BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[dzimbeck]

I can confirm the above info is true. This also should explain why some users transactions didn't show on Latoken. We will of course favor the version of the split that Latoken is on. We are preparing a patch in the meantime. Let this be a reminder to everyone to always stake when you can to support the network. We will push a patch for when there is limited stakers. In a nutshell this happens when chain trust vs chain length causes two factions of similar sized groups of stakers to split. It happens when difficulty is the same and an adjustment can not solve it. Therefore it happens when only a few people stake. There is no good solution without compromising the proven and tested staking logic. However I have a few ideas of how to handle this when there are not enough stakers as we can follow trusted stakers in an order only when small split conditions are met.

So, if your most recent block hash matches chainz then you are on the wrong chain and should resync like above instructions says. It's critical this be done with bootstrap to avoid accidentally being on wrong side again. You may also notice chainz block height is not the same as yours. Perhaps you are 5-10 blocks ahead of them for example. That would be evidence you are on the correct chain but you should ALSO make sure by checking a recent block hash of theirs to see if it shows up in your chain. I think also you can use block explorer in QT to search for recent chainz block.

Sorry for the inconvenience. And if you sent a TX to Latoken and it didn't confirm on the exchange, don't worry. When you resync those coins will be back in your wallet and you can simply submit the transaction again once you are on the correct side of the split. If you are a major staker, contact me to make sure you are indeed on the right side of the split.

[tradersnow]

Here are directions on how to identify which chain you are on, and update to the correct one if needed:

Markets Client:
https://forum.bitbay.market/t/how-to-identify-and-resolve-the-split-chain-issue-from-03-23-20-markets-client-version/2301

QT Wallet:
https://forum.bitbay.market/t/how-to-identify-and-resolve-the-split-chain-issue-from-03-23-20-qt-version/2300/2

[BitBayDoc]

Another easy way to check on the Market Client if you are on the right chain or not (if you are staking):
On the dashboard see what your “Actual Balance” is. Make a note.
Then go to: https://chainz.cryptoid.info/bay/
Find your address on the “Rich List”.
If your “Rich List” amount of Bay, if you’re staking, is LESS than the amount showing on your personal “Market Client Actual Balance” – Then you are on the right chain.
If your “Rich List” amount of Bay, if you’re staking, is THE SAME as the amount showing on your personal “Market Client Actual Balance” – Then you are on the wrong chain. Please follow the advice above to resolve.

[BitBaydev]

** Important update **

The team has found an additional layer of complexity to the "split-chain" issue, and we must ask you to wait a little longer for an updated solution. We want this fix to be as easy as possible for every user, so everyone can be on the correct chain. Please note: This issue will not effect your balance, and all coins are safe. If you are currently staking on either chain, please continue to do so; however, we recommend that you not send any transactions until the next announcement.

Thank you for your patience, we will have another update for you soon.

[dzimbeck]

Hi everyone we have a good solution to avoid future splits using a reputation system. This can effect any coin, for us it was just bad luck. We post a patch shortly. In the meantime you can keep up with one of the main chains via bootstrap.

[donarito]

guys, I went through all things here but still do not understand - I have some amount of frozen coins, and only about 1% of liquid coins. When my coins are unfrozen? I do not think it is fair that my coins are frozen against my will. Taking into account that they are on a wallet since 2017 or 2016.

[BitBayDoc]

guys, I went through all things here but still do not understand - I have some amount of frozen coins, and only about 1% of liquid coins. When my coins are unfrozen? I do not think it is fair that my coins are frozen against my will. Taking into account that they are on a wallet since 2017 or 2016.

@donarito - Where have you been the last 3 or 4 years? lol
BAYS Homepage 2nd Paragraph - "BitBay’s Dynamic Peg is purely decentralized, allowing every participant to vote on which direction the price may go."
-We have voted to decrease the amount of "supply" to protect our price.
Also
BAYS Homepage 3rd Paragraph - "Every user has two balances of $BAY, liquid and reserve. During a price crash, stakers can collectively vote to “freeze” a portion of the entire liquid supply. This decreases the supply of everyone’s remaining liquid coins."
-Right now, the supply is about 0.5%. So the Peg is working just as intended - to protect our value.

Therefore, your coins will be unfrozen (like the rest of us), when we vote to increase the supply.
Your coins are not frozen against your will; as much as they ARE frozen as a result of everyone else's will.
This is the beauty of our Dynamic Peg.  PRICE PROTECTION against pumps and crashes. Cheers!

[cr197]

guys, I went through all things here but still do not understand - I have some amount of frozen coins, and only about 1% of liquid coins. When my coins are unfrozen? I do not think it is fair that my coins are frozen against my will. Taking into account that they are on a wallet since 2017 or 2016.

