BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[vella85]

I've been a long term holder of this coin and I'm glad to see it doing well once again like it was back in the day. I had to sync my wallet again as it has been offline for a while due to switching PC's, to be honest I forgot I even had this coin but I'm glad that I didn't sell and continued to hold.

[dzimbeck]

I've been a long term holder of this coin and I'm glad to see it doing well once again like it was back in the day. I had to sync my wallet again as it has been offline for a while due to switching PC's, to be honest I forgot I even had this coin but I'm glad that I didn't sell and continued to hold.

Did you also make sure to update the QT to the latest version?

[raisinbran]

What is the percent freeze right now?

Where or how can I find the percent freeze number for myself?

Is it currently at max freeze?

If not, what is max freeze percent?

Thank you

[dzimbeck]

What is the percent freeze right now?

Where or how can I find the percent freeze number for myself?

Is it currently at max freeze?

If not, what is max freeze percent?

Thank you

Current supply is .09%

You can see it in the history tab in markets client.

In QT you can see peg index, take that number and multiply 100 *.99 the number of times of the peg index

The max freeze point is 1200 steps of 1% compound... leaving roughly a few thousand coins liquid.

[raisinbran]

The price is receding fairly sharply right now. Was this kind of action foreseen in your planning? I mean, it's unlikely that anything will go monotonically up. Do you fully expect the algorithm to always recover (sooner or later) from this sort of action?

Thanks

[BubbleButtBabe]

The price is receding fairly sharply right now. Was this kind of action foreseen in your planning? I mean, it's unlikely that anything will go monotonically up. Do you fully expect the algorithm to always recover (sooner or later) from this sort of action?

Thanks

The peg is doing great. The peg is best designed to work with sensible volume.
It is currently at its toughest point. Dragging price from a tiny fraction of a cent straight to 20c on no awareness and fighting those that got it for nothing from bittrex dump.

These are just dust amounts of Bitbay. The peg stops huge % of the minting being dumped by whales who control the market in a huge and damaging way. Dust trades mean nothing to the health of the project. The peg is an amazing.

I think one improvement may be a quicker sharper freeze but that's only maybe because I don't fully understand the reasoning behind the current settings.

If bittrex had not caused a mass dump down to stupid levels this would have had an easier start.

Long term if they pull the full roadmap off with fully operational web wallets and mobile wallets with slick market place this will be a 5 bucks per coin plus project. I see nothing this useful and robust anywhere here except in the dreams and fantasies of white papers to entice investors bitcoin away from them. Bitbay is pretty much there I guess they just need the funds for porting this over to android ios and getting a slick front end ux.

I would suggest we all cut the stake rates by 50% for a year or 2 and the remaining is "donated" in a superblock to fund development. remember we were all staking for 1.5 Bay for a long time. 

[neo1947]

hello
l ve been following https://chainz.cryptoid.info/ for Block height and looks like it s coming 5 days behind( block Height 2538765) 
Thanks

[tradersnow]

hello
l ve been following https://chainz.cryptoid.info/ for Block height and looks like it s coming 5 days behind( block Height 2538765) 
Thanks

Chainz has been notified that they're currently on the wrong side of a split branch of the BitBay chain. Hopefully they will update it soon. For now, transaction info can be viewed within the built-in block explorer in the BitBay QT Wallet.

[dzimbeck]

As BitBay peg promised all those years ago, the peg has hit its target even under low liquidity, with censorship, and all the adversity and all the exchanges stealing our listing fees (other than Latoken), and with altcoin bear market, we STILL hit the target of 20 cents!

This is proof the peg works. Now imagine how powerful it would be with the top exchanges endorsing it and with liquidity providers and/or angel investors. To deny the power of the peg is to deny the truth of code. THIS is what decentralized money with volatility protection looks like.

Cheers to the community for sticking it out. We continue to march forward.

[g1itch]

It is not surprise that you hit your target and the liquidity is low. Because a single available exchange - latoken.com has disabled deposits.

[dzimbeck]

It is not surprise that you hit your target and the liquidity is low. Because a single available exchange - latoken.com has disabled deposits.

Even when they enable it again it will still hold target due to low supply. And then supply will gradually increased as buyers eat up whatever is left on sell side (if it goes 5% above floor). Supply maybe will have to go a little lower but either way it can hold this. Consider we did this in a bear market. Latoken disables deposits when they work on maintenance, I like how they actually do improve the code because imagine how much trouble it would be if they didn't service this.

[g1itch]

It is not surprise that you hit your target and the liquidity is low. Because a single available exchange - latoken.com has disabled deposits.

Even when they enable it again it will still hold target due to low supply. And then supply will gradually increased as buyers eat up whatever is left on sell side (if it goes 5% above floor). Supply maybe will have to go a little lower but either way it can hold this. Consider we did this in a bear market. Latoken disables deposits when they work on maintenance, I like how they actually do improve the code because imagine how much trouble it would be if they didn't service this.

With disabled deposit I consider it a fake market.

[LuckyLeprachaun]

I have a question, why is the reserve price on LATOKEN way lower then the liquid bay? I thought the reserve was supposed to be higher? 

[BitBayDoc]

It is not surprise that you hit your target and the liquidity is low. Because a single available exchange - latoken.com has disabled deposits.

Even when they enable it again it will still hold target due to low supply. And then supply will gradually increased as buyers eat up whatever is left on sell side (if it goes 5% above floor). Supply maybe will have to go a little lower but either way it can hold this. Consider we did this in a bear market. Latoken disables deposits when they work on maintenance, I like how they actually do improve the code because imagine how much trouble it would be if they didn't service this.

With disabled deposit I consider it a fake market.

