BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[dzimbeck]

I hope that we will not  (anytime soon) open source the code nor open it for peer review. To be fair I would trust nobody in this environment. If you spend 2+ years of your life writing code every day just to have someone else press copy and paste at this stage of the crypto game then it is pointless supporting coins with huge time scales on development.

Like darkcoin did ....maybe release parts of it after we are several updates (ie years) ahead.

There is simply no moral  code in this arena.

The people you see there demanding  open source regarding your given project are the opens that will be the first to click copy and paste.

What about the MIT licensed source code like Bitshares did?

Interesting, but in any case, we would want to open source when complete. If I publish any sort of source other than the OBF package, coders will probably just want to refactor, take the parts they find beneficial and I'm not sure where that benefits us.

Perhaps best to just wait until the software is totally perfect to our liking and then open source.

[dzimbeck]

strange to see both sys and bay losing ground lately. So many inferior coins rising above both projects. I mean bay is crazy undervalued and even sys should be higher. I still much prefer bay though and have no idea why this coin is not top 20 already.

Man you are preaching to the choir. I think its because the market is still obsessed with "pump and dump". People just jump on the "bandwagon" of any new coin. Because they are only hoping to sell it for more than they bought it. Because the market is still driven by greed. Like a game with money in a sense.

People aren't looking at the technology yet. Or else why is Dogecoin top 10 crypto for years? What technological benefit would one gain by holding Doge?

The masses do not see how crypto benefits them (YET)

However there is a hope here that the masses will eventually notice crypto and when they do, it won't be about "Dogecoin" or "Kittycoin", it will be about what can they do with the software and technology.

Most of the people involved in BitBay are early, they know what is being worked on. The key is to help other investors also understand what is going on here and this might be achieved by marketing and finding people who also see the ideology in the project.

As we know, the masses are usually not motivated by ideology so for the rest there is only marketing. Which in the case here might come in phases as the software continues to release more features.

Although we already have so many features! So for now we have more than enough to show others about what the software has the potential to do.

[dzimbeck]

Azure is acting like a gatekeeper. You can see subtle maneuvering in crypto for sure.

I'm not saying Dapps aren't good but I'm saying the method in which decentralized applications is deployed is not a trivial computer science problem.

If it was that easy they would just start "internetcoin" where they put the entire internet on a blockchain. Which obviously doesn't make any sense.

Etherium sandboxes their code, so does Lisk. Which is good in theory. They could attempt methods of compressing and hashing known bits of code on the chain but in the end there is a bloat issue. Who has this kind of bandwidth? It takes me a half an hour to download a 100 megabyte file. Granted my connection is not that fast but we have to find a peer to peer solution. (maybe a lightning network)

In any case, the critical question remains: Blockchains are about store of funds and notary, what else truly belongs there?

Sidechains are good in theory. But the reason in my opinion they work is because they remove the risk of running some obscure application that could lose your funds to the peers.
So the peers might be able to take the risk instead of the miners and the entire network.

And I'm not sure the best proposal has been put forward yet. Ethereum will be a good test ground for what does and doesn't work.

Regardless, not everything can be on a blockchain because you can't download all of youtube to watch a single video, nor should you be forced to download an entire website to view a single page.
Nor should that burden be placed on all peers to verify if you visited the webpage, clicked on a button and so forth.

There is some fundamentals which Bitcoin is missing that Ethereum does have. For example, a better scripting system. Thats great and I think bitcoins scripting is very limiting. Things like lightning networks, pegging tools like we are doing here, sidechains and even pre-approved contracts(which ive yet to see any coin do)... are all good ideas. Tokens are interesting if you can get courts to honor the notary which i highly doubt.

In any case these are complex computer science problems that are not solved by simply putting everything on a blockchain. Otherwise, there is simply hype for the sake of marketing a protocol. And then the protocol becomes less important that the marketing.

[cryptohunter]

sad to see bay getting crushed down again...

[jmsr1978]

sad to see bay getting crushed down again...

It is time to buy a bit more i suppose 

[3r197]

sad to see bay getting crushed down again...

