BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[CRYPTONAIRE]

@BitBayDoc

Thanks for the very comprehensive reply BBD!

It all makes perfect sense, tho' I agree a crib sheet would be useful, esp for new users.

Like you I do not intend to freeze/reserve anything until after the update.  I do, however, have about 200,000 coins in 'Reserve', without me doing anything.  Is this a feature of the system, or a glitch which will disappear after the next fix?

[1715600755]

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[1715600755]

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[1715600755]

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[CRYPTONAIRE]

Further to my post (above) the total number of reserved coins has now risen to 1,370,000.

What does this mean, if anything?  (given that I haven't actually done anything?)

[yshurik]

Updated QT wallet to v3 and it stuck on block 2459220, 38 hours ago. Synced from scratch. How fix it?

This may happen as not 100% nodes were updated before hard fork.
So you unluckily stuck into abandoned chain looks like.
Simplest and quick way:

1. stop qt wallet
2. backup wallet.dat somewere
3. remove all files in datafolder except wallet.dat
4. place bootstrap.dat in datafolder
5. start qt wallet

bootstrap file is updated up to Jan 23 - bypassing fork point, so you should be safe after resync.
it may take 2-3 hours to load from bootstrap which is much faster then ordinary resync.

[shaydinblue]

 CRYPTONAIRE the peg is active and being tested on the main-net. That is why you now have reserve coins...

[yshurik]

Further to my post (above) the total number of reserved coins has now risen to 1,370,000.

What does this mean, if anything?  (given that I haven't actually done anything?)

It means the whole system is deflating now. Liquidity is turning into reserves.

[CRYPTONAIRE]

Thanks for the replies.

@shaydinblue: I was aware that the peg is active, I was really just following up on the post by BitBayDoc re freezing/reserving.  BBD said he was not going to freeze/reserve until after next update, implying he had the choice.  I was just wondering why coins were being reserved without any action being taken.

@yshurik:  what exactly is the difference between reserved coins and frozen coins?

[yshurik]

Thanks for the replies.

@shaydinblue: I was aware that the peg is active, I was really just following up on the post by BitBayDoc re freezing/reserving.  BBD said he was not going to freeze/reserve until after next update, implying he had the choice.  I was just wondering why coins were being reserved without any action being taken.

@yshurik:  what exactly is the difference between reserved coins and frozen coins?

Liquid can be transferred to another address without limitations same as standard coins.

Reserve can be transferred to another address but then it got frozen - can not move for a month.

When month passes frozen txout can be moved again.

Liquids move fast, reserve moves with a month lock.

[tradersnow]

For anyone with questions regarding the Dynamic Peg, here is a comprehensive FAQ:

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

If you read through it and still have a question that you don't see, please post it here so it can get added to the article  

[estenity]

i don't understand fully how to sent cryptos to :
https://wallet.bitbay.market/#

[dzimbeck]

i don't understand fully how to sent cryptos to :
https://wallet.bitbay.market/#

We need to update that to be compatible with the peg. You could send to it but the funds may not show up at the wallet, you can instead export the private key to the QT for now until it's updated.

[dzimbeck]

Thanks for the replies.

@shaydinblue: I was aware that the peg is active, I was really just following up on the post by BitBayDoc re freezing/reserving.  BBD said he was not going to freeze/reserve until after next update, implying he had the choice.  I was just wondering why coins were being reserved without any action being taken.

@yshurik:  what exactly is the difference between reserved coins and frozen coins?

Doc was mistaken when he used the term reserve/frozen interchangeably

An output in the peg instead of being an integer is simply an array of values. These values say when parts of those coins will be reserve or liquid.
The difference between reserve and liquid are simply that reserve moves slower and must be locked for 1 month or "frozen". Therefore:

Liquid coins move immediately
Reserve coins can move but must be frozen
Frozen coins can not move

All of those coin types can be staked and each one gets a different reward.
Deliberately Frozen Liquid only for 4 months(40 coins)
Frozen reserve or liquid(20 coins)
Majority reserve in an input(10 coins)
Majority liquid in an input(5 coins)

https://www.docdroid.net/d5wcK4D/dynamic-peg-visual-technical-reference-20190528.pdf

That doc is what we send exchanges ^
So far the PDF is the best visual explainer we have.

As for the "fix" in Halo in the advanced tab you can see the ability to do "Reserve Transfer" or "Voluntarily Freeze Liquid":
The first freezes for one month getting the 20 coin bonus
The second freezes for 4 months getting the 40 coin bonus

Sending those freezes work right now but I overlooked an API command (listfrozen) thinking it should show up in listunspent.
No big deal, just means Halo won't show or stake the frozen coins until I update it this week.

Also I realize BitBay/Halo client needs better documentation so we will wait for enough feedback on what everyone would like to see to help them understand the peg client.

I think the community should definitely organize the docs and materials we have for the peg.
Because, we have a lot of good blog posts, learning materials but our community just doesn't have it all in one place like an FAQ. We should link such a thing on the site.

[dzimbeck]

Thanks, congrats everyone.

