BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[hopenotlate]

Seems strange so many people have issues syncing up bitbay. I  came back and started up a new one from scratch immediately with zero issues pretty fast.

I wonder what is stopping some get connections.

Erased everything except for wallet.dat and started it again from the start: seems like eveything is going in the right direction but I still miss last year of transaction. Let's hope tomorrow my morning coffe will be served with full synched bitbay wallet  .

[dzimbeck]

Seems strange so many people have issues syncing up bitbay. I  came back and started up a new one from scratch immediately with zero issues pretty fast.

I wonder what is stopping some get connections.

Seed nodes were down, so then a couple people got out of sync. That's why, things seem okay now.

[hopenotlate]

Seems strange so many people have issues syncing up bitbay. I  came back and started up a new one from scratch immediately with zero issues pretty fast.

I wonder what is stopping some get connections.

Erased everything except for wallet.dat and started it again from the start: seems like eveything is going in the right direction but I still miss last year of transaction. Let's hope tomorrow my morning coffe will be served with full synched bitbay wallet  .

Restarting it from scratch worked ut smoothly and quite quickly : everything is up and running now.

Thanks for your advice cryptohunter.

[tradersnow]

Update from LAToken on the Peg (copied from Slack Channel):

From latoken:

“Hello, we plan to finish main part tomorrow till the evening, so you can do deposit, make trades, automatically cancel your orders if peg will change and your new balance will be smaller than order amount. Maybe will work withdrawals, but not sure, anyway we can do it fast. So on Monday (or may be tomorrow) i think we can test it and we will do workaround some corner cases.”


 

[CRYPTONAIRE]

Update from LAToken on the Peg (copied from Slack Channel):

From latoken:

“Hello, we plan to finish main part tomorrow till the evening, so you can do deposit, make trades, automatically cancel your orders if peg will change and your new balance will be smaller than order amount. Maybe will work withdrawals, but not sure, anyway we can do it fast. So on Monday (or may be tomorrow) i think we can test it and we will do workaround some corner cases.”


 

Thanks for posting that, Tradersnow, it is very much appreciated. 

If you become aware of any further progress re the peg at Latoken, please do post it here.  I only really use this forum for info, not being on Slack, Telegram etc.

Thanks again.

[tradersnow]

Update from LAToken on the Peg (copied from Slack Channel):

From latoken:

“Hello, we plan to finish main part tomorrow till the evening, so you can do deposit, make trades, automatically cancel your orders if peg will change and your new balance will be smaller than order amount. Maybe will work withdrawals, but not sure, anyway we can do it fast. So on Monday (or may be tomorrow) i think we can test it and we will do workaround some corner cases.”


 

Thanks for posting that, Tradersnow, it is very much appreciated.  

If you become aware of any further progress re the peg at Latoken, please do post it here.  I only really use this forum for info, not being on Slack, Telegram etc.

Thanks again.

Sure thing, will do!

Also, here is the BAY testnet chart:
https://bitbaymarket.github.io/ratedb-testnet/

Should be interesting to watch this over the next few weeks as they perform test trades etc.

[CRYPTONAIRE]

@tradersnow

Thanks for posting the testnet chart.  I'll certainly be keeping a close eye on it. 

It looks as though there is test trades data on there for the last two weeks.  Is that right? 

[tradersnow]

@tradersnow

Thanks for posting the testnet chart.  I'll certainly be keeping a close eye on it.  

It looks as though there is test trades data on there for the last two weeks.  Is that right?  

That is correct, the chart is fixed at a 2-week time scale. Looks like they pumped the testnet price to $177 per BAY last night!  

[CRYPTONAIRE]

So the TestNet Floor was increased from 58 to 87, following which the TestNet Rate plummeted from 177 to 17!  What's all that about?   

[tradersnow]

So the TestNet Floor was increased from 58 to 87, following which the TestNet Rate plummeted from 177 to 17!  What's all that about?   

Good question... hard to tell what specific tests they are doing.
The floor price follows behind with a 3-day lag and is based off of an algo.


Also, just got word that BitBay team members are now participating in LAToken's test environment! This is yet another big step towards the Dynamic Peg's initial release! Just have to get this thing thoroughly tested, then it's game time.

