Also on the matter...
This recent cyber attack on the US of A, has caused a lot of people to wake up to the fact that their security system is weak.
To hear that baby moniter devices were just some of the many devices that turned into botnets to overwhelm sites like Twitter, Etsy, Github, Vox, Spotify, Airbnb, Netflix, and Reddit; it's quite amazing to say the least.
I've got to admit, our current liberal ran government is quite hilarious. They are so afraid to hurt anyones feelings that they always reveal their upcoming attacks in any form of warfare.
Them recently proposing that they were going to cyber attack Russia was about the stupidest thing on the planet to do.
And here we are.
_____________________________________________________________
I'm guessing the client's search engine require network resources?
Would there be a way to add a possible POW stage to that as well?
Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 236. (Read 542151 times)
October 22, 2016, 07:27:34 AM
October 22, 2016, 07:10:04 AM
So with the recent DDOS attacks on ether forcing them to hark fork.
@David, could you explain again the security features with BitBay.
I know in order to create a contract you have to include a small miner fee and your computer has to incorporate some POW to broadcast over the bitmessage network (which takes about 1 - 5 minutes).
What else is there in place?
I mean lets say someone tries to DDos the default BitBay marketplace - would that affect the entire network or just that specific bitmessage 'chan'. Meaning if Alice had a marketplace called "Alice's shop", that bitmessage 'chan' wouldn't be affected by a DDos attack on others 'chans'?
And if it only affects those computers that are subscribed to a specific 'chan' is there any way for a user to remove the default BitBay 'chan' for such an event (if that's the 'chan' they attack)?
What if there was some sort of algorithm that could distinguish a potential DDos attack and temporarily increase miner fee's for such an attack?
Or if new users had a higher fee at first, and based on reputation system of just 1 or 2 completed contracts, the miner fee returns to minimal amounts?
Just wanting to brainstorm on the issue.
Thoughts?
@David, could you explain again the security features with BitBay.
I know in order to create a contract you have to include a small miner fee and your computer has to incorporate some POW to broadcast over the bitmessage network (which takes about 1 - 5 minutes).
What else is there in place?
I mean lets say someone tries to DDos the default BitBay marketplace - would that affect the entire network or just that specific bitmessage 'chan'. Meaning if Alice had a marketplace called "Alice's shop", that bitmessage 'chan' wouldn't be affected by a DDos attack on others 'chans'?
And if it only affects those computers that are subscribed to a specific 'chan' is there any way for a user to remove the default BitBay 'chan' for such an event (if that's the 'chan' they attack)?
What if there was some sort of algorithm that could distinguish a potential DDos attack and temporarily increase miner fee's for such an attack?
Or if new users had a higher fee at first, and based on reputation system of just 1 or 2 completed contracts, the miner fee returns to minimal amounts?
Just wanting to brainstorm on the issue.
Thoughts?
October 21, 2016, 08:35:55 AM
Users change nicks very often. Me too. I was here before.
October 21, 2016, 07:18:32 AM
the first 2 pages on this thread had users that never appear here anymore? Where they go?
Gizfreak
toknormal
RJF
silavon
kenbytes
issie81
risinhigher
BAYproviser
Kevinrasf
Mickeyb
ndrog
KC6TTR
unusualfacts30
Gizfreak
toknormal
RJF
silavon
kenbytes
issie81
risinhigher
BAYproviser
Kevinrasf
Mickeyb
ndrog
KC6TTR
unusualfacts30
October 19, 2016, 10:53:59 AM
who and why are people selling bay? - BUY AND HOLD! ITS GETTING PEGGED AT XMAS!
Is this confirmed?
xmas is pegging day?
What's the word on the anon features? I wish more was spoken about on the thread than in slack. We need to realise that most people finding crypto jump off from this board. Slack is okay for certain more confidential discussions but main news should be here too. Also keeping this thread bumped and active will get more new eyeballs. Let's face it if you find the bitbay thread and see the market cap then you will be putting your BTC here before 99% of other alts.
No it isn't pegging day. I've still got a lot of coding to do. And yes I agree, the discussion on here has been pretty positive and thought provoking. Mostly, slack has been pretty quiet as I'm still working on an update.
