Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 269. (Read 542094 times)

Actually the lied thats how. When i talked to Steven he said they would hire devs. I told them i was involved in Blackcoin and could not do all the coding because i wanted to finish NightTrader but i did want the work since i was doing Blackcoin for free sort of a labor of love or something. So i was already in Asia hiring devs for the NT project and figured if that didn't work out they said they had devs with BTER. I even talked to Lin and he told me that. So it was hard for me to imagine that nobody would help me. They got paid and left. Thats so wrong on so many levels i dont know where to begin and end with it.

Actually its a huge regret of mine that i didnt demand to be in control of finances. But there was BTER and i doubted the exchange would put their reputation on the line. They had a lot of volume after all. And i was afraid i would not get hired at all if i was too demanding and i liked that fact that it wasnt a silk road type setup so i just sort of went with it. But yet it was very stupid of me not to ask for more, its just i had never gotten a contract that big before so from my perspective it was a blessing. And i didnt ask enough questions.

Okay so on to BAY2.

There is another problem i see with that. If it was an ICO, then it sets me up again for possible sabotage and not to mention fudding and insults on the bitcointalk thread. It could effect how much is raised and for me would be personally stressful.

Also since i dont have any coders working with me, the problem is promising an investor something new, most successful ICOs have at least 2-3 people and partners you know. I dont trust anyone anymore unless Vitalik himself wants to do it. hahaha I know hes busy so... yeah.

So yeah you know even if it raised for example 200 btc... thats not enough for more than 1-2 coders and if they cant hit their target in a year the money is gone and im still stuck doing all the work. Besides, i would have to train them too.

So for it to really be successful it would need a few million dollars. Like you saw what Lisk funded?? They can hire some nice coders for that!! They really will do great if they handle those funds responsibly.

The problem with wallets of the theives is its hard to track once they get split up. If you look at Mt Gox that was .5 billion dollars! They should have honestly rolled back the blockchain. It was seriously worth it because that was 30% of the coins in circulation. In our case the problem was mostly with the bitcoins.

In fact, more than 50% of bitcoins in existence have been stolen (mt gox .5 bil, sheep market 100 mil, silk road a few hundred mil, mintpal bter cryptorush cryptsi and so many others)

So it really is an issue even in Bitcoin

Well I'm not against a relaunch per se but i dont want to be unfair to all of you original investors. So i really hate the idea of injecting new coins into this project. And another fund raising is not a good idea because i have a hard time hiring anyways and so the money would not really be enough to make a major coding impact. Ive tried to ask for people to help introduce me to PR contacts and most importantly bloggers who would like to get paid to write about us, and wanted to hold a PR bounty but usually my suggestions sort of get ignored on slack... we have not found anyone to do it. But surely i can and want to set a bounty for that.

So im not sure what a BAY2 would be except a rebrand with the same coins for everyone and since we have not pegged yet there is not really a need to worry about it until we are at that point later this year.

IOTA tokens are currently being sold and bought using escrow and trust before the network actually launches. Could someone post a step by step guide on how to sell and buy such tokens on BitBay in these circumstances? Where to download the client, which version etc.

Both buyer and seller should post an escrow deposit and the contract should last at least 3 months until it expires after which the escrow is returned if neither party disagrees (this takes care of either party dying or losing keys etc). Also the contract should be able to expire if both parties want so. And the contract should terminate successfully when the buyer has received the tokens (when the IOTA network eventually launches and is declared safe to do transactions on) and the seller has received the payment (BTC or perhaps even BitBay).

Zimbeck is the coolest developer around and this asset should be twenty times its value. Got to give the man credit for sticking with this project and i know from personal experience hes a very fine man.
10/10 Zimbeck - your secret santa.

I'm not sure I wasn't part of crypti. The thing is crypti developed some nice things. However they ran out of fund or the other devs wanted to move in a separate direction. Put forward some nice plans for lisk . Boom new ICO 1000's BTC for new development. That's what I heard. But anyway they seem cool guys and perhaps just want to go on their own and do something.

To be fair David you're probably a far more known figure than either of those two guys. They seem really cool and everything but most people have heard of david zimbeck. So whilst you've been scammed out  the development pot and left to work on peanuts for years. Other  devs are getting 1000's of BTc to further their development ideas?? that seems very weird.

