BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[vlom]

thank you very much. will test it with a small amount of coins.
can the keys be used in the client too?

[1714686209]

1714686209

[1714686209]

1714686209

[1714686209]

1714686209

[1714686209]

1714686209

[free-bit.co.in]

** RELEASE ANNOUNCEMENT **

The new BitBay web wallet is online now! Designed for speed, simplicity and security, this new wallet is a new way for you to send, receive and store your $BAY.

Check it out here: https://wallet.bitbay.market

Awesome job!

[00cryptomaniac00]

good job for the web wallet..
but there's a lot who's selling that makes the market down.. dont know why keeps on dumping..

[lijoe408]

good job for the web wallet..
but there's a lot who's selling that makes the market down.. dont know why keeps on dumping..

There's always going to be inevitable profit taking after a big rise.  It's just consolidation.  Just a few weeks ago we were at 100k volume and 2 cents.  If we hold above 1M volume and 5 cents then it's a win in my book.

[cryptohunter]

good job for the web wallet..
but there's a lot who's selling that makes the market down.. dont know why keeps on dumping..

churning scoundrels .... more than likely those who were smart enough to buy a ton at 300-400 recently and are now hoping to scare weak hands so they can repeat at a slightly higher range.

although its always an opportunity to bang more free btc into bitbay so shouldnt complain

[Figatko]

I'm sure there's a bot working on bittrex and it accumulates a huge amount of bays. It caused the price rise. But I don't understand how such things work, what is the strategy.
Is this bot buying bays for some whale to hold? Or is it just speculation and it knows how to buy and sell having some profit?
I also noticed that somebody heavily buys bays for a long time, half a year I suppose. Is it one person, the same that runs bot? If so, somebody have big part of bays.

[danielwwt]

good job for the web wallet..
but there's a lot who's selling that makes the market down.. dont know why keeps on dumping..

haha, it's an opportunity to buy more.

Thanking to buy a bit more. 

[cryptohunter]

I'm sure there's a bot working on bittrex and it accumulates a huge amount of bays. It caused the price rise. But I don't understand how such things work, what is the strategy.
Is this bot buying bays for some whale to hold? Or is it just speculation and it knows how to buy and sell having some profit?
I also noticed that somebody heavily buys bays for a long time, half a year I suppose. Is it one person, the same that runs bot? If so, somebody have big part of bays.

The strategy is to accumulate a lot more bays and also make btc on the way. It works too. The are constantly churning in different ranges. Very smart trader who thrives off of those that are not long term holders and believers in bitbay.

Buy hold don't let them have you coins cheap. One time someone bigger is going to take a huge bite of their bays and not give them back cheaper. I cant wait for that to happen. One of their huge sell walls will get devoured by a larger whale who knows to hold this past 10k sats or greater.

[bribed]

BitBay is a realy neat idea. I am certainly for a free market without boundaries oppresed by governments. But this also brings risks with it. Will BitBay operate in plain sight? If so, wouldnt it be a thread for users and sellers if they break the law in their countries to access the website and do stuff on there? I mean officials can survey whats happening online right?

[cryptohunter]

BitBay is a realy neat idea. I am certainly for a free market without boundaries oppresed by governments. But this also brings risks with it. Will BitBay operate in plain sight? If so, wouldnt it be a thread for users and sellers if they break the law in their countries to access the website and do stuff on there? I mean officials can survey whats happening online right?

it is a decentralised market place with no single point of accountability. Yes if you are a user selling stuff you shouldnt you are accountable and if traced you could be fined or punished according to the country you live in.

I don't see how this is an issue. If you do something illegal and get busted thats the risk you take.

Bitbay i think can already run through tor so if they wish to try and hide they can but thats their call.

Dark markets for all things will always exist in some form or other you can never stop them.

Bitbay is aiming at a legitimate market place (but to me that is one tiny use case for bitbay)

[dzimbeck]

BitBay is a realy neat idea. I am certainly for a free market without boundaries oppresed by governments. But this also brings risks with it. Will BitBay operate in plain sight? If so, wouldnt it be a thread for users and sellers if they break the law in their countries to access the website and do stuff on there? I mean officials can survey whats happening online right?

