BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[CRYPTONAIRE]

Can someone please tell me what the minimum RAM requirement is for running the BAY client?

I assume that it is significantly greater than 1G, as there is no BAY image for Rasp.Pi and the RAM constraint is the reason for that.

Or am I wrong?

[1714612851]

1714612851

[1714612851]

1714612851

[cr197]

Can someone please tell me what the minimum RAM requirement is for running the BAY client?

I assume that it is significantly greater than 1G, as there is no BAY image for Rasp.Pi and the RAM constraint is the reason for that.

Or am I wrong?

Yeah I never got pi to work with client. But I haven't tried in over a year and I don't know if after all of David's updates over that time frame if it's possible now.

Pi will work with QT but it won't stake - or at least it won't earn rewards. The ram just isn't strong enough.

[HVCC]

BitBay Community Update - Sept. 18th

- New BitBay release Oct 1st!
Bitmessage server - this will greatly improve our ability to broaden our user base as we can provide both a decentralized protocol for users demanding it, yet for those that want the ‘easy button’ approach they can simply utilize the bitmessage server for faster easier access to transact on the marketplace. This will also allow us to begin developing the mobile wallet that can interact with the marketplace!

- The BitBay Block Explorer is near completion and should be released around the middle or end of October
The explorer development is complete. We just have to finish with the graphical design of the website.
This is another step forward for the development of the mobile wallet as the mobile wallet will have to rely on a “lite wallet” protocol due to hardware requirements of the desktop Client version.

- We are excited to announce new members to our marketing and development team
Chris Kelly - Is currently our lead developer for the bitmessage server.
Cat and Mel Tranfield - have joined our social media team and will be working on various marketing task which currently include building a weekly newsletter template to make all our updates and announcements with professional quality.

- BitBay’s first CheckLockTimeVerify transaction was successfully tested a couple days ago! This will lay the groundwork for the rolling peg and the process of controlling volatility via freezing/unfreezing coins. For more info - https://www.reddit.com/r/BitBay/comments/709tri/bitbays_first_checklocktimeverify_transaction/

- Bootstrap tutorial to speed up synchronization process will be available on the official BitBay Youtube (and under the “tutorials” section of our website) later this week, as well as the faucet tutorial. This will help our new users become familiar with the BitBay software!

Reminder that the upcoming Exotic Spending features are explained in detail at on our Subreddit: https://www.reddit.com/r/BitBay/comments/6zca3v/plain_english_breakdown_of_upcoming_exotic/

Links:
http://www.Bitbay.market

https://www.reddit.com/r/BitBay/
https://bitcointalk.org/index.php?topic=890531.0
http://bitbay.market/wp-login.php?action=slack-invitation
https://t.me/bitbayofficial
https://discord.gg/sP8b66W
https://twitter.com/BitBayofficial (edited)

[ptcgroup10009]

BitBay Community Update - Sept. 18th

- New BitBay release Oct 1st!
Bitmessage server - this will greatly improve our ability to broaden our user base as we can provide both a decentralized protocol for users demanding it, yet for those that want the ‘easy button’ approach they can simply utilize the bitmessage server for faster easier access to transact on the marketplace. This will also allow us to begin developing the mobile wallet that can interact with the marketplace!

- The BitBay Block Explorer is near completion and should be released around the middle or end of October
The explorer development is complete. We just have to finish with the graphical design of the website.
This is another step forward for the development of the mobile wallet as the mobile wallet will have to rely on a “lite wallet” protocol due to hardware requirements of the desktop Client version.

- We are excited to announce new members to our marketing and development team
Chris Kelly - Is currently our lead developer for the bitmessage server.
Cat and Mel Tranfield - have joined our social media team and will be working on various marketing task which currently include building a weekly newsletter template to make all our updates and announcements with professional quality.

- BitBay’s first CheckLockTimeVerify transaction was successfully tested a couple days ago! This will lay the groundwork for the rolling peg and the process of controlling volatility via freezing/unfreezing coins. For more info - https://www.reddit.com/r/BitBay/comments/709tri/bitbays_first_checklocktimeverify_transaction/

- Bootstrap tutorial to speed up synchronization process will be available on the official BitBay Youtube (and under the “tutorials” section of our website) later this week, as well as the faucet tutorial. This will help our new users become familiar with the BitBay software!

Reminder that the upcoming Exotic Spending features are explained in detail at on our Subreddit: https://www.reddit.com/r/BitBay/comments/6zca3v/plain_english_breakdown_of_upcoming_exotic/

Links:
http://www.Bitbay.market

https://www.reddit.com/r/BitBay/
https://bitcointalk.org/index.php?topic=890531.0
http://bitbay.market/wp-login.php?action=slack-invitation
https://t.me/bitbayofficial
https://discord.gg/sP8b66W
https://twitter.com/BitBayofficial (edited)

Great job guys this going to be epic .

[cryptohunter]

New investor in bitbay, just bought bunch of coins.

Regarding this progressive post and idea: I think it should be developed more concretely asap and implemented/initiated.
What type of PR activity can we start right now?
even as easy as signiture campaign here..

I find it funny that Particl is 4.5x the marketcap of BitBay, but they tried to reverse BAY's tech and failed. Why invest $ into the $90mil cap coin when they failed to reverse code the $20mil cap coin's code...? Makes absolutely no sense

Cryptos don't make sense (look at the top20... Hcash... others...)
But that's the way it is.

