BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[BitBaydev]

Here's a new video we just released explaining the basics of the dynamic peg:

https://twitter.com/BitBayofficial/status/1023826897002737664

or:

https://www.facebook.com/bitbaymarket/videos/1079991105489063

[1715453829]

1715453829

[1715453829]

1715453829

[1715453829]

1715453829

[1715453829]

1715453829

[ptcgroup10009]

Up date on the web market place.

https://medium.com/@bitbay/official-statement-bitbay-web-marketplace-update-eea7101750fc

[Figatko]

When can we expect the web marketplace demo?

[Asimmo]

What concrete events do we expect from pegging?
Do we have like roadmap of pegging process?

[dzimbeck]

What concrete events do we expect from pegging?
Do we have like roadmap of pegging process?

Yes so the demo pegging client is going to be released very soon probably by the end of the month. Users can at first volunteer to just test the feel. I'm probably going to whitelist addresses for that. Then we just have to focus on brokering exchanges and that is anyones guess to how long it takes. We will get a better idea when we know who is willing to track it.

[dzimbeck]

When can we expect the web marketplace demo?

I'm not sure how many features users will be able to demo when they release it. However I know they are working as hard as they can and a new dev just came on full time.

[cryptohunter]

When can we expect the web marketplace demo?

I'm not sure how many features users will be able to demo when they release it. However I know they are working as hard as they can and a new dev just came on full time.

this is all great news I feel and I am excited to say the least to be grabbing up more bay in the 300's i didnt see that ever happening actually.

will the peg work with decentralised exchanges like blocknet and komodo or will they need to add in some extra code?

if not is it feasible to make bitbay into a decentralised atomic exchange at least from btc to bay... I know you mentioned something like that before but I didn't actually fully understand it.

what would happen if bittrex will not support the pegging software? I think they will because ignis i heard requires some extra software for them to run it. But if they will not ? what will happen then?

Sorry if this is explained in the white paper I have not had a chance to give that the full attention it requires at the moment.

[dzimbeck]

When can we expect the web marketplace demo?

I'm not sure how many features users will be able to demo when they release it. However I know they are working as hard as they can and a new dev just came on full time.

this is all great news I feel and I am excited to say the least to be grabbing up more bay in the 300's i didnt see that ever happening actually.

will the peg work with decentralised exchanges like blocknet and komodo or will they need to add in some extra code?

if not is it feasible to make bitbay into a decentralised atomic exchange at least from btc to bay... I know you mentioned something like that before but I didn't actually fully understand it.

what would happen if bittrex will not support the pegging software? I think they will because ignis i heard requires some extra software for them to run it. But if they will not ? what will happen then?

Sorry if this is explained in the white paper I have not had a chance to give that the full attention it requires at the moment.

Yeah those are all options. Actually, even a basic atomic swap from BitBay to BitHalo would be nice enough to do. Komodo and Blocknet or any other change only needs a few modifications. I would have to think about it actually, since they just have to be careful not to send reserve funds to a timelocked account. I'm pretty sure Komodo dev will work with me on that. We want at least a few good central exchanges for the common trader regardless of who takes us. As long as they have a decent reputation and security we should be fine. At first Bittrex was a little bit unsure of why I needed them to have custom code. Now they want me to email a proposal I'm waiting to finish final touches on peg. If we lose them, it's no big deal. That's something we have all the time to do, broker good relationships. At first it concerned me but then later I realized people only need a place to trade with half-way decent volume and there is always new exchanges on the horizon. Besides, they stand to benefit too... even they must be tired of all the volatility. If we even get 1% of Tethers volume they could be raking in millions. It's worth it.

[cryptohunter]

When can we expect the web marketplace demo?

