BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[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

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

Agreed.
I'll talk to Munti about it. We need more time to complete the "requested invite only" beta testing first. But hopefully in another 2-4 weeks we could be ready for full blown public beta

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

[cryptohunter]

Damn quote error

ha yes this happens to me quite a bit too

okay cool...hope beta testing is going well guys.

[BitBaydev]

If anyone wants to join the dynamic peg testers that have already signed up then you can use this link to add your info.

We’ll be adding testers to our Slack channel early this coming week and provide instructions and support for anyone joining us.

Thanks,
Shorn.

http://eepurl.com/dEONHL

[BitBaydev]

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

You’re welcome to come and join us too. You only need a few bay to test  

[cryptohunter]

crypto is crying out for a stable or more stable currency... these wild fluctuations are crazy of late

[dzimbeck]

crypto is crying out for a stable or more stable currency... these wild fluctuations are crazy of late

The manipulation is widespread too. It's making me sort of miss the old days when all thousand coins on the market didn't obviously coordinate buys and sells.
The exchanges must be in on it as well as the news. Pick any two coins on the market with nothing in common and yet their charts may as well be identical.

[cr197]

Update: So far over the last 2 days we've frozen the supply down to 87.7% liquid on our test Clients. 😀
The current idea is that when we actually enforce the peg on the entire network, we will be fair by starting at 0% frozen.
Currently the rate of change is limited to 1% per voting session with a max of 7 changes per day for a total of a max of 7% deflation or inflation every day.

This could change before the peg is finally reelased. We might even make it a range like 1-2% or 1-3% per voting session. The range would be determined by counting the majority of a particular direction. So for example, with a range of 1-2% in place. And for example, 1 vote session receives 100% deflate votes, then that session would freeze accounts' liquid supplies by 2%. And if the same vote was 60% deflate and 20% inflate, and the rest being 20% no change, then that vote session might only deflate 1%
So at 1-2% range we could get a max of 14% deflate or inflate in one day.  And at 1-3% we could get a max of 21% either direction in one day.

Still toying around with the ideas.

However, being that we WILL start out at 100% liquid to be fair to the 'bears'. It will take a few days before we can really see a change in the market manipulators that have been destroying investor confidence for pretty much the entire altcoin industry. Unless of course, buy support starts catching wind of what we will accomplish here over the next 1-2 months.

We'll beat them though. I for one will be voting to deflate coin supply till we reach a much more realistic fair market value.
We are the only legacy altcoin in the entire industry working to remove the manipulation once and for all. That statistic alone make me believe we deserve to be over a dollar a coin and will be voting to fight for that price till we can get to it.
I hope you guys will agree!😂
But this is a democracy after all and you all can vote however you want!

What I love about the peg system is that you have to be active on the Client to vote and voice your opinion on price action.
A bear manipulator can't vote to inflate liquid coins and place sell orders at the same time!   Or at least not without weakening his true power as if he had no sell orders at all!

Which means the voting system favors those that believe in the coin. And I'd think for the most part, people will want their investment equity protected.

This is going to make for one of the most interesting trading games on the planet!



____________________________________________

And now that the obfuscation error is fixed I will resume testing marketplace items and other features!



Cheers!

[ptcgroup10009]

yes a lot is happening with BitBay .Today a double deposit web market place demo is up and running and it looks great but more features will be add as time goes on.

https://s8.postimg.cc/z9y14jgrp/bitbay.png

[cryptohunter]

crypto is crying out for a stable or more stable currency... these wild fluctuations are crazy of late

The manipulation is widespread too. It's making me sort of miss the old days when all thousand coins on the market didn't obviously coordinate buys and sells.
The exchanges must be in on it as well as the news. Pick any two coins on the market with nothing in common and yet their charts may as well be identical.

Kind of worrying to think there is such collusion as this happening.

[cryptohunter]

Update: So far over the last 2 days we've frozen the supply down to 87.7% liquid on our test Clients. 😀
The current idea is that when we actually enforce the peg on the entire network, we will be fair by starting at 0% frozen.
Currently the rate of change is limited to 1% per voting session with a max of 7 changes per day for a total of a max of 7% deflation or inflation every day.

This could change before the peg is finally reelased. We might even make it a range like 1-2% or 1-3% per voting session. The range would be determined by counting the majority of a particular direction. So for example, with a range of 1-2% in place. And for example, 1 vote session receives 100% deflate votes, then that session would freeze accounts' liquid supplies by 2%. And if the same vote was 60% deflate and 20% inflate, and the rest being 20% no change, then that vote session might only deflate 1%
So at 1-2% range we could get a max of 14% deflate or inflate in one day.  And at 1-3% we could get a max of 21% either direction in one day.

