BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[bitekoin]

Anyone have an idea about the current staking rewards in the Bitbay wallet?
I like the idea of a market but the fundamentals of PoS are still very attractive...

[Mr. Regi]

Anyone have an idea about the current staking rewards in the Bitbay wallet?
I like the idea of a market but the fundamentals of PoS are still very attractive...

It's 1,5 every block now, with the update expected around september, that will become 20
The amount of blocks depends on your amount of bay of course.

[CryptoGriff]

I just stumbled upon this project and it looks very promising. I was going to do the survey on the website but the questions were to invasive for me so I decided to share here instead and give my feedback. This project seems to have a solid community and ongoing development with frequent updates with actual software.That itself speaks volumes.

The website is very informative about the features but it is very text heavy if that makes any sense. I think more images of the client itself and/or videos showing how these features can be used/utilized would help with adoption. I saw that the website is or was in the process of being redone so hopefully thats in the works. Also from my research I think a rebranding from BitBay may be necessary and welcome. When newcomers find the project (like myself) they inevitably stumble across the negative events surrounding the project during its inception and that can be off putting. There is also an exchange that is using the same name. I don't know if they are affiliated or not but that can cause confusion. I think a rebranding would help shake some of that stigma from the past, as well as increase usage/adoption , and avoid confusion with other businesses / projects. 

I also think the project is undercapitalized and may struggle to compete especially in this developing market. From my initial research I know the community comes together or the main dev pays for things from his own holdings when things need to get done (Facebook ads, ect) forgive me if I am mistaken. But I think that may become a growing hindrance. Especially as competition intensifies from other quality projects that have working capital (I won't mention those names DYOR). But thats my business and finance background surfacing.

But with that being said, I salute the dev @dzimbeck that kept the project going and continues to deliver. From what I understand, you did alot of the work solo and thats amazing. I picked up some BAY on BITTREX and I'm going to download the client later tonight and test it out. I followed on Twitter as well. I look forward to following this project and watching it grow/develop and being involved in this community. I hope it will be a success.  

[bamsterdam]

..

Yea I'm a bit of an anarchist. It was after a realization that laws aren't morals. It is not immoral to be outside naked. It is illegal. And yet it is immoral to go after a person who is naked in public, threaten to shoot them if they don't come with you, then throw them in a jail cell. So the irony is cops and military the the immoral ones. Sure there is exceptions like punishing people who murder but even in that case, how can you prove guilt. Why can't people be taught to be peaceful? Why is the world not peaceful. Why is our media pure violence. Most laws are absurd and even more absurd is the method of punishment used. Two wrongs don't make a right, the jury and judge is usually wrong too. Also their judgement is under the authority of man and let all men be liars.

The world could be very beautiful without government. Things were always better in the past. For a man to trade freedom for security he will soon find he has neither.

The peg should be implemented within a year hopefully 6 months... people anticipate Q1 2018 and this will depend on when i get these templates done.

The budget... well since the founders left we have had to fund a lot of things ourselves. Sometimes the community helps and sometimes I fund from my personal Bitcoins. Sometimes I pay BitBay to bounties we have investors who got in early and they chip in. But there is no standard budget. We are volunteer and bounty driven. Sometimes I pay PR and soon we will start a Facebook ad campaign.

People can donate their POS rewards in the market client. That's already a feature. It's voluntary.

Oddly enough new buyers have put down large deposits on large purchase as we have had cash wires where a hefty deposit was done. I have also personally done an arbitrage contract with a big deposit. We have them and so far nobody has complained. Perhaps if this got really big an insurance company would come in for a fee to cover people who can't afford it.

To include a fee on top, why do that? The buyer should get that back. The thing about these contracts is they can be unilateral. So lets say a buyer has no deposit. The seller can guarantee his end of the bargain letting new buyers into the system. This is used for example on a persons "first" coins. But seller may want to do a little KYC first.

To be honest, this takes some getting used to. It's a major paradigm shift.

