Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 122. (Read 542115 times)

hi, I just put my first offer on bitbay and now I have a few thoughts about it, hopefully this is an appropriate venue to place them

although I did not become thoroughly well versed with all of the logistics parameters of the system it seems apparent that the use of the DDE requires me to place deposits which are pulled from the wallet as the orders are listed. this is a fundamental hindrance to people listing what they have for obvious reasons, and could become problematic to lift off and adoption. the way it relates to me directly in the now is that I don't have $20,000K worth of bitbay or that much fiat with which to purchase them (if that was the choice) .. However, the inventory of minerals is far greater than that, and even with a half deposit of bitbay (compared to the sale price of the item) I find this to be a relevant limiting parameter.

before starting to list I had guessed that perhaps the bitbay would draw from the balance at the time of the order. So here I am presenting a solution which may be considered for future implementation. with a bit of clever coding it should be no problem to prevent double spend and any other potentially problematic situations as a result of: allow the people listing the items to not be limited to the amount of listings they can place based on their balance. the balance should be left in the wallet where it belongs, not tied up in the bitbay system out of my hands. I can say that this (the current situation) will prevent me from listing much more as the 30,000 bay that I just picked up the other night will come nowhere near allowing me to even get started.  

so with this consideration in mind it would be easy to allow a seller to list let's say $100K worth of inventory and the items would not be available for purchase in real-time unless the balance was available. this may mean that the seller can have one transaction 'in the works' which puts all of the other listings on pause (based on the actual available balance in real time) .. once that transaction is success the balance will go back and the other listings would 'unpause' . in this way a seller could build up BAY coins while at the same time allowing for a full inventory to be listed. As it stands I would have to come out of pocket in a relevant way just to support the listings. with some modifications much inventory would be listed while simply not allowing it to be purchased if the coin was not in the wallet. apologies if I am being redundant. no offense but I am seeing this criteria as a critical flaw with the adoption of the system. the system should allow people to build up their wealth (coins) from a starting point, not a huge investment of real money into the system just to list things.

I would very much like to use bitbay and continue to list items but I have drawn the line at what I am willing to invest at this time. I will guess that for anyone approaching this system they will likely have a similar perspective.

I was going to laughably suggest a bot to draw people (sellers) from ebay using their messaging system and invite them with some sort of promotional to sell on bitbay! ha ha but ebay does not charge the people money when they show up. they simply will allow the accounts to function in a 'probationary' mode which limits the total listings they can place and also (paypal) does not pay them until the customer releases the payment (with positive feedback). in this way the new people who show up to ebay do not have to 'buy in' and although slowly and with great taxation they are allowed to build trust.

Well we are on schedule. So should be testing the new build soon with core.

Any news in the rest of this month David?

bitbay market is great, but having to download a full client for it reduces the amount of people who could use it by 99%.

your right about the people, it is interested to see humanity at this pivotal point, the new technologies and potential infrastructure shifts being introduced like this.. and what is required for the adoption of these concepts. things like google ebay and facebook were all nothing not too long ago and somehow people flocked to each and chose to support them, resulting in an almost standardization for the way we interact and search the web. I like to call them 'support tickets' that each chooses to subscribe to whichever/whatever service eventually empowering those services to monopolize the markets. I watched the internet grow from nothing and couldn't imagine that it would become what it is now.. and looking at it now with these new blockchain technologies being introduced it almost makes the internet of the past seem primitive. In ten years of so things will probably be very different in the way we communicate and interact. Also I think we are ahead of the game in our thinking sometimes, always true innovation is.

I haven't fully researched or conceptualized what can be done with DDE but the concept is fascinating. Looking forward to using it. And thanks such a great innovation. The client seems fairly self explanatory, should be easy to add some listings, although a bit time consuming perhaps. I will see what I can do in the near future to have some on the market.

now all we need is a mass exodus from ebay to bitbay lol

This is a great post. Welcome! Yes well so have you fully researched the power of double deposit escrow aka unbreakable contracts on our site? You will really love it if you saw problems with the eBay format. I really like it when people can testify for the need to eliminate middle men. And you asked a really good question. Will people make the shift and start protecting themselves in their business deals and using products like this?

I think they might, it is just that humanity is like water. They take the path of least resistance so we need to keep making the product more accessible and easy to use. I like the idea of drop shipping and reselling too.

There are only about 10 orders. There was more. However if you sell rare minerals I will buy some! Let us know if you need help walking though the client on Slack.

Although hahaha it's nice to have you post here too like cryptohunter says it's good to have activity on the forums.

Hey so just to mention the dates on the roadmap were to give me lots of padding on the time. We will try to be ahead of schedule I'm almost done with the new release.

