Topic: BitBay |Decentralized Marketplace|Smart Contracts|IoT Tech|Markets Open - page 194. (Read 339486 times)

Hey All,

BAY is now available for trade on Bittrex

https://www.bittrex.com/Market/Index?MarketName=BTC-BAY


Thanks,

Ryan @ Bittrex

Hey, you just described Fiverr operation here!
Not to mention Amazon's digital Turk...

Fiverr (for those of you not familiar with this) is a huge-huge site where people get $5 to perform a task they are experts in doing: Making a 2min video presentation, providing facebook marketing services, translating things, writing a name on a grain of rice, name it and it is there.
This "bullshit commission" is not so bullshit after all: it can be a huge operation where buyers find and pay sellers of any type of services.

Once the smart contract is in place and working, we will have the payment / escrow infrastructure to cover any type of operations.

Imagine contacting fiverr sellers and give them the opportunity to use BAY infrastructure for added income. Or better yet build a BAY-centered site where API calls to fiverr can find best services to contact for interested buyers.

BAY community should fund efforts to build such services. Getting into the real economy is a VAST opportunity. And it can happen.

There is no sense rushing it to other exchanges. Stay the Course.


The best part of all this will be the "Exchange" part

BitBay Market will be the biggest exchange there is.

Where ANYTHING can be traded for ANYTHING. Not just coin for coin.
And all with no worries about getting Goxxed again.

Nice job so far. Stay the course.

No worries. It's simple but it can be a mind fuck the firs time you hear about it. 

This is also why it's important people keep trying it out with really small stupid trades first before they dig in with serious money.

Hi Toxamax, thanks again for explaining.

This cleared any issues I had!

Neither. You both chip in aditional money. That money will be held hostage until both parties have got what they wanted. A smart contract only starts when both parties have 'locked in' the required amount of money.

Once the contract is completed the funds will be restored back to the both of you again.

https://www.youtube.com/watch?v=-qGxYmtdrH4

Hello Toxamax, Thanks a lot for your reply.

But this collateral money is that my ticket and his money, or my ticket plus money and his money?


Only that part is unclear.

Thanks!!

You and Mr Bitbay first sign the contract stating what ticket Mr Bitbay is receiving and how much he'll be paying you for it. You also define how much collateral money you put in the smart contract.  

You both put the collateral money into the contract and the contract is locked.

You send Mr Bitbay his tickets, Mr Bitbay sends you his money. Once you both have what you want, you use your personal key to unlock the contract and the collateral money is released back to you.

In case you or Mr Bitbay don't receive what they signed up for, one or both of you won't use their key to unlock the contract. The collateral money remains in there either indefinitely or until the defined period of time runs out and the money burns up. OR of course, until you both find a way to settle it. Either through extending the contract, building a new one or simply holding up your side of the deal.  

Even after reading I am still questioning the following:


Lets say I am an travel agency.

Mr Bitbay wants to buy a flight ticket.

I send him an contract? stating he gets his ticket at the times he wants.

Then he pays to middle party??

When he arrives in Bahamas who decided contract is complete ?

and then middle party gives me my money.

Airsoft guns are great fun.  I'd be all about purchasing some if they become available in the market place.

"Life is antithropic, constantly moving to greater forms of self-organization"

http://youtu.be/teVxpgm74Uw

This.
Well said. +1

Interesting but, is the goal not to instantly exchange to fiat? One of the reasons Bitcoin hasnt gone "to da moon". I see Bitbay as more of it's own ecosystem without the exchange part, eventually...

Well its peer to peer. So all we need is a good vendor who wants to refill those cards and issue them. This can be easy once things really get going.

You should lern to use wallets first before you invest in coins .

Rename the backup to wallet.dat and place it into the right folder.

help please i backed up my old wallet then my laptop crash when the wallet was open so the file did not
work so pasted it into a new file with my back in it and the wallet was up but no coins?what am i doing wrong?

Napster -> Bittorrent
Silk Road -> BitBay

Since Bay is going to be so merchant based, i think the devs should consider making a debit card that can be used at all EFTPOS terminals. You load the card up with BitBay, go shopping, buy a product and:

"How would you like to pay for your japanese sex doll, cash or credit?"

"BitBay" *flashes BitBay debit card with a cheesy smirk*


The Bay would then get sent to the BitBay marketplace where it is automatically exchanged for fiat back to the retailer, reducing any risk of volatility because it will be instant.

Think smaller. The reason why Doge works is because a lot of the transactions are about virtually nothing. People throw coins at each other for fun. 

Think about 'bullshit commisions' (yes I coined that phrase right now). 

A bullshit commision is where you 'hire' someone through a smart contract. Your commision is a description of some really ridiculous but easy task. Like:

- Make a reddit post using the words 'banana' and 'airconditioner'
or
- Upload a picture of a duck to imgur and send me the link
or
- Share the FB status update I Just made 


Write that in a contract. Both parties then add some small amount of satoshis in the eskrow and set the transaction and the time limit.   

Now you both have the keys and one of you folks will have to do the bullshit commision. 

Once that bullshit commision is done, you sort out the commision and fulfil the rest of the transaction. The client pays the commisioner his pocket change as a reward and both parties release the eskrow. 

Done. 


Don't do this with large amounts. Or actually do it with large amounts but make sure you screenshot it so the rest of the world can point and laugh at two newbies burning each other's capital . 

Anyway, I hope you all get the point. Smart contracts are new and they only start becoming widespread when more people start using them. First for ridiculous shit like this so you get acquianted with the process AND the consequences and later on for more serious stuff. 

This is where the new economy starts.

Your wallet is showing zero because it is not reading your backup wallet. you need to get rid of the 'wallet' that is there (with zero), put your backup in its place and rename it 'wallet'.

As always, back up everything b4 mucking with wallets.