Still toying around with the ideas.

However, being that we WILL start out at 100% liquid to be fair to the 'bears'. It will take a few days before we can really see a change in the market manipulators that have been destroying investor confidence for pretty much the entire altcoin industry. Unless of course, buy support starts catching wind of what we will accomplish here over the next 1-2 months.

We'll beat them though. I for one will be voting to deflate coin supply till we reach a much more realistic fair market value.
We are the only legacy altcoin in the entire industry working to remove the manipulation once and for all. That statistic alone make me believe we deserve to be over a dollar a coin and will be voting to fight for that price till we can get to it.
I hope you guys will agree!😂
But this is a democracy after all and you all can vote however you want!

What I love about the peg system is that you have to be active on the Client to vote and voice your opinion on price action.
A bear manipulator can't vote to inflate liquid coins and place sell orders at the same time!   Or at least not without weakening his true power as if he had no sell orders at all!

Which means the voting system favors those that believe in the coin. And I'd think for the most part, people will want their investment equity protected.

This is going to make for one of the most interesting trading games on the planet!



____________________________________________

And now that the obfuscation error is fixed I will resume testing marketplace items and other features!



Cheers!

I have still not really got to grips with the deeper working on this rolling peg.

However.... will there be options for people who are investors but do not watch the markets daily and be there to vote many times per day for them to select an auto pilot option that casts their vote for freeze unfreeze according to % moves in the market place. Or just an option of max deflate until x price like.... max deflate until 1 dollar.

I mean to really build a huge market place like ebay or even 5% of ebay we will need bitbay to really be like what 2-3 bucks or greater for enough liquid supply and the DD escrow to be active for all transactions.

I see a lot of  precious metal sellers in the buy and sells but nobody will trust them with their btc.... with DDE then this would become viable.

[Ivanetadichk]

I gotta get some more of this coin before that rolling peg thing.

Any attempt to stabilise the crypto market is a move in the right direction and shows a lot of foresight about real life use cases.

[88998899]

Do not send coins from the client, gives out a small window: "tx rejected". How to fix? Thanks!

[cr197]

Sometimes the Client tries to attach coins to blockchain network and it fails.
Just try again.

It also could be because you might only have 1 key loaded. Goto your history tab and make sure the history tab is showing that you have 2 private keys connected.


If it's persistent then goto: Settings -> General Settings     and make sure you turn on "Create Debug File on Exit"

Then close the Client and look in your C:/BitBay directory. There should be a debug text document.
And PM that file to David here. That file is designed for the sole purpose of bugs. So of course, David would not allow it to provide any info other than bugs (priv keys are safe, etc)

[cr197]

I gotta get some more of this coin before that rolling peg thing.

Any attempt to stabilise the crypto market is a move in the right direction and shows a lot of foresight about real life use cases.

Thanks. I couldn't agree more
It's so sad to see the state of affairs with the altcoin industry right now.
It's easy to see that just a handful of market manipulating index bots control over 75% of the altcoin industry.

With our peg in place we can control them like a puppet. And when it shows that we can stabilize price, investor confidence will return and organic price growth will as well.

You can't beat having the best of both worlds.
The entire stablecoin industry, excluding BitBay, is focused solely on creating a hard pegged value.
Ours still allows for price to increase over time as long as demand continues to build, and focuses more on simply removing the volatility.
Once investors pick up on this, the first few months should be interesting to watch unfold


Bitcoin investors are in a bind here. One whale has 700 million dollars worth of coins left to manipulate the market as he wants.
I can only imagine how scared BitMex is. Someone has to buy back this guy's shorts. And each time he toys with price to satisfy his BitMex positions, he just makes himself stronger than before.
So if you take in consideration that his short is still in play. Once he covers it, he could be sitting on roughly 900 million in equity from his initial 800 million he started with. IMHO the only way he can lose is if BitMex bans his account or they go bankrupt

[cr197]

Update: So far over the last 2 days we've frozen the supply down to 87.7% liquid on our test Clients. 😀
The current idea is that when we actually enforce the peg on the entire network, we will be fair by starting at 0% frozen.
Currently the rate of change is limited to 1% per voting session with a max of 7 changes per day for a total of a max of 7% deflation or inflation every day.

