbay as the base currency which will be like the most stable vs usd exchange out there.
All fee's after costing taken out for running it used to buy back bay from the market place and provide constant upwards pressure.

also whats up with tether today> seems to be 10% down?

Maybe Bitfinex needs more money to stay afloat?

Yeah i've never seen it drop more than a couple of % then always bounce quickly back... something has damaged it

Maybe the Bitfinex vs WellsFargo lawsuit?!

[cryptohunter]

Wouldn't exchanges have to cooperate to a high degree here? The coins in each user's accounts usually just correlate to a percentage of some total supply owned by the exchange. If I transfer 100 coins to an exchange right before a 50% freeze, I'll still be able to trade all 100 of my coins, even though the exchange's wallets will have the funds tied up. The problem will be when I try to withdraw, or rather, when more than 50% of their stored funds are withdrawn. It would benefit those who withdrew earlier, and it seems possible that this could avalanche into a bank-run type scenario. In order to avoid this issue, all exchanges would have to artificially implement the coin's logic within their trade mechanics. Thoughts?

Astute observation! Well, first of all the miners enforce it so if exchanges don't pay attention they can become insolvent. With that said most exchanges are corrupt. So there is a few pages of my whitepaper listing multiple strategies for dealing with them. Ideally they run the API and query balance of frozen and liquid with it. The more data they supply about trades the less of a melting pot it becomes.

A user would have two balances frozen and liquid. We can then handle somewhat inaccurate API calls that mix liquidity or super accurate ones that check the trades. The worst case scenario we allow full withdraw with the one month time lock to move the partially frozen chunks but that is only if we get desperate because then like you said people with their money on the exchange early have the unfair edge. You might tempt them with arbitrage elsewhere but really we want co-operative exchanges. There are a few that will work with us I think. We may end up turning a small exchange into a big one.

The other way is rely on decentralized exchanges which literally move the funds like (hopefully) Blocknet or Komodo assuming either of them get popular.

Perhaps we could create our own centralised exchange with bitbay as the base currency which will be like the most stable vs usd exchange out there.
All fee's after costing taken out for running it used to buy back bay from the market place and provide constant upwards pressure.

also whats up with tether today> seems to be 10% down?

Maybe Bitfinex needs more money to stay afloat?

Yeah i've never seen it drop more than a couple of % then always bounce quickly back... something has damaged it

Maybe the Bitfinex vs WellsFargo lawsuit?!

Seems bays peg is more needed than ever

[cr197]

Wouldn't exchanges have to cooperate to a high degree here? The coins in each user's accounts usually just correlate to a percentage of some total supply owned by the exchange. If I transfer 100 coins to an exchange right before a 50% freeze, I'll still be able to trade all 100 of my coins, even though the exchange's wallets will have the funds tied up. The problem will be when I try to withdraw, or rather, when more than 50% of their stored funds are withdrawn. It would benefit those who withdrew earlier, and it seems possible that this could avalanche into a bank-run type scenario. In order to avoid this issue, all exchanges would have to artificially implement the coin's logic within their trade mechanics. Thoughts?

Astute observation! Well, first of all the miners enforce it so if exchanges don't pay attention they can become insolvent. With that said most exchanges are corrupt. So there is a few pages of my whitepaper listing multiple strategies for dealing with them. Ideally they run the API and query balance of frozen and liquid with it. The more data they supply about trades the less of a melting pot it becomes.

A user would have two balances frozen and liquid. We can then handle somewhat inaccurate API calls that mix liquidity or super accurate ones that check the trades. The worst case scenario we allow full withdraw with the one month time lock to move the partially frozen chunks but that is only if we get desperate because then like you said people with their money on the exchange early have the unfair edge. You might tempt them with arbitrage elsewhere but really we want co-operative exchanges. There are a few that will work with us I think. We may end up turning a small exchange into a big one.

The other way is rely on decentralized exchanges which literally move the funds like (hopefully) Blocknet or Komodo assuming either of them get popular.

Perhaps we could create our own centralised exchange with bitbay as the base currency which will be like the most stable vs usd exchange out there.
All fee's after costing taken out for running it used to buy back bay from the market place and provide constant upwards pressure.

also whats up with tether today> seems to be 10% down?

Maybe Bitfinex needs more money to stay afloat?

Yeah i've never seen it drop more than a couple of % then always bounce quickly back... something has damaged it

Maybe the Bitfinex vs WellsFargo lawsuit?!