Community Announcement - Oct. 9th, 2017

https://twitter.com/BitBayofficial/status/917581754231328769

welcome we need more bay enthusiasts on this board ....please stick around and don't vanish to slack

greetings, I am happy to have recently found bitbay! this looks awesome, something the world really needs. we are in the midst of some amazing tech the only question now is will people adopt it or do they prefer the typical exploitative routes of paypal, ebay, merchant bank accounts and all of the other negative and debilitating associative factors of such? this has always been my question for humanity. here in the usa, most of the infrastructure is still based on "technology" invented in the 1800s! how's that for a modern society?! ebay and paypal really have their hooks sunk deep into peoples minds a result of questionable merchants and paranoid people- the fears being played upon to rally support to the ultimate middle men, the real thieves. personally I have trusted several of people to send my products who did not (via western union, etc) and sustained loss, while this loss is nothing comparable to allowing fear and mistrust to run your life causing suspicion and immobilization.

as someone who did run a successful online business using ebay/paypal and then merchant services through bank, I am validated to say, these poorly designed systems are only there to repress our prosperity and siphon our energy. obviously most here already know that, but the real question is when will everyone else wake up and choose they no longer wish to be exploited?

because I no longer will support ebay or paypal or even bother with my own website (ebay and allies pay so much for google adwords and have so many support tickets of customers, they basically strong-armed the entire retail trading market out of business) I found bitbay. PS, how I found bitbay was not through crypto research but using google looking for auction sites that support cryptos..

when I saw bitbay and the systems in place it was of course appealing, and who would not want the ability of global trade with personally secured transactions.. well the merit in this system is awesome and it supports several things I have been saying for the past years, one of which (should be a bumper sticker lol) is F*CK THE MIDDLE MAN.

apologies for profane. other than the brief introduction I am writing here to ask a question about the actual use of the market. I got halo blockchain synced, etc. etc. but now I am looking and it doesnt look like any listings there.. maybe 10 that I can see.. am I missing something? I am assuming there is more going on as I did notice a contest for most listed items in this thread..

I have plans to start a shop on bitbay to showcase my gem and mineral collection that has been accruing for about 20 years now.. I would love to trade for cryptos and since nobody supported the stand-along website (they probably thought it was fraud/scam due to paranoia)  that I built, bitbay seems like the perfect place.

Also a suggestion mode for future versions which may also have been considered but if not, plz consider- ebay stores look great for selling gemstones and they showcase a gallery display and allow for multiple pictures to be uploaded. I know bitbay is new and just starting but for future interest this is something that would attract buyers and sellers, functionality to optionally include a compelling photo gallery. I know its lots of overhead but we have infinity storage and bandwidth these days with the latest tek (j/k) there should be some way.. then we could sell things as art, etc not just coin trades and stuff.

thanks for everything and happy to have found bitbay and offer support.. I dropped US $950 worth of coins to trade for bitbay, got high hopes for this one

I agree with this plan much better to get the user base up and demand built long before we bring in the pegging. I would leave the pegging until nearly all other conceivable development is done. I think though the locking coins away could still be used before though with the tiered levels for locking more bay for longer periods.

Pegging should be introduced not before bay reaches around 25 cents to 50 cents. Once you build usage out on the bay market place supply will become tied up in trades and services not to mention if we reward those saving their bay in the bitbay bank tiered savings bonds. I mean you can withdraw before your term but you will lose the large amounts of interest you have  accrued.

With the multi sig feature it would be easy to have a bitbay online bank that offers high interest bonds that is very safe.

Thanks for the answers!
After the first impression that was a little bit upsetting, I just understood that "Fully Functional Web Wallet Marketplace" in Q2 2018 – that is great! Really?! About 6-7 months and we'll have it? With the peg and other crazy things?

Guys, if I understand everything correctly we should reach the moon in a few days. Just because of the roadmap. Knowing that BitBay always deliver and fulfill promises.

First step is basic wallets. Multisig of course for web wallet. Then we need to expand that to contracts, marketplace etc.

Do I understand right that "web and mobile wallets" does not mean marketplace, contracts etc? They are just to store bays?
Or else it would be too good to believe 

Pegging is something we all look forward to very much. But we are actually getting way ahead of original schedule with this roadmap. Originally we had been talking about starting to develop web and mobile wallets after the peg. And those wallets are a must for our goal of mainstream adoption. The web wallet is also crucial for others to start building their own services on top of our tech. So in reality we are reducing development time with 9-12 months here. Maybe more

Web wallet and fully functional web market place with a simple tiered reward system for locking coins up for long time periods would be a greater price mover than the peg I would think anyway.

I thought the peg was said to be completed this year but there is some xmas surprise so that may be something pretty interesting we will have to wait and see.

Still good to see a solid road map even if it is a bit more distant than we thought before.

I think the web wallet/maketplace will help a lot.

Cryptocurrency has become such a money grab its easy to lose track of what's really happening here. Seeing Bitbay and a few other projects that are really innovative and have a lot of potential to shake things up is cause for celebration by itself. Everyone wants to be a billionaire, but the reality is we aren't going to be talking to our families about how much money we made. No grandkid is going to want to hear about the time you made 500% in a week.  We're going to be sharing what it was like to watch it all unfold. For the developers - you guys are creating the next airplane, the next automobile or MacBook

These are the vehicles and tools that will define generations to come.

So keep up the good work or I'll clutter the page with hippy dippy paragraphs about life and nonsense.

Now I understand why price went down. People were waiting for pegging in 2017, at least in the beginning of 2018. Now they see that serious things that could move the price up won't happen in the near future. These things are pegging and Web/mobile marketplace (that allows to attract sellers and buyers). Things like smart contracts does not impress traders much today.
On the other hand, price is extralow anyway, it will not fall much more.

We only have the custom contract template and buy/sell coins template atm. Will be more templates as you can see on the roadmap.

What do you mean by "pegging is final decision of the team?".

It`s nice that the team updated roadmap..

besides, I thought this coin already had ready smart contract templates.

Also, pegging is final decision of the team?