Since June,we see the beginning of an early-mass-adoption movement (who here doesn't know someone who entered the market recently, or thinks about it ?).
It changes the game: Technology is not the only parameter in the valuation equation: Teams are scrutinized, marketing has a huge impact etc...
Crytpomarkets evolved: projects must adapt or die.

That said... Bitbay is a great tech. Maybe it just needs a bit of PR, and starting from the community is not a bad thing.

What if, WE, the hodlers, start promoting the coin again ?
Twitter, Facebook, LinkedIn, BitcoinTalk signature etc...

I think we need :

1- 2 officials statements about Bitbay: why is it so good? what is the end user value propostion?
-->  it can be done by an expert member here and validated by the devs.
We need 2 statments: 1 statement will be technical, and one for the average joe (simple).
We'll use these as a baseline to write the social media tweets and so.

2a- a short term roadmap for "news" and teasing (don't tease without news...):
Next releases
2b- curators for news and articles. Writers on Medium and Steemit for instance, and their links to resteem and upvote.

3- A structured and synchronized communication:
--> Same Tweets, same Hashtag (#BAY... why not something else like #NextBigCrypto)
--> Same linkedin post for all with hashtag (someone writes one and we copy paste)
--> etc etc..


We probably need a specific topic here or a slack channel to coordinate "off-the line"

Who is in ?
It's time to lift BAY up :-)

All these are great ideas.

I would add to this a few powerful tools we already have.


1. the main board here.... don't dream of underestimating the power of the main alt board.

2. this thread kept on page 1 of the ANN section - that will do more good than you know.


After the next release where the pos % is fixed and the exotic spending is introduced...plus whatever summer surprises were hinted at...

I will create a big thread on the main boad which is feel is justified and not just shilling or spam. It will attract attention.

I would prefer we had a masternode or tiered pos levels to encourage accumulation and holding but I see not many of the community nor david wants this. To me it is the main part missing here since high minting coins with low volume are very prone to churning. Any rise in price is tough when everyone is churning. Hard to get traction or momentum. Dash would be nowhere without its masternode scheme. It may be centralised but has a cap of 100 x bay. Same for pivX people love a number to aim for , people do not like messing with their masternodes every 5 mins. Accumulation and holding. The main part of getting up the cmc ladder to positions of real attention.

However even lacking that I think a  huge thread about bitbay on the main alt board will be very effective and even a small pos reward is better than nothing to make people save.

Another huge jump forward can be by obtaining the backing of a well known person with connections and followers. Bringing bitbay to the attention of someone like this can change a project over night. We need more people with connections involved with bitbay. People who know how to get bitbay inbfront of the right people. It has the capabilities to rival the top 10 projects we need some people to take note of it who can use that knowledge to get it to the top 10.

Self funding is one thing bay lacks compared to other big projects too. This needs to be looked at.

On this forum other than our weekly updates people aren't quite seeing the action going on in private slack channels. However there are several core members on our team (as on our team page on the site) and I get 100s of messages a day. A lot is going on for PR.

The most consistent PR push will be an ongoing Facebook campaign that we will monitor our target markets for results. There is a list of other things and creative ideas are thrown around daily.

Also exciting news to the holders as posted on Slack...

Bitbays first checklocktimeverify transaction

c18a0e7f4ddd6492fa653d9feebea1fdfd64c24b54f7c691383e2ef3852f885d

That is an example of freezing coins

It was only frozen for 10 minutes

https://chainz.cryptoid.info/bay/tx.dws?c18a0e7f4ddd6492fa653d9feebea1fdfd64c24b54f7c691383e2ef3852f885d.htm

Notice the address was "bRuVYS74nhKMX62oV5HqCTfhBGrYEFAsBL"

but the keys used to sign were actually from "bTuZboysrngsaqJvRj4db4CV2Qa21Q5Jcb"
 
It was locked until this timestamp... 1505429979



So just so you guys know, I'm making steady progress with our locking functions! The next update will have a lot of fun types of payments we can send to each other!

It's just as I'm very strict on security I have to always make sure everything is smooth and we make sure parties are notified when they get these types of payments and that they check the scripts.

This is great work david this is a first in crypto is it not?

[cryptohunter]

This coin is amazing, I've seen coins pump for a promise of what BAY already has.
I was very excited to find a coin this cheap, but this part really bummed me out -

How can the freezing/hedging system peg Bay to US$, and how is it possible?
Bay is made to be used by ordinary consumers. They want a currency with a predictable value and without volatility. For example, by deflating the currency, we can make supply match the demand on exchanges. This means we can keep the price equal to a peg price (for example $1). Pegging can be done by controlling supply. By freezing a percentage of the Bay in everyone’s wallet we reduce supply to a level where it meets demand at the price we want.

If coins get frozen then can I still sell them?
In order to allow for a healthy and liquid market, we are considering allowing the sale of reserve coins. However, the condition is, you must lock the coins for 3-6 months and the new buyer will only receive them as reserve. This can allow for new people to enter the market with a long term investment. It may also be useful for large purchases without effecting the price, deposits without using liquid coins or even peer to peer good faith sales or exchange. There are many advantages to frozen assets like lending against them, giving discounts and large swaps.

So it basically takes away the whole beauty of Cryptocurrency. If consumers wanted predictable value determined by small group of people they would not get on this market at first place. We already have predictable USDT.
Plus you are restricting investors to use their coins and they are not allowed to sell it whenever they please.  
Crypto is still in embryo phase and its exciting to watch how it develops and where it can go, and rolling out "Pegging" now, in the wild west, just bores me.

