BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[BitcoinDood]

Hey lots of comments, thanks everyone for the support and encouragement. As for the pegging what some of the other community members said was correct. The new model we are looking at is more democratic allowing voting on deflation and inflation rates from the fork. The fork itself will cause X% to become reserve. Perhaps anywhere above 90%. From there you set either inflation from reserve to liquid or deflation from liquid to reserve. So that will allow a much more dynamic market where price and supply can match consumer demand.

It seems that an investor would want to see the price grow and the way to do that is with deflation. Then if the price gets too high we vote for inflation. This also means its much less centralized. NuBits totally is centralized relying on only one exchange primarily and custodial wallets. We can let the wild forces of nature give the price a lot more play for traders and at the same time we can deflate the supply so price can match demand. This makes for some really interesting arbitrage. Additionally, it protects the coin from having a central head or liability. Voting is a good way to put the power in the hands of the users. I might want to take a majority vote from the voting address itself in the beginning to avoid market manipulation(making a consistent deflation). And eliminate that majority after we hit that first target.

So even 1 cent is a very good target for the next 4-5 months. If we hit that level, and can continue to deflate we can grow gradually a few percent at a time.

But anyways, we arent there yet. The topic of the next month will be linux/mac/windows 8 and markets. One of the troubleshooting i did today was with windows 8 and apparently i might need a specific build or make a few changes to our build. Also, for some windows 7 users, libeay32.dll isnt sufficient and they would need to install openssl. I'm going to consider how to make that more user friendly.

Just wanted to drop a line and say thanks for not abandoning this project. I bought a bunch of this coin ICO, and haven't sold a single one I did however stop trading on BTER and removed all coins from that exchange. I invested partly in your reputation and I can see by reading through this thread that wasn't a mistake. Sorry the coin got off to such a rocky start, thanks for your hard work and looking forward to the future of this coin. Keep up the great work !

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[dzimbeck]

Thank you. You know, its hard to find reliable help these days and that is one of the many reasons the project started the way it did. My original approach to the project was to project manage and license but now that the smoke has cleared and things changed, its nice to see 2015 is off to a fresh start and to be a part of it. And Bitcoin being as bearish as it is, im looking forward to exploring pegging possibilities.

[Decentradical]

Who owns the Facebook account?

[BitBaydev]

Who owns the Facebook account?

We have just finished updating our social outlets as part of a crisis management effort from our new design & marketing team.

New Official Twitter Account - @bitbaytalk
https://twitter.com/bitbaytalk

New Official Facebook Page
https://www.facebook.com/bitbaymarket


OP will be updated soon to reflect this. Likes much appreciated!

[Kevinrasf]

Who owns the Facebook account?

We have just finished updating our social outlets as part of a crisis management effort from our new design & marketing team.

New Official Twitter Account - @bitbaytalk
https://twitter.com/bitbaytalk

New Official Facebook Page
https://www.facebook.com/bitbaymarket


OP will be updated soon to reflect this. Likes much appreciated!

Thanks for updating, great work!

[dzimbeck]

Who owns the Facebook account?

I believe that would be Metakid

[Kevinrasf]

Who owns the Facebook account?

I believe that would be Metakid

Yes, Metakid and I own it

[dzimbeck]

fyi, bitbaytalk is the new official twitter.

[funsponge]

I've just noticed that i haven't received any stack for 5 days.  . . .

edit - just started stacking again!? - i didn't do anything but just received 26 Bitbays! weird!!

[Gizfreak]

I've just noticed that i haven't received any stack for 5 days.  . . .

I guess you mean a reward for staking with the QT wallet?
For me everything looks fine as you can see.



Wouldn't worry too much about it, if I were you. After all it's rewarded on a yearly base and I presume that you will receive your reward one of these days.

[funsponge]

I've just noticed that i haven't received any stack for 5 days.  . . .

I guess you mean a reward for staking with the QT wallet?
For me everything looks fine as you can see.



Wouldn't worry too much about it, if I were you. After all it's rewarded on a yearly base and I presume that you will receive your reward one of these days.

i edited my post - started again! - thanks for the reply :-)

[dzimbeck]

Can anyone with windows 8 see if this build of bitbayd works? Steven just sent this to me, wanted to see if this helps windows 8 users.
 http://s000.tinyupload.com/?file_id=06722116669587652715

[Mig-23]

what is pegging ?

[toknormal]

what is pegging ?

First you have to ask "what is price" ?

Price is the equilibrium point between supply and demand as illustrated in this graph:



"Pegging" is fixing the price using artificial market control methods to move either the supply curve or the demand curve to the left or right, thereby moving P* to a higher or lower valuation.

BitBay proposes to deploy a mechanism which moves the supply curve to the left by restricting access to markets of coin holders who wish to sell. (Incorporated from NuBits).

https://www.cryptocoinsnews.com/nubits-market-cap-holding-steady-first-week/

To see how well the peg works, go to marketcap and check the dollar price of NuBits...http://coinmarketcap.com. It actually works pretty well. Once you've checked that, check the volume.

Although I'm promoting it here, it actually sticks in my throat that this mechanism works. The reason I don't like it is because it only controls the supply side which is the easy bit. It's a bit like living in a desert and controlling the supply of sand. It would be better to be able to generate demand rather than restrict supply (which is what Bitshares does), but hey, I can't deny that I've been confounded. Nubits seems to have both volume and stable price which amazes me. I can't understand how they achieve that, but it may be that there now is emerging demand for cryptocurrencies that are stable against a fiat currency.



My original criticism of the Nubits approach (restricting supply) was that price was substituted for volume. But again, I was confounded - look at the volumes here...

[Mig-23]

what is pegging ?

First you have to ask "what is price" ?

Price is the equilibrium point between supply and demand as illustrated in this graph:



"Pegging" is fixing the price using artificial market control methods to move either the supply curve or the demand curve to the left or right, thereby moving P* to a higher or lower valuation.

BitBay proposes to deploy a mechanism which moves the supply curve to the left by restricting access to markets of coin holders who wish to sell. (Incorporated from NuBits).

https://www.cryptocoinsnews.com/nubits-market-cap-holding-steady-first-week/

To see how well the peg works, go to marketcap and check the dollar price of NuBits...http://coinmarketcap.com

ok i know
but with 1 billion coin,is possible to make it done

[toknormal]

ok i know
but with 1 billion coin,is possible to make it done

See my previous post edited to discuss volume.

[Mig-23]

but when pegging really happen
i'm sure a lot o people will sell their coin,..
how do you think,..

[amytheplanarshift]

but when pegging really happen
i'm sure a lot o people will sell their coin,..
how do you think,..

Of course, but the supply is limited so people can only sell as long as there is demand to buy.

[dzimbeck]

but when pegging really happen
i'm sure a lot o people will sell their coin,..
how do you think,..

They couldnt sell even if they wanted to. The point is they wont be able to sell 100% of their coins they can only sell what they have liquid. So they may have 10% liquid 90% reserve (after the fork its probable we will start at 90/10 and there will be 900 million reserve and 100 million liquid) The network will only approve liquid transfers. Then that will respond to both inflation and deflation. Also the creation of demand can be done by doing a rolling peg where we usually vote for deflation so supply continually restricts provoking demand.

[Decentradical]

Would this be accurate?