I'm not sure how many features users will be able to demo when they release it. However I know they are working as hard as they can and a new dev just came on full time.

this is all great news I feel and I am excited to say the least to be grabbing up more bay in the 300's i didnt see that ever happening actually.

will the peg work with decentralised exchanges like blocknet and komodo or will they need to add in some extra code?

if not is it feasible to make bitbay into a decentralised atomic exchange at least from btc to bay... I know you mentioned something like that before but I didn't actually fully understand it.

what would happen if bittrex will not support the pegging software? I think they will because ignis i heard requires some extra software for them to run it. But if they will not ? what will happen then?

Sorry if this is explained in the white paper I have not had a chance to give that the full attention it requires at the moment.

Yeah those are all options. Actually, even a basic atomic swap from BitBay to BitHalo would be nice enough to do. Komodo and Blocknet or any other change only needs a few modifications. I would have to think about it actually, since they just have to be careful not to send reserve funds to a timelocked account. I'm pretty sure Komodo dev will work with me on that. We want at least a few good central exchanges for the common trader regardless of who takes us. As long as they have a decent reputation and security we should be fine. At first Bittrex was a little bit unsure of why I needed them to have custom code. Now they want me to email a proposal I'm waiting to finish final touches on peg. If we lose them, it's no big deal. That's something we have all the time to do, broker good relationships. At first it concerned me but then later I realized people only need a place to trade with half-way decent volume and there is always new exchanges on the horizon. Besides, they stand to benefit too... even they must be tired of all the volatility. If we even get 1% of Tethers volume they could be raking in millions. It's worth it.

Thanks for the answer david.

I really hope we can keep bittrex/upbit though.  They do have a custom code for ignis so I am sure once they understand why bitbay needs it they will work with us.

Also like you say if we can even grab a bit of tethers volume we will become big news which will inspire more people to want to work with bitbay

I see in the buy/sell forums a lot of people wanting to buy precious metals for crypto - bitbay would be ideal for this.

There are lots of indie metal dealers who would like to find away to take in crypto for their metals and be able to ship it rather than face to face collection. I can see bitbay having many metals markets and dealers.

The biggest market for sure would be US to EU/UK though people could make fortunes by simply offering reselling through bitbay US items from US ebay to EU/UK now that ebay are auto adding huge fees and vat duty.

We just need a couple of big reseller companies to populate bitbay with a ton of US products they would not even have to hold any of these products in stock they can just offer them and then when they get an order they can order it from ebay themselves and reship it out make 10-20% and save the buyer 10-20%.

Once bitbay becomes known as a cheaper alternative to ebay the volume could explode. I guess that is when we will know our tps limits.

[Figatko]

What about optitoken distribution to bay holders?
I received their email, maybe I'm late to perform this?

https://steemit.com/cryptocurrency/@optitoken/tutorial-how-to-receive-and-store-usdopti-in-your-erc20-wallet?utm_source=newsletter&utm_medium=email&utm_campaign=optitoken_distribution_is_about_to_start_quick_tips_to_prepare_your_erc20_wallet&utm_term=2018-08-10

I did not receive optitokens.

[tradersnow]

What about optitoken distribution to bay holders?
I received their email, maybe I'm late to perform this?

https://steemit.com/cryptocurrency/@optitoken/tutorial-how-to-receive-and-store-usdopti-in-your-erc20-wallet?utm_source=newsletter&utm_medium=email&utm_campaign=optitoken_distribution_is_about_to_start_quick_tips_to_prepare_your_erc20_wallet&utm_term=2018-08-10

I did not receive optitokens.

The OptiToken/BitBay airdrop will be distributed to BAY holders in Q1, 2019. The idea behind that timeframe is to prevent dumping right after ICO.

[Asimmo]

Do we have any info about Bitbay market, where regular good ought to be traded?
What daily turnover we have or was implementing market a successfull feature?

[dzimbeck]

Do we have any info about Bitbay market, where regular good ought to be traded?
What daily turnover we have or was implementing market a successfull feature?

The market has only a few orders in it at times. However it gets used for a lot creative things. For example, it was used to sell real estate without escrow making it one of the first real estate transactions in California history using Bitcoin/altcoins. And definitely the first without escrow. It has been used to sell gems, shirts, hardware, coins, collectors items, etc. Currently we use the employment template to pay our employees with automated payments and it's been working really well.

