Let a noob trade and he will dump or enter wrong numbers
Topic: BitBay |Decentralized Marketplace|Smart Contracts|IoT Tech|Markets Open - page 135. (Read 339485 times)
December 05, 2014, 11:24:18 AM
nothing is going down, bter is chilling.
Let a noob trade and he will dump or enter wrong numbers
Let a noob trade and he will dump or enter wrong numbers
December 05, 2014, 11:23:29 AM
150 satoshis ... what the hell
It's back at 200
Someone trying to cause panic to get hold of more Bay at cheap price. Notice how fast it got back to 200. Someone made a mistake or someone is really stupid that he decided to listen to strangers online and sell his bay on the day smart contract is getting released.
December 05, 2014, 11:22:18 AM
probably devs dumping their coins
December 05, 2014, 11:20:38 AM
150 satoshis ... what the hell
'Its going down more I promise I got a little bit more left.
December 05, 2014, 11:18:09 AM
Sold off, was not happy with what I was told and the way I was treated sorry.
with difficulty... too cheap thanks bay... for seeing how it will be expensive
December 05, 2014, 11:16:31 AM
lol noob entered wrong numbers in bot or webinterface
December 05, 2014, 11:15:02 AM
Sold off, was not happy with what I was told and the way I was treated sorry.
December 05, 2014, 11:13:49 AM
December 05, 2014, 11:12:24 AM
OMG
December 05, 2014, 10:56:07 AM
I got a quick quesiton about something
Q: Please explain how the escrow system will protect buyers & sellers in BitBay transactions.
A: The system is the revolutionary double deposit escrow. Both Buyer and Seller place deposits into a shared account. There is no need for an escrow agent. The deposits serve as the incentive to perform. Therefore theft and deception is impossible in these escrows. If those actions occur, the parties will not agree, the escrow will expire and they both lose. BitBay takes the profit out of theft.
Lets say I am the buyers, and I really hate a seller. He sends me my product and I just dispute it causing him to lose coins, i keep doing this to bankrupt him. How will you prevent this?
I could care less if I lose coins I got the product in hand.
Q: Please explain how the escrow system will protect buyers & sellers in BitBay transactions.
A: The system is the revolutionary double deposit escrow. Both Buyer and Seller place deposits into a shared account. There is no need for an escrow agent. The deposits serve as the incentive to perform. Therefore theft and deception is impossible in these escrows. If those actions occur, the parties will not agree, the escrow will expire and they both lose. BitBay takes the profit out of theft.
Lets say I am the buyers, and I really hate a seller. He sends me my product and I just dispute it causing him to lose coins, i keep doing this to bankrupt him. How will you prevent this?
I could care less if I lose coins I got the product in hand.
Because you have to deposit TWICE the amount required to buy the product. So, unless you are just some psychopathic rich weirdo who doesn't mind spending double the amount for something just to torment the seller, this isn't going to happen very often because most people actually value their money.
Maybe if you would have not been giving me mis information? did you read it all?
I am done by the way good luck with your project but I see better choices at this point.
Hate a seller?
Why would you do business with someone you hate?
If it's a new seller ask him to deposit as much money as you're and if it's old seller well he won't do something that'll make you hate him. Would he? Unless offcourse he wants to ruin his reputation in marketplace in that case you're SOL and no one can save you.
Dispute only works when you're dealing with middleman. Imagine craiglist. How do you dispute something? You contact seller and that's that. If he says "no" then it's a no and you have to take a loss and you don't deal with him anymore. There is no one to blame but yourself.
The point is everything is on your hand and if something doesn't workout it's because of YOU & the seller. Whoever is invested most will lose more money and that's why both of you need to deposit same amount of money in escrow to keep the headache to the minimum for both of you.
BUT let me be honest and tell you that smart contract is still new (as someone already said it). It's something that has NEVER been done in crypto and we all are holding our breath to see what it brings. It's revolutionary and only time will tell what it's holding for everyone. It's "innovative" and smart way to do business without middleman in between who takes part of your earning.
