Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 148. (Read 542140 times)

i still don't have a working OSX wallet. will there be anything in the near future. my coins are in bittrex for sooooooooo long.

It should sync eventually. Make sure you allowed it through firewall. Also you can find more nodes on chainz Bitbay block explorer. Certain antivirus have been known to interfere with p2p software as well. Let me know if that helps.

if Polo had this listed it would be a top 20 coin. Look at penny coins like Viacoin getting all this volume and high MK. Bay is one of the best crypto's.

Yeh indeed. The tech was always respectable but now people are slowly going to see it. Still way undervalued tough.

228 BTC volume and the day's not yet done ?

This is getting respectable.

Major buy-walls starting to appear.

I really like this project and have done a bit of research but would like to know if there is anywhere that I can see the use volume.

Where can I find out the number of active accounts and number of daily or monthly transactions ?

hi,

question: just downloaded the qt wallet and the bitbay market application. both cannot connect to the network. any ideas? i did shut down my firewall as well to double check.

it seems that i get my adresses from the dns seed node but client does not download the chain... :-/
Loading addresses from DNS seeds (could take a while)
14 addresses found from DNS seeds
dnsseed thread exit

maybe some port issue? it seems like im missing something super obivious x)

thanks in advance!

Why would a seller do that? If there are no fees he can drop his price below EBay's price that's the point. Also the unbreakable contracts are better than eBay because less scams. The major issue we face is less volume. I thought of reselling items but that drives up the cost but it allows people access internationally.

Perhaps more importantly, you can use Bitbay to barter, form farm co-ops, create insurance contracts, employ and outsource internationally, sell coins for cash peer to peer with no regulations or borders, and even do decentralized exchange. There is so many ways to use this.

Thanks for your answer David, I think I agree with you .

I have one more question: since many big sellers will be incentivized to use BitBay because of no fees I think what is gonna happen is that they will try to keep the price as high as possible meaning that Buyers will have less of an incentive to buy stuff at BitBay compared to Ebay or Amazon.

Do you see this as an issue? And how can we solve it?
I mean if there is enough competition it will keep the price low and that will attract lots of users but until then it will be hard to incentivize buyers and big sellers to use your platform (buyers don't benefit enough and sellers dont get enough volume since only few buyers).

Regard,
CryptThinker

Great question! So as I said above an insurance provider would be one potential solution.

The current solution is actually pretty simple. Since all your accounts are dual key you can give ONE key to a spouse without jeopardizing the account or even give them the two public keys simply so they can access your account from your computer. This will only give them control of your contracts. Because currently the contracts are brand new private keys stored in contracts.dat (by the way that is why we "autobackup" this file, it is almost as important as your private keys)

I think even in the future I may make private keys for contracts based on the main private keys you hold so that way there is a way to do key recovery if a contract is lost.

Currently in the next version I added a new feature which is if you lose communication over email or Bitmessage you can manually import completion signatures and other escrow messages. So now just in case you lose touch, there is a way out.

Well first of all, the deposits are not forced to be any size. The software allows custom deposits and guarantor contracts (unliateral). Also there is a reputation system built in you can easily scan to see if a merchant blows up a lot of contracts and mathematically calculate their risk. Eventually some people would be
so trusted their deposit would be nominal if anything.

Also I think you are misunderstanding the theory behind double deposit (you are almost there).

If Bob puts in 1200 and Lisa puts in 250, they can both agree to cancel, Bob would get everything back all 1200 and Lisa would get back 250. If he received the item he would have to ship it back.

If Bob wasn't a power buyer Lisa would never allow such a low deposit... if he was a n00b she would require 1000 advance payment and 1000 deposit. She being a power seller would as you say be allowed to put less than 1000 (potentially 250) and that is only if Bob consents to the contract!

So sure, if Bob was a jerk, he could pay $200 extra which is why the buyer would be putting up more collateral in this scenario unless he has purchase 1000s of items.

There are no weaknesses to this system in my opinion. First of all, nobody with an ounce of sense would blow up their own money out of spite. Bob and Lisa are forced to work together, if they don't the both lose the ENTIRE escrow. Nobody gets it. There are no partial refunds. This mitigates the risk of extortion. Besides in a dispute the only ones who know the "truth" is the victim, the perp and potentially god.

Also the users know the risk of the counter party going into it. Being unreasonable is what I hope some users try... because only the unreasonable and deceptive deserve poverty. We are trying to flip the world upside down and make a contract that only favors honest people.

When you start to involve 3rd parties, they are biased. Here is my analogy. Let us say you were on trial for murder... would you trust a 12 random strangers you never met and a prosecutor and a judge to fairly decide the truth? Especially if they weren't there? NO WAY.

The modern system is broken, totally reliant on human error. This just streamlines the process. Punishments are built in. That isn't to say you may not have grounds to pursue your vengeance further if things blow up. But the point is the incentive for deception or theft is (almost) completely eliminated.

What do you mean by "prove" or "truth" the whole point is, you can't prove she sent a laptop. She could have sent a box of rocks... we are in this "big brother" society that wants to do the impossible (control every micro-action of everyone). What is the post office going to gut and inspect every package? What a waste of manpower when this system solves the problem inherently.

If a moderator would be allowed to decide who gets what then its not a fair system. Then moderators could pay themselves. This is the problem with Open Bazaar and SYS mods could simply collude and steal funds I can't fathom why anyone would think this is okay. Currently escrow theft accounts for almost 50% of stolen bitcoins (if you count exchanges)... and even without counting exchanges hundreds of millions of dollars in BTC stolen. This is because people are trying to use a trusted escrow in a trustless environment.

