BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[Munti]

Is there a better venue for this discussion such as Slack or Telegram?

I just sent you a pm to get you on slack

[BitBaydev]

The BitBay 2019 development roadmap is live now, with a brand new layout we think you'll find easier to follow. The Dynamic Peg and web markets are still our main focus but there’s also a lot more coming… check it out now

https://bitbay.market/roadmap

Shorn | Project Manager

[BitBayDoc]

Can someone explain the Hard Fork that is coming up?

Does this happen because of the Peg implementation?

[dzimbeck]

Can someone explain the Hard Fork that is coming up?

Does this happen because of the Peg implementation?

Yes. It will be triggered once we have the exchanges on board. So first we release/test demo exchange(so we have an example they will understand), wait for exchanges to implement, fork.

[BitBayDoc]

OEX is a big one. Congrats!
...And they only have 14 Markets? Bittrex (a great exchange) has 305.
I think that makes Bay kinda special!

A lot of hard work has gone into this project.
...it's only a matter of time before BitBay hits critical mass - it's not "if", but "when"?

[kraterion]

Can anyone ELI5 me on Dynamic PEG? I don't understand what it is and on which currency BAY will be pegged to...or if there is another coin running on BitBay which the pegged one

[tradersnow]

Can anyone ELI5 me on Dynamic PEG? I don't understand what it is and on which currency BAY will be pegged to...or if there is another coin running on BitBay which the pegged one

With the Dynamic Peg, BAY is not pegged to any currency or asset at all. It's one coin, that has multiple levels of liquidity (spending power) within it.

It can best be described through an analogy.

Imagine there is a group of thirsty people, and in front of them is a water vending machine. This vending machine can quickly turn liquid water into ice, and vice versa.

7 times a day, this group casts a vote to express their level of thirst. Based on the consensus of each voting session, the machine releases (or freezes) a specific amount (1-3%) of water, leaving an amount closer to what everyone wants to drink.

If demand falls and water freezes, then there is less liquid to drink. This puts upward price pressure on of liquid water.
If demand increases and water unfreezes, there is more liquid to drink. This puts downward price pressure on liquid water.

So the price of liquid water becomes stable, in relation to the amount needed by the group. People's level of thirst is always changing, and the price can change right along with it.

--

BitBay's Dynamic Peg is this water vending machine, but for money... and the group of people voting are all the stakers of BitBay's blockchain.

It moves towards a liquid price that everyone agrees on, and the rest is frozen for later. The frozen BAY can then be traded on a secondary market, based on a future speculative value.

Because it is democratic, there is no need to peg it to an asset or fix it to a price. The total supply is controlled by the users themselves, and not a central entity. History has shown how price fixing and hard currency pegs always fail under extreme market pressure. Because it's not pegged, there is no need for auditing reserves (like tether, gemeni, circle, etc.), or trying to keep a hard price ($1) when the market chooses otherwise... like most other stablecoins.

Instead the dynamic peg allows the price to move and adapt with market swings, within refined limits. It reduces (but doesn't eliminate) volatility to the point where people can use BAY as both a store of value, and a medium of exchange. This allows the users of BitBay's marketplace to have a stable form of value when using BAY as a deposit for its P2P contracts.

ps: if a user doesn't want to vote, they can opt to have an algorithm vote for them  

[dzimbeck]

Excellent response! And there is more information on our website and forums as well.

[BitBaydev]

We are pleased to announce that BitBay will be listed on the OEX.com exchange bringing $BAY to #crypto markets in Singapore, China and many more. OEX is currently listed at position 21 on CMC (adjusted volume).

* Trading starts 25th Jan and deposits open 24th.

https://oex.com

Shorn
Project Manager

https://twitter.com/BitBayofficial/status/1085877042204364801

We have had notification from OEX that their listing queue currently has a backlog which means we are waiting to hear about the new date for listing BAY.

As soon as I have an update I'll post it here, hopefully it will only be a short delay.

Thanks,
Shorn.

[BitBayDoc]

The OEX delay is just another bump in the road.
We're in a bear market.

This low price really sucks bad.
ALL of crypto's really low prices suck bad right now. lol

Bay is still the most undervalued coin on the planet in my opinion.
Everything is working and ready to populate.

Here is another good example of why Bay is a really great potential store of value:
https://bitbay.market/blog/how-does-cryptocurrency-mining-work

[BitBaydev]

Hi all. We've now heard back from OEX.com that our new listing date will be the 14th February. They will announce it in their channels nearer the date, but I wanted to let you all know that it's been confirmed by them.

I'll post more info as soon as we have it.

Thanks,
Shorn.

[BitBaydev]

Announcing BitBay Discord community launch!

On the 1st February we will have a new home for the BitBay community.