Haha dont know if anyone agrees if the world would be better without goverment but I understand your ideology.
Why not enforce 10% of the pos reward to a budget address? This way you can do markething or whatever and let comminity vote on it. Projects need funding. This is a already wokring product so its lacking adoption bc there is a lack of markething and people dont know or there is something wrong with the idea that people are just not interested in it

I dont think its strange that large deposits for large purchase have been done cause people who are using the platform now in this stage are familiar with the conditions and are willing to use it in this way. That doesnt mean people dont have problems with it cause most people who do dont complain they just move allong.

With the dubbel deposits we dont understand each other I think at least I dont reading your reaction. Now for my understanding this is how I think bitbay dubbel deposit work for example:

buyer 1 wants to buy a product worth of $1000 he has to send the seller $1000 and make a deposit of 1000 in the smart contract with the seller. The seller also have to put in $1000 in the contract. If the buyer dont gets his product he loses the original $1000 (cause he already send those) and he can choose to blow up the contract which hold the shared $2000 and that will get burned. So the seller would lose $1000 and the buyer $2000. This is how its works right? So even if the seller didnt deliver the buyer could lose another $1000 by blowing up the dubbel deposit contract?

So why cant you have 1 contract where the buyer send $1100 to the contract (1000 for the product and 100 for the insurance) and the seller also has to put in $1000 in the contract. Now if the buyer gets no product he loses $1100 and the seller $1000. Maybe you can even put the extra 100 that if the contract blows up the 100 will get back to the buyer? If the buyer does get his product the contract is released the seller gets his $1000 and the buyer gets his $100 back

What do I have wrong since this seems to be more logical to me there must be something I dont understand

[cryptohunter]

there is simply no arguing against double deposits it simply makes perfect sense .. especially since it is variable and has a reputation system.
Like david says comparing to the fees you will be saving on ebay the odds simply stack up in the favour of dd. He has listed 10% that is nothing it if far greater than that on many purchases especially with the auto added international scam fees and other additions.

this is a waste of time all you need to do is study it and factor in that it is variable and has reputations system and the fees saved.... it just destroys ebays /paypals current model

even this though is not the main feature with bitbay for me.

the rolling peg and all the other possible usecases for bitbay core are huge.

the speed of development seems slow because david is not good at overselling his product like all other projects that almost have you believe they have these big plans ready to go when in reality they are not even 10% there and probably will never get to 50% ever.
However if david is actually still saying the peg, api and all other road map features will be done by end of year. This is still a huge leap past 99% of shit ico  dreams and talk bullshit worth 100's Millions.

I feel (could be wrong) we are still be pushed lower for those whales to accumulate more. This is good for me because I am kicking myself less for not buying more when it was sub 500 I am gradually stacking more.

I still feel a masternode or tiered pos system based on amount held and duration held is key. The peg will  null that I guess so have to just wait for that.

I can not wait for the day I see a huge green candle for bitbay it will be one of the most freaky REAL green candles we will ever see.

[cryptohunter]

also keep this thread on page 1 is worth more than you can imagine for attracting new interest.

[Mr. Regi]

there is simply no arguing against double deposits it simply makes perfect sense .. especially since it is variable and has a reputation system.
Like david says comparing to the fees you will be saving on ebay the odds simply stack up in the favour of dd. He has listed 10% that is nothing it if far greater than that on many purchases especially with the auto added international scam fees and other additions.

this is a waste of time all you need to do is study it and factor in that it is variable and has reputations system and the fees saved.... it just destroys ebays /paypals current model

even this though is not the main feature with bitbay for me.

the rolling peg and all the other possible usecases for bitbay core are huge.

the speed of development seems slow because david is not good at overselling his product like all other projects that almost have you believe they have these big plans ready to go when in reality they are not even 10% there and probably will never get to 50% ever.
However if david is actually still saying the peg, api and all other road map features will be done by end of year. This is still a huge leap past 99% of shit ico  dreams and talk bullshit worth 100's Millions.

I feel (could be wrong) we are still be pushed lower for those whales to accumulate more. This is good for me because I am kicking myself less for not buying more when it was sub 500 I am gradually stacking more.

I still feel a masternode or tiered pos system based on amount held and duration held is key. The peg will  null that I guess so have to just wait for that.

I can not wait for the day I see a huge green candle for bitbay it will be one of the most freaky REAL green candles we will ever see.

