BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[DeezCoinz]

Hey.

Would I be wrong in thinking that if 1 bitbay were pegged to 1 dollar, it would still be unstable as long as it can only be exchanged for BTC?

Would it be not pegged to a dollar, but to a dollar's worth of BTC, which varies greatly and is unstable?

Just askin'.

[1714656341]

1714656341

[mafort1469]

I will hold mine as I know this isn't another shitcoin. Thanks for that!!! Finally something solid.

[3r197]

Hey.

Would I be wrong in thinking that if 1 bitbay were pegged to 1 dollar, it would still be unstable as long as it can only be exchanged for BTC?

Would it be not pegged to a dollar, but to a dollar's worth of BTC, which varies greatly and is unstable?

Just askin'.

Good point. Remember though, just look at c-cex - they already have a BAY/USD pairing. One day I'd hope to see the same pairing in place on cryptsy. The reason being is that cryptsy also has fiat/fiat exchanges. Wouldn't it be awesome to see the day cryptsy had a Bay/BTC, Bay/USD, Bay/EUR, Bay/GBP,  etc... If so, then we could have a stable coin that could help hedge against all the others (crypto & fiat) in unison!  

At least that's my hope and dream on the matter!!

Cheers!

[bearishtrader]

I have BitBay marketplace installed, recently I am having a sync issue where it says Synchronizing 217121: (this number does increment)
but the status bar is stuck at 0%
I tried the Rescan feature or restarting BitBay market but this did not fix the sync issue.
Thanks in advance any help appreciated!

[Munti]

Hey.

Would I be wrong in thinking that if 1 bitbay were pegged to 1 dollar, it would still be unstable as long as it can only be exchanged for BTC?

Would it be not pegged to a dollar, but to a dollar's worth of BTC, which varies greatly and is unstable?

Just askin'.

I'd say that's putting it upside down. Bitcoin is the volatile currency. You will be able to exchange Bay directly to US$ in the client and on exchanges

[Munti]

I have BitBay marketplace installed, recently I am having a sync issue where it says Synchronizing 217121: (this number does increment)
but the status bar is stuck at 0%
I tried the Rescan feature or restarting BitBay market but this did not fix the sync issue.
Thanks in advance any help appreciated!

Just let it finish syncing. It takes a while. Status bar has not been reliable.

[3r197]

You will be able to exchange Bay directly to US$ in the client and on exchanges

OMG!!! That's great news!!! This coin is so awesome!

[dzimbeck]

I have BitBay marketplace installed, recently I am having a sync issue where it says Synchronizing 217121: (this number does increment)
but the status bar is stuck at 0%
I tried the Rescan feature or restarting BitBay market but this did not fix the sync issue.
Thanks in advance any help appreciated!

Hmm well you can let it sync and see if the blocks increment, or perhaps its a firewall issue or something else? IF you send me your debug.log I can see if you are synchronizing. Rescan is only used to scan again for missing inputs (like an incorrect balance).

[dzimbeck]

You will be able to exchange Bay directly to US$ in the client and on exchanges

OMG!!! That's great news!!! This coin is so awesome!

In theory some of us can start selling Bay for cash, yen, peso etc P2P using smart contracts in the markets. However, once the template for cash is finished that will make it more obvious on how to perform a deal like that.

[solid12345]

You will be able to exchange Bay directly to US$ in the client and on exchanges

OMG!!! That's great news!!! This coin is so awesome!

In theory some of us can start selling Bay for cash, yen, peso etc P2P using smart contracts in the markets. However, once the template for cash is finished that will make it more obvious on how to perform a deal like that.

I imagine some kind of paypal to bay and vice-versa smart contract could be developed?

[dzimbeck]

You will be able to exchange Bay directly to US$ in the client and on exchanges

OMG!!! That's great news!!! This coin is so awesome!

In theory some of us can start selling Bay for cash, yen, peso etc P2P using smart contracts in the markets. However, once the template for cash is finished that will make it more obvious on how to perform a deal like that.

I imagine some kind of paypal to bay and vice-versa smart contract could be developed?

That can already be done right now, its just that there is no user friendly template (only custom template right now). For example lets say someone is selling 1 million BitBay. He deposts 1 mil and so does the buyer (there is also the 1 mil amount advanced).

Thus sellers in for 2 mil buyer is in for 1. Buy sends cash any way he wants (paypal ok but wait at least 30 days or open a support ticket to avoid chargeback) for example, bank wire, cash in the mail, money wire like Western Union, MoneyGram etc.

That wire covers 1 million and now buyer is out 2 seller is out 1 (1+1 deposit - cash which was 1)

So both parties have to confirm the deal and release to get their money out. We won't automate the wire but we can set up a template that fills in all the forms for any payment option. Things like wire info or western union info and the buyer would fill out their half as well.

To illustrate how the balance shifts its like this

2:1
1:2
even (contract complete)

[DeezCoinz]

You will be able to exchange Bay directly to US$ in the client and on exchanges

OMG!!! That's great news!!! This coin is so awesome!

