Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 22. (Read 542037 times)
March 31, 2020, 09:49:42 AM
In order to avoid confusion, would it be possible to rename BitBayWin.zip to BitBayWin_v23.zip and BitBaySetup.exe to BitBaySetup_v23.exe?
March 31, 2020, 08:37:03 AM
I just renamed the BitBay directory to BitBayOld and did a clean install to BitBay.
March 31, 2020, 07:13:12 AM
I use the Markets Client. Can I just:
1. Save my keys
2. Do a complete uninstall
3. Download the latest version and do a virgin install?
I don't mind syncing from scratch.
That should do it, right?
1. Save my keys
2. Do a complete uninstall
3. Download the latest version and do a virgin install?
I don't mind syncing from scratch.
That should do it, right?
Technically, you should be able to do that and get on the correct chain; however, it's recommended to use the bootstrap, as that will give your wallet another level of correct block verification.
If you do complete uninstall and sync from scratch, just double check to make sure that 1. your keys are backed up, and 2. that the bitbaydata folder has been fully removed.
March 31, 2020, 05:55:43 AM
I use the Markets Client. Can I just:
1. Save my keys
2. Do a complete uninstall
3. Download the latest version and do a virgin install?
I don't mind syncing from scratch.
That should do it, right?
1. Save my keys
2. Do a complete uninstall
3. Download the latest version and do a virgin install?
I don't mind syncing from scratch.
That should do it, right?
March 31, 2020, 04:09:54 AM
OK, I will do mandatory update on my Markets Client that I stake on.
I used to hate doing this; very nerve wracking in the beginning, now its not so stressful.
Everything is so fast and "smooth". Nothing to be scared of.
Great instructions (see above), easy to follow.
...Resync-ing now after putting in bootstrap. Thanks!
I used to hate doing this; very nerve wracking in the beginning, now its not so stressful.
Everything is so fast and "smooth". Nothing to be scared of.
Great instructions (see above), easy to follow.
...Resync-ing now after putting in bootstrap. Thanks!
March 30, 2020, 05:48:45 PM
@tradersnow - What if we are on the right chain and our market client is working beautifully.
Do we still need to update also? Thanks.
Do we still need to update also? Thanks.
Hey Doc we recommend that everyone update to the latest version of QT even if they are already on the correct chain, so you don't end up experiencing this problem in the future. The new wallet contains some counter measures against chain split. So by updating you protect both yourself and the rest of the network.
March 30, 2020, 01:13:23 PM
@tradersnow - What if we are on the right chain and our market client is working beautifully.
Do we still need to update also? Thanks.
Do we still need to update also? Thanks.
March 30, 2020, 07:59:52 AM
OFFICIAL UPDATE:
Thank you everyone for your patience this past week. Here are the step-by-step directions for updating the BitBay Markets Client and getting on the correct chain.
*** Please note: This is a mandatory update for all users. ***
You must use the combination of new wallet and bootstrap versions to be sure to get on the correct chain.
Here is the guide to completing the update for the BitBay Markets Client:
https://forum.bitbay.market/t/how-to-fix-the-chain-split-issue-on-market-client-mandatory-for-all-users/2318
Please follow each step carefully!
If you have any questions or need technical support, please let the team know in the Discord #support channel here:
https://discordapp.com/invite/jRkjCxf (edited)
Those of you that use Qt wallet please refer to the instructions we have previously posted:
https://forum.bitbay.market/t/how-to-fix-the-chain-split-issue-on-qt-wallet-mandatory-for-all-users/2317
Thank you everyone for your patience this past week. Here are the step-by-step directions for updating the BitBay Markets Client and getting on the correct chain.
*** Please note: This is a mandatory update for all users. ***
You must use the combination of new wallet and bootstrap versions to be sure to get on the correct chain.
Here is the guide to completing the update for the BitBay Markets Client:
https://forum.bitbay.market/t/how-to-fix-the-chain-split-issue-on-market-client-mandatory-for-all-users/2318
Please follow each step carefully!
If you have any questions or need technical support, please let the team know in the Discord #support channel here:
https://discordapp.com/invite/jRkjCxf (edited)
Those of you that use Qt wallet please refer to the instructions we have previously posted:
https://forum.bitbay.market/t/how-to-fix-the-chain-split-issue-on-qt-wallet-mandatory-for-all-users/2317
March 28, 2020, 04:20:01 PM
Bay Reserve is Quietly the largest gaining coin (percentage wise - 72.8%) on LAToken right now...
March 27, 2020, 06:13:10 PM
I use the market client. Will it have to be updated as well as the Qt? There don't SEEM to be problems.
Thanks a bunch for your work
Thanks a bunch for your work
The Markets Client is also being updated as well, and both will have checkpoints so this rare issue doesn't happen again. The update for the Markets Client will come a day or two after the QT Wallet update announcement, which will be posted here soon.