Double deposit is really THE shit, arbitrated escrow I find really silly and useless. Nobody except the 2 parties can know who's wrong. The double deposit simply makes stealing disappear, it prevents it.
I think it's really too bad this project didn't have a decent marketing seeing for how long it has been existing up till now, but at the same time I'm glad, because otherwise I would have never been able to buy it at such an undervalued price.

The idea of masternode or staking with duration integrated would be so awesome
Maybe you could also add that people with frozen coins receive even more, thus encouraging more holding and more freezing among buyers.

[Bee Cho Chen]

Once enough people realize that most of these ICOs are nothing but "hype and hope", they will eventually flock to projects that actually have working tech with real world uses (like BAY). BitBay has one of the most extensive lists of useful features in all of crypto. It is an extremely versatile and multifaceted coin. The amount of real world use cases for it are almost endless. BAY already has a WORKING decentralized market with unbreakable smart contracts. The upcoming rolling peg will just be icing on the cake. I'm not gonna give any names, but can somebody please give me a reasonable reason why other projects that would be considered competition, are worth more than BAY, when BAY is arguably better than all of them? It absolutely makes no sense.

If anybody isn't familiar with BAY, just go check out its "Wall of Features"

[aidia]

hi bitbay devs, any news on the rolling peg?

[Mr. Regi]

hi bitbay devs, any news on the rolling peg?

Apparently the rolling peg is expected for Q4 2017, but as it is a piece of technology that is completely new and never made before, it's not 100% certain.

[barabbas]

Once enough people realize that most of these ICOs are nothing but "hype and hope", they will eventually flock to projects that actually have working tech with real world uses (like BAY). BitBay has one of the most extensive lists of useful features in all of crypto. It is an extremely versatile and multifaceted coin. The amount of real world use cases for it are almost endless. BAY already has a WORKING decentralized market with unbreakable smart contracts. The upcoming rolling peg will just be icing on the cake. I'm not gonna give any names, but can somebody please give me a reasonable reason why other projects that would be considered competition, are worth more than BAY, when BAY is arguably better than all of them? It absolutely makes no sense.

If anybody isn't familiar with BAY, just go check out its "Wall of Features"

Because it is a CONFIRMED, PROVEN, scam?

[Munti]

there is simply no arguing against double deposits it simply makes perfect sense .. especially since it is variable and has a reputation system.
Like david says comparing to the fees you will be saving on ebay the odds simply stack up in the favour of dd. He has listed 10% that is nothing it if far greater than that on many purchases especially with the auto added international scam fees and other additions.

this is a waste of time all you need to do is study it and factor in that it is variable and has reputations system and the fees saved.... it just destroys ebays /paypals current model

even this though is not the main feature with bitbay for me.

the rolling peg and all the other possible usecases for bitbay core are huge.

the speed of development seems slow because david is not good at overselling his product like all other projects that almost have you believe they have these big plans ready to go when in reality they are not even 10% there and probably will never get to 50% ever.
However if david is actually still saying the peg, api and all other road map features will be done by end of year. This is still a huge leap past 99% of shit ico  dreams and talk bullshit worth 100's Millions.

I feel (could be wrong) we are still be pushed lower for those whales to accumulate more. This is good for me because I am kicking myself less for not buying more when it was sub 500 I am gradually stacking more.

I still feel a masternode or tiered pos system based on amount held and duration held is key. The peg will  null that I guess so have to just wait for that.

I can not wait for the day I see a huge green candle for bitbay it will be one of the most freaky REAL green candles we will ever see.

Double deposit is really THE shit, arbitrated escrow I find really silly and useless. Nobody except the 2 parties can know who's wrong. The double deposit simply makes stealing disappear, it prevents it.
I think it's really too bad this project didn't have a decent marketing seeing for how long it has been existing up till now, but at the same time I'm glad, because otherwise I would have never been able to buy it at such an undervalued price.

The idea of masternode or staking with duration integrated would be so awesome
Maybe you could also add that people with frozen coins receive even more, thus encouraging more holding and more freezing among buyers.