This could change before the peg is finally reelased. We might even make it a range like 1-2% or 1-3% per voting session. The range would be determined by counting the majority of a particular direction. So for example, with a range of 1-2% in place. And for example, 1 vote session receives 100% deflate votes, then that session would freeze accounts' liquid supplies by 2%. And if the same vote was 60% deflate and 20% inflate, and the rest being 20% no change, then that vote session might only deflate 1%
So at 1-2% range we could get a max of 14% deflate or inflate in one day.  And at 1-3% we could get a max of 21% either direction in one day.

Still toying around with the ideas.

However, being that we WILL start out at 100% liquid to be fair to the 'bears'. It will take a few days before we can really see a change in the market manipulators that have been destroying investor confidence for pretty much the entire altcoin industry. Unless of course, buy support starts catching wind of what we will accomplish here over the next 1-2 months.

We'll beat them though. I for one will be voting to deflate coin supply till we reach a much more realistic fair market value.
We are the only legacy altcoin in the entire industry working to remove the manipulation once and for all. That statistic alone make me believe we deserve to be over a dollar a coin and will be voting to fight for that price till we can get to it.
I hope you guys will agree!😂
But this is a democracy after all and you all can vote however you want!

What I love about the peg system is that you have to be active on the Client to vote and voice your opinion on price action.
A bear manipulator can't vote to inflate liquid coins and place sell orders at the same time!   Or at least not without weakening his true power as if he had no sell orders at all!

Which means the voting system favors those that believe in the coin. And I'd think for the most part, people will want their investment equity protected.

This is going to make for one of the most interesting trading games on the planet!



____________________________________________

And now that the obfuscation error is fixed I will resume testing marketplace items and other features!



Cheers!

I have still not really got to grips with the deeper working on this rolling peg.

However.... will there be options for people who are investors but do not watch the markets daily and be there to vote many times per day for them to select an auto pilot option that casts their vote for freeze unfreeze according to % moves in the market place. Or just an option of max deflate until x price like.... max deflate until 1 dollar.

I mean to really build a huge market place like ebay or even 5% of ebay we will need bitbay to really be like what 2-3 bucks or greater for enough liquid supply and the DD escrow to be active for all transactions.

I see a lot of  precious metal sellers in the buy and sells but nobody will trust them with their btc.... with DDE then this would become viable.

If you are not actively voting on the Client, but you are actively staking coins. Then yes, each time you win a stake reward from a block, it's as if you are voting for the "Automated Pegging Vote" to decide to control supply and demand. Because your staked block reward takes away from others trying to vote to manually control supply. There is only 1 vote allowed per block.

There are 5 types of votes to choose from in the Client. It's very user friendly. No coding skills are required.

Automated Pegging Vote
Vote to Deflate/Freeze Supply
Vote to Inflate/Unfreeze Supply
Vote to Maintain Supply
Do not Vote on Supply

[cr197]

I'll try to explain how this is going to work for us once the exchanges incorporate it.

Let's say the current market manipulator, who bought up BitBay during 2017 and has been selling consistently since Jan 2018, only has 10 million Bay in his possession. He holds all his coins on the exchange so he has no voting power.
And once the exchanges incorporate peg QT wallets. The official start of the peg begins.
So we start at 100% liquid to be fair to the bears.
Over the course of 10 days the majority of voters decide to deflate supply down to only 10% liquid and 90% frozen.
Now just for the sake of example, during this time the manipulator hasn't been selling. He still has 10 million coins to play his stupid MM games.
So now with the peg ratio the way it is, he only has 1 million coins liquid to either sell down the price or place as resistance on the sell book.
After a few hours, the buyers buy him out. He now has all his remaining coins frozen. This causes price to increase too much so the algorithm takes over and inflate price by 2% in one voting session.
So now the manipulators 9 million coins he has frozen, he receives 2% of as liquid again. So now he can sell an additional 180,000 coins before he runs out - etc., etc., etc.
So now he's no longer a threat. His liquid coin supply is being regulated. He is not longer able to be a substantial Market Maker or Market Mover. He is just a flea that can be bought out with buyers actually appreciating his cheap coins.

And BitBay lived happily ever after.


The End


P.S. We actually help the jack ass make more money than his current index bot ever could!!!

[88998899]

Sometimes the Client tries to attach coins to blockchain network and it fails.
Just try again.

It also could be because you might only have 1 key loaded. Goto your history tab and make sure the history tab is showing that you have 2 private keys connected.


