Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 18. (Read 541980 times)

We all are, however we should meditate on the issue of depending on 3rd party services. We will eventually find a permanent home on a DEX. Just a matter of time. We will keep persisting. Exchanges are the weak link. The large cover charges, the gatekeeping, the exit scams. We have to always have alternatives.

I apologize for that statement, was very frustrated with Latoken.

Sorry "lucky", Latoken did NOT drop Bay, check you facts before you post crap.

This was posted on Slack this morning:

Alysea   1:53 AM
Dear BitBay community,

On behalf of LATOKEN, we apologise for the delay with the reopening of trading.
We had planned to reopen trading in the previous week but unfortunately some new bugs sneaked in.
Thanks to the help of BAY community, we have been able to find these bugs and fix them.
Sadly this Monday, additional new bugs have been identified and need to be fixed.

Currently user balances should have been fixed. Two issues remain, one related to the opening of trading, the other related to BAYR deposits not being credited.
We are focusing on reopening trading first. Once this will be done, we will work on tracking down the deposits issue.

We understand the frustration caused by these delays and we are sorry that it takes longer than expected.
Thank you for your understanding and patience while we fix these remaining issues.

Special thanks to the community members helping us with testing regularly to get rid of these nasty bugs!

Hell Yea!
Keeping my fingers and toes crossed.

That's great news!!! 

This was posted on Slack this morning:

Alysea   1:53 AM
Dear BitBay community,

On behalf of LATOKEN, we apologise for the delay with the reopening of trading.
We had planned to reopen trading in the previous week but unfortunately some new bugs sneaked in.
Thanks to the help of BAY community, we have been able to find these bugs and fix them.
Sadly this Monday, additional new bugs have been identified and need to be fixed.

Currently user balances should have been fixed. Two issues remain, one related to the opening of trading, the other related to BAYR deposits not being credited.
We are focusing on reopening trading first. Once this will be done, we will work on tracking down the deposits issue.

We understand the frustration caused by these delays and we are sorry that it takes longer than expected.
Thank you for your understanding and patience while we fix these remaining issues.

Special thanks to the community members helping us with testing regularly to get rid of these nasty bugs!

Thanks everyone, yeah we will keep moving forward. I really wish I could wave a magic wand and the liquid marketcap would be in the billions. However, the actual moves will be a grind. And that's okay, we have done it before. We know our focus, angles, exchanges, etc. And very soon our web wallet will be updated.

Hell yeah!  

^^ I agree completely

There's no reason to panic about Latoken; Rome wasn't built in a day, or a week or a even a month. The devs probably are not able to give 100% of their attention to our project. And there the whole pandemic thing going on and we have no idea how that is affecting Latoken's operations or impacting their employees in whatever location they in. I don't believe we are anywhere close to the point where we should be concerned latoken is trying to steal.

Also i can see how it would be really confusing if something went wrong. From the wallet i have now way that I know of to tell what my frozen/liquid/reserve balances we on any given date and any given time. I tried to verify that latoken re-balanced my account correctly but ultimately it got too confusing because i could see a record of my deposits, trades and withdrawals, but it gets super complex trying to figure how many of my liquid coins were turned to reserve and when and if that was reflected in the reserve balance or whatever when my trade history is pages and pages long looking at two different coins. This is complex stuff. And then they also have to make sure the liquidity mixing doesn't screw anyone over. They have a lot on their plate. Let's give them the benefit of the doubt and give them more time to get things figured out.

Getting an in house exchange would be definitely be the best move. It'll just take time, the team is small and resources are limited. As long as we keep chugging along, everything is going to work out. Blocknet would also be great and I think its just a matter of time with that.

This is an awesome project and most of us will be here for the long haul and someday, in the not too distant future, the weak hands who decided to bail on what they thought was a sinking ship will be banging their heads against the wall like Homer Simpson going DOH! DOH! DOH! while the rest of our fortunes rise with the massive tide that will lift this project up to higher and higher highs. BITBAY IS THE FUTURE OF MARKETS! Can I get a hell yeah?

La token have been quite impressive in some ways actually.

The didnt steal the Bitbay funds. They put in the work and their support is excellent with the live chat.
I guess this is just a very complex set up.
I don't claim to understand what is required their end.