We don't need masternodes to keep coins away from the exchanges. The double deposit will do that job nicely once the market gains tracktion 

[Mr. Regi]

there is simply no arguing against double deposits it simply makes perfect sense .. especially since it is variable and has a reputation system.
Like david says comparing to the fees you will be saving on ebay the odds simply stack up in the favour of dd. He has listed 10% that is nothing it if far greater than that on many purchases especially with the auto added international scam fees and other additions.

this is a waste of time all you need to do is study it and factor in that it is variable and has reputations system and the fees saved.... it just destroys ebays /paypals current model

even this though is not the main feature with bitbay for me.

the rolling peg and all the other possible usecases for bitbay core are huge.

the speed of development seems slow because david is not good at overselling his product like all other projects that almost have you believe they have these big plans ready to go when in reality they are not even 10% there and probably will never get to 50% ever.
However if david is actually still saying the peg, api and all other road map features will be done by end of year. This is still a huge leap past 99% of shit ico  dreams and talk bullshit worth 100's Millions.

I feel (could be wrong) we are still be pushed lower for those whales to accumulate more. This is good for me because I am kicking myself less for not buying more when it was sub 500 I am gradually stacking more.

I still feel a masternode or tiered pos system based on amount held and duration held is key. The peg will  null that I guess so have to just wait for that.

I can not wait for the day I see a huge green candle for bitbay it will be one of the most freaky REAL green candles we will ever see.

Double deposit is really THE shit, arbitrated escrow I find really silly and useless. Nobody except the 2 parties can know who's wrong. The double deposit simply makes stealing disappear, it prevents it.
I think it's really too bad this project didn't have a decent marketing seeing for how long it has been existing up till now, but at the same time I'm glad, because otherwise I would have never been able to buy it at such an undervalued price.

The idea of masternode or staking with duration integrated would be so awesome
Maybe you could also add that people with frozen coins receive even more, thus encouraging more holding and more freezing among buyers.

We don't need masternodes to keep coins away from the exchanges. The double deposit will do that job nicely once the market gains tracktion 

What do you mean by that?
How will double deposit help in that?

[cryptohunter]

there is simply no arguing against double deposits it simply makes perfect sense .. especially since it is variable and has a reputation system.
Like david says comparing to the fees you will be saving on ebay the odds simply stack up in the favour of dd. He has listed 10% that is nothing it if far greater than that on many purchases especially with the auto added international scam fees and other additions.

this is a waste of time all you need to do is study it and factor in that it is variable and has reputations system and the fees saved.... it just destroys ebays /paypals current model

even this though is not the main feature with bitbay for me.

the rolling peg and all the other possible usecases for bitbay core are huge.

the speed of development seems slow because david is not good at overselling his product like all other projects that almost have you believe they have these big plans ready to go when in reality they are not even 10% there and probably will never get to 50% ever.
However if david is actually still saying the peg, api and all other road map features will be done by end of year. This is still a huge leap past 99% of shit ico  dreams and talk bullshit worth 100's Millions.

I feel (could be wrong) we are still be pushed lower for those whales to accumulate more. This is good for me because I am kicking myself less for not buying more when it was sub 500 I am gradually stacking more.

I still feel a masternode or tiered pos system based on amount held and duration held is key. The peg will  null that I guess so have to just wait for that.

I can not wait for the day I see a huge green candle for bitbay it will be one of the most freaky REAL green candles we will ever see.

Double deposit is really THE shit, arbitrated escrow I find really silly and useless. Nobody except the 2 parties can know who's wrong. The double deposit simply makes stealing disappear, it prevents it.
I think it's really too bad this project didn't have a decent marketing seeing for how long it has been existing up till now, but at the same time I'm glad, because otherwise I would have never been able to buy it at such an undervalued price.

The idea of masternode or staking with duration integrated would be so awesome
Maybe you could also add that people with frozen coins receive even more, thus encouraging more holding and more freezing among buyers.

We don't need masternodes to keep coins away from the exchanges. The double deposit will do that job nicely once the market gains tracktion 

What do you mean by that?
How will double deposit help in that?

because it ties up a lot of coins in transactions.

but

tiered pos levels based upon amount held and duration held would be very attractive to investors.

it is probably quite difficult to implement else why would every pos coin not go for this? it encourages saving and accumulating and would require something huge to crash the market. If top level was attained by holding 5M for at least 1 year without spending  could be interesting

Of course the tiers would have to be well thought out.

