Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 244. (Read 542115 times)

There is no whitepaper for BitBay, and it's not really needed. Much of the tech is developed already, so you can test it for yourself. You can read a little about the key features in the about section on our site. The only thing that could need a whitepaper is the pegging, and we don't want to give other coins a chance to copy it before we have released it ourself.

Our roadmap is to release templates for buy/sell anything, hire someone/offer to do a job, phyton contracts (write your own smart contract), fork to POS3 to allow cold staking, and pegging. We are not announcing any eta, but David hopes to be done in Q1 2017.

tether works by "real" bank deposit of dollars matching the available tether usd token .

Is it an endogenous solution? How is price checked by consensus code in a decentralized solution?
Here is vitalik on stable currencies.. id suggest david writes something similar if he thinks he solved the problem better than shellingcoin.

https://blog.ethereum.org/2014/11/11/search-stable-cryptocurrency/

Having read that what does the consensus code check to determine demand and thus adjust supply?

I believe tether is a closed system and is more like a market maker not sure though.

Afaik the problem is 2 fold.. determining how far from current price the target price is and actually changing the supply.. getting the current price is easy on paper but presents some problems with hackers when trying to do it in a decentralized way.. in syscoin i read it from an alias thats published which cant be hacked but rely on centralization.. so to create a simple peg of any currency is as simple as creating an  alias with peg information and rest of network gets it and cant screw around with the peg.... voting for it presents other problems which is thr act of changing the supply... so im interested to hear how these problems were solved in a decentralized method by david to avoid both of these problems.

I have never heard of Tether, so will have to look into it. That said, I left out an important word; decentralized. BitBay will be able to make the peg decentralized. There are other pegged coins out there, but they rely on some form of centralization.

dead coin is dead

You say BitBay will be the first. This begs the question, how does "Tether" do it? I have never seen the price of Tether change at all, always 1 USD yet the market cap is growing quite a bit. Just curious. I've been a supporter of Bay since the ICO.

 
 

Please any link to the BitBay whitepaper and roadmap for this project, I want to review the paper and see how achievable is the roadmap timeline. I will like to also like to know if there is ICO funding for this project

This is very much under active development. You'r right about the site not being very lively. That's because we are mainly communicating on slack. We will use the forum section on site more in the future though. Mostly for help topics because it's nice to not have to read through a ton of pages here to find answers.

The rolling peg, as we call it, is a way to stabilize the value of Bay. We believe one of the obstacles for digital currencies is the volatility in price. Why would Alice and Bob start using a currency that can lose 20-50% of it's value in a day? Doesn't make sense. So we are coming with a solution to that. BitBay will be the first currency in the world with the ability to automatically regulate supply to meet demand at a target price. This is done by freezing/releasing Bay. It's basically the same thing that nations do when they increase or decrease money supply. It's just much easier to do because we don't have to factor in the effect on interest rates, unemployment etc.
The peg is designed to be flexible. Meaning we are not targeting a fixed value of Bay versus USD that never changes. Price will be allowed to move, but the extreme pumps and dumps that we know from crypto will not be possible. Think of the peg as a way to make the price of Bay move similar to bluechip stocks instead of crypto. An added advantage of our peg is what we call UVP, user value protection. The following is a very schematic example of how that works. If you buy 1 bitcoin worth of anycoin and it drops 20% you will only have 0.8 bitcoin left if you are forced to sell. In BitBay this will be different after the peg is implemented. If you buy 1 bitcoin worth of Bay and it drops 20% that will result in coins being frozen to maintain value. 20% of your coins are now frozen, so you will still only get 0.8 bitcoin if you are forced to sell, But you still have 20% of your Bay. When demand picks up they will be released, and you can sell them.

Hi, possible to get an explanation of what teh "pegging" stuff means? Interested in this project

The blog/forums on the website seem dead..this project is still under active development?

I hope we can get on some big exchanges before that happens too. We only need one influential character to get involved with the project and see its real potential.

Yeah, my hope is that it could hit a nice pump right before the implementation of the peg. And since the peg will obviously bring stability, then a big pre-peg pump wouldn't turn right back into a dump.
So such a potential pump has never been witnessed before. Granted the actual initial peg value has yet to be determined yet so I don't know how that will play into the equation.
Yet I'd think any potential pump would have a big influence on determining the initial peg price.
Again, it's unprecedented and therefore never been witnessed before - history in the making.

I can't wait to get there as well!

thanks,
cant wait  hope the price keeps improving uptill then.

The rolling peg?

I believe David's goal is to have everything done by the end of 1st qtr 2017.
I believe the "User Value Protection" protocol (our rolling peg) and the p2p python programmable smart contracts will be the final 2 features David completes.

i wonder when that will happen?anyone

It's all good. I think after the peg we ought to have a major increase in interest with the coin.
When that happens I'm sure we should be able to gather up some funding for a lucrative marketing campaign - hopefully advertising across multiple outlets which will create a positive domino effect.
POW coins can't achieve this because they have to keep mining coins at a premium price all the while other miners gain interest and begin diluting the new found block rewards which then forces an increase in difficulty which is a whole different 'domino effect' for any sort of marketing campaign that relies on mining to support it's endeavors.

We know, but thank you for telling us. It actually started a long discussion about a possible name change when we first learned about it.

Your counterparty also has the option to send a message to you through the accept bid template.
So if you request a phone# in your contract in order to keep track of incoming text messages from people testing your app, then they have a way to do so (securely with bitmessage encryption).
That way you'd know what contract bids to accept and enter escrow with to complete transaction.

I don't see any reason why you can't do that now. If you create a faucet type contract like mine, it's up to you to release the funding to the counterparty. A faucet type contract has to be a guarantor type contract (other types require that the counterparty deposit Bay for escrow), so the creator of the contract takes all the risk - granted we are talking about a  minimal faucet style contract. But the point I'm trying to make is that the best way for you to deal with counterparties (so they don't cheat you on your app testing) would be to wait to accept their bid for the contract after you get the text message confirmation from them. That way you don't lock any coins in contract prematurely if they tried to scam you for your coins. If you were already in contract with them you'd still be able to bomb the contract (not send any coins to them) if they scammed you, but you'd be the one who loses your coins in escrow - hope that makes sense.

So the best way to protect yourself would be to wait until you receive text confirmation before you accept their bid for your contract and enter escrow.

All of that is already included in the client, so no need to even worry about creating a programmable smart contract for it - granted with a custom programmed contract I'm sure you could add more "bells and whistles" to it, but that option won't be released for a couple more months.

Hope this helps.  

i have a question / possible use case of bitbay:

let's say i made a service, some kind of application and i'm looking for testers, i really need some feedback and i'm willing to give a little compensation for a feedback.

i've seen on the bitbay market there is a faucet contract where i can just request the amount without any other action by my side, i would like to setup a similar contract where i give away X amount of bay only if i get a feedback (in form of text message) to anyone who test my application.
is that possible with bitbay smart contracts? or i should use eth? i hope question is clear

Yeah it's crazy. Okay well so I will mention pegging but not go into much detail.