They keep making changes and. today so let's give them some time.
So far I think they are pretty good.  Exchanges like poloniex would have wallets of for months for bugs.
I think we should certainly not be too critical too early.
If they are tech savvy they will certainly see the clear potential of this project hence why they have probably put quite and bit of time and effort so far. 

Bitbay needs to become 100% self reliant. This project has been crushed by 3rd party problem and decisions everytime.
We need an internal exchange. A simple Bitbay to btc or ltc/dodge exchange would be fine. Or at a minimum get with Blocknet.
However better to have it in house.
The project cannot build any real value momentum until we stop hitting 3rd party bumps every time we get slightly moving.
Perhaps the 20 cent default was a bit much in this market. Perhaps 5 cents default to get rolling with some volume.

I think with a polished and fully functioning web wallet it is worth a dollar but we need to get some awareness first.

Plus the community is tiny and has no real clue how to expand. Huge momentum can still be achieved on this forum
But for sure you want a stable exchange and easy to use web wallet before pushing it out there too hard.

Let's give latoken a chance they have done okay and way better than any other exchange that we have tried to work with recently

Do we have any coders that can take a look ove their code? I mean we have the Peg working our own test exchange for a year?

Lets not panic. Hopefully they will give it more time to get it sorted.

Thanks for explaining, they are not interested in taking on Bitbay? would be perfect with the same name and all. I was very frustrated with all that is going on but I  still have faith Bitbay will rise up again from the ashes like the phoenix!!! 

Losing faith in consumers and the crypto space is a very good thing imo. Faith implies "trust"... and trust has no place in the crypto world. We have all wanted the good ole days to come back to crypto... well, this is as close as it will get to that. Altcoins as a whole have been decimated, leaving only the hardcore projects behind to fend for themselves amongst leftover vaporware. Meanwhile a new world order is now being formed as we speak, and the market/need for our tech grows exponentially by the day. The projects who position themselves well early on will hold the keys to the city when things settle down.

BitBay has been through hell and back over the last 5 years, no question... it is already positioned well by having a solid working product, however there is still alot more hell to get through to be able to take its slice of the pie. The amount of functional and disruptive code that has been written and tested without any funding is insane. With some much needed diversification of exchanges and a couple new investors (liquidity), there is no reason this project couldn't enter its next phase and begin to snowball.

Like you David, my motivation has been at an all-time-low as well. However, I am realizing that this is more a characteristic of motivation itself... which is always reliant upon positive external events. Discipline is what gets us through these low points and negative external events... and ultimately carries us through to times of motivation again. It is the one thing that separates the wheat from the chaff.

Discipline and perseverance is what separates BitBay from most other projects.

Oh people always get confused with that. I do not run BitBay exchange. That is a Polish company that was founded at the same time. Although we had more recognition than they did in the beginning. There was a lot of recommendations to rebrand but we never did as exchanges come and go. This was stated many times on our forums actually. Now with that said it would be nice if we did have a cash cow because if we had that kind of cash flow we wouldn't be in this situation.

And thanks for clearing that up, I know you have been a supporter. Just was clarifying that we have done everything possible. Honestly, even I have lost some faith. Not in the ideas or the tech but just in the consumers and crypto space. It's really hard to stay motivated after everything we have been through.

I have 1 question for the Dev, you run an exchange yourself, why not run Bitbay completely yourself on your own exchange at Bitbay.net?, would solve all the problems.

I never blamed you or Bitbay for this problem, I thank you for your detailed response. Like I said before, I have been your supporter since near day 1 and I thought you had and still have an awesome project, thus my sadness for the way things have gone. I do hope Bitbay survives not just because I have invested in the project but also because I believe your project to be a great idea.

I'm definitely not happy with the exchange. I believe the funds are safe however we aren't able to audit their code. We have done everything on our end to insist on exchanges following our rules and protocols for integration. We are well documented and Latoken assures us many times its not the fault of our code, they say it's bugs on their end. I don't blame you for being upset. We ask the exchange almost every other day or two for an update. Trading was supposed to be live days ago. I don't know when it will be live again however we are waiting just like you guys are. With that said, we are going to need better partnerships and next time the exchange should allow us to do an audit of implementation or we don't go into the deal. The thing is to move forward we need some big angel investors or large scale liquidity providers who are willing to step in for a good amount of BAYR/BAY.

