Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 226. (Read 542115 times)

So I got my VMWare Workstation setup and running. Just waiting for the client to sync up on it. When it's done I will make 2 more videos for joint accounts and completing a custom contract

I like the idea a lot, and hope there are not many steps/ actions for users to take. eBay caught on because it is simple. Click. Buy.

The crypto world cares about knowing all this stuff is baked in, but it may be best to keep all the cool to know stuff behind the scenes, and not as action steps for the user.

 It may help to speed development of the UI too, because we are adding 1 or maybe 2 steps, but not 5 or 10.

Of course, David has most likely already thought this thru and I am behind the curve

Me too but we need to prioritize. Finish what we started and address that later. For now just do a custom contract. Bill shipping in escrow.

Logictense earlier he was talking about multisig staking which I've already done in BlackHalo. I just need to add it to the UI. And the rest like contracts and joimt accounts 3+ years. You realize I've been programming on Bitbay for 2 years? Download the software see for yourself

Multi-sig is already functioning in BitBay. The Halo Client has had joint accounts for the last 2 years.
David's going to release an small update very soon to alleviate some networking issues with the client and QT seed nodes.
After that I'd be more than happy to test out a joint account with anyone here.

We could create an account and then we could use that account to accept the BitBay faucet built into the marketplace.
You'd get to see first hand how it works at no risk - the faucet is free obviously. After that we could transfer the coins to your personal account and I'd show you how it's done with either manual signature or auto signature.
Like I said previously, in the future all it would take is to tweak the joint account to make it more one-sided. That way if you wanted to transfer coins to an exchange or money manager, you'd have a trustless setup where you still have full control of your coins even if something happened to your account partner - tweaked by locking one side of the account in auto-sig mode.

The joint account is on my list of tutorial videos to make.
But yeah I've tested it out with Munti and it works great and is very user friendly. It will be 100% complete on David's next 'major' update! That's where you will be able to create a joint account with yourself so you can have a private key on 2 separate devices. That way you could 'cold' stake your coins. The odds of a hacker stealing those coins in such a setup would be damn near impossible as they'd have to gain access to 2 computer devices simultaneously, then find your keys, then break through the passphrases!

Whats good in theory will never work in practice especially with BAY. If u look around u will notice a countless number of attempts to implement multisig, look at monero for instance. Calling this whitespacing. Its chattering on a dead thread.

BAY is alive???!!!! Godz, I see dzimbeck positing, has he been released from ventress correctional facility?? Things are still in play? Lol.

So much is happening!

I love that idea. Love.

Hey David, I know that's different but do you think something like this would do the trick?
http://blog.shakepay.co/2016/shakepay-instant/
I don't how reliable this is, how safe it is but if this works as it says... I think you all understand the implications.

Good thinking there, I like this.

I think in order to get volume into decentralized markets someone needs to make a way that a buyer can purchase anything on ebay using a plugin where someone would purchase for them and charge a commission. Automatically populating the markets.

I agree but if you could essentially buy everything you needed online on the bay market place then is there need for many other crypto currencies? I guess as a speculative game they would still be fun. I see decentralised marketplaces are much bigger pieces of this new puzzle than crypto echanges. However yes it is cool bay could be a decentralised exchange too.

Yeah agreed!
It's even capable of being a crypto exchange. Yet there's a long way to go before we could compete with exchanges in terms of speed, but that's about the only drawback to using bitbay as an exchange of other crypto.

In theory bitbay marketplace could be all you need for your online purchases and wealth transfer and storage. Who needs other currencies if the bitbay market took off in a huge way.

252-264 satoshi -Day 1
264-276 satoshi -Day 2
276-288 satoshi -Day 3
288-300 satoshi -Day 4
300 satoshi -Day 5

I think the final price was 320, someone can correct that if I'm wrong...

If we can make it where we take the trust issue out of the equation with exchanges.... Hackers will be all like....

https://www.youtube.com/watch?v=dsx2vdn7gpY

Well I've been thinking a lot about the future of multi-sig. Obviously with  an individual account on the client you have control of both signatures. In a joint account you have control of 1 sig and your partner/counterparty has control of the other. The only downfall of such a joint account is that if one or the other drops off the earth never to be found again, if their partner doesn't have their private key and password (which would be highly unlikely) then those coins in that account are lost/burned forever.
So I've been thinking on the matter, if we  could have multiple options for joint account setups we could correct this and use it to our benefit. If for example, when a joint account is created, what if it asks you if you want a both sides to have manual signature capabilities or just one side to be manual and the other side to be 'auto-only'!
 
So with that in mind, inject that concept into an exchange account. You'd have  a joint account set up with them where they are always in auto-sig, so you still have full control of your coins, yet your side of the account can either be auto or manual. If you want to buy or sell your coins you'd have the choice to either manually or auto-sign the approval.

So let's say someone hacks their system and tries to steal BitBay... before they could do it they'd need to hack your computer as well!

We could make it even better. With existing 2fa on exchanges, let's say the investor's computer gets hacked, his coins on the exchange would still be protected as long as he had 2fa in place and they don't have the capabilities to break his 2fa!! Any coins he doesn't have on the exchange would be in a separate personal account where he could spread onto to different devices! So the hacking issue would be nearly impossible!

So now with this technique we could have a trustless exchange to interact with the trustless client!!! All of this with minimal retrofitting from the exchanges end - they are in auto-signature mode!

Cam someone tell me what the ICO price was?

Well I can't wait for when the coin becomes democratic with it's own built-in voting system! Say goodbye to bitcoin development gridlock.
Granted, David has an agenda he's got to stick to to complete the core build. Hopefully after the peg we can really get ourselves organized as a community and help with funding to expand the system even further. And with a built in voting system, we can focus on what's best and how to reach it! And once python programmable smart contracts are released (that don't bloat the blockchain), the sky is the limit on what can be coded for expanding BitBay's future!

Right! Your percentage of ownership of the entire pie remains the same - you would be decreasing the size of the entire pie - creating scarcity - and hopefully leading to higher prices.

Everyone's share is evenly reduced according to their percentage, resulting in no gain or loss, as the basis is also reduced in proportion to the sale price.