BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[cryptohunter]

I do not really like the idea of it preventing or smoothing spikes though since this is indeed the excitement crypto traders like and are excited by.

If the purpose of making Bay was to give traders something to play around with, you would have a point. But that's not what we are here for. Let the other coins play the p&d games. We are building this for mass adoption, and you can't get that with the volatility that crypto is known for.

Edit: That said, I believe the peg will give some very interesting opportunities for traders.

Well traders playing around with can be otherwise described as giving investors incentive to hold and accumulate for speculative reasons. If you eliminate the incentive for speculation compared to other projects you now have lost the vast vast majority involved in crypto today.

These speculative reasons right now are the reason crypto has any real value.

I stick firmly to the opinion giving people the financial incentive through interest rates to accumulate and hold and disincentive to dump and churn is the most successful manner to increase interest in this project.

The pegging for me is mostly important in preventing a crash almost like when the stock exchange is taken down under extreme circumstances

Strictly the pegging would become most useful once bay is at a dollar or greater. Pegging now as I understand it will not be as useful as it will be once you have a much wider interest in the project.

For me the locking or making coins unavailable to trade on the live market will only work if those locking their coins are given increasing incentives to lock increasing amounts for increasing periods.

The idea is very interesting but I don't see how it can become useful to bay right now at this stage until you have a huge user base and real world adoption and much higher value per token. Activated in its current form to smooth or prevent spikes will perhaps discourage speculators in this sphere. Since all crypto has at this point is speculators that could be unwise.

I mean of course if I do not understand the pegging exactly and you can explain how my reasoning is incorrect I will be more than happy to listen.

I have been thinking about this more and more lately and although I see vast and interesting applications for the pegging I do not see them at this stage for bitbay. Perhaps when we are top 10 then yes.

It is very strange  but in the last 3 days I have had 2 respected developers (from large cap coins ) PM me and mention they had been following the bitbay thread with keen interest they went on to say the tiered levels of interest based upon amount of tokens accumulated and duration held is an idea they are already working on in slighly different variations.

All the work on the pegging is not wasted and is very important for creating wide spread adoption based on real work application for a currency for the decentralised market and all other things but for now i would put that on hold for when that is viable and work on a method right now to increase incentive to accumulate and hold for speculators which is all we have right now here in crypto.

First build the value to a top 10 top 20 project then flip the pegging switch and build out adoption based on real world usage and application.

I would have anyone point out the flaws in my reasoning because I have enjoyed my education on this board so far. I am very open minded. Being proven wrong and given greater insight is something i like.

Play to what we have here now - speculators -  

Force attention here now - market cap

Solidify cap and work on real world adoption through stability - flip the rolling peg on...

Even though I am not even a top holder of bitbay it is the project i would like to see succeed the most.

Decentralised trustless market places and exchanges are the missing pieces to this crypto puzzle right now.

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[HVCC]

BitBay Community Update 9/25/17

-   NOW HIRING: Our SEO Team needs some enthusiastic and informative community members to help do some light work to spread the word about BitBay. These positions start at 500 coins per week, with bonuses and potential opportunities for advancement for volunteers who go above and beyond. Experienced Redditors needed especially! Join the BitBay Slack for more information: http://bitbay.market/wp-login.php?action=slack-invitation   

-   We are doing an AMA (Ask Me Anything) in the Ark community Slack on the 3rd of October at 10 AM PST. If you have any questions you would like answered or if you would just like to stick around and learn more about BAY, feel free to join their Slack: https://ark.io/slack/

-   The marketing team has been devising a gameplan to incentivize vendors to list products on the BitBay marketplace for the first time. While we are starting to see some new items pop up, we believe we should take steps to introduce BAY to as many new users as possible and part of that is offering a reason to try out a relatively unknown market platform, in this case the incentive will be BAY coins and free publicity for whatever it is you’re selling both within the Slack and throughout our social media channels! Also, THERE WILL BE A PRIZE for whomever lists the most items on the BitBay marketplace before October 3rd! We want to be in position to leave a great impression after the ARK AMA.

