BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[cryptohunter]

Convert to $BAY from over 300+ altcoins including BTC and ETH. http://exchange.bitbay.market  is an easy-to-use service from coinswitch and BitBay.

nice feature

[cr197]

Yeah the manipulation is sickening. I cant' wait for the peg released to remove these market manipulators out of the equation for good.

Pretty much every altcoin on bittrex is showing that just a handful of mega whale manipulators are in charge of the majority of the altcoin industry.
They showed up back in early 2017 and slowly accumulated nearly every coin. Now they've been slowly selling since Jan 2018 and bleeding new investor confidence completely dry.

So the real question is, as raisinbran pointed out earlier, will these same elite whale club manipulators reverse the cycle again and start accumulating the altcoin industry again if bitcoin were to begin a new bull run?
There is no way to know for sure! They could be doing this to "go in for the kill" so to speak and end a lot of the alts here.
Granted...  there is plenty of money to be made out there if they did repeat the cycle. Compounding ROI is the best money maker there is out there (pumping alts against bitcoin while bitcoin is going up as well)
Personally, I'd like to see a culling of the heard. All it does is make the stablecoin industry that much more demanding.

The other question altcoin investors are not asking themselves, is... what are altcoins doing to prevent this from happening again and again until the music finally stops and people are left without chairs?
As far as I know, other than BitBay, ZERO of the existing altcoins are trying to alleviate the manipulation - ZERO!

It's frustrating because we are still currently stuck in this trap. Altcoin investor confidence is at all time low. All you got to do is look at the volume on bittrex.
What makes it even more frustrating is that the manipulators are nearly exhausted in reserve Bay to manipulate down price. But that's not something average joe investors can gauge normally so it doesn't help us out any. Most investors don't know how to track the blockchain, and bittrex does a great job of masking true account holders coins because they have certain wallets that they group together various account IOU's in one cold wallet.

Conservatively, I suspect the manipulators still hold about 10 - 20 million coins at the most. However the lower the sell order book total coin supply drops the less and less that calculation becomes

Either way, if we shake them out before the peg, or after the peg is released, BitBay will remove the manipulation once and for all.
This coin has nowhere to go but up, even if it means that the community votes to freeze 95% of the current total coin supply and we only allow the manipulators to play with 5% of their liquid supply!
If my conservative calculations are correct, then that would mean they could only dump 500K to 1 million Bay before they would completely run out of liquid coins and wait for the community to unfreeze more coins before they can repeat with their remainder!
It's going to be so much fun watching this in action. Investor confidence will return and bulls will always have a strong level of assurance knowing that the peg has their back if sellers get out of hand.
So while the rest of crypto will be stuck in this chart pattern similar to bitcoins crazy make or break cycle, we ought to mimic more like the SP500!

That's going to be huge!
I for one foresee this giving us the potential to become the first decentralized petro dollar in crypto format

[tradersnow]

Great to see BAY getting some exposure in this article:

https://bitcoinist.com/new-rising-class-cryptocurrencies-hdms-coins-tokens/

 

[cr197]

Great to see BAY getting some exposure in this article:

https://bitcoinist.com/new-rising-class-cryptocurrencies-hdms-coins-tokens/

 

Yeah I left a comment. Their understanding of how it works was a little flawed.
There is no target price for a soft peg. That's one of the main reasons for doing a soft peg. It gives incentive for holders to gain a potential ROI - the highest in the stablecoin industry
Heck with all the crap out there in the industry, there is no telling how high our price could go in 2-4 years.

Plus, soft pegs can't 'fail' like hard pegs. Nubits and Tether can attest to this fact

[dzimbeck]

Great to see BAY getting some exposure in this article:

https://bitcoinist.com/new-rising-class-cryptocurrencies-hdms-coins-tokens/

 

Yeah I left a comment. Their understanding of how it works was a little flawed.
There is no target price for a soft peg. That's one of the main reasons for doing a soft peg. It gives incentive for holders to gain a potential ROI - the highest in the stablecoin industry
Heck with all the crap out there in the industry, there is no telling how high our price could go in 2-4 years.

Plus, soft pegs can't 'fail' like hard pegs. Nubits and Tether can attest to this fact

Yeah that's a good point. The soft peg is not promising any specific price. So because the supply is dynamic it can adjust to any market condition. The only thing it really needs beyond that is volume.