Also to the question about freezing, Halo batch freezes for you in advanced sending. I tested it however I'm missing an API command (listfrozen) I didn't realize Yshurik split those up so the frozen balance won't show until the next update which should be in a week. Of course you can still voluntarily freeze in Halo now. We may drop supply temporarily just to test all the features but before Latoken launch there is a good chance the community will raise it to zero so the crypto world gets to see it gradually progress forward. This is up for discussion.

May I ask, what is this "next update"?  Is there anything we need to do in preparation for it?

Also, the staking appears to be behaving oddly again.  Payouts, which were for 19.99994446, have now dropped to 4.99994446.  And they are VERY infrequent.

My wife has 1.3 million BAY. She has received three of these payments into her wallet since the fork activated.  I have over 20 million coins in my wallet, but I have received zero payments.

Any thoughts?

The reason is the cost to vote is 5554... that number was chose arbitrarily

The software will not vote if you ask it not to. You can see all of this in the settings tab. In fact, the software may only vote about 100-200 times before it forces you to return to the settings tab and decide to vote again. This makes it so nobody falls asleep at the wheel voting in a way that harms the system. Big stakers will want to then revisit the software every couple days to ensure the vote is set to automatic(community algorithm) or whatever they choose.

[BitBayDoc]

This is pretty cool to see the results of my Liquid, Reserve and Supply% of BAY that everyone is voting on - in the "History" section of my Wallet in the BAY Client.
Monetary History is being made right now and FEW even know it. lol

Right now the Peg Supply%, which is my Supply% also, is 50.99% - that's the lowest I've ever seen it.  Very cool - it's working beautifully when the majority vote to deflate!

Even after all these years I thought I knew how all this worked; but as I recently found out from David, I was right in some respects and off the mark in others. Lol

I must say that after I think I now finally grasp what BAY really is, and could become; it is even BETTER than I ever imagined!

I wonder if the rest of the world knows that D. Zimbeck is one of the greatest, and maybe the greatest Chess Puzzle makers ever?
Not many people in the world are world class Chess players; yet alone world class Chess Puzzle MAKERS... I know I most certainly am not  ; and don't know anyone else who is. David was a Child Prodigy in Chess and could easily be a Grand Master if that's what he so desired.
His self taught genius and deep sense of fairness for everything business are on display in this BAY peg; and is simply amazing to witness.

[dzimbeck]

That's nice of you to say, thanks Doc. Yeah for those who are wondering what he's talking about, as I kid I composed puzzles as a "task composer" to set world records and such. I only learned chess at 11 but started composing at 13 and my work was published shortly after. At the time, I collaborated with some composers like Edgar Holladay and Milan Vukcevich both of whom are legends. Holladay used to send me hand written letters in the mail with the board hand drawn and the pieces stamped on. Hahaha the days before the internet or cell phones. The puzzles I created were designed to stump grandmasters and computers, one took me years to prove it's validity and ensure it was dual-free and sound. Since computers weren't any help in proofing it, the work was very demanding. It's a sort of art form. I wasn't really interested in competitive chess.

My work in chess can be found here:
www.zimbeckchess.com

[marecek666]

Really thanks devs for the new version of wallet. It is super to see that the development is going forward. But this new wallet is the worst I have ever seen for syncing. It was not able to start with datadir files synced from previous version (keep crashing). I deleted whole contents of datadir except my wallet.dat and let it sync from the scratch. But it is not able to do full sync. It is doing OK for several minutes and after that stop at random block and for hours nothing after that. Log file contains ten thousands of lines with this:

ProcessBlock: ORPHAN BLOCK 751, prev=6b9c47a930d19f85eb84f5424cbe8a2ece68eddb0ba96c3783dcdc3a0730fee8
ProcessBlock: ORPHAN BLOCK 751, prev=39d68f41cd954fa5643733b6415243ed2b1c89e1f9b5ace5973752e43325634d
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ProcessBlock: ORPHAN BLOCK 751, prev=aa1355d0445953ee6f4525080b3dab11a3cb941c77502ded6c7d8faae98fb4e7

I have to close wallet, delete generated log file (it is prety large) and start it again. It can continue in syncing again after that. But it stops on another random block again. So have to close and start it again for syncing another blocks until next stop ...
Running on i5-3470, 16GB, SSD, Win8.1, 1Gbps symmetric connection. Previous wallet was well working.

