BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[funsponge]

can you guys explain to me what is the peg you are speaking about?

Heres the website link

http://bitbay.market/about/pegging/

or the main thread page has this;

-----------------------------------------------------------
Pegging

How can the freezing/hedging system peg Bay to US$, and how is it possible?

Bay is made to be used by ordinary consumers. They want a currency with a predictable value and without volatility. For example, by deflating the currency, we can make supply match the demand on exchanges. This means we can keep the price equal to a peg price (for example $1). Pegging can be done by controlling supply. By freezing a percentage of the Bay in everyone’s wallet we reduce supply to a level where it meets demand at the price we want.

If coins get frozen then can I still sell them?

In order to allow for a healthy and liquid market, we are considering allowing the sale of reserve coins. However, the condition is, you must lock the coins for 3-6 months and the new buyer will only receive them as reserve. This can allow for new people to enter the market with a long term investment. It may also be useful for large purchases without effecting the price, deposits without using liquid coins or even peer to peer good faith sales or exchange. There are many advantages to frozen assets like lending against them, giving discounts and large swaps.
-----------------------------------------------------------

Hope this helps. 

[Munti]

can you guys explain to me what is the peg you are speaking about?

There are a lot of posts about the peg in this thread. Here is one I wrote some 20 pages ago:

The rolling peg, as we call it, is a way to stabilize the value of Bay. We believe one of the obstacles for digital currencies is the volatility in price. Why would Alice and Bob start using a currency that can lose 20-50% of it's value in a day? Doesn't make sense. So we are coming with a solution to that. BitBay will be the first currency in the world with the ability to automatically regulate supply to meet demand at a target price. This is done by freezing/releasing Bay. It's basically the same thing that nations do when they increase or decrease money supply. It's just much easier to do because we don't have to factor in the effect on interest rates, unemployment etc.
The peg is designed to be flexible. Meaning we are not targeting a fixed value of Bay versus USD. Price will be allowed to move, but the extreme pumps and dumps that we know from crypto will not be possible. Think of the peg as a way to make the price of Bay move similar to bluechip stocks instead of crypto. An added advantage of our peg is what we call UVP, user value protection. The following is a very schematic example of how that works. If you buy 1 bitcoin worth of anycoin and it drops 20% you will only have 0.8 bitcoin left if you are forced to sell. In BitBay this will be different after the peg is implemented. If you buy 1 bitcoin worth of Bay and it drops 20% that will result in coins being frozen to maintain value. 20% of your coins are now frozen, so you will still only get 0.8 bitcoin if you are forced to sell, But you still have 20% of your Bay. When demand picks up they will be released, and you can sell them.

[funsponge]

Hi guys,
i just read a few pages on this topic, Bitbay seems a very good project.
Very interesting.
Only thing i can complain for now it is the solitary mentality of the developer, doing everything by itself seems a too hard job and it can be a limit on the goals this project could reach.

Hope if the price of the Bitbay goes up then you can hire someone at least for the easy but time costing "chores".

Hi there and welcome! Congratulations on finding us before the big whales do as this is gona be a top 15 coin!

Basically David Zimbeck is a genius. Lets say the Bill Gates of crypto. He created the famous 'Halo' & 'nightTrader' in crypto  along with other great features and now is working full time on Bitbay. He has tried hiring many people but would take a long time to train them (as nobody has ever used this code and there's no instruction book!) So he decided to do the work alone rather than spend years teaching people. He works quicker on his own and is a good man. If you have any questions he is always welcoming to answer questions when he isn't coding.

Yes it is hard but he has dedicated 2 years of his life to this project and turn down BIG crypto jobs that would have made him very very wealthy, so  I can assure you he is fully committed to this project and finishing it.

[dzimbeck]

Hi guys,
i just read a few pages on this topic, Bitbay seems a very good project.
Very interesting.
Only thing i can complain for now it is the solitary mentality of the developer, doing everything by itself seems a too hard job and it can be a limit on the goals this project could reach.

Hope if the price of the Bitbay goes up then you can hire someone at least for the easy but time costing "chores".

It would be nice to have devs however finding them is more trouble than it's worth. It's faster for me to code it myself. However you are right in the fact if I have downtime then the project does too.

When this project goes high enough we will have the money to do a full refactor. Good devs are really expensive and I would rather hire a good dev than 10 average ones. I'm one of the few handful of devs working full time in crypto. We always see the same names.