Since you're done. Good luck to you as well and don't be upset because people are just doing their best to give you information from their perspective but truth is NOBODY knows what it'll bring. Everyone is "guessing" from what they've experienced in past.
As always. You should wait till project gets completed or at least till you heard something from one of the guy who is working with BitBay. Everyone else is just telling you their side of story and it won't be as reliable and it can be different from person to person depends on how they "feel" marketplace would work.
December 05, 2014, 10:32:39 AM
no news = panic sell = time to get more cheap BAY !
December 05, 2014, 10:08:09 AM
For everybody still puzzling what smart contracts are all about, let David explain it:
http://youtu.be/U_xpRFAKam4?t=3m17s
http://youtu.be/U_xpRFAKam4?t=3m17s
Thanks for the link. This video shows clearly that smart contracts are freaking revolutionary and will change, just as bitcoin, the way we do business in the near future.
December 05, 2014, 09:31:05 AM
For everybody still puzzling what smart contracts are all about, let David explain it:
http://youtu.be/U_xpRFAKam4?t=3m17s
http://youtu.be/U_xpRFAKam4?t=3m17s
December 05, 2014, 09:24:25 AM
I got a quick quesiton about something
Q: Please explain how the escrow system will protect buyers & sellers in BitBay transactions.
A: The system is the revolutionary double deposit escrow. Both Buyer and Seller place deposits into a shared account. There is no need for an escrow agent. The deposits serve as the incentive to perform. Therefore theft and deception is impossible in these escrows. If those actions occur, the parties will not agree, the escrow will expire and they both lose. BitBay takes the profit out of theft.
Lets say I am the buyers, and I really hate a seller. He sends me my product and I just dispute it causing him to lose coins, i keep doing this to bankrupt him. How will you prevent this?
I could care less if I lose coins I got the product in hand.
Q: Please explain how the escrow system will protect buyers & sellers in BitBay transactions.
A: The system is the revolutionary double deposit escrow. Both Buyer and Seller place deposits into a shared account. There is no need for an escrow agent. The deposits serve as the incentive to perform. Therefore theft and deception is impossible in these escrows. If those actions occur, the parties will not agree, the escrow will expire and they both lose. BitBay takes the profit out of theft.
Lets say I am the buyers, and I really hate a seller. He sends me my product and I just dispute it causing him to lose coins, i keep doing this to bankrupt him. How will you prevent this?
I could care less if I lose coins I got the product in hand.
Because you have to deposit TWICE the amount required to buy the product. So, unless you are just some psychopathic rich weirdo who doesn't mind spending double the amount for something just to torment the seller, this isn't going to happen very often because most people actually value their money.
Maybe if you would have not been giving me mis information? did you read it all?
I am done by the way good luck with your project but I see better choices at this point.
December 05, 2014, 09:22:43 AM
One last time for those who still don't seem to "get it":
Some of you here are operating under the totally INCORRECT assumption that "Double Escrow" means double the cost of the item. This is TOTALLY INCORRECT unless the parties want it to be that way. The two parties involved in the escrow agreement have to set, and agree upon, an escrow amount. They are NOT forced to use double the amount of the contract, they can choose the amount.
One more time:
The parties involved in the transaction agree upon the escrow amount. Period.
Some of you here are operating under the totally INCORRECT assumption that "Double Escrow" means double the cost of the item. This is TOTALLY INCORRECT unless the parties want it to be that way. The two parties involved in the escrow agreement have to set, and agree upon, an escrow amount. They are NOT forced to use double the amount of the contract, they can choose the amount.
One more time:
The parties involved in the transaction agree upon the escrow amount. Period.
I know this, I regret saying that it does now but the question was how does the system work when working with potential fraudsters or new sellers/buyers. The double escrow situation would be used only in these extreme cases, and rarely would you have to put up twice the amount for escrow with reputable buyers/sellers. I would think anyone with half a brain could figure that part out themselves, but then again if they are asking such basic questions to begin with I guess I should not have assumed that.