I don't think you are grasping the wider implications of the peg. It will certainly not take away the excitement at all, well not for current investors anyway.

Also I believe there will be no small group deciding anything that is why the voting is there for everyone.

I think the pegging could be enhanced by tiered pos levels already set in regarding amount of bay held and duration of the holding.

I like the pegging but also i think there are more strings to bays cap that that.

I like the decentralised explorer for mobile lite versions of bay and the api and possible side chains, dpos pruning and everything else david is thinking about.

When you have a developer like this then many things become very possible not just dreams and talk bullet points on a white paper that may as well be toilet paper.

Time is our biggest problem but still I think we are quite ahead of many other projects chasing their dream that is our reality.

[legday]

This coin is amazing, I've seen coins pump for a promise of what BAY already has.
I was very excited to find a coin this cheap, but this part really bummed me out -

How can the freezing/hedging system peg Bay to US$, and how is it possible?
Bay is made to be used by ordinary consumers. They want a currency with a predictable value and without volatility. For example, by deflating the currency, we can make supply match the demand on exchanges. This means we can keep the price equal to a peg price (for example $1). Pegging can be done by controlling supply. By freezing a percentage of the Bay in everyone’s wallet we reduce supply to a level where it meets demand at the price we want.

If coins get frozen then can I still sell them?
In order to allow for a healthy and liquid market, we are considering allowing the sale of reserve coins. However, the condition is, you must lock the coins for 3-6 months and the new buyer will only receive them as reserve. This can allow for new people to enter the market with a long term investment. It may also be useful for large purchases without effecting the price, deposits without using liquid coins or even peer to peer good faith sales or exchange. There are many advantages to frozen assets like lending against them, giving discounts and large swaps.

So it basically takes away the whole beauty of Cryptocurrency. If consumers wanted predictable value determined by small group of people they would not get on this market at first place. We already have predictable USDT.
Plus you are restricting investors to use their coins and they are not allowed to sell it whenever they please.  
Crypto is still in embryo phase and its exciting to watch how it develops and where it can go, and rolling out "Pegging" now, in the wild west, just bores me.

I don't think you are grasping the wider implications of the peg. It will certainly not take away the excitement at all, well not for current investors anyway.

Also I believe there will be no small group deciding anything that is why the voting is there for everyone.

I think the pegging could be enhanced by tiered pos levels already set in regarding amount of bay held and duration of the holding.

I like the pegging but also i think there are more strings to bays cap that that.

I like the decentralised explorer for mobile lite versions of bay and the api and possible side chains, dpos pruning and everything else david is thinking about.

When you have a developer like this then many things become very possible not just dreams and talk bullet points on a white paper that may as well be toilet paper.

Time is our biggest problem but still I think we are quite ahead of many other projects chasing their dream that is our reality.

"Not for current investors" thats the keyword. Only reason someone would buy BAY in the future will be solely for purchasing something else. Since coin will no longer be volatile, there is no point to invest with hopes to sell it later for higher price. Also you would need to freeze at least 95% of coins to keep the price at 1$. If marketcap is 20 million right now and you need to bump it up to 1 billion, you have to freeze 98% of coins.
I like other features too, but pegging is something I strongly disagree with. Still invested 10% of what I was thinking to invest. Just to see if I will be proven wrong.

[GiorgosK]

I can't this info in the http://bitbay.market/roadmap
1. is there any web interface planned for the casual users that don't want to keep their computer working all the time ? like a web wallet ?
2. how can we convince more businesses to post their offers on the bitbay market ?
3. Is there going to be an API for plugins/widget to be build on top of bitbay ?

[cryptohunter]

This coin is amazing, I've seen coins pump for a promise of what BAY already has.
I was very excited to find a coin this cheap, but this part really bummed me out -

How can the freezing/hedging system peg Bay to US$, and how is it possible?
Bay is made to be used by ordinary consumers. They want a currency with a predictable value and without volatility. For example, by deflating the currency, we can make supply match the demand on exchanges. This means we can keep the price equal to a peg price (for example $1). Pegging can be done by controlling supply. By freezing a percentage of the Bay in everyone’s wallet we reduce supply to a level where it meets demand at the price we want.

If coins get frozen then can I still sell them?
In order to allow for a healthy and liquid market, we are considering allowing the sale of reserve coins. However, the condition is, you must lock the coins for 3-6 months and the new buyer will only receive them as reserve. This can allow for new people to enter the market with a long term investment. It may also be useful for large purchases without effecting the price, deposits without using liquid coins or even peer to peer good faith sales or exchange. There are many advantages to frozen assets like lending against them, giving discounts and large swaps.

So it basically takes away the whole beauty of Cryptocurrency. If consumers wanted predictable value determined by small group of people they would not get on this market at first place. We already have predictable USDT.
Plus you are restricting investors to use their coins and they are not allowed to sell it whenever they please.  
Crypto is still in embryo phase and its exciting to watch how it develops and where it can go, and rolling out "Pegging" now, in the wild west, just bores me.

I don't think you are grasping the wider implications of the peg. It will certainly not take away the excitement at all, well not for current investors anyway.

Also I believe there will be no small group deciding anything that is why the voting is there for everyone.

I think the pegging could be enhanced by tiered pos levels already set in regarding amount of bay held and duration of the holding.

I like the pegging but also i think there are more strings to bays cap that that.