In theory some of us can start selling Bay for cash, yen, peso etc P2P using smart contracts in the markets. However, once the template for cash is finished that will make it more obvious on how to perform a deal like that.

While I'm certain that we could make arrangements to exchange bitbay for envelopes full of USD , what will it take to make bitbay accessible to/from my bank account or credit card? It's difficult to move USD around. Look at coinbase. You need full ID and a bank account that will accept transfers in and out from them specifically.  If you further ID with a VISA card, they'll front you the BTC on demand.

Where will that interface exist? Who will you have to trust to have access to your USD bank account for an exchange between USD and BAY to take place? I'm not sure I'd be willing to open my USD bank account and supply personal information as part of getting an account at bittrex or any other altcoin exchange.

I'm just not sure how any of that would work. There's a place where crypto addresses and real money get exchanged, like coinbase or circle, but who will be handling that exchange between bay and $$?

[DeezCoinz]

So, I'm not too dopy. I buzz on over to AltQuick.com where I can buy me some Doggie coins for a few bucks, right? I pick some likely lookin' coins and I drop down to the pay window and it tells me this:

Please Read The Following Terms Carefully

Cash deposit or SEPA transfer (EU customers) only. Wire transfers, ACH transfers, online banking transfers, check deposits, Wells Fargo Sure Pay, Bank of America transfers and any other unauthorized deposit methods will not be accepted.

I'm like, WUT? I just wanted to bust some doggie? I cant even spell SEPA transfers. Where's bitbay on this list? Where do I check out please? I have my visa card right here. I need some service over here, SUP?

Is there anyplace where I can exchange USD for Altcoins?

OK. Check yourself Deezzy. Cryptsy will trade USD for altcoins, no problem. DeezCoinz dropped over Cyptsy ready to cop some coin. Made the official DeezCoinz account. Gave the wrong state. haha. they took it. I got my CC out and, WUT?, they want my drivers license or passport? I'm too young to drive and can't leave the country either. I CAN'T USE MY $$ without DOXXING myself.

Am I nutz here?

I can't help it. The air is full of 1P tonight.

[Inotanewbie]

OK. Check yourself Deezzy. Cryptsy will trade USD for altcoins, no problem. DeezCoinz dropped over Cyptsy ready to cop some coin. Made the official DeezCoinz account. Gave the wrong state. haha. they took it. I got my CC out and, WUT?, they want my drivers license or passport? I'm too young to drive and can't leave the country either. I CAN'T USE MY $$ without DOXXING myself.

Am I nutz here? Yes

So you are speaking riddles here, you are old enough to own a credit card but not old enough to drive? Doxing yourself to an exchange is not really a massive deal unless you are on the run or some s*&t.

I have a good memory and i remember you telling the thread how you drive your sons to soccer practice and how you buy their nikey boots from ebay so you have confused me to say the least. You created an account just to love Bitbay what is this about?

[DeezCoinz]

OK. Check yourself Deezzy. Cryptsy will trade USD for altcoins, no problem. DeezCoinz dropped over Cyptsy ready to cop some coin. Made the official DeezCoinz account. Gave the wrong state. haha. they took it. I got my CC out and, WUT?, they want my drivers license or passport? I'm too young to drive and can't leave the country either. I CAN'T USE MY $$ without DOXXING myself.

Am I nutz here? Yes

So you are speaking riddles here, you are old enough to own a credit card but not old enough to drive? Doxing yourself to an exchange is not really a massive deal unless you are on the run or some s*&t.

I have a good memory and i remember you telling the thread how you drive your sons to soccer practice and how you buy their nikey boots from ebay so you have confused me to say the least. You created an account just to love Bitbay what is this about?

Hahahahah. Work with me here. Me and any other 15 year old idiot with enough sense to do some BTC, tor network and some crypto shit and I got all the CC I got BTC for. Pick me up some local BTC on the street. Money talks and bullshit walks. On a clear day you can see birds.

Did I really make those statements? I was quoting my mom. Sorry for the confusion. I'm actually one of the sons.

All inanity aside, Let's say I'm willing to dox myself to spend dollars. How does bitbay plug into the USD transactional system?

PS: Next week I might have DeezCoinz T-shirts with my own natty designed logo and shit, on the bay market. Lemme know if you want to be a part of that action.

[DeezCoinz]

OK. Check yourself Deezzy. Cryptsy will trade USD for altcoins, no problem. DeezCoinz dropped over Cyptsy ready to cop some coin. Made the official DeezCoinz account. Gave the wrong state. haha. they took it. I got my CC out and, WUT?, they want my drivers license or passport? I'm too young to drive and can't leave the country either. I CAN'T USE MY $$ without DOXXING myself.

Am I nutz here? Yes

So you are speaking riddles here, you are old enough to own a credit card but not old enough to drive? Doxing yourself to an exchange is not really a massive deal unless you are on the run or some s*&t.