Add into the mix that business is INTERNATIONAL and there is no way you can do a deal with someone in China if you are from Nigeria unless both of you have something to lose for lying. Even trying to sue someone across countries is a waste. Not to mention it forces a jury + judge and hundreds of other people to get out of bed to moderate your problem. Everyone wants to plea to big daddy to come in and help them when all they need to do is help themselves.

If there was a customer service not only would that expose us to a tremendous liability but would also force us to guess. Since when in society did people forget that they are their own best judge in the case when they have been wronged? Include the risk you think you run before dealing with a counter party.

This is why the DEFAULT contract requires deposits equal to the value of the item... the system wants to give you the best protection possible. And yes this can scale after you have done 1000s of deals on the platform. Or perhaps you do some KYC and you really trust the buyer then sure go ahead and send them a custom contract. We already do this for cash buyers (Craig and myself) and some of the other coins for cash sellers.

Also I think eventually there may be companies willing to offer insurance on deals. That in my opinion would be the best of both worlds, you pay an insurance provider a small fee out of the TX and are required to simply document the deal and they will honor a claim under certain conditions (a package was lost, someone died, etc)

And by the way, thanks for the discussion I really love it when people take an interest in DDE.

As for me, I see only one weakness in DDE: What if Bob dies?

In terms of real world cases, BitBay is one of the best technologies and has one of the most extensive list of features with some of the best useful ones in all of Crypto. It's only a matter of time before it starts getting the attention it deserves. I have noticed increased interest lately

Part 3:

I think its also fine if you put the money for unresolvable issues in a fund that is used for something useful like customer service or advertising if possible .

I get it that customer service is in conflict with this while decentralized idea but still it would be nice to have a little bit of customer service like a live chat and some guy that reads emails.

Ok now one more thing to add about Double Deposit Escrow where I think there is a more optimal solution.
Lets say Bob wants to sell his car for 10000$.
I really doubt that he can afford to pay the smart contract with like 5000$ if he's broke af.

The Solution:
Why not both?
We live in a world of endless possibilities so why should we limit ourselves to just Double deposit escrow?
We could enable both regular escrow AND Double Deposit escrow and make the PEOPLE that use this software decide what they want to use for their deal.

This actually goes really well with the whole bringing back the markets to the people idea so I strongly believe this should be implemented even though there will be exit scammers and other cases of fraud.
But it should be an overall improvement since both parties agreed to regular escrow and should be aware of the risks.


How it can be implemented:
When the seller creates an offer there are checkboxes where he can determine which options of escrow he wants to use.

When the buyer sees the offer he can see which form of escrow is wanted so no additional communication is required.

Feel free to disagree with me.
Happy discussing !

CrypThinkerton

Continuation:

Now there is one subject where I clearly disagree.
That is burning the coins when there is a conflict and the trader and the buyer can't agree upon.

Say Lisa sells her Laptop for 1000$ and Bob buys it.
Bob puts in 1200$ and Lisa puts in 250$ because she is a power seller on BitBay.

Lets assume Bob doesnt like Lisa because she has a cat avatar and now Bob cancels the contract although he received the good. To be fair that cost him 200$.
But is it fair that you burn the money?

What if Lisa can prove that she send the Laptop? She deserves to get paid.
So I would say that we need to differentiate between resolvable and unresolvable issues.

Whenever one site can prove that he says the truth that person shall be paid accordingly.

The excess of the funds will be used for paying these moderators and the rest for customer service.

What do you think of this idea?

Regards,
CrypThinkerton

Hi guys I just registered in this forum because I'm really invested in BitBay and I think that it has potential.
Excuse me if I say something wrong here, I'm not fully aware of all the features that BitBay offers.

David I hope you read this:
I came here to discuss the "Double Deposit Escrow vs Regular  Escrow" subject. In my opinion both have weaknesses the weakness of Regular Escrow is that it has serious scalability issues. Think about hundreds of users selling something at the same time... will you really find enough trustworthy persons that are going to escrow a deal? Probably not.

Now I do think DDE solves the most part of these issues. Say Bob wants to buy a Pizza for 20$ from Lisa so both put in 20$ in a smart contract and Bob puts like 20% extra on top of that. It doesn't have to be double in my opinion what Bob has to put in.

I think that if you force Bob to put in 40$ you will not attract enough people.
Of course Bob has to put in more than the sell value so you protect the seller from getting trolled but as long as Bob is paying more than 100% of the sell value he isn't incentivized to do that.
Imo the added price bob should be in the 15%-30% range.

Say if Bob buys a Laptop for 2000$ I think its enough if he puts up 2250$ upfront.
If Bob receives the Laptop and he wants to troll the seller it would cost him 250$ to do so.

Nice one. Still lots of potential in BitBay. So much running features already running and more on the horizon. It is still kinda overlooked. Altough the word is spreading that it is indeed a hidden gem. A fact based gem

Another video commenting on BitBay price

https://youtu.be/1q0b9LFNhxo

ha cool i like that address name. thanks for answer

Odd.
I've heard of one other person who's come across that in reddit.

Try this link out. See if David's solutions help?
https://www.reddit.com/r/BitBay/comments/6gdq6c/bitbay_programs_dont_work/