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AU_AG
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May 01, 2017, 04:28:31 AM |
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I totally agree with you. The vapor products literally steal money from real ones. At least consider most of their volume is fake but how to be heard in a crowd of shouting people! I suppose just do it with actions. Hopefully our features will speak for us.
features is not enough actually. the only reason why we can see this bitbay having a value of 0.01$ is because BTC is rising but actually this still hasn't grew a dime. dimwit investors still get to invest to this shit when there is nothing to it. who do you think will use this coin? From what I saw in the Video it truly is a smart contract that u can use right now to sell "ANYTHING" Not like other coins that just talk abt it happening. https://www.youtube.com/watch?v=HrXUZRGd1hE&index=1&list=PLILfNPSQCo6yjFiwXY6-C-ikIDs6v2nHU |
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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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cryptohunter
Legendary
 Offline
Activity: 2100
Merit: 1167
MY RED TRUST LEFT BY SCUMBAGS - READ MY SIG
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May 01, 2017, 09:03:53 AM |
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I totally agree with you. The vapor products literally steal money from real ones. At least consider most of their volume is fake but how to be heard in a crowd of shouting people! I suppose just do it with actions. Hopefully our features will speak for us.
features is not enough actually. the only reason why we can see this bitbay having a value of 0.01$ is because BTC is rising but actually this still hasn't grew a dime. dimwit investors still get to invest to this shit when there is nothing to it. who do you think will use this coin? Try and explain yourself more clearly. What do you mean when you say there is nothing to it? when it offers more use than 99.9% of other projects what do yo mean when you say this hasn't grew a dime? when it has gone from 50 sats to 750 sats? Perhaps there is something we are all missing because these statements on the face of it seems bordering on absurd... even ironic. |
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dzimbeck
Legendary
Offline
Activity: 2412
Merit: 1044
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May 01, 2017, 10:37:06 AM |
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Why is there no IOS wallet yet. That would help the market. And when is this fork goin into place? Any planes to make a burn wallet to cut down supply?
The fork will happen when i finish the other updates in the next release most likely shortly after and it will take at least a month to trigger on the blockchain so everyone has time to update their software. And why would we burn coins to cut supply?! Please excuse me for saying this but that doesn't make any sense. You should familiarize yourself with the rolling peg which can freeze and unfreeze supply which will be able to control the price. Before that I've got a bunch of updates to the existing templates which already can do pretty much anything you need it to do. The cash for coins template for example is a trustless way to buy Bitcoin or BitBay with cash/fiat using double deposit and unbreakable contracts. Since the contracts can't be broken there is no arbiter, middlemen, or fees to a big company. Its just peer to peer cash deals allowing anyone anywhere in the world to buy any coin they want. |
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btvGainer
Legendary
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Activity: 854
Merit: 1000
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May 01, 2017, 11:01:58 AM |
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Glad to see bitbay price in green since I bought them.I hope the rise continue.I had planned to hold it but got frustrated to see 50% dip in price but good projects take time to build up.
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Polcrack
Full Member
Offline
Activity: 280
Merit: 100
Just Believe in trusted/transparents Proyects
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May 01, 2017, 04:25:52 PM |
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Why is there no IOS wallet yet. That would help the market. And when is this fork goin into place? Any planes to make a burn wallet to cut down supply?
The fork will happen when i finish the other updates in the next release most likely shortly after and it will take at least a month to trigger on the blockchain so everyone has time to update their software. And why would we burn coins to cut supply?! Please excuse me for saying this but that doesn't make any sense. You should familiarize yourself with the rolling peg which can freeze and unfreeze supply which will be able to control the price. Before that I've got a bunch of updates to the existing templates which already can do pretty much anything you need it to do. The cash for coins template for example is a trustless way to buy Bitcoin or BitBay with cash/fiat using double deposit and unbreakable contracts. Since the contracts can't be broken there is no arbiter, middlemen, or fees to a big company. Its just peer to peer cash deals allowing anyone anywhere in the world to buy any coin they want. Good see our dev active Bitbay for long time will be amazing  |
Many people scamer with Icos and shitcoins, Invest with intelligence
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cr197
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May 01, 2017, 06:03:44 PM |
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Tether at .93 cents
Let's hope that centralized beast fails. Might as well take bitfinex down with it.
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"Dishonour is like a scar on a tree, which time, instead of effacing, only helps to enlarge."