Thank you everyone for your patience.
March 27, 2020, 04:28:54 PM
I use the market client. Will it have to be updated as well as the Qt? There don't SEEM to be problems.
Thanks a bunch for your work
Thanks a bunch for your work
March 27, 2020, 03:44:41 PM
We have to tell all the block explorers to update they are on the wrong chain. Also we will push a new QT with a checkpoint and a patch.
March 27, 2020, 01:02:35 PM
Keep calm guys
This split if I understand correctly is a issue with all pos coins. The circumstance leading to this are very rare.
It could happen to any pos coin.
Be thankful we have a very competent dev team that can fix and upgrade for future prevention
Also that we are currently on only one exchange and no lasting damage.
Whale remove sell wall at 1000
Don't rush fix. Take long time to test please.
This split if I understand correctly is a issue with all pos coins. The circumstance leading to this are very rare.
It could happen to any pos coin.
Be thankful we have a very competent dev team that can fix and upgrade for future prevention
Also that we are currently on only one exchange and no lasting damage.
Whale remove sell wall at 1000
Don't rush fix. Take long time to test please.
March 27, 2020, 10:01:42 AM
sorry devs, but this is not very good :-/
qt wallet is not able to keep synced to the correct chain, deleted whole data folder and tried with bootstrap from your site (26MAR2020 version) synced fully but lost correct chain after that sync again. Generated several POS blocks which are not in the blockexplorers.
https://bay.tokenview.com/en/ - this is at block 2540431
https://chainz.cryptoid.info/bay/ - this one at 2538761
my wallet after new sync from bootstrap is at 2536470
And another, a lock of my coins in the wallet. I really want to know if I will be able to move my coins out of it after the 30 days and if there will be working BAY network again.
Going through the BAY website, blog, forum (Announcements category) and there is nothing about current situation. Your main website should be your first place to inform users that there is something wrong going on and currently it is not safe to send BAY coins because of multiple forks in the network.
qt wallet is not able to keep synced to the correct chain, deleted whole data folder and tried with bootstrap from your site (26MAR2020 version) synced fully but lost correct chain after that sync again. Generated several POS blocks which are not in the blockexplorers.
https://bay.tokenview.com/en/ - this is at block 2540431
https://chainz.cryptoid.info/bay/ - this one at 2538761
my wallet after new sync from bootstrap is at 2536470
And another, a lock of my coins in the wallet. I really want to know if I will be able to move my coins out of it after the 30 days and if there will be working BAY network again.
Going through the BAY website, blog, forum (Announcements category) and there is nothing about current situation. Your main website should be your first place to inform users that there is something wrong going on and currently it is not safe to send BAY coins because of multiple forks in the network.
March 27, 2020, 03:00:31 AM
** Important update **
The solution to split problem is finished and is now being tested by the team. As it involves syncing with/without bootstrap, we expect it to take the rest of the day. New update will come tomorrow.
The solution to split problem is finished and is now being tested by the team. As it involves syncing with/without bootstrap, we expect it to take the rest of the day. New update will come tomorrow.
What is this split problem? Guess it is something related to all those minig transactions flooding my qt wallet recently: may you please explain it a bit more?
March 26, 2020, 09:59:47 AM
** Important update **
The solution to split problem is finished and is now being tested by the team. As it involves syncing with/without bootstrap, we expect it to take the rest of the day. New update will come tomorrow.
The solution to split problem is finished and is now being tested by the team. As it involves syncing with/without bootstrap, we expect it to take the rest of the day. New update will come tomorrow.
March 26, 2020, 01:55:40 AM
3-4 years? Like Craig was saying almost 7! This was the original feature promised since BitBay started. Not to mention the pages and and pages of text talking about it since it's inception. Also it's fully democratic and a user can still trade their reserve. So it's not true to say coins are "frozen" against anyones will. They are more than welcome to sell their BAYR and I'm sure users would love to scoop up a majority of the BAYR at a discount.
Besides, I would rather sell 1% of my bag for what is already 10x of the previous bottom than to have no price protection whatsoever.
Also with liquidity this thing can sky rocket because the economy can inflate because it's super cheap to buy up all of the liquid coins at this point which would push the peg over it's target forcing it to inflate. Not to mention a trader can buy up reserve and sell it at a premium when it converts to liquid. So much strategy involved and I feel like it takes trading to another level.
Besides, I would rather sell 1% of my bag for what is already 10x of the previous bottom than to have no price protection whatsoever.
Also with liquidity this thing can sky rocket because the economy can inflate because it's super cheap to buy up all of the liquid coins at this point which would push the peg over it's target forcing it to inflate. Not to mention a trader can buy up reserve and sell it at a premium when it converts to liquid. So much strategy involved and I feel like it takes trading to another level.