-   Working on a more in-depth release schedule/roadmap – stay tuned for more concise information on when the next update to the BAY client will occur.

-   Our graphic designers are going above and beyond with our new and improved infographics. While still a work in progress, we are already seeing a dramatic rise in the aesthetic quality of our imagery/branding. Thanks Guima!

-   Came up with some fun concepts for BitBay Merch! More updates on that as they come.

-   A historical first – 5 acres of land have been listed on the BitBay marketplace in sunny San Bernardino California! Definitely starting this week off on the right foot. Stay tuned!

[dzimbeck]

...

Tiered interest doesn't work to restrict supply and you need to give economically unsustainable interest rates.  Everyone here knows that doesn't work for a currency. In fact, Coinage was removed from Blackcoin because it was a serious security threat as users didn't have to stake funds to gain interest and could connect at a later date and get better rewards. I'm not saying there isn't an iteration of it that wouldn't work but still, aggressive interest rates don't help the economic health of anything.

What you need is control of supply which is what we are doing. Hence we can freeze what is needed at the time, and thus the liquid coins have greater value when supply is lowered.

This of course means the price is dynamic and can certainly still entertain investors. But at the same time it will help stabilize things and help grow the price. My biggest hope is it gets rid of market makers and manipulators and replaces them with the tech itself.

Now as for tiered interest you know where it would work? On the frozen coins of course. Depending on the quality of the liquidity being staked you could certainly offer more attractive interest rates. So something very frozen could get better interest increasing demand for it.

With that said, that is a bit overzealous to release on the first fork. So most likely if we do something like that it would be after we see the first iteration of the peg and it's success to decide if we can add more to the complexity of it.

So one step at a time, we are almost there! The wait is almost over. And things have been really running smooth lately.

[cryptohunter]

...

Tiered interest doesn't work to restrict supply and you need to give economically unsustainable interest rates.  Everyone here knows that doesn't work for a currency. In fact, Coinage was removed from Blackcoin because it was a serious security threat as users didn't have to stake funds to gain interest and could connect at a later date and get better rewards. I'm not saying there isn't an iteration of it that wouldn't work but still, aggressive interest rates don't help the economic health of anything.

What you need is control of supply which is what we are doing. Hence we can freeze what is needed at the time, and thus the liquid coins have greater value when supply is lowered.

This of course means the price is dynamic and can certainly still entertain investors. But at the same time it will help stabilize things and help grow the price. My biggest hope is it gets rid of market makers and manipulators and replaces them with the tech itself.

Now as for tiered interest you know where it would work? On the frozen coins of course. Depending on the quality of the liquidity being staked you could certainly offer more attractive interest rates. So something very frozen could get better interest increasing demand for it.

With that said, that is a bit overzealous to release on the first fork. So most likely if we do something like that it would be after we see the first iteration of the peg and it's success to decide if we can add more to the complexity of it.

So one step at a time, we are almost there! The wait is almost over. And things have been really running smooth lately.

Tiered interest doesn't work to restrict supply -

I know you are far smarter than I david so i don't doubt this if that is what you say.
But in some cases it does keep coins from churning over and over. I watch dash and pivx and the tiered reward system (perhaps in part due to the hassle setting the masternodes up) does keep a lot of the minting locked away. I had a few myself and it was quite a hassle setting them up so I never bothered selling unless a HUGE prolonged spike and was never temped on little 20-30% spikes.

This part what you said...

Now as for tiered interest you know where it would work? On the frozen coins of course. Depending on the quality of the liquidity being staked you could certainly offer more attractive interest rates. So something very frozen could get better interest increasing demand for it.

Yes this is kind of what I was meaning all along.. perhaps I didn't explain it clearly on thread or in my pm. Certainly paying greater interest for locking away (savings bond) great chunks of bay for greater periods of time.  This is exactly what I would think would inspire long term accumulation and saving.

