BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[dzimbeck]

Do we have any info about Bitbay market, where regular good ought to be traded?
What daily turnover we have or was implementing market a successfull feature?

bitbay market looks empty. Bitbay is falling 29.30 % today and nobody seems to care. unless its too late I think you should do as I did long time ago. Stop cheating yourself guys.

No matter what you implementing, it doesnt work.

Every other crypto is down too. My entire portfolio of pretty good coins and each one is like 1/5th it's value that it was in BTC (not including fiat drop). So I don't see how these things are related. There aren't too many orders now most people are waiting for peg. However you already should know we have sold real estate, do our employment contracts and some users sell goods. Also why do people always complain about price? In January anyone could have sold for almost 4000 times the original fiat price from the bottom. Those types of gains outside of crypto are almost unheard of and I barely sold on that peak (actually sort of regret not being a bit more aggressive but there was a lot of things factoring into how I handled it). What more could anyone want? Our team works really hard instead of coming here to complain why not just spread the word?

Besides... it doesn't really matter if people use it. The point is it solves a huge problem of trust for people who need it and want it. It will always be here to solve those problems for them. This software will be here in 100 years waiting for people who want to do deals without worrying about someone breaking it.

The peg is an entirely different subject and although I'm not sure when the guys will be able to translate the desktop app to web, if they do I could imagine more adoption for the actual markets.

Never listen to the negativity David.
What you have built here is amazing.

When I put challenges on the main board for all to answer and find a better bang for buck than bitbay I get zero replies ( usually eveyone wants to push their shitcoin or fav project given any excuse). This is the most undervalued project on this board.

Some really good projects I mean ones with real developers like David are 10x down or even greater against BTC alone.

Byteball is 95% down on peak.

Forget market cap, it means nothing these over pumped icos are pushed by super rich manipulators that extract btc from noobs then move to a new project. Where are all the other huge icos now? the too big to fails? loads sinking to pages 2 and 3.

Bitbay will be one of the few older alts to rise on the next BTC bull.

I'm consolidating to all proven alts with proven tested devs. Bitbay is still my primary alt with a handful of others as back up.

I just hope we can keep expanding the team here so that you feel you are not working alone.

These new over complex sounding designs still seem a lot more centralised that pos3 really. With variable blocksize and a few other improvements you have mentioned just as a currency like BTC (WITHOUT all the other built in features bitbay has) it is still for me a primary alt to consider.

This market is pure manipulation right now by whales and a bunch of scared gamblers who didnt know what they were gambling on.

Thanks I appreciate the encouragement. It's exciting to say the least. I'm almost done with the peg code just working on the client now. And yeah we do have a team of guys who work on the web implementation however it's a big task so we will just wait and see. It's a bit of a whirlwind to fund it while things are moving around so much. In January it had seemed we would not see this kind of bear market ever again but I guess the recent events has shown us.

I do agree with you about proven projects. When crypto goes mainstream as it's so close people will start to look at more serious proven projects with unique feature sets. We of course have unique features, we have ideas to scale as well and that is what we have tried to build over the years. Hopefully things turn around by the end of the year.

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[Asimmo]

I agree with you guys, BITBAY as a ready product of "old school" cryptos - will bounce back in the first wave of next bullrun.
Considering our ready products (plus pegging stability) and marketcap - when the storm will be over, our effort will be valued.
crypto logic says so..

[tradersnow]

There is a silver lining at least... these bear months have allowed time for solid development, without the distraction of rapid growth. We will be that much more ready and polished when things do turn around 

[raisinbran]

Will it be possible at some time in the future to implement atomic swaps, or is there some sort of fundamental incompatibility to prevent it? If atomic swaps are feasible, are there any plans to implement them? Any time frame?

Thx

[dzimbeck]

Will it be possible at some time in the future to implement atomic swaps, or is there some sort of fundamental incompatibility to prevent it? If atomic swaps are feasible, are there any plans to implement them? Any time frame?

Thx

Good question. Our software already does atomic swaps with "exotic spend" in the advanced spending menu. All I would have to do is activate it in BitHalo so users can just switch from BitHalo to BitBay and trade peer to peer. We don't really need an orderbook to do it, just build in some GUI support for the offer/counter and automate the trade. Any automation is a bit of work about the same time frame as what a single template usually takes me.

What I mean by this is if you look at "exotic spend" here is how an atomic swap would happen manually.

First a user creates a timelocked transaction with a hash puzzle. Then he funds it (only he knows the secret answer to the puzzle). Lets say for example he does a two week timelock back to himself as long as the other party knows the answer, they can spend it.

Next the other party funds the same type of timelock but this time using BitHalo with a one week timelock and same hash puzzle. This means the BitBay user acts first. As long as he truly knows the answer he would redeem it. Otherwise it goes back to the Bitcoin user... totally safe for both sides.