Yes, I thought that sounded a little sudden.
Yes, I think most newcomers would prefer to use the board at least to start with. Also builds more of a community spirit.
October 18, 2016, 11:50:54 AM
who and why are people selling bay? - BUY AND HOLD! ITS GETTING PEGGED AT XMAS!
Is this confirmed?
xmas is pegging day?
What's the word on the anon features? I wish more was spoken about on the thread than in slack. We need to realise that most people finding crypto jump off from this board. Slack is okay for certain more confidential discussions but main news should be here too. Also keeping this thread bumped and active will get more new eyeballs. Let's face it if you find the bitbay thread and see the market cap then you will be putting your BTC here before 99% of other alts.
No it isn't pegging day. I've still got a lot of coding to do. And yes I agree, the discussion on here has been pretty positive and thought provoking. Mostly, slack has been pretty quiet as I'm still working on an update.
October 18, 2016, 11:36:38 AM
who and why are people selling bay? - BUY AND HOLD! ITS GETTING PEGGED AT XMAS!
Is this confirmed?
xmas is pegging day?
What's the word on the anon features? I wish more was spoken about on the thread than in slack. We need to realise that most people finding crypto jump off from this board. Slack is okay for certain more confidential discussions but main news should be here too. Also keeping this thread bumped and active will get more new eyeballs. Let's face it if you find the bitbay thread and see the market cap then you will be putting your BTC here before 99% of other alts.
October 18, 2016, 05:45:30 AM
How many BitBay in circulation? I mean real circulation, except coins that was locked in a scam exchanges?
https://chainz.cryptoid.info/bay/
A billion and a bit extra from the interest over the years
Maybe the coins being actively traded is less than 20% considering a lot of the core members of slack hold their coins. But thats completely a guess on my part. Maybe some of the slack members want to chime in on this one.
October 18, 2016, 02:12:58 AM
How many BitBay in circulation? I mean real circulation, except coins that was locked in a scam exchanges?
October 17, 2016, 01:01:10 PM
Volume is so low at price can change quickly
October 17, 2016, 06:37:33 AM
who and why are people selling bay? - BUY AND HOLD! ITS GETTING PEGGED AT XMAS!
October 17, 2016, 05:56:02 AM
To sum it up, BitBay's peg must be classified as a trust based peg, and has chosen the safer version -a soft peg. The rest is micro economics -supply and demand. The revolutionary concept is that it is decentralized! Every other peg is centralized, i.e., controlled and/or dependent on one person or group of persons. If he/they fail, the peg fails!
Interested to see how this pans out.
That's exactly why the solution needs to be decentralized. BitUSD relies on the success of BitShares, NuBits on custodians, Tether on backers
Nobody who is serious about finance should vest too much in those
It must be decentralized and that's what we are making. Bitbay won't require 3rd party intervention, just miner votes. I just wish more of crypto knew what is about to happen here. I think there are alot of silent eyes on this thread.
Yes we need to find a way to create some demand before the peg. We need also to get on polo.
First the volume, then polo, then the peg.
So many junk coins out there that provide nothing new all zombies sitting in the top 100 and some much higher a lot residing on polo too from times when polo needed every bit of volume.
Trouble is BAY needs whale interest. Whales are on larger exchanges. Bittrex is not enough these days. I mean look at the junk of polo. Some of those coins are total and utter garbage. Some have no development in months and the wallets barely work.
I mean if we can even find a way to boost volume on bittex and get attention of polo and show them the work and dedication behind this project it would be impossible for them not to add us.
I still think a second ICO would have been a great thing months back when ICO was all the rage after eth. Would have at the very least attracted a lot of attention and discussion about BAY and some funds.
Well hopefully this next update will really spark some interest.
I'm just about to rap up with creating some tutorial videos for the client.
In the process I had to create a new account.
Got lucky on the generated address, lol
Nice address there.
Does anyone know if David has spoken to busoni as yet?
October 16, 2016, 10:51:15 PM
To sum it up, BitBay's peg must be classified as a trust based peg, and has chosen the safer version -a soft peg. The rest is micro economics -supply and demand. The revolutionary concept is that it is decentralized! Every other peg is centralized, i.e., controlled and/or dependent on one person or group of persons. If he/they fail, the peg fails!
