BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 338.

illodin

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Wrt transaction times, if I would want to buy DOGE using BTC, and having BLK as collateral, wouldn't the slow BTC confirmations still dictate the swiftness of the trade no matter how fast BLK confirms? i.e. the smart contract would release the collateral only after BTC has gotten its first confirmation (or however many confirms the users have configured)?

Quote from: dzimbeck on March 16, 2015, 01:51:43 AM

In theory DRK isnt trustless because you can still track the blockchain mixer by watching the outputs. I think it would be fairly easy to write a script to reverse it.

If it was that easy, it would've already been done. Believe me, people are trying. It's a whole lot more complicated than a mixer which you can observe, but it's off-topic anyway and too large of a subject to cover here.

Quote from: dzimbeck on March 16, 2015, 01:51:43 AM

Hell, if they really wanted anon, they should try zero knowledge proof. Thats like the holy grail.

It's proven to be hard (impossible?) to set up trustlessly (to prove no more coins can be created out of thin air by those who create the setup parameters) and/or without the proofs getting huge and crippling the performance and scalability.

dzimbeck

legendary

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Quote from: coin43.com on March 16, 2015, 11:51:53 AM

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Thanks! Saved the link.

coin43.com

newbie

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Quote from: ShiftyTripster on March 16, 2015, 01:16:38 PM

Quote from: coin43.com on March 16, 2015, 11:51:53 AM

New BitBay faucet

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pls support faucet and consider donating, direct faucet wallet address available on website

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shaan.is.one

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anyone have with me as they told for update Wallet..?

ShiftyTripster

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Quote from: coin43.com on March 16, 2015, 11:51:53 AM

New BitBay faucet

faucet.coin43.com/bitbay

1 - 2 BAY every 30 minutes

pls support faucet and consider donating, direct faucet wallet address available on website

nice work!

coin43.com

newbie

Activity: 54

Merit: 0

New BitBay faucet

faucet.coin43.com/bitbay

1 - 2 BAY every 30 minutes

pls support faucet and consider donating, direct faucet wallet address available on website

dzimbeck

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Quote from: solid12345 on March 16, 2015, 08:15:40 AM

As a former ebay seller the dawn of decentralized markets is exciting. I am still curious whether the pegging can work or not though, the idea of buying a million coins for a few hundred dollars and becoming a millionaire overnight seems impossible, but then again Bitcoin proved anything is possible.

Its actually perfectly simple, Bitcoin is not actually deflationary. it introduces about 10% extra coins per year. Most POS are inflationary.

However, the theory here is, we have inflation and deflation and the people who hold bitbay work as a decentralized reserve. They can spend a percentage of their coins based on inflation and deflation rates. Thus in theory, we could deflate the billion coins 99.9999% and have only 1 coin liquid and peg the coin to $1 with $1. So basically with decentralized control of supply we can always match volume and demand.

Kevinrasf

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Quote from: solid12345 on March 16, 2015, 08:15:40 AM

As a former ebay seller the dawn of decentralized markets is exciting. I am still curious whether the pegging can work or not though, the idea of buying a million coins for a few hundred dollars and becoming a millionaire overnight seems impossible, but then again Bitcoin proved anything is possible.

NuBits already achieved and proved pegging can be done.

We will do so too.

And yes Bitcoin made many people rich in a couple of days so any coin with potential could do so again.

solid12345

legendary

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As a former ebay seller the dawn of decentralized markets is exciting. I am still curious whether the pegging can work or not though, the idea of buying a million coins for a few hundred dollars and becoming a millionaire overnight seems impossible, but then again Bitcoin proved anything is possible.

Kevinrasf

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Quote from: dzimbeck on March 16, 2015, 07:46:10 AM

Quote from: wpstudio on March 16, 2015, 07:07:55 AM

Is there an official bootstrap file to quickly grab the blockchain for BAY?

I've checked and am unable to find one. If you find one let me know. Perhaps i can upload one to my server.

I dont think there isnt anyone who uploaded this.

But for now the Chain loads quite fast, but in the future it would come in handy to have an fast downloadable BC.

dzimbeck

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Quote from: wpstudio on March 16, 2015, 07:07:55 AM

Is there an official bootstrap file to quickly grab the blockchain for BAY?

I've checked and am unable to find one. If you find one let me know. Perhaps i can upload one to my server.

wpstudio

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Is there an official bootstrap file to quickly grab the blockchain for BAY?

dzimbeck

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Quote from: ?? on ??

Cool .. Well the current scenario looks like this.
Darkcoin is being rebranded to DASH(Digital Cash). So that it would reach a wider audience. However the anonymity features are as is. They have also developed IntantX for trust-less transactions.
Monero is holding its own. However it looks like a lot of Monero bag holders are trying to fud and troll the Darkcoin thread simply because its being re-branded. (I am not following monero, so I would not know what their roadmap is)

Why would they rebrand? Darkcoin is a fine name. They should focus on what they do best, being anon and innovative imho.

