Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 126. (Read 542115 times)

Were seeing some price action!

The pegging is about supporting a stable goods price, not so much a stable coin price. The coin exchange rate with other cryptos or national fiat currencies can still move long term with the market because it's a rolling peg which means the peg can move at discrete intervals.

Between those intervals you have a stable monetary platform on which to trade goods (like, say kids prams, motor cars or the new Honda Jet).

This mitigates or eliminates the trader's exposure to losses on their goods trade from currency fluctuations. Meanwhile, the fact that the peg can roll also makes the currency investable and tradeable in its own right.

Best of both worlds: Decoupling the priorities of goods trading with those of a freely traded monetary instrument so that the blockchain has an independent interface on each market.

If you take away the pegging feature, you take away the coins ability to minimize significant fluctuations, especially in a downward trend. I think people would be interested in investing in a coin with much lower risk than what is out there currently.

Are you posting in the wrong thread ?

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Thanks
Reply plz if im applicable.

I'm not really on board the whole Peg-part of the project either. I don't see the reason why you would want to force the coin to be lower or higher than a certain value. One of the big things with decentralization is that real economics can have its way. If people really want the coin, they would buy it and the price would go up, if people don't want it, it should fall. When it's low, more people might be intersted in the project, and we're back into the spiral.. If you force it to be less than a certain ammount of coins, just to force it to stay around 0.1$, then people would just panic, since their coins are "locked".

I truly hope that investors will see the value in bitbay. Get in while you can before it is too late.

New Waves DEX design is very close and after this it will gain in popularity strongly. Maybe it's time to list Bay there?
By the way I used Waves DEX myself and found it very nice! The new design will bring some missing features and more.

Can someone supply us with the forum signature code of bitbay coin?

Is there any update on a Mac wallet in the works?  With how popular Macs are in tech, it seems silly not to have an official Mac wallet unless i'm missing something  I see the QT PC wallet only on the website.

Tiered interest doesn't work to restrict supply -

I know you are far smarter than I david so i don't doubt this if that is what you say.
But in some cases it does keep coins from churning over and over. I watch dash and pivx and the tiered reward system (perhaps in part due to the hassle setting the masternodes up) does keep a lot of the minting locked away. I had a few myself and it was quite a hassle setting them up so I never bothered selling unless a HUGE prolonged spike and was never temped on little 20-30% spikes.

This part what you said...

Now as for tiered interest you know where it would work? On the frozen coins of course. Depending on the quality of the liquidity being staked you could certainly offer more attractive interest rates. So something very frozen could get better interest increasing demand for it.

Yes this is kind of what I was meaning all along.. perhaps I didn't explain it clearly on thread or in my pm. Certainly paying greater interest for locking away (savings bond) great chunks of bay for greater periods of time.  This is exactly what I would think would inspire long term accumulation and saving.

Also i see on bittrex the volume is building again and I notice a few accumulation whales .... I think it is not out of the question we will be back in the top 100 or greater very soon.

I mean removed all the dreams and talk fake market making collusion schemes and bitbay is probably top 50 anyway.

Great to hear things are moving smoothly anyway.




I am very pleased to hear you think this is workable in the future.

Tiered interest doesn't work to restrict supply and you need to give economically unsustainable interest rates.  Everyone here knows that doesn't work for a currency. In fact, Coinage was removed from Blackcoin because it was a serious security threat as users didn't have to stake funds to gain interest and could connect at a later date and get better rewards. I'm not saying there isn't an iteration of it that wouldn't work but still, aggressive interest rates don't help the economic health of anything.

What you need is control of supply which is what we are doing. Hence we can freeze what is needed at the time, and thus the liquid coins have greater value when supply is lowered.

This of course means the price is dynamic and can certainly still entertain investors. But at the same time it will help stabilize things and help grow the price. My biggest hope is it gets rid of market makers and manipulators and replaces them with the tech itself.

Now as for tiered interest you know where it would work? On the frozen coins of course. Depending on the quality of the liquidity being staked you could certainly offer more attractive interest rates. So something very frozen could get better interest increasing demand for it.