I like the decentralised explorer for mobile lite versions of bay and the api and possible side chains, dpos pruning and everything else david is thinking about.

When you have a developer like this then many things become very possible not just dreams and talk bullet points on a white paper that may as well be toilet paper.

Time is our biggest problem but still I think we are quite ahead of many other projects chasing their dream that is our reality.

"Not for current investors" thats the keyword. Only reason someone would buy BAY in the future will be solely for purchasing something else. Since coin will no longer be volatile, there is no point to invest with hopes to sell it later for higher price. Also you would need to freeze at least 95% of coins to keep the price at 1$. If marketcap is 20 million right now and you need to bump it up to 1 billion, you have to freeze 98% of coins.
I like other features too, but pegging is something I strongly disagree with. Still invested 10% of what I was thinking to invest. Just to see if I will be proven wrong.

I believe the pegging will never be used to bring 20M to 1BN in one big jump that simply would not work out at all. Like you say 98% having their coins locked forever would not go down well. I guess it will be vetted on demand at the time.

The peg is very complex and I was told it can be used to create huge pumps and even dumps if it was required. I mean it would be able to magnify market sentiments.

However, yes the pegging in times of extreme volatile market conditions could be briefly activated to ride out the storm.

To be 100% honest I am not sure exactly how it works but I am guessing nobody will vote bay to be dumped since the voters are bay holders.

Even if the peg was able to flatten troughs and spikes better than any other coin I expect the uptake of a very stable decentralised trustless currency would attract many more vendors than any other CC. Therefore just the adoption and uptake on a mere 1BN tokens could have a huge positive value increase.

Like yourself (maybe because I don't understand it fully) I don't think it is the best of bays features merely another string to its bow.

I like (maybe because i find the simple concept easier to understand) the idea of tiered pos levels depending on amount and duration of bay held much more likely to cause price stability and over all increase.

I'm sure david will reply soon to explain how the pegging works exactly and my idea about it is perhaps not correct.

[dzimbeck]

Yes your impression of the peg is correct. It can be used to track a price or it can be used to increase or decrease volatility. Since users would now have control over the supply being able to freeze and unfreeze based on the collective will of holders and the algorithm. Also the ability to trade frozen coins will make a secondary market. So yeah to be honest it really depends on the strategy used by investors, how we design the automated algorithm and how much strength we give users votes.

[cr197]

To be 100% honest I am not sure exactly how it works but I am guessing nobody will vote bay to be dumped since the voters are bay holders.

I not afraid to admit I will vote to dump it when BTC hits a strong bull rally - based on the hopes to scoop up cheap Bay before the impending BTC bull rally corrects itself and the masses turn their eyes on Bay to protect their profits.

People will think they need to get out of Bay to ride the BTC bull. All the while I will try to hoard Bay cheap so I can sell it back to them at a guaranteed profit when they abandon ship on BTC.

The power of compounding ROI   

[cryptohunter]

To be 100% honest I am not sure exactly how it works but I am guessing nobody will vote bay to be dumped since the voters are bay holders.

I not afraid to admit I will vote to dump it when BTC hits a strong bull rally - based on the hopes to scoop up cheap Bay before the impending BTC bull rally corrects itself and the masses turn their eyes on Bay to protect their profits.

People will think they need to get out of Bay to ride the BTC bull. All the while I will try to hoard Bay cheap so I can sell it back to them at a guaranteed profit when they abandon ship on BTC.

The power of compounding ROI   

Ha that would work actually.... let's hope we all discuss these things on thread so we can get our voting powers together

[legday]

This coin is amazing, I've seen coins pump for a promise of what BAY already has.
I was very excited to find a coin this cheap, but this part really bummed me out -

How can the freezing/hedging system peg Bay to US$, and how is it possible?
Bay is made to be used by ordinary consumers. They want a currency with a predictable value and without volatility. For example, by deflating the currency, we can make supply match the demand on exchanges. This means we can keep the price equal to a peg price (for example $1). Pegging can be done by controlling supply. By freezing a percentage of the Bay in everyone’s wallet we reduce supply to a level where it meets demand at the price we want.

If coins get frozen then can I still sell them?
In order to allow for a healthy and liquid market, we are considering allowing the sale of reserve coins. However, the condition is, you must lock the coins for 3-6 months and the new buyer will only receive them as reserve. This can allow for new people to enter the market with a long term investment. It may also be useful for large purchases without effecting the price, deposits without using liquid coins or even peer to peer good faith sales or exchange. There are many advantages to frozen assets like lending against them, giving discounts and large swaps.

So it basically takes away the whole beauty of Cryptocurrency. If consumers wanted predictable value determined by small group of people they would not get on this market at first place. We already have predictable USDT.
Plus you are restricting investors to use their coins and they are not allowed to sell it whenever they please.  
Crypto is still in embryo phase and its exciting to watch how it develops and where it can go, and rolling out "Pegging" now, in the wild west, just bores me.

I don't think you are grasping the wider implications of the peg. It will certainly not take away the excitement at all, well not for current investors anyway.

Also I believe there will be no small group deciding anything that is why the voting is there for everyone.

I think the pegging could be enhanced by tiered pos levels already set in regarding amount of bay held and duration of the holding.

I like the pegging but also i think there are more strings to bays cap that that.

I like the decentralised explorer for mobile lite versions of bay and the api and possible side chains, dpos pruning and everything else david is thinking about.

