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Author Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg  (Read 541988 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (2 posts by 1+ user deleted.)
dzimbeck
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August 18, 2017, 03:34:46 AM
 #5121

Hi guys,
I am a BAY hodler, and I see that the currency is quite under pressure since a couple weeks.

Any idea? A roadmap to come?

I believe that the tech is awesome, but sadly the market does not push for BitBay

Thanks!!
Its just a matter of time Smiley Bay has just launched a exchange in India, and they have great team Smiley and I have bought 2 btc worth bay now Wink its time to buy price can easily be pushed to 1000, though they need good marketing team Smiley this project has a great future.

This is precisely why the project should consider a rebrand when redoing the UI down the line.  If senior BCTalk members are getting confused just imagine what it's doing to newbies.  Fighting them for traffic and SEO is not a wise option, they are a business with centralized funds.  It's not a battle that Bay can win atm.

A re-brand is a double edged sword. It can lose exchange relationships, it can make it so old customers can't find you, it can result in an inferior brand name, or a brand name that doesn't get searched often enough.

That strategy is one we should only capitalize on if all else fails and we are looking for funding or various other reasons like you mentioned. We should think 4th dimensional. Almost every exchange I remember from years ago, is gone! Due to hacks either performed by the owners themselves or etc. We can't assume that the exchange won't get replaced by decentralized exchanges either. Or that we won't make enough funds to buy them out or even partner with them. We have a trustless fiat gateway. Things they might want and need. Co-branding is always a possibility. There isn't necessarily an overlap. It's like being on a Delta Airplane and seeing Delta Faucet. We are in the same industry but do totally different things.
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August 18, 2017, 04:09:14 AM
 #5122

Hi guys,
I am a BAY hodler, and I see that the currency is quite under pressure since a couple weeks.

Any idea? A roadmap to come?

I believe that the tech is awesome, but sadly the market does not push for BitBay

Thanks!!
Its just a matter of time Smiley Bay has just launched a exchange in India, and they have great team Smiley and I have bought 2 btc worth bay now Wink its time to buy price can easily be pushed to 1000, though they need good marketing team Smiley this project has a great future.

This is precisely why the project should consider a rebrand when redoing the UI down the line.  If senior BCTalk members are getting confused just imagine what it's doing to newbies.  Fighting them for traffic and SEO is not a wise option, they are a business with centralized funds.  It's not a battle that Bay can win atm.

Completely agree. NEO did his re-brand and lead the way for the market, and the exchanges.
Imho,  there is a window in the following months for a rebrand.
After that, and if the also-named-BitBay exchange starts to be even bigger, it could be complicated.
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August 18, 2017, 12:29:33 PM
 #5123

rebrand would have to be a good name to make it worth it. Costs a lot in terms of exchange fees etc.

I still say the only issue here is there is no incentive to accumulate and hold over playing the markets and lack of awareness. That is it really.
Also the updates need more bite they are useful additions but we need some big note worthy features released soon if we want real attention.
Even to fix the pos rate would be handy to give a small incentive to hold and stake the coin.

Still think most of the top 100 is fake though so we are not as low as it appears on cmc.

No doubt some bitbay whales are still unloading but why I have no idea.

I've hoovered up another bunch at 600, 500, 400,......

Let's hope for some big news soon.




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August 18, 2017, 01:01:52 PM
 #5124

It looks like district0x is entering the same playing field and may cause further pressure on the price of bitbay. Time is of the essence in crypto and this might be a good time to add more devs to speed up the process

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enhu
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August 18, 2017, 02:51:35 PM
 #5125

Hi guys,
I am a BAY hodler, and I see that the currency is quite under pressure since a couple weeks.

Any idea? A roadmap to come?

I believe that the tech is awesome, but sadly the market does not push for BitBay

Thanks!!
Its just a matter of time Smiley Bay has just launched a exchange in India, and they have great team Smiley and I have bought 2 btc worth bay now Wink its time to buy price can easily be pushed to 1000, though they need good marketing team Smiley this project has a great future.

This is precisely why the project should consider a rebrand when redoing the UI down the line.  If senior BCTalk members are getting confused just imagine what it's doing to newbies.  Fighting them for traffic and SEO is not a wise option, they are a business with centralized funds.  It's not a battle that Bay can win atm.