Interested to see how this pans out.
That's exactly why the solution needs to be decentralized. BitUSD relies on the success of BitShares, NuBits on custodians, Tether on backers
Nobody who is serious about finance should vest too much in those
It must be decentralized and that's what we are making. Bitbay won't require 3rd party intervention, just miner votes. I just wish more of crypto knew what is about to happen here. I think there are alot of silent eyes on this thread.
Yes we need to find a way to create some demand before the peg. We need also to get on polo.
First the volume, then polo, then the peg.
So many junk coins out there that provide nothing new all zombies sitting in the top 100 and some much higher a lot residing on polo too from times when polo needed every bit of volume.
Trouble is BAY needs whale interest. Whales are on larger exchanges. Bittrex is not enough these days. I mean look at the junk of polo. Some of those coins are total and utter garbage. Some have no development in months and the wallets barely work.
I mean if we can even find a way to boost volume on bittex and get attention of polo and show them the work and dedication behind this project it would be impossible for them not to add us.
I still think a second ICO would have been a great thing months back when ICO was all the rage after eth. Would have at the very least attracted a lot of attention and discussion about BAY and some funds.
Well hopefully this next update will really spark some interest.
I'm just about to rap up with creating some tutorial videos for the client.
In the process I had to create a new account.
Got lucky on the generated address, lol
A good omen if I ever saw one!
October 16, 2016, 07:40:49 PM
To sum it up, BitBay's peg must be classified as a trust based peg, and has chosen the safer version -a soft peg. The rest is micro economics -supply and demand. The revolutionary concept is that it is decentralized! Every other peg is centralized, i.e., controlled and/or dependent on one person or group of persons. If he/they fail, the peg fails!
Interested to see how this pans out.
That's exactly why the solution needs to be decentralized. BitUSD relies on the success of BitShares, NuBits on custodians, Tether on backers
Nobody who is serious about finance should vest too much in those
It must be decentralized and that's what we are making. Bitbay won't require 3rd party intervention, just miner votes. I just wish more of crypto knew what is about to happen here. I think there are alot of silent eyes on this thread.
Yes we need to find a way to create some demand before the peg. We need also to get on polo.
First the volume, then polo, then the peg.
So many junk coins out there that provide nothing new all zombies sitting in the top 100 and some much higher a lot residing on polo too from times when polo needed every bit of volume.
Trouble is BAY needs whale interest. Whales are on larger exchanges. Bittrex is not enough these days. I mean look at the junk of polo. Some of those coins are total and utter garbage. Some have no development in months and the wallets barely work.
I mean if we can even find a way to boost volume on bittex and get attention of polo and show them the work and dedication behind this project it would be impossible for them not to add us.
I still think a second ICO would have been a great thing months back when ICO was all the rage after eth. Would have at the very least attracted a lot of attention and discussion about BAY and some funds.
Well hopefully this next update will really spark some interest.
I'm just about to rap up with creating some tutorial videos for the client.
In the process I had to create a new account.
Got lucky on the generated address, lol
October 16, 2016, 03:13:01 PM
To sum it up, BitBay's peg must be classified as a trust based peg, and has chosen the safer version -a soft peg. The rest is micro economics -supply and demand. The revolutionary concept is that it is decentralized! Every other peg is centralized, i.e., controlled and/or dependent on one person or group of persons. If he/they fail, the peg fails!
Interested to see how this pans out.
That's exactly why the solution needs to be decentralized. BitUSD relies on the success of BitShares, NuBits on custodians, Tether on backers
Nobody who is serious about finance should vest too much in those
It must be decentralized and that's what we are making. Bitbay won't require 3rd party intervention, just miner votes. I just wish more of crypto knew what is about to happen here. I think there are alot of silent eyes on this thread.
Yes we need to find a way to create some demand before the peg. We need also to get on polo.
First the volume, then polo, then the peg.
So many junk coins out there that provide nothing new all zombies sitting in the top 100 and some much higher a lot residing on polo too from times when polo needed every bit of volume.