When you have a developer like this then many things become very possible not just dreams and talk bullet points on a white paper that may as well be toilet paper.

Time is our biggest problem but still I think we are quite ahead of many other projects chasing their dream that is our reality.

"Not for current investors" thats the keyword. Only reason someone would buy BAY in the future will be solely for purchasing something else. Since coin will no longer be volatile, there is no point to invest with hopes to sell it later for higher price. Also you would need to freeze at least 95% of coins to keep the price at 1$. If marketcap is 20 million right now and you need to bump it up to 1 billion, you have to freeze 98% of coins.
I like other features too, but pegging is something I strongly disagree with. Still invested 10% of what I was thinking to invest. Just to see if I will be proven wrong.

I believe the pegging will never be used to bring 20M to 1BN in one big jump that simply would not work out at all. Like you say 98% having their coins locked forever would not go down well. I guess it will be vetted on demand at the time.

The peg is very complex and I was told it can be used to create huge pumps and even dumps if it was required. I mean it would be able to magnify market sentiments.

However, yes the pegging in times of extreme volatile market conditions could be briefly activated to ride out the storm.

To be 100% honest I am not sure exactly how it works but I am guessing nobody will vote bay to be dumped since the voters are bay holders.

Even if the peg was able to flatten troughs and spikes better than any other coin I expect the uptake of a very stable decentralised trustless currency would attract many more vendors than any other CC. Therefore just the adoption and uptake on a mere 1BN tokens could have a huge positive value increase.

Like yourself (maybe because I don't understand it fully) I don't think it is the best of bays features merely another string to its bow.

I like (maybe because i find the simple concept easier to understand) the idea of tiered pos levels depending on amount and duration of bay held much more likely to cause price stability and over all increase.

I'm sure david will reply soon to explain how the pegging works exactly and my idea about it is perhaps not correct.

The problem is, whatever price you set for bay, it won't matter for current investors. result is all the same. Whether you make 20M to 1BN jump and freeze 98% of the coins, or 20M to 40M and freeze 50% of the coins. That remaining 50% will have exact value as remaining 2% and value will decrease overtime because coin is not backed up by anything (unlike USDT) other than demand, and the whole point is, there is going to be less demand if BAY has fixed price.

[dzimbeck]

This coin is amazing, I've seen coins pump for a promise of what BAY already has.
I was very excited to find a coin this cheap, but this part really bummed me out -

How can the freezing/hedging system peg Bay to US$, and how is it possible?
Bay is made to be used by ordinary consumers. They want a currency with a predictable value and without volatility. For example, by deflating the currency, we can make supply match the demand on exchanges. This means we can keep the price equal to a peg price (for example $1). Pegging can be done by controlling supply. By freezing a percentage of the Bay in everyone’s wallet we reduce supply to a level where it meets demand at the price we want.

If coins get frozen then can I still sell them?
In order to allow for a healthy and liquid market, we are considering allowing the sale of reserve coins. However, the condition is, you must lock the coins for 3-6 months and the new buyer will only receive them as reserve. This can allow for new people to enter the market with a long term investment. It may also be useful for large purchases without effecting the price, deposits without using liquid coins or even peer to peer good faith sales or exchange. There are many advantages to frozen assets like lending against them, giving discounts and large swaps.

So it basically takes away the whole beauty of Cryptocurrency. If consumers wanted predictable value determined by small group of people they would not get on this market at first place. We already have predictable USDT.
Plus you are restricting investors to use their coins and they are not allowed to sell it whenever they please.  
Crypto is still in embryo phase and its exciting to watch how it develops and where it can go, and rolling out "Pegging" now, in the wild west, just bores me.

I don't think you are grasping the wider implications of the peg. It will certainly not take away the excitement at all, well not for current investors anyway.

Also I believe there will be no small group deciding anything that is why the voting is there for everyone.

I think the pegging could be enhanced by tiered pos levels already set in regarding amount of bay held and duration of the holding.

I like the pegging but also i think there are more strings to bays cap that that.

I like the decentralised explorer for mobile lite versions of bay and the api and possible side chains, dpos pruning and everything else david is thinking about.

When you have a developer like this then many things become very possible not just dreams and talk bullet points on a white paper that may as well be toilet paper.

Time is our biggest problem but still I think we are quite ahead of many other projects chasing their dream that is our reality.

"Not for current investors" thats the keyword. Only reason someone would buy BAY in the future will be solely for purchasing something else. Since coin will no longer be volatile, there is no point to invest with hopes to sell it later for higher price. Also you would need to freeze at least 95% of coins to keep the price at 1$. If marketcap is 20 million right now and you need to bump it up to 1 billion, you have to freeze 98% of coins.
I like other features too, but pegging is something I strongly disagree with. Still invested 10% of what I was thinking to invest. Just to see if I will be proven wrong.

I believe the pegging will never be used to bring 20M to 1BN in one big jump that simply would not work out at all. Like you say 98% having their coins locked forever would not go down well. I guess it will be vetted on demand at the time.

The peg is very complex and I was told it can be used to create huge pumps and even dumps if it was required. I mean it would be able to magnify market sentiments.

However, yes the pegging in times of extreme volatile market conditions could be briefly activated to ride out the storm.

To be 100% honest I am not sure exactly how it works but I am guessing nobody will vote bay to be dumped since the voters are bay holders.

Even if the peg was able to flatten troughs and spikes better than any other coin I expect the uptake of a very stable decentralised trustless currency would attract many more vendors than any other CC. Therefore just the adoption and uptake on a mere 1BN tokens could have a huge positive value increase.