However david assures me the peg is better still so guess we need to wait and see that in action. Sounds great.

[Munti]

there is simply no arguing against double deposits it simply makes perfect sense .. especially since it is variable and has a reputation system.
Like david says comparing to the fees you will be saving on ebay the odds simply stack up in the favour of dd. He has listed 10% that is nothing it if far greater than that on many purchases especially with the auto added international scam fees and other additions.

this is a waste of time all you need to do is study it and factor in that it is variable and has reputations system and the fees saved.... it just destroys ebays /paypals current model

even this though is not the main feature with bitbay for me.

the rolling peg and all the other possible usecases for bitbay core are huge.

the speed of development seems slow because david is not good at overselling his product like all other projects that almost have you believe they have these big plans ready to go when in reality they are not even 10% there and probably will never get to 50% ever.
However if david is actually still saying the peg, api and all other road map features will be done by end of year. This is still a huge leap past 99% of shit ico  dreams and talk bullshit worth 100's Millions.

I feel (could be wrong) we are still be pushed lower for those whales to accumulate more. This is good for me because I am kicking myself less for not buying more when it was sub 500 I am gradually stacking more.

I still feel a masternode or tiered pos system based on amount held and duration held is key. The peg will  null that I guess so have to just wait for that.

I can not wait for the day I see a huge green candle for bitbay it will be one of the most freaky REAL green candles we will ever see.

Double deposit is really THE shit, arbitrated escrow I find really silly and useless. Nobody except the 2 parties can know who's wrong. The double deposit simply makes stealing disappear, it prevents it.
I think it's really too bad this project didn't have a decent marketing seeing for how long it has been existing up till now, but at the same time I'm glad, because otherwise I would have never been able to buy it at such an undervalued price.

The idea of masternode or staking with duration integrated would be so awesome
Maybe you could also add that people with frozen coins receive even more, thus encouraging more holding and more freezing among buyers.

We don't need masternodes to keep coins away from the exchanges. The double deposit will do that job nicely once the market gains tracktion  

What do you mean by that?
How will double deposit help in that?

When you post a contract for something you want to sell, you also deposit. Say you are selling a $100 item. Then you deposit $100. How long does it take on average before an item is sold? 20 days? (Remember some items are never sold) Let's say 20 days for now. So that's 20 days that $100 are locked in deposit. Then someone buys it and puts up their $100 deposit. How long does it take to ship the item? 2-3 days domestic? Up to 30 days international? Lets say 10 days on average. And remember the sellers deposit is also locked up during shipping. So that's sellers $100 locked up for 30 days + buyers $100 locked up for 10 days. A total of $100 locked up for 40 days. That means an average turnover of $1000 a day in our market will create a demand for Bay in the value of $40 000. A ratio of 1 to 40!

[dzimbeck]

buyer 1 wants to buy a product worth of $1000 he has to send the seller $1000 and make a deposit of 1000 in the smart contract with the seller. The seller also have to put in $1000 in the contract. If the buyer dont gets his product he loses the original $1000 (cause he already send those) and he can choose to blow up the contract which hold the shared $2000 and that will get burned. So the seller would lose $1000 and the buyer $2000. This is how its works right? So even if the seller didnt deliver the buyer could lose another $1000 by blowing up the dubbel deposit contract?

So why cant you have 1 contract where the buyer send $1100 to the contract (1000 for the product and 100 for the insurance) and the seller also has to put in $1000 in the contract. Now if the buyer gets no product he loses $1100 and the seller $1000. Maybe you can even put the extra 100 that if the contract blows up the 100 will get back to the buyer? If the buyer does get his product the contract is released the seller gets his $1000 and the buyer gets his $100 back

What do I have wrong since this seems to be more logical to me there must be something I dont understand

Hey well you can have custom deposits. You can even have unilateral contracts. However you can't structure 100 to go back to someone if it "blows up" as who would determine that? It would then serve no purpose to add the 100 in the first place other than to make it not liquid.

But yes in general you have the right idea. Remember this is a trust building exercise. If I don't trust you then we set up the 100% deposits. If I do trust you then we set it lower or don't even add it at all.