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R-J-F
Sr. Member
Offline
Activity: 1078
Merit: 310
AKA RJF - Member since '13
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May 01, 2017, 07:02:59 PM |
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Tether at .93 cents
Let's hope that centralized beast fails. Might as well take bitfinex down with it.
No great loss if they both crash and burn... |
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety." Ben Franklin
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cryptohunter
Legendary
Offline
Activity: 2100
Merit: 1167
MY RED TRUST LEFT BY SCUMBAGS - READ MY SIG
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May 02, 2017, 11:05:53 AM |
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well it will be bad if it crashes and people lose their money when they trusted it to hold value against the usd.
however yes I hope people get a wake up call now and realise this is not the way to go
Bay's rolling peg will be much better and by the end of the year people will start to realise they have been missing out on a good project here for quite some time.
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Polcrack
Full Member
Offline
Activity: 280
Merit: 100
Just Believe in trusted/transparents Proyects
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May 02, 2017, 04:01:01 PM |
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Bitbay rocks !!!! Go to the 1000 satoshis !!!!! We can do it  |
Many people scamer with Icos and shitcoins, Invest with intelligence
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fluxer555
Newbie
Offline
Activity: 40
Merit: 0
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May 02, 2017, 06:14:13 PM |
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Just to make sure I understand correctly...
By being able to change the liquid supply, we can manipulate the spot price. This shouldn't affect market cap, however, because we're decreasing the supply to increase the spot price, and increasing the supply to decrease spot price. Since market cap = (supply x spot price), in theory, we should be able to keep the price constant.
My questions:
1. At what frequency is the liquid supply updated? It's not uncommon for crypto to have ±10% in a few minutes, and this could be troublesome for a consistent peg.
2. Is voting really going to be effective enough to keep track? It seems like it would be a full time job to constantly adjust the liquid supply manually.
3. Does the existence of illiquid supply affect the demand in any passive way? The dynamics here seem complex.
4. Will we ever get into a situation where BAY will be locked away indefinitely, in a sort of "checkmate" between keeping the peg consistent, and the inevitability of a drop in demand if the peg were to change (to release illiquid funds)?
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dzimbeck
Legendary
Offline
Activity: 2412
Merit: 1044
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May 03, 2017, 03:23:20 AM |
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Just to make sure I understand correctly...
By being able to change the liquid supply, we can manipulate the spot price. This shouldn't affect market cap, however, because we're decreasing the supply to increase the spot price, and increasing the supply to decrease spot price. Since market cap = (supply x spot price), in theory, we should be able to keep the price constant.
My questions:
1. At what frequency is the liquid supply updated? It's not uncommon for crypto to have ±10% in a few minutes, and this could be troublesome for a consistent peg.
2. Is voting really going to be effective enough to keep track? It seems like it would be a full time job to constantly adjust the liquid supply manually.
3. Does the existence of illiquid supply affect the demand in any passive way? The dynamics here seem complex.
4. Will we ever get into a situation where BAY will be locked away indefinitely, in a sort of "checkmate" between keeping the peg consistent, and the inevitability of a drop in demand if the peg were to change (to release illiquid funds)?
