BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[dzimbeck]

So alphabay is down.  It seems like the Owners ran off with the funds?  This shows the need for a decentralized marketplace without any arbitration. It seems that David is against Bitbay being used for this purpose, but the entry of drugs into the marketplace will eventually happen for it to be truly decentralized free market.  Are there people that have tried to use the Bitbay marketplace for this purpose already?

I

He could hardly condone it really. I mean we have to be sensible.

But if it is decentralised and has no central control then it will be used for whatever people want to use it for.

TBH though the uptake and usage of both this and sys is highly disappointing. It's been years and still nobody really uses these market places at the moment.

I think we need to look at this and see if we can get the api out so we can use the power of bitbay for easy to use websites and mobile apps to run on top of it. Perhaps mainstream are never going to sit on their pc's and download the entire bc and full marketplace and use it like that. Sometimes you just have to give them what they want not what is actually best for them.

If other devs were coding out sports betting other prediction market websites and anything else that bitbay can be used for then that could build some real traction. That and the peg will attract people too. David could keep coding the core out whilst other devs just build their websites/apps/ platforms on top

I see now eth was smart they produced something that in the end enabled almost infinite other devs to do their thing that still benefitted eth. Every ico running on eth is building value into their system even if temp. Their main issue is the resources needed are growing at a very alarming rate.

We need to find a way to open bitbay to other devs who can work and build value into the bitbay system. I guess the api will do that to quite a large extent.

Ideally we need to get on btc38 this coin would be a good fit there. We need someone that speaks fluent chinese that has a senior role with bitbay. They have so many coins of this coins age listed there and most of those are total crap.

Polo for whatever reason seem to not want to list us. I have suggested it to them many times before and lots of people on polo troll box have asked in the past

Cryptopia is up and coming I think this exchange is growing.

I had a few hyper tokens and coin2 tokens.... to my shock they both got themselves listed on yobit and cryptopia within a week or 2. We could consult with their teams on how they did this?  they are not btc38 or polo but still we can't be on one only.

Maybe we are being censored Polo controlled opposition, who knows. Luckily they will eventually be replaced with decentralized or multisig options.

I can give an API but a site wanting to do this would need to know code pretty well.

I agree ETH allowing a better script system let's people build on it. However it's the wrong approach, 1 GB a day added to their chain. Also they are too greedy by faking volume on icos and getting refunds. Something that would be illegal in the stock market. At the very least it's deceptive. Unless someone can convince me projects fund millions of dollars in minutes.

People do use our markets it just starts slow. An eBay plugin would really help aot reselling items isn't easy though as you might take a loss doing so or have to charge a premium.

Regardless even DDE used as insurance to prevent theft is a massive vertical. Our project is so flexible it's crazy the only drawback is it Isn't modular.

However the API will allow Python code so users can easily patch functions in real time for any web application.  There is a bigger drawback with API which is the lack of coders who know blockchain.

Nobody uses Bitcoin either other than to speculate. The market is maturing slowly but I believe we will get there.

[HVCC]

Great to see BitBay still doing well and development remaining strong. A true decentralised market place will be a game changer but inevitably this will attract illegal goods. It's just the way it is. You cannot police the market or it will kill it. It will also impose a responsibility on BitBay itself.

Perhaps, legally, the best option would be to give private market-makers a private key with which to moderate, therefore shifting the liability onto them as far as policing the marketplace. just thinking out loud, this is all a new frontier.

[jjacob]

Great to see BitBay still doing well and development remaining strong. A true decentralised market place will be a game changer but inevitably this will attract illegal goods. It's just the way it is. You cannot police the market or it will kill it. It will also impose a responsibility on BitBay itself.

The price seems to be stuck some how. Bitbay has witnessed periodic dumping and I think the early holders who were dumping must almost be out of coins. We seem to be stuck at 80-90 in terms of marketcap.

[dzimbeck]

Great to see BitBay still doing well and development remaining strong. A true decentralised market place will be a game changer but inevitably this will attract illegal goods. It's just the way it is. You cannot police the market or it will kill it. It will also impose a responsibility on BitBay itself.