Completely agree. NEO did his re-brand and lead the way for the market, and the exchanges.
Imho,  there is a window in the following months for a rebrand.
After that, and if the also-named-BitBay exchange starts to be even bigger, it could be complicated.


I don't think its was just rebranding from Ans to Neo that make Neo where they are now. The project was great since the start, there were a lot of speculation about it being the ETH of the Chinese even when it was just ANS.

If bitbay going to rebrand, make sure there are new features to fuel its flight.

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August 18, 2017, 04:03:30 PM
 #5126

It looks like district0x is entering the same playing field and may cause further pressure on the price of bitbay. Time is of the essence in crypto and this might be a good time to add more devs to speed up the process

I hear what you are saying but planning to enter the same playing field is not the same as having a product nearly market ready.

Most of these new project has a lot of dreams and plans but very few seem to have got anywhere with their road maps

Can't comment on district0x havent heard of it.




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August 18, 2017, 05:44:09 PM
 #5127

Hi guys,
I am a BAY hodler, and I see that the currency is quite under pressure since a couple weeks.

Any idea? A roadmap to come?

I believe that the tech is awesome, but sadly the market does not push for BitBay

Thanks!!
Its just a matter of time Smiley Bay has just launched a exchange in India, and they have great team Smiley and I have bought 2 btc worth bay now Wink its time to buy price can easily be pushed to 1000, though they need good marketing team Smiley this project has a great future.

This is precisely why the project should consider a rebrand when redoing the UI down the line.  If senior BCTalk members are getting confused just imagine what it's doing to newbies.  Fighting them for traffic and SEO is not a wise option, they are a business with centralized funds.  It's not a battle that Bay can win atm.

Completely agree. NEO did his re-brand and lead the way for the market, and the exchanges.
Imho,  there is a window in the following months for a rebrand.
After that, and if the also-named-BitBay exchange starts to be even bigger, it could be complicated.


I don't think its was just rebranding from Ans to Neo that make Neo where they are now. The project was great since the start, there were a lot of speculation about it being the ETH of the Chinese even when it was just ANS.

If bitbay going to rebrand, make sure there are new features to fuel its flight.

I did not say that regarding NEO. The tech is great in itself. I simply said that their rebranding was a success and did not harm them "au contraire".
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August 19, 2017, 12:49:49 AM
 #5128

I've mention on the theymos thread on the main alt board about a review of bitbay. 

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August 19, 2017, 05:55:07 AM
 #5129

Hi guys,
I am a BAY hodler, and I see that the currency is quite under pressure since a couple weeks.

Any idea? A roadmap to come?

I believe that the tech is awesome, but sadly the market does not push for BitBay

Thanks!!
Its just a matter of time Smiley Bay has just launched a exchange in India, and they have great team Smiley and I have bought 2 btc worth bay now Wink its time to buy price can easily be pushed to 1000, though they need good marketing team Smiley this project has a great future.

This is precisely why the project should consider a rebrand when redoing the UI down the line.  If senior BCTalk members are getting confused just imagine what it's doing to newbies.  Fighting them for traffic and SEO is not a wise option, they are a business with centralized funds.  It's not a battle that Bay can win atm.

Completely agree. NEO did his re-brand and lead the way for the market, and the exchanges.
Imho,  there is a window in the following months for a rebrand.
After that, and if the also-named-BitBay exchange starts to be even bigger, it could be complicated.


I don't think its was just rebranding from Ans to Neo that make Neo where they are now. The project was great since the start, there were a lot of speculation about it being the ETH of the Chinese even when it was just ANS.

If bitbay going to rebrand, make sure there are new features to fuel its flight.

Rebranding was definitely a big factor.  It's no coincidence that when rebrand was announced they started moving up and Mooned after rebrand.  It's true that it wasn't just the rebrand itself, I heard that they hired really good marketing group in line with the rebrand.  I initially didn't invest in Antshares b/c I though the logo and name were gimmicky.