Trouble is BAY needs whale interest. Whales are on larger exchanges. Bittrex is not enough these days. I mean look at the junk of polo. Some of those coins are total and utter garbage. Some have no development in months and the wallets barely work.
I mean if we can even find a way to boost volume on bittex and get attention of polo and show them the work and dedication behind this project it would be impossible for them not to add us.
I still think a second ICO would have been a great thing months back when ICO was all the rage after eth. Would have at the very least attracted a lot of attention and discussion about BAY and some funds.
October 16, 2016, 09:04:14 AM
To sum it up, BitBay's peg must be classified as a trust based peg, and has chosen the safer version -a soft peg. The rest is micro economics -supply and demand. The revolutionary concept is that it is decentralized! Every other peg is centralized, i.e., controlled and/or dependent on one person or group of persons. If he/they fail, the peg fails!
Interested to see how this pans out.
That's exactly why the solution needs to be decentralized. BitUSD relies on the success of BitShares, NuBits on custodians, Tether on backers
Nobody who is serious about finance should vest too much in those
It must be decentralized and that's what we are making. Bitbay won't require 3rd party intervention, just miner votes. I just wish more of crypto knew what is about to happen here. I think there are alot of silent eyes on this thread.
October 13, 2016, 01:08:55 PM
To sum it up, BitBay's peg must be classified as a trust based peg, and has chosen the safer version -a soft peg. The rest is micro economics -supply and demand. The revolutionary concept is that it is decentralized! Every other peg is centralized, i.e., controlled and/or dependent on one person or group of persons. If he/they fail, the peg fails!
Interested to see how this pans out.
That's exactly why the solution needs to be decentralized. BitUSD relies on the success of BitShares, NuBits on custodians, Tether on backers
Nobody who is serious about finance should vest too much in those
It must be decentralized and that's what we are making. Bitbay won't require 3rd party intervention, just miner votes. I just wish more of crypto knew what is about to happen here. I think there are alot of silent eyes on this thread.
October 13, 2016, 01:02:49 PM
as symbolic support for this project, i used BAY in a couple of screenshots of my new Android app 
preview:
the app is this: https://play.google.com/store/apps/details?id=trade.muchbtc.app
it can follow market prices and estimate total portfolio value
preview:
the app is this: https://play.google.com/store/apps/details?id=trade.muchbtc.app
it can follow market prices and estimate total portfolio value
Awesome! Thanks for thinking of us
October 13, 2016, 12:38:29 PM
as symbolic support for this project, i used BAY in a couple of screenshots of my new Android app
preview:
https://muchbtc.trade/image/sc.big.1.jpg
the app is this: https://play.google.com/store/apps/details?id=trade.muchbtc.app
it can follow market prices and estimate total portfolio value
preview:
https://muchbtc.trade/image/sc.big.1.jpg
the app is this: https://play.google.com/store/apps/details?id=trade.muchbtc.app
it can follow market prices and estimate total portfolio value
October 13, 2016, 07:51:20 AM
To sum it up, BitBay's peg must be classified as a trust based peg, and has chosen the safer version -a soft peg. The rest is micro economics -supply and demand. The revolutionary concept is that it is decentralized! Every other peg is centralized, i.e., controlled and/or dependent on one person or group of persons. If he/they fail, the peg fails!
Interested to see how this pans out.
As am I. And, I agree with you on the all encompassing importance of the peg with one caveat, the other functions are just as important if they are to be used in the real world. If a coin is "pegged" but the functions it was designed for fail, what will happen? Say Bitbay becomes a big player in smart contracts and, it is pegged at 1 USD per coin. Now lets say the contract side is found to have a serious flaw that cannot be corrected destroying it's utility. What happens? Does the community continue to vote to maintain the peg or, do they decide to sell and run?
I don't think you can completely depend on the peg feature to maintain value if the rest of the system becomes useless. While I do agree that loosing the peg would create a situation that may not be recoverable, I also believe that the failure of the underlying technology may be even worse. It's a Ying/Yang relationship.
This why I don't mind whatever time it takes to develope and prove the coins functions prior to pegging even if there are others doing the same thing. The rest is marketing...
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