BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[dzimbeck]

I always get a bit panicky when a coin forks, worried i'll lose my stash...so what do i need to do, just click on the update (i have a normal computer windows wallet)
and it does it automatic?, will i need to change passwords, will it create new keys?..sorry if these are daft questions but i don't want to feck it all up on the last hurdle.
and a big thumbs up to the bitbay team

There is no risk of losing your stash, just make sure you are upgraded.

If it's the QT update here:
https://github.com/bitbaymarket/bitbay-core-peg/releases/tag/v3.0.0a

The QT just replace the previous QT with the file above and you are upgraded. That's all. Of course always make sure you have good backups.

IF it's the MARKETS/HALO client then download at the links formerly sent. Run the updater. Then rename wallet.dat to wallet-original.dat and then load then new Halo. Then load your two private keys from the file menu(file->open->normal account). Or if you have multiple accounts load each one in any order. Then once you finish loading them it should show a zero balance which is fine, just click the rescan button on the lower right corner. Rescan is different from resync as it just rebuilds wallet.dat. Once that's done you should be up to date. To be clear you don't need new keys. Your two private keys in Halo are your account (key1 and key.private). So just stay with that same account.

Is there any deadline for the QT update? What happens  if we delay the upgrade of it in term of staking rewards?

You can not delay upgrade. Everyone should upgrade with the links I posted. Delaying will put you on the wrong side of a fork and also we need over 75% of the users on the new software in order to fork. As far as rewards its the same staking until the fork is automatically triggered.

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[dzimbeck]

I have updated the QT; this went quite smoothly, as hoped.  I am also staking, but the results appear to be a bit odd.   Before update, I was staking a few dozen times/day, gaining 20 coins each time, as expected.  I am now gaining 18 coins each time, every other minute.  So something must be wrong, surely?

Okay so two things... the 18 coins instead of 20.
This is because there is a donation address. You can opt out of it(just look at staking tab). Users had been requesting it for years to help development (I personally was indifferent because I didn't feel like it helped to put sell pressure on the orderbook even if it was for development). Either way, every user can choose to opt in or opt out to contributing a small amount of the stake reward to development. In absolutely no way is it required (as that would not be decentralized). It goes to the foundation address which is managed by Craig, Bjorn, Shorn, etc. Also this feature is only in the QT and not in Halo wallet. Halo already had a donation option but it was not automatically applied to anyone or anything.

The second thing is, you must be on a fork. Unfortunately, if you are getting blocks every minute somehow you ended up on a fork. I would say we need more stakers. You will unfortunately have to resynchronize (of course back everything up). Might take you a few days. You can confirm that you are on a fork since your latest block hash won't match chainz and your block number won't match them either. To avoid in the future try updating your list of nodes and add some from chainz.

[dzimbeck]

 

[hopenotlate]

hopenotlate:
Yes, there is a HIGHLY recommended end date of 1-21-20.
However, the SOONER everyone does it the better!

-snip-

Just updated my QT wallet to v. 3.0.0 and it litterally took less than 5 minutes ( wallet.dat back up included).
How can I check if I'm on the correct chain and not on a fork of it?

[CRYPTONAIRE]

I have updated the QT; this went quite smoothly, as hoped.  I am also staking, but the results appear to be a bit odd.   Before update, I was staking a few dozen times/day, gaining 20 coins each time, as expected.  I am now gaining 18 coins each time, every other minute.  So something must be wrong, surely?

Okay so two things... the 18 coins instead of 20.
This is because there is a donation address. You can opt out of it(just look at staking tab). Users had been requesting it for years to help development (I personally was indifferent because I didn't feel like it helped to put sell pressure on the orderbook even if it was for development). Either way, every user can choose to opt in or opt out to contributing a small amount of the stake reward to development. In absolutely no way is it required (as that would not be decentralized). It goes to the foundation address which is managed by Craig, Bjorn, Shorn, etc. Also this feature is only in the QT and not in Halo wallet. Halo already had a donation option but it was not automatically applied to anyone or anything.

The second thing is, you must be on a fork. Unfortunately, if you are getting blocks every minute somehow you ended up on a fork. I would say we need more stakers. You will unfortunately have to resynchronize (of course back everything up). Might take you a few days. You can confirm that you are on a fork since your latest block hash won't match chainz and your block number won't match them either. To avoid in the future try updating your list of nodes and add some from chainz.

Thanks for the informative and helpful response David.  Re nodes; where do I insert them into the BAY blockchain directory?  There does not appear to be a .conf file?

[whale_shark]

will there be a new build after the fork? containing all the peg stuff within the wallet/market?

also if you want every bitbay holder to do the update maybe mention it on facebook and twitter?

[cr197]

will there be a new build after the fork? containing all the peg stuff within the wallet/market?

also if you want every bitbay holder to do the update maybe mention it on facebook and twitter?