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August 19, 2017, 11:23:59 AM
 #5130

sad we are grasping at rebranding straws.

if the tech we have is as good as we think and we get the pegging we should be at least top 20 anyway

this position we have now is ludicrous and those dumping I hope will have huge regrets shortly.

I've suggested on the theymos thread that bitbay is examined I hope that he will try the market place wallet see all the features and see there is definite usecases here.

We shall wait and see.




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August 19, 2017, 02:37:49 PM
 #5131

I've mention on the theymos thread on the main alt board about a review of bitbay. 

What does that mean?
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August 19, 2017, 03:46:39 PM
 #5132

I've mention on the theymos thread on the main alt board about a review of bitbay. 

What does that mean?


this:
https://bitcointalk.org/index.php?topic=2095328.0

Quote
Not yet evaluated

I haven't investigated these enough yet to give them scores.

 - BitBay
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August 19, 2017, 04:44:27 PM
 #5133

I've mention on the theymos thread on the main alt board about a review of bitbay. 

What does that mean?


Theymos is looking at other alt projects and giving them a score
I suggested a few with bitbay at the top so I hope theymos will try out the market place wallet and see what is possible there. I wonder what he would think of the rolling peg too.

We need some high profile people to examine this project. Hopefully they will see how much work has gone into it.


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August 19, 2017, 04:45:30 PM
 #5134

nice pump here today too... or rather a long over due correction i say.

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August 19, 2017, 04:48:18 PM
 #5135

is there any news that cause this pump? or it's just the pump?
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August 19, 2017, 04:54:14 PM
Last edit: August 19, 2017, 05:04:32 PM by cryptohunter
 #5136

is there any news that cause this pump? or it's just the pump?

who knows this thread is like a graveyard for discussion . Perhaps something announced on slack.

other possibility people are reading the theymos thread and seeing bitbay listed there top for review

churners finished dumping down and now getting back in

meaningless pump.

I'm hoping just sensible correction now.

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August 19, 2017, 08:29:26 PM
 #5137

Maybe someone tries to start a war between Byteball and Bitbay.
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August 19, 2017, 10:35:17 PM
 #5138

is there any news that cause this pump? or it's just the pump?

who knows this thread is like a graveyard for discussion . Perhaps something announced on slack.

other possibility people are reading the theymos thread and seeing bitbay listed there top for review

churners finished dumping down and now getting back in

meaningless pump.

I'm hoping just sensible correction now.

This thread isn't a graveyard, there is always a few comments every day or so. It's just that slack has 1300+ members and they can interact and ask questions not to mention it's useful if they are on the markets.

I think it's funny when people use the terms "pump" for BitBay. Our volume is fairly organic and the price is easy to move in either direction.

But in all honestly, how can anyone consider this a pump. It's a correction at the very least. We had 6 months of slow steady growth wiped out within a few weeks. When you consider someone is literally just giving their coins away at this level. So personally I think we are due for a 100% correction in price.
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August 19, 2017, 11:44:37 PM
Last edit: August 20, 2017, 12:34:35 AM by dzimbeck
 #5139

I've mention on the theymos thread on the main alt board about a review of bitbay.  

What does that mean?


this:
https://bitcointalk.org/index.php?topic=2095328.0

Quote
Not yet evaluated

I haven't investigated these enough yet to give them scores.

 - BitBay

What is so interesting is, he has few choices for coins to review. And he chooses BitBay. For those that don't know, Theymos is the owner of Bitcointalk, Bitcoin Reddit and Bitcoin.org

I always figured he didn't like me as he never responded to messages a while back. Yet he has our coin on there to look at. That maybe is a good thing.

His review of ETH is pretty much identical to what I've been saying for years. But it is a gross exaggeration to give them a 1 out of 100. No matter how much I protest about ETH and it's disregard for scaling, they did do completely original and interesting code! He says solidity works like magic and gives it a 1?

I guess they don't call it "altcointalk". Why do I get the feeling he really doesn't like altcoins?

Even at this point to give Bitcoin 100 isn't really true at this point because from an unbiased purely protocol perspective, it doesn't have everything it needs to scale. That is like giving the Alpha of software a better score than the beta or release. But I understand why he did that, after all it has inspired the dawn of an entire industry!