The price in this case is not protected, it is artificial, just some magic meaningless number as long as 99.5% of coins are frozen.
The price is protected, as this system ties liquidity/demand to supply. It allows decentralized backing of a currency. Say what you want, but this coin will hit 20 cents on the liquid orderbook. If you aren't interested in being a part of this revolutionary thing then go ahead and sell your reserve coins and move on.
If you don't want 99.5% of the coins frozen put up some liquidity and then the users would vote to inflate if price goes above 20 cents. This coin harmonizes supply to liquidity. It shows you the true market value. And once liquidity comes in it becomes many magnitudes more solid.
If you want something artificial go invest in Tether, those alleged "billions" of dollars is a paper tiger waiting to be stolen from an insolvent bank blaming "financial crisis"... not sure who would insure them
Also worth mentioning with lower supply new users gradually consume the liquidity because there isn't much for sale, its easy to push the coins price up. No resistance. Just like anything make the resistance variable so people with money can more easily control it regardless of how few dollars they hold. As long as there is new users they eat up the limited sells forcing the coin to inflate eventually. The project needs to stay active for this to happen.
March 25, 2020, 01:02:42 PM
3-4 years? Like Craig was saying almost 7! This was the original feature promised since BitBay started. Not to mention the pages and and pages of text talking about it since it's inception. Also it's fully democratic and a user can still trade their reserve. So it's not true to say coins are "frozen" against anyones will. They are more than welcome to sell their BAYR and I'm sure users would love to scoop up a majority of the BAYR at a discount.
Besides, I would rather sell 1% of my bag for what is already 10x of the previous bottom than to have no price protection whatsoever.
Also with liquidity this thing can sky rocket because the economy can inflate because it's super cheap to buy up all of the liquid coins at this point which would push the peg over it's target forcing it to inflate. Not to mention a trader can buy up reserve and sell it at a premium when it converts to liquid. So much strategy involved and I feel like it takes trading to another level.
Besides, I would rather sell 1% of my bag for what is already 10x of the previous bottom than to have no price protection whatsoever.
Also with liquidity this thing can sky rocket because the economy can inflate because it's super cheap to buy up all of the liquid coins at this point which would push the peg over it's target forcing it to inflate. Not to mention a trader can buy up reserve and sell it at a premium when it converts to liquid. So much strategy involved and I feel like it takes trading to another level.
The price in this case is not protected, it is artificial, just some magic meaningless number as long as 99.5% of coins are frozen.
Liquid Bay bring traded now are being protected in a decentralized way.
You have bitbay liquid with the market determined price
You have bitbay reserve with the market determined price.
You have frozen.
This will work even better once the webmarket place is operating well and being used.
You can still sell your bitbay reserve at the Bay Reserve price.
I think the idea is excellent and combined with a full p2pb market place and DDE is it the best project outside of the top 10
It has to be introduced tested for a while now but it will be fundamentally important for the market place to be used optimally.
March 25, 2020, 09:57:27 AM
the price is protected in the sense that there are not very many liquid coins available to be dumped on the market then if 100% of the coins were liquid and available for dumping. The peg doesn't affect price directly of course but influences supply to align better with demand... the peg just went live recently and the reserve markets really haven't' taken off yet, part of the reason is that there is a one month timelock on reserve coins that are deposited to the exchange, so many peoples reserve coins are not yet available for trading.
March 25, 2020, 07:25:05 AM
3-4 years? Like Craig was saying almost 7! This was the original feature promised since BitBay started. Not to mention the pages and and pages of text talking about it since it's inception. Also it's fully democratic and a user can still trade their reserve. So it's not true to say coins are "frozen" against anyones will. They are more than welcome to sell their BAYR and I'm sure users would love to scoop up a majority of the BAYR at a discount.
Besides, I would rather sell 1% of my bag for what is already 10x of the previous bottom than to have no price protection whatsoever.
Also with liquidity this thing can sky rocket because the economy can inflate because it's super cheap to buy up all of the liquid coins at this point which would push the peg over it's target forcing it to inflate. Not to mention a trader can buy up reserve and sell it at a premium when it converts to liquid. So much strategy involved and I feel like it takes trading to another level.
Besides, I would rather sell 1% of my bag for what is already 10x of the previous bottom than to have no price protection whatsoever.
Also with liquidity this thing can sky rocket because the economy can inflate because it's super cheap to buy up all of the liquid coins at this point which would push the peg over it's target forcing it to inflate. Not to mention a trader can buy up reserve and sell it at a premium when it converts to liquid. So much strategy involved and I feel like it takes trading to another level.
The price in this case is not protected, it is artificial, just some magic meaningless number as long as 99.5% of coins are frozen.
Please do your homework...
please do your homework and think again if you did not understand what I wrote.
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