Topic: BitBay |Decentralized Marketplace|Smart Contracts|IoT Tech|Markets Open - page 247. (Read 339486 times)

Guys this is legit, David is a great guy! If you ever see a coin that has a Black coin developer in it...... Just buy.... BUY IT.... David is a good guy and he is very smart.

i looked for, but did not find the flowchart.

been glancing through this thread. i'd read previously about bitmessage. i kinda feel like i did when i first heard about bitcoin. which is best summed up by the following:

David is a developer here!!!!!!!!!!!!!!!!!!!???!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! BLACK COIN FTW!!!!! ILL BE IN THIS COIN FOR SURE THEN!

0.00000266  5695488.718  15.15000

well...

Went through the last threads and i have become more confident now .Thanks dzimbeck for your insight.

The thing is if the project is legit and the bitbay team delivers even half of what it has envisioned then this could easily break into the top 5 coins list.

Lets look at the top coins in market cap after bitcoin.
(These are just my opinions)

Ripple is a scam with artificially bloated market cap.

Litecoin- Just look at the charts it is well past its "silver to the bitcoin hype".Not much developing happening.

BitShares is in a critical phase of transition with major rebranding and lots of changes happening .The Chinese money is fleeing away now with all the uncertainty and confusion about what bitshares is actually supposed to be.They are even trying to redefine and modify the meaning of DAC , a term they themselves coined.Its a good project for the long term but for now it may go further down until things get resolved.  

Dogecoin-Well it had the community effect ,its past its hype and will not be adopted by serious institutions.

NXT- They are having some good developments but they'll be stuck with the tag of having an ipo with very uneven distribution. Whenever it tries to rise in price an early adopter relieves his large bag and spoils the party.

The point being the top altcoin post is there for the taking and Bitbay can be a serious contender for it. It has all things going for it may it be branding or chinese backing,top developer and the great plans to look forward to.

For me personally the secret sauce is nubits like pegging.If they can pull it off and successfully peg close to a dollar or equivalent renminbi well then it makes one hell of an investment for the ico buyers and a stable easily usable currency for the masses.(Easier said than done)

Considering the risk to reward to ratio here I am buying into the ico but just with money I can afford to lose.
Am a BitBayer now and wish Bitbay Team all the best

 



 
  

All due respect David, this solution isn't practical and such implementation would make the use case completely uncompetitive to existing FIAT or even digital currency payment solutions. Currently payment systems, even the Bitcoin network with green addresses works in ad-hoc manner: you pay at the time of the purchase. In order to buy a pizza, hotel room, concert ticket  there is no requirement to lock the fund to the seller prior to the transaction, not even with Bitcoin. I think such system that you have suggested wont be adopted at all.

I understand your solution would be still anonymous and decentralized, but having so much complication to make a payment to IoT devices would make the solution impractical in my opinion.


I disagree. This is not a logistical but a conceptual issue. What you have described is a workaround by asking users to comply with your work around in order to have the luxury of involving with a very-very complicated process.

Anyway, thanks for answering, apart from the IoT part, your solution will be great and I have no doubt you will roll out an excellent smart contract system. I suggest don't involve the IoT it at all. Firstly people have no idea what is it so it doesn't mean anything :-)) and no one is investing in this because the IoT feature, but once someone take a closer look at it, the reaction will be that it is not acceptable for businesses and that reaction could cause more harm than good for the project. Your decentralized market solution is flawless, it is obviously a viable use case, but the hardware industry and hardware integrators will be taking apart the IoT concept and such publicity will hurt your and the project's reputation.

Did you see the flow chart i posted a few pages back? Please read up on bitmessage channels and whitelists. Then realize im adding a burn layer to bitmessage(but the first version of markets will not have the burn layer because I want the nodes)

One working solution is to have your funds locked before you get to the gate(lock the outputs with checklocktimeverify). Different companies that issue services can partner with IOT manufacturers to have a series of second keys to hold for gates. Thus your primary account would have locked funds set aside for public events and interaction with IOT. This you could contact the manufacturer at any time to spend the funds (this could be automated even). So they cant hold your money hostage because the funds are set to convert back to a regular account on the expiration of the lock. Only the gate could unlock the funds so the raw transaction is valid. The gate only signs with parties that were confirmed in advance to be honest. Those parties would hold a double deposit contract with the manufacturer too. So a double spend at the gate would harm the party involved and reveal who double spent. It would also be highly unlikely because the spender would need to know the manufacturers key which they would always keep secret. Most definitely they would secure insurance for this too. Since they stand to profit much more than trying to trick a stupid gate for 10 bucks. Furthermore, the manufacturer would probably also put scripts in their outputs so their key would constantly be changing. It could be a hash to a secret or a key. This starts boiling down more to logistics. Manufacturers would eventually be part of a network and there would be a series of things that could be done to make the hash. Different manufacturers could use zero knowledge proofs to arrive at similar solutions to equivalent problems without revealing the secret.