What really I find to be wrong is that he gives Monero a 4 out of 100 and then proceeds to give Bytecoin the ORGINAL a 0 out of 100 saying Monero was worth more and thus deserving of a better score and yet he says that Litecoin is a 0 because its a clone!! So how can the clone of Bytecoin be better than Bytecoin which was responsible for the innovation in the first place?! Just because it's more popular? Is it all about money in the end? By that virtue Dogecoin is better than Namecoin? Life isn't a popularity contest.

So with that said he seems to value decentralization and scalability. Which is great! So he might truly value what we have done here at BitBay and I will explain why.

Everything I have done at this point has been to scale and keep this secure and decentralized.

Double deposit escrow does to law and agreement as to what Bitcoin did to cash. It removes the need for a 3rd party.
Two party escrow benefits almost every industry as agreement is what drives society.
It doesn't bloat the chain at all, it simply leverages multisignature.

Now on one hand he can argue that this is not anything Bitcoin can't do but that point would not be valid because I started in BitHalo and always wanted this to be cross-platform so all coins could use it. This is software, a fully immersive contracting experience totally peer to peer and there is nothing like it in the industry.

The question being does double deposit advance cryptography industry as a whole? You bet! It reveals the way crypto cash can be applied and solve real world problems. This is the first time in history a contract can be enforced without a gun as there is instant karma built into the contract.

The next feature decentralized markets he should like because we don't use the blockchain at all!! We instead use Bitmessage an entirely separate peer to peer protocol that saves messages for a couple days and passes them around groups as users decipher the messages that only apply to them.

The drawbacks to Bitmessage are that it does POW which can't be too easy or too hard so the network is somewhat possible to attack. HOWEVER...

I have proposed to use the Bitbay blockchain using checklocktimeverify to temporarily lock up coins per kilobyte for each message sent. This prevents spam completely!! It scales beautifully. And it unties two previously unrelated protocols. We don't need that yet as Bitmessage is still growing as is our markets but this is our blockchain innovation we have in our pocket.

The next drawback to Bitmessage is it's own bloat however, because networks form groups I think you can easily break the network into pieces because the data is actually trivial and doesn't need to be permanently stored. This means large nodes and server nodes can form groups, users can form smaller groups and they can just relay what is searched for on the markets by taking advantage of whitelists and subscriptions to channels. The anonymity is good because it is impossible to prove you are able to decrypt a message (plausible deniability)

Messages are sent to the markets by a payload and signed hash as well as pastebin for images to relieve bloat on Bitmessage. Thus the message is immutable and the signature outside of the message prevents malleability. But again, this is non-permanent data so it doesn't matter if it's hash is malleable.

The thing that is lovely about 2 party escrow is each party verifies their own half of the deal making hacking impossible.

It scales, it solves a problem and it keeps the ideology in Bitcoin in tact.

So as for the blockchain itself we use proof of stake and he might argue that this is easy to calculate a block in advance to attack. We know this and believe it can be solved by having a more random block selection process. Not so tough.

As for scaling I think two things are needed, first I've spoken about a combination of pruning and checkpoints. If all nodes followed the same protocol and were able to store enough data about the past to prevent spoofing I think the solution is very simple. It's not over-engineered. Maybe a decentralized checkpoint system can be added.

The POS 3 protocol allows spending the stake from P2SH and this means to stake we spend. This allowed us to add voting and by voting we can agree on forks as we did previously in our large community vote. If only Bitcoin held a vote years ago!

Last scaling issue preventing VISA scale is bandwidth and volume of transactions. I have seen the DPOS model where less nodes are chosen to power massive transaction loads. And it works. But it is still centralized and prone to political manipulation. That is why I have played with the idea of sharing the workload among nodes and peers in a deterministic way. As peers might form groups who share the work load similar to a mining pool. If you combine that with DPOS then I think you have something really good. Especially if a good pruning technique is added. You get your VISA scale (maybe).

So what actual blockchain innovations have we done? Well other than a few POS innovations not many. But look at what we have done to AVOID putting unnecessary bullshit on the chain?! To that I say there may be no other coin that can even touch us. We found and developed protocols that allows the decentralized markets. Two entire layers for data combined as one. Then we pioneered a contracting system that has almost unlimited use cases and solves a problem of deception and theft truly stopping those things dead in their tracks. A historical first.

