BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[Mig-23]

Would this be accurate?

i dont know
but i still believe with david zimbeck
since blackcoin until now never failed with the project,..
i hope so with this

[1714659929]

1714659929

[toknormal]

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

Does "illiquid" mean that they can't move the coins at all ? i.e. not even spend them ?

[dzimbeck]

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

Does "illiquid" mean that they can't move the coins at all ? i.e. not even spend them ?

Yeah im going to be adding a mining rule that is enforced on the inputs which will require them to divide them based on inflation. So if someone tries to spend reserves when there is no inflation, the transaction will get rejected.

[toknormal]

Yeah

So, lets say I want to purchase a 1975 Fender Strat on Bitbay and I've got the cash in the my wallet - i.e. I'm not selling my coins for another currency, so it won't affect the valuation or impact the peg.

Is it possible that even though I've got them to spend I can't spend them on the Fender Strat because they're locked up in the wallet ?

[dzimbeck]

Yeah

So, lets say I want to purchase a 1975 Fender Strat on Bitbay and I've got the cash in the my wallet - i.e. I'm not selling my coins for another currency, so it won't affect the valuation or impact the peg.

Is it possible that even though I've got them to spend I can't spend them on the Fender Strat because they're locked up in the wallet ?

That will depend on what you have in liquid assets.

Look at it this way, lets say at the current prices, you have $1000 worth of bitbay (like 10 million coins). And lets say that after the fork, we do 90/10 split.

So, you will only have 1,000,000 coins liquid and 9,000,000 in reserves.

IF we vote for inflation at 1%, then you will be able to spend 1% of the 9 million. If the vote is for 1% deflation then you will be able to spend 99% of the 1 million and the 1% deflation will be forced back as change to the same wallet sending and will be tagged as reserve.

You have only 1/10th of the coins liquid that at the original price would be worth only 100 dollars (assuming the price doesnt move). BUT the supply being reduced can cause the price to increase. Thus, lets say for example your 10 million coins will be worth $10,000 because of the reduced supply. Therefore you have exacly the same amount liquid as you had previously total. Since 1/10th of 10,000 is 1,000.

So, if you did sell the $1,000 worth of coins after the fork, you would have to wait for inflation to access the 90% reserves.

[*Sakura*]

Yeah

So, lets say I want to purchase a 1975 Fender Strat on Bitbay and I've got the cash in the my wallet - i.e. I'm not selling my coins for another currency, so it won't affect the valuation or impact the peg.

Is it possible that even though I've got them to spend I can't spend them on the Fender Strat because they're locked up in the wallet ?

That will depend on what you have in liquid assets.

Look at it this way, lets say at the current prices, you have $1000 worth of bitbay (like 10 million coins). And lets say that after the fork, we do 90/10 split.

So, you will only have 1,000,000 coins liquid and 9,000,000 in reserves.

IF we vote for inflation at 1%, then you will be able to spend 1% of the 9 million. If the vote is for 1% deflation then you will be able to spend 99% of the 1 million and the 1% deflation will be forced back as change to the same wallet sending and will be tagged as reserve.

You have only 1/10th of the coins liquid that at the original price would be worth only 100 dollars (assuming the price doesnt move). BUT the supply being reduced can cause the price to increase. Thus, lets say for example your 10 million coins will be worth $10,000 because of the reduced supply. Therefore you have exacly the same amount liquid as you had previously total. Since 1/10th of 10,000 is 1,000.

So, if you did sell the $1,000 worth of coins after the fork, you would have to wait for inflation to access the 90% reserves.

Very interesting concept. Let's do it.

[toknormal]

You have only 1/10th of the coins liquid that at the original price would be worth only 100 dollars (assuming the price doesnt move). BUT the supply being reduced can cause the price to increase. Thus, lets say for example your 10 million coins will be worth $10,000 because of the reduced supply. Therefore you have exacly the same amount liquid as you had previously total. Since 1/10th of 10,000 is 1,000.

ok, thanks.