With that said, that is a bit overzealous to release on the first fork. So most likely if we do something like that it would be after we see the first iteration of the peg and it's success to decide if we can add more to the complexity of it.

So one step at a time, we are almost there! The wait is almost over. And things have been really running smooth lately.

BitBay Community Update 9/25/17

-   NOW HIRING: Our SEO Team needs some enthusiastic and informative community members to help do some light work to spread the word about BitBay. These positions start at 500 coins per week, with bonuses and potential opportunities for advancement for volunteers who go above and beyond. Experienced Redditors needed especially! Join the BitBay Slack for more information: http://bitbay.market/wp-login.php?action=slack-invitation   

-   We are doing an AMA (Ask Me Anything) in the Ark community Slack on the 3rd of October at 10 AM PST. If you have any questions you would like answered or if you would just like to stick around and learn more about BAY, feel free to join their Slack: https://ark.io/slack/

-   The marketing team has been devising a gameplan to incentivize vendors to list products on the BitBay marketplace for the first time. While we are starting to see some new items pop up, we believe we should take steps to introduce BAY to as many new users as possible and part of that is offering a reason to try out a relatively unknown market platform, in this case the incentive will be BAY coins and free publicity for whatever it is you’re selling both within the Slack and throughout our social media channels! Also, THERE WILL BE A PRIZE for whomever lists the most items on the BitBay marketplace before October 3rd! We want to be in position to leave a great impression after the ARK AMA.

-   Working on a more in-depth release schedule/roadmap – stay tuned for more concise information on when the next update to the BAY client will occur.

-   Our graphic designers are going above and beyond with our new and improved infographics. While still a work in progress, we are already seeing a dramatic rise in the aesthetic quality of our imagery/branding. Thanks Guima!

-   Came up with some fun concepts for BitBay Merch! More updates on that as they come.

-   A historical first – 5 acres of land have been listed on the BitBay marketplace in sunny San Bernardino California! Definitely starting this week off on the right foot. Stay tuned!

Well traders playing around with can be otherwise described as giving investors incentive to hold and accumulate for speculative reasons. If you eliminate the incentive for speculation compared to other projects you now have lost the vast vast majority involved in crypto today.

These speculative reasons right now are the reason crypto has any real value.

I stick firmly to the opinion giving people the financial incentive through interest rates to accumulate and hold and disincentive to dump and churn is the most successful manner to increase interest in this project.

The pegging for me is mostly important in preventing a crash almost like when the stock exchange is taken down under extreme circumstances

Strictly the pegging would become most useful once bay is at a dollar or greater. Pegging now as I understand it will not be as useful as it will be once you have a much wider interest in the project.

For me the locking or making coins unavailable to trade on the live market will only work if those locking their coins are given increasing incentives to lock increasing amounts for increasing periods.

The idea is very interesting but I don't see how it can become useful to bay right now at this stage until you have a huge user base and real world adoption and much higher value per token. Activated in its current form to smooth or prevent spikes will perhaps discourage speculators in this sphere. Since all crypto has at this point is speculators that could be unwise.

I mean of course if I do not understand the pegging exactly and you can explain how my reasoning is incorrect I will be more than happy to listen.

I have been thinking about this more and more lately and although I see vast and interesting applications for the pegging I do not see them at this stage for bitbay. Perhaps when we are top 10 then yes.

It is very strange  but in the last 3 days I have had 2 respected developers (from large cap coins ) PM me and mention they had been following the bitbay thread with keen interest they went on to say the tiered levels of interest based upon amount of tokens accumulated and duration held is an idea they are already working on in slighly different variations.

All the work on the pegging is not wasted and is very important for creating wide spread adoption based on real work application for a currency for the decentralised market and all other things but for now i would put that on hold for when that is viable and work on a method right now to increase incentive to accumulate and hold for speculators which is all we have right now here in crypto.

First build the value to a top 10 top 20 project then flip the pegging switch and build out adoption based on real world usage and application.

I would have anyone point out the flaws in my reasoning because I have enjoyed my education on this board so far. I am very open minded. Being proven wrong and given greater insight is something i like.

