BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[cryptohunter]

Hello guys, can answer help me? I want to know about block size, reward block for miners and do we have masternode, supernode or something else? thanks a lot  

Block size: Good question. From doing a search I found David mentioning that BitBay is similar to Bitcoin in blocksize - yet we have a 64 second block time

Reward blocks will soon be roughly 20.5 Bays per block. Hope to have that update corrected within the month. This amount auto adjusts as it's based on 1% of the total supply. So as supply increases so will the block reward in retrospect. 1,007,611,188 BAY currently in circulation with 64 second blocks at 1% APR = 20.4487 per block
Nothing is set in stone with the current APR of 1%. There has been discussion of creating a variable APR rate in conjunction with the rolling peg to further strengthen price stability.



We do not have Masternodes. We feel they have a tendency to centralized a coin. Coins that use masternodes to steer development are only going to look out for the 'masters' own best interests.
BitBay has the first user friendly decentralized voting consensus built into the wallet. This system allows for anyone with coins to vote - not just the elite rich. This provides opportunity for the "majority" to cast their voice on new innovations not just the elite 'masters' (sounds so cliche saying that in cryptoland).

Would it not be possible for us to keep voting for anyone that has coins but also implement masternodes to incentivise accumulation and saving?
I guess if we made it just 1M for a masternode that would not be too centralised. Also masternode has to be active for 1 month before initiating that higher rate of interest? 2 months before an even higher rate and so on to be decided.

I notice dash was not that effected in this last bloodbath and would have probably been even less so had it has the 1 month delay.

Perhaps we should put masternodes to the vote on our decentralised voting system?

To me they are just what we could need to stop churners give much more incentive to accumulate and hold.

I think masternode type systems do benefit quality projects.

CBX are introducing an interesting pos/masternode system. Just the word of it has increased prices 10x

If the community wants it then sure. Granted David's recent release has paved the way for him to focus on the remaining core features: CLTV UI which is pretty much near completion, the last 4 smart contract templates, API, and then the rolling peg.

At this point those take top priority as I see the rolling peg being the most influential feature that we can add and has the potential to turn these 'churners' into looking for a new job.

With the new donate stake reward feature the possibilities are endless.
We can setup similar to Monero and have a dedicated webpage that not only votes for what to be posted on it, but voters can even donate their stake reward to fund the innovations. This way there will never be any gridlock. Budgets can be made for each innovation and the first innovation that reaches that budget gets the funding in motion to complete.
There is no other coin in cryptoland that can do this.
BitBay will be one of the first coins to help prove to the world that POW is a flawed system that is destined to create nothing but a centralized atmosphere of greedy miners.

So I'm all for throwing a vote on anything. I will pass along to the webdev that we need to create a page dedicated to funding new innovations. However, for the sake of Davids sanity, the core build must be completed first. Then any innovation that the majority voice of community requests can become the next focal point to integrate

Thanks for the reply. I agree that seems a sensible way to proceed. As always bitbay remains my fav project. Thanks to the churners got some more at 800 ish. So they are not all bad but be good to get rid of them for good.

[1714658040]

1714658040

[dzimbeck]

I would agree that POS is much better than POW. However there is complex problems to solve with scaling I'm both systems. Perhaps a really clever pruning system although they always make the excuse you should be able to calculate back to the Coinbase not sure if I agree.

Proof of work like Bitcoin is the biggest waste of electricity in the history of mankind. I think it's only popular because it makes attacks expensive. However from Bitcoins recent politics it's obvious miners have way too much power and it must be distributed better.

Maybe people who stake can split the reward to scale.

I've heard of ideas to force stakers to put up collateral to keep them honest. One of the risks is calculating stakes in advance although a tricky attack maybe realistic. So maybe POS needs more randomness to it which shouldn't be that hard.

There is a lot of research left to do in terms of computer science. However at this point I think that pretty much any challenge can be solved wiith clever design. First place to look is pruning.

[cr197]

I would agree that POS is much better than POW. However there is complex problems to solve with scaling I'm both systems. Perhaps a really clever pruning system although they always make the excuse you should be able to calculate back to the Coinbase not sure if I agree.

