Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 3. (Read 542037 times)

Well BitBay is the only coin in the world with a dynamic peg. We are one of the oldest altcoins as well dating back to 2014 and were the first with decentralized markets and smart contracts(using double deposit escrow)

This little explainer document can explain how the peg works. (difference between BAY, BAYR, BAYF)
https://bitbay.market/bitbay-dynamic-peg-visual-reference.pdf

As you can see, it controls it's own supply. The reason we were not high on the charts(we used to be top 40 coin) is because after the peg forked central exchanges
didn't wanna adjust their orderbooks just to accommodate our supply changes. This isn't like somewhat nonsensical projects like Ampleforth(where 1/10=10/100... no equity change means nothing changed economically), this peg which was planned since the beginning has a shift in equity when supply changes only users who actually had funds in reserve get their money made liquid and visa versa.

So we had to make this peg system be able to be bridged to ethereum style networks but it was a lot of data(a "normal" transaction in ETH for this token would cost $100 because user balance is like a matrix of values). But thats okay because there is L2 networks and also cheaper alternatives(like Polygon and Binance) so I coded a watered down dynamic peg system and it's testing currently on Goerli.

If you wanna test it, swing by our main Telegram channel and ask for testnet coins. It's free to do and it's a very friendly community. It's not just a bunch of guys shilling their bags, it's like a community of people that seriously care about tech in crypto industry... that's why they have been there so many years.

Dear Digital Gold - Welcome. To answer your questions:

What's next? The Team is building a bridge so BAY can start trading again.
BAY is unique in that it runs a dynamic "peg" to price itself, which is roughly equivalent to 1/100,000 the hightest ever value of BTC.
So in theory, each bay is currently roughly equivalent to .64cents (US); because BTC at it's highest point was approx. $64,000 US.

What are differences among BAYR, BAYF and BAYL?
Good Question. This has been asked and answered many, many times since BAY launched it's peg.
The very best answer can be found on the website.
Please click on the "watch video "button on the following page: https://bitbay.market/decentralized-marketplace/index.html

Now a question or two for you, as I am interested to find out more about your ad project and its future:
1. How can Digital Gold insure that it actually has the physical gold to back up a coin? Can I go see it, and handle the gold with my name on it?
2. How can I be sure it hasn't been re-allocated 1,000 times?
2. And if you actually have some gold locked up somewhere; how can one be sure that when SHTF the people guarding the gold don't just walk off with it?
3. And finally, what do you say to people like me, who actually own a real gold mine in Alaska, when I state the age-old truism: "If you don't hold it, you don't own it"? Which is why investors in crypto should never, ever perminately leave their savings in someone else's exhange or wallet - a la Mt. Gox.

An impulse from silence so it is good but what's next?

What are difference among BAYR, BAYF and BAYL?

Could you explain the differences among them, please.

I never on the BitPay boat but today I saw your thread and I thought it is a thread for BitPay service, not a coin. After a few minutes to read, it is not from BitPay but I am still interesting to find out more about your project and its future.

Good Luck Everyone.

Ah yeah Doc thanks for posting this! Yes anyone who wants to participate in the Solidity based testnet can do that now, just come to Telegram and ask for testnet coins and we can also send a bit of testnet ETH as well. It's a lot of fun to see the changes in balance working, the funds freezing and unfreezing.

For this testnet it's worth mentioning the freeze of reserve is only 2 minutes. I probably should have at least made it 10 to get a little bit more of a "delay" going but since this is just tests I figure it's the same either way.

Very shortly it will also be tradable for a testnet version of Uniswap so therefore we would like some feedback on the different experience of being a liquidity provider. Because remember for being an LP here it needs to account for both liquid and reserve coins.

Dear World - BAY is making a comeback; But don't call it a Come Back - it's been here for years:

There is still a lot to do; however, testing the bridge begins on the Goerli Testnet Network.

Basically you load Metamask, inport the BAYR, BAYF and BAYL token addresses and then you can send you ETH address on Goerli to receive coins.
It's that easy.

0xD7567f0841Aae04833C8c004e8685cBF9F1a6b11 BAYL
0xe491CC5b00e24fE53cCA89adaC79f5D7FdA80a82 BAYR
0x3c4Fa78cA311FF83A5EdF60140B0b45e8c39eBf9 BAYF

That's the BAYL (liquid); BAYR (reserve) and BAYF (frozen) addresses.

Winners never quit, and quitters never win. We'll be back just in time for the collapse. Go to Telegram to learn more (https://t.me/bitbayofficial).

DZ, et al. are doing their part. Others need to step up and and "knock-out" the Marketplace so we're ready. Be Creative. Be Free.

https://www.youtube.com/watch?v=vimZj8HW0Kg
(Turn It All The Way Up!)