Like yourself (maybe because I don't understand it fully) I don't think it is the best of bays features merely another string to its bow.

I like (maybe because i find the simple concept easier to understand) the idea of tiered pos levels depending on amount and duration of bay held much more likely to cause price stability and over all increase.

I'm sure david will reply soon to explain how the pegging works exactly and my idea about it is perhaps not correct.

The problem is, whatever price you set for bay, it won't matter for current investors. result is all the same. Whether you make 20M to 1BN jump and freeze 98% of the coins, or 20M to 40M and freeze 50% of the coins. That remaining 50% will have exact value as remaining 2% and value will decrease overtime because coin is not backed up by anything (unlike USDT) other than demand, and the whole point is, there is going to be less demand if BAY has fixed price.

No it won't have a fixed price. It's price is determined by supply and demand.

If the supply is low and the demand is high, the price will rise. Period.

If you have 40M and 20M don't assume the price or marketcap will be the same. Because at half the supply it will be cheaper to buy up the liquid coins. The total marketcap would be the same but the price would potentially be double or more.

Example, if you have 40M coins at $1 and you go down 50% to 20M then you have less liquid coins. At the exact same level of demand price could go to $2 at 20M

Thus the marketcap of liquid coins might not change(but it could) and the price would most likely double(but it can certainly go higher). In this case it means you sell half your coins for the same value you would have sold all of your coins. The rest of your coins you hold in reserve in case demand increases etc.

So no, this is not a fixed price whatsoever.

The community simply has more control over the supply and we can use algorithms to achieve our goals as well.

[legday]

This coin is amazing, I've seen coins pump for a promise of what BAY already has.
I was very excited to find a coin this cheap, but this part really bummed me out -

How can the freezing/hedging system peg Bay to US$, and how is it possible?
Bay is made to be used by ordinary consumers. They want a currency with a predictable value and without volatility. For example, by deflating the currency, we can make supply match the demand on exchanges. This means we can keep the price equal to a peg price (for example $1). Pegging can be done by controlling supply. By freezing a percentage of the Bay in everyone’s wallet we reduce supply to a level where it meets demand at the price we want.

If coins get frozen then can I still sell them?
In order to allow for a healthy and liquid market, we are considering allowing the sale of reserve coins. However, the condition is, you must lock the coins for 3-6 months and the new buyer will only receive them as reserve. This can allow for new people to enter the market with a long term investment. It may also be useful for large purchases without effecting the price, deposits without using liquid coins or even peer to peer good faith sales or exchange. There are many advantages to frozen assets like lending against them, giving discounts and large swaps.

So it basically takes away the whole beauty of Cryptocurrency. If consumers wanted predictable value determined by small group of people they would not get on this market at first place. We already have predictable USDT.
Plus you are restricting investors to use their coins and they are not allowed to sell it whenever they please.  
Crypto is still in embryo phase and its exciting to watch how it develops and where it can go, and rolling out "Pegging" now, in the wild west, just bores me.

I don't think you are grasping the wider implications of the peg. It will certainly not take away the excitement at all, well not for current investors anyway.

Also I believe there will be no small group deciding anything that is why the voting is there for everyone.

I think the pegging could be enhanced by tiered pos levels already set in regarding amount of bay held and duration of the holding.

I like the pegging but also i think there are more strings to bays cap that that.

I like the decentralised explorer for mobile lite versions of bay and the api and possible side chains, dpos pruning and everything else david is thinking about.

When you have a developer like this then many things become very possible not just dreams and talk bullet points on a white paper that may as well be toilet paper.

Time is our biggest problem but still I think we are quite ahead of many other projects chasing their dream that is our reality.

"Not for current investors" thats the keyword. Only reason someone would buy BAY in the future will be solely for purchasing something else. Since coin will no longer be volatile, there is no point to invest with hopes to sell it later for higher price. Also you would need to freeze at least 95% of coins to keep the price at 1$. If marketcap is 20 million right now and you need to bump it up to 1 billion, you have to freeze 98% of coins.
I like other features too, but pegging is something I strongly disagree with. Still invested 10% of what I was thinking to invest. Just to see if I will be proven wrong.

I believe the pegging will never be used to bring 20M to 1BN in one big jump that simply would not work out at all. Like you say 98% having their coins locked forever would not go down well. I guess it will be vetted on demand at the time.

The peg is very complex and I was told it can be used to create huge pumps and even dumps if it was required. I mean it would be able to magnify market sentiments.

However, yes the pegging in times of extreme volatile market conditions could be briefly activated to ride out the storm.

To be 100% honest I am not sure exactly how it works but I am guessing nobody will vote bay to be dumped since the voters are bay holders.

Even if the peg was able to flatten troughs and spikes better than any other coin I expect the uptake of a very stable decentralised trustless currency would attract many more vendors than any other CC. Therefore just the adoption and uptake on a mere 1BN tokens could have a huge positive value increase.

Like yourself (maybe because I don't understand it fully) I don't think it is the best of bays features merely another string to its bow.

I like (maybe because i find the simple concept easier to understand) the idea of tiered pos levels depending on amount and duration of bay held much more likely to cause price stability and over all increase.

I'm sure david will reply soon to explain how the pegging works exactly and my idea about it is perhaps not correct.