I have a good memory and i remember you telling the thread how you drive your sons to soccer practice and how you buy their nikey boots from ebay so you have confused me to say the least. You created an account just to love Bitbay what is this about?

I mean, really,  nikey boots? I published my complete plan to introduce ZuttCoin to the world including the natty photo of my uncle holding one, and all you remember is nikey boots?. I'm obviously not working hard enough here...

[dzimbeck]

OK. Check yourself Deezzy. Cryptsy will trade USD for altcoins, no problem. DeezCoinz dropped over Cyptsy ready to cop some coin. Made the official DeezCoinz account. Gave the wrong state. haha. they took it. I got my CC out and, WUT?, they want my drivers license or passport? I'm too young to drive and can't leave the country either. I CAN'T USE MY $$ without DOXXING myself.

Am I nutz here? Yes

So you are speaking riddles here, you are old enough to own a credit card but not old enough to drive? Doxing yourself to an exchange is not really a massive deal unless you are on the run or some s*&t.

I have a good memory and i remember you telling the thread how you drive your sons to soccer practice and how you buy their nikey boots from ebay so you have confused me to say the least. You created an account just to love Bitbay what is this about?

I mean, really,  nikey boots? I published my complete plan to introduce ZuttCoin to the world including the natty photo of my uncle holding one, and all you remember is nikey boots?. I'm obviously not working hard enough here...

Who said anything about drivers license and passport? The buying or selling of ANY coin not just BitBay can happen in the wallet. Its peer to peer cash. If you want, I will walk you through how to do it we can do a cash deal right now if you want. Basically, a person selling cash would not need a drivers license or photo id or anything like this. Thats up to the seller and i highly doubt they will care. Here is the various way cash can get done in the markets.

Most common:
Wire transfer - Buyer supplies checking account number and bank name, seller wires funds. Everyone releases deposits.
Western Union - Buyer gives name and country of cash pick up. Seller sends western union, gives confirmation number. Deposits released after cash is picked up.
MoneyGram - Exactly like western union
Cash in the mail(your mom doesnt need to know the address) - Buyer gives address. Seller sends cash in mail and insures it with carrier. Buyer gets it, deposits released.
Prepaid credit cards - Buyer gives prepaid credit card information. Seller refills card. Deposits released.

No as common, risky due to chargebacks(personally not recommend):
Credit card - Buyer allows for credit card funding, seller makes payment (with possible hold). Deposits released.
Paypal - Buyer gives paypal etc.

Anyone can be a cash seller, so it is clearly the sellers responsibility if they want to do large volume, they will have their own know your customer policies.
But many countries dont have those and most people wont care. Hope that explains it, its by far the most superior way to transfer cash.

ALSO...
You are NOT doxxing yourself at all!! The information you send will only be known by the seller. If you only want to reveal an address for cash in the mail then do that. If you want to only give your name for western union, do that. The information is ENCRYPTED so only the other party knows

[DeezCoinz]

I guess here's my disconnect. I can buy BTC with USD at coinbase. I have a verified checking account that I move USD into when I need BTC. I go to coinbase and press a couple of buttons and I can ask for $38 worth of BTC and mash the button and it says OK. [ Insert 30-60 minute wait for confirmations ]You now have $38 worth of BTC. That's it. When you tell me I can exchange USD for BAY, I expect to be hooked up with a buy/sell button to exchange $38 for BAY. Press the button, it says OK and the BAY are in my wallet. If the exchange of $$ > BAY is more difficult than $$ > BTC, then what am I gaining by using BAY? I'll stick with BTC because it's easier.

I think of it like this. I can teach my 10 year grandkid to buy BTC in my coinbase account in less than an hour. You have said that I will be able to exchange USD for BAY in the client. When will there be a secure, reliable exchange mechanism I can teach to my grandkid in under an hour? Otherwise, what's the point here?

[jm1978]

I guess here's my disconnect. I can buy BTC with USD at coinbase. I have a verified checking account that I move USD into when I need BTC. I go to coinbase and press a couple of buttons and I can ask for $38 worth of BTC and mash the button and it says OK. [ Insert 30-60 minute wait for confirmations ]You now have $38 worth of BTC. That's it. When you tell me I can exchange USD for BAY, I expect to be hooked up with a buy/sell button to exchange $38 for BAY. Press the button, it says OK and the BAY are in my wallet. If the exchange of $$ > BAY is more difficult than $$ > BTC, then what am I gaining by using BAY? I'll stick with BTC because it's easier.

I think of it like this. I can teach my 10 year grandkid to buy BTC in my coinbase account in less than an hour. You have said that I will be able to exchange USD for BAY in the client. When will there be a secure, reliable exchange mechanism I can teach to my grandkid in under an hour? Otherwise, what's the point here?

I think that u are talking about 2 different things here. Coinbase is a dedicated web for to sell and buy BTC but what u get with Bitbay is a complete and decentralize marketplace... u can not automatize that... and it will be not so easy to learn for ur grandkid

pd: sorry for my english

[jm1978]

Marketplace = sell and buy anything u want, not only Bitcoins