Well BAY needs a permanent home so the goal now is to get it on DEXes. I agree currently we are in hot water. However once we can trade and have web markets that
operate with any token, then maybe we can come back from this. It wouldn't be the first time we come back from being almost totally dead. 2018 for example we were up 4000 time from our floor and with a full delivery on the tools we said we would. However the reality is, the peg was too complex for central exchanges so we got overcharged, censored and even simply stolen from(Latoken, OEX, Bitker, etc). Latoken delivered at first but was honestly not worth the brief moments of success as they kept screwing our users with constant downtime every chance we had for higher volume.

Funny thing is, you mentioned a bridge a year or so ago. It ended up being our only option. At least that way we don't deal with listing fees or exchanges going out of business or being "hacked". It's better this way.

Either way, I wish you well. We will just have to see what happens after the bridge.

lol here you are one year later....SAME sad story.  2015?? to 2022....sheesh.

people have either retired off TONS of other projects, or are rekt from them.

good to see you guys still at it (though i still see 0 coming out of it).

It would be false/hype to give an exact time or date, I stopped doing that years ago to guarantee that every word I utter or type is honest. Also, code can't be rushed as there is testing for bugs. With that said of course the goal is to get everything ready before the summer and handed off to Yshurik so he can do some c++ code and then test it.

Thanks David for your reply but I feel this part will take another 3-6 months then after all done we will have another issue with LP. I trust you David but this is really  taking long time since 2014. excellent project and excellent team but too long to see any benefits soon. As you know all US based coins are failing, where Bitbay would be a good fit and a killer. I wish you guys would seriously look into setting a date soon so we can capitalize on this amazing opportunity. Anyway I'm a big fan and hoping to see Bitbay everywhere.

The bridge so far a lot of the solidity code is mostly done and being tested however there is still more to do. The BAY side code then has to connect to all of that. Plus there is some c++ work after that. So it's still unclear of when it will be done but hopefully it can be finished by this summer. Don't forget we have to test everything as well.

hey guys , any update on the bridge implementation, this is the best time for the peg when the market is crashing .. please if we're going to see it soon. because i think night trader still needs 2-3 months ....   thanks guys

BitBay.Marketplace featuring "The Peg".

See why BAY has been essentially banned on this planet.
The Original Smart Contract - Before Ethereum.

No more corrupt and rigged financial systems for 98% of the population.
Open Source. A "Trustless" system (NO Middleman).

Everyone is happy with the deal or it doesn't go through.
Try to F*** someone and your reputation is damaged FOREVER; and you lose your money.

Who are the New Innovators in your respective countries?
South & Central America? Africa? Asia?
ALL EMERGING NATIONS.
Who among you is smart enough to see what is here and grasp it?

Start A Marketplace like Amazon or Ebay using our Market Client - For Free!
BAY can be what you want it to be. Sell anything that's legal in your country.

Investigate, Learn, Create, BE FREE.

Yeah bridge is en route for Q1 to have most of the mechanics finished and then should go into testnet after yshurik codes some of my pseudocode in c++

DZ says no matter what there has to be a "bridge" built - no matter what DEX we use.
Once that is done it will finally get us back a home.
He reports he is working on it.

Free listing exchanges:

https://docs.google.com/forms/d/e/1FAIpQLSdqap8e97W-9jMqtpM55kbrpjriJLzD8OE2u0Djq_g8FtYngA/viewform
https://xeggex.com/

Greetings - I am told David is working on the "bridge".
In the meantime, we wait... patiently.
BAY is still very viable.

The Team at BAY simply got handed a deck of cards they have to play with.
Who knew that the Exchanges were too lazy (or scared) to implement David's historical peg and would delist BAY?

One would think that the implementation of an "anti-rig / anti-pump-and-dump" algo would be welcome and cherished.
I guess not - once we get on the DEX's, we will be even stronger and more decentralized than ever. Cheers!

Happy Holidays, Merry Christmas and a Happy New Year to All!
Looking forward to the success of BAY and NightTrader in 2022.
Hopefully it's our biggest year ever!

God Bless What's left of Our Unshackled Humanity; May The Rest Wake Up Sooner Than Later.
BE FREE.

Eventually it may be worth asking for them for the domain however in the meantime my guess is they will redirect

*The BitBay Exchange (Polish/Estonian) has changed its name!*

Thank God. It's a good move for all.
Now I can stop bitching and moaning about a name change!!!  lol  

The invisible owners of the .com URL might want to give a shout out to the BAY folks on Telegram.
Is this what they were waiting for?

Go to bitbaycoin.com for coin overviews, links to Telegram, the Website (bitbay.market), NightTrader.exchange, CoinGecko, etc.