BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[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?

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.

There will also not be a reserve or anything like that? Where does the pegged currency gain its value from? Or the trust in the currency to preserve its value or even have value in the first place?

[dzimbeck]

There will also not be a reserve or anything like that? Where does the pegged currency gain its value from? Or the trust in the currency to preserve its value or even have value in the first place?

It's pretty simple. At 100% supply if you have 100 coins then they are all liquid to sell on the exchange.

If the supply drops 99% then you have 1 coin to sell on the exchange and 99 in reserve.

Thus, it requires less BTC to buy up the liquid coins... lower supply = higher price (as long as there is some demand and there is always some volume)

If the price goes too high too fast then lets say your reserve coins are released and supply goes 50% so you have 50 liquid 50 reserve.
That causes price to go down due to release of reserve coins.

If you sell those 50 liquid coins then you still keep your reserve and the new recipient upon inflation doesn't see a new influx of coins so it's not like a split or anything. Each set of coins has a memory of their liquidity shards and that is know upon each transfer. Exchanges do a liquidity share on the orderbook so the quality of coins is consistent for all users on the exchange. Even so, an exchange would have two orderbooks BAY (liquid) and BAYR (reserve) and the two will shift in proportion through the day. Exchange must run special software to do track this because the blockchain will require correct accounting.

This peg doesn't require any backing or reserve funds. It's forceful decentralized control of supply. The decision to do this is based on when users win a stake they can cast a vote deciding if it goes up or down 1% compound. These voting intervals allow up to 21 times of 1% supply change compounded daily. So a bear market can be crushed in it's tracks almost the same day.

This obviously raises investor confidence too and makes it cheaper to be a market maker as long as they understand the algorithms voters are using. If voting system get's abused then we can switch to give greater weight to algorithmic votes.

You can find more info on this at bitbay.market
There is also a whitepaper at the downloads page as well as a testnet QT which you can see for yourself how it effects your wallet.

[BitBaydev]

Beta v0.3 of the BitBay web marketplace has just been released and includes 'live contract updates' and a lot more.

Most importantly, the beta marketplace is now open to the public! You can now see what we've been working on at https://demo.bitbay.market and list your own items!

Read all about this release and what’s coming up next in this Medium post:

https://medium.com/bitbay-blog/the-bitbay-web-marketplace-has-just-been-updated-with-a-new-beta-version-9c59151b1478

Thanks,

Shorn
Project Manager

[dzimbeck]

In-F******credibly BEAUTIFUL!!!
It looks and runs great... It's all coming together.
The Worlds' First DECENTRALIZED Marketplace coupled with a Dynamic Pricing Peg for Stability!!! Congratulations!
(I personally think this should be the Home Page again:  https://bitbay.market/decentralized-marketplace - I love that video!

Yeah we also love that for a home page. However right now we are simply advertising the peg because it's very important for people to know about the stability feature in this bear market. I wonder if there would be a way to work the commercial into that page.

Apparently the current home page has resulted in a lot of downloads.

[TuDaMu]

New Bitbay block chain explorer, multilingual one!

Check this multilingual Bitbay explorer providing the latest block info and some data analysis.

bay.tokenview.com/en

[freigeist]

New Bitbay block chain explorer, multilingual one!

Check this multilingual Bitbay explorer providing the latest block info and some data analysis.

bay.tokenview.com/en

Hello.

1st time I've got Connection Timeout.
2nd time is loading very slowly still waiting to finish and already 5 minutes have passed.

loading resources from  "cdn.bootcss.com" is hanging a lot.

[drwoo]

There will also not be a reserve or anything like that? Where does the pegged currency gain its value from? Or the trust in the currency to preserve its value or even have value in the first place?

It's pretty simple. At 100% supply if you have 100 coins then they are all liquid to sell on the exchange.

If the supply drops 99% then you have 1 coin to sell on the exchange and 99 in reserve.