I have taken this info from a slack discussion that was happening today as other people have asked about it. How to vote.there is a default setting in the wallet So by default you are voting to automate the pegging, which means you are requesting an algorithm decide for you. Your other 3 options are: - Vote to Deflate - Vote to Inflate - Vote to Maintain Supply If you select any of the bottom 3 you will need to cast a vote to let your voice be heard. All that requires from this point on is that you stake your Client If you change your mind in the future you simply change the setting. It's that simple! How often voting occurs.The voting could technically be counted 24 times a day . . once an hour. meaning 24% compound + or - in either freeze or thaw. That is really aggressive and can force a pretty stable price or if we want a bit more play or slow and gradual rolling peg the temperament of 2-5% maximum per day (counting votes 5 times a day) is much more slow freeze please keep in mind this is on going discussions as its never been done before. David's trying to think of everything like the chess master he is. He's always trying to think 5-10 steps ahead Thanks for remembering those details. Also I should add to automate the vote would be what most people will do. I was thinking we might have to add another option to that dropdown box which is "vote towards target" and have them vote to a target supply or price. Its possible to only let those decisions for each user run for a week or so to force them to occasionally check the software again to recast it. These are mostly user interface decisions but not protocol. The idea of how centric do we want to make an algorithm gets closer to the heart of protocol. Actually the frozen supply can effect demand in a good way. There is a bylaw being added to allow transfer of frozen supply on the condition it is locked in a 1 month time lock. This "slows" the frozen funds so you could just say there are variable speeds of liquidity. The slowed funds are used for bonds, credit swaps or trustless loans and really all kinds of cool instruments never before thought possible in crypto. If there becomes a speculative market, i would think the frozen/slowed funds would become the speculative market. Because those give access to voting power, can be staked for interest and also serve as a future. It will be one helluva fun trading game. I can see the peg falling into the situation you described. A few potential risks is it is deflated too much so the price goes way too high and cannot be recovered to that target. Another risk is the network can't agree on a supply so it gets stuck at a certain level. But consider that there is always changes to the economy and the ones holding. So most likely it would never really get stuck at a specific supply. Someone who buys up 100% of the liquidity would end up seeing the supply inflate. So i think as long as there is consistent demand that is something we shouldn't worry about. But lets say this happens. Then we would want to consider forking to update the algorithms perhaps?! The cool part about this is that its an awesome social experiment so we can see how it goes and adjust and get inspired to improve upon it with better algorithms. In theory, we can do it based purely on algorithms without voting but for now I really like combining the two. |
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Red_Sanford
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May 03, 2017, 10:36:11 AM |
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Just to make sure I understand correctly...
By being able to change the liquid supply, we can manipulate the spot price. This shouldn't affect market cap, however, because we're decreasing the supply to increase the spot price, and increasing the supply to decrease spot price. Since market cap = (supply x spot price), in theory, we should be able to keep the price constant.
My questions:
1. At what frequency is the liquid supply updated? It's not uncommon for crypto to have ±10% in a few minutes, and this could be troublesome for a consistent peg.
2. Is voting really going to be effective enough to keep track? It seems like it would be a full time job to constantly adjust the liquid supply manually.
3. Does the existence of illiquid supply affect the demand in any passive way? The dynamics here seem complex.
4. Will we ever get into a situation where BAY will be locked away indefinitely, in a sort of "checkmate" between keeping the peg consistent, and the inevitability of a drop in demand if the peg were to change (to release illiquid funds)?
Why is this necessary ? What is the benefit ? It just seems like how the central bank works except you are giving people the chance to vote. It seems like an unnecessary complication that has the potential to cause problems. The average Joe won't be voting anyway so this is one more way for the whales to manipulate the price |
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cr197
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May 03, 2017, 10:50:27 AM |
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Just to make sure I understand correctly...
By being able to change the liquid supply, we can manipulate the spot price. This shouldn't affect market cap, however, because we're decreasing the supply to increase the spot price, and increasing the supply to decrease spot price. Since market cap = (supply x spot price), in theory, we should be able to keep the price constant.
My questions:
1. At what frequency is the liquid supply updated? It's not uncommon for crypto to have ±10% in a few minutes, and this could be troublesome for a consistent peg.
2. Is voting really going to be effective enough to keep track? It seems like it would be a full time job to constantly adjust the liquid supply manually.
3. Does the existence of illiquid supply affect the demand in any passive way? The dynamics here seem complex.
4. Will we ever get into a situation where BAY will be locked away indefinitely, in a sort of "checkmate" between keeping the peg consistent, and the inevitability of a drop in demand if the peg were to change (to release illiquid funds)?
Why is this necessary ? What is the benefit ? It just seems like how the central bank works except you are giving people the chance to vote. It seems like an unnecessary complication that has the potential to cause problems. The average Joe won't be voting anyway so this is one more way for the whales to manipulate the price If you ask for the #1 complaint of merchants accepting bitcoin as a payment option is that they fear its volatility. Their cash flow comes first and foremost, which means they can't afford to hold bitcoin if they sell items for bitcoin and then wake up one morning to see the price of bitcoin is down 5-10% because, for example, the damn Chinese government all of a sudden decides to manipulate the price through new unexpected regulation laws. Merchants must retain their profits to stay afloat. So they typically do the most obvious solution, which is to cash out to fiat as soon as the transaction is complete. The rolling peg will solve this. The goal of the rolling peg, in my opinion, it to provide a solution where the price of the coin can still fluctuate, but in a much more stabilized environment. My hopes are that it would become even more stable than most of the forex 'majors'. |
"Dishonour is like a scar on a tree, which time, instead of effacing, only helps to enlarge."