Seems bays peg is more needed than ever

Ahh!!! Didn't know about the Wells Fargo lawsuit!
Seems they withdrew, but I wonder what's really going on behind the curtain, for them to waste the time and energy to even file?


http://www.coindesk.com/bitcoin-exchange-bitfinex-withdraws-lawsuit-wells-fargo/

Either way... point being is that Tether's stability shouldn't teeter on a centralized entity's actions. The whole scenario very well could be the other way around where someone files a lawsuit against Ifinex on a whims notice and causing its demise.
Heck Wells Fargo could possibly have drawn out that case in court for years - hence the withdrawal.

[dzimbeck]

Is there a total amount on the coins? I cannot seem to find it

1 billion
www.coinmarketcap.com

[R-J-F]

Is there a total amount on the coins? I cannot seem to find it

1 billion
www.coinmarketcap.com

Any reason for the current price drop?

[dzimbeck]

Is there a total amount on the coins? I cannot seem to find it

1 billion
www.coinmarketcap.com

Any reason for the current price drop?

Not really, it's maybe someone trying something foolish.

I was saying I wish we could zoom out and show them the "one year in the future chart"

The core has pretty damn strong hands. So it won't last.

The train just went to pick a few new people up from the station.

[cryptohunter]

Is there a total amount on the coins? I cannot seem to find it

1 billion
www.coinmarketcap.com

Any reason for the current price drop?

Strange time to dump isnt it but never mind perhaps just trying to get some panic sells and accumulating

did bittrex remove the distribution button? if so why?

[Munti]

Is there a total amount on the coins? I cannot seem to find it

1 billion
www.coinmarketcap.com

Any reason for the current price drop?

Strange time to dump isnt it but never mind perhaps just trying to get some panic sells and accumulating

did bittrex remove the distribution button? if so why?

They did, and we all miss it  I guess the whales didn't like it...

[R-J-F]

Is there a total amount on the coins? I cannot seem to find it

1 billion
www.coinmarketcap.com

Any reason for the current price drop?

Strange time to dump isnt it but never mind perhaps just trying to get some panic sells and accumulating

did bittrex remove the distribution button? if so why?

They did, and we all miss it  I guess the whales didn't like it...

I think I missed something here. "distribution" button?

[cr197]

Is there a total amount on the coins? I cannot seem to find it

1 billion
www.coinmarketcap.com

Any reason for the current price drop?

Strange time to dump isnt it but never mind perhaps just trying to get some panic sells and accumulating

did bittrex remove the distribution button? if so why?

They did, and we all miss it   I guess the whales didn't like it...

I think I missed something here. "distribution" button?

Yeah it use to be where you could click on a distro tab/button that would load up the top 50 accounts being held for a coin. C-cex still does it if you want to see what I'm talking about.
It was a great way to track what accounts were selling and accumulating, and add that along with a blockchain tracker, you had some valuable information in front of you if you spent the time to track it.
Sadly it's gone now.

[dzimbeck]

Is there a total amount on the coins? I cannot seem to find it

1 billion
www.coinmarketcap.com

Any reason for the current price drop?

Strange time to dump isnt it but never mind perhaps just trying to get some panic sells and accumulating

did bittrex remove the distribution button? if so why?

They did, and we all miss it  I guess the whales didn't like it...

Yeah why remove a feature?! Lol... so much for transparent ledgers.

[cryptohunter]

removing that button could mean we are in for a new wave of big pumps there.

bay has been doing very well i hope we will build on this momentum and keep it going

nice to keep everything active including the thread even come up with some new brain pooled ideas etc.

the development funding is the next big step i think... it can be used for all kinds of things including marketing and bringing influential people in to contact with bitbay too.

[zahra4577]

Bitbay is falling rapidly.Who is dumping it?I hope not devs.Soon it will be 1 sat.Only dev will make profit with 1 billion coin.
I repent buying this trash at 1k

[Munti]

Bitbay is falling rapidly.Who is dumping it?I hope not devs.Soon it will be 1 sat.Only dev will make profit with 1 billion coin.
I repent buying this trash at 1k

Neither dev nor the team is selling. Haven't you seen a shakeout before? If you are unhappy, just sell. I'm sure MM will be happy.

[btvGainer]

I hope price recovers soon though one has to hold really long if one wants to make some good profit.

[sneakgeekzog]

I been in since the ico I just cant access my bitcointalk og account.

I been trying to ride the wave. It looks like its one person or group dumping. Everytime the price recovered they would dump. I think it will recover and now is probably a good time to accumulate.

[R-J-F]

I been in since the ico I just cant access my bitcointalk og account.

I been trying to ride the wave. It looks like its one person or group dumping. Everytime the price recovered they would dump. I think it will recover and now is probably a good time to accumulate.

Since the ICO really? And this is your second post? Interesting. I agree with you though, it will recover and more, just have to be patient.