[aidia]

It would be nice to have devs however finding them is more trouble than it's worth. It's faster for me to code it myself. However you are right in the fact if I have downtime then the project does too.

Let's buy life insurance for this man for the sake of our investments! 

[cryptohunter]

Hi guys,
i just read a few pages on this topic, Bitbay seems a very good project.
Very interesting.
Only thing i can complain for now it is the solitary mentality of the developer, doing everything by itself seems a too hard job and it can be a limit on the goals this project could reach.

Hope if the price of the Bitbay goes up then you can hire someone at least for the easy but time costing "chores".

It would be nice to have devs however finding them is more trouble than it's worth. It's faster for me to code it myself. However you are right in the fact if I have downtime then the project does too.

When this project goes high enough we will have the money to do a full refactor. Good devs are really expensive and I would rather hire a good dev than 10 average ones. I'm one of the few handful of devs working full time in crypto. We always see the same names.

This day can not come soon enough.  Can't wait for the critics to eat their words about bay. Proper decentralised market places are the last missing part of this puzzle. Even decentralised exchanges are not so important. I mean we can all just use bay so what need of exchanges except to get out to fiat if you really have to.

[neo1947]

Hi guys,
i just read a few pages on this topic, Bitbay seems a very good project.
Very interesting.
Only thing i can complain for now it is the solitary mentality of the developer, doing everything by itself seems a too hard job and it can be a limit on the goals this project could reach.

Hope if the price of the Bitbay goes up then you can hire someone at least for the easy but time costing "chores".

It would be nice to have devs however finding them is more trouble than it's worth. It's faster for me to code it myself. However you are right in the fact if I have downtime then the project does too.

When this project goes high enough we will have the money to do a full refactor. Good devs are really expensive and I would rather hire a good dev than 10 average ones. I'm one of the few handful of devs working full time in crypto. We always see the same names.

This day can not come soon enough.  Can't wait for the critics to eat their words about bay. Proper decentralised market places are the last missing part of this puzzle. Even decentralised exchanges are not so important. I mean we can all just use bay so what need of exchanges except to get out to fiat if you really have to.

You said the most and well.
if l get into first 10 Bay holder l would be happy as a butcher dog
Big things has small beginning.

[Munti]

Hi guys,
i just read a few pages on this topic, Bitbay seems a very good project.
Very interesting.
Only thing i can complain for now it is the solitary mentality of the developer, doing everything by itself seems a too hard job and it can be a limit on the goals this project could reach.

Hope if the price of the Bitbay goes up then you can hire someone at least for the easy but time costing "chores".

It would be nice to have devs however finding them is more trouble than it's worth. It's faster for me to code it myself. However you are right in the fact if I have downtime then the project does too.

When this project goes high enough we will have the money to do a full refactor. Good devs are really expensive and I would rather hire a good dev than 10 average ones. I'm one of the few handful of devs working full time in crypto. We always see the same names.

This day can not come soon enough.  Can't wait for the critics to eat their words about bay. Proper decentralised market places are the last missing part of this puzzle. Even decentralised exchanges are not so important. I mean we can all just use bay so what need of exchanges except to get out to fiat if you really have to.

Exchanges will always be in demand by traders, but ordinary users don't need to use them at all. BitBay has a solution for that. You could even use BitBay as an entry point to get bitcoin.

http://bitbay.market/bitbay-has-solved-the-last-mile/

[gjsteele71]

Hi All,

I am happy to see interest in BAY picking up.  I saw a few inquiries on pegging and what the future holds.  Next week I will be publishing an interview dzimbeck was gracious enough to do, where he explains BitBay's purpose, what has been happening and what we can expect next.  I will post a link to it here on BCT when it is finished, so be on the lookout.  Once you see it, if you could spread it around we can get even more people to take an interest and see what is happening around here.

Thanks!

[formajocoto]

can you guys explain to me what is the peg you are speaking about?

Heres the website link

http://bitbay.market/about/pegging/

or the main thread page has this;

-----------------------------------------------------------
Pegging

How can the freezing/hedging system peg Bay to US$, and how is it possible?