Proof of work like Bitcoin is the biggest waste of electricity in the history of mankind. I think it's only popular because it makes attacks expensive. However from Bitcoins recent politics it's obvious miners have way too much power and it must be distributed better.

Maybe people who stake can split the reward to scale.

I've heard of ideas to force stakers to put up collateral to keep them honest. One of the risks is calculating stakes in advance although a tricky attack maybe realistic. So maybe POS needs more randomness to it which shouldn't be that hard.

There is a lot of research left to do in terms of computer science. However at this point I think that pretty much any challenge can be solved wiith clever design. First place to look is pruning.

That's what I love about you David. Always trying to think ahead.
For you to still worry about scaling even after you've put so much though into BitBay's design to prevent bloat, is a great indication of how strong this coin really is. Even though you say there is a lot of work to do, I at least know you have been adamant from the beginning with keeping the coin as streamline as possible.
Thanks for letting us know you still think scalability is still a huge factor with all of crypto in general. I'll add it to the list of projects that need to be addressed after the peg is complete and for when we refactor the coding.

It makes me realize how many other coins are digging their own grave in regards to scalability. Sadly they can't or won't address it in fear of scaring investor confidence, which just allows the problem to spiral out of control even faster.

______

Just throwing thoughts out on the matter...
In regards to lightning networks - I know you (David) have your concerns over the matter because the system currently needs a strong central hub account holder to keep the transactions safe of others.

So killing 2 birds with one stone...
cryptohunter mentioned supernodes. what if we utilize a supernode system for the sake and safety of properly managing lightning networks?
It would solve a big portion of scalability along with appeasing the community investors with reason to support the coin by holding super nodes?
Have a portion of stake rewards provide incentive to supernodes/lightning network service nodes?

[unusualfacts30]

Did anyone win that last 2000 sat contest? so close. It was at 1800 sat when it started.  .

[Pink Panther]

Is it possible to review BitBay Client source code? I can't find it on github. And https://github.com/dzimbeck/BitBay repository looks inactive.

im also concerned about inactive status, any development going on currently?

[cryptohunter]

Is it possible to review BitBay Client source code? I can't find it on github. And https://github.com/dzimbeck/BitBay repository looks inactive.

im also concerned about inactive status, any development going on currently?

Look back one page I think david explains why updates are not always put to github

[dzimbeck]

I would agree that POS is much better than POW. However there is complex problems to solve with scaling I'm both systems. Perhaps a really clever pruning system although they always make the excuse you should be able to calculate back to the Coinbase not sure if I agree.

Proof of work like Bitcoin is the biggest waste of electricity in the history of mankind. I think it's only popular because it makes attacks expensive. However from Bitcoins recent politics it's obvious miners have way too much power and it must be distributed better.

Maybe people who stake can split the reward to scale.

I've heard of ideas to force stakers to put up collateral to keep them honest. One of the risks is calculating stakes in advance although a tricky attack maybe realistic. So maybe POS needs more randomness to it which shouldn't be that hard.

There is a lot of research left to do in terms of computer science. However at this point I think that pretty much any challenge can be solved wiith clever design. First place to look is pruning.

That's what I love about you David. Always trying to think ahead.
For you to still worry about scaling even after you've put so much though into BitBay's design to prevent bloat, is a great indication of how strong this coin really is. Even though you say there is a lot of work to do, I at least know you have been adamant from the beginning with keeping the coin as streamline as possible.
Thanks for letting us know you still think scalability is still a huge factor with all of crypto in general. I'll add it to the list of projects that need to be addressed after the peg is complete and for when we refactor the coding.

It makes me realize how many other coins are digging their own grave in regards to scalability. Sadly they can't or won't address it in fear of scaring investor confidence, which just allows the problem to spiral out of control even faster.

______

Just throwing thoughts out on the matter...
In regards to lightning networks - I know you (David) have your concerns over the matter because the system currently needs a strong central hub account holder to keep the transactions safe of others.

