Topic: BitBay |Decentralized Marketplace|Smart Contracts|IoT Tech|Markets Open - page 138. (Read 339472 times)

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.

from the ANN :

"Available for use immediately upon ICO completion:

- Windows QT wallet (Certified)
- Mac QT wallet (Certified)
- Block Explorer
- Android / iPhone wallets will release within just a few days of testing on the blockchain after initial coin distribution."

where is android/ios wallet ?
it should be already here since ....

That is what the BitBay team has stated.  So yes.

Edit for link - https://bitcointalksearch.org/topic/m.9725737

The reference to Friday is at the bottom of the post.

is the new wallet and smart contracts coming out tomorrow?? I just read that on twitter. Is it the case?

It is just weak hands and people that wanted a short term profit that is selling at a loss.
Just let the coins get in better hands, it is the best for all of us.

When this coin start climbing for real some of them will try to get in again at a higher price with less btc.

I dont understand .. why are people selling it under the ICO price.
Did someone get these coins for free?

You forgot to read everything that David said. Obviously, Bitbay is for consumers and DD will have to be set up the way consumers want it. David has right to speak his mind and sometimes it can be different from what's good for Bay as a project. No big deal. David is a great dev as always and he has right to speak his mind. Bay is still as powerful as it ever was.

Personally, I think it doesn't make sense to put an ICO that'll release 33% of total ICO money everytime you get to a milestone. If Bitbay wanted to make money they would make it differently so they can get all the fund out in one shot without achieving milestone (easiest and most profitable way to run away with money) BUT they didn't. That means money from ICO isn't their motivation at all. Competing with Alibab is their goal.






David role is a lead dev. People expecting him to answer questions regarding "alibaba" or "Ico money" is just plain retarded. How the hell would he know?

Main issue is that people think that Bay is just a smalltime crypto like any other altcoin and two or three people are working on it. That's far from the truth. I think there are people working in this project who have no clue about crypto or btctalk forum for that matter and lot of users on btctalk don't keep that in mind that world doesn't revolve around "btctalk" forum.  

My advice to David would be. Don't feed the troll. Focus on your coding and forget about everything else that's going on in BTCtalk forum. This place is full of drama and that's not just the case for "bitbay" it happens to every single crypto that comes out. Most of the trolls aren't looking for "answer". They're just looking to start drama and by feeding them you're falling into their trap.

People who are holding bags of any other altcoin are just pissed off and some of them spend all day calling out every single altcoin that looks promising. Instead of blaming themselves for their loss they blame whole crypto community like a coward who don't have balls to blame himself for his loss. It's pathetic.

Hi all,
just bought up some more bay  i cant help it really , tomorrow price will start to climb up 

When is the next feature released ? Tomorrow ?

When is the next upcoming event ?

Does the wallet allow a contract to be closed out at an agreed upon lower price? The point you raise here makes it clear that that's an important option for when a contract or an order can only be partially fulfilled.

When both parties agree on the situation, as in your example, and both negotiate in good faith, it should work fine. I guess escrow also pressures both parties to meet in the middle when they disagree, even if one party is objectively wrong but (because of ignorance or stupidity, as in many of the examples on that site) will never be convinced that they're wrong. That's often what would happen in real life anyway I assume.

That means that for this type of work, smart contracts are a godsend.

Check this website:
http://clientsfromhell.net/  

Every single one of these horror stories can be avoided by smart contracts. That's because smart contracts give both parties the incentive to uphold their part of the bargain to the best of their abilities. It's not about a 'he said she said' issue with a broken guitar or a box filled with phonebooks.

It's about "Hey I like the site so far but our contract also says that the member profile section has to be finalised. If you finish it this week we can both release each other's eskrow, if you think you're not getting it done we can just pay for the finished part for 80% and make a new contract for the member profile section part."  

These deals need a lot of communication and this can only truly be done when both parties have leverage on each other.