In theory DRK isnt trustless because you can still track the blockchain mixer by watching the outputs. I think it would be fairly easy to write a script to reverse it. Hell, if they really wanted anon, they should try zero knowledge proof. Thats like the holy grail. I know Shadow tried it but i dont think they succeeded but i could be wrong. Monero shouldnt fud DRK, they are using totally different approaches to anon.

Anyways, hopefully i can extend more Halo software. The thing is, I like to give out software and give the coin that I extend it to something unique. Something that is their own. For example, Blackcoin has NightTrader exchange. BitBay has pegging. Dogecoin would have a custom "WOW" client and I've got a few cool ideas for something unique to give them. So yeah, if I was going to give DRK something I would want to distinguish it from what we do here.

dzimbeck

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Quote from: Gabriel.S on March 16, 2015, 12:54:53 AM

Can you please elaborate on when the marketplace will also be released for BlackCoin? That's where me and my partners have been following your work and invested into BlackCoin, we are now awaiting that release. Thank you.

https://bitcointalksearch.org/topic/m.10685736

Gabriel, if you really followed us in Blackcoin then you would know the markets are available in BlackHalo already. If you look at my recent post in reddit you would know that. Both BitBay and BlackHalo have been testing to make sure both Mac and Linux are working.

You know that i frequently mention BC on here so im not sure why you dont contact me on reddit. I'm always available there. This is the post where I told BC markets were available.
http://www.reddit.com/r/blackcoin/comments/2ywcc3/blackhalo_markets_and_feedback/

You can get those links if you PM me

I will make them publically available in a couple days once we update BitHalo.org and BlackHalo.info. Edit: there was a request by some people in the Blackcoin community telling me to wait a few weeks until i finish the user friendly templates.

Gabriel.S

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Can you please elaborate on when the marketplace will also be released for BlackCoin? That's where me and my partners have been following your work and invested into BlackCoin, we are now awaiting that release. Thank you.

https://bitcointalksearch.org/topic/m.10685736

gitbknowsall

sr. member

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pump is currently happening on bittrex. Now is possibly the best time to sell. I'm up 19 btc.

p.s. multigateway transfers via the supernet client are very nic, maybe try integrating trades there as well for bitbay.

dzimbeck

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Quote from: ?? on ??

Just trying to remember .. you did mention that Darkcoin will also be accepted by the Decentralized Marketplace you are creating .. correct?

I said that? haha. Well I was planning on giving Dogecoin a Halo. However, the decentralized exchange NightTrader will support at least Doge and Dark. I have thought about giving an anon coin a Halo so i considered byte, dark, monero and shadow. But in not certain who has the best anon. I thought the best anon was monero(?), correct me if im wrong.

Giving out Halo software there was a bit of a waiting list. A lot of coins would ask for it but that was months ago and my license fee was pretty high. The license fee can and will be lowered after the release of NightTraders decentralized exchange(but not necessarily for full halo software). Nonetheless, the fee to get on that exchange will be different from the ones who get Halos.

So to clarify, Doge was the first in line to be considered for a full marketplace and Halo. DRK and Doge is being considered for NightTrader pairings. I've discussed privately the possibility for DRK as a Halo however their distribution was a concern and there is debate over who has the best anon functions, but its still on my mind. Actually, Halo is much more anon because the trades on Halo/NightTrader arent linked (entirely different blockchains). Other than that no other coins were considered. Most likely, any coins that want a spot on the decentralized exchange should contact me to get on the waiting list. there may be a fee because it requires a lot of work to change their source code and build it to make it so Halo can run it because Halo uses a special branch of Bitcoin called "watchonly". That fee will be set in stone later after the NightTrader exchange is complete.

dzimbeck

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Oh, i almost forgot the most important point about Open Bazaar vs BitBay/Halo.

Open Bazaar uses arbiters and that simply does not work. Because an arbiter would have a key to the transaction, they could easily collude with themselves
to take bitcoins. Even more dangerous is the arbiters are simply bitcoin addresses and totally anon. If they choose to be the arbiters themselves then OB only serves as centralized escrow and therefore is definitely not decentralized markets. Also, arbiters cant prove who is lying during a dispute and are no more useful than closing your eyes and randomly picking a winner. Or, you would need a very biased policy like ebay. However, OB is more dangerous because unlike ebay, they can actually collude with themselves and take their own escrows. OB did express some interest in the Halo escrows once we open source however they are also defensive of their model. Im not exactly sure why though, after all centralization/3rd parties is exactly what we are trying to avoid so why use arbiters? I would be more than happy to show them how to do these escrows because i believe in smart contracts and double deposit escrow. Perhaps when we are all not so busy.