Perhaps, legally, the best option would be to give private market-makers a private key with which to moderate, therefore shifting the liability onto them as far as policing the marketplace. just thinking out loud, this is all a new frontier.

That's a pretty good idea. I should mention that we are not obligated to moderate. I can give the key to anyone who wants the job of babysitting the internet. But that would also make it so they could moderate any market.

If we allow moderation of named markets we would need to publish those on the blockchain since the markets are serverless and don't use the chain. It's an interesting idea and for now will simply meditate on it. Regardless I want users to find other ways to use this software such as barter, cash for coins, sales and so many verticals we hat yet to explore.

[lijoe408]

Great to see BitBay still doing well and development remaining strong. A true decentralised market place will be a game changer but inevitably this will attract illegal goods. It's just the way it is. You cannot police the market or it will kill it. It will also impose a responsibility on BitBay itself.

Perhaps, legally, the best option would be to give private market-makers a private key with which to moderate, therefore shifting the liability onto them as far as policing the marketplace. just thinking out loud, this is all a new frontier.

That's a pretty damn good idea.  Is there any incentive for marketplace moderation? If not,maybe the moderators could set a certain fee for their efforts, such as a very small imposed transaction fee within their private marketplace.  This would also provide a big incentive for people to advertise and bring in new users to their marketplace, as well as providing an extra incentive to actively maintain the marketplace.  The free market would choose it's own arbiters in a sense while maintaining a truly decentralized marketplace.

[R-J-F]

Well, this explains the AlphaBay outage:

https://cointelegraph.com/news/dark-market-alphabay-goes-way-of-silk-road-after-operator-found-dead

[dzimbeck]

Hey everyone we have talked on Slack about getting on another exchange Cryptopia. We are asking around to the community to chip in. Even a small amount helps. They charge roughly 1.3 btc last time we checked and are pretty decent volume. If you want to contribute please send to this address:

1EC1RnF9rQtPM4pSCUcXvMmVNeJUAvYiFC


As an additional gesture of thanks and as per the bounty list which we want to give incentive to acquire exchanges, we will split 50,000 coins among the people who chip in proportional to what they add. So if you chip in send us the TXID and your BitBay address

[HVCC]

Per Community Request - Official New BitBay Telegram!

https://t.me/bitbayofficial

Note that the Slack will still remain the primary source for BitBay news, announcements, and to talk to the team.

[cr197]

|

BitBay Community Update -  7/17/17

We are excited to announce the new version of the BitBay Client - v1.28 - included along with our weekly community update.
You can view it here:
http://bitbay.market/blog/
http://bitbay.market/bitbay-community-update-performance-upgrade-v1-28-july-17th/


The new Client version will not overwrite the existing bitbaydata folder. I'm not on Mac so I can't guarantee the same applies to Mac users. It's best to create a backup of the bitbaydata folder to be safe.


We will update the version numbers on the website download page ASAP.
This update will allow the development team to focus solely on coding new feature to the Client - the remaining templates, CLTV UI, API, and rolling peg tech. (edited)

[Leibniz]

Is it possible to review BitBay Client source code? I can't find it on github. And https://github.com/dzimbeck/BitBay repository looks inactive.

[dzimbeck]

Is it possible to review BitBay Client source code? I can't find it on github. And https://github.com/dzimbeck/BitBay repository looks inactive.

Absolutely. It's at www.davtonia.com/BitHalo/HaloOBF.zip

I don't keep it at github because I change variable names and it's mostly in a couple files. However you can build from source and of course I can answer any questions you have on the source. If it was on github it would be one of the most active olin the industry I think. I just don't want cloners so I host it elsewhere.

[HVCC]

Did you know you can now follow BitBay on Linked in? 

https://www.linkedin.com/company-beta/24774730/

Check us out!