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unusualfacts30
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May 03, 2017, 01:18:31 PM |
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How's everyone doing? Good to see bitbay performing so well. David's hardword is finally paying off!!  I can't seem to recall where I put my wallet.  |
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fluxer555
Newbie
Offline
Activity: 40
Merit: 0
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May 03, 2017, 01:45:59 PM |
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Thanks for remembering those details. Also I should add to automate the vote would be what most people will do. I was thinking we might have to add another option to that dropdown box which is "vote towards target" and have them vote to a target supply or price. Its possible to only let those decisions for each user run for a week or so to force them to occasionally check the software again to recast it. These are mostly user interface decisions but not protocol. The idea of how centric do we want to make an algorithm gets closer to the heart of protocol. Actually the frozen supply can effect demand in a good way. There is a bylaw being added to allow transfer of frozen supply on the condition it is locked in a 1 month time lock. This "slows" the frozen funds so you could just say there are variable speeds of liquidity. The slowed funds are used for bonds, credit swaps or trustless loans and really all kinds of cool instruments never before thought possible in crypto. If there becomes a speculative market, i would think the frozen/slowed funds would become the speculative market. Because those give access to voting power, can be staked for interest and also serve as a future. It will be one helluva fun trading game. I can see the peg falling into the situation you described. A few potential risks is it is deflated too much so the price goes way too high and cannot be recovered to that target. Another risk is the network can't agree on a supply so it gets stuck at a certain level. But consider that there is always changes to the economy and the ones holding. So most likely it would never really get stuck at a specific supply. Someone who buys up 100% of the liquidity would end up seeing the supply inflate. So i think as long as there is consistent demand that is something we shouldn't worry about. But lets say this happens. Then we would want to consider forking to update the algorithms perhaps?! The cool part about this is that its an awesome social experiment so we can see how it goes and adjust and get inspired to improve upon it with better algorithms. In theory, we can do it based purely on algorithms without voting but for now I really like combining the two. Thanks David, definitely looking forward to seeing all this unfold |
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cr197
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May 03, 2017, 11:03:36 PM |
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How's everyone doing? Good to see bitbay performing so well. David's hardword is finally paying off!! I can't seem to recall where I put my wallet. Hey unusualfacts30! Glad to see you pop in to the thread. Where is the last place your remember running your wallet? Is it on a thumb drive by chance? |
"Dishonour is like a scar on a tree, which time, instead of effacing, only helps to enlarge."
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CheapVccSeller
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May 03, 2017, 11:15:36 PM |
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Going to buy some coins on bittrex. Good luck dev  |
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unusualfacts30
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May 04, 2017, 05:20:25 AM |
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How's everyone doing? Good to see bitbay performing so well. David's hardword is finally paying off!! I can't seem to recall where I put my wallet. Hey unusualfacts30! Glad to see you pop in to the thread. Where is the last place your remember running your wallet? Is it on a thumb drive by chance? It's good to see old members are still here. I put it in a external hdd somewhere in 2014 but can't seem to find it. |
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dzimbeck
Legendary
Offline
Activity: 2412
Merit: 1044
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May 04, 2017, 08:19:20 AM |
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How's everyone doing? Good to see bitbay performing so well. David's hardword is finally paying off!! I can't seem to recall where I put my wallet. Hey unusualfacts30! Glad to see you pop in to the thread. Where is the last place your remember running your wallet? Is it on a thumb drive by chance? It's good to see old members are still here. I put it in a external hdd somewhere in 2014 but can't seem to find it. On no, well good luck finding it. And be careful with old hard drives. I think the best backup is M-Disc because those last 100 years. Hard drives can go bad after a couple years of non-use. Printing on paper is also a good habit. |
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cryptohunter
Legendary
Offline
Activity: 2100
Merit: 1167
MY RED TRUST LEFT BY SCUMBAGS - READ MY SIG
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May 04, 2017, 10:54:01 AM |
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How could double deposit escrow be used for local bitcoin?
Could you list on the marketplace say an ebook that costs 3k USD in the post and your ebook you sell may accidentally cointain an empty wallet dat file that at a later date got a random deposit of 2btc?
I mean is that useful at all ?
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