Of course zero knowledge proof is not necessary at first to grow the industry. This is just an example of how this would work.

My multisignature exchange uses similar theories. Holding the second key for zero confirmation, but time locking in the outputs so hostage situations are impossible. Just add the layer I explained above where unlocking your funds is fairly easy as long as you have contact with their servers and if you cant unlock its not a problem because the funds revert back to you in the future. The gate can prove this on the block chain well in advance because most likely, your funds wont revert back for a while! If the gate sees you are at the block where you revert or past it, the gate declines your transaction for fear of doublespend.

haven't had time to read the whole thread, but the initial post does look ...interesting. an actual decentralized market could be huge. complex though, to say the least. i'm gonna read up on this.

Well I know DZ is not directly responsible for the funds but I hope he understands that the community is relying on him and his reputation here. I like what I'm seeing but holding my breath because this world is a scammers paradise.

The thing is so many folks would be willing to purchase so much more if there was some kind of accountability in regards to the ICO funds. Oh well. I'm in for a few btc.

Very interesting read and really good questions. Glad this thread has been trollfree for the most part. I already have bought some, but I like what Im reading, so maybe Ill grab some more.

Agree 100%, there is no profit without risk, anywhere. At least we have a well respected Dev in the mix here, trust him and invest or, don't trust him and don't invest, period. It's a simple formula folks...

Yes, it is  :-))) Since we are talking about a digital currency  ... I thought it means paying for device services with digital currencies. The authentication capability of the blockchain without payments doesn't justify IoT integration into the blockchain in my opinion.

Yeah well I have never been afraid of growing and facing new frontiers. My reputation is at risk mostly by association. Under-capitalization is a serious problem in crypto. This is one reason why I regret not selling at the peak of LTC or BC. I missed out on millions by not doing that. If I had millions, this entire crypto space would be a different story because I could work alone with my own dev team and keep it all in house. It would not be necessary to even license at that point.

But instead of giving up, I just take a new approach. BC was lagging for a while and most of us certainly didnt have the resources. So this deal made sense to me. I'm pretty certain by the ICO, that I would not have been able to do this without them.

One thing I can say to set people at ease is this: I'm already coding these markets for BlackHalo and BitHalo. So adding this coin is not so much of a challenge here. The rest of the road-map is very practical for me. If they like making money, they would obviously want to follow this road map because its the difference of money to be made with by following it is astronomical. Also, BitBay is an obvious and solid brand name. Why not be in first position?

Seems to me that is more of an automated payment system than the first wave of IoT - which is person-centric, that is connecting the devices around an individual to that individual's lifestyle. Or the second wave, which would be connecting the devices around a person to each other and outside suppliers. All the these things presuppose more familiarity than what you are proposing.

Read the OP. Wallet is condition of ICO.

Thanks for your reply.

I am familiar with the green address concept of Bitcoin that requires a third party and allows instant transactions and I believe you are not referring to that. So if your solution conceptually is not that, let see a concrete use case: open a gate in a sport venue where users use their wallet to enter the venue and the gate controller device charges 10 BitBay coin for opening the gate. My understanding is, prior to opening the door the device must know if the 10 BitBay Coin is available for the buyer. The device must ensure the balance is available, it's not a double spending and it's a legitimate transaction, otherwise the door cannot be opened. Once the gate controller device is satisfied the balance is available, and only in that case it opens the gate. How long it takes for the device to verify if there is a sufficient balance on the address, because prior verifying the balance the gate cannot be opened?  In other words, how long the user must stand for waiting the device to perform the service?

If you say so you have worked this out and willing to explain this, I am sure that's the case, and you will have a working solution :-))

Just checking in here, lots of good stuff the last couple pages. One thing that occurs to me, in today's climate there are some good reasons for investors in a large-scale decentralized market to wish to remain in the backround. Very good reasons.

I definitely understand people who have concerns about this; investing is serious business. And for the people who are not comfortable establishing their confidence on the basis of the project goals, the tech, the market niche & potential user base - it may well be a good decision to wait. Personally, given the turn-key licensing of Halo & a January release of the marketplace, I do not think the ico price will occur again. So probably a risk / reward situation for sure.