So killing 2 birds with one stone...
cryptohunter mentioned supernodes. what if we utilize a supernode system for the sake and safety of properly managing lightning networks?
It would solve a big portion of scalability along with appeasing the community investors with reason to support the coin by holding super nodes?
Have a portion of stake rewards provide incentive to supernodes/lightning network service nodes?

Well maybe I'm compulsive or just an idealist. Because personally I think so many things need to be reinvented. It's ironic that many times the best technology is not always used. There is a lot of inventors long forgotten who hopefully the internet revives.

I'm not entirely sure if the solution yet but I think there are ways.

As for lightning and masternodes it sort of ends up that way. Because the only people who can route payments are the ultra wealthy. Unless I'm misunderstanding some of the techniques used. You need someone accounting with you that can route large payments. That's why maybe frozen coins can help in this regard. Although since frozen coins don't hold the same value as liquid coins that's not foolproof either.

Will probably end up being pruning and distribution of workload. Maybe in some cases stronger nodes.

[jimmybob_007]

Love BitBay, very exciting project. The price of Bay is going to explode and there'll be a lot of people who wished they had supported from the start

Keep up the good work guys, plenty of good times ahead.

[cryptohunter]

Of course bitbay is the best value project out there still by quite a way. Only blocknet can come close and their project has a way way less proven track record so I still believe bitbay is the top investment out there in crypto. I still put any and all new funds to accumulating bays.

Our only weakness is not playing the game as well as other projects. I don't even mean the bait and switch game or bait and wait forever game I just mean we do not provide the psychological incentive here to accumulate and not even consider churning unless you have no other choice.

Today again dash and pivX are the big gainers in a sea of red (luckily bitbay is still in the green today too) this is due to the projects being seen has having proven development combined with the psychological power of super/master nodes. Actually both projects are still not far from when cmc was 115BN
The psychological motivation to accumulate and hold is the secret weapon these projects have over all others. If they delayed their supernodes from earning for 1 month and allowed them to gain more the longer they were in place I think these projects would be even more robust against small  - med market drops.

Anyway regardless of this delayed/tiered supernode idea that I am constantly yapping about. It is great to hear david coming up with ideas to further streamline and improve performance these long term are the things that will make bitbay stand head and shoulders above these projects that apparently can do so much but will all grind to a halt as soon as there is any real uptake.

I only hope that any groundbreaking design and code can be obfuscated so that other copy and paste scammers who perhaps excel at marketing and hype only can not benefit from davids hard work. You know as soon as they get their hands on any code providing real work use cases they will create a 200MN ico from  it.

I still think there could be a case for an bay ico like komodo or lisk did from their old projects. Seems any random unproven dev with a random idea can pull 50-100M out of thin air now. Imagine what david could do with that money and a good roadmap and white paper combined with what tech we already have here at bitbay. Big money pouring in looking for new projects.... sadly overlooking great projects that are already a good way into their roadmaps. Perhaps that could generate the hype we have been looking for. I know I suggested that a year back but now icos are generating crazy money seems even more reasonable.

[dzimbeck]

I'm pretty sure the majority of those icos fake their volume like Qtum(who bought all of it and gave themselves free coins and refunds)

When you hear someone raise 10 million dollars in -10 seconds it's not true.

Everything is a rich man's trick. Gotta keep them honest.

[vlom]

this coins really need an HD-wallet. did the devs already contacted jaxx? i would really  be great if you would not need to download the hole blockchain.

[dzimbeck]

this coins really need an HD-wallet. did the devs already contacted jaxx? i would really  be great if you would not need to download the hole blockchain.

I'm aware, that is in my notes. It is not exactly on the roadmap but I've done similar things like in BitHalo which doesn't download the chain.

My only issue with this is there is really only one online block explorer I like which is chainz. We would have to host a couple nodes that have the listunspent functionality as chainz only allows it with an API key and I don't want to abuse it because we request a lot.

[HVCC]

Hey everyone,

We have reached the 1.3 BTC goal of our recent donation drive to get BAY on a new exchange. Big thanks to everyone who donated! David will be in touch with Cryptopia when he gets the chance, as well as doling out the portions of BAY as promised.