Bitbay and BitHalo/BlackHalo don't use any of this. Instead of course, they use unbreakable smart contracts. Two party escrow. And because its a smart contract we can completely automate the entire buying process. Additionally, its not limited to sale of goods but can also perform barter and decentralized exchange as well as cash wires which OB definitely cant do. So the fact that there is a smart contracting system integrated into it makes it truly decentralized.

dzimbeck

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Quote from: digicidal on March 15, 2015, 11:09:27 AM

Quote from: gefafwisp on March 15, 2015, 07:22:35 AM

Quote from: silavon on March 15, 2015, 06:52:47 AM

Quote from: Gizfreak on March 15, 2015, 05:16:54 AM

I fully subscribe to your opinion, especially this phrase

Quote from: dzimbeck on March 14, 2015, 11:05:59 PM

This space will only succeed if we all work together.

yes I agree Wink

I agree with the general sentiment here, a rising tide lifts all boats. (Claiming 'first' runs contrary to this idea).

I would disagree with that statement. Especially in an opensource environment often 'first' is the only thing you can ever really claim... because 10 minutes later 'only' isn't true any longer. Not to mention that a huge amount of the argument for BTC in the first place is that very reason - despite thousands of alt-coins.

The important thing is not to use leverage or deceit to be able to hold on to 'only'... because that is much more destructive to progress than a thousand people all screaming 'first' at the same time.

JMHO of course.

Yeah im not clammoring to say ive got the first public markets. There is a couple others in the space already either in alpha or perhaps beta. Even if we were the first its so close to say that its moot point.

Regardless, its awesome and exciting. We have bad-ass decentralized markets! And best of all, our tests showed no bugs. I will get a public release available once we get an updated landing page or at least within a few days.

dzimbeck

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Quote from: 3r197 on March 15, 2015, 11:06:06 AM

Quote from: dzimbeck on March 14, 2015, 11:05:59 PM

Yes this is true and lack of support for multisig can definitely interfere. One impressive thing about nxt is that its codebase differs greatly from BTC. Different isnt always better though. I would be much more quick to support coins that make crypto easier like Node or highly creative endeavors like Huntercoin. Hell, even Gridcoin never got the attention it deserved. People buy Bitcoin because they worship the dollar and thus BTC has the highest dollar value and the most security. They dont buy Bitcoin because its the "best" coin. If anything, it technologically is one of the worst. Its slow and hasnt included any of the most useful patches since they are afraid to fork. And just like MySpace was replaced by facebook, Bitcoin will be replaced if it refuses to improve its technology. Their "slow" paced improvements on protocol that rely on feedback from part time devs will get slammed once a real serious attack happens like botnet sybil attacks or quantum computers.

Furthermore if a serious company like Facebook or Microsoft came out with a coin (or a country makes its own coin like Venezuela) then perhaps Bitcoin will fall way behind.

On the other hand, ive been talking to some friends and we think Bitcoin may go on another bull run.

Also one of the arguments I had against nxt was it was a "middle coin" and it has been proven that decentralized exchange doesnt need a middlecoin. Examples are atomic trading (once enough coins get checklocktimeverify) or simply Halo microtrading such as in NightTrader.

However, the crypto space is overly competitive as it is and personally i think devs need to collaborate more instead of insulting each others projects. So in reality even though i have my own opinions on coins, i wish them all the best. It gets tiring to hear devs "looking" for reasons to say something negative about other peoples projects. Instead they should be saying "good job!"

Normally, I will openly support projects that have dedicated development. So to all the coins who work hard to develop "good job" and I hope they also see what we do here in Halo and that they clone some of our techniques to make their products stronger. This space will only succeed if we all work together. Because an outside investor can see the toxic environment of bitcointalk and run for the hills (they wouldnt really know the difference of the coins being new to the space).

You are right. I wish them all the best.

And as you were stating... It's already happening -> https://www.cryptocoinsnews.com/ibm-federal-reserve-want-create-bitcoin-knock-off/

Granted this has already happened in the past on a smaller scale and failed: http://cryptome.org/jya/digicrash.htm

I think this news will actually work in favor for decentralized coins. They (IBM and Feds) have an "unlimited" (joke) cash resource available to market the system to everybody, and as more people get involved, the sooner the "viral" breach hits. The new users will wake up to the incentive behind the decentralized systems already in existence.
I can't wait to see the day when the Fed reserve (yet again) decides to print out 1 trillion more fake dollars or digital cash and watch the price skyrocket on the decentralized coins.
Heck, who knows, maybe one day cryptocurrency will eventually force governments to actually run efficient for once.

The fed prints way more than 1 trillion from the infinite nothingness. You should see some of the chilling youtube videos about money coming from thin air. Bernake and Greenspan etc would always pull 9-10 trillion a year from thin air for black projects. Military overspends at least 90% on their budgets to disguise embezzlement and black budget projects. They have infinite money and would make Bill Gates look like a welfare recipient.

Money doesnt exist, its a belief.

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