Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 190. (Read 542140 times)

Seems the market woke up and found something worthy to invest in.

volume up 5x,  price up  3.5 times. Very nice.

If you need help understanding the Clients setup and it's differences from the typical QT wallet (Bitcoin clone), please refer to these videos to help you
https://www.youtube.com/playlist?list=PLILfNPSQCo6yjFiwXY6-C-ikIDs6v2nHU

Remember one of the main differences between the Client and the QT wallet, is that the Client requires 2 keys to create an account. Make multiple backups of these keys and store in safe locations.

Let us know if you need more help

You do not have to transfer your Bay to the client. For now both wallets work. That said, we do recommend that you use the client for a number of reasons.
Your wallet.dat from the QT wallet can not be used in the client because the client is multisig. You have to send the coins from QT to client.

hello, there anyone tell me
1.if the bays need transfer to client or the qt wallet will always be there so it is ok in wallet?
2. if need transfer then how? it seems i cant use the wallet.dat in client and find the bays directly.

It's nice to see that everyone is excited about the price increase in Bay. But keep it honest, and don't post under fake nicks trying to pretend to be some well known investors etc.
I just deleted a post by PolychainCapital after confirming that they have not posted in this forum. I will delete any similar attempts too.

its so easy to trick people today, theyre just too naive (thats why there are so many scam coins cuz people believe everything they say). The way i see it is that the safest bet is to go with developers that have shown dedication and actually deliver the promised things.

Same here but, I've added quite a bit since the ICO. Never doubted David's conviction to see this project through.

Great to see Davids hard work getting the attention it deserves.

This new wallet released this week will blow everything else away.

Nice uptrend and volume. My Bay bought during the infamous Bter ICO now value more than 3 years ago. I've never sold them which probably makes me a believer in this coin and in the work of everybody worked for this.
Now let's move on!

It is good to see to coin is back from long sleep and rising to the moon. dzimbeck did a fantastic job to bring some innovative features.

Will consider it, like maybe if we have to fork to update the POS reward we can maybe add one. It very much depends on my schedule.

For new people to the coin we have decentralized markets, 2 party escrow unbreakable contracts, and soon we will have a decentralized peg.

Here is our wall of features that already exist:
bitbay.market/walloffeatures/

Here is a series of videos of the client in use:
https://www.youtube.com/watch?v=HrXUZRGd1hE&list=PLILfNPSQCo6yjFiwXY6-C-ikIDs6v2nHU

Join us on slack for more questions.

On the 22nd we do the full release of cold staking, voting, tor support and many other features.

About a month after that we will have full support in the user interface for exotic spending such as:
Locktimes, Dead mans switch, parking, 6a/burn, freezing etc all correctly labeled in the UI (its a feature needed to prepare for the rolling peg)

Hopefully i can finish that one early so i can start working on the next template.

Thanks.

David will there be potentially more Anon features?

No need, raised almost all the money in 90 minutes. A joke. We should give ourselves a little more credit. Who needs proof? We've seen him do the exact same thing before. There was more than enough problems that they were already proven to be untrustworthy. For some people no amount of proof is good enough. Belief is a choice. Dwindling in disbelief (is simply denial).

Regardless, today is a big day for us. We are at our all time high. So after 2 years despite the bullshit we have fully recovered because we have real technology and people are finally starting to notice. Thanks to everyone for your patience.

Waiting for Glebby, et al, to show us the trail. But yeah, a hideous ICO precedent, for others to follow.   

I doubt it. Besides he doesn't deserve to get back in. I bet he sold at the bottom. Can't believe he faked the volume on Qtum. I guess Roger Ver is no longer innocent and neither is the exchange they used to get kickbacks. They seem to love paid articles, the forums disagree though. People aren't naive anymore.

Maybe this is a sign people are starting to invest in real tech like BitBay instead of empty promises.  

Yeah Lightning has had that problem. Their design was very similar to a multisignature exchange i wanted to make. Until i realized the collusion attacks. Lightning will not suffer from collusion as long as the money is in the accounts. Here is a sketch of why this matters.

Joe has more money than Alice and they are in a 2 of 2

So if Jane also has an account of 2 of 2 with Joe, she can promise Joe money and use HTLC to connect the two channels

Joe will promise money to Alice and it all works!! This idea is perfectly sound no money has to touch the blockchain.



So you ask, why can't Jane promise money to Alice? After all they can use Pune Dryja channels to link the 2 of 2 multisig accounts.

Sure but then, what if Joe was also Jane?! He can trick Alice and withdraw the money owed from his own 2 of 2. Because Joe didn't promise funds directly to Alice, she loses everything she was owed!

And this is what will ALWAYS happen when Joe has LESS money than Alice. She will be owed money that isn't in the 2 of 2 account. And there my friends lies the rub. This creates the same arbitration risk that we have seen in 2 of 3 accounts. It only works when the money is in both sides of the deal.


Therefore, the only way to do lighting is for Joe to be really, really rich. And that is centralized and makes the rich richer. But it also runs another serious concern.

What if Joe gets hacked?
What if Joe keeps reusing the same public keys and cryptoanalysis is used to reverse them? Granted this attack isn't proven but he can still get hacked.

So even if real money is owed there is a hacking concern.

What will really happen in lightning?!

It will be a debt settlement network. Where people irresponsibly route payments that could be defaulted on at any time. Therefore it will not be decentralized and run risk of fraud and hacking. People will learn to "trust" the middle man again and the same bullshit starts all over again just like the USD.

Whats the best solution? Don't do lighting as your primary payment routing method. Perhaps use lots of servers to chop up the traffic or something. Facebook after all stores insane amounts of data so how is that different from a really large blockchain run by thousands of nodes sharing the data?

Use BitBays frozen funds! This is a very futuristic concept but in theory if we were pegged and lots of people had frozen funds it would be easier to route debt since so many users would have the frozen funds as collateral. Surely they wouldn't be as valuable as the liquid funds but they count for something. At the sign of hacking nobody would sell them frozen funds anymore and thus they would have a hard time building up creditworthiness (similar to using it for DDE).

So those are some of the best concepts so far dealing with bloat. The Bitcoin github is being subverted by some extremely selfish people who think they are Bitcoin. Its no surprise they ignored my request. They don't care about decentralization. Bitcoin core and Ethereum are some of the most pro-middleman pro-government groups I've seen. They remind me of bankers. Years ago I said "Decentralizing the money will not change the world, decentralize the media and then the world will be saved". This I still believe to be a cogent statement even if its unrealistic.

With that said, I guess they(Bitcoin core devs) forgot that all one needs to do is copy+paste and change the port number to get off their network. And with decentralized pegging those small economies might even be healthy. Too bad they are watching this play out before their very eyes. And altcoins are finally booming.

Thats Dai, diversifying. 

The proposal that is my favorite for Bitcoin is actually the BIP 100 which lets the miners vote on blocksize. Simple, secure and they know best because they buy the hardware and process transactions so they know the throughput and can absolutely adjust to it. Besides, Bitcoin is so centralized they are some of the only ones who even bother to download the chain.

Of course we already have that now. We can vote on whatever we want. But that doesn't directly effect block size or anything but at least the community can vote to increase it and we can fork. A recent discussion on slack was weather or not we should do a vote to increase the stake because the reward is less than 1% by mistake.

If we ever fork though i would be interested in exploring some anon feature that is easy to implement.

good volume today. I think people are starting to realise that david is actually one of only a handful of coders/designers on this board that create useful game changing tech.

If we can grow this community and get some momentum we can reach top 10 this year.