Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 300. (Read 542140 times)

Yes I do. I didn't know that. Very cool.

Actually you don't even have to use the escrow. It just gives you the option. If you want to sell your micky mantle card for 6000, you have the option to set a custom contract up where you and the buyer don't deposit anything. That is the beauty of it! It's completely flexible. Heck you could create a contract where you deposit 0 and yet require the buyer to deposit 12,000 - you are in charge! You might not get any interested buyers, but that's your problem. But then again, maybe you have a very high reputation system, and a buyer will trust you to your unbalanced terms.
Anything is possible. You could deposit 6000, sell it for 6000 and ask the buyer to deposit 2,400,000 million.

See what I'm getting at.

So when the templates are done, the "moms" won't have to know about two private keys and multi-sig accounts and double deposit escrow? It'll be just like Ebay without the middle-men?

So Mom wants to sell her old Ipod for $100. She takes a picture and puts it and a description into the marketplace. The next day Bob contacts Mom and says he wants to buy the Ipod for $100. To use the Double Deposit feature, all Mom has to do now is put in $100 and send the Ipod. But wait. Mom says "Why do I have to put out $100 to sell my Ipod? I want to sell it because I don't have $100. On Ebay, I just sell it and Ebay takes a little and gives me the rest. Why do I have to pay to sell things? I want it to be easy like Ebay. I like Ebay. I sold a toaster last week for $25 and I didn't have to put in $25 first. I know I get it back, but what if I want to sell Grandpa's Mickey Mantle signed baseball for $6000? I don't have $6000 to put in. So I can't sell it? I don't understand this.

Can someone help Mom understand how easy this is?

Good work David Zimbeck. It will be great. I look forward to. It will be most beneficial thing for cryptoworld. 

Yeah well the good thing about this pegging system is we can roll the price up or down. So even at .01 cent you would be holding a tremendous amount of money. Its a question of how much liquidity is desired. We can roll the peg upwards using deflation (and that may also create a nice arbitrage too). The key here is supply should match demand.

So the thing is, every update comes in order. We have the templates working nicely so when people see the peg and buy in, they see the user friendly markets that even their mom could understand which we could fill with p2p cash orders or selling items etc. New buyers will see the value in completed software. Plus it makes marketing it so much easier!

That is why this update comes first.

As for an update on progress, yes the software is coming along. I'm currently privately testing the fiat templates which also have automatic price tracking. Also testing guarantor contracts for people without deposits. This new client is totally different the entire UI for contracts has transformed. Its perhaps my biggest update to the contracting system itself in a year. So consider that this update is huge. I've got to make sure its watertight, stable, fast and secure. So  be patient, things are progressing and we will have something soon.

Of course because then the late bloomers will be scrambling to get in 

On the other hand, the price will rise when everybody knows pegging will happen soon

I've been trying to say for weeks now, if you think pegging can and will work, then why would you want a price rise? There is no way any whale is going to allow the price to rise when they can accumulate what could be a fortune in the near future.

Why fret over 50 satoshi Bays if you think $1 is on the horizon? It's worth throwing down 1 btc worth and just cold storing it for 6 months, i'd not worry about it. If the pegging doesn't work it you're out $250 bucks, if it does you're a millionaire, pretty good lottery ticket in my book.

David,

How are you mate?

How is the coding going. Do you have an ETA for the new wallet?

Even if David deliver the updates he promised, it does not mean that the price will rise much. The situation in crypto now is that good news and great features usually don't affect the price. Pegging and real trades, working market — that is what we need.
I have an idea: let's organize the "club of buyers". All of you can think of what you are willing to buy. Then we can not only publish such wishes on bitbay itself (hope templates allow to do it), but also send letters to alibaba sellers (and any other sellers) saying that we are ready to buy their products, maybe buy many, but using only bitbay.
We can cooperate and organize groups, for example, group of musicians to buy musical instruments and equipment. I think some sellers will use bitbay, even if it's a little tricky concerning price of bays, if they understand that they can sell three guitars and a lot of other stuff at once.

This is going nowhere. And its getting there fast.
How long will it take for david to get working marketable tech out there?

up up up to moon

down down down to zero

It seems like we are still listed, you should pull it from coinmarketcap. Either way we will be able to trade in the markets themselves or on NightTrader. Anyways yeah the templates are coming along nicely, will do some tests shortly. Hope everyone has a nice July 4th

Someone will hopefully buy and sell to themselves.

Yet I'm amazed at the lack of volume on their exchange especially with this price increase.

Bitbay on delisted list C-Cex!!

Why...bitbay will go moon...

I brought a nice amount under 50sat a couple of months ago because for some reason people wanted out lol No doubt it was the sideshow and the other 2, thanks guys. Looking good for now..

For those who sold at 50 sat range, do you regret it now?
And for those who bought at 50 sat range congrats:))

Regards Anoxy

Ha!! Yes! NXT peaked to the upper thousand sat range and they have nearly the same amount of coins. Everyone is waiting for the template beta update, but either way, nice to see a coin that's rising with BTC's rise!

Yes. Back in the top 100 on coinmarketcap!!

Good to see you back