[riouspro6868]

thank you! seems like a good implementation this dynamic peg... is it correct that manipulation is not possible anymore with this new technology? this would be huge to get crypto in to real life usage

[dzimbeck]

thank you! seems like a good implementation this dynamic peg... is it correct that manipulation is not possible anymore with this new technology? this would be huge to get crypto in to real life usage

Well the technology is new so we will just have to see. However I think almost everyone here agrees that when you control supply in a fair way and bears aren't able to slaughter the orderbooks on the exchanges as easily then the currency itself is much more stable.

The idea is that supply should be in harmony with volume.

[jjacob]

The same thing happens whenever a new area opens up: locomotives, incandescent light bulbs, radios, televisions, semiconductors.

What is somewhat different this time is that the barrier for entry was so low. Absolutely zero investment in capital equipment, meaning all you had to do was hang out your shingle (or announce an ICO) and SHAZAM! you're a player. And that's why this shakeout is more precipitous and deeper than other industries have experienced in the past.

But the consolidation mop up phase will most definitely follow.

True - the rise of players was sudden and parabolic. Most ICOs resulted in the market capitalization of coins becoming millions of dollars. This is something conventional companies could only dream off.
The correction and consolidation phase is long over due. Hopefully, people will think twice before rushing into ICOs now.

[dzimbeck]

The same thing happens whenever a new area opens up: locomotives, incandescent light bulbs, radios, televisions, semiconductors.

What is somewhat different this time is that the barrier for entry was so low. Absolutely zero investment in capital equipment, meaning all you had to do was hang out your shingle (or announce an ICO) and SHAZAM! you're a player. And that's why this shakeout is more precipitous and deeper than other industries have experienced in the past.

But the consolidation mop up phase will most definitely follow.

True - the rise of players was sudden and parabolic. Most ICOs resulted in the market capitalization of coins becoming millions of dollars. This is something conventional companies could only dream off.
The correction and consolidation phase is long over due. Hopefully, people will think twice before rushing into ICOs now.

I hope to god you are right. Because most of those ICOs are faking their funding. They don't always raise millions because they buy their own ICOs. But they get that fake marketcap and partner with their exchange friends and then wash trade and dump the rest of their coins. It's so bad.

I wish that Coinmarketcap would require a unique working product and stop listing useless ERC-20 tokens and useless web pages without products. Having a product should be a REQUIREMENT to get free advertising regardless of how much you raise. Otherwise they are knowingly giving scams free advertising with their fake marketcaps.

Even the ones that do raise funds are doing so without software from naive investors and it's fairly hard to watch over and over again as people line up to give money to complete strangers.

[Asimmo]

The same thing happens whenever a new area opens up: locomotives, incandescent light bulbs, radios, televisions, semiconductors.

What is somewhat different this time is that the barrier for entry was so low. Absolutely zero investment in capital equipment, meaning all you had to do was hang out your shingle (or announce an ICO) and SHAZAM! you're a player. And that's why this shakeout is more precipitous and deeper than other industries have experienced in the past.

But the consolidation mop up phase will most definitely follow.

True - the rise of players was sudden and parabolic. Most ICOs resulted in the market capitalization of coins becoming millions of dollars. This is something conventional companies could only dream off.
The correction and consolidation phase is long over due. Hopefully, people will think twice before rushing into ICOs now.

I hope to god you are right. Because most of those ICOs are faking their funding. They don't always raise millions because they buy their own ICOs. But they get that fake marketcap and partner with their exchange friends and then wash trade and dump the rest of their coins. It's so bad.

I wish that Coinmarketcap would require a unique working product and stop listing useless ERC-20 tokens and useless web pages without products. Having a product should be a REQUIREMENT to get free advertising regardless of how much you raise. Otherwise they are knowingly giving scams free advertising with their fake marketcaps.

Even the ones that do raise funds are doing so without software from naive investors and it's fairly hard to watch over and over again as people line up to give money to complete strangers.

I agree.
Modern ICOs are simply destroying crypto community, with their faked share of capital.
CMC should do anything to filter them, or it will have it`s influence on it`s prestige and we will see new and better CMC alternatives.

BTW, do we have testing peg statistics?

[cryptohunter]

I have said time and time again for years that coin market cap is the most dangerous and damaging site in crypto.