I'll have to go away and absorb all that 

[amytheplanarshift]

Pretty quiet around here these days.

[dzimbeck]

Pretty quiet around here these days.

Maybe people are just waiting for markets. In general the cryptocurrency space is pretty stagnant.

[HunterS]

when are they fixing the smart contact wallet.It doesnt run on windows 8.1

[dzimbeck]

when are they fixing the smart contact wallet.It doesnt run on windows 8.1

Earlier i posted a link and nobody tested it for me... we had to rebuild bitbayd for windows 8. But I need someone to test it.

[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

[Kevinrasf]

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

I cant get my hands on a PC with W8 at this time.

[acquafredda]

I think until BTC price does not recover all the cryptocurrency world, no matter how innovative or good, will be pretty stagnant.
Bay included.

[Gizfreak]

I think until BTC price does not recover all the cryptocurrency world, no matter how innovative or good, will be pretty stagnant.
Bay included.

I'm afraid you're right, so let's hope for an upward trend of BTC soon.

[issie81]

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

i will test it tonight, i am at work now so it's time we make this work:)

[toknormal]

I think until BTC price does not recover all the cryptocurrency world, no matter how innovative or good, will be pretty stagnant.
Bay included.

I'm afraid you're right, so let's hope for an upward trend of BTC soon.

A good sign is that there have been large volumetric upside moves the last 2 times the price drifted down towards the $200 level. There appears to be quite a bit of off-order book demand around.

Also, gold seems to be lifting itself out of the doldrums. That's a sign of market jitters and all round nervousness. Everyone's waiting for the ECB to start a round of QE. European markets have put a gun to the ECB's head and this time talking won't be enough. "Doing" will be required for the markets not to crash. Maria Draghi is not allowed to think his own thoughts anymore, he's only allowed to announce decisions that the markets have already taken for him.

Once the ECB get going it's the start of a currency race to the bottom between the Euro, the Yen and ultimately the dollar. For everyone else there's gold and bitcoin.

[acquafredda]

I think until BTC price does not recover all the cryptocurrency world, no matter how innovative or good, will be pretty stagnant.
Bay included.

I'm afraid you're right, so let's hope for an upward trend of BTC soon.

A good sign is that there have been large volumetric upside moves the last 2 times the price drifted down towards the $200 level. There appears to be quite a bit of off-order book demand around.

Also, gold seems to be lifting itself out of the doldrums. That's a sign of market jitters and all round nervousness. Everyone's waiting for the ECB to start a round of QE. European markets have put a gun to the ECB's head and this time talking won't be enough. "Doing" will be required for the markets not to crash. Maria Draghi is not allowed to think his own thoughts anymore, he's only allowed to announce decisions that the markets have already taken for him.

Once the ECB get going it's the start of a currency race to the bottom between the Euro, the Yen and ultimately the dollar. For everyone else there's gold and bitcoin.

I think what you say it's pretty reasonable. But let's all remember that the USD value is way beyond being real. Too much fake money around.
Let's all be aware of this.

About Bay, considering the big drop of BTC, we have to admit that despite that its value has been pretty stable so far. But it's way too low.

[funsponge]

100 wallets contain all the Bitbays. These wallet holders surly are investors and we don't seem to be getting any new big investors as its always 100 wallets own 99.2%.  I would like to see this figure more evenly distributed out over 1000 -10000 wallets personally as having only 100 people holding Bitbay isn't a healthy situation.
Which also makes me wonder who is selling at these prices? Bob?

[funsponge]

100 wallets contain all the Bitbays. These wallet holders surly are investors and we don't seem to be getting any new big investors as its always 100 wallets own 99.2%.  I would like to see this figure more evenly distributed out over 1000 -10000 wallets personally as having only 100 people holding Bitbay isn't a healthy situation.
Which also makes me wonder who is selling at these prices? Bob?

Here's the link to keep an eye on the 'rich list'
https://chainz.cryptoid.info/bay/#!rich