We will definitely need volume so perhaps we will give some users a way to resell their items from popular sites like Amazon or something. It would probably be a little more expensive to buy but would at least fill the markets.

[CRYPTONAIRE]

Do we have any info about Bitbay market, where regular good ought to be traded?
What daily turnover we have or was implementing market a successfull feature?

The market has only a few orders in it at times. However it gets used for a lot creative things. For example, it was used to sell real estate without escrow making it one of the first real estate transactions in California history using Bitcoin/altcoins. And definitely the first without escrow. It has been used to sell gems, shirts, hardware, coins, collectors items, etc. Currently we use the employment template to pay our employees with automated payments and it's been working really well.

We will definitely need volume so perhaps we will give some users a way to resell their items from popular sites like Amazon or something. It would probably be a little more expensive to buy but would at least fill the markets.

Excuse me David, but did I understand that remark correctly?  Did you say that you are using the employment template in the manner of payroll software?  In effect, an alternative to Bitwage?

[Plumboo]

Do we have any info about Bitbay market, where regular good ought to be traded?
What daily turnover we have or was implementing market a successfull feature?

bitbay market looks empty. Bitbay is falling 29.30 % today and nobody seems to care. unless its too late I think you should do as I did long time ago. Stop cheating yourself guys.

No matter what you implementing, it doesnt work.

[dzimbeck]

Do we have any info about Bitbay market, where regular good ought to be traded?
What daily turnover we have or was implementing market a successfull feature?

bitbay market looks empty. Bitbay is falling 29.30 % today and nobody seems to care. unless its too late I think you should do as I did long time ago. Stop cheating yourself guys.

No matter what you implementing, it doesnt work.

Every other crypto is down too. My entire portfolio of pretty good coins and each one is like 1/5th it's value that it was in BTC (not including fiat drop). So I don't see how these things are related. There aren't too many orders now most people are waiting for peg. However you already should know we have sold real estate, do our employment contracts and some users sell goods. Also why do people always complain about price? In January anyone could have sold for almost 4000 times the original fiat price from the bottom. Those types of gains outside of crypto are almost unheard of and I barely sold on that peak (actually sort of regret not being a bit more aggressive but there was a lot of things factoring into how I handled it). What more could anyone want? Our team works really hard instead of coming here to complain why not just spread the word?

Besides... it doesn't really matter if people use it. The point is it solves a huge problem of trust for people who need it and want it. It will always be here to solve those problems for them. This software will be here in 100 years waiting for people who want to do deals without worrying about someone breaking it.

The peg is an entirely different subject and although I'm not sure when the guys will be able to translate the desktop app to web, if they do I could imagine more adoption for the actual markets.

[dzimbeck]

Do we have any info about Bitbay market, where regular good ought to be traded?
What daily turnover we have or was implementing market a successfull feature?

The market has only a few orders in it at times. However it gets used for a lot creative things. For example, it was used to sell real estate without escrow making it one of the first real estate transactions in California history using Bitcoin/altcoins. And definitely the first without escrow. It has been used to sell gems, shirts, hardware, coins, collectors items, etc. Currently we use the employment template to pay our employees with automated payments and it's been working really well.

We will definitely need volume so perhaps we will give some users a way to resell their items from popular sites like Amazon or something. It would probably be a little more expensive to buy but would at least fill the markets.

Excuse me David, but did I understand that remark correctly?  Did you say that you are using the employment template in the manner of payroll software?  In effect, an alternative to Bitwage?

Yeah so like the major advantage of these contracts is they have deposits. So anyone who doesn't submit a report can't get their payment released and if they don't perform they might not get their extension and risk losing deposits. The employer can choose to automate his payments in Bay (or if he really wants use other payment methods in a custom contract). The software also tracks fiat value and has a stop loss in so if the fiat value drops too much it makes sure the employer handles the payment manually. It's pretty good, Craig has been using it and he can tell you how convenient it is.