Thus, it requires less BTC to buy up the liquid coins... lower supply = higher price (as long as there is some demand and there is always some volume)

If the price goes too high too fast then lets say your reserve coins are released and supply goes 50% so you have 50 liquid 50 reserve.
That causes price to go down due to release of reserve coins.

If you sell those 50 liquid coins then you still keep your reserve and the new recipient upon inflation doesn't see a new influx of coins so it's not like a split or anything. Each set of coins has a memory of their liquidity shards and that is know upon each transfer. Exchanges do a liquidity share on the orderbook so the quality of coins is consistent for all users on the exchange. Even so, an exchange would have two orderbooks BAY (liquid) and BAYR (reserve) and the two will shift in proportion through the day. Exchange must run special software to do track this because the blockchain will require correct accounting.

This peg doesn't require any backing or reserve funds. It's forceful decentralized control of supply. The decision to do this is based on when users win a stake they can cast a vote deciding if it goes up or down 1% compound. These voting intervals allow up to 21 times of 1% supply change compounded daily. So a bear market can be crushed in it's tracks almost the same day.

This obviously raises investor confidence too and makes it cheaper to be a market maker as long as they understand the algorithms voters are using. If voting system get's abused then we can switch to give greater weight to algorithmic votes.

You can find more info on this at bitbay.market
There is also a whitepaper at the downloads page as well as a testnet QT which you can see for yourself how it effects your wallet.

Interesting system, and are you in talks with exchanges and got some feedback whether they are fine with running additional specialized software?

[dzimbeck]

Interesting system, and are you in talks with exchanges and got some feedback whether they are fine with running additional specialized software?

Yeah that is the big question. There are a lot of exchanges and we have talked to many and some quote pretty high rates and others vary. We are developing a demo exchange pair so we know how much work integration is and that we have trained devs who understand integration that we could even offer them. It is a lot to ask of an exchange but considering it's a system that prevents market crashes you would think exchanges would flock to list us for free.

However some may not be interested and others will. I feel like out of the hundreds of exchanges we only really need one or two decent ones. Even if they are a small exchange once people see this system in action they will go there to trade.

[BitBayDoc]

From BitBayDev 3/15/19:

     Beta v0.3 of the BitBay web marketplace has just been released and includes 'live contract updates' and a lot more.
     Most importantly, the beta marketplace is now open to the public! You can now see what we've been working on at https://demo.bitbay.market and list your own items!
     Read all about this release and what’s coming up next in this Medium post:
https://medium.com/bitbay-blog/the-bitbay-web-marketplace-has-just-been-updated-with-a-new-beta-version-9c59151b1478

Thanks,
Shorn
Project Manager

[BitBaydev]

Watch or listen to BitBay’s Operations Manager Bjørn Alsos being interviewed on the TraderCobb crypto show

https://twitter.com/tradercobb/status/1108269970415218688?s=21

[drwoo]

Interesting system, and are you in talks with exchanges and got some feedback whether they are fine with running additional specialized software?

Yeah that is the big question. There are a lot of exchanges and we have talked to many and some quote pretty high rates and others vary. We are developing a demo exchange pair so we know how much work integration is and that we have trained devs who understand integration that we could even offer them. It is a lot to ask of an exchange but considering it's a system that prevents market crashes you would think exchanges would flock to list us for free.

However some may not be interested and others will. I feel like out of the hundreds of exchanges we only really need one or two decent ones. Even if they are a small exchange once people see this system in action they will go there to trade.

They would if they see that during times of crashes your system is stronger than others. They would need the demonstrating example once in front of their eyes. That would be great for you and also a great test in a real world environment for your solution.

