BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[dzimbeck]

Thanks for such detailed explanation, appreciated.

So, to sum up in simple way: I`ll receive my coins in Reserve account in Latoken, can`t do anything by myself, these coins will be slowly, automatically, part by part transfered to Liquid address in Latoken, "when time comes".
Where am I wrong?

The coins will receive as reserve in Latoken in one month. You can then trade them on BAYR markets.

If supply changes and increases, some coins may become BAY. If the supply decreases some BAY coins shift to BAYR

The ratio of BAY/BAYR changes when the supply changes. Supply changes happen due to stakers voting when winning a stake.

The more liquid a transaction is, the more likely it will stay as BAY longer. The less liquid, the more likely it stays as BAYR longer.

This always depends on the liquidity shards in the array of the coins you sent. This can be seen very clearly in the QT block explorer.

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[Asimmo]

Thanks for such detailed explanation, appreciated.

So, to sum up in simple way: I`ll receive my coins in Reserve account in Latoken, can`t do anything by myself, these coins will be slowly, automatically, part by part transfered to Liquid address in Latoken, "when time comes".
Where am I wrong?

The coins will receive as reserve in Latoken in one month. You can then trade them on BAYR markets.

If supply changes and increases, some coins may become BAY. If the supply decreases some BAY coins shift to BAYR

The ratio of BAY/BAYR changes when the supply changes. Supply changes happen due to stakers voting when winning a stake.

The more liquid a transaction is, the more likely it will stay as BAY longer. The less liquid, the more likely it stays as BAYR longer.

This always depends on the liquidity shards in the array of the coins you sent. This can be seen very clearly in the QT block explorer.

Just 1 detail: will BAYR become BAY automatically, on Latoken, itself?
Or should I instruct it somehow?

Also, how and where can I detect what did stakers decided/voted?

[dzimbeck]

Thanks for such detailed explanation, appreciated.

So, to sum up in simple way: I`ll receive my coins in Reserve account in Latoken, can`t do anything by myself, these coins will be slowly, automatically, part by part transfered to Liquid address in Latoken, "when time comes".
Where am I wrong?

The coins will receive as reserve in Latoken in one month. You can then trade them on BAYR markets.

If supply changes and increases, some coins may become BAY. If the supply decreases some BAY coins shift to BAYR

The ratio of BAY/BAYR changes when the supply changes. Supply changes happen due to stakers voting when winning a stake.

The more liquid a transaction is, the more likely it will stay as BAY longer. The less liquid, the more likely it stays as BAYR longer.

This always depends on the liquidity shards in the array of the coins you sent. This can be seen very clearly in the QT block explorer.

Just 1 detail: will BAYR become BAY automatically, on Latoken, itself?
Or should I instruct it somehow?

Also, how and where can I detect what did stakers decided/voted?

Yes that's why we can't just list on any exchange. They have to track it to guarantee withdraws. We designed a demo exchange just to show exchanges how to do it. So changes in ratio of BAY/BAYR are tracked for every user. Its precise. Like if you buy liquid right now on Latoken then that is the "premium liquid" and it stays liquid longer especially if you withdraw it from the exchange. However yes, your BAYR deposit if some of it switches to BAY it will happen automatically.

As for tracking the QT wallet shows you in real time the votes. I really need to add that to the Halo wallet but currently the Halo/Markets wallet doesn't show the current votes, it just shows the supply. The QT wallet also has a way to visualize your account inputs to see exactly how many coins would switch at each peg index.

Most stakers vote for the "algorithm" which tracks 20 cents with a 1% monthly increase in floor with the potential to set new floors on dramatic pumps. This algo may be subject to change but it's working really well so far! We are in fact 20 cents just like we promised. I feel like that is one of our greatest accomplishments considering we proved we can do it without any liquidity and low volume. Imagine what we can do with liquidity!

Users are free to diverge from the algo and sometimes they do for certain reasons. For now, it makes the most sense to hold the price.

If the price goes above 22 cents roughly it triggers inflation and thus some BAYR coins from some of the users might convert to BAY depending on their liquidity array.

[DIGITAL-DEMON]

@David Zimbeck
@BitBayDoc

Thanks for the responses to my query re CMC; very much appreciated.

I notice, however, that BAY receives the same treatment at the hands of CoinGecko.  Where it should be listed at 38-39 or so, it is reported as occupying position 4271!!   

Something smells decidedly fishy....

[dzimbeck]

@David Zimbeck
@BitBayDoc

Thanks for the responses to my query re CMC; very much appreciated.

I notice, however, that BAY receives the same treatment at the hands of CoinGecko.  Where it should be listed at 38-39 or so, it is reported as occupying position 4271!!   

Something smells decidedly fishy....

Yeah I feel like we have dealt with many years of censorship. Such an important innovation and our charts PROVE that we are able to curb volatility. Yet almost no articles about it. Is the news really "pay to play" nowadays? I have some doubts and feel like maybe we are being interfered with.