We that are left here including you David are the victims. If you can come up with a perfect plan of how our BAY2 ICO funds will be used to further development and push us forward we could have an amazing BAY2.

If anyone read through all BAY2 proposal from before the they would not even be released until after pegging but are an rather Investment fund.

I went over the BAY2 idea several times and could find no good reason why not to run with it. It only has positives.

You can have the best single coder and designer in the world but there is only so much you can do on your own. The old BAY1 community could also be revived since they are not loosing out. Instead of 100% of cmc rank 120+ they can have 50% (or more if invest in BAY2) of CMC rank top 10.

I think you can do it David and you are being wasted here working with little resources.

I have no idea how they convinced you to do 100% of all the dev work for only 20% of the ico funds? That alone even if they had not deliberately took their 80% and sabotaged the project. You would have still been getting screwed over. You need a large dev pot and lot of BTC at your disposal.
Any negativity from the community can be quickly slammed down when we have an Open and transparent ledger for the funds and how they will be used. You as dev should take the same % from BAY2 as before for private interest and incentive and the rest of incoming funds spend on development.

I have no idea why any sane person (victim ico investor from BAY1) would not be over the moon at this idea. Yes you may well be seeing your share diluted by 50% but if the project is now 100+x the size or greater if we have a great ICO for dev and marketing then just increased you gain by 50%

And this ICO is practically fool proof because what we don't sell of BAY2 ICO (if it does not sell out which if we have a good enough road map and have competence to put in place which we do) is burned and never released after pegging so that dilution doesnt even take place.

Of course someone with a better mind for maths, leveraging etc will need to thrash out the best way.

If other project that actually USED all their first ICO money and didnt have it stolen away can have another ICO why the hell cant we. Of course we need to 100% track down those BAY1 wallets that are linked to the thieves that destroyed this project and have them frozen down first. We don't want them to benefit from our hard work.

Reading your posts from few pages back BAY2 makes a lot of sense and adds a refreshing much required change to the project. A well structured BAY2 with bounty rewards can add a lot of necessary traction to Bitbay and also add some additional funds for marketing and further development.

Not sure but aren't Syscoin doing something similar? Maybe for other reasons but they have got some good press recently and also managed to up the price 6-7 times before the move.

David what are your reasons against BAY2? Was not clear from previous posts. Sorry if this is taking you away from core development entirely but I would love to hear the thoughts of yourself, Munti and others.

What was the problem with Crypti? I invested in Lisk because i liked their site and concept. But then i saw Crypti and wondered why that project was so unpopular.

No point doing this... more people will just poor bay on to the market.

BAY2 is the way forward.

LISK is crypti's BAY2

We have a legit reason for a BAY2

Pretty much, i would never use them. For now Bittrex is good enough but would be so nice to have it on Polo also. I am sure that would lure in so many investors and who knows, once the platform is close to coming out (or maybe after it is out) i am certain Polo will look at BAY from another angle and we will get added. As for chinese exchanges, theres pretty hard to find one that is not shady and has not conned users.

Yes but nobody will use BTER because they stole multiple millions of dollars from their cold wallet or something like this. I lost 3 btc there.

Why not just pay the exchange to get listed then? After we lost BTER we lost all our volume... its unfortunate.

So we need a new chinese exchange. I can put up a .25 btc bounty to find one and help with any cover charge. We could definitely use more volume.

Chinese exchanges volumes are insane. We need to get listed to attract investors

a 3 btc buy up will see Bitbay reach half a million. Someone take one for the team and put up 3btc worth ;-)

I think you are right David. If only we could attract more attention and understanding to the BAY project.

Bay2

Loving this new volume/interest in crypto. Bittrex and Polo are loaded up! Bittrex in particular has spiked up massively over the last week or two.

I think there is an important point here to also mention

Halo is a protocol in game theory... if anything it has less to do with crypto. You can do a Halo DDE contract with a Safe with two locks and dynamite and cash inside from two parties and a timer on the safe.