So I guess it is sort of like Bitwage or Upwork or Freelancer or something. And also, crypto projects are notorious for flakey or tricky employees mainly because payments are irreversible so to be honest I'm not sure how other crypto contractors even work without a system like this.

[legday]

Do we have any info about Bitbay market, where regular good ought to be traded?
What daily turnover we have or was implementing market a successfull feature?

bitbay market looks empty. Bitbay is falling 29.30 % today and nobody seems to care. unless its too late I think you should do as I did long time ago. Stop cheating yourself guys.

No matter what you implementing, it doesnt work.

Its a market sentiment these days. Not only Bitbay, every altcoin is down, not just in terms of price but also in volume.

[dzimbeck]

Do we have any info about Bitbay market, where regular good ought to be traded?
What daily turnover we have or was implementing market a successfull feature?

bitbay market looks empty. Bitbay is falling 29.30 % today and nobody seems to care. unless its too late I think you should do as I did long time ago. Stop cheating yourself guys.

No matter what you implementing, it doesnt work.

Its a market sentiment these days. Not only Bitbay, every altcoin is down, not just in terms of price but also in volume.

Almost overnight and each coin now moves in tandem. It really shows that the markets are heavily manipulated. It is very hard to believe this is some sort of coincidence. Sometimes makes me miss the old days.

[cryptohunter]

Do we have any info about Bitbay market, where regular good ought to be traded?
What daily turnover we have or was implementing market a successfull feature?

bitbay market looks empty. Bitbay is falling 29.30 % today and nobody seems to care. unless its too late I think you should do as I did long time ago. Stop cheating yourself guys.

No matter what you implementing, it doesnt work.

Every other crypto is down too. My entire portfolio of pretty good coins and each one is like 1/5th it's value that it was in BTC (not including fiat drop). So I don't see how these things are related. There aren't too many orders now most people are waiting for peg. However you already should know we have sold real estate, do our employment contracts and some users sell goods. Also why do people always complain about price? In January anyone could have sold for almost 4000 times the original fiat price from the bottom. Those types of gains outside of crypto are almost unheard of and I barely sold on that peak (actually sort of regret not being a bit more aggressive but there was a lot of things factoring into how I handled it). What more could anyone want? Our team works really hard instead of coming here to complain why not just spread the word?

Besides... it doesn't really matter if people use it. The point is it solves a huge problem of trust for people who need it and want it. It will always be here to solve those problems for them. This software will be here in 100 years waiting for people who want to do deals without worrying about someone breaking it.

The peg is an entirely different subject and although I'm not sure when the guys will be able to translate the desktop app to web, if they do I could imagine more adoption for the actual markets.

Never listen to the negativity David.
What you have built here is amazing.

When I put challenges on the main board for all to answer and find a better bang for buck than bitbay I get zero replies ( usually eveyone wants to push their shitcoin or fav project given any excuse). This is the most undervalued project on this board.

Some really good projects I mean ones with real developers like David are 10x down or even greater against BTC alone.

Byteball is 95% down on peak.

Forget market cap, it means nothing these over pumped icos are pushed by super rich manipulators that extract btc from noobs then move to a new project. Where are all the other huge icos now? the too big to fails? loads sinking to pages 2 and 3.

Bitbay will be one of the few older alts to rise on the next BTC bull.

I'm consolidating to all proven alts with proven tested devs. Bitbay is still my primary alt with a handful of others as back up.

I just hope we can keep expanding the team here so that you feel you are not working alone.

These new over complex sounding designs still seem a lot more centralised that pos3 really. With variable blocksize and a few other improvements you have mentioned just as a currency like BTC (WITHOUT all the other built in features bitbay has) it is still for me a primary alt to consider.

This market is pure manipulation right now by whales and a bunch of scared gamblers who didnt know what they were gambling on.