Official announcements and news will still be shared on Telegram and social media channels, but throughout February, we will trial Discord as our main communication platform and source of information for the BitBay community. We need your help to make this a thriving platform for discussion and source of relevant information about BitBay.

You can join us now - simply follow this invite link and feel free to share it with friends -

https://discord.gg/jRkjCxf

[kraterion]

Can anyone ELI5 me on Dynamic PEG? I don't understand what it is and on which currency BAY will be pegged to...or if there is another coin running on BitBay which the pegged one

With the Dynamic Peg, BAY is not pegged to any currency or asset at all. It's one coin, that has multiple levels of liquidity (spending power) within it.

It can best be described through an analogy.

Imagine there is a group of thirsty people, and in front of them is a water vending machine. This vending machine can quickly turn liquid water into ice, and vice versa.

7 times a day, this group casts a vote to express their level of thirst. Based on the consensus of each voting session, the machine releases (or freezes) a specific amount (1-3%) of water, leaving an amount closer to what everyone wants to drink.

If demand falls and water freezes, then there is less liquid to drink. This puts upward price pressure on of liquid water.
If demand increases and water unfreezes, there is more liquid to drink. This puts downward price pressure on liquid water.

So the price of liquid water becomes stable, in relation to the amount needed by the people. People's level of thirst is always changing, and the price can change right along with it.

--

BitBay's Dynamic Peg is this water vending machine, but for money... and the group of people voting are all the stakers of BitBay's blockchain.

It moves towards a liquid price that everyone agrees on, and the rest is frozen for later. The frozen BAY can then be traded on a secondary market, based on a future speculative value.

Because it is democratic, there is no need to peg it to an asset or fix it to a price. The total supply is controlled by the users themselves, and not a central entity. History has shown how price fixing and hard currency pegs always fail under extreme market pressure. Because it's not pegged, there is no need for auditing reserves (like tether, gemeni, circle, etc.), or trying to keep a hard price ($1) when the market chooses otherwise... like most other stablecoins.

Instead the dynamic peg allows the price to move and adapt with market swings, within refined limits. It reduces (but doesn't eliminate) volatility to the point where people can use BAY as both a store of value, and a medium of exchange. This allows the users of BitBay's marketplace to have a stable form of value when using BAY as a deposit for its P2P contracts.

ps: if a user doesn't want to vote, they can opt to have an algorithm vote for them  

Thanks very much for the explanation, it's even a good idea for an explanatory video, I'm not being sarcastic or anything, I really think this

[BitBayDoc]

Great news from Shorn regarding the listing on OEX.com.
Really great news.

If one looks at what Tradersnow has written in the past, as well as what Kraterion just posted - you have EXCELLENT basic explanations of the Bay Peg.

Comment on The Current Market:
For those old enough to remember the .com crash of 2000, this Bear Market in the cryptos is very similar.
It's very apparent we have been in a Crypto Crash since Jan 3-6, 2018 and it continues to this day.
I believe cryptos will follow an upward tread that trails the Precious Metals.
Look at the uptick in PM's, starting back in October of 2018.
The US Federal Reserve Note (Global Reserve Currency) and all Sovereign Fiat are under pressure.
Out of this Crypto Crash of 2018, like the .com bubble, the cream will rise to the top and survive. Bay is cream.

If one is paying attention, there has been almost NO movement in the top 20 Wallets or Rich List in Bay over the past 2 years I have been watching it 24/7/365. Interesting.

[dzimbeck]

Great news from Shorn regarding the listing on OEX.com.
Really great news.

If one looks at what Tradersnow has written in the past, as well as what Kraterion just posted - you have EXCELLENT basic explanations of the Bay Peg.

Comment on The Current Market:
For those old enough to remember the .com crash of 2000, this Bear Market in the cryptos is very similar.
It's very apparent we have been in a Crypto Crash since Jan 3-6, 2018 and it continues to this day.
I believe cryptos will follow an upward tread that trails the Precious Metals.
Look at the uptick in PM's, starting back in October of 2018.
The US Federal Reserve Note (Global Reserve Currency) and all Sovereign Fiat are under pressure.
Out of this Crypto Crash of 2018, like the .com bubble, the cream will rise to the top and survive. Bay is cream.

If one is paying attention, there has been almost NO movement in the top 20 Wallets or Rich List in Bay over the past 2 years I have been watching it 24/7/365. Interesting.

People underestimate this project. It's also not heavily marketed. Nonetheless, users will no longer be able to crush the market with sell pressure after the peg is implemented. It's an awesome tool. What "Basis" raised 100 million to do, we did for free. We also did it decentralized, community driven, no unsustainable incentives, no custodians, no speculative backing. And yet "Basis" abandons the project and big investors keep giving funds to these projects that promise and don't deliver. When will they start supporting projects that do deliver but don't ask?

[cryptohunter]

Great news from Shorn regarding the listing on OEX.com.
Really great news.