You turn people off of the coin when you make them feel like a ass for asking questions about things they do not understand. I am just going to go invest the 3BTC in another project that will help its user base without making them feel like a ass or be attacked.
Thanks to those of you who did help, but it seems the vast majority are just assholess. I will make sure to tell others about the treatment as well.
It's because everything you wanted to know is literally written throughout this thread and in the FAQ already. I tried to explain it as best I could to you in a concise manner because I don't want to reiterate something that has been repeated ad nauseum throughout the thread already, and then without using any critical thinking skills at all you say that the system is garbage and that nobody will use it. So, obviously you are just here to cause a ruckus and you don't actually care about the coin at all. You are free to invest your (completely irrelevant) 3 BTC in any project you wish. Obviously you do not feel comfortable with BitBay and that is your decision.
December 05, 2014, 09:13:44 AM
One last time for those who still don't seem to "get it":
Some of you here are operating under the totally INCORRECT assumption that "Double Escrow" means double the cost of the item. This is TOTALLY INCORRECT unless the parties want it to be that way. The two parties involved in the escrow agreement have to set, and agree upon, an escrow amount. They are NOT forced to use double the amount of the contract, they can choose the amount.
One more time:
The parties involved in the transaction agree upon the escrow amount. Period.
Some of you here are operating under the totally INCORRECT assumption that "Double Escrow" means double the cost of the item. This is TOTALLY INCORRECT unless the parties want it to be that way. The two parties involved in the escrow agreement have to set, and agree upon, an escrow amount. They are NOT forced to use double the amount of the contract, they can choose the amount.
One more time:
The parties involved in the transaction agree upon the escrow amount. Period.
I know this, I regret saying that it does now but the question was how does the system work when working with potential fraudsters or new sellers/buyers. The double escrow situation would be used only in these extreme cases, and rarely would you have to put up twice the amount for escrow with reputable buyers/sellers. I would think anyone with half a brain could figure that part out themselves, but then again if they are asking such basic questions to begin with I guess I should not have assumed that.
You turn people off of the coin when you make them feel like a ass for asking questions about things they do not understand. I am just going to go invest the 3BTC in another project that will help its user base without making them feel like a ass or be attacked.
Thanks to those of you who did help, but it seems the vast majority are just assholess. I will make sure to tell others about the treatment as well.
December 05, 2014, 09:13:10 AM
Looking forward to good news! 
December 05, 2014, 09:06:46 AM
One last time for those who still don't seem to "get it":
Some of you here are operating under the totally INCORRECT assumption that "Double Escrow" means double the cost of the item. This is TOTALLY INCORRECT unless the parties want it to be that way. The two parties involved in the escrow agreement have to set, and agree upon, an escrow amount. They are NOT forced to use double the amount of the contract, they can choose the amount.
One more time:
The parties involved in the transaction agree upon the escrow amount. Period.
Some of you here are operating under the totally INCORRECT assumption that "Double Escrow" means double the cost of the item. This is TOTALLY INCORRECT unless the parties want it to be that way. The two parties involved in the escrow agreement have to set, and agree upon, an escrow amount. They are NOT forced to use double the amount of the contract, they can choose the amount.
One more time:
The parties involved in the transaction agree upon the escrow amount. Period.
I know this, I regret saying that it does now but the question was how does the system work when working with potential fraudsters or new sellers/buyers. The double escrow situation would be used only in these extreme cases, and rarely would you have to put up twice the amount for escrow with reputable buyers/sellers. I would think anyone with half a brain could figure that part out themselves, but then again if they are asking such basic questions to begin with I guess I should not have assumed that.
December 05, 2014, 07:43:47 AM
good point,i am very excited about it,i have no idea about the time its coming but would be nice to know?hint devs
December 05, 2014, 07:35:48 AM
If there's one thing that this thread is making clear is that the smart contracts are a really new thing for most of us. The entire concept and how it should be conducted hasn't crystallised yet.
This is an announcement thread on a bitcointalk forum. So these are the people that are the most in the loop. Outside there's a world where most people haven't even heard of cryptocurrency and think that Bitcoin is a video game or something.