[lidd0512]

yes ,i'm sure dynamic peg will take effect to the bitbay's price, and bay has a bright future,let's look forward to bitbay!~~~

[Piston Honda]

yes ,i'm sure dynamic peg will take effect to the bitbay's price, and bay has a bright future,let's look forward to bitbay!~~~

lol.....keep dreaming.
same shit different story since forever.

[icohunter1024]

I use this exchange a lot and can say that I haven't got any troubles with them. BitBay offers mainly bitcoin, litecoin, ethereum and lisk as a trading coins, but they also have some other smaller tokens. I think, that they are one of the biggest exchanges with active lisk traders and the overall volume is pretty high.

[dzimbeck]

The same thing happens whenever a new area opens up: locomotives, incandescent light bulbs, radios, televisions, semiconductors.

What is somewhat different this time is that the barrier for entry was so low. Absolutely zero investment in capital equipment, meaning all you had to do was hang out your shingle (or announce an ICO) and SHAZAM! you're a player. And that's why this shakeout is more precipitous and deeper than other industries have experienced in the past.

But the consolidation mop up phase will most definitely follow.

True - the rise of players was sudden and parabolic. Most ICOs resulted in the market capitalization of coins becoming millions of dollars. This is something conventional companies could only dream off.
The correction and consolidation phase is long over due. Hopefully, people will think twice before rushing into ICOs now.

I hope to god you are right. Because most of those ICOs are faking their funding. They don't always raise millions because they buy their own ICOs. But they get that fake marketcap and partner with their exchange friends and then wash trade and dump the rest of their coins. It's so bad.

I wish that Coinmarketcap would require a unique working product and stop listing useless ERC-20 tokens and useless web pages without products. Having a product should be a REQUIREMENT to get free advertising regardless of how much you raise. Otherwise they are knowingly giving scams free advertising with their fake marketcaps.

Even the ones that do raise funds are doing so without software from naive investors and it's fairly hard to watch over and over again as people line up to give money to complete strangers.

I agree.
Modern ICOs are simply destroying crypto community, with their faked share of capital.
CMC should do anything to filter them, or it will have it`s influence on it`s prestige and we will see new and better CMC alternatives.

BTW, do we have testing peg statistics?

Yeah we have already started testing it. For now it's just addresses that we whitelist that run the database which enforces it on a software level. All the features pretty much work. However we have to make double sure so we test things like contracts and exotic spending for example. Since this change effected almost every part of the software. Also there is getting a feel for the user experience on an exchange.

You can track voting addresses by looking at the chain or just sign up to be a tester by sending your address and hopping on Slack. I should mention, I broke my Linux build and won't be able to get back to fixing that for a little bit so unless you build Linux yourself, it's recommended to test Windows and Mac for the next few weeks.

[lidd0512]

yes ,i'm sure dynamic peg will take effect to the bitbay's price, and bay has a bright future,let's look forward to bitbay!~~~

lol.....keep dreaming.
same shit different story since forever.

if you have a deep comprehension to bitbay ,you would not say these words.bitbay is aimed to build a world based on trust,the tool to fullfill the purpose is bitbay,people can achieve an agreement by signing a smart contract which could be removed after the achievement if fullfilled.

[cr197]

if you have a deep comprehension to bitbay ,you would not say these words.bitbay is aimed to build a world based on trust,the tool to fullfill the purpose is bitbay,people can achieve an agreement by signing a smart contract which could be removed after the achievement if fullfilled.

Don't mind him. He's an old BitBay investor that got impatient with price action years ago and sold. I don't blame him for his animosity. BitBay has definitely been a marathon - not a race to the finish.

It's taken almost 4 years for the dynamic peg to be released. Just weeks away now for final version of the BitBay core build of the Halo Client.

Now is the perfect time to accumulate while the whale club index bot manipulators are at their lowest BitBay reserves since they started hoarding the coin back in late Q1 of 2017.

With Bitcoin looking more and more like it's ready to reverse into a bull trend, so far it's looking like these same index bots are starting to buy up the altcoin industry with all the bitcoin they accumulated over the last 8 months selling altcoins. The cycle looks to be repeating.

