BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[BitBaydev]

Hey all,

We've just been testing some peg-related functions on the demo exchange and I am pleased to report we have now got some important API transactions working successfully.

This is awesome to see as there were a few issues that needed to be resolved for this to work reliably.
The next API functions on the list are deposits and withdrawals and that will allow us to start the next phase of testing early next week.

I'll have some more peg-related news on Monday in a new community update, and hopefully be able to show you a more detailed development roadmap too.

[toknormal]

This project is starting to look awesome.

The whole crypto-asset market is now jostling for position and starting to weed out scams from survivors. Two things are defining what separates one from the other:

 • inspired ideas supported by dedicated developers and communities
 • genuine use cases

Over the last few months I've been looking for things to ditch because I need some losses to offset tax liabilities.

I've been ruthless in that regard, however....Bitbay is now a definite hold. Not just for economic reasons but for the reason I got invested in the first place - to be along for the ride while watching an entire commercial and social dimension change shape.

[estenity]

does it exist any relation between  BLK and BAY currencies outside of the same dev dzimbeck ?

[dzimbeck]

does it exist any relation between  BLK and BAY currencies outside of the same dev dzimbeck ?

The only relation was I started with BitHalo and needed an altcoin for speed concerns. So I chose BLK because it was the only POS coin that was 100% POS since Peercoin was POS+POW. Later on I took BitBay because it was the first normal looking project I was offered and my projects were free open source ones and I didn't really hold a big position in BLK. The rest as they say, is history.

I still maintain the BitHalo and BlackHalo code base. The majority of any blockchain improvements I do are here though... such as the peg.

[dzimbeck]

This project is starting to look awesome.

The whole crypto-asset market is now jostling for position and starting to weed out scams from survivors. Two things are defining what separates one from the other:

 • inspired ideas supported by dedicated developers and communities
 • genuine use cases

Over the last few months I've been looking for things to ditch because I need some losses to offset tax liabilities.

I've been ruthless in that regard, however....Bitbay is now a definite hold. Not just for economic reasons but for the reason I got invested in the first place - to be along for the ride while watching an entire commercial and social dimension change shape.

It's a good community. Also with the peg in testnet and the work on the exchange we will have the only coin in the industry with a dynamic supply. Not sure why the mainstream has not noticed this yet. Most of our challenges will actually be negotiating with exchanges and promoting. Once we get even a single decent exchange signed up for the peg it is game on!

[estenity]

does it exist any relation between  BLK and BAY currencies outside of the same dev dzimbeck ?

The only relation was I started with BitHalo and needed an altcoin for speed concerns. So I chose BLK because it was the only POS coin that was 100% POS since Peercoin was POS+POW. Later on I took BitBay because it was the first normal looking project I was offered and my projects were free open source ones and I didn't really hold a big position in BLK. The rest as they say, is history.

I still maintain the BitHalo and BlackHalo code base. The majority of any blockchain improvements I do are here though... such as the peg.

thank you for clarification

[BitBayDoc]

How hard can it be to fix the Staking Calculator?
I liked using it to calculate my immediate value of Bay in US$.
Everything else is working quite well, why have a link on the website that doesn't work?
Either fix it, once and for all, or remove it altogether.

[dzimbeck]

How hard can it be to fix the Staking Calculator?
I liked using it to calculate my immediate value of Bay in US$.
Everything else is working quite well, why have a link on the website that doesn't work?
Either fix it, once and for all, or remove it altogether.

I mentioned something about it, we had to make cutbacks during the bear market so our web deb is working on some of the peg exchange integration and has to make time for it.

[BitBayDoc]

The Peg is more important...
Good Move.

[dzimbeck]

The Peg is more important...
Good Move.

Yeah we need to sort out this bear market first and get on board with exchanges to run this thing. That's why we are making the demo exchange so they can see how we implemented it.

[BitBaydev]

Read all the latest news and project updates from the BitBay team:

In this update:

- dev team updates
- a new foundation
- a new structure
- web markets beta v0.3
- dynamic peg demo testing

https://medium.com/@bitbay/bitbay-community-update-4th-march-2019-616ffbf7422b …

Enjoy!
Shorn

[BitBayDoc]

What is Bit Bay Really?
(From the BitBay Dynamic Peg Overview)

"BitBay is the world’s first peer-to-peer, decentralized contracting platform.
Everything from household items to real estate have been bought and sold using BitBay’s marketplace, all without any third-party involvement.

We are proud to announce a brand new method of price control for BitBay (BAY), one that has yet to be seen in the stablecoin industry.
It’s called the Dynamic Peg. With this system of liquidity control, BAY now serves as both a store of value, and a medium of exchange for users. It stimulates organic trading volume, increases potential profit for investors, and creates price stability for our p2p marketplace.

