Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 165. (Read 542140 times)

Thanks David, definitely looking forward to seeing all this unfold

How's everyone doing? Good to see bitbay performing so well. David's hardword is finally paying off!! 

I can't seem to recall where I put my wallet.  

If you ask for the #1 complaint of merchants accepting bitcoin as a payment option is that they fear its volatility. Their cash flow comes first and foremost, which means they can't afford to hold bitcoin if they sell items for bitcoin and then wake up one morning to see the price of bitcoin is down 5-10% because, for example, the damn Chinese government all of a sudden decides to manipulate the price through new unexpected regulation laws. Merchants must retain their profits to stay afloat. So they typically do the most obvious solution, which is to cash out to fiat as soon as the transaction is complete.

The rolling peg will solve this. The goal of the rolling peg, in my opinion, it to provide a solution where the price of the coin can still fluctuate, but in a much more stabilized environment. My hopes are that it would become even more stable than most of the forex 'majors'.
 

Why is this necessary ? What is the benefit ? It just seems like how the central bank works except you are giving people the chance to vote. It seems like an unnecessary complication that has the potential to cause problems. The average Joe won't be voting anyway so this is one more way for the whales to manipulate the price

Thanks for remembering those details. Also I should add to automate the vote would be what most people will do. I was thinking we might have to add another option to that dropdown box which is "vote towards target" and have them vote to a target supply or price. Its possible to only let those decisions for each user run for a week or so to force them to occasionally check the software again to recast it. These are mostly user interface decisions but not protocol.

The idea of how centric do we want to make an algorithm gets closer to the heart of protocol.

Actually the frozen supply can effect demand in a good way. There is a bylaw being added to allow transfer of frozen supply on the condition it is locked in a 1 month time lock. This "slows" the frozen funds so you could just say there are variable speeds of liquidity. The slowed funds are used for bonds, credit swaps or trustless loans and really all kinds of cool instruments never before thought possible in crypto.

If there becomes a speculative market, i would think the frozen/slowed funds would become the speculative market. Because those give access to voting power, can be staked for interest and also serve as a future. It will be one helluva fun trading game.

I can see the peg falling into the situation you described. A few potential risks is it is deflated too much so the price goes way too high and cannot be recovered to that target. Another risk is the network can't agree on a supply so it gets stuck at a certain level.

But consider that there is always changes to the economy and the ones holding. So most likely it would never really get stuck at a specific supply. Someone who buys up 100% of the liquidity would end up seeing the supply inflate. So i think as long as there is consistent demand that is something we shouldn't worry about.

But lets say this happens. Then we would want to consider forking to update the algorithms perhaps?! The cool part about this is that its an awesome social experiment so we can see how it goes and adjust and get inspired to improve upon it with better algorithms.

In theory, we can do it based purely on algorithms without voting but for now I really like combining the two.

Just to make sure I understand correctly...

By being able to change the liquid supply, we can manipulate the spot price. This shouldn't affect market cap, however, because we're decreasing the supply to increase the spot price, and increasing the supply to decrease spot price. Since market cap = (supply x spot price), in theory, we should be able to keep the price constant.

My questions:

1. At what frequency is the liquid supply updated? It's not uncommon for crypto to have ±10% in a few minutes, and this could be troublesome for a consistent peg.
2. Is voting really going to be effective enough to keep track? It seems like it would be a full time job to constantly adjust the liquid supply manually.
3. Does the existence of illiquid supply affect the demand in any passive way? The dynamics here seem complex.
4. Will we ever get into a situation where BAY will be locked away indefinitely, in a sort of "checkmate" between keeping the peg consistent, and the inevitability of a drop in demand if the peg were to change (to release illiquid funds)?

Bitbay rocks !!!!
Go to the 1000 satoshis !!!!! We can do it

well it will be bad if it crashes and people lose their money when they trusted it to hold value against the usd.

however yes I hope people get a wake up call now and realise this is not the way to go

Bay's rolling peg will be much better and by the end of the year people will start to realise they have been missing out on a good project here for quite some time.

No great loss if they both crash and burn...

Tether at .93 cents
Let's hope that centralized beast fails. Might as well take bitfinex down with it.

Good see our dev active Bitbay for long time will be amazing

Glad to see bitbay price in green since I bought them.I hope the rise continue.I had planned to hold it but got frustrated to see 50% dip in price but good projects take time to build up.

The fork will happen when i finish the other updates in the next release most likely shortly after and it will take at least a month to trigger on the blockchain so everyone has time to update their software.

And why would we burn coins to cut supply?! Please excuse me for saying this but that doesn't make any sense.

You should familiarize yourself with the rolling peg which can freeze and unfreeze supply which will be able to control the price.

Before that I've got a bunch of updates to the existing templates which already can do pretty much anything you need it to do.

The cash for coins template for example is a trustless way to buy Bitcoin or BitBay with cash/fiat using double deposit and unbreakable contracts.
Since the contracts can't be broken there is no arbiter, middlemen, or fees to a big company. Its just peer to peer cash deals allowing anyone anywhere in the world to buy any coin they want.

Try and explain yourself more clearly.

What do you mean when you say there is nothing to it? when it offers more use than 99.9% of other projects

what do yo mean when you say this hasn't grew a dime? when it has gone from 50 sats to 750 sats?

Perhaps there is something we are all missing because these statements on the face of it seems bordering on absurd... even ironic.

From what I saw in the Video it truly is a smart contract that u can use right now to sell "ANYTHING" Not like other coins that just talk abt it happening.

https://www.youtube.com/watch?v=HrXUZRGd1hE&index=1&list=PLILfNPSQCo6yjFiwXY6-C-ikIDs6v2nHU

features is not enough actually. the only reason why we can see this bitbay having a value of 0.01$ is because BTC is rising but actually this still hasn't grew a  dime. dimwit investors still get to invest to this shit when there is nothing to it. who do you think will use this coin?

Why is there no IOS  wallet yet. That would help the market. And when is this fork goin into place? Any planes to make a burn wallet to cut down supply?

Actually even my main account was not staking that often during tests. Which maybe is a good thing. It means more people are staking!

You can see it here:
https://chainz.cryptoid.info/bay/#!extraction

That tells you the distribution of staking power

I totally agree with you. The vapor products literally steal money from real ones. At least consider most of their volume is fake but how to be heard in a crowd of shouting people! I suppose just do it with actions. Hopefully our features will speak for us.

Are you on QT wallet or Client? How many coins do you have in your wallet?

At 1% return stake reward, have you calculated how much you should earn based on a year's worth of staking? Then divide that by 365 to get appoximate amount you should earn per day?