If one looks at what Tradersnow has written in the past, as well as what Kraterion just posted - you have EXCELLENT basic explanations of the Bay Peg.

Comment on The Current Market:
For those old enough to remember the .com crash of 2000, this Bear Market in the cryptos is very similar.
It's very apparent we have been in a Crypto Crash since Jan 3-6, 2018 and it continues to this day.
I believe cryptos will follow an upward tread that trails the Precious Metals.
Look at the uptick in PM's, starting back in October of 2018.
The US Federal Reserve Note (Global Reserve Currency) and all Sovereign Fiat are under pressure.
Out of this Crypto Crash of 2018, like the .com bubble, the cream will rise to the top and survive. Bay is cream.

If one is paying attention, there has been almost NO movement in the top 20 Wallets or Rich List in Bay over the past 2 years I have been watching it 24/7/365. Interesting.

People underestimate this project. It's also not heavily marketed. Nonetheless, users will no longer be able to crush the market with sell pressure after the peg is implemented. It's an awesome tool. What "Basis" raised 100 million to do, we did for free. We also did it decentralized, community driven, no unsustainable incentives, no custodians, no speculative backing. And yet "Basis" abandons the project and big investors keep giving funds to these projects that promise and don't deliver. When will they start supporting projects that do deliver but don't ask?

I am confident once the web market place is fully functional that this project will start to grab up lots of users. Just trying to ebay anything now from from EU to CAN or US to EU or anything like this they auto add on all the duties and tax even on the shipping the result is a huge huge bill for essentially nothing. Some objects are just not worth it now. Bitbay with zero fees for selling and no paypal fees and no horrendous other charges they are adding now for things that seem to be far more than the actual duties and tax means the margins will be massive on bitbay. We just need it to become 100% easy to use for the most basic of people.

I mean once the market gets populated (metals and expensive objects seem idea for bay where paypal is a big risk for real high value objects) and people start seeing how brilliant this is it will snowball.

I mean I would be in favour of the pegging algo auto aiming for 1 dollar. Just makes it simple for people to use and understand. Also 1B cap seems more than good value compared to other projects for what you get. No hurry to cash out if you support the project anyway. With any kind of adoption that will be small change anyway for this project once it starts rolling. I just hope we can handle fast scaling adoption with no hiccups.

Lots of good money to be made just reshipping ebay stuff or under cutting ebay sellers by huge amounts especially abroad.

[dzimbeck]

Great news from Shorn regarding the listing on OEX.com.
Really great news.

If one looks at what Tradersnow has written in the past, as well as what Kraterion just posted - you have EXCELLENT basic explanations of the Bay Peg.

Comment on The Current Market:
For those old enough to remember the .com crash of 2000, this Bear Market in the cryptos is very similar.
It's very apparent we have been in a Crypto Crash since Jan 3-6, 2018 and it continues to this day.
I believe cryptos will follow an upward tread that trails the Precious Metals.
Look at the uptick in PM's, starting back in October of 2018.
The US Federal Reserve Note (Global Reserve Currency) and all Sovereign Fiat are under pressure.
Out of this Crypto Crash of 2018, like the .com bubble, the cream will rise to the top and survive. Bay is cream.

If one is paying attention, there has been almost NO movement in the top 20 Wallets or Rich List in Bay over the past 2 years I have been watching it 24/7/365. Interesting.

People underestimate this project. It's also not heavily marketed. Nonetheless, users will no longer be able to crush the market with sell pressure after the peg is implemented. It's an awesome tool. What "Basis" raised 100 million to do, we did for free. We also did it decentralized, community driven, no unsustainable incentives, no custodians, no speculative backing. And yet "Basis" abandons the project and big investors keep giving funds to these projects that promise and don't deliver. When will they start supporting projects that do deliver but don't ask?

I am confident once the web market place is fully functional that this project will start to grab up lots of users. Just trying to ebay anything now from from EU to CAN or US to EU or anything like this they auto add on all the duties and tax even on the shipping the result is a huge huge bill for essentially nothing. Some objects are just not worth it now. Bitbay with zero fees for selling and no paypal fees and no horrendous other charges they are adding now for things that seem to be far more than the actual duties and tax means the margins will be massive on bitbay. We just need it to become 100% easy to use for the most basic of people.

I mean once the market gets populated (metals and expensive objects seem idea for bay where paypal is a big risk for real high value objects) and people start seeing how brilliant this is it will snowball.

I mean I would be in favour of the pegging algo auto aiming for 1 dollar. Just makes it simple for people to use and understand. Also 1B cap seems more than good value compared to other projects for what you get. No hurry to cash out if you support the project anyway. With any kind of adoption that will be small change anyway for this project once it starts rolling. I just hope we can handle fast scaling adoption with no hiccups.