Play to what we have here now - speculators -  

Force attention here now - market cap

Solidify cap and work on real world adoption through stability - flip the rolling peg on...

Even though I am not even a top holder of bitbay it is the project i would like to see succeed the most.

Decentralised trustless market places and exchanges are the missing pieces to this crypto puzzle right now.

Good observation, I agree, even Tether goes up and down. People will still trade, maybe even more since there is less chance of loosing their profits in the next dump. It's interesting that's for sure!

If the purpose of making Bay was to give traders something to play around with, you would have a point. But that's not what we are here for. Let the other coins play the p&d games. We are building this for mass adoption, and you can't get that with the volatility that crypto is known for.

Edit: That said, I believe the peg will give some very interesting opportunities for traders.

Perhaps, but we should follow the roadmap because we already have a lot of great features on the way

The pegging I feel is very useful for preventing out and out crashes. I think it should actually be an auto algo that recognises any huge price dumps and activates on its own

I do not really like the idea of it preventing or smoothing spikes though since this is indeed the excitement crypto traders like and are excited by.

It is a difficult one to really understand fully and i agree will be trial and error but still an amazing feature to have no doubt.

However, i believe tiered POS levels for locking up coins would be even more useful and have an even more powerful effect. So for example people will never be prevented from selling their coins in real time but will be motivated not to do so because their very nice POS rates they have achieved for accumulating and holding so many bay for such an extended period.

It should be a sliding scale and people will be simply incentivised to buy and hold and stake and decentivised from dumping since even more complex pos rules could be introduced for unloading rates over certaiin time periods.

This I promise is the last time I will mention this though since i am either incorrect in believing this is a fantastic idea or others are incorrect in believing it is not.

I see little community discussion or interest in the idea anytime I mention it.  I believe this would be a fantastic and very powerful feature.

No you are way off base there. We will stabilize the price and the supply would be determined by the community. This system can be used to make a hard peg by also allowing interest rates to increase and base the entire thing off of a cold algorithm. However it can be used to make a "rolling peg" or more or less like a crawling peg in economics. It will get rid of the volatility during massive price crashes and let us deflate aka freeze to defend against it. Then when volume rises and price increases too high because it's being aggressively pumped we would inflate to punish the pumpers for going beyond what the market supports.

So the truth is, it gets rid of the market makers and manipulators and instead price is controlled simply by technology.

But perhaps the best proof is in the pudding. Watch and see. I'm known for delivering on my word.

By using a combination of automated algorithms and community vote we can really hone in on the price that meets the demand. If our supply was always set to be equal to the demand we would see the kind of stability you are thinking of.

But let me also paint another picture. Let's say we do aggressive rate changes and force it as a hard peg. So all our coins end up being worth $1 but to do it, it freezes like 90%. Even so, you are forgetting the fact that as demand rises it would inflate to release more coins. So just because you were only able to sell 10% of your holdings doesn't mean you won't also be able to sell the other 90% when the market matures and demand increases.

And even if we chose a fixed algo (which I'm definitely not recommending because in my opinion the dollar is weak) ... even with a fixed algorithm we can "roll" the peg upwards going from 1 dollar to 2 over the course of a year for example.

It's just trail and error, the good ol' fashioned scientific method. And in some ways also an art form to really decide what will make investors and users happy. Although we can't expect to make everyone happy but I can assure you this is what Bitcoin was supposed to be "programmable money" and we are doing just that. Programming money.

Okay. Please explain this to me then. You either say that coin is stable or say that it is not. You can't have both. Now, if BAY's price will  increase if there is higher demand, then it will decrease when there is lower demand. Period. If thats the case, whats the point of pegging? whats the point of freezing coins? Your point is, if there is a less demand you freeze more coins to maintain the price, but in reality, you will have to freeze more and more coins if there is a less and less demand and I get less and less real value from my accessible coins anyway. Its like a robbing a Peter to pay Paul.

Edit: What you do is, deny the smart traders, who can foresee that BAYS price will drop, opportunity to sell it all when its most profitable.