Once he spends it, the Bitcoin user checks blockchain.info for the answer to the timelocked hash puzzle (it will show up in the script). Then he uses that one time password to redeem his coins in Bay. The fact that the timelocks were asynchronous lets the users take turns in completing the trade knowing that there is absolutely no way money can be stolen since they share the same answer to the puzzle and funds return if nobody acts.

No exchange, no transaction fees, just a pure p2p trustless trade.

Of course users want fast paced trading with high volume. But for the sake of argument, our software is really only one step away from activating it in Halo so it can be done manually. (I do need to patch it so it's more compatible with other coins by checking size of hash in bytes but that's an easy fix)

It would be nice to see a decentralized exchange. We are already on Komodo and Blocknet however they will need to fine tune the trading experience and start picking up some volume to compete with centralized exchanges.

[raisinbran]

Wow. The Big Kahuna himself got right back with a complete answer. This is inCREDibly impressive.

So is Coinswitch integration just a temporary patch until volume lifts on Komodo, Blocknet or Bitbay resident atomic swaps?

Thank you in advance, Mr. Z.

[Bee Cho Chen]

Just keep doing what you do, David. All your hard work will eventually pay off.

[dzimbeck]

Wow. The Big Kahuna himself got right back with a complete answer. This is inCREDibly impressive.

So is Coinswitch integration just a temporary patch until volume lifts on Komodo, Blocknet or Bitbay resident atomic swaps?

Thank you in advance, Mr. Z.

Well hopefully we see volume on Komodo and Blocknet however if we really have to, activating swaps in BitHalo would be useful when the peg is in place
and users simply need a safe haven to get Bay when the market is uncertain. 

[raisinbran]

Just doing some light thinking about strategic tech marketing of BAY.

BAY will reqire it's target user audience to get at least somewhat knowledgeable and skilled in the use of the platform. Before the network effect takes hold and the whole thing starts rising by itself like a loaf of bread in the oven, early adopters will have to be convinced that this the best option to go with. They will have to be convinced that it is worth the investment of their time. They will have to be convinced that whatever needs spring up, BAY will be the best solution.

One way to do this is to present a checklist grid that just happens to have all of the checkboxes ticked off. This could be very useful for somebody who is new to this technology, whether or not they have a broad exposure to other technologies. The prospective user gets a quick overview of the capabilities so they can quickly compare BAY with SAFEX et al. and see that BAY has just about all of the bases covered. They are risking little since it is unlikely that their effort wil go unrewarded.

Pardon me for dropping into the collective, but if we present a view of BAY development that plausibly leads to BAY being a complete, stand-alone (maybe even high volume) DEX in the future, potential users will be impresed by the breadth of our capabilites. It is highly unikely that they will be locked out, that their investment of time and effort will be for naught.

You might want to at least write a paragraph or two on the subject of a DEX within Bitbay so that total strangers will get a warm feeling about that aspect of our future.

Go to https://bitcointalk.org/index.php?topic=2058942.60 and look for the phrase "Marketing is everything.".

[raisinbran]

BAY is down almost 12% today

https://www.youtube.com/watch?v=jnmq3iW45xE

[raisinbran]

Wikipedia states "The automotive industry began in the 1860s with hundreds of manufacturers that pioneered the horseless carriage." I remember reading that there was a little over a thousand different companies making automobiles in the US in the early 1900's. Then came the shakeout. The site statista.com lists ten companies that currently dominate world automobile production.

What you are seeing right now is not market manipulation. It is the first real market shakeout to hit cryptos. A couple yeas ago anything could make money. Now only the strong will survive.

I lived through the early days of Silicon Valley. People used to say "In a hurricane even pigs can fly."

For the moment, market sentiment is sucking down everything in sight. When the shakeout is over and the world is awash with rotting carcases, the value leaders will rise and dominate the crypto landscape.

One of the things I'm pretty good at is tech marketing, so I might have stumbled on BAY at just the right time.

[raisinbran]

The same thing happens whenever a new area opens up: locomotives, incandescent light bulbs, radios, televisions, semiconductors.

What is somewhat different this time is that the barrier for entry was so low. Absolutely zero investment in capital equipment, meaning all you had to do was hang out your shingle (or announce an ICO) and SHAZAM! you're a player. And that's why this shakeout is more precipitous and deeper than other industries have experienced in the past.

But the consolidation mop up phase will most definitely follow.

[dzimbeck]

The same thing happens whenever a new area opens up: locomotives, incandescent light bulbs, radios, televisions, semiconductors.

What is somewhat different this time is that the barrier for entry was so low. Absolutely zero investment in capital equipment, meaning all you had to do was hang out your shingle (or announce an ICO) and SHAZAM! you're a player. And that's why this shakeout is more precipitous and deeper than other industries have experienced in the past.