Bay is made to be used by ordinary consumers. They want a currency with a predictable value and without volatility. For example, by deflating the currency, we can make supply match the demand on exchanges. This means we can keep the price equal to a peg price (for example $1). Pegging can be done by controlling supply. By freezing a percentage of the Bay in everyone’s wallet we reduce supply to a level where it meets demand at the price we want.

If coins get frozen then can I still sell them?

In order to allow for a healthy and liquid market, we are considering allowing the sale of reserve coins. However, the condition is, you must lock the coins for 3-6 months and the new buyer will only receive them as reserve. This can allow for new people to enter the market with a long term investment. It may also be useful for large purchases without effecting the price, deposits without using liquid coins or even peer to peer good faith sales or exchange. There are many advantages to frozen assets like lending against them, giving discounts and large swaps.
-----------------------------------------------------------

Hope this helps.  

I just read the link, the fact the peg is "rolling" it is very important i think.
It can still be annoying the platform freezing people money (even if not that often probably) cause you know sometime people has got limited budget and they need all the money the put in the Bay coins, but I understand the rolling peg it is almost a solution anyway.

[formajocoto]

Hi All,

I am happy to see interest in BAY picking up.  I saw a few inquiries on pegging and what the future holds.  Next week I will be publishing an interview dzimbeck was gracious enough to do, where he explains BitBay's purpose, what has been happening and what we can expect next.  I will post a link to it here on BCT when it is finished, so be on the lookout.  Once you see it, if you could spread it around we can get even more people to take an interest and see what is happening around here.

Thanks!

I did the inquiries on pegging, but dont be too happy, I'm just an ordinary person with not much money

[cryptohunter]

Hi All,

I am happy to see interest in BAY picking up.  I saw a few inquiries on pegging and what the future holds.  Next week I will be publishing an interview dzimbeck was gracious enough to do, where he explains BitBay's purpose, what has been happening and what we can expect next.  I will post a link to it here on BCT when it is finished, so be on the lookout.  Once you see it, if you could spread it around we can get even more people to take an interest and see what is happening around here.

Thanks!

I did the inquiries on pegging, but dont be too happy, I'm just an ordinary person with not much money

what are you unhappy about?

[cr197]

If we can just get polo to understand the potential perks that BitBay can provide them in the future.

- Safely cold stake investors' coins as a mining pool for the sake of maximizing stake profits from POS 3.0
   This could create all sorts of possibilities:
       - Futures for cold staking contracts, for example:
            - An investor could make an 'x' amount of return guaranteed if he locks his coins for 1 week, 1 month, 3 months, etc.
                 - Tracking the amount of coins locked in futures mining would create speculation amongst traders as they near maturity.
            - Don't forget that the peg will create a futures market separate from the mining futures market.
                 - So now you have multiple futures markets to track and speculate on upon maturity of contracts.
       - After the peg is implemented, the exchange could use BitBay as a leveraging tool.
            - Loaners wouldn't have to deal with the hassle of depositing USD for leveraging.
            - Now the incentives for loaners (compared to USD loaners) would be even more advantageous as they would profit from stake reward bonuses along with leverage interest fees.
       - With the exchange making so much money, they could begin creating an insurance fund for fraud protection. The sooner they start the sooner it grows in size - as it could gain interest from cold staking in a separate cold wallet!
            - With a substantial insurance fund, more and more big time investors will catch wind.
            - Investors will be willing to extend their futures mining contracts, thus removing even more liquidity and create more demand!!

All of this is just to try to put in perspective of what an exchange can potentially do with BitBay, let alone users can do with the actual client. The beauty of BitBay is that it finally provides the tools  for exchanges to implement multi-sig technology with minimal 'retro-fitting'. Once exchanges jump on board with the security of multi-sig, they will be wondering why they didn't start using it sooner!

[cr197]

Hi All,

I am happy to see interest in BAY picking up.  I saw a few inquiries on pegging and what the future holds.  Next week I will be publishing an interview dzimbeck was gracious enough to do, where he explains BitBay's purpose, what has been happening and what we can expect next.  I will post a link to it here on BCT when it is finished, so be on the lookout.  Once you see it, if you could spread it around we can get even more people to take an interest and see what is happening around here.

Thanks!

Awesome news! Can't wait to read it!