Etherium is a blockchain language like bitcoin

you can do Halo on any blockchain because its a method

Bitbay is software that runs that coin agnostic protocol and Decentralized Markets, soon will control its own supply
BitHalo and BlackHalo also do that but they dont control their supply, they just run Halo p2p software

So I could easily make an Etherium Halo or Ethalo

So the core difference between bitbay and etherium?

Etherium is a decentralized application system that will eventually have to centralize to survive because of bloat

Bitbay is a Blackcoin 3.0 clone that is more scalable since its not storing apps  and it can control its own supply

The economists said the future of money is a coin that can control its own supply. Etherium does not do this making it not as viable for a stable currency

So Etherium is a decentralized application distribute platform and an expensive one at that (gas fees will get to be unbearable in the same way bitcoin fees are now unbearable for low priced items)

Bitcoin is more of a currency than Etherium although Etherium has more complex ways to interact with that money, its rules are different based on each application. It doesn't control its own supply like Bitbay, so that is a huge advantage for us.


Perhaps the biggest thing we need and dont have is popularity... that we need marketing. The idea can be good but people need to know it exists.

Thumbs Up David

Etherium isn't any better. They are trying to store computer code on the blockchain which is too much bloat. I think Lisk has a better idea subcontracting that to side chains.

And lets say you are right, Etherium has fancy code. So how can that prevent me from lying to them or stealing from them?!

The smart contracts we do are double deposit escrow. Heres the example...

In Etherium Bob and Alice make a contract that Bob will pay 10 Eth for Alices guitar. And the contract says it will do it on the condition that they
get some special hash from a shipping website proving the item was shipped.

So wow! They can prove it was shipped and release the funds. But just because something is shipped doesn't make that what you ORDERED. What if Alice lies and sends a box filled with rocks??? Now Bob is forced to pay for something he didn't want and there is nothing he can do because Eth thinks its legitimate.

Computers are extremely easy to lie to. Even with prediction markets, they would have to pull from many different new feeds and broadcast that, this requires human intelligence. What if the news feed is taken out of context? They want to know if "John Smith" will die within 2 years. What if there is an article that says "John Smith died of laughter at the superbowl when he saw the half time show."  Will Etherium think hes dead?

What if there are 1000s of people with the name John Smith?

The only way to prevent the shipping scam with the box of rocks is to use DEPOSITS. If Etherium wants to protect consumers, their smart contracts must be Halo contracts anyways.


What if Bob/Alice want to trade Gold for Silver? How will Etherium know about the real world deliverable?

What if Bob/Alice want to wire money from one country to another? How will Etherium know if the money was sent with the correct amount?

What if Bob wants to hire Alice to mow his lawn? How will Etherium know he did that and how will it know he did a good job?

It wont! The only way to do trustless contracting is with deposits even in Etherium!!

I'm not saying Etherium isnt good for some things. Perhaps they have certain derivative applications, it would be wonderful for a pyramid pay contract, it would be great for business accounts that pay dividends, for businesses that need voting and different classes of shares.

So sure, its useful for some things but the applications we have in Bitbay we are using the perfect contract and i highly doubt you can improve this protocol.

If anything Etherium is extremely bloated, Bitcoin was having 24 hour delays on confirmations and they only send normal transactions. Imagine how much Etherium will grind to a halt if they let people store complex computer code!!

And what about infinite loops or bugs in the contracts? They can't even be sure its secure code, the Frontier site warns that its experimental.

Also you should tell them Bay and Halo have had smart contracts tested and working for years and we have a user interface that they can use with decentralized markets and everything. Just because Etherium has a protocol where is the software that does what Halo does? Do they realize it will take a person years to code what we have done here? Trust me, there will not be smart contracting software like this for at least another 2-3 years.

Also, what you told them is right, they won't have to worry about price swings. There was a famous economist who said long before bitcoin that the future currency will be an electronic one with the ability to control its own supply

Everyone I tell about BAY and smart contracts is asking me know why we need it if etherium has smart contracts?

The smart contracts we have work differently too don't they?

I told them the main feature is the pegging so people can use BAY as a stable currency so they don't have to worry about the huge swings and will know what returns they are getting for items sold. This is obviously very useful for business.

That's great. Thank you for the update.

thanks

actually i put bay on another machine and with 15 mins to sync then using the bootstrap i was up and running in no time.