Lots of good money to be made just reshipping ebay stuff or under cutting ebay sellers by huge amounts especially abroad.

A friend of mine built a data scraper for amazon that could be used to resell items. The drawback is the markup. Maybe also that and various things to repost job offers and such could speed up adoption. I remember when I used to post jobs to Craigslist it would find its way to multiple websites on it's own.

[cryptohunter]

Great news from Shorn regarding the listing on OEX.com.
Really great news.

If one looks at what Tradersnow has written in the past, as well as what Kraterion just posted - you have EXCELLENT basic explanations of the Bay Peg.

Comment on The Current Market:
For those old enough to remember the .com crash of 2000, this Bear Market in the cryptos is very similar.
It's very apparent we have been in a Crypto Crash since Jan 3-6, 2018 and it continues to this day.
I believe cryptos will follow an upward tread that trails the Precious Metals.
Look at the uptick in PM's, starting back in October of 2018.
The US Federal Reserve Note (Global Reserve Currency) and all Sovereign Fiat are under pressure.
Out of this Crypto Crash of 2018, like the .com bubble, the cream will rise to the top and survive. Bay is cream.

If one is paying attention, there has been almost NO movement in the top 20 Wallets or Rich List in Bay over the past 2 years I have been watching it 24/7/365. Interesting.

People underestimate this project. It's also not heavily marketed. Nonetheless, users will no longer be able to crush the market with sell pressure after the peg is implemented. It's an awesome tool. What "Basis" raised 100 million to do, we did for free. We also did it decentralized, community driven, no unsustainable incentives, no custodians, no speculative backing. And yet "Basis" abandons the project and big investors keep giving funds to these projects that promise and don't deliver. When will they start supporting projects that do deliver but don't ask?

I am confident once the web market place is fully functional that this project will start to grab up lots of users. Just trying to ebay anything now from from EU to CAN or US to EU or anything like this they auto add on all the duties and tax even on the shipping the result is a huge huge bill for essentially nothing. Some objects are just not worth it now. Bitbay with zero fees for selling and no paypal fees and no horrendous other charges they are adding now for things that seem to be far more than the actual duties and tax means the margins will be massive on bitbay. We just need it to become 100% easy to use for the most basic of people.

I mean once the market gets populated (metals and expensive objects seem idea for bay where paypal is a big risk for real high value objects) and people start seeing how brilliant this is it will snowball.

I mean I would be in favour of the pegging algo auto aiming for 1 dollar. Just makes it simple for people to use and understand. Also 1B cap seems more than good value compared to other projects for what you get. No hurry to cash out if you support the project anyway. With any kind of adoption that will be small change anyway for this project once it starts rolling. I just hope we can handle fast scaling adoption with no hiccups.

Lots of good money to be made just reshipping ebay stuff or under cutting ebay sellers by huge amounts especially abroad.

A friend of mine built a data scraper for amazon that could be used to resell items. The drawback is the markup. Maybe also that and various things to repost job offers and such could speed up adoption. I remember when I used to post jobs to Craigslist it would find its way to multiple websites on it's own.

Could still work if the mark up was not that much. However a few big resellers for internation ebay stuff with their huge fees and those auto added duties that seem more than they should be would be much better. I think you could be looking at a savings up to 30%+ on a lot of things.  Or even offering craigslist for EU/uk OZ resales over bitbay. People living in the US could make a fortune really just re offering stuff from craigslist and ebay on bitbay to EU /UK OZ etc. You could just offer reshipping without stocking anything really.  Ebay scraper could be a great idea like you said before. Actually amazon scraper would be still excellent for international because they add stupid fees too. The more I think about it the amazon scraper could be pretty excellent for international orders. Also with all the hassle of  bitcoin amazon vouchers etc then bitbay/amazon market place at say 10% could be quite acceptable. Plus for US to EU Uk etc there would be a lot of room for other savings.

Just a few reliable amazon, ebay resellers on bitbay could cause the entire thing to explode with the web market place.

[BitBaydev]

We are proud to announce the world’s first web-based marketplace with absolutely no middlemen.

Beta v0.1 of the web marketplace, featuring BitBay's unique ‘Double Deposit Escrow’ smart contracts, has just been released. This web-based version make it even easier to buy and sell securely, with no fees.

Come and join us in the BitBay slack to see what we're building:

http://eepurl.com/dCI2IL

[cryptohunter]

We are proud to announce the world’s first web-based marketplace with absolutely no middlemen.

Beta v0.1 of the web marketplace, featuring BitBay's unique ‘Double Deposit Escrow’ smart contracts, has just been released. This web-based version make it even easier to buy and sell securely, with no fees.

Come and join us in the BitBay slack to see what we're building:

http://eepurl.com/dCI2IL

This is awesome news  hopefully we can get this rolling, iron out any bugs and get some good adoption and press coverage