[bitcoinpete]

I was under the impression that bitbay was long and dead. I tried my wallet today but it is not sincronizing. Any thoughts its GT windows 1.01

[cryptohunter]

I was under the impression that bitbay was long and dead. I tried my wallet today but it is not sincronizing. Any thoughts its GT windows 1.01

There was a couple of snap shot services announced in the last few pages of this thread. Would be cool if there were linked with the wallet on the OP.

[cryptohunter]

If we can just get polo to understand the potential perks that BitBay can provide them in the future.

- Safely cold stake investors' coins as a mining pool for the sake of maximizing stake profits from POS 3.0
   This could create all sorts of possibilities:
       - Futures for cold staking contracts, for example:
            - An investor could make an 'x' amount of return guaranteed if he locks his coins for 1 week, 1 month, 3 months, etc.
                 - Tracking the amount of coins locked in futures mining would create speculation amongst traders as they near maturity.
            - Don't forget that the peg will create a futures market separate from the mining futures market.
                 - So now you have multiple futures markets to track and speculate on upon maturity of contracts.
       - After the peg is implemented, the exchange could use BitBay as a leveraging tool.
            - Loaners wouldn't have to deal with the hassle of depositing USD for leveraging.
            - Now the incentives for loaners (compared to USD loaners) would be even more advantageous as they would profit from stake reward bonuses along with leverage interest fees.
       - With the exchange making so much money, they could begin creating an insurance fund for fraud protection. The sooner they start the sooner it grows in size - as it could gain interest from cold staking in a separate cold wallet!
            - With a substantial insurance fund, more and more big time investors will catch wind.
            - Investors will be willing to extend their futures mining contracts, thus removing even more liquidity and create more demand!!

All of this is just to try to put in perspective of what an exchange can potentially do with BitBay, let alone users can do with the actual client. The beauty of BitBay is that it finally provides the tools  for exchanges to implement multi-sig technology with minimal 'retro-fitting'. Once exchanges jump on board with the security of multi-sig, they will be wondering why they didn't start using it sooner!

polo owner is actally a coder himself so im sure once he has contact with david and realises the caliber of coder bay has he will list it. Beside volume is quite good lately too. Better many coins on there and would be far greater if listed there. Then again maybe be best to wait unitl after xmas so then the polo traders will download and get to experience the latest and greatest features of bay. Maximum impact.

[cr197]

Hi All,

I am happy to see interest in BAY picking up.  I saw a few inquiries on pegging and what the future holds.  Next week I will be publishing an interview dzimbeck was gracious enough to do, where he explains BitBay's purpose, what has been happening and what we can expect next.  I will post a link to it here on BCT when it is finished, so be on the lookout.  Once you see it, if you could spread it around we can get even more people to take an interest and see what is happening around here.

Thanks!

I did the inquiries on pegging, but dont be too happy, I'm just an ordinary person with not much money

what are you unhappy about?

He's not unhappy. He's saying he's not capable of buying a lot because of his budget.

@formajocoto - anything you buy now at this price WILL be a lot after the peg.

[cr197]

I was under the impression that bitbay was long and dead. I tried my wallet today but it is not sincronizing. Any thoughts its GT windows 1.01

We've been having sync issues because of seed node issues. David will have a new mini update for that very reason within the next few days.

Have you created an updated add node conf file?
I just pinged the network with a getpeerinfo command
create a text document

copy and paste in text document like notepad (these are the latest ip addresses I got from the console's getpeerinfo command):

server=1
daemon=1
listen=1
rpcuser=user
rpcpassword=pass
addnode=85.25.146.74
addnode=104.237.2.192
addnode=45.56.109.7
addnode=91.121.217.70
addnode=159.203.184.167
addnode=96.232.82.36
addnode=108.61.10.90
addnode=104.172.24.79


When you 'save as' the text document (if you are using notepad), simply change the 'save as type' to All Files and name the file bitbay.conf
Now move that file to your bitbay user/>username</appdata/roaming/BitBay folder

And reload the qt program

[neo1947]

Hi All,

I am happy to see interest in BAY picking up.  I saw a few inquiries on pegging and what the future holds.  Next week I will be publishing an interview dzimbeck was gracious enough to do, where he explains BitBay's purpose, what has been happening and what we can expect next.  I will post a link to it here on BCT when it is finished, so be on the lookout.  Once you see it, if you could spread it around we can get even more people to take an interest and see what is happening around here.

Thanks!

Definitely waiting for this interview.
This is great,Thanks very much.