The problem is, whatever price you set for bay, it won't matter for current investors. result is all the same. Whether you make 20M to 1BN jump and freeze 98% of the coins, or 20M to 40M and freeze 50% of the coins. That remaining 50% will have exact value as remaining 2% and value will decrease overtime because coin is not backed up by anything (unlike USDT) other than demand, and the whole point is, there is going to be less demand if BAY has fixed price.

No it won't have a fixed price. It's price is determined by supply and demand.

If the supply is low and the demand is high, the price will rise. Period.

If you have 40M and 20M don't assume the price or marketcap will be the same. Because at half the supply it will be cheaper to buy up the liquid coins. The total marketcap would be the same but the price would potentially be double or more.

Example, if you have 40M coins at $1 and you go down 50% to 20M then you have less liquid coins. At the exact same level of demand price could go to $2 at 20M

Thus the marketcap of liquid coins might not change(but it could) and the price would most likely double(but it can certainly go higher). In this case it means you sell half your coins for the same value you would have sold all of your coins. The rest of your coins you hold in reserve in case demand increases etc.

So no, this is not a fixed price whatsoever.

The community simply has more control over the supply and we can use algorithms to achieve our goals as well.

Okay. Please explain this to me then. You either say that coin is stable or say that it is not. You can't have both. Now, if BAY's price will  increase if there is higher demand, then it will decrease when there is lower demand. Period. If thats the case, whats the point of pegging? whats the point of freezing coins? Your point is, if there is a less demand you freeze more coins to maintain the price, but in reality, you will have to freeze more and more coins if there is a less and less demand and I get less and less real value from my accessible coins anyway. Its like a robbing a Peter to pay Paul.

Edit: What you do is, deny the smart traders, who can foresee that BAYS price will drop, opportunity to sell it all when its most profitable.

[dzimbeck]

This coin is amazing, I've seen coins pump for a promise of what BAY already has.
I was very excited to find a coin this cheap, but this part really bummed me out -

How can the freezing/hedging system peg Bay to US$, and how is it possible?
Bay is made to be used by ordinary consumers. They want a currency with a predictable value and without volatility. For example, by deflating the currency, we can make supply match the demand on exchanges. This means we can keep the price equal to a peg price (for example $1). Pegging can be done by controlling supply. By freezing a percentage of the Bay in everyone’s wallet we reduce supply to a level where it meets demand at the price we want.

If coins get frozen then can I still sell them?
In order to allow for a healthy and liquid market, we are considering allowing the sale of reserve coins. However, the condition is, you must lock the coins for 3-6 months and the new buyer will only receive them as reserve. This can allow for new people to enter the market with a long term investment. It may also be useful for large purchases without effecting the price, deposits without using liquid coins or even peer to peer good faith sales or exchange. There are many advantages to frozen assets like lending against them, giving discounts and large swaps.

So it basically takes away the whole beauty of Cryptocurrency. If consumers wanted predictable value determined by small group of people they would not get on this market at first place. We already have predictable USDT.
Plus you are restricting investors to use their coins and they are not allowed to sell it whenever they please.  
Crypto is still in embryo phase and its exciting to watch how it develops and where it can go, and rolling out "Pegging" now, in the wild west, just bores me.

I don't think you are grasping the wider implications of the peg. It will certainly not take away the excitement at all, well not for current investors anyway.

Also I believe there will be no small group deciding anything that is why the voting is there for everyone.

I think the pegging could be enhanced by tiered pos levels already set in regarding amount of bay held and duration of the holding.

I like the pegging but also i think there are more strings to bays cap that that.

I like the decentralised explorer for mobile lite versions of bay and the api and possible side chains, dpos pruning and everything else david is thinking about.

When you have a developer like this then many things become very possible not just dreams and talk bullet points on a white paper that may as well be toilet paper.

Time is our biggest problem but still I think we are quite ahead of many other projects chasing their dream that is our reality.

"Not for current investors" thats the keyword. Only reason someone would buy BAY in the future will be solely for purchasing something else. Since coin will no longer be volatile, there is no point to invest with hopes to sell it later for higher price. Also you would need to freeze at least 95% of coins to keep the price at 1$. If marketcap is 20 million right now and you need to bump it up to 1 billion, you have to freeze 98% of coins.
I like other features too, but pegging is something I strongly disagree with. Still invested 10% of what I was thinking to invest. Just to see if I will be proven wrong.

I believe the pegging will never be used to bring 20M to 1BN in one big jump that simply would not work out at all. Like you say 98% having their coins locked forever would not go down well. I guess it will be vetted on demand at the time.

The peg is very complex and I was told it can be used to create huge pumps and even dumps if it was required. I mean it would be able to magnify market sentiments.

However, yes the pegging in times of extreme volatile market conditions could be briefly activated to ride out the storm.

To be 100% honest I am not sure exactly how it works but I am guessing nobody will vote bay to be dumped since the voters are bay holders.

Even if the peg was able to flatten troughs and spikes better than any other coin I expect the uptake of a very stable decentralised trustless currency would attract many more vendors than any other CC. Therefore just the adoption and uptake on a mere 1BN tokens could have a huge positive value increase.

Like yourself (maybe because I don't understand it fully) I don't think it is the best of bays features merely another string to its bow.

I like (maybe because i find the simple concept easier to understand) the idea of tiered pos levels depending on amount and duration of bay held much more likely to cause price stability and over all increase.

I'm sure david will reply soon to explain how the pegging works exactly and my idea about it is perhaps not correct.

