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Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 23. (Read 542037 times)

jr. member
Activity: 193
Merit: 3
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.  Roll Eyes

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 definitely protected! And, it's very real. It's not a "magic meaningless number".
Please do your homework...
hero member
Activity: 604
Merit: 500
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.  Roll Eyes

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.
legendary
Activity: 2412
Merit: 1044
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.  Roll Eyes

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.
full member
Activity: 307
Merit: 109
guys, I went through all things here but still do not understand - I have some amount of frozen coins, and only about 1% of liquid coins. When my coins are unfrozen? I do not think it is fair that my coins are frozen against my will. Taking into account that they are on a wallet since 2017 or 2016.

We've had the dynamic peg on our roadmap since the launch of the coin back in Nov. 2014
We've had whitepaper released on the dynamic peg since 2018

You can still sell your reserve coins. You simply have to wait for 1 month time lock to expire before the exchange can allow you to trade.

The reserve market on the exchange will be selling at a sub premium price obviously. Yet due to the timelock protocol, the exchange can run into supply bottlenecks even for the reserve coin supply.
This is beneficial to the price for those that can already sell reserve coins on exchange.




jr. member
Activity: 193
Merit: 3
guys, I went through all things here but still do not understand - I have some amount of frozen coins, and only about 1% of liquid coins. When my coins are unfrozen? I do not think it is fair that my coins are frozen against my will. Taking into account that they are on a wallet since 2017 or 2016.
@donarito - Where have you been the last 3 or 4 years? lol
BAYS Homepage 2nd Paragraph - "BitBay’s Dynamic Peg is purely decentralized, allowing every participant to vote on which direction the price may go."
-We have voted to decrease the amount of "supply" to protect our price.
Also
BAYS Homepage 3rd Paragraph - "Every user has two balances of $BAY, liquid and reserve. During a price crash, stakers can collectively vote to “freeze” a portion of the entire liquid supply. This decreases the supply of everyone’s remaining liquid coins."
-Right now, the supply is about 0.5%. So the Peg is working just as intended - to protect our value.

Therefore, your coins will be unfrozen (like the rest of us), when we vote to increase the supply.
Your coins are not frozen against your will; as much as they ARE frozen as a result of everyone else's will.
This is the beauty of our Dynamic Peg.  PRICE PROTECTION against pumps and crashes. Cheers!
hero member
Activity: 604
Merit: 500
guys, I went through all things here but still do not understand - I have some amount of frozen coins, and only about 1% of liquid coins. When my coins are unfrozen? I do not think it is fair that my coins are frozen against my will. Taking into account that they are on a wallet since 2017 or 2016.
legendary
Activity: 2412
Merit: 1044
Hi everyone we have a good solution to avoid future splits using a reputation system. This can effect any coin, for us it was just bad luck. We post a patch shortly. In the meantime you can keep up with one of the main chains via bootstrap.
member
Activity: 155
Merit: 11
https://bitbay.market
** Important update **

The team has found an additional layer of complexity to the "split-chain" issue, and we must ask you to wait a little longer for an updated solution. We want this fix to be as easy as possible for every user, so everyone can be on the correct chain. Please note: This issue will not effect your balance, and all coins are safe. If you are currently staking on either chain, please continue to do so; however, we recommend that you not send any transactions until the next announcement.

Thank you for your patience, we will have another update for you soon.
jr. member
Activity: 193
Merit: 3
Another easy way to check on the Market Client if you are on the right chain or not (if you are staking):
On the dashboard see what your “Actual Balance” is. Make a note.
Then go to: https://chainz.cryptoid.info/bay/
Find your address on the “Rich List”.
If your “Rich List” amount of Bay, if you’re staking, is LESS than the amount showing on your personal “Market Client Actual Balance” – Then you are on the right chain.
If your “Rich List” amount of Bay, if you’re staking, is THE SAME as the amount showing on your personal “Market Client Actual Balance” – Then you are on the wrong chain. Please follow the advice above to resolve.
legendary
Activity: 2412
Merit: 1044
I can confirm the above info is true. This also should explain why some users transactions didn't show on Latoken. We will of course favor the version of the split that Latoken is on. We are preparing a patch in the meantime. Let this be a reminder to everyone to always stake when you can to support the network. We will push a patch for when there is limited stakers. In a nutshell this happens when chain trust vs chain length causes two factions of similar sized groups of stakers to split. It happens when difficulty is the same and an adjustment can not solve it. Therefore it happens when only a few people stake. There is no good solution without compromising the proven and tested staking logic. However I have a few ideas of how to handle this when there are not enough stakers as we can follow trusted stakers in an order only when small split conditions are met.