No this is the new build. It has to be implemented before the fork.
We are currently testing out the new QT wallet and the new Halo Client wallet.

if you need a guide for the qt wallet you can review it here

https://docs.google.com/document/d/1vvtR8q_oSIXXW0JfAgsXgRJcFoLrxrUWRNueT7hOAMo/edit?usp=sharing

[dzimbeck]

I have updated the QT; this went quite smoothly, as hoped.  I am also staking, but the results appear to be a bit odd.   Before update, I was staking a few dozen times/day, gaining 20 coins each time, as expected.  I am now gaining 18 coins each time, every other minute.  So something must be wrong, surely?

Okay so two things... the 18 coins instead of 20.
This is because there is a donation address. You can opt out of it(just look at staking tab). Users had been requesting it for years to help development (I personally was indifferent because I didn't feel like it helped to put sell pressure on the orderbook even if it was for development). Either way, every user can choose to opt in or opt out to contributing a small amount of the stake reward to development. In absolutely no way is it required (as that would not be decentralized). It goes to the foundation address which is managed by Craig, Bjorn, Shorn, etc. Also this feature is only in the QT and not in Halo wallet. Halo already had a donation option but it was not automatically applied to anyone or anything.

The second thing is, you must be on a fork. Unfortunately, if you are getting blocks every minute somehow you ended up on a fork. I would say we need more stakers. You will unfortunately have to resynchronize (of course back everything up). Might take you a few days. You can confirm that you are on a fork since your latest block hash won't match chainz and your block number won't match them either. To avoid in the future try updating your list of nodes and add some from chainz.

Thanks for the informative and helpful response David.  Re nodes; where do I insert them into the BAY blockchain directory?  There does not appear to be a .conf file?

The QT does not come with a config file, you have to make one. And it is in the standard data directory in roaming. The markets client however does and for that just edit it.

[dzimbeck]

lol HNY...so is that your big day?  we'll see  

honestly i really do hope for the best for y'all and we see bay succeed and moon. - for you guys!

just IMHO i don't think it'll go as far as promised is all.

take care.

Thanks I appreciate it. I know we have done something right if even our detractors are quietly rooting for the underdog.  

To be honest, considering all the shilling Bob/Gecko/etc did when things were really bad for us in 2014, it was amazingly epic that we made a comeback
from that and I never expected BAY to go as far as it did in 2017. I had previously thought we needed the peg just to break 1 cent price because of how
difficult things were for us.

Amazingly, BitBay had it's day in the sun and no matter what happens, I will always be happy about that. It was a legendary comeback.

Also it's not so bad having you around even if you don't believe BAY will make it. It's a healthy dose of skepticism. I have admitted that we need liquidity and volume
regardless of how good the tech is or is not. The peg is great but for a high liquid supply high volume is almost required. It's anyone's guess if we will get it. And you might be right. Maybe we won't. But there is only one way to find out and that is to keep pressing forward. With the fork and LAtoken listing almost imminent we will see what the truth is very soon. We have tested trades on there and all that is left is for them to finish withdraws.

[whale_shark]

You sound like a guy who’s closing his store after years of trying to keep afloat. Your suppose to be the positive one  . You wouldn’t Have see Steve jobs at the launch of iPhone saying its may catch on, it may not but it’s been good doing it’ or words to that effect.
Regarding the liquidity isn’t that something you knew would be an issue and been looking at how to solve it for the last few years? News articles planned or bots?

[dzimbeck]

You sound like a guy who’s closing his store after years of trying to keep afloat. Your suppose to be the positive one   . You wouldn’t Have see Steve jobs at the launch of iPhone saying its may catch on, it may not but it’s been good doing it’ or words to that effect.
Regarding the liquidity isn’t that something you knew would be an issue and been looking at how to solve it for the last few years? News articles planned or bots?

Why would I emulate Steve Jobs? I would rather be an original than a copy. And besides, I don't see too many billionaires fighting for peoples freedoms.

It's redundant to say a coin needs liquidity (demand). Even if the peg can force price by controlling supply that only solves one of the two factors of value...
Supply and demand

Demand is the kind of thing that if you want the masses in, you need to do certain things to get their attention. And this has been mentioned on the forums over and over again.
However just so you know, the demand and supply will probably be very close in harmony. Thus if volume drops and demand drops then supply will probably drop to meet it in order to hold whatever price the community considers the floor.

Granted we think demand will come with the comfort of knowing the peg is not collateralized and then as they see the price stability and growth they will come. But unlike other developers I try my best to let the code speak for itself. If you want to buy dreams there is tons of vaporware on coinmarketcap I can recommend for you.  

And yeah as for news articles and bots and conferences and stuff sure that's a great idea. But first lets launch this thing! We are planning a fork within a week or two. So you will see periodic updates making sure everyone ports over.