This has been covered before in several posts. We ask users not to do that (despite the fact that they do so at their own risk). Doing so prevents commercialization of the powerful ideas it portrays. Despite it being decentralized it is somewhat self-moderated. There is a mod key which is shared among dedicated noble users, anyone can use that key. It's not censored per se (no more than one could censor Bitcoin or uTorrent) but it's more of a fail safe because we can't anticipate the future or what will be requested of whoever is coding this at whatever given moment. If something is on the markets that shouldn't be there is brought to the attention of the community it would probably get removed although it's a volunteer system and the team or investors shouldn't be expected to be responsible because indeed it is peer to peer (how can anyone possible moderate the entire internet). So yeah in our disclaimer, we tell people it's simply a protocol that is peer to peer, we don't encourage anything that would get anyone hurt and hope to see the concepts of decentralization become popularized. Just like on uTorrent, if you share an illegal torrent it's the person sharing that gets in trouble not the programmers since they don't endorse that, they simply make peer to peer software. Also Bitmessage requires a little bit of proof of work, so spamming it is not easy.

[dzimbeck]

BitBay is a realy neat idea. I am certainly for a free market without boundaries oppresed by governments. But this also brings risks with it. Will BitBay operate in plain sight? If so, wouldnt it be a thread for users and sellers if they break the law in their countries to access the website and do stuff on there? I mean officials can survey whats happening online right?

it is a decentralised market place with no single point of accountability. Yes if you are a user selling stuff you shouldnt you are accountable and if traced you could be fined or punished according to the country you live in.

I don't see how this is an issue. If you do something illegal and get busted thats the risk you take.

Bitbay i think can already run through tor so if they wish to try and hide they can but thats their call.

Dark markets for all things will always exist in some form or other you can never stop them.

Bitbay is aiming at a legitimate market place (but to me that is one tiny use case for bitbay)

Great response maybe even better than mine lol... yeah I think TOR can be tracked actually by controlling exit nodes but maybe the devs would argue otherwise. It is a bad idea to use TOR+Bitmessage or TOR+Bitcoin because it makes triangulating your IP easier supposedly. That is why we recommend only TOR for URL requests.

Also I think Bitmessage is superior to TOR in some ways because to subscribe to a market you share a decryption key and nobody can possibly know you hold that key. And since messages are passed around to everyone and only kept for 2 days people keep passing messages and make it almost impossible to know who sent it. Although it's possible maybe to control a ton of nodes and figure it out?! The suspicion would be speculative as messages hop from node to node anyways. I've yet to see an attack that compromises it.

[bribed]

it is a decentralised market place with no single point of accountability. Yes if you are a user selling stuff you shouldnt you are accountable and if traced you could be fined or punished according to the country you live in.

I don't see how this is an issue. If you do something illegal and get busted thats the risk you take.

Bitbay i think can already run through tor so if they wish to try and hide they can but thats their call.

Dark markets for all things will always exist in some form or other you can never stop them.

Bitbay is aiming at a legitimate market place (but to me that is one tiny use case for bitbay)

This has been covered before in several posts. We ask users not to do that (despite the fact that they do so at their own risk). Doing so prevents commercialization of the powerful ideas it portrays. Despite it being decentralized it is somewhat self-moderated. There is a mod key which is shared among dedicated noble users, anyone can use that key. It's not censored per se (no more than one could censor Bitcoin or uTorrent) but it's more of a fail safe because we can't anticipate the future or what will be requested of whoever is coding this at whatever given moment. If something is on the markets that shouldn't be there is brought to the attention of the community it would probably get removed although it's a volunteer system and the team or investors shouldn't be expected to be responsible because indeed it is peer to peer (how can anyone possible moderate the entire internet). So yeah in our disclaimer, we tell people it's simply a protocol that is peer to peer, we don't encourage anything that would get anyone hurt and hope to see the concepts of decentralization become popularized. Just like on uTorrent, if you share an illegal torrent it's the person sharing that gets in trouble not the programmers since they don't endorse that, they simply make peer to peer software. Also Bitmessage requires a little bit of proof of work, so spamming it is not easy.