[cryptohunter]

From BitBayDev 3/15/19:

     Beta v0.3 of the BitBay web marketplace has just been released and includes 'live contract updates' and a lot more.
     Most importantly, the beta marketplace is now open to the public! You can now see what we've been working on at https://demo.bitbay.market and list your own items!
     Read all about this release and what’s coming up next in this Medium post:
https://medium.com/bitbay-blog/the-bitbay-web-marketplace-has-just-been-updated-with-a-new-beta-version-9c59151b1478

Thanks,
Shorn
Project Manager

Excellent work guys. I can not wait for the future ahead when our market place is stacked with great items and seeing it take off. We can list the bay items on the sales part of this board too. Every item we advertise is free advertising for bitbay

[tradersnow]

Just listed a used book for sale up on the BitBay web marketplace! Only $4 USD or 558 BAY if anyone wants it.  

https://demo.bitbay.market/item/5c64c7692c526268f996358c

[BitBayDoc]

@Tradersnow - That's cool!  You're using it.  I need to post some stuff also.
So far all the items posted look great.  Thanks

[cryptohunter]

@Tradersnow - That's cool!  You're using it.  I need to post some stuff also.
So far all the items posted look great.  Thanks

+1

imagine we bring some big amazon reshippers or ebay reshippers or master sellers.

Then plaster the sales board with all of those desirable items.

Once a ton of bay is tied up in the DDE then we will start to see a huge uptick in demand.

The peg is going to be vital and ground breaking. I can't wait for it to all fit into place. No more middle men.

[Blakebad]

We are  so bloody close 

[BitBaydev]

We've just published an updated 'quick guide to the Dynamic Peg', including some key benefits for investors and traders.

Have a read now:

https://bitbay.market/downloads/bitbay-dynamic-peg-intro.pdf

Shorn,
Project Manager @ BitBay

[cryptohunter]

when you click on the individual items description on the web market place can everyone scroll down or is it just my machine that is making the scroll bar appear like it is frozen and i can only see a bit of the description. ... it well may be my machine since I use a tiny res mini laptop because I am always mobile and never anywhere suitable for a larger machine. Plus it's rather old.

Great to see some better things getting listed too.

I wonder for potential metals sellers where the market tracks up and down if one day in the future we could get some kind of kitco tracking bot and it moves their listing prices up and down on the market place ... so they could list their entire inventory on bitbay and the prices will track up and down as spot moves up and down? or is that not even possible once the selling process is initiated.

Nice to see bitbay moving up even against btc strongly today. Not many are.

[Ano]

when you click on the individual items description on the web market place can everyone scroll down or is it just my machine that is making the scroll bar appear like it is frozen and i can only see a bit of the description. ... it well may be my machine since I use a tiny res mini laptop because I am always mobile and never anywhere suitable for a larger machine. Plus it's rather old.

Great to see some better things getting listed too.

I wonder for potential metals sellers where the market tracks up and down if one day in the future we could get some kind of kitco tracking bot and it moves their listing prices up and down on the market place ... so they could list their entire inventory on bitbay and the prices will track up and down as spot moves up and down? or is that not even possible once the selling process is initiated.

Nice to see bitbay moving up even against btc strongly today. Not many are.

Agreed with you Bitbay showing very impressive today this is good sign it will keep growing strongly. Soon this product go live and start generating revenue too and it will get succeed to catch attention of new investors to get involve in this and it will be winning situation for all.

[dzimbeck]

when you click on the individual items description on the web market place can everyone scroll down or is it just my machine that is making the scroll bar appear like it is frozen and i can only see a bit of the description. ... it well may be my machine since I use a tiny res mini laptop because I am always mobile and never anywhere suitable for a larger machine. Plus it's rather old.

Great to see some better things getting listed too.

I wonder for potential metals sellers where the market tracks up and down if one day in the future we could get some kind of kitco tracking bot and it moves their listing prices up and down on the market place ... so they could list their entire inventory on bitbay and the prices will track up and down as spot moves up and down? or is that not even possible once the selling process is initiated.

Nice to see bitbay moving up even against btc strongly today. Not many are.

The desktop software has price tracking. The web market doesn't however it's not so tough to add. It does need to be verified by individual peers and confirmed by end user to avoid mistakes. Also thanks for the feedback, it's good to report that kind of thing.