So, if your most recent block hash matches chainz then you are on the wrong chain and should resync like above instructions says. It's critical this be done with bootstrap to avoid accidentally being on wrong side again. You may also notice chainz block height is not the same as yours. Perhaps you are 5-10 blocks ahead of them for example. That would be evidence you are on the correct chain but you should ALSO make sure by checking a recent block hash of theirs to see if it shows up in your chain. I think also you can use block explorer in QT to search for recent chainz block.

Sorry for the inconvenience. And if you sent a TX to Latoken and it didn't confirm on the exchange, don't worry. When you resync those coins will be back in your wallet and you can simply submit the transaction again once you are on the correct side of the split. If you are a major staker, contact me to make sure you are indeed on the right side of the split.
newbie
Activity: 14
Merit: 0
From the team:

"We have found a split in the blockchain. Please do not send any Bay while we investigate. Also please keep staking.

So, by the looks of it there will be a two-step fix. First we focus on getting everyone on the same side. That would be the Latoken side of the chain. While we do that, David and yshurik will work on an update that prevents this from happening again. We have a bootstrap for you that will take you to the right side https://github.com/bitbaymarket/bitbay-bootstrap/releases/tag/v1
Everyone that is in sync with chainz download that and follow these instructions:
1. Stop client/wallet
2. Backup wallet.dat / keys
3. Remove all files in data folder except wallet.dat (and testnet/ if testnet was used)
4. Place bootstrap.dat in data folder (for client) or data dir (for Qt wallet)
5. Start client/wallet
6. Wait 2-4 hours"

Also:

To find out what side of the split you are on, you can do the following:
For client  enter this command in debugger:
text=str(BLK.getblock("3e5b4548be900aa721f56815eda345ebec9f9e1bd81a3fb3b4a8c1839ef38b3d"))
If it doesn't return a block or says that block isn't found its busy and just try it until it gives either that it wasn't found or it was found. If its found you are on wrong side.
For QT try getblock 3e5b4548be900aa721f56815eda345ebec9f9e1bd81a3fb3b4a8c1839ef38b3d
if it returns block, you are on the wrong side.
newbie
Activity: 14
Merit: 0
From the team:

"We have found a split in the blockchain. Please do not send any Bay while we investigate. Also please keep staking.

So, by the looks of it there will be a two-step fix. First we focus on getting everyone on the same side. That would be the Latoken side of the chain. While we do that, David and yshurik will work on an update that prevents this from happening again. We have a bootstrap for you that will take you to the right side https://github.com/bitbaymarket/bitbay-bootstrap/releases/tag/v1
Everyone that is in sync with chainz download that and follow these instructions:
1. Stop client/wallet
2. Backup wallet.dat / keys
3. Remove all files in data folder except wallet.dat (and testnet/ if testnet was used)
4. Place bootstrap.dat in data folder (for client) or data dir (for Qt wallet)
5. Start client/wallet
6. Wait 2-4 hours"
jr. member
Activity: 193
Merit: 3
Don't look now, but BAY is leading the seven day moving average (+381.6%) on CoinGecko's 1st Page by a GiNormous amount!
...And ranked 79th I might add. Quietly.

David's Dynamic Peg is working beautifully to stabilize the price - on the way up...
Reminder - David Zimbeck was the 1st person in history to make a smart contract (bit halo) non-theoretical, before Ethereum.

We still need more volume. I do believe it will start to manifest here shortly.

We've come a long, long, long way since late 2014!
Congratulations BAY Team!!! Grin
2020 is our Year Zero.
newbie
Activity: 23
Merit: 1
Thank you everyone for your help, all clear!
legendary
Activity: 2412
Merit: 1044
Hi,

I am just a token holder, since a long time, I didn't follow much about the project since 2017. THe last version I have is Halo 1.37.

 What should I do to check my balance, are there any recent forks I had to consider? where can I download the last version of the windows wallet?

Also: isn't the source code being updated on github anymore? https://github.com/bitbaymarket/bitbay-market-client/releases where is the source code for the version 2.0 that I see here https://bitbay.market/downloads/ ? is there any information about what changes are brought to 2.0?

Apologies for so many questions and thank you in advance.
@lifeiscrypto - Welcome back! This is the very best answer to all your questions:
Go Back to Page 357 on this thread and start reading! lol

This will clue you in as to what's been happening. Sorry, there is no easier way to learn what you've missed.
If you have any questions after doing your catch-up homework, let us know.
Cheers!