[3dant]

ok done it, update went very smoothly. The rescan only needed roughly 30 minutes.
Hopefully that's normal..and all my coins are liquid, i did have a few in reserve to start with but now they are all liquid.
Once again I hope that's all normal...thanks for all the help and holding my hand through this process.

[LuckyLeprachaun]

You sound like a guy who’s closing his store after years of trying to keep afloat. Your suppose to be the positive one   . You wouldn’t Have see Steve jobs at the launch of iPhone saying its may catch on, it may not but it’s been good doing it’ or words to that effect.
Regarding the liquidity isn’t that something you knew would be an issue and been looking at how to solve it for the last few years? News articles planned or bots?

Why would I emulate Steve Jobs? I would rather be an original than a copy. And besides, I don't see too many billionaires fighting for peoples freedoms.

It's redundant to say a coin needs liquidity (demand). Even if the peg can force price by controlling supply that only solves one of the two factors of value...
Supply and demand

Demand is the kind of thing that if you want the masses in, you need to do certain things to get their attention. And this has been mentioned on the forums over and over again.
However just so you know, the demand and supply will probably be very close in harmony. Thus if volume drops and demand drops then supply will probably drop to meet it in order to hold whatever price the community considers the floor.

Granted we think demand will come with the comfort of knowing the peg is not collateralized and then as they see the price stability and growth they will come. But unlike other developers I try my best to let the code speak for itself. If you want to buy dreams there is tons of vaporware on coinmarketcap I can recommend for you.  

And yeah as for news articles and bots and conferences and stuff sure that's a great idea. But first lets launch this thing! We are planning a fork within a week or two. So you will see periodic updates making sure everyone ports over.

What is the best exchange to use for the update to new wallet?

[dzimbeck]

ok done it, update went very smoothly. The rescan only needed roughly 30 minutes.
Hopefully that's normal..and all my coins are liquid, i did have a few in reserve to start with but now they are all liquid.
Once again I hope that's all normal...thanks for all the help and holding my hand through this process.

The switch to reserve you saw is a buffer. It takes that when it's close to any block divisible by 200. This is to guarantee that even if the chain reorganizes your transactions will always be valid. So it sets aside some of the liquid if that liquid is close to being reserve.

[dzimbeck]

What is the best exchange to use for the update to new wallet?

We don't have any exchanges for now. Latoken will integrate shortly after our fork and then we will try to update Blocknet for the peg. However for now trading should be over the counter.

As for the wallet choice both the Markets Wallet and QT are good options. Just depends on if you want the higher security and decentralized markets or if you want a light weight wallet to visualize the peg. I'm happy with both products.

[g1itch]

Any plans to release sources for 3.0?

[LuckyLeprachaun]

What is the best exchange to use for the update to new wallet?

We don't have any exchanges for now. Latoken will integrate shortly after our fork and then we will try to update Blocknet for the peg. However for now trading should be over the counter.

As for the wallet choice both the Markets Wallet and QT are good options. Just depends on if you want the higher security and decentralized markets or if you want a light weight wallet to visualize the peg. I'm happy with both products.

Thanks for getting back to me bro. I just downloaded and installed the new QT on Linux and it seems was a perfect transition, I see all my coins already and it's in sync instantly, my question is there any thing else I need to do or is the new wallet enough?

[dzimbeck]

Any plans to release sources for 3.0?

For the peg? Yeah of course. We will probably release under the Jerulija license to prevent cloning. It will be open source though.
We currently keep the branch private and share it with exchanges.

Halo is always released open source and obfuscated however I may remove the last bit of obfuscation and use the aforementioned license.

It's a matter of timing. I would think the community would want a few months with the branch kept private. We will see what happens.

[dzimbeck]

What is the best exchange to use for the update to new wallet?

We don't have any exchanges for now. Latoken will integrate shortly after our fork and then we will try to update Blocknet for the peg. However for now trading should be over the counter.

As for the wallet choice both the Markets Wallet and QT are good options. Just depends on if you want the higher security and decentralized markets or if you want a light weight wallet to visualize the peg. I'm happy with both products.

Thanks for getting back to me bro. I just downloaded and installed the new QT on Linux and it seems was a perfect transition, I see all my coins already and it's in sync instantly, my question is there any thing else I need to do or is the new wallet enough?

The new wallet is enough, thanks.

[BitBaydev]

As some of you already know, BitBay will be hard-forking very soon, in preparation for the release of the Dynamic Peg! If you use the Qt wallet or markets client to store your BAY, you must update to the latest version by downloading from:

https://bitbay.market/downloads

For any support with the update, please feel free to ask.

THIS IS A MANDATORY UPDATE!

(Web wallet users, your coins will be safe during the fork but please consider using the Qt wallet to help support the BitBay network.)