Also i see on bittrex the volume is building again and I notice a few accumulation whales .... I think it is not out of the question we will be back in the top 100 or greater very soon.

I mean removed all the dreams and talk fake market making collusion schemes and bitbay is probably top 50 anyway.

Great to hear things are moving smoothly anyway.




I am very pleased to hear you think this is workable in the future.

[lijoe408]

Is there any update on a Mac wallet in the works?  With how popular Macs are in tech, it seems silly not to have an official Mac wallet unless i'm missing something  I see the QT PC wallet only on the website.

[Asimmo]

Can someone supply us with the forum signature code of bitbay coin?

[Figatko]

New Waves DEX design is very close and after this it will gain in popularity strongly. Maybe it's time to list Bay there?
By the way I used Waves DEX myself and found it very nice! The new design will bring some missing features and more.

[Kadachi]

I truly hope that investors will see the value in bitbay. Get in while you can before it is too late.

[Ompet]

I'm not really on board the whole Peg-part of the project either. I don't see the reason why you would want to force the coin to be lower or higher than a certain value. One of the big things with decentralization is that real economics can have its way. If people really want the coin, they would buy it and the price would go up, if people don't want it, it should fall. When it's low, more people might be intersted in the project, and we're back into the spiral.. If you force it to be less than a certain ammount of coins, just to force it to stay around 0.1$, then people would just panic, since their coins are "locked".

[bryansschrupp]

My slack username : willmsnow
My telegram username : @wildet60
My twitter userntme: @willmsnow



My ETH address : 0x912ff1f7C3Daaffcc105CEb28ced76F5855048B8


Thanks
Reply plz if im applicable.

[GiorgosK]

My slack username : willmsnow
My telegram username : @wildet60
My twitter userntme: @willmsnow



My ETH address : 0x912ff1f7C3Daaffcc105CEb28ced76F5855048B8


Thanks
Reply plz if im applicable.

Are you posting in the wrong thread ?

[Kadachi]

If you take away the pegging feature, you take away the coins ability to minimize significant fluctuations, especially in a downward trend. I think people would be interested in investing in a coin with much lower risk than what is out there currently.

[toknormal]

I'm not really on board the whole Peg-part of the project either. I don't see the reason why you would want to force the coin to be lower or higher than a certain value. One of the big things with decentralization is that real economics can have its way. If people really want the coin, they would buy it and the price would go up, if people don't want it, it should fall.

The pegging is about supporting a stable goods price, not so much a stable coin price. The coin exchange rate with other cryptos or national fiat currencies can still move long term with the market because it's a rolling peg which means the peg can move at discrete intervals.

Between those intervals you have a stable monetary platform on which to trade goods (like, say kids prams, motor cars or the new Honda Jet).

This mitigates or eliminates the trader's exposure to losses on their goods trade from currency fluctuations. Meanwhile, the fact that the peg can roll also makes the currency investable and tradeable in its own right.

Best of both worlds: Decoupling the priorities of goods trading with those of a freely traded monetary instrument so that the blockchain has an independent interface on each market.

[n3rd]

Were seeing some price action!

[eneyardi]

Is everyone on slack or something? where are the rest of the bitbay community?

Is slack active for communication?

[Mika141]

Today bitbay to 0.1$

[cryptohunter]

I think there is some big developments coming for bitbay soon.

[GiorgosK]

Is everyone on slack or something? where are the rest of the bitbay community?

Is slack active for communication?

Yes lots of action in slack.
big community and big support

[Miner-room101]

A lot of coins seem to be moving over to slack.  I am a tad sad about that.  I do understand that it is easier for the developers but I like the Forum style.

[cryptohunter]

A lot of coins seem to be moving over to slack.  I am a tad sad about that.  I do understand that it is easier for the developers but I like the Forum style.

Couldn't agree more and the issue is once they move to slack and leave the thread to look dead the project appears dead to the noobs arriving here looking for active projects.