We've had the dynamic peg on our roadmap since the launch of the coin back in Nov. 2014
We've had whitepaper released on the dynamic peg since 2018

You can still sell your reserve coins. You simply have to wait for 1 month time lock to expire before the exchange can allow you to trade.

The reserve market on the exchange will be selling at a sub premium price obviously. Yet due to the timelock protocol, the exchange can run into supply bottlenecks even for the reserve coin supply.
This is beneficial to the price for those that can already sell reserve coins on exchange.

[dzimbeck]

3-4 years? Like Craig was saying almost 7! This was the original feature promised since BitBay started. Not to mention the pages and and pages of text talking about it since it's inception. Also it's fully democratic and a user can still trade their reserve. So it's not true to say coins are "frozen" against anyones will. They are more than welcome to sell their BAYR and I'm sure users would love to scoop up a majority of the BAYR at a discount.

Besides, I would rather sell 1% of my bag for what is already 10x of the previous bottom than to have no price protection whatsoever.  

Also with liquidity this thing can sky rocket because the economy can inflate because it's super cheap to buy up all of the liquid coins at this point which would push the peg over it's target forcing it to inflate. Not to mention a trader can buy up reserve and sell it at a premium when it converts to liquid. So much strategy involved and I feel like it takes trading to another level.

[donarito]

3-4 years? Like Craig was saying almost 7! This was the original feature promised since BitBay started. Not to mention the pages and and pages of text talking about it since it's inception. Also it's fully democratic and a user can still trade their reserve. So it's not true to say coins are "frozen" against anyones will. They are more than welcome to sell their BAYR and I'm sure users would love to scoop up a majority of the BAYR at a discount.

Besides, I would rather sell 1% of my bag for what is already 10x of the previous bottom than to have no price protection whatsoever.  

Also with liquidity this thing can sky rocket because the economy can inflate because it's super cheap to buy up all of the liquid coins at this point which would push the peg over it's target forcing it to inflate. Not to mention a trader can buy up reserve and sell it at a premium when it converts to liquid. So much strategy involved and I feel like it takes trading to another level.

The price in this case is not protected, it is artificial, just some magic meaningless number as long as 99.5% of coins are frozen.

[BitBayDoc]

3-4 years? Like Craig was saying almost 7! This was the original feature promised since BitBay started. Not to mention the pages and and pages of text talking about it since it's inception. Also it's fully democratic and a user can still trade their reserve. So it's not true to say coins are "frozen" against anyones will. They are more than welcome to sell their BAYR and I'm sure users would love to scoop up a majority of the BAYR at a discount.

Besides, I would rather sell 1% of my bag for what is already 10x of the previous bottom than to have no price protection whatsoever.  

Also with liquidity this thing can sky rocket because the economy can inflate because it's super cheap to buy up all of the liquid coins at this point which would push the peg over it's target forcing it to inflate. Not to mention a trader can buy up reserve and sell it at a premium when it converts to liquid. So much strategy involved and I feel like it takes trading to another level.

The price in this case is not protected, it is artificial, just some magic meaningless number as long as 99.5% of coins are frozen.

The price is definitely protected! And, it's very real. It's not a "magic meaningless number".
Please do your homework...

[donarito]

3-4 years? Like Craig was saying almost 7! This was the original feature promised since BitBay started. Not to mention the pages and and pages of text talking about it since it's inception. Also it's fully democratic and a user can still trade their reserve. So it's not true to say coins are "frozen" against anyones will. They are more than welcome to sell their BAYR and I'm sure users would love to scoop up a majority of the BAYR at a discount.

Besides, I would rather sell 1% of my bag for what is already 10x of the previous bottom than to have no price protection whatsoever.  

Also with liquidity this thing can sky rocket because the economy can inflate because it's super cheap to buy up all of the liquid coins at this point which would push the peg over it's target forcing it to inflate. Not to mention a trader can buy up reserve and sell it at a premium when it converts to liquid. So much strategy involved and I feel like it takes trading to another level.

The price in this case is not protected, it is artificial, just some magic meaningless number as long as 99.5% of coins are frozen.

The price is definitely protected! And, it's very real. It's not a "magic meaningless number".
Please do your homework...

please do your homework and think again if you did not understand what I wrote.

[shaydinblue]

the price is protected in the sense that there are not very many liquid coins available to be dumped on the market then if 100% of the coins were liquid and available for dumping. The peg doesn't affect price directly of course but influences supply to align better with demand... the peg just went live recently and the reserve markets really haven't' taken off yet, part of the reason is that there is a one month timelock on reserve coins that are deposited to the exchange, so many peoples reserve coins are not yet available for trading.

[BubbleButtBabe]

3-4 years? Like Craig was saying almost 7! This was the original feature promised since BitBay started. Not to mention the pages and and pages of text talking about it since it's inception. Also it's fully democratic and a user can still trade their reserve. So it's not true to say coins are "frozen" against anyones will. They are more than welcome to sell their BAYR and I'm sure users would love to scoop up a majority of the BAYR at a discount.