The problem is, whatever price you set for bay, it won't matter for current investors. result is all the same. Whether you make 20M to 1BN jump and freeze 98% of the coins, or 20M to 40M and freeze 50% of the coins. That remaining 50% will have exact value as remaining 2% and value will decrease overtime because coin is not backed up by anything (unlike USDT) other than demand, and the whole point is, there is going to be less demand if BAY has fixed price.

No it won't have a fixed price. It's price is determined by supply and demand.

If the supply is low and the demand is high, the price will rise. Period.

If you have 40M and 20M don't assume the price or marketcap will be the same. Because at half the supply it will be cheaper to buy up the liquid coins. The total marketcap would be the same but the price would potentially be double or more.

Example, if you have 40M coins at $1 and you go down 50% to 20M then you have less liquid coins. At the exact same level of demand price could go to $2 at 20M

Thus the marketcap of liquid coins might not change(but it could) and the price would most likely double(but it can certainly go higher). In this case it means you sell half your coins for the same value you would have sold all of your coins. The rest of your coins you hold in reserve in case demand increases etc.

So no, this is not a fixed price whatsoever.

The community simply has more control over the supply and we can use algorithms to achieve our goals as well.

Okay. Please explain this to me then. You either say that coin is stable or say that it is not. You can't have both. Now, if BAY's price will  increase if there is higher demand, then it will decrease when there is lower demand. Period. If thats the case, whats the point of pegging? whats the point of freezing coins? Your point is, if there is a less demand you freeze more coins to maintain the price, but in reality, you will have to freeze more and more coins if there is a less and less demand and I get less and less real value from my accessible coins anyway. Its like a robbing a Peter to pay Paul.

Edit: What you do is, deny the smart traders, who can foresee that BAYS price will drop, opportunity to sell it all when its most profitable.

No you are way off base there. We will stabilize the price and the supply would be determined by the community. This system can be used to make a hard peg by also allowing interest rates to increase and base the entire thing off of a cold algorithm. However it can be used to make a "rolling peg" or more or less like a crawling peg in economics. It will get rid of the volatility during massive price crashes and let us deflate aka freeze to defend against it. Then when volume rises and price increases too high because it's being aggressively pumped we would inflate to punish the pumpers for going beyond what the market supports.

So the truth is, it gets rid of the market makers and manipulators and instead price is controlled simply by technology.

But perhaps the best proof is in the pudding. Watch and see. I'm known for delivering on my word.

By using a combination of automated algorithms and community vote we can really hone in on the price that meets the demand. If our supply was always set to be equal to the demand we would see the kind of stability you are thinking of.

But let me also paint another picture. Let's say we do aggressive rate changes and force it as a hard peg. So all our coins end up being worth $1 but to do it, it freezes like 90%. Even so, you are forgetting the fact that as demand rises it would inflate to release more coins. So just because you were only able to sell 10% of your holdings doesn't mean you won't also be able to sell the other 90% when the market matures and demand increases.

And even if we chose a fixed algo (which I'm definitely not recommending because in my opinion the dollar is weak) ... even with a fixed algorithm we can "roll" the peg upwards going from 1 dollar to 2 over the course of a year for example.

It's just trail and error, the good ol' fashioned scientific method. And in some ways also an art form to really decide what will make investors and users happy. Although we can't expect to make everyone happy but I can assure you this is what Bitcoin was supposed to be "programmable money" and we are doing just that. Programming money.

[cryptohunter]

The pegging I feel is very useful for preventing out and out crashes. I think it should actually be an auto algo that recognises any huge price dumps and activates on its own

I do not really like the idea of it preventing or smoothing spikes though since this is indeed the excitement crypto traders like and are excited by.

It is a difficult one to really understand fully and i agree will be trial and error but still an amazing feature to have no doubt.

However, i believe tiered POS levels for locking up coins would be even more useful and have an even more powerful effect. So for example people will never be prevented from selling their coins in real time but will be motivated not to do so because their very nice POS rates they have achieved for accumulating and holding so many bay for such an extended period.

It should be a sliding scale and people will be simply incentivised to buy and hold and stake and decentivised from dumping since even more complex pos rules could be introduced for unloading rates over certaiin time periods.

This I promise is the last time I will mention this though since i am either incorrect in believing this is a fantastic idea or others are incorrect in believing it is not.

I see little community discussion or interest in the idea anytime I mention it.  I believe this would be a fantastic and very powerful feature.

[dzimbeck]

Perhaps, but we should follow the roadmap because we already have a lot of great features on the way

[Munti]

I do not really like the idea of it preventing or smoothing spikes though since this is indeed the excitement crypto traders like and are excited by.

If the purpose of making Bay was to give traders something to play around with, you would have a point. But that's not what we are here for. Let the other coins play the p&d games. We are building this for mass adoption, and you can't get that with the volatility that crypto is known for.

Edit: That said, I believe the peg will give some very interesting opportunities for traders.

[R-J-F]

I do not really like the idea of it preventing or smoothing spikes though since this is indeed the excitement crypto traders like and are excited by.

If the purpose of making Bay was to give traders something to play around with, you would have a point. But that's not what we are here for. Let the other coins play the p&d games. We are building this for mass adoption, and you can't get that with the volatility that crypto is known for.

Edit: That said, I believe the peg will give some very interesting opportunities for traders.

Good observation, I agree, even Tether goes up and down. People will still trade, maybe even more since there is less chance of loosing their profits in the next dump. It's interesting that's for sure!