It is time to buy a bit more i suppose  

Yea sucks to see some major selling - probably related to Lisk and the stupid "The DAO".
Ether looks to be at a stubborn resistance level as well @ .0241, and could turn south again with the recent BTC rally.

Wish them the best of luck.

Doesn't make sense not to hold till the peg.
With the peg in the near future, it would be wise to accumulate as much as possible now so you could potentially make a nice return simply by staking your coins after the peg and selling 80-90% of the daily stake reward coins back on the market.

[KoshaKosha]

In the near future? I missed that info. When will the peg take place?

[3r197]

In the near future? I missed that info. When will the peg take place?

David's goal is to have everything done by the end of the year. That includes all the market templates, pegging (user value protection - UVP), and python contracts which are similar yet unique to ethereum based programmable contracts.

[dzimbeck]

@3r197 dont even get me started on the "DAO"

I mean I'm almost certain they pulled the same trick the Lin+Bob pulled. Consider they claim to raise 100 million but from who?!?

They then immediately have a price drop, does this remind us of a pattern? Yes of course who else would sell below ICO price unless the "DAO"
was bought by Eth devs and other insiders or even worse they kept so many free DAO for themselves.

Instantly it cuts in half in price... not good

Also what does a voting address paid to another address going to do to truly organize a business?

Can the same not also been done with multisig?!!?

Maybe just another example of massive hyperbole, telling people that the blockchain can grant wishes or something... hahaha so ridiculous the claims they make saying what a "DAO" can do. (it even chops your vegetables, mows your lawn and gives you magical powers)

...more cash grabbing by the Eth devs ^

At least Lisk did good, I'm sure a lot of us are happy about that. They were good because they had a proof of existing software before the fundraising (in Lisk) .... unlike the DAO who has no GUI, no software, just peddling dreams.

[AttorneyBitcoin]

As an attorney, bitcoin attorney, miner and student of crypto I have been watching, investing and studying these matters for over 2 years. Your discussions on this page are some of the most insightful, intelligent, honest and eye opening that I have seen. I applaud your sincerity, honesty and class. I'm going to download this wallet now and purchase. Best:  George D. Greenberg, Esq. www.attorneybitcoin.com

[3r197]

As an attorney, bitcoin attorney, miner and student of crypto I have been watching, investing and studying these matters for over 2 years. Your discussions on this page are some of the most insightful, intelligent, honest and eye opening that I have seen. I applaud your sincerity, honesty and class. I'm going to download this wallet now and purchase. Best:  George D. Greenberg, Esq. www.attorneybitcoin.com

Glad to hear your interest.
Checked out your website. I think you are on the right track. There will be plenty of business in the future for attorneys who know the ins-and-outs of the crypto world. Smart to tap into that market now!


I've got a built-in faucet contract on the client. Feel free to accept it - 1000 free Bays. No coins are needed to accept because it's a guarantor contract and doesn't require DDE.
That's the beauty of the escrow system.
It's completely customizable:
 - The standard is Double Deposit Escrow that match the value of the item for sale.
 - Guarantor contracts are one-sided deposit escrow contracts.The creator of the contract takes the 'majority' of the risk since the counterparty doesn't deposit anything. This set up is perfect for people who don't have any Bays and wish to buy direct through the client. It's recommended to KYC these customers and/or keep the contract size at minimum levels for the sake of security.
 - Custom deposits give you the option to create your own levels both for you and your counterparty. If you don't trust them, jack their end up. If you trust them, lower to a minimum level you feel secure with. If you have complete trust you can void the deposit all together (yet to a level that meets anti-dust protocol for spam protection - this can be a one-sided deposit to cover).

[3r197]

Posting my Forex market predictions on the client now.
Feel free to bet against me if you wish!
Counter-offers are negotiable.

[cryptohunter]

the thing that worries me about bay is there still could be a whale out there who just wants to destroy this coin. I mean nobody will be dumping this coin to 46 sats right??

I mean that is quite insane. The huge wallets out there ??who has done a history check on those wallets of 20M+

Are any of these vast wallets still in the hands of those that want to crush bay since the start and if they are what will we do about them?