[LuPhan]

Hello guys, can answer help me? I want to know about block size, reward block for miners and do we have masternode, supernode or something else? thanks a lot 

[cr197]

Hello guys, can answer help me? I want to know about block size, reward block for miners and do we have masternode, supernode or something else? thanks a lot  

Block size: Good question. From doing a search I found David mentioning that BitBay is similar to Bitcoin in blocksize - yet we have a 64 second block time

Reward blocks will soon be roughly 20.5 Bays per block. Hope to have that update corrected within the month. This amount auto adjusts as it's based on 1% of the total supply. So as supply increases so will the block reward in retrospect. 1,007,611,188 BAY currently in circulation with 64 second blocks at 1% APR = 20.4487 per block
Nothing is set in stone with the current APR of 1%. There has been discussion of creating a variable APR rate in conjunction with the rolling peg to further strengthen price stability.



We do not have Masternodes. We feel they have a tendency to centralized a coin. Coins that use masternodes to steer development are only going to look out for the 'masters' own best interests.
BitBay has the first user friendly decentralized voting consensus built into the wallet. This system allows for anyone with coins to vote - not just the elite rich. This provides opportunity for the "majority" to cast their voice on new innovations not just the elite 'masters' (sounds so cliche saying that in cryptoland).

[LuPhan]

Hello guys, can answer help me? I want to know about block size, reward block for miners and do we have masternode, supernode or something else? thanks a lot  

Block size: Good question. From doing a search I found David mentioning that BitBay is similar to Bitcoin in blocksize - yet we have a 64 second block time

Reward blocks will soon be roughly 20.5 Bays per block. Hope to have that update corrected within the month. This amount auto adjusts as it's based on 1% of the total supply. So as supply increases so will the block reward in retrospect. 1,007,611,188 BAY currently in circulation with 64 second blocks at 1% APR = 20.4487 per block
Nothing is set in stone with the current APR of 1%. There has been discussion of creating a variable APR rate in conjunction with the rolling peg to further strengthen price stability.



We do not have Masternodes. We feel they have a tendency to centralized a coin. Coins that use masternodes to steer development are only going to look out for the 'masters' own best interests.
BitBay has the first user friendly decentralized voting consensus built into the wallet. This system allows for anyone with coins to vote - not just the elite rich. This provides opportunity for the "majority" to cast their voice on new innovations not just the elite 'masters' (sounds so cliche saying that in cryptoland).

Thanks for the perfect answer. Can i know more about pegging? Easy to understand that is to avoid inflation for BAY right?

[wwzsocki]

Nice prise movement after latest news. Let's go Bitbay to the moon 

[cr197]

Hello guys, can answer help me? I want to know about block size, reward block for miners and do we have masternode, supernode or something else? thanks a lot  

Block size: Good question. From doing a search I found David mentioning that BitBay is similar to Bitcoin in blocksize - yet we have a 64 second block time

Reward blocks will soon be roughly 20.5 Bays per block. Hope to have that update corrected within the month. This amount auto adjusts as it's based on 1% of the total supply. So as supply increases so will the block reward in retrospect. 1,007,611,188 BAY currently in circulation with 64 second blocks at 1% APR = 20.4487 per block
Nothing is set in stone with the current APR of 1%. There has been discussion of creating a variable APR rate in conjunction with the rolling peg to further strengthen price stability.


We do not have Masternodes. We feel they have a tendency to centralize a coin. Coins that use masternodes to steer development are only going to look out for the 'masters' own best interests.
BitBay has the first user friendly decentralized voting consensus built into the wallet. This system allows for anyone with coins to vote - not just the elite rich. This provides opportunity for the "majority" to cast their voice on new innovations not just the elite 'masters' (sounds so cliche saying that in cryptoland).

Thanks for the perfect answer. Can i know more about pegging? Easy to understand that is to avoid inflation for BAY right?

The basic design of it is:
Have a system in place that freezes or liquefies coins in everyones' wallets at a proportional level based on price volatility.
These price corrections will be achieved through the use of our decentralized voting consensus. If people choose not to vote then their wallets will by default vote to allow an algorithm decide whats best for the system.
This freezing and liquefying will create coins of various values. You will have premium high liquidity  coins and lower value highly frozen coins.
These frozen coins can still be sold but with timelocks (CLTV), this will create a futures market for BitBay coins - the first of it's kind - where speculators will be able to buy up frozen coins in hopes that upon timelock maturity they will be worth more than they bought them for.
Exchanges will be enforced to utilize an API to track the frozen/liquid coin ratio. They will have multiple API's to choose from. The more advanced will be more accurate price reflections, while the lazier ones will become more of a pool causing traders to lose potential profits. Since the coins can be used as a new hedging tool for traders, I think exchanges will like the new volume it creates. Since we are a rolling peg we don't have to guarantee a definitive price, this allows for price still to swing just not in a volatile manner. With these small price swings it will allow for traders to potentially maximize their compounding interest affect! While hard pegged coins have to remain constant (hopefully)

Should create for one of the most exciting and lucrative trading games on the planet!