Again, thanks everyone, we take pride in having a community that wants to see this project succeed. After all, none of this means anything without the community's enthusiasm and continued interest in bringing BitBay to life.

Moving forward - don't forget that there are many avenues which would facilitate BAY's addition to other exchanges! Word of mouth is a powerful thing, as are emails, forum posts and simply reaching out and asking exchanges to list BAY. If anyone can help us get on more exchanges, do not hesitate to contact us and let us know!

[Bee Cho Chen]

Hey everyone,

We have reached the 1.3 BTC goal of our recent donation drive to get BAY on a new exchange. Big thanks to everyone who donated! David will be in touch with Cryptopia when he gets the chance, as well as doling out the portions of BAY as promised.

Again, thanks everyone, we take pride in having a community that wants to see this project succeed. After all, none of this means anything without the community's enthusiasm and continued interest in bringing BitBay to life.

Moving forward - don't forget that there are many avenues which would facilitate BAY's addition to other exchanges! Word of mouth is a powerful thing, as are emails, forum posts and simply reaching out and asking exchanges to list BAY. If anyone can help us get on more exchanges, do not hesitate to contact us and let us know!

Always a steady stream of good news in this thread

[aakeelr]

Hi team,

I definitely want bitbay to be listed on newer exchanges. Not the fact that I am holding a single coin but the reality i read on the very 1st page of greed and then passion (DAVID) that took over the helm that happened only for the good. I truly wish you guys all the best for introducing something revolutionary. KUDOS to all of you.

Best Regards

Aakeel

[cr197]

Hi team,

I definitely want bitbay to be listed on newer exchanges. Not the fact that I am holding a single coin but the reality i read on the very 1st page of greed and then passion (DAVID) that took over the helm that happened only for the good. I truly wish you guys all the best for introducing something revolutionary. KUDOS to all of you.

Best Regards

Aakeel

Yeah I can't wait to see where we stand once the rolling peg is in place and we are live on the Blocknet decentralized exchange.
Let me paint a picture for you.
Imagine a billionaire invested in bitcoin. In the past if he wanted to hedge against a potential slide in bitcoin price, he'd have the fear of depositing millions of dollars worth of BTC to a centralized exchange (tx fee applies).
Then he has to trade the btc for a pegged coin like tether with the fear that their centralized structure will collapse and his hedge will fail (tx fee applies).
He can then withdraw those tethered coins to a tether wallet if he thinks the bitcoin slump will take some time and he fears holding his tether on a centralized exchange for so long (tx fee applies).
Once he's ready to get back in he reverses the process and remove the BTC back to his personal BTC wallet (3 more tx fees apply)

So a total of 6 tx fees.

Now if he uses blocknet dex and bitbay has implemented the rolling peg. He could literally repeat the same process as above for only 2 tx fees! And those fees are half the amount the exchanges typically charge! And he never gives possession of his money to anyone else in that simplified process!

Every percentage gain helps! If a trader can save a 1/4% profit on fees that is massive in regards to high volume trading!

On top of all of that, he has the potential to make compounding interest in the process because Bitbay's peg is dynamic and price can still fluctuate with minimal volatility.

It's a no brainer really! What's about to come to cryptoland is going to change the way whales trade big money

[aakeelr]

Hi team,

I definitely want bitbay to be listed on newer exchanges. Not the fact that I am holding a single coin but the reality i read on the very 1st page of greed and then passion (DAVID) that took over the helm that happened only for the good. I truly wish you guys all the best for introducing something revolutionary. KUDOS to all of you.

Best Regards

Aakeel

Yeah I can't wait to see where we stand once the rolling peg is in place and we are live on the Blocknet decentralized exchange.
Let me paint a picture for you.
Imagine a billionaire invested in bitcoin. In the past if he wanted to hedge against a potential slide in bitcoin price, he'd have the fear of depositing millions of dollars worth of BTC to a centralized exchange (tx fee applies).
Then he has to trade the btc for a pegged coin like tether with the fear that their centralized structure will collapse and his hedge will fail (tx fee applies).
He can then withdraw those tethered coins to a tether wallet if he thinks the bitcoin slump will take some time and he fears holding his tether on a centralized exchange for so long (tx fee applies).
Once he's ready to get back in he reverses the process and remove the BTC back to his personal BTC wallet (3 more tx fees apply)

So a total of 6 tx fees.