"Latoken disables deposits when they work on maintenance..." - D Zim. (Today at 10:26:39 AM)

[LuckyLeprachaun]

I have a question, why is the reserve price on LATOKEN way lower then the liquid bay? I thought the reserve was supposed to be higher?  

Hi, It's actually the opposite of what you supposed.  
Once this concept "clicks" -  (Reserve can be applied to futures market, etc.) you will see the beauty of BAYS creation as a DEcentralized,
democratically price influenced "Stable Coin" to resist price manipulation over the long haul.

Please see this from TraderSnow Feb. 23, 2020 (Also refer to the White Paper on bitbay.market):
Why do Reserve and voluntarily frozen coins have value? Are there any benefits to holding them?

Find the answer here:
https://forum.bitbay.market/t/why-do-reserve-and-voluntarily-frozen-coins-have-value-are-there-any-benefits-to-holding-them/2186

Thanks for getting back to me. So basically frozen coins have almost no value and leaves no access to your cash, been over 1 month now frozen yet on your link says 30 days only, they froze 99% of my assets, not liking this system.

[marecek666]

This is a fake market for sure. It has no value if you are not able to transfer your own coins anywhere. Almost everything is locked in my wallet for 37 days now, I have locked wallet (no staking=no new blocks more than a month) and I still do not have my balance free for transfer. I invested some money into this great project but I have not thought that devs will introduce a PEG in this way.

[BitBayDoc]

I have a question, why is the reserve price on LATOKEN way lower then the liquid bay? I thought the reserve was supposed to be higher?  

Hi, It's actually the opposite of what you supposed.  
Once this concept "clicks" -  (Reserve can be applied to futures market, etc.) you will see the beauty of BAYS creation as a DEcentralized,
democratically price influenced "Stable Coin" to resist price manipulation over the long haul.

Please see this from TraderSnow Feb. 23, 2020 (Also refer to the White Paper on bitbay.market):
Why do Reserve and voluntarily frozen coins have value? Are there any benefits to holding them?

Find the answer here:
https://forum.bitbay.market/t/why-do-reserve-and-voluntarily-frozen-coins-have-value-are-there-any-benefits-to-holding-them/2186

Thanks for getting back to me. So basically frozen coins have almost no value and leaves no access to your cash, been over 1 month now frozen yet on your link says 30 days only, they froze 99% of my assets, not liking this system.

You are welcome Lucky.
No. Frozen coins have a ton of value - especially if you are staking. They earn interest. Like a savings account.
And, just like a savings account, we want you to use it as a savings account; as well as a checking account (MarketPlace)
Hence, savings accounts (frozen coin) make more interest than a regular checking account (liquid coin). The same principle applies here.

Your coins are not actually Frozen, unless you freeze them.
Your coins have been moved to a "reserve" status because the supply% available is limiting your access. It is protecting the price.
The "supply" is being influenced by our democratically voting to do so. The majority is ruling and we have spoken. This is want we want.
BAY is meant to be a store of value (resistant to the manipulators) and stability (when the Marketplace really gets ramped up).

Hence, if you want to "play the market" and sell and buy on the pumps and dumps; then no, BAY is not for you.
This is for investors who crave stability, decentralization, security and this: https://bitbay.market/wall-of-features/

The bright side is you have over 5,300 other coins to play with - I would suggest you do that, let us enjoy what we have created, sell your coins as they become available - and move on.
Cheers!

[marecek666]

This is a fake market for sure. It has no value if you are not able to transfer your own coins anywhere. Almost everything is locked in my wallet for 37 days now, I have locked wallet (no staking=no new blocks more than a month) and I still do not have my balance free for transfer. I invested some money into this great project but I have not thought that devs will introduce a PEG in this way.

This is actually a very real market. More real than anything else out there.
It just depends on your point of view.

You need to update your market client if you are staking and haven't got a block in more than a month.

Sorry for the confusion as to what you expected was going to happen.
I do think its going to to be a real big shocker for those that want to influence and hamper BAYS advancement while our volume is low.
In the meantime, go vote to inflate the supply if that's what you desire. This is a democracy.

It's been pretty clear from the beginning how our stable coin was going to be implemented and how it was going to be accomplished.
The bright side is you have over 5,300 other coins to play with - I would suggest you do that, let us enjoy what we have created, sell your coins as they become available - and move on.
Cheers!

sorry I do not use market client, I use latest core client and I wonder that I have no access to my coins. I do not want to stake (that is why I do not unlock wallet for staking after the wallet start). I only want to know how to move my coins, almost all my balance is in reserve more than a month (after the last POS block generated by my wallet) and I am able to send only a smaller part (several BAYs) of it. It is not very much (total 6200+ BAYs in my wallet) so there is no chance to influence any market from my side.
So eg. how to move and use my balance in Marketplace Client?

[BitBayDoc]

@marecek666 - Hi. I have no idea what a "core" client is. All we have is a Market Client and a Qt Wallet.

You could use the Market Clients "Buy/Sell Coins" to move and use what you do have access to;
or sell them on LAToken as "Reserve" coins or as "Liquid" coins - when they are released as the %supply increases.

OR... Use your modest investment as a savings account!
Sooner or later, the people will come, volume and supply will pick up and it will be much easier to trade your liquid coins.

[marecek666]

@marecek666 - Hi. I have no idea what a "core" client is. All we have is a Market Client and a Qt Wallet.

You could use the Market Clients "Buy/Sell Coins" to move and use what you do have access to;
or sell them on LAToken as "Reserve" coins or as "Liquid" coins - when they are released as the %supply increases.

OR... Use your modest investment as a savings account!
Sooner or later, the people will come, volume and supply will pick up and it will be much easier to trade your liquid coins.

sorry, generally core client = qt wallet

Yep, I probably will use it as a savings acc

thanks for your time