Hope this helps explain in a nutshell. We will release whitepaper on this in a couple months.

[cryptohunter]

Hello guys, can answer help me? I want to know about block size, reward block for miners and do we have masternode, supernode or something else? thanks a lot  

Block size: Good question. From doing a search I found David mentioning that BitBay is similar to Bitcoin in blocksize - yet we have a 64 second block time

Reward blocks will soon be roughly 20.5 Bays per block. Hope to have that update corrected within the month. This amount auto adjusts as it's based on 1% of the total supply. So as supply increases so will the block reward in retrospect. 1,007,611,188 BAY currently in circulation with 64 second blocks at 1% APR = 20.4487 per block
Nothing is set in stone with the current APR of 1%. There has been discussion of creating a variable APR rate in conjunction with the rolling peg to further strengthen price stability.



We do not have Masternodes. We feel they have a tendency to centralized a coin. Coins that use masternodes to steer development are only going to look out for the 'masters' own best interests.
BitBay has the first user friendly decentralized voting consensus built into the wallet. This system allows for anyone with coins to vote - not just the elite rich. This provides opportunity for the "majority" to cast their voice on new innovations not just the elite 'masters' (sounds so cliche saying that in cryptoland).

Would it not be possible for us to keep voting for anyone that has coins but also implement masternodes to incentivise accumulation and saving?
I guess if we made it just 1M for a masternode that would not be too centralised. Also masternode has to be active for 1 month before initiating that higher rate of interest? 2 months before an even higher rate and so on to be decided.

I notice dash was not that effected in this last bloodbath and would have probably been even less so had it has the 1 month delay.

Perhaps we should put masternodes to the vote on our decentralised voting system?

To me they are just what we could need to stop churners give much more incentive to accumulate and hold.

I think masternode type systems do benefit quality projects.

CBX are introducing an interesting pos/masternode system. Just the word of it has increased prices 10x

[cr197]

Hello guys, can answer help me? I want to know about block size, reward block for miners and do we have masternode, supernode or something else? thanks a lot  

Block size: Good question. From doing a search I found David mentioning that BitBay is similar to Bitcoin in blocksize - yet we have a 64 second block time

Reward blocks will soon be roughly 20.5 Bays per block. Hope to have that update corrected within the month. This amount auto adjusts as it's based on 1% of the total supply. So as supply increases so will the block reward in retrospect. 1,007,611,188 BAY currently in circulation with 64 second blocks at 1% APR = 20.4487 per block
Nothing is set in stone with the current APR of 1%. There has been discussion of creating a variable APR rate in conjunction with the rolling peg to further strengthen price stability.



We do not have Masternodes. We feel they have a tendency to centralized a coin. Coins that use masternodes to steer development are only going to look out for the 'masters' own best interests.
BitBay has the first user friendly decentralized voting consensus built into the wallet. This system allows for anyone with coins to vote - not just the elite rich. This provides opportunity for the "majority" to cast their voice on new innovations not just the elite 'masters' (sounds so cliche saying that in cryptoland).

Would it not be possible for us to keep voting for anyone that has coins but also implement masternodes to incentivise accumulation and saving?
I guess if we made it just 1M for a masternode that would not be too centralised. Also masternode has to be active for 1 month before initiating that higher rate of interest? 2 months before an even higher rate and so on to be decided.

I notice dash was not that effected in this last bloodbath and would have probably been even less so had it has the 1 month delay.

Perhaps we should put masternodes to the vote on our decentralised voting system?

To me they are just what we could need to stop churners give much more incentive to accumulate and hold.

I think masternode type systems do benefit quality projects.