This is the perfect timing for the peg to be released now that the index bot manipulators are nearly out of BitBay reserve. Either way, the peg will end their manipulation once and for all. But knowing they only have a couple million coins left before the peg release is a great feeling knowing they will have very little 'negative' influence on the price of Bay after the peg. So now they have very little potential  for major resistance that could cause coins to freeze to elevated levels that we would not normally see with just real investors.
But they serve a purpose, they add volume and liquidity, and they only really suck when Bitcoin is in a bear market.

But unlike every other legacy altcoin in the current industry, we are the only ones that will put a stop to the volatile cycle that currently controls of price of over 75% of the legacy altcoin industry since beginning of 2017.
So if this cycle repeats as mentioned. This will make for a very lucrative position for us.
Because, if Bitcoin decides to bull for the next 4-6 months then these index bots could very well repeat 2017. And when bitcoin is ready to crash again, we will be the only altcoin in the entire industry that can remove the index bots' abilities to dump and destroy any new investor confidence in the coin. And when people see it in real time how the peg protects the price of BitBay, and therefore investors' equity, then they will dump their altcoins into BitBay as a hedge.
Sure the hard pegged fiat backed currencies will get a lot of the hedging volume too, but even then, BitBay's has the potential to provide a higher ROI than them because our price does not remain constant.

[cryptohunter]

I wonder if we could by some cunning plan both bring on bitbay testers and awareness to bitbay and the new peg via the main board?

99% of the peeps there are open to anything for a few crypto crumbs

most are perpetual spammers of crap icos that will give them a few tokens that they have a 0.1% chance of dumping before it is common knowledge the ico project is a scam

Imagine if we gave them a few bitbays that they vote to lock away for a bit of time that could actually be worth something in the future in return for some testing and noticing what a great project this is and spreading the word.

A main board thread where there is a subtle need to enquire about testing to keep it on page 1 would be useful

[cr197]

I wonder if we could by some cunning plan both bring on bitbay testers and awareness to bitbay and the new peg via the main board?

99% of the peeps there are open to anything for a few crypto crumbs

most are perpetual spammers of crap icos that will give them a few tokens that they have a 0.1% chance of dumping before it is common knowledge the ico project is a scam

Imagine if we gave them a few bitbays that they vote to lock away for a bit of time that could actually be worth something in the future in return for some testing and noticing what a great project this is and spreading the word.

A main board thread where there is a subtle need to enquire about testing to keep it on page 1 would be useful

Yeah it sounds like an interesting idea, aren't giveaways tricky to navigate through forums though? Where or how do you propose we host it. Bitcointalk is usually righteously against such concepts right?

I guess when we get the peg testing active to public beta I could setup some more faucet contracts in the marketplace.
I think Munti didn't receive much flak for posting a similar concept a few months back. "Get paid to test smart contracts" or something similar.
It's not a giveaway, its employment

[cryptohunter]

I wonder if we could by some cunning plan both bring on bitbay testers and awareness to bitbay and the new peg via the main board?

99% of the peeps there are open to anything for a few crypto crumbs

most are perpetual spammers of crap icos that will give them a few tokens that they have a 0.1% chance of dumping before it is common knowledge the ico project is a scam

Imagine if we gave them a few bitbays that they vote to lock away for a bit of time that could actually be worth something in the future in return for some testing and noticing what a great project this is and spreading the word.

A main board thread where there is a subtle need to enquire about testing to keep it on page 1 would be useful

Yeah it sounds like an interesting idea, aren't giveaways tricky to navigate through forums though? Where or how do you propose we host it. Bitcointalk is usually righteously against such concepts right?

I guess when we get the peg testing active to public beta I could setup some more faucet contracts in the marketplace.
I think Munti didn't receive much flak for posting a similar concept a few months back. "Get paid to test smart contracts" or something similar.
It's not a giveaway, its employment

Exactly. They may sign up but not earn anything if they don't do enough testing or relaying their opinions or possible improvements on market/pegging testing.

I often thought a nice thread about bitbay being the best value project on the entire board in conjunction with a sig and avatar banner campaign that required a certain amount of posts per week on the main board could be very useful. Imagine the other peeps trying to compare their projects that are either total shit or totally over valued and over pumped bumping trying to voice the case for their projects - however since there are not more than a handful of projects that could even be considered near to the bang for buck bitbay provides then win win for bitbay. Perhaps that can come after the  earn to test bitbay thread.

Either way these need to be performance related for our new workers and team members

Be good to just have some nice avatars and sigs for bitbay anyway