With that said CoinGecko felt we didn't have enough buy support.

Liquidity providers might change all of that and open all of these doors. That's the only reason I've taken an interest in it. We have the product, now all we need is users.

Note that anyone who provides liquidity or large scale investment is an independent agent which is perfect for a decentralized project. They can if they want just support it on exchanges or even off the exchange and they should be able to make great money doing it as we have no competitors in the land of decentralized anti-volatility

[CRYPTONAIRE]

The BitBay Advanced Web Wallet has now been updated to be compatible with the Dynamic Peg protocol.

You can now send, receive and store your BitBay (both BAYL and BAYR) at https://wallet.bitbay.market

BAYL and BAYR can also be traded on the LATOKEN exchange here:

https://latoken.com/exchange/BAY-BTC
and
https://latoken.com/exchange/BAYR-BTC

Thanks,
Shorn.

Does this mean that the peg-compatible webwallet can be integrated into Blocknet DEX?   

And is there an ETA for a peg-compatible Android wallet?

[raisinbran]

@David Zimbeck
@BitBayDoc

Thanks for the responses to my query re CMC; very much appreciated.

I notice, however, that BAY receives the same treatment at the hands of CoinGecko.  Where it should be listed at 38-39 or so, it is reported as occupying position 4271!!   

Something smells decidedly fishy....

They only count BAYL and ignore BAYR. I think this method of evaluation is correct.

You can't make market cap go up by restricting liquid shares, but you can control share price volatility that way. Low volatility is our claim to fame.

[shaydinblue]

I agree ^^. Multiplying the price of BAY-L by the total supply doesn't accurately reflect the market cap, not even close...

[dzimbeck]

I agree ^^. Multiplying the price of BAY-L by the total supply doesn't accurately reflect the market cap, not even close...

Yeah however they would need to track it to be totally accurate and also list BAYR as another market. Or they can add both marketcaps based on prices.
When we told coingecko about this they decided to leave it as is and let the BAYL price reflect marketcap. To us its fine either way because its good marketing if they choose to leave it as is.

[shaydinblue]

Seems a little deceptive to market the coin that way, lauding a grossly exaggerated market cap. Same with all the volume being wash trading, but i guess you gotta do what you gotta do...

[marecek666]

hi, is there anybody who can tell me when I will be able to transfer BAY from my QT wallet? It is more than 2 months and my Spendable balance is almost 0, whole balance is in Reserve. I do not stake and I do not have any tx in/out last 2 months. When will my wallet let me use my coins?

[dzimbeck]

Seems a little deceptive to market the coin that way, lauding a grossly exaggerated market cap. Same with all the volume being wash trading, but i guess you gotta do what you gotta do...

It wasn't our decision, they were made aware of it and they chose to leave it as is. And CMC is too busy deleting our charts for no reason let alone to make a special service just for tracking it. Did you not read the part when I said that we TOLD CoinGecko about it? What, would you prefer that we don't show on any charts anywhere? I explained the options and they chose this one.

[dzimbeck]

hi, is there anybody who can tell me when I will be able to transfer BAY from my QT wallet? It is more than 2 months and my Spendable balance is almost 0, whole balance is in Reserve. I do not stake and I do not have any tx in/out last 2 months. When will my wallet let me use my coins?

When the supply increases then reserve can convert to liquid. If you chose to sell your liquid then your reserve balance would be zero. If you want to trade reserve coins you can on the BAYR market.

[raisinbran]

CoinGecko is presenting a realistic view of BitBay.

Circulating Supply:          ? / 1,029,153,366
Market Cap:                    ?
Market Cap Dominance:   0.00%
Market Cap Rank:            #4937

The only people I see presenting a grossly exaggerated market cap are members of the BitBay community.

For example:

I notice, however, that BAY receives the same treatment at the hands of CoinGecko.  Where it should be listed at 38-39 or so, it is reported as occupying position 4271!!    

Something smells decidedly fishy....

Wishful thinking

[dzimbeck]

CoinGecko is presenting a realistic view of BitBay.

Circulating Supply:          ? / 1,029,153,366
Market Cap:                    ?
Market Cap Dominance:   0.00%
Market Cap Rank:            #4937

The only people I see presenting a grossly exaggerated market cap are members of the BitBay community.

For example:

I notice, however, that BAY receives the same treatment at the hands of CoinGecko.  Where it should be listed at 38-39 or so, it is reported as occupying position 4271!!    

Something smells decidedly fishy....

Wishful thinking

Actually, CoinGecko is not doing that because of the supply, they are doing it because of low liquidity and not enough exchanges and volume to justify the high ranking. They would list circulating supply as normal except they are doing this due to low liquidity levels. Also they didn't feel like the volume of Latoken was genuine.