The idea of complete strangers being able to negotiate any type of deal without any form of middle men or government protection is just utterly alien to them.
So I think some humility is required here.
Nobody has figured escrows out entirely. We don't know what the ideal escrow amounts are for each type of contract. There are many possible trades and deals possible in this world and they probably all require their own scheme.
There are three variables in a smart contract:
- Amount
- Symmetry in the collateral of each party
- Time (the optional limit after which the collateral is automatically destroyed)
These variables may be entirely different for a large gold trader, an online freelancer or a guitar merchant.
That's what fascinates me about this technology. Sure it has potential to be worth a dollar per BAY eventually but that's just lame speculation. What's really interesting is that we have barely begun to scratch the surface between the game theory behind all this. We don't know what people respond to best, we don't know what are the best and the worst scenarios and there's probably also a meta-game of contracts arising depending on the level of trust in the markets.
I can't be the only one who's excited about this.
---
EDIT: For example, do you realise that the time extension on a smart contract also makes for a less riskful way of trading? I'm not sure if it's possible yet, (it certainly wouldn't be difficult to implement) but rather than burning the coins after expiration, the contract could also simply release the coins again. This means that you won't ever lose your escrow, but what you will lose is liquidity.
So in the situation where a deal goes bust and either one of the parties isn't happy. They chose not to release the coins immediately but after the four years that the escrow has set on it.
The unhappy customer may be fine with having his coins stalled for four years. But for a shady dealer looking to scam more people, those four years are disastrous. He needs that money right now in order to scam more people.
It's a far milder punishment for not holding up the deal but that may be a serious enough deterrent for serial scammers. In other words, merely having a time-release contract with a merchant is proof enough that you're not dealing with someone that is able to scam a lot of people.
---
And for the speculative traders: Imagine a coin that encourages trading but occasionally burns or freezes coins like this. Imagine what that does to the value of the coins you yourself are holding
This is an announcement thread on a bitcointalk forum. So these are the people that are the most in the loop. Outside there's a world where most people haven't even heard of cryptocurrency and think that Bitcoin is a video game or something.
The idea of complete strangers being able to negotiate any type of deal without any form of middle men or government protection is just utterly alien to them.
So I think some humility is required here.
Nobody has figured escrows out entirely. We don't know what the ideal escrow amounts are for each type of contract. There are many possible trades and deals possible in this world and they probably all require their own scheme.
There are three variables in a smart contract:
- Amount
- Symmetry in the collateral of each party
- Time (the optional limit after which the collateral is automatically destroyed)
These variables may be entirely different for a large gold trader, an online freelancer or a guitar merchant.
That's what fascinates me about this technology. Sure it has potential to be worth a dollar per BAY eventually but that's just lame speculation. What's really interesting is that we have barely begun to scratch the surface between the game theory behind all this. We don't know what people respond to best, we don't know what are the best and the worst scenarios and there's probably also a meta-game of contracts arising depending on the level of trust in the markets.
I can't be the only one who's excited about this.
---
EDIT: For example, do you realise that the time extension on a smart contract also makes for a less riskful way of trading? I'm not sure if it's possible yet, (it certainly wouldn't be difficult to implement) but rather than burning the coins after expiration, the contract could also simply release the coins again. This means that you won't ever lose your escrow, but what you will lose is liquidity.
So in the situation where a deal goes bust and either one of the parties isn't happy. They chose not to release the coins immediately but after the four years that the escrow has set on it.
The unhappy customer may be fine with having his coins stalled for four years. But for a shady dealer looking to scam more people, those four years are disastrous. He needs that money right now in order to scam more people.
It's a far milder punishment for not holding up the deal but that may be a serious enough deterrent for serial scammers. In other words, merely having a time-release contract with a merchant is proof enough that you're not dealing with someone that is able to scam a lot of people.
---
And for the speculative traders: Imagine a coin that encourages trading but occasionally burns or freezes coins like this. Imagine what that does to the value of the coins you yourself are holding
Smart contract is new to everyone. Can't wait for wallet.
Anyone knows what time it's coming out?
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