Thanks a lot for those reasonable answers guys, helped me a lot. That cleared it up. First of all I am not aiming at doing anything illegal on BitBay, the question was rather meant in means of: will people that do stuff that is illegal in their legislation, but should not be in a free market, will be easily be trackable by their governments or not. I am not pro with those things and have no knowledge about Tor, VPN, staying anonymous in the net etc, but I also believe that its certain that those dark markets will exist in some form in any way. So I understood that BitBay will be a legit, boundary free marketplace, with a strong community that keeps an eye out for illicit things. I love the idea of the mod key!
Can you, cryptohunter, tell me what other use cases you see in BitBay as the marketplace is only a tiny one for you?

[cryptohunter]

it is a decentralised market place with no single point of accountability. Yes if you are a user selling stuff you shouldnt you are accountable and if traced you could be fined or punished according to the country you live in.

I don't see how this is an issue. If you do something illegal and get busted thats the risk you take.

Bitbay i think can already run through tor so if they wish to try and hide they can but thats their call.

Dark markets for all things will always exist in some form or other you can never stop them.

Bitbay is aiming at a legitimate market place (but to me that is one tiny use case for bitbay)

This has been covered before in several posts. We ask users not to do that (despite the fact that they do so at their own risk). Doing so prevents commercialization of the powerful ideas it portrays. Despite it being decentralized it is somewhat self-moderated. There is a mod key which is shared among dedicated noble users, anyone can use that key. It's not censored per se (no more than one could censor Bitcoin or uTorrent) but it's more of a fail safe because we can't anticipate the future or what will be requested of whoever is coding this at whatever given moment. If something is on the markets that shouldn't be there is brought to the attention of the community it would probably get removed although it's a volunteer system and the team or investors shouldn't be expected to be responsible because indeed it is peer to peer (how can anyone possible moderate the entire internet). So yeah in our disclaimer, we tell people it's simply a protocol that is peer to peer, we don't encourage anything that would get anyone hurt and hope to see the concepts of decentralization become popularized. Just like on uTorrent, if you share an illegal torrent it's the person sharing that gets in trouble not the programmers since they don't endorse that, they simply make peer to peer software. Also Bitmessage requires a little bit of proof of work, so spamming it is not easy.

Thanks a lot for those reasonable answers guys, helped me a lot. That cleared it up. First of all I am not aiming at doing anything illegal on BitBay, the question was rather meant in means of: will people that do stuff that is illegal in their legislation, but should not be in a free market, will be easily be trackable by their governments or not. I am not pro with those things and have no knowledge about Tor, VPN, staying anonymous in the net etc, but I also believe that its certain that those dark markets will exist in some form in any way. So I understood that BitBay will be a legit, boundary free marketplace, with a strong community that keeps an eye out for illicit things. I love the idea of the mod key!
Can you, cryptohunter, tell me what other use cases you see in BitBay as the marketplace is only a tiny one for you?

Anything smart contracts can be used for

futures, any kind of betting, savings bonds,  imagine  a will even - say you were rich and dying and had 3 children you could divide your capital by 3 and send it to their bitbay addresses and time it so it is gradually locked/released to them over the course of their life time. So they would have consistent funds coming to them. Or lock in in a bitbay bond and just have  interest send out to those addresses over time...

I mean bitbay as an ebay replacement is HUGE but it is just one of 1000's or millions of possible uses for DDE and the peg and the timed locking and savings bonds. I mean you name it bay can be adapted to be involved with it Im sure.

I mean I know david has the capability to build in atomic trading if he so wished  too and a fiat in fiat out (whilst there is even a need for fiat)... so really bitbay will become a complete end to end trustless way to buy sell swap gamble earn on anything you can imagine. I mean specifics will have to be thrashed out by 1000s of dev teams that will eventually come to build on bitbay core.

I love the fact and I mean love that fact that david has essentially said a big fuck off to copy and paste scammers too whom have no talents at all other than pressing copy and paste whilst other devs have been scared to do so.  Why should he work and spend years of his life developing software for others to take and try and use that against him by out marketing him and crushing the investment every other bitbay believer that has put their faith in the project. Heavy marketing teams with no real crypto skillset are here now and they would love to scam bitbayer out of years of davids hard work.

