BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[Munti]

I want to voice my concern regarding the insane rise of bitcoin at the moment and the possible consequences for the value of BitBay. Because bitcoin is so connected to the alts a possible crash will most likely impact the alts negatively. Imagine if Bitcoin is going to crash next week, what will happen to Bitbay? During its last small contraction Bitbay went down as well.

Look at the big picture. Expand your time horizon. When bitcoin has crazy bullruns, alts tend to follow once it slows down or retraces. And at the end of the day the whole sector has increased in value.

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[NOhardforkplease]

The alt coins market is a crazy bussines, once upon a time the alts went up when bitcoin went up. Now it is the other way around, it is a bloodbath at the moment. If bitcoin is going to 500.000 or a million dollars then the altcoins are priced at what? A few satoshi? Iam going to change my strategy bigtime, that is stockpiling and hodling bitcoin.

[Munti]

The alt coins market is a crazy bussines, once upon a time the alts went up when bitcoin went up. Now it is the other way around, it is a bloodbath at the moment. If bitcoin is going to 500.000 or a million dollars then the altcoins are priced at what? A few satoshi? Iam going to change my strategy bigtime, that is stockpiling and hodling bitcoin.

Alts going down when bitcoin goes up is the rule. The opposite has been the exeption. You want a lot of bitcoin? Make sure you are in alts when the tide turns.

[dzimbeck]

The alt coins market is a crazy bussines, once upon a time the alts went up when bitcoin went up. Now it is the other way around, it is a bloodbath at the moment. If bitcoin is going to 500.000 or a million dollars then the altcoins are priced at what? A few satoshi? Iam going to change my strategy bigtime, that is stockpiling and hodling bitcoin.

Alts going down when bitcoin goes up is the rule. The opposite has been the exeption. You want a lot of bitcoin? Make sure you are in alts when the tide turns.

Right and also if Bitcoin is a million dollars a coin (which isn't going to happen because it can't scale) then altcoins would boom anyways.

A Bitcoin rise never hurts altcoins in the long run because holders of Bitcoin simply have more spending power and thus more inventive to diversify. Plus it draws attention to the industry and brings new people in. Also Bitcoin price rising drags up the fiat value of altcoins.

Granted I'm one of the first people to get upset that I don't hold "more Bitcoins" due to not selling. A mistake I've made oh about... let me see... a bazillion times. Don't be afraid to keep repeating that mistake because we aren't psychic. It's very easy to look at the past and say "oh I should have done that".

To test start with a quarter. Call it heads or tails. Lets say you call tails. When it flips to heads simply say to yourself "Oh damn I should have chosen heads, I knew that... next time I'm gonna choose heads." Just don't get upset if you keep guessing incorrectly.

[toknormal]

Right and also if Bitcoin is a million dollars a coin (which isn't going to happen because it can't scale)

For scaling to be an issue, you need to have the problem first

In fact bitcoin is scaling quite nicely. Derivative markets, debit cards, secondary networks, you name it. It isn't the blockchain's job to scale traffic, it's its job to scale value.

[noobtrader]

Right and also if Bitcoin is a million dollars a coin (which isn't going to happen because it can't scale) then altcoins would boom anyways.

A Bitcoin rise never hurts altcoins in the long run because holders of Bitcoin simply have more spending power and thus more inventive to diversify. Plus it draws attention to the industry and brings new people in. Also Bitcoin price rising drags up the fiat value of altcoins.

Granted I'm one of the first people to get upset that I don't hold "more Bitcoins" due to not selling. A mistake I've made oh about... let me see... a bazillion times. Don't be afraid to keep repeating that mistake because we aren't psychic. It's very easy to look at the past and say "oh I should have done that".

To test start with a quarter. Call it heads or tails. Lets say you call tails. When it flips to heads simply say to yourself "Oh damn I should have chosen heads, I knew that... next time I'm gonna choose heads." Just don't get upset if you keep guessing incorrectly.

trader dont use coin flip to trade, its too random...  we trader use chart, its less random and give somehow more insight on how the market react.

[Figatko]

I still don't know what was two secret summer projects. Can I hope the Christmas surprise will be great?  