Realize that if the buyer posts an advance payment for an item with no deposit and the sellers has no deposit, the odds that the seller will blow up the contract is also extremely low. The buyer receiving the item to not release payment is extremely low because he can't get it back. The only thing that arises is an extortion situation which is why there is a time limit and deposits to begin with. But if the parties gain substantial trust on the markets then why not.

[dbc23]

Once enough people realize that most of these ICOs are nothing but "hype and hope", they will eventually flock to projects that actually have working tech with real world uses (like BAY). BitBay has one of the most extensive lists of useful features in all of crypto. It is an extremely versatile and multifaceted coin. The amount of real world use cases for it are almost endless. BAY already has a WORKING decentralized market with unbreakable smart contracts. The upcoming rolling peg will just be icing on the cake. I'm not gonna give any names, but can somebody please give me a reasonable reason why other projects that would be considered competition, are worth more than BAY, when BAY is arguably better than all of them? It absolutely makes no sense.

If anybody isn't familiar with BAY, just go check out its "Wall of Features"

OR (and I fear more likely scenario) the ICO vaporware slowly becomes apparent over the next 6mo-2 years and all the investors dump, then cash out at a loss thus creating the SECOND great crypto crash.

[dzimbeck]

Once enough people realize that most of these ICOs are nothing but "hype and hope", they will eventually flock to projects that actually have working tech with real world uses (like BAY). BitBay has one of the most extensive lists of useful features in all of crypto. It is an extremely versatile and multifaceted coin. The amount of real world use cases for it are almost endless. BAY already has a WORKING decentralized market with unbreakable smart contracts. The upcoming rolling peg will just be icing on the cake. I'm not gonna give any names, but can somebody please give me a reasonable reason why other projects that would be considered competition, are worth more than BAY, when BAY is arguably better than all of them? It absolutely makes no sense.

If anybody isn't familiar with BAY, just go check out its "Wall of Features"

OR (and I fear more likely scenario) the ICO vaporware slowly becomes apparent over the next 6mo-2 years and all the investors dump, then cash out at a loss thus creating the SECOND great crypto crash.

Possible that's why I'm trying to finish the features. It's a bit of a race. We have to try and make sure people don't invest in those. They fake volume and people need to be aware of it.

[Bee Cho Chen]

Once enough people realize that most of these ICOs are nothing but "hype and hope", they will eventually flock to projects that actually have working tech with real world uses (like BAY). BitBay has one of the most extensive lists of useful features in all of crypto. It is an extremely versatile and multifaceted coin. The amount of real world use cases for it are almost endless. BAY already has a WORKING decentralized market with unbreakable smart contracts. The upcoming rolling peg will just be icing on the cake. I'm not gonna give any names, but can somebody please give me a reasonable reason why other projects that would be considered competition, are worth more than BAY, when BAY is arguably better than all of them? It absolutely makes no sense.

If anybody isn't familiar with BAY, just go check out its "Wall of Features"

Because it is a CONFIRMED, PROVEN, scam?

Can you please elaborate?

I have dealt with BitBay for several months now and nothing even remotely close to bad has happened to me. If anything, I have received free coins from completing the practice transaction faucet and even more free coins from staking BAY in my wallet... All I see is one of the most underrated projects in crypto lead by an extremely talented and passionate developer backed by an awesome team and community

[Bee Cho Chen]

Once enough people realize that most of these ICOs are nothing but "hype and hope", they will eventually flock to projects that actually have working tech with real world uses (like BAY). BitBay has one of the most extensive lists of useful features in all of crypto. It is an extremely versatile and multifaceted coin. The amount of real world use cases for it are almost endless. BAY already has a WORKING decentralized market with unbreakable smart contracts. The upcoming rolling peg will just be icing on the cake. I'm not gonna give any names, but can somebody please give me a reasonable reason why other projects that would be considered competition, are worth more than BAY, when BAY is arguably better than all of them? It absolutely makes no sense.

If anybody isn't familiar with BAY, just go check out its "Wall of Features"

OR (and I fear more likely scenario) the ICO vaporware slowly becomes apparent over the next 6mo-2 years and all the investors dump, then cash out at a loss thus creating the SECOND great crypto crash.

That is definitely a possibility. Hopefully people wake up before it comes to that