The only room for improvement bay can make is to adapt to fads and things of the moment people want so long as they are not detrimental to the core in anyway. Capitalising on these during "their moment" is key to playing the crypto game. Having the best tech is not enough in the realm consisting of mostly handwavers and marketeers. Once we master that too bay will crush all in our way to the top 5 -10 and possibly.....

[LuckyLeprachaun]

Have a question for the Dev's, was thinking about your logic in introducing only a market wallet and it occurred to me that the market client offers both Bitbay and Bitcoin as payments alternatives, so how will this help people buy more Bitbay, you would need a Bitbay ONLY market and a noob friendly interface, those 2 things would increase Bitbay value IMO.

[cr197]

Have a question for the Dev's, was thinking about your logic in introducing only a market wallet and it occurred to me that the market client offers both Bitbay and Bitcoin as payments alternatives, so how will this help people buy more Bitbay, you would need a Bitbay ONLY market and a noob friendly interface, those 2 things would increase Bitbay value IMO.

The Client allows you to use any payment method. You can trade anything for anything. You just need BitBay for the collateral deposit for the smart contract, or bitcoin for a BitHalo collateral deposit for a smart contract.

The beauty in it that that most don't understand is that coins have to be locked in place in order to create a contract, and coins are locked when the counterparty accepts the contract. This prevents double spend and further strengthens the fact that you have to actually have to money to complete a contract before you can even begin - no room for shady people!
But most importantly it causes the whole network to have a set percentage of the total coin supply frozen from usage at any given time. The more people use the marketplace the more % of total supply is sold. If you can't spend it you can't sell it on an exchange!
This creates even more stability for the value of the coin as it acts as a domino effect countering sell pressure.
And stakers that are being rewarded for supporting the network don't have to deal with competing with those coins for new block rewards.

So even though we are at 1% ROI stake reward on paper and that POS 3.0 creates an estimated 2-5% ROI because it's impossible for all coins to stake at one time, stakers must also take in consideration that their ROI will increase as well from marketplace usage locking up coins in contracts. I'd hope that in the future we could see 20% to 30% of the total coin supply locked in contracts.
It's going to create a very solid symbiotic ecosystem where each different aspect will feed and strength others.

Now imagine what happens when international trade organizations realize that they can use the bartering smart contract for trading minimizing or removing the need to deal with the shady middlemen forex brokers and bank wire fees!
Imagine Japan selling 10000 pounds of Kobe beef for 2,000 bottles of French Pinot Noir. To complete the contract all they have to do is lock BitBay collateral in place in a smart contract and if the value of their specific fiat fluctuates violently during the transaction, they simply settle up and agreed upon compensation amount with just a BitBay payment!

Now imagine what happens to the price of BitBay when investors realize this and realize that BitBay can literally make Ripple obsolete! Ripple is nearly a 10 billion dollar marketcap coin!
What does that say about BitBay's current price and potential growth? To me that means we deserve to be over 10 billion 
 

[Munti]

Fork is success. Stake reward is now 20 Bay pr block.
Next event is releasing our own forum Dec 4th

[Figatko]

Fork is success. Stake reward is now 20 Bay pr block.
Next event is releasing our own forum Dec 4th

How to stake? Can somebody give a link or explain here?
And is it profitable? How many bays should I have for a real chance to win a reward?

[wangxiaoyan600]

The price of BITBAY is going through the inevitable profit taking. Investors who have a deep understanding of this project should take chips. Don't be washed up by dog farm.

[dzimbeck]

The price of BITBAY is going through the inevitable profit taking. Investors who have a deep understanding of this project should take chips. Don't be washed up by dog farm.

I've never been under the opinion that selling something for less than it's worth is efficient profit taking. Imagine the people who sold Bitcoin at 30 dollars after they made so much money and then seeing Bitcoin drop to 2 dollars and then shoot up to 10,000 dollars. BitBay traders should consider that selling so aggressively prevents us from being on page 1 and also sustained spikes encourage new people to enter the market. Thus holding is by far more profitable than selling. Plus when you sell you can't predict the next spike and could thus lose your position. But that is just my personal opinion I understand that everyone wants to buy Monacoin or Dogecoin perhaps because their awesome lack of utility.