[raisinbran]

The volume of LAToken is not valid. It is due almost entirely to a single wash bot. Or at least so I've heard.

Liquidity is so low because nobody wants it.

Some major marketing changes would SEEM to be in order.

[dzimbeck]

The volume of LAToken is not valid. It is due almost entirely to a single wash bot. Or at least so I've heard.

Liquidity is so low because nobody wants it.

Some major marketing changes would SEEM to be in order.

Dude why are you shilling your own community? We don't have control over Latoken, traders do what they want. Unbelievable. Name one coin that traders don't wash trade. It's not in my control. I don't pay any attention to the trading side of things, I just did the coding.

So what are you recommending, that we tell our community to not trade? Drop volume to zero? Tell CoinGecko to delete our listing? Tell CMC that we don't want them to list us? You gonna kick us when we are down?

We already told them about the variable supply, if they don't track it after it being explained to them thats their problem, we don't run CMC/CoinGecko. We don't run Latoken.

Marketing changes? Are you willing to pay for our marketing? We aren't funded, if we were this wouldn't be an issue. Go find us funding and then come back and talk about marketing changes. I said I would code the peg and said our price would be stable. Just goes to show can't make everyone happy no matter what you give them. Also marketing won't be of use if there isn't liquidity. That's why we need new investors. Specifically large investors and whales.

Also I've seen a few users complain the supply is too low. Well guess whose fault that is? That's right, the lack of BUYERS. If you want the supply to increase you have to support the market. Changing the liquid supply does absolutely nothing to help cash you out when there isn't buyers. You either want stability or volatility, you can't have both! This stability is always going to be in parity with the demand. Double the supply and the price will cut in half and you gain nothing other than to selfishly dump your bag on the holders. It ain't gonna happen unless everyone votes for it to be the case.

Again a reminder to all the bears out there, if you don't like it, you can sell your BAYR. So clearly this is not about lack of liquid BAY, it's that you can't get that 20 cents on your BAYR so you are crying about it. I say GREAT! I would rather the people who put up BTC on the orderbooks to feel safe from getting dumped on. That is precisely the reason nobody buys altcoins anymore. It's the problem we SOLVED!!

You want a coin without a dynamic supply go invest in Dogecoin. Seems people WANT Dogecoin.

[raisinbran]

My main point at this time is that I am not "shilling." I have been around other coins. When everybody is giving backslaps and high fives and congratulating each other about how great their position is and especially speaking of any dissenting opinion as being disloyal and attacking the mother ship, we are collectively taking a long walk on a short pier.

I am most definitely NOT suggesting we tell our community not to trade. It's just that almost nobody is.

Wash trading is a part of every coin's volume. But with us a single bot is doing over (rough guess) at least 80%.

I see people talking about how we will employ the network effect to grow. Until this coin gets bigger nobody in their right mind would use it to buy and sell much of value.

Right now the lack of BAYL. You have to admit it would be nicer. But my motive is not in cashing out, my objective is to get this show on the road.

I am now going to talk just one possibility, of which there are probably many.

In my personal (repeat, PERSONAL) opinion more emphasis should be placed on the stable coin aspect rather then trying to grow the marketplace.

If you got some whales up your sleeve, great. But I AM NOT ATTACKING! I am pointing out possible areas of improvement.

If you keep addressing me in such an aggressive manner I'll just back off.

[dzimbeck]

Sorry, I was just feeling like we were being ganged up on. Shadyinblue used the word "deceptive" and as you all know I made double deposit as a solution to deception so it bothers me that our integrity was brought into question.

As for dissent, I agree with you. Dissent is okay, criticism is okay. I'm just reassuring you all that we are doing our best.

And saying we need a marketing budget is true. I'm trying to not waste money as it's illogical to spend unless we have a real solid budget and plan!

We can hope for the network effect, we can't count on it.

We have to see the realistic possibility of potential ways this can fail. Even though we all will run this blockchain until the end of time. We need to have a realistic idea of how this coin is going to get the basic investment it needs. If we talk among each other our time is better served going out and talking to others about the project. I'm exhausted and could really use the help.

So instead of worrying so much about the chart sites that are out of our control and the apparent wash trading which is also out of our control why don't we just focus on ways to attract liquidity providers?

If we only had a million in liquidity with maybe a half million in operational or marketing costs we would be kicking ass right now. And it's even more frustrating because people will spend a million on artwork or on a yacht. And if they invest here not only could they save our project but probably make tons of money doing it. We have the product, now all we need is the users.

[raisinbran]

I'm just reassuring you all that we are doing our best.

You're a pig, David. Allow me to explain. Long, long ago in a galaxy far, far away there was a saying: "In a breakfast of bacon and eggs, the chicken is involved but the pig is committed."

Absolutely no one doubts your intent, dedication or ability. As a matter of fact, IMHO you are El Jefe de los Cerdos.    :0)