Besides, I would rather sell 1% of my bag for what is already 10x of the previous bottom than to have no price protection whatsoever.  

Also with liquidity this thing can sky rocket because the economy can inflate because it's super cheap to buy up all of the liquid coins at this point which would push the peg over it's target forcing it to inflate. Not to mention a trader can buy up reserve and sell it at a premium when it converts to liquid. So much strategy involved and I feel like it takes trading to another level.

The price in this case is not protected, it is artificial, just some magic meaningless number as long as 99.5% of coins are frozen.

Liquid Bay bring traded now are being protected in a decentralized way.

You have bitbay liquid with the market determined price
You have bitbay reserve with the market determined price.
You have frozen.
This will work even better once the webmarket place is operating well and being used.
You can still sell your bitbay reserve at the Bay Reserve price.
I think the idea is excellent and combined with a full p2pb market place and DDE is it the best project outside of the top 10
It has to be introduced tested for a while now but it will be fundamentally important for the market place to be used optimally.

[dzimbeck]

3-4 years? Like Craig was saying almost 7! This was the original feature promised since BitBay started. Not to mention the pages and and pages of text talking about it since it's inception. Also it's fully democratic and a user can still trade their reserve. So it's not true to say coins are "frozen" against anyones will. They are more than welcome to sell their BAYR and I'm sure users would love to scoop up a majority of the BAYR at a discount.

Besides, I would rather sell 1% of my bag for what is already 10x of the previous bottom than to have no price protection whatsoever.  

Also with liquidity this thing can sky rocket because the economy can inflate because it's super cheap to buy up all of the liquid coins at this point which would push the peg over it's target forcing it to inflate. Not to mention a trader can buy up reserve and sell it at a premium when it converts to liquid. So much strategy involved and I feel like it takes trading to another level.

The price in this case is not protected, it is artificial, just some magic meaningless number as long as 99.5% of coins are frozen.

The price is protected, as this system ties liquidity/demand to supply. It allows decentralized backing of a currency. Say what you want, but this coin will hit 20 cents on the liquid orderbook. If you aren't interested in being a part of this revolutionary thing then go ahead and sell your reserve coins and move on.

If you don't want 99.5% of the coins frozen put up some liquidity and then the users would vote to inflate if price goes above 20 cents. This coin harmonizes supply to liquidity. It shows you the true market value. And once liquidity comes in it becomes many magnitudes more solid.

If you want something artificial go invest in Tether, those alleged "billions" of dollars is a paper tiger waiting to be stolen from an insolvent bank blaming "financial crisis"... not sure who would insure them

Also worth mentioning with lower supply new users gradually consume the liquidity because there isn't much for sale, its easy to push the coins price up. No resistance. Just like anything make the resistance variable so people with money can more easily control it regardless of how few dollars they hold. As long as there is new users they eat up the limited sells forcing the coin to inflate eventually. The project needs to stay active for this to happen.

[tradersnow]

** Important update **

The solution to split problem is finished and is now being tested by the team. As it involves syncing with/without bootstrap, we expect it to take the rest of the day. New update will come tomorrow.

[hopenotlate]

** Important update **

The solution to split problem is finished and is now being tested by the team. As it involves syncing with/without bootstrap, we expect it to take the rest of the day. New update will come tomorrow.

What is this split problem? Guess it is something  related to all those minig transactions flooding my qt wallet recently: may you please explain it a bit more?

[marecek666]

sorry devs, but this is not very good :-/

qt wallet is not able to keep synced to the correct chain, deleted whole data folder and tried with bootstrap from your site (26MAR2020 version) synced fully but lost correct chain after that sync again. Generated several POS blocks which are not in the blockexplorers.
https://bay.tokenview.com/en/ - this is at block 2540431
https://chainz.cryptoid.info/bay/ - this one at 2538761
my wallet after new sync from bootstrap is at 2536470

And another, a lock of my coins in the wallet. I really want to know if I will be able to move my coins out of it after the 30 days and if there will be working BAY network again.

Going through the BAY website, blog, forum (Announcements category) and there is nothing about current situation. Your main website should be your first place to inform users that there is something wrong going on and currently it is not safe to send BAY coins because of multiple forks in the network.

[BubbleButtBabe]

Keep calm guys

This split if I understand correctly is a issue with all pos coins. The circumstance leading to this are very rare.
It could happen to any pos coin.
Be thankful we have a very competent dev team that can fix and upgrade for future prevention
Also that we are currently on only one exchange and no lasting damage.

Whale remove sell wall at 1000

Don't rush fix. Take long time to test please.

[dzimbeck]

We have to tell all the block explorers to update they are on the wrong chain. Also we will push a new QT with a checkpoint and a patch.