It is purely decentralized, non asset-backed and most importantly, a democratic system. The Dynamic Peg reduces volatility, without anchoring the price to any one point. Through a secure Proof of Stake 3.0 voting mechanism, stakers can now collectively adjust the liquidity of BAY’s total supply. This creates three balances for users: Liquid, Reserve and Frozen..."

To learn more go to:
https://bitbay.market/downloads/bitbay-dynamic-peg-intro.pdf and https://bitbay.market/decentralized-marketplace

[dzimbeck]

What is Bit Bay Really?
(From the BitBay Dynamic Peg Overview)

"BitBay is the world’s first peer-to-peer, decentralized contracting platform.
Everything from household items to real estate have been bought and sold using BitBay’s marketplace, all without any third-party involvement.

We are proud to announce a brand new method of price control for BitBay (BAY), one that has yet to be seen in the stablecoin industry.
It’s called the Dynamic Peg. With this system of liquidity control, BAY now serves as both a store of value, and a medium of exchange for users. It stimulates organic trading volume, increases potential profit for investors, and creates price stability for our p2p marketplace.

It is purely decentralized, non asset-backed and most importantly, a democratic system. The Dynamic Peg reduces volatility, without anchoring the price to any one point. Through a secure Proof of Stake 3.0 voting mechanism, stakers can now collectively adjust the liquidity of BAY’s total supply. This creates three balances for users: Liquid, Reserve and Frozen..."

To learn more go to:  - https://bitbay.market/downloads/bitbay-dynamic-peg-intro.pdf

That's right! Now we need to get the word out. It's possible the majority of the crypto industry doesn't see yet the power of these simple tools. When will they notice?!

[BitBaydev]

As we enter the final stages of testing for the BitBay 'Dynamic Peg' stablecoin protocol, we'd like to share this comprehensive FAQ to answer any questions you might have.

It covers all the basic questions including fundamentals of the supply and demand algorithm, the built-in democratic voting options, and also in-depth benefits for traders and investors.

https://medium.com/@bitbay/bitbay-dynamic-peg-faq-8cd257da63fd

[BitBaydev]

BitBay’s Operations Manager Bjørn Alsos will be appearing on the @TraderCobb podcast tomorrow, 8th March at midnight (CET).

https://t.co/CgUT88ddSC

[tradersnow]

Really looking forward to testing the demo exchange w/ Dynamic Peg voting here soon! Everyone will finally be able to witness the effect of liquidity's change on price.

[drwoo]

Really looking forward to testing the demo exchange w/ Dynamic Peg voting here soon! Everyone will finally be able to witness the effect of liquidity's change on price.

Is there a technical overview how the whole pegging system will work? And will it be pegged to the $ or to a basket or something else? Or even to several currencies?

[cryptohunter]

not a super deep technical insight may be if you are a coder but this one explains how it will work

https://medium.com/@bitbay/bitbay-dynamic-peg-faq-8cd257da63fd

pegged to 100000th of BTC price 20cents to start. Be nice to just target a dollar for simplicity as soon as possible. I don't mind having my coins locked down until then.

I feel getting the markets totally bug free, as easy to use as possible and just populated with a ton of stuff people actually would spend money on then there will be no stopping bay.  Be great to get some provably fair prediction markets etc and all other possible services running on it too.

Building in a nice atomic btc to bay exchange could be very useful too. Try to build it out to essentially be a one stop shop for nearly any service or any item you want.

The current price is quite shocking for the value of what is here. Never mind more for those that do their homework I guess. Time is our only enemy but we are still ahead of the game here. Will be interesting to see how this holds up under some big time adoption because I think it is coming that's for sure.

[tradersnow]

not a super deep technical insight may be if you are a coder but this one explains how it will work

https://medium.com/@bitbay/bitbay-dynamic-peg-faq-8cd257da63fd

pegged to 100000th of BTC price 20cents to start. Be nice to just target a dollar for simplicity as soon as possible. I don't mind having my coins locked down until then.

Also good to keep in mind... this $.20 target is only set for the algorithm voting option.

If a majority of users choose to vote for the deflate option instead of algorithm, it could go higher  

[dzimbeck]

Really looking forward to testing the demo exchange w/ Dynamic Peg voting here soon! Everyone will finally be able to witness the effect of liquidity's change on price.

Is there a technical overview how the whole pegging system will work? And will it be pegged to the $ or to a basket or something else? Or even to several currencies?

It's dynamic so it does not have to be pegged to a specific asset. We have an algorithm that tracks the peak of the entire market (starting 20 cents to 1/100k of BTC 20k) and let's itself set new peaks under sustained circumstances. Users vote to increase/decrease supply which can obviously effect price and liquidity. Eventually once we find things that we like to track we can have algorithm take precedence over votes. In theory the system can be used for a hard peg and even in that case I believe it to be much more robust than any other peg because the supply is forcefully driven in any direction without hyperinflation or backing against crypto. Just the basics of supply and demand.