Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 335. (Read 542094 times)

Well written and you are right about the market it is total speculation you see this as recent as the other day when people heard about the evo guys doing a runner the market started instantly selling and caused a little drop which could have been a lot more if the guys who stole actually started dumping.

This is the place to be over the next year there are going to be a lot of last minute panic buyers into this coin when promotion starts kicking in and people understand the power of true decentralization, this is what crypto need more than anything and then avoid all the so called hacks and thefts.

Keep up the good work been watching on lurk mode for awhile as i am sure others have.

Watching this whole Bitcoin BTC-e scandal on twitter is just laughable!!

https://www.youtube.com/watch?v=waEC-8GFTP4

So tired of this instability market...
99 percent of the crypto market is nothing but speculation investors looking for a quick buck! It's so funny seeing people boast about how a coin just made them money, just so they can dump it back into BTC, which is nothing more than the roller coaster that got them in the mess.
There is a reason why merchants who accept BTC in payments, cash out to fiat immediately - it's because they can't afford to lose money in the "long".

I can't say enough how I can't wait  for a pegged system that is simplified for any average Joe to feel comfortable to partake in and with a built-in decentralized marketplace for the sake of "peace of mind".

Why, in my right mind, would I utilize BTC as a means of currency, when I have the fear of tomorrow of knowing the possibility that it could dump or skyrocket! This "dumbness" needs to end! Yet they can't... don't want to piss off the centralized Debeer's-type POMer's that are waiting for that quick buck, let alone the hackers that are out in force trying to hack 'moran's' without a 'brian' that put their BTC in someone else's hands!

This is why I invest in Bitbay!

i cannot access my funds on the contract-wallet, it wont sync. how could i access my wallet? i have still my backups from key1.private, key1.share, key2.private and key2.share. And of course my wallet.dat.

I tried to switch the wallet.dat in the QT-client. It shows my balance, but when i try to send coins, it shows an error.

Any help really appreciated!!

Thats true but the stake reward is higher for small amounts of coins. So if you have a .1% chance of getting the block your reward is higher than one who has a 99% chance of getting a block.

Also, I am adding multisignature staking to all my clients. So now, you can stake without ever getting hacked. (2fa staking)

Edit: Problem solved , I have just seen wrong numbers. It was about 140 million. However , in the next release , it would be better if we can see some comma for seperating digits.
Secondly, If you dont have some significant amount of coins it is not easy to get stakes , am I wrong(In my case , I have 96k coins)?

I didnt get POS2.0.

It says coins age out of the race. I got it and my weight is equal to just my coins. Ok with that, but how the network weight can be 1.4 billion.140 million. Is there a mechanism such that calculates how many hours a node online or something else?

Please help me to understand, since my weight doesnt change about 3 hours and it still says "23 hours" or "1 day".

So maybe we need to invent a new word for this.

Hi EMIF thanks for the support.

First of all you had it correct except its in reverse. If Bob and Sally are total strangers with no trust, then Bob would deposit 1 and advance the amount 1(for the phone). Sally would only deposit 1 to avoid extorting from Bob.

So at first Bob is -2 Sally -1.

Then Sally sends the phone worth 1

So Sally is -2 Bob is -1

If Bob says he didnt get it he is still -1 and just paid double for the phone. If customs really provably had a problem, then Bob should contact Sally and explain. Its up to Bob and Sally to agree before the time runs out or they both lose. Of course insurance is recommended with international packages!

However, if customs took the item, then both Bob and Sally then would want to agree on an extension.

If Bob ever tries to steal the phone he is -1 and will pay for his deception.

If Sally really has no trust for Bob she can even make him pay more deposit before entering a contract. Trust levels is dependent on how new the parties are to the system and what Sally thinks. There is also a rating system so deposits can be lowered after good behavior.

The best part is, BitBay will handle everything automatically. So Sally does not need to worry about deposits. The "Templates" will set those amounts based on recommended levels. She can choose the edit the template and it would show as a "Custom contract"

There is also auctioning/counter-offer system in BitBay. So they can negotiate everything in advance and everyone can bid on prices!

In theory no it is not. It is in fact a joint account. Please read my whitepaper on BitHalo.org to see how its done. Basically, you withhold one critical transaction to a temporary account for leverage in negotiating a time bomb. Then both parties have a copy of that and to prevent malleability both parties can either negotiate a refund or refuse to proceed until the bomb is signed. Then once its signed they fund a joint account.

The joint account has only 2 keys. So no actual escrow is needed. Both parties made a deposit simultaneously and even possibly advanced an amount. Any instant refunds would be based on the same txid as a time bomb so again malleability cant be performed. I think the same logic can be used for AT.

Hope that helps. The short answer to your question is: "It is stored in a joint account, there is no escrow, just double deposit"

Instead we could say "2 party escrow" as stated in my paper.