[dzimbeck]

Right and also if Bitcoin is a million dollars a coin (which isn't going to happen because it can't scale) then altcoins would boom anyways.

A Bitcoin rise never hurts altcoins in the long run because holders of Bitcoin simply have more spending power and thus more inventive to diversify. Plus it draws attention to the industry and brings new people in. Also Bitcoin price rising drags up the fiat value of altcoins.

Granted I'm one of the first people to get upset that I don't hold "more Bitcoins" due to not selling. A mistake I've made oh about... let me see... a bazillion times. Don't be afraid to keep repeating that mistake because we aren't psychic. It's very easy to look at the past and say "oh I should have done that".

To test start with a quarter. Call it heads or tails. Lets say you call tails. When it flips to heads simply say to yourself "Oh damn I should have chosen heads, I knew that... next time I'm gonna choose heads." Just don't get upset if you keep guessing incorrectly.

trader dont use coin flip to trade, its too random...  we trader use chart, its less random and give somehow more insight on how the market react.

True, however that wasn't my point. I was saying hindsight is 20/20. And long term bulls tend to do better than short term bears.

[dzimbeck]

Right and also if Bitcoin is a million dollars a coin (which isn't going to happen because it can't scale)

For scaling to be an issue, you need to have the problem first

In fact bitcoin is scaling quite nicely. Derivative markets, debit cards, secondary networks, you name it. It isn't the blockchain's job to scale traffic, it's its job to scale value.

It's not scaling nicely, I had to pay 200 dollars in a transaction fee just to send my coins, they have massive backlog of transactions, some transactions never get into the chain, it can only process 5 transactions per second, lightning network isn't even close to done.

I'm bullish on Bitcoin sure but let's face reality, this thing is about to hit some serious grind.

Look at what a simply little app is doing to Ethereum.... then imagine 1000s of apps.
http://www.bbc.com/news/technology-42237162

[cryptohunter]

Picking the right altcoin is always eventually going to make you magnitudes more btc than just holding btc

BTC is the safe bet
Alts are the risky bet

The right alts are a sure thing

[vlom]

i tried to buy one of these cats but was not able to transfer some ETH. and i wanted to transfer all my BTC dust in one wallet. no confirmations for more than 12 hours. the hype will fade out and after the dust settled i hope that tools like BAY will receive the attention it deserves.

[cryptohunter]

lol exactly no confirms after 18 hours for me with btc and reasonable fees.... why have people not switched away from this dinosaur ?

when these new investors find out you can get crypto space shuttles for a fraction of the price of crypto roller skates the deserving alts will go crazy.

[vlom]

lol exactly no confirms after 18 hours for me with btc and reasonable fees.... why have people not switched away from this dinosaur ?

when these new investors find out you can get crypto space shuttles for a fraction of the price of crypto roller skates the deserving alts will go crazy.

maybe already a lot of people switched to LTC to move their coins to an exchange on which they are able to cash out into fiat. i had to cancel my LTC sell orders because the price went up so fast in the last hours.

but back to BAY now.

[bribed]

I recently downloaded the BitBay client and am nothing but impressed. This seems far better than anything I have seen so far in crypto, definitely ahead of its time. Kudos to the dev, this is awesome work. I understand now why many people are really impressed and hyped about BitBay. If all those features will be launched and working this will be huge!

Im not really tech savvy so I was wondering if if I only download the client it will also sync the blockchain? It seems like it does, but on the BitBay website there is also another download called "download Blockchain", can someone guide me here?

Another question is: are there already trades happening on the client? It somehow didnt show anything for me (I didnt wait until all blocks were synced though, do I have to do this in order to see the market?).
Thanks in advance, cheers!

[Munti]

I recently downloaded the BitBay client and am nothing but impressed. This seems far better than anything I have seen so far in crypto, definitely ahead of its time. Kudos to the dev, this is awesome work. I understand now why many people are really impressed and hyped about BitBay. If all those features will be launched and working this will be huge!

Im not really tech savvy so I was wondering if if I only download the client it will also sync the blockchain? It seems like it does, but on the BitBay website there is also another download called "download Blockchain", can someone guide me here?

Another question is: are there already trades happening on the client? It somehow didnt show anything for me (I didnt wait until all blocks were synced though, do I have to do this in order to see the market?).
Thanks in advance, cheers!