Now if he uses blocknet dex and bitbay has implemented the rolling peg. He could literally repeat the same process as above for only 2 tx fees! And those fees are half the amount the exchanges typically charge! And he never gives possession of his money to anyone else in that simplified process!

Every percentage gain helps! If a trader can save a 1/4% profit on fees that is massive in regards to high volume trading!

On top of all of that, he has the potential to make compounding interest in the process because Bitbay's peg is dynamic and price can still fluctuate with minimal volatility.

It's a no brainer really! What's about to come to cryptoland is going to change the way whales trade big money

Sounds very very interesting. Implementation is key. The only issue is too many fighters propping the space up into the financial space. Ripple, DGB, Bitshares, you guys and lots more. Wonder if all with get a piece of the cake . Take an example of the game tokens. Too much of competition. If it would be possible to patent an idea within the block chain space it would be really nice as it would give a particular token a fair price with less volatility. Hope my 2 + 2 made some sense.

Thanks..

Aakeel

[cr197]

Hi team,

I definitely want bitbay to be listed on newer exchanges. Not the fact that I am holding a single coin but the reality i read on the very 1st page of greed and then passion (DAVID) that took over the helm that happened only for the good. I truly wish you guys all the best for introducing something revolutionary. KUDOS to all of you.

Best Regards

Aakeel

Yeah I can't wait to see where we stand once the rolling peg is in place and we are live on the Blocknet decentralized exchange.
Let me paint a picture for you.
Imagine a billionaire invested in bitcoin. In the past if he wanted to hedge against a potential slide in bitcoin price, he'd have the fear of depositing millions of dollars worth of BTC to a centralized exchange (tx fee applies).
Then he has to trade the btc for a pegged coin like tether with the fear that their centralized structure will collapse and his hedge will fail (tx fee applies).
He can then withdraw those tethered coins to a tether wallet if he thinks the bitcoin slump will take some time and he fears holding his tether on a centralized exchange for so long (tx fee applies).
Once he's ready to get back in he reverses the process and remove the BTC back to his personal BTC wallet (3 more tx fees apply)

So a total of 6 tx fees.

Now if he uses blocknet dex and bitbay has implemented the rolling peg. He could literally repeat the same process as above for only 2 tx fees! And those fees are half the amount the exchanges typically charge! And he never gives possession of his money to anyone else in that simplified process!

Every percentage gain helps! If a trader can save a 1/4% profit on fees that is massive in regards to high volume trading!

On top of all of that, he has the potential to make compounding interest in the process because Bitbay's peg is dynamic and price can still fluctuate with minimal volatility.

It's a no brainer really! What's about to come to cryptoland is going to change the way whales trade big money

Sounds very very interesting. Implementation is key. The only issue is too many fighters propping the space up into the financial space. Ripple, DGB, Bitshares, you guys and lots more. Wonder if all with get a piece of the cake . Take an example of the game tokens. Too much of competition. If it would be possible to patent an idea within the block chain space it would be really nice as it would give a particular token a fair price with less volatility. Hope my 2 + 2 made some sense.

Thanks..

Aakeel

Ripple, DBG, Bitshares do not have trustless setups, and of those 3 only bitshares has price stability that is controlled by 50? delegates (which still spells for a sense of centralization due to trusting those delegates that could potentially collude)

BitBay will not only provide price stability, but also trustless environment where 3rd parties are not needed - therefore there is no need for unnecessary fees either.
Because of this BitBay is the only one that can also provide trustless fiat gateway while the others will need to utilize a regulated/centralized in-house or 3rd party service, which equates to even more fees.

[Bee Cho Chen]

Did anyone win that last 2000 sat contest? so close. It was at 1800 sat when it started.  .

The contest is still going on! The price peaked in the 1990s, but never eclipsed 2000 sats

[HVCC]

I was so off with my contest prediction... big mistake