[CRYPTONAIRE]

So the TestNet Floor was increased from 58 to 87, following which the TestNet Rate plummeted from 177 to 17!  What's all that about?   

Good question... hard to tell what specific tests they are doing.
The floor price follows behind with a 3-day lag and is based off of an algo.


Also, just got word that BitBay team members are now participating in LAToken's test environment! This is yet another big step towards the Dynamic Peg's initial release! Just have to get this thing thoroughly tested, then it's game time.

Apologies;  I have been looking at this the wrong way round!   

 I imagined the rate followed the floor, but it's actually the other way around, right?  And, with a 3-day lag before a response in floor price, this is starting to make some sense now. 

Great news that the BAY team are testing at Latoken; that's really made my day!   

I am really grateful for your input on this thread re the subject of the peg.  It is genuinely very  much appreciated.  Please keep up the good work.   

Do you have any idea what the planned time-scale is for the test phase, or if there is a target date to go live?

[tradersnow]

So the TestNet Floor was increased from 58 to 87, following which the TestNet Rate plummeted from 177 to 17!  What's all that about?  

Good question... hard to tell what specific tests they are doing.
The floor price follows behind with a 3-day lag and is based off of an algo.


Also, just got word that BitBay team members are now participating in LAToken's test environment! This is yet another big step towards the Dynamic Peg's initial release! Just have to get this thing thoroughly tested, then it's game time.

Apologies;  I have been looking at this the wrong way round!  

 I imagined the rate followed the floor, but it's actually the other way around, right?  And, with a 3-day lag before a response in floor price, this is starting to make some sense now.  

Great news that the BAY team are testing at Latoken; that's really made my day!  

I am really grateful for your input on this thread re the subject of the peg.  It is genuinely very  much appreciated.  Please keep up the good work.  

Do you have any idea what the planned time-scale is for the test phase, or if there is a target date to go live?

No worries at all.  
Yep, the floor follows both price of BTC and BAY.
The initial floor, upon peg release, will start at 1/100,000 of BTC's all-time-high which ends up being $.20 USD.
If/when the price of BAY or BTC reaches 3x the initial floor price and stays there for 3 consecutive days, then the floor automatically increases by a factor of 1.5x.
Keep in mind that this floor only effect things if the "Algorithm" voting option wins consensus. Also, good to remember that there are 7 voting sessions per day.

Here is a little animated .gif that illustrates the Algo/Floor movement:
https://imgur.com/a/mBMZv5n

Don't have a specific date for the peg release yet, but we are getting very close now.  
Will post the countdown here as soon as one is established.

[erbion]

hmm anything supported by well known scammer cryptohunter is suspect. i hope hes not staff here at bitbay? at least i dont see his name on the first page

i like the idea of serverless markets tho

[CRYPTONAIRE]

So the TestNet Floor was increased from 58 to 87, following which the TestNet Rate plummeted from 177 to 17!  What's all that about?  

Good question... hard to tell what specific tests they are doing.
The floor price follows behind with a 3-day lag and is based off of an algo.


Also, just got word that BitBay team members are now participating in LAToken's test environment! This is yet another big step towards the Dynamic Peg's initial release! Just have to get this thing thoroughly tested, then it's game time.

Apologies;  I have been looking at this the wrong way round!  

 I imagined the rate followed the floor, but it's actually the other way around, right?  And, with a 3-day lag before a response in floor price, this is starting to make some sense now.  

Great news that the BAY team are testing at Latoken; that's really made my day!  

I am really grateful for your input on this thread re the subject of the peg.  It is genuinely very  much appreciated.  Please keep up the good work.  

Do you have any idea what the planned time-scale is for the test phase, or if there is a target date to go live?

No worries at all.  
Yep, the floor follows both price of BTC and BAY.
The initial floor, upon peg release, will start at 1/100,000 of BTC's all-time-high which ends up being $.20 USD.
If/when the price of BAY or BTC reaches 3x the initial floor price and stays there for 3 consecutive days, then the floor automatically increases by a factor of 1.5x.
Keep in mind that this floor only effect things if the "Algorithm" voting option wins consensus. Also, good to remember that there are 7 voting sessions per day.

Here is a little animated .gif that illustrates the Algo/Floor movement:
https://imgur.com/a/mBMZv5n

Don't have a specific date for the peg release yet, but we are getting very close now.  
Will post the countdown here as soon as one is established.