[neo1947]

the thing that worries me about bay is there still could be a whale out there who just wants to destroy this coin. I mean nobody will be dumping this coin to 46 sats right??

I mean that is quite insane. The huge wallets out there ??who has done a history check on those wallets of 20M+

Are any of these vast wallets still in the hands of those that want to crush bay since the start and if they are what will we do about them?

Hi Cryptohunter
l have below pic taken almost 3 months old and seems that second address with 60 mil just gone out of radar.
hope this helps to comprehend what was caused this severe price drop.

Best

[3r197]

It was the old #2 account on bittrex distro.
He had 9.4 million. Then sold down to 8 million. Then to 5.08 million.
That last dump was him selling off the rest of his bays.
Don't know if he is the same as person as this address you speak of on the blockchain.

I checked that address in your screenshot. It's down to 30 million now.
Will keep an eye on it.

[FogHorn_LegHorn]

It is pointless since there are WAY too many coins out there. I mean 1 billion coins...come on man how ridiculous. So I am gonna buy some new shoes for 20 million BAY??? Dumb as it gets. Too many coins = worthless. Don't hate the truth bearer.

[3r197]

It is pointless since there are WAY too many coins out there. I mean 1 billion coins...come on man how ridiculous. So I am gonna buy some new shoes for 20 million BAY??? Dumb as it gets. Too many coins = worthless. Don't hate the truth bearer.

The coin hasn't been pegged yet. It's coming.

[dzimbeck]

It is pointless since there are WAY too many coins out there. I mean 1 billion coins...come on man how ridiculous. So I am gonna buy some new shoes for 20 million BAY??? Dumb as it gets. Too many coins = worthless. Don't hate the truth bearer.

Yeah i know what you mean... trillions of dollars they are totally worthless, perhaps you should burn them.

Such logic, so fashion, much troll, very crypto

Hint: there is billions of people on the earth, one billion coins isn't much the market cap isnt even 1 million usd

[digicidal]

It is pointless since there are WAY too many coins out there. I mean 1 billion coins...come on man how ridiculous. So I am gonna buy some new shoes for 20 million BAY??? Dumb as it gets. Too many coins = worthless. Don't hate the truth bearer.

Yeah i know what you mean... trillions of dollars they are totally worthless, perhaps you should burn them.

Such logic, so fashion, much troll, very crypto

Hint: there is billions of people on the earth, one billion coins isn't much the market cap isnt even 1 million usd

Although I agree with the sentiment and I understand the point you're making... but actually those trillions of dollars are becoming worth less and less due to that very fact (printing more and more of them).

And that's a currency backed by a) oil/trade b) one of the most stable and proven world economies historically and c) the (for now) top GDP in the world.

I'm not saying I disagree with the premise, but at the present time if Bitcoin is the US Dollar of crypto then BAY is somewhere around the Bolivian boliviano.  Obviously this analogy has plenty of holes in it as well, but the bottom line is that you can't say that the number is irrelevant in any way or we'd all be rich with a couple of these:

 however as it is you can't even buy a stick of gum with one of those.  That's not to say that BAY is as worthless as a Zimbabwean Dollar... however, simply saying that there are trillions of dollars or 7 billion people in the world does not in any way reflect on the value of a single BAY anymore than watching a movie or wearing an Iron Man T-shirt makes you a super hero.

That being said I'm stacking a couple million more just because I think the depression is very temporary - but I also thought the pump was... and have been proven correct in this.

[cryptohunter]

the thing that worries me about bay is there still could be a whale out there who just wants to destroy this coin. I mean nobody will be dumping this coin to 46 sats right??

I mean that is quite insane. The huge wallets out there ??who has done a history check on those wallets of 20M+

Are any of these vast wallets still in the hands of those that want to crush bay since the start and if they are what will we do about them?

Hi Cryptohunter
l have below pic taken almost 3 months old and seems that second address with 60 mil just gone out of radar.
hope this helps to comprehend what was caused this severe price drop.

Best

Interesting. Thanks. Wow, some folks have a lot of bay