Glad you like it. We are quite proud of what BitBay has already accomplished

Yes, the client will sync. The blockchain download is for those that don't want to wait for the syncing. You can download it and replace the files in your bitbaydata folder with the ones in the download. We replace that download every now and then, so it will normally take you to 85-99% synced.

Yes, the marketplace in the client is in use. all kinds of items are sold and also OTC deals for coins. The most spectacular trade so far has probably been this: https://medium.com/@tradersnow/how-i-sold-5-acres-of-land-using-bitbays-trustless-smart-contracts-28f18b83125 The activity on the marketplace is not high yet, but we are working on that. The marketplace runs over bitmessage, and that entails that you can only see contracts that have been posted or refreshed after you joined, so it can take a little while before you see everything that is posted. We have a bitmessage server ready that will make it possible to see all contracts imidiately. One of the coming updates will give you the option to connect to it.

[bribed]

Glad you like it. We are quite proud of what BitBay has already accomplished

Yes, the client will sync. The blockchain download is for those that don't want to wait for the syncing. You can download it and replace the files in your bitbaydata folder with the ones in the download. We replace that download every now and then, so it will normally take you to 85-99% synced.

Yes, the marketplace in the client is in use. all kinds of items are sold and also OTC deals for coins. The most spectacular trade so far has probably been this: https://medium.com/@tradersnow/how-i-sold-5-acres-of-land-using-bitbays-trustless-smart-contracts-28f18b83125 The activity on the marketplace is not high yet, but we are working on that. The marketplace runs over bitmessage, and that entails that you can only see contracts that have been posted or refreshed after you joined, so it can take a little while before you see everything that is posted. We have a bitmessage server ready that will make it possible to see all contracts imidiately. One of the coming updates will give you the option to connect to it.

Thanks for the fast and detailed answer.

Alright, now I understand why there is the downloadable blockchain as well. I guess I will also download it to make it sync faster.

Great to hear that the market place is running already. I love free p2p marketplaces and yours is by far the most beautiful I've seen so far. Im looking forward to the widespread adoption of BitBay, this will be just huge!

Do you also got a telegram/ discord/ slack channel or any other recommended sources to get the latest updates?

Kudos to everyone working on this project, Im really into it!

[dzimbeck]

Glad you like it. We are quite proud of what BitBay has already accomplished

Yes, the client will sync. The blockchain download is for those that don't want to wait for the syncing. You can download it and replace the files in your bitbaydata folder with the ones in the download. We replace that download every now and then, so it will normally take you to 85-99% synced.

Yes, the marketplace in the client is in use. all kinds of items are sold and also OTC deals for coins. The most spectacular trade so far has probably been this: https://medium.com/@tradersnow/how-i-sold-5-acres-of-land-using-bitbays-trustless-smart-contracts-28f18b83125 The activity on the marketplace is not high yet, but we are working on that. The marketplace runs over bitmessage, and that entails that you can only see contracts that have been posted or refreshed after you joined, so it can take a little while before you see everything that is posted. We have a bitmessage server ready that will make it possible to see all contracts imidiately. One of the coming updates will give you the option to connect to it.

Thanks for the fast and detailed answer.

Alright, now I understand why there is the downloadable blockchain as well. I guess I will also download it to make it sync faster.

Great to hear that the market place is running already. I love free p2p marketplaces and yours is by far the most beautiful I've seen so far. Im looking forward to the widespread adoption of BitBay, this will be just huge!

Do you also got a telegram/ discord/ slack channel or any other recommended sources to get the latest updates?

Kudos to everyone working on this project, Im really into it!

Yeah we have a Slack and forum it can all be found on our website at bitbay.market

[noobtrader]

True, however that wasn't my point. I was saying hindsight is 20/20. And long term bulls tend to do better than short term bears.

yes for good coin, that usually the case. 

[HVCC]

BitBay Community Update - Dec. 10th, 2017

https://www.reddit.com/r/CryptoCurrency/comments/7ixsic/bitbay_community_update_dec_10th_2017/

[wwzsocki]

A very nice new web page for Bitbay. Looks really professional that was needed. A lot of updates for Bitbay lately. Still, a lot undervalued in my opinion.