Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 233. (Read 542115 times)

The guys at SYS are good people. More cooperation like that in this industry would help turn around the bad rep that keeps seeping into every conversation I try to have with outsiders about crypto.

That would be amazing! very considerate of you! thank you very much!

Thats the kind of consideration we need to see more of in crypto. Brought a smile to my face. Nice one SYSbloke 

Cool! Thanks for thinking of Bay!

We have an open communication channel with Polo and usually will have some communication when Sycoin 2.1 fork is nearing, once all of that is complete I will also put in good word to Tristan.

same here,Bay def reserve to be added at Polo.
filled and sent

OK Done. Good luck. 

"Poloniex Coin Request"

"Your coin request has been recorded and will be reviewed by Poloniex staff. Thank you. Please only submit this form once per user per coin."

https://poloniex.com/coinRequest

Only takes a minute, no reason not to fill out a request people...

Well, its positive^^^. But i think Tristian would need to see reason, why the volume would increase on his exchange. He is quite selective/fussy.
You guys were talking about the potential benefits of the peg system you hope to implement. Play on that, and hope that he finds it interesting.

https://poloniex.com/coinRequest

Ok cool why don't we all get voting . Where is the voting page? let's link it in the OP.

Who has the poloniex owners contact details?

what's his handle on here? busoni or something like that?

I spoke to them on behalf of bitbay few months ago and they replied saying the community needs to show more interest by voting for it to be considered.

A few of us have, I have not personally talked to him. Mostly because i would prefer his person contact info instead of just the normal submit form. If someone knows him personally they should do a smart contract with him to prove it.

It seems to me like a good idea too. Very clever system and way to make normally volatile currencies non-volatile through this whole freeze and liquid safe system. Though to stop it being controlled coin holders can vote on the volumes.

Did you try to talk to them?

Poloniex should add us, it's totally crazy that they don't.

They add coins with no development.

Does not make sense to me.

Well I believe David has been a little leary of marketing because of the stage of development of the Halo client.
I think that stance will change on this next client update. Due to the ICO exchange host thievery (BTER), marketing funds are extremely low.
However, we've overcome so much already despite of this, some hard core community members are trying to help David with any future marketing funds needed to start pushing out a strong campaign.
This should create a domino effect (as I've mentioned before) because Proof of Stake coins hold a huge advantage over Proof of Work coins; supporters don't have to fear a centralized entity curbing the minting of new coins.
So as the price increases so will the marketing funding. In my opinion it could grow into a marketing campaign the likes of which Bitcoin could only 'drool' over!

What i don't understand it that david is a very famous coder and conceptual designer. Other coders have recognised this... How are polo and the rest of the community not taking this project more seriously?

Even  that other smart coder that's been working on emunie seemed rather interested/impressed with davids ideas.

We need some whale interest else someone who is good at making people take notice.

I know eventually this project will be too important to be ignored but it needs to happen before the pegging takes place really. We want to be on big exchanges before that because installing some kind of custom software into their exchange may not be something they want to do. However if we are on there already generating a lot of volume they will not want to remove us.

There are plenty of extra safety measures you could add to this security setup.

For example, have a password protected folder through a 3rd party app like:
http://www.digitalcitizen.life/5-tools-password-protect-your-folders-windows
http://www.intowindows.com/top-4-free-folder-locker-software-for-windows/


This password protect folder would have 5 sub folders - each with their own separate password.

In each subfolder have over 1000 random images.
So a hacker would have to hack a minimum of 2 passwords (if he's lucky) or up to 6 passwords (if he's unlucky) to find the image with the key (that's password protected) out of 5000 different images.

I totally agree with your thoughts.
I'm not a big advocate of even holding coins on an exchange - once your done trading, withdraw immediately.
But as history has shown time and time again, that even after exchanges get hacked over and over, traders still end up leaving their coins in them for extended periods of time.

With that in mind, we might as well work with what they want. Yes, you are right Polo and Bittrex do not stake POS coins at the moment, but that's because they are afraid to because they would increase the exposure of these wallets to outsiders wanting to hack them. They would be deemed 'hot' wallets because they are online and running in order to mint new coins. They don't want to risk the possibility of their reputation if someone hacked their system. Once hacked, the first thing the hackers would go for is the 'hot' wallets. So for extra security they maintain their wallets in cold storage or offline. These can still be hacked buy in my opinion it typically can only be done by an insider in the exchange.

So the whole point of my post above is that with BitBay, it's unlike 99% of the other coins out there, as you are capable of using 2 private keys to access and run 1 wallet.
So this gives a lot more options to the user. Not only can these keys be encrypted with separate passphrases, David's added steganography to the client, so you could essentially hide the encrypted private keys inside images. With 2 private keys you can create joint accounts. Joint accounts would be no different than 2 business partners running a business and each partner has a key that unlocks the door to any funding they need to conduct business. It makes it impossible for 1 business partner to 'steal from the cookie jar' without the other's permission because the cookie jar has 2 locks on it.

Joint accounts don't have to be for 2 business partners. You could essentially create a joint account for yourself.
With this in mind, here is an example of how tight the security of BitBay really is...
You could essentially passphrase protect one key, hide it in an image and store it on a laptop. The second key is also passphrase protected, hidden in an image, yet stored on a raspberry pi.
So in order for someone to hack your joint account wallet, they'd first have to simultaneously hack both computer devices. Then locate the images with the keys inside of them. Then crack the passphrase that protects the private keys. I'm not saying that anything is impossible in the world of hacking, but I'm sure you could ask around - this wouldn't be easy to do by a long stretch!

Now with that in mind - imagine applying that to an exchanges cold wallet, hence why David calls it 'cold staking'.
The exchanges wallet could be 'hot' yet it's a joint account setup and only 1 key is hot while the other key cold and hiding on another computer device.
This could most likely only get hacked by an insider.

So yeah, polo and bittrex do not stake coins because they are afraid of exposing the hot wallets to hackers, but with BitBay's Halo Client, now they have a way to stake them and it would essentially be no different from still calling it a 'cold wallet'.

So why not stake and retain the rewards for profit?

I hope that clears things up for you. This is just one reason of many why I'm very bullish about the future of BitBay.