CBX are introducing an interesting pos/masternode system. Just the word of it has increased prices 10x

If the community wants it then sure. Granted David's recent release has paved the way for him to focus on the remaining core features: CLTV UI which is pretty much near completion, the last 4 smart contract templates, API, and then the rolling peg.

At this point those take top priority as I see the rolling peg being the most influential feature that we can add and has the potential to turn these 'churners' into looking for a new job.

With the new donate stake reward feature the possibilities are endless.
We can setup similar to Monero and have a dedicated webpage that not only votes for what to be posted on it, but voters can even donate their stake reward to fund the innovations. This way there will never be any gridlock. Budgets can be made for each innovation and the first innovation that reaches that budget gets the funding in motion to complete.
There is no other coin in cryptoland that can do this.
BitBay will be one of the first coins to help prove to the world that POW is a flawed system that is destined to create nothing but a centralized atmosphere of greedy miners.

So I'm all for throwing a vote on anything. I will pass along to the webdev that we need to create a page dedicated to funding new innovations. However, for the sake of Davids sanity, the core build must be completed first. Then any innovation that the majority voice of community requests can become the next focal point to integrate

[bertusvk]

Hello guys, can answer help me? I want to know about block size, reward block for miners and do we have masternode, supernode or something else? thanks a lot 

Block size: Good question. From doing a search I found David mentioning that BitBay is similar to Bitcoin in blocksize - yet we have a 64 second block time

Reward blocks will soon be roughly 20.5 Bays per block. Hope to have that update corrected within the month. This amount auto adjusts as it's based on 1% of the total supply. So as supply increases so will the block reward in retrospect. 1,007,611,188 BAY currently in circulation with 64 second blocks at 1% APR = 20.4487 per block
Nothing is set in stone with the current APR of 1%. There has been discussion of creating a variable APR rate in conjunction with the rolling peg to further strengthen price stability.



We do not have Masternodes. We feel they have a tendency to centralized a coin. Coins that use masternodes to steer development are only going to look out for the 'masters' own best interests.
BitBay has the first user friendly decentralized voting consensus built into the wallet. This system allows for anyone with coins to vote - not just the elite rich. This provides opportunity for the "majority" to cast their voice on new innovations not just the elite 'masters' (sounds so cliche saying that in cryptoland).

Would it not be possible for us to keep voting for anyone that has coins but also implement masternodes to incentivise accumulation and saving?
I guess if we made it just 1M for a masternode that would not be too centralised. Also masternode has to be active for 1 month before initiating that higher rate of interest? 2 months before an even higher rate and so on to be decided.

I notice dash was not that effected in this last bloodbath and would have probably been even less so had it has the 1 month delay.

Perhaps we should put masternodes to the vote on our decentralised voting system?

To me they are just what we could need to stop churners give much more incentive to accumulate and hold.

I think masternode type systems do benefit quality projects.

CBX are introducing an interesting pos/masternode system. Just the word of it has increased prices 10x

If the community wants it then sure. Granted David's recent release has paved the way for him to focus on the remaining core features: CLTV UI which is pretty much near completion, the last 4 smart contract templates, API, and then the rolling peg.

At this point those take top priority as I see the rolling peg being the most influential feature that we can add and has the potential to turn these 'churners' into looking for a new job.

With the new donate stake reward feature the possibilities are endless.
We can setup similar to Monero and have a dedicated webpage that not only votes for what to be posted on it, but voters can even donate their stake reward to fund the innovations. This way there will never be any gridlock. Budgets can be made for each innovation and the first innovation that reaches that budget gets the funding in motion to complete.
There is no other coin in cryptoland that can do this.
BitBay will be one of the first coins to help prove to the world that POW is a flawed system that is destined to create nothing but a centralized atmosphere of greedy miners.

So I'm all for throwing a vote on anything. I will pass along to the webdev that we need to create a page dedicated to funding new innovations. However, for the sake of Davids sanity, the core build must be completed first. Then any innovation that the majority voice of community requests can become the next focal point to integrate

This is all new for me , and the point you are making about the pow  systems, is one i aven't read before.. something  to think about, but you could defenetly be right, sound very logical