And this has taken me several years to code and accomplish, it wasn't easy. Especially because the temptation to bloat the chain like ETH was there if I wanted it. And unlike Bitcoin or Zcash, I didn't have a big team of coders behind me.

There is an GREAT blockchain innovation on the way, and it is our ace in the hole. The one thing that plagues Bitcoin is the volatility!

We solve that with a DYNAMIC PEG. A "rolling" peg similar to a crawling peg. Some guy chimed in about BitUSD and how the market manipulation makes it a bad long. But with our peg we suffer no such problem because we are only controlling supply/liquidity.

The fact that our peg makes two assets frozen and liquid coins where the frozen coins are only different in speed is a frikkin awesome feature many of our communities favorites. We avoid bloat by having a separate database for tagging and tracking inputs and only report state changes to inputs where obvious liquidity changes are assumed by nodes. Fees are tracked too to avoid the loss of liquidity at a certain range. The idea is pure, simple and really can't get simpler when it comes to market pegs.

The rolling peg needs no third parties, no custodians, no political influence, is fully decentralized and isn't prone to market manipulation

It replaces the market maker with technology. If you allow unlimited changes to the supply daily and unlimited interest then you can even force a hard peg with an algorithm.

For investors we will be doing the changes in supply by voting AND algorithm. This may favor the stakers who can vote but it is going to allow a little speculation and thus interest in the tech itself where a hard peg may go unnoticed.

The peg operates by enforcing it on the time of spending. The frozen coins are not immovable, they are slowed by one month. It is not necessary to use checklocktimeverify to do so as miners will keep track anyways. The "slowed" coins allow for bond like instruments, liquidity swaps which are very similar to trustless loans and futures depending on the motive to swap. This creates in my opinion a massive paradigm shift in the APPLICATIONS of crypto.

So was my innovation a better mathematical crypto algoritm? A zero knowledge proof anon system? A codebase no derived from Bitcoin? No.
But does it revolutionize and pioneer new ideas that have true real world use case? Yes.

Serverless markets, 2 party agreements with no escrow, crawling peg applied to cryptocurrency

Solving major problems of decentralization, agreement/enforcement/contract/bloat, volatility and the ability to emulate large markets from a small market!

To protect the network you can even build a disincentive to lie about a tx because we are forcing nodes to spend to stake and have their input as collateral if they do betray the protocol. This is a Vitalik idea that I was actually fond of.

To scale proposing the following: Pruning, sharing workload, checklocktimeverify funds per byte

The lightning network can also be implemented if needed when made WITHOUT SEGWIT. We would choose not to add segwit because Bitcoin is labeling payments as "True" and thus allowing the miners to control unbelievable power of the protocol at whim. Segwit is a hack that wasn't needed for lightning. As malleability could have been solved by having users sign the txid hash requiring a fork which they were too scared to do. In turn they centralize Bitcoin to the miners and POW is a horrid waste of power, generating more power than entire countries just to generate little hashes.

Lightning network is potentially better with frozen funds like in our crawling peg because that can be used as collateral in the 2 of 2 making it more decentralized in a sense giving access to potentially more holders and links. After all why not make use of the funds not in use?

And the same goes for sharing the stake among nodes. Why not make use of the nodes that aren't doing anything? Here we would have potentially 1000s of nodes wasting their time on hashes when they should be verifying transactions!!

Now based on his (generous?) reviews of other altcoins we shouldn't expect more than a big "0" or maybe he will give us a "-1" because he might mention our past when the founders left us(which has nothing to do with what was accomplished here). And to do so would be to ignore years of blood sweat and tears poured into Halo and we can laugh it off.

Or heck, maybe he really sinks his teeth into what we are doing here and says "Hey, that is pretty cool!" ... a man can dream. It must be nice to be accepted.  Cheesy
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August 20, 2017, 01:28:21 AM
 #5140

Bitbay a good name of Coín
So we must wait for the price risingggg
i ll Pray for it xD

Many people scamer with Icos and shitcoins, Invest with intelligence
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