[dzimbeck]

Really thanks devs for the new version of wallet. It is super to see that the development is going forward. But this new wallet is the worst I have ever seen for syncing. It was not able to start with datadir files synced from previous version (keep crashing). I deleted whole contents of datadir except my wallet.dat and let it sync from the scratch. But it is not able to do full sync. It is doing OK for several minutes and after that stop at random block and for hours nothing after that. Log file contains ten thousands of lines with this:

ProcessBlock: ORPHAN BLOCK 751, prev=6b9c47a930d19f85eb84f5424cbe8a2ece68eddb0ba96c3783dcdc3a0730fee8
ProcessBlock: ORPHAN BLOCK 751, prev=39d68f41cd954fa5643733b6415243ed2b1c89e1f9b5ace5973752e43325634d
ProcessBlock: ORPHAN BLOCK 751, prev=5b3290efd9c5d72b358355634cd68a2b97a6505ffe0d279deca4cce33e93c5e2
ProcessBlock: ORPHAN BLOCK 751, prev=7aa4ee812b6d9ac199249bca92bd03c60fd7a9c10e39fe23b58c51ea31fb59be
ProcessBlock: ORPHAN BLOCK 751, prev=5da94a777f49afaaf18f58422087fdcb22dbbab32dc0064092215213019248ad
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ProcessBlock: ORPHAN BLOCK 751, prev=aa1355d0445953ee6f4525080b3dab11a3cb941c77502ded6c7d8faae98fb4e7

I have to close wallet, delete generated log file (it is prety large) and start it again. It can continue in syncing again after that. But it stops on another random block again. So have to close and start it again for syncing another blocks until next stop ...
Running on i5-3470, 16GB, SSD, Win8.1, 1Gbps symmetric connection. Previous wallet was well working.

Well first off the newest Halo wallet pre vs post fork downgraded leveldb to match the QT (I wanted to stay on the newer version but Bitcoin also runs old version so Yshurik convinced me to make it compatible). However I'm not sure if you are running Markets/Halo wallet or QT. Since that change was only to markets wallet.

Orphan blocks have nothing to do with the wallet, it's a local phenomenon on the chain. It's possible there is a group of nodes that didn't port over to the fork or you updated too late or some nodes are staking different length of the chain and it should self-correct. So when you have so many orphans the best thing to do is to resync. You can save yourself a lot of time by downloading the bootstrap. I will ask the team to post a link to it. Since I don't have it off hand however I think we now have it automated to update the bootstrap. Hopefully someone will post a bootstrap link here shortly.

[marecek666]

@dzimbeck thanks for the reaction, I run QT wallet. Tried to add nodes which are running this latest wallet (from this explorer: https://chainz.cryptoid.info/bay/#!network) , but still the same. Some progress and hours of nothing after that. Never mind, I will sync it somehow, there is about 1/3 of the chain to download left. I have to close/open wallet again and again. Bootstrap could be fine, but there is no official download link and taking the one from somebody on the Internet is not the best solution.

[cr197]

@dzimbeck thanks for the reaction, I run QT wallet. Tried to add nodes which are running this latest wallet (from this explorer: https://chainz.cryptoid.info/bay/#!network) , but still the same. Some progress and hours of nothing after that. Never mind, I will sync it somehow, there is about 1/3 of the chain to download left. I have to close/open wallet again and again. Bootstrap could be fine, but there is no official download link and taking the one from somebody on the Internet is not the best solution.

Here is bootstrap
https://github.com/bitbaymarket/bitbay-bootstrap/releases

[raisinbran]

Right now BAY earns about 2.2% annually if continuously staked. Does 2.2% correspond to the 5 BAY rewards earned by Liquid BAY? So would the 40 BAY rewards for Frozen Liquid BAY correspond to 8 * 2.2% = 17.6% ?

[BitBayDoc]

TEAM: This is pretty cool to see the results of my Liquid, Reserve and Supply% of BAY that everyone is voting on - in the "History" section of my Wallet in the BAY Client.
Monetary History is being made right now and FEW even know it. lol

Right now the Peg Supply%, which is my Supply% also, is 50.99% - that's the lowest I've ever seen it.  Very cool - it's working beautifully when the majority vote to deflate!

Even after all these years I thought I knew how all this worked; but as I recently found out from David, I was right in some respects and off the mark in others. Lol

I must say that after I think I now finally grasp what BAY really is, and could become; it is even BETTER than I ever imagined! 

I wonder if the rest of the world knows that D. Zimbeck is one of the greatest, and maybe the greatest Chess Puzzle makers ever?
Not many people in the world are world class Chess players; yet alone world class Chess Puzzle MAKERS... I know I most certainly am not   ; and don't know anyone else who is. David was a Child Prodigy in Chess and could easily be a Grand Master if that's what he so desired.
His self taught genius and deep sense of fairness for everything business are on display in this BAY peg; and is simply amazing to witness.

D. Zimbeck Reply:
That's nice of you to say, thanks Doc. Yeah for those who are wondering what he's talking about, as I kid I composed puzzles as a "task composer" to set world records and such. I only learned chess at 11 but started composing at 13 and my work was published shortly after. At the time, I collaborated with some composers like Edgar Holladay and Milan Vukcevich both of whom are legends. Holladay used to send me hand written letters in the mail with the board hand drawn and the pieces stamped on. Hahaha the days before the internet or cell phones. The puzzles I created were designed to stump grandmasters and computers, one took me years to prove it's validity and ensure it was dual-free and sound. Since computers weren't any help in proofing it, the work was very demanding. It's a sort of art form. I wasn't really interested in competitive chess.

My work in chess can be found here:
www.zimbeckchess.com