Thanks for posting the .gif; very informative!!

A start price of $0.20 USD is awesome; I was expecting somewhere around 5-10 cents, and I would have been content with that.

Looking forward to your 'countdown'  .  That should be fun.

It would be really great if the BAY team//Latoken could get the live peg up and running by 25/12/2019; that would be the best Christmas present I ever had!!   

 

[dzimbeck]

hmm anything supported by well known scammer cryptohunter is suspect. i hope hes not staff here at bitbay? at least i dont see his name on the first page

i like the idea of serverless markets tho

In that case you might consider being suspicious of Bitcoin(which probably almost half the coins have been stolen by exchanges) or the USD. Not sure what you are trying to accomplish with a comment like that.

Bay has been around for 5 years, and is one of the most developed projects in the industry. All it takes is for someone to look at github and the 50k lines of original code in Halo to know that. BitHalo and BitBay were the first smart contracts, a year before Ethereum. Although they are different because this project uses double deposit escrow. And that doesn't even get started on the peg.

[BitBayDoc]

(From D. Zimbeck 10-08-2019 - "*Bay has been around for 5 years, and is one of the most developed projects in the industry. All it takes is for someone to look at github and the 50k lines of original code in Halo to know that. BitHalo and BitBay were the first smart contracts, a year before Ethereum. Although they are different because this project uses double deposit escrow. And that doesn't even get started on the peg.")

So - What is Bit Bay?
(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

SIDE NOTE:
Not being on major exchanges at this point in time while the peg is being implemented (Exchange(s) that host BAY need to be programmed for it!), might be the best thing that ever happened to BAY. And, for those of us that are early investors, when BAY relaunches on an exchange at $0.20 - BOOM!
All the pain will have been worth it!  Cheers!!! - Doc

[vitabay]

Update from LAToken on the Peg (copied from Slack Channel):

From latoken:

“Hello, we plan to finish main part tomorrow till the evening, so you can do deposit, make trades, automatically cancel your orders if peg will change and your new balance will be smaller than order amount. Maybe will work withdrawals, but not sure, anyway we can do it fast. So on Monday (or may be tomorrow) i think we can test it and we will do workaround some corner cases.”


 

Thanks for posting that, Tradersnow, it is very much appreciated.  

If you become aware of any further progress re the peg at Latoken, please do post it here.  I only really use this forum for info, not being on Slack, Telegram etc.

Thanks again.

Sure thing, will do!

Also, here is the BAY testnet chart:
https://bitbaymarket.github.io/ratedb-testnet/

Should be interesting to watch this over the next few weeks as they perform test trades etc.

What does the ratedb testnet mean? Is this LAtoken test net?

And what happened to dynamicpeg website? Thanks

[tradersnow]

Update from LAToken on the Peg (copied from Slack Channel):

From latoken:

“Hello, we plan to finish main part tomorrow till the evening, so you can do deposit, make trades, automatically cancel your orders if peg will change and your new balance will be smaller than order amount. Maybe will work withdrawals, but not sure, anyway we can do it fast. So on Monday (or may be tomorrow) i think we can test it and we will do workaround some corner cases.”


 

Thanks for posting that, Tradersnow, it is very much appreciated.  

If you become aware of any further progress re the peg at Latoken, please do post it here.  I only really use this forum for info, not being on Slack, Telegram etc.

Thanks again.

Sure thing, will do!

Also, here is the BAY testnet chart:
https://bitbaymarket.github.io/ratedb-testnet/

Should be interesting to watch this over the next few weeks as they perform test trades etc.

What does the ratedb testnet mean? Is this LAtoken test net?

And what happened to dynamicpeg website? Thanks

Yep that's correct, the ratedb chart is showing the dynamic peg testnet price, which is now running through LAToken's trading engine. Any trading tests that LAToken does should show up as price movements here.

The Dynamic Peg website domain has changed to https://ych.lynxline.com/.
This is where a new exchange is being built/tested for BAY's dynamic peg in addition to it being hosted on LAToken.

[vitabay]

That's pretty awesome! Are you on the slack? Could we get an invite link posted here?

[vitabay]

is it possible to get listed on any of these exchanges?
https://fuk.io/no-kyc-exchanges-list/