In Halo 1.37 my wallet was created from these 2 pairs:
key1.private
key1.share
key2.private
key2.share

Now I am trying to use the QT wallet and I would like to import my account from Halo 1.37, is there a way to do it? It seems that it automatically created a new seed as soon as I opened it

QT and Markets/Halo wallet are not compatible. Halo is multisig (2 keys) and QT uses single key.
Also your Markets/Halo wallet must be updated to the newest version (2.2)
There is an updater on the website
jr. member
Activity: 48
Merit: 1
There are new versions of the wallet. You will need to update to access the current chain...
newbie
Activity: 23
Merit: 1
Hi,

I am just a token holder, since a long time, I didn't follow much about the project since 2017. THe last version I have is Halo 1.37.

 What should I do to check my balance, are there any recent forks I had to consider? where can I download the last version of the windows wallet?

Also: isn't the source code being updated on github anymore? https://github.com/bitbaymarket/bitbay-market-client/releases where is the source code for the version 2.0 that I see here https://bitbay.market/downloads/ ? is there any information about what changes are brought to 2.0?

Apologies for so many questions and thank you in advance.
@lifeiscrypto - Welcome back! This is the very best answer to all your questions:
Go Back to Page 357 on this thread and start reading! lol

This will clue you in as to what's been happening. Sorry, there is no easier way to learn what you've missed.
If you have any questions after doing your catch-up homework, let us know.
Cheers!

In Halo 1.37 my wallet was created from these 2 pairs:
key1.private
key1.share
key2.private
key2.share

Now I am trying to use the QT wallet and I would like to import my account from Halo 1.37, is there a way to do it? It seems that it automatically created a new seed as soon as I opened it
jr. member
Activity: 64
Merit: 2

BAY could not have released the peg at a better time.


I fully agree. The timing is quintessentially PERFECT.
legendary
Activity: 2412
Merit: 1044
LOL!!!
You are priceless DZ!
The castration part had me rolling on the floor in laughter.
Good argument. I can't really ague against that.
You might be right. We shall see. Peace.

Look I know your heart is in the right place. You make one of the best wound care products in the world. I can personally testify to that. I think you know your stuff which is why you above all people will like that documentary I just posted. FYI that German microbiologist had a 100k Euro challenge that nobody could prove MMR and won in German courts because those courts have legally defined definitions for medical proof.

There is also this...
https://www.wanttoknow.info/humanguineapigs

Either way, these are strange times. Stay safe everyone and don't quit your day jobs! Crypto might be pretty good in these times. Stay healthy either way folks. But that also means to keep ones mental clarity and health which it seems very clear for most people it flies out the window as they stack up on toilet paper, twinkies and order 10 Big Macs to put in their freezer to survive the consumer apocalypse. The Idiocracy strikes again.

My bet is once they are finished raping the stock markets, the virus will mysteriously "disappear" (because it never existed in the first place)... or they will say they found the vaccine which new laws may say cops can smash down their front door and inject them in the face. Once the artificial panic stops, the draconian laws stay in place but the rest returns to "normal". All while the media has a new enemy to advertise to the people. People can pat the governments on the back for saving the world from the government. Maybe new taxes on coughing or breathing too much could be made. Worst case scenario they actually kill people using bio-agents(maybe they already did a few people that way) or damage them greatly with a destructive vaccine. We shouldn't underestimate the war machine either. But I think they won't take it that far... I think they just wanna see how far they can push people.

Tell them to distance from each other... yeah that won't harm their health  Roll Eyes ... yeah that won't harm the economy one bit. Make everyone into a hypochondriac, what could go wrong?

While everyone was sleeping... this is what they were trying to do.
https://www.healthy-eating-politics.com/genetically-modified-plants.html

By the way if people really want to "stock up" why not stock up on videos on how to fucking farm something at home. Like you know, something actually useful? Algae, microgreens, grow potatoes in a barrel. Whatever. You what they say... give a man a fish feed him for a day. Teach a man to fish, feed him for life. While people were busy checking Trumps twitter the government was carefully screwing over all the seeds producing sterile crops so they had to be bought instead of taken from your groceries. But not all hope is lost, lots of things you buy at the grocery store can still be planted. Want vitamin C? Plant a fruit tree.

If people really want something to fear, fear propaganda and "fear porn". Avoid the news like the plague. The next person to go the following year without knowing whats going on in the world wins a cookie.

Once they are finished raping the stocks and forex markets land, farms and stocks will be a good buy. Especially stocks that depended on export/import. Once that's restored so will the stocks who survive this be restored. They know this but we have to wait as I'm expecting a few months to a year of pressure. Weak forex and tourism is probably good for crypto.

BAY could not have released the peg at a better time.

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