If it's persistent then goto: Settings -> General Settings     and make sure you turn on "Create Debug File on Exit"

Then close the Client and look in your C:/BitBay directory. There should be a debug text document.
And PM that file to David here. That file is designed for the sole purpose of bugs. So of course, David would not allow it to provide any info other than bugs (priv keys are safe, etc)

Thank you so much! I'll try to fix it.

[lidd0512]

great job, bitbay has taken a big step to the cryptocurrency world ,i guess this will have a positive impact to the real world!

[cryptohunter]

Update: So far over the last 2 days we've frozen the supply down to 87.7% liquid on our test Clients. 😀
The current idea is that when we actually enforce the peg on the entire network, we will be fair by starting at 0% frozen.
Currently the rate of change is limited to 1% per voting session with a max of 7 changes per day for a total of a max of 7% deflation or inflation every day.

This could change before the peg is finally reelased. We might even make it a range like 1-2% or 1-3% per voting session. The range would be determined by counting the majority of a particular direction. So for example, with a range of 1-2% in place. And for example, 1 vote session receives 100% deflate votes, then that session would freeze accounts' liquid supplies by 2%. And if the same vote was 60% deflate and 20% inflate, and the rest being 20% no change, then that vote session might only deflate 1%
So at 1-2% range we could get a max of 14% deflate or inflate in one day.  And at 1-3% we could get a max of 21% either direction in one day.

Still toying around with the ideas.

However, being that we WILL start out at 100% liquid to be fair to the 'bears'. It will take a few days before we can really see a change in the market manipulators that have been destroying investor confidence for pretty much the entire altcoin industry. Unless of course, buy support starts catching wind of what we will accomplish here over the next 1-2 months.

We'll beat them though. I for one will be voting to deflate coin supply till we reach a much more realistic fair market value.
We are the only legacy altcoin in the entire industry working to remove the manipulation once and for all. That statistic alone make me believe we deserve to be over a dollar a coin and will be voting to fight for that price till we can get to it.
I hope you guys will agree!😂
But this is a democracy after all and you all can vote however you want!

What I love about the peg system is that you have to be active on the Client to vote and voice your opinion on price action.
A bear manipulator can't vote to inflate liquid coins and place sell orders at the same time!   Or at least not without weakening his true power as if he had no sell orders at all!

Which means the voting system favors those that believe in the coin. And I'd think for the most part, people will want their investment equity protected.

This is going to make for one of the most interesting trading games on the planet!



____________________________________________

And now that the obfuscation error is fixed I will resume testing marketplace items and other features!



Cheers!

I have still not really got to grips with the deeper working on this rolling peg.

However.... will there be options for people who are investors but do not watch the markets daily and be there to vote many times per day for them to select an auto pilot option that casts their vote for freeze unfreeze according to % moves in the market place. Or just an option of max deflate until x price like.... max deflate until 1 dollar.

I mean to really build a huge market place like ebay or even 5% of ebay we will need bitbay to really be like what 2-3 bucks or greater for enough liquid supply and the DD escrow to be active for all transactions.

I see a lot of  precious metal sellers in the buy and sells but nobody will trust them with their btc.... with DDE then this would become viable.

If you are not actively voting on the Client, but you are actively staking coins. Then yes, each time you win a stake reward from a block, it's as if you are voting for the "Automated Pegging Vote" to decide to control supply and demand. Because your staked block reward takes away from others trying to vote to manually control supply. There is only 1 vote allowed per block.

There are 5 types of votes to choose from in the Client. It's very user friendly. No coding skills are required.

Automated Pegging Vote
Vote to Deflate/Freeze Supply
Vote to Inflate/Unfreeze Supply
Vote to Maintain Supply
Do not Vote on Supply

Ah that makes sense.
I only wonder if we can freeze up supply a little more quickly if we needed to. Then again I guess 21% frozen in one day is good going.

If the automated pegging algo could eventually say recognise a 10% or greater drop over x time and instantly implement a super freeze in a shorter time frame.

Then again David and you guys have obviously thought a lot about this and found the best model.

Can't wait to see how this works.

Perhaps the sec will allow bitbay before btc for an ETF

This together with Davids possible ideas for greater scaling puts bitbay in the primary position here in my opinion.

[cryptohunter]

yes a lot is happening with BitBay .Today a double deposit web market place demo is up and running and it looks great but more features will be add as time goes on.

This will be huge once it takes off and is much needed really.
I still think the totally decentralised market place relying on no central servers that David has created is amazing.
However I think the masses will appreciate a web browser based service in a big way.

Once it starts to take off and snowball it will be quite something to watch and be in on.