Not sure why you take it personally as we all are experiencing the same setbacks. Who isn't effected by this? Our entire team is no longer even getting paid except like a couple people. You and everyone here had many opportunities to make a great profit over the past 6-7 years. Some people becoming millionaires from almost nothing. Also you should remember after Bob/Dai/Lin/Gecko left the project in shambles our marketcap was almost nothing and we also had very few exchanges with no volume. And we recovered from that skyrocketing to .5 billion marketcap.

Altcoins are currently demolished from the bear market. Even if we start trading on Latoken again we would need a strategy to expand our liquidity.

So therefore what I mentioned, looking for liquidity providers and exchange partnerships are our best way forward. That includes anything in house which could drive profits or DEX options.

Nobody should be under any illusions, it's very difficult for us when most of the exchanges stole our listing fee. But you know what, if they had actually listed and our users put BTC on those platforms the exchanges would have stolen that too.

This is why the best option is advising multisig exchange and DEX as more secure trading options. Getting a large scale liquidity provider or a series of them can drive up buying power. There are options, we might not succeed but we are still doing better than many other projects that got completely destroyed by the alt crash.

I feel like my only major mistake personally was not cashing out more. If I had taken out a couple million when things were doing well, we wouldn't be in this situation. The problem is many other investors who took their profits didn't really give back to the business that enriched them.

I'm not happy that we are in this situation however consider it is not BitBay that has failed you, it is the Bitcoin/altcoin community that has turned their back on brilliant projects in favor of pumping premined vaporware with their criminal exchange friends who wash trade their garbage. That sucks out all of the honest money. And furthermore its the fault of investors who reward scams. The sheep who don't invest in powerful world changing technology. Bitcoin should have taught people to invest in fully decentralized products but nobody listened and they gave their Bitcoin fortunes to vaporware. It's the fault of the mainstream media who censors projects and promotes vaporware in favor of real tech that they fear as competition. It's the fault of Coinmarketcap and Coingecko for applying new rules to veteran projects and then picking and choosing who they want on the charts, letting some projects break their rules and while CMC deletes our charts every chance they get. Its the fault of exchanges for being too lazy to integrate wonderful cutting edge technology and instead giving the limelight to proven scams (like Qtum)  because they have an insider deal to pump garbage. It's that behavior which led altcoins into a depression, dragging the entire industry of good projects down with the garbage. So BitBay no matter how golden the project is, is not at fault for the actions of the foolish/greedy majority.

It cannot be denied that this project has decentralized markets on the level of TOR security. It can also not be denied that we were the first decentralized peg in the world as well as unbreakable contracts which are a huge benefit to industries without trusted escrow methods (and there are so many). So do we then take away from that technological milestone because it wasn't "popular" enough? Even if we fail, we did the right thing. Isn't the current events of today obvious we live in some sort of draconian 1984 nightmare? Honestly the world is currently like a bad sci-fi novel. BitBay is not at fault. I'm convinced at this point, you could hand people bars of gold and they wouldn't know it's value. We have to find the right people to move this forward from this point.

First off your idle speculation on my actions are BS, I have a right to to ask about my money on any exchange, I never hassled them, I contacted them about once a week, so you should shut the phuq up!! And my recent posts are a reflection of what the Dev wrote, if the Dev believes we need a new exchange it's not a good sign, simple as that. Not to mention that when Bitbay hit the exchange everything was working fine, so why all of sudden it does not work???

@CRYPTONAIRE   Agreed, appearances can be deceiving.

It only appears that way, we have no confirmation as yet.  If they are feeling hassled, I feel sure that it is entirely due to persistent needling by LuckyLeprechaun, who should, if he has any sense, shut the phuq up!!

Personally, I am drawing no conclusions about the situation at Latoken until something definite has been posted here by Mr Zimbeck after he has spoken to them himself.  Until that happens, all is just idle speculation.

That being said, I do agree with Mr Zimbeck's last comment, about considering other exchanges and liquidity providers.  It's never too early to be exploring such options.

Keep the faith everyone.  BitBay is destined to be #1 on CMC and Gecko.

It is not a matter of if, but when!!