But the consolidation mop up phase will most definitely follow.

I'm not so sure this is the same kind of shakeout. It seems like groups (most likely exchanges) have manipulated the market and viciously pumped it and then wiped out everyones profits. That combined with fraudulent ICO projects that didn't have a product and no real marketcap getting free money from naive
investors and then taking that money which they didn't work for and selling ETH and effectively BTC.

I'm not so sure we have seen the boom yet actually. Consider only 5% of Americans hold Bitcoin and there isn't even dividend paying cryptos yet or cryptos for companies.

Unlike automobiles money has similar utility to the internet or basic goods like electricity or water. Crypto is fast, liquid and can be used to notarize. Not to mention this stuff could replace the stock market eventually because it attracts international investment with relative ease. So as long as governments don't snuff it out (which it seems like they are actually interested in helping crypto move forward) then we haven't seen the boom.

[dzimbeck]

So I'm going to need some addresses for testers to whitelist. This testing takes place on mainnet but is only enforced by the software.

The things we will test will range from contracts, balance as it varies for the peg, voting, advanced sending like moving frozen funds, GUI and user experience stuff and so forth.

The testers must only be running Halo so for now, no QT testers are needed.

There is a good chance we will set up a "mock" exchange pair in one of our community members exchanges. This can test the actual trading experience
so that way we know it's acceptable for exchanges.

If you wish to take part in this testing, please PM me your address for the Markets/Halo client. Also it would be nice if you join Slack if you aren't
already on there so you can run contracts with other users.

Thanks for your patience everyone, the peg is pretty much almost complete.  

[sokicsokic]

The team behind BitBay works a lot so that one day it will grow to be a fully-fledged economy on the blockchain. Understand the thinking behind it: https://goo.gl/cXnpfs

[raisinbran]

Mr. Z:

Could you write a couple sentences about why BAY does not need any ERC-20 access?

Thx

[egetrorx]

Convert to $BAY from over 300+ altcoins including BTC and ETH. http://exchange.bitbay.market  is an easy-to-use service from coinswitch and BitBay.

[lancechain355]

Can we get an official write up of what a dynamic peg tester is supposed to do and the types of tests they should be running? Also is there any safety measures that my coins will be ok and stuff? 😎👍🏽

[dzimbeck]

Can we get an official write up of what a dynamic peg tester is supposed to do and the types of tests they should be running? Also is there any safety measures that my coins will be ok and stuff? 😎👍🏽

Yeah your coins are fine, it only restricts how many coins you can spend. However if you want just move a smaller amount of coins to a new account. Basically the things we will need to test are as follows:

Wait for coins to freeze, send all of the liquid coins to a new address, then wait for the frozen coins to unfreeze and spend them to the new address
Try to send two transactions with the same nlocktime in the same block from the same account and see if it gets declined (advanced)
Do the above and then try to do a special transaction where reserve funds are moved using a one month freeze
Deliberately park liquid coins with a 3 month lock
Contracts with recently unfrozen funds (they should get declined unless enough liquidity is made available)
Let a contract expire during broadcast by letting things freeze beyond what the buffer was
Let a counter offer freeze beyond what the buffer was and make sure the contract expires
Basic contracts (a buffer should be enforced to anticipate future freeze unless very liquid coins are used)
In a contract, let the balance freeze beyond 10% compound and then ensure the previous signed withdraw request expires
The user experience of coins freezing and unfreezing
Watching the balance for a slight change in liquidity within 10 blocks of a rate change (you should see a slight change in reserve for a small percent of funds)
Exotic spend (time locks) and seeing when they get spent or filtered and letting a small amount of it freeze (so we can double check it's withdrawn properly)
Pay to email (because even if it freezes it will do a reserve transfer where a small amount locks for a month)
Employment contracts and automated payments. (should work the same but we want to check that)
Voting and the voting algorithm
Setting your own algorithm (if we have time)
Custom voting

This is probably not the entire list but those are the basics... waiting for things to freeze and unfreeze and seeing how the software reacts to those situations
And yeah as for safety, I've been doing the accounting on Halo for years and never had an issue. However we will look over all the changes and make sure
everything is squeaky clean.

[dzimbeck]

Mr. Z:

Could you write a couple sentences about why BAY does not need any ERC-20 access?

Thx

Well, it's not an ERC-20 token. And doing the peg I'm not even sure it's possible to write a contract on their network that does this. Also Ethereum is way too bloated and will eventually centralize. In order for a person to trade between ERC-20 and BitBay they only need to do atomic swap. Although Solidity is an interesting language, it's a little bit buggy. In my humble opinion contracts are better done sandboxed and preapproved through a hash in the output and a payload of whatever information needed to the contract which would require a fork. However those things aren't as important as scaling the chain at least not for now because we already have contracts that have tons of real world use cases.