Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 37. (Read 542094 times)

The new QT has a donation option. But it should never be mandatory as that is a liability and against decentralized principals. The Markets client has it but it's not automatically set where as in QT you can adjust it. Also, it's not necessarily wise to fund BAY with BAY. The most important thing in the market is liquidity. If we don't have liquidity then funding BAY with BAY is like a snake eating it's own tail. We need to always focus on growth and outside sources of funds. To push the project with cash flow.

@Cryptohunter

You have presented lots of really good ideas for the promotion of BAY; seriously, well done!

I particularly like your idea of a funding mechanism.  Your suggestion of 5 coins per block sounds about right to me.  A really big project like BAY will need a vast amount of money over the longer term to finance all of the things that need to be done to make BAY the number one coin on CMC, which I am sure it will be one day.

I really hope Mr Zimbeck can see the wisdom of this, and will implement it ASAP.  And I say this as someone who IS a big holder of BAY, so such a move will cost me a lot of coins. But this really needs to happen, or the project could eventually run into the sand, and we simply can't let that happen.

I also agree with you about the need for our own in-house exchange.  Without that we have no control over the destiny of BAY.  We cannot afford to sacrifice control in that way. So, although the funding mechanism would be my first priority, the upgrading of the existing test exchange to full functionality should be massively speeded up.

Thanks for the reply David. Go to other projects you will not get devs of such excellent projects taking time to give time to answer nearly every question posed on their threads.

It is sad to see bay (more than any other) but also some other okay projects take such huge damage (in terms of price and therefore advertising/support) just because 3rd parties (exchanges/cmc) can give them the boot or mess with them at any time. Bitbay did not fall from 300 sats to 20 sats for any other reason that bittrex kicking bay off the US and then all markets. I  mean bitbay the project is BETTER and more advanced than when we were at 3000 sats.

How about the dev funding pot idea ?  I mean since we have the voting thing now that could be also pretty much fully automated with regard funding larger ideas. 5 coins from every block to a development pot that can be used for all kinds of things gives us quite a lot of opportunities with no extra inflation.

Even some prizes or whatever for listing the best deals for sale on the bitbay market place would be cool, but I mean there must be a million more great things we can do once we have a steady income of bitbay to offer.

Volume (or demand) is totally based on awareness and easy availability to trade or purchase. So it is kind of a spiral that can go either way. We need to get off the downward spiral and on to an upward spiral even if it is gradual and hard fought at the start.

Ideally we need to get a foundation of bitbay hardcore believers together and get some action going and not all sit around waiting for 1 person to do every single thing in every single area to bring bitbay forward.

How many of the bitbay team are still active and fully on board? I realize now the bitbay/fiat conversion is crushed then it will be only the real bitbay enthusiasts that are still willing to work for bitbay or believers that we can educate to truly compare what bitbay offers compared to all other projects out there.

Growing the community and interest/support in bitbay here is crucial.

We are in a tricky spot right now because although we have one of the very best projects there it is like several pieces of the chain were removed by external forces that have crippled us from performing optimally in terms of getting awareness, exchange places, and adoption... those are all kind of related and rely on each other.

I think we can work on all areas but we need more people on board. I mean the dev can not solve all the tech issues and do everything else.

The volume should not be an issue once you have educated people and got the awarness and the easy availability to trade.

I see no reason that with just a few dedicated members using the dev pot to think up ways to get more people involved/educated in bitbay and just one reliable exchange ( even better our very own built into the bitbay market place with just bitbay/ltc  or perhaps something else solid we don't need a ton of shit coins) we can putting bitbay on the upwards spiral.

We simply can not let this project be slayed with the rest just because people do not know about it and do not have easy access to trade it, because external sources have crippled us.

I think the peg can only ever be really secure if we control our own exchange. The peg can only really do so much if exchanges chop away your markets this still scares the shit out of investards or traders and the knock on effects on volume alone can pretty much bog down the entire pegging system. We need to 100% control our own liquidity and guarantee an exchange for bitbay. I can never see a 3rd party as being a safe option.

Volume we can build on our bays own atomic exchange (really just a btc on ramp off ramp but can use something with less fees and more speed that is reliable too maybe doge or ltc)  I don't think volume is gong to be hard to get.

I don't think most bay holders would object to taking 15 or 17 coins per block over 20 if they say those coins with full ledger and voting mechanism to decide where they were in promoting bitbay.

The entire alt markets are diluting to zero. Only a few are going to survive long term. We need to make sure people can see bitbay needs to be one of those. When you look at some of the totally garbage projects above bitbay it is laughable. They have nothing practically to offer at all. It is all a bunch of dreams and they are making no progress at all in any meaningful way for months/years.

We need to start building up some momentum in the community and getting some ideas going here to push bay forward, but a reliable exchange is a cornerstone that a projects requires to have a sensible chance.

Great to see the project is still going forward and would be even better if we had a useful and enthusiastic community that is willing to collaborate and help push things forward. Sometimes you have to give people a small stake and a chance to increase their stake to get the most enthusiastic and optimal attitude from them. A dev pot collected from pos stakes even just a couple of coins per block could help with that a lot.

I don't think any of the big stake holders would mind. I am not a huge stake holder in bitbay compared to some but I would mind certainly having my pos rewards reduced to 15 if everyone else is down for that. No point hoarding more, you need to give people a chance to get some skin in the game. I mean you could reduce it down to 10 for a year to get a nice pot of bitbay for contests etc. So many contests and competitions, micro jobs, advertising could be encouraged this way.  The contests would educate them on what bay offers so only the very most stupid would want to dump straight away for these misery prices.

Hey good points. It's always nice to know we have so many crypto veterans such as you who really understand this industry. Like you have said investors are easily beguiled because of snake oil salesmen in suits with websites and vaporware. ERC-20 tokens caused a lot of the bubble as it was more work to launch a chain than to issue a token and they just flooded the market with garbage in 2018.

We live in an "Idiocracy" as the schools brainwash everyone and then as victims of brainwashing the people defend the cages of slavery. Slaves enslaving slaves.
https://www.youtube.com/watch?v=kAqIJZeeXEc

The good news is I'm advising on a few different projects. I took the initiative months ago to encourage people to work on exchanges. I'm teaching a dev on how to create multisig exchange so we should end up having a permanent home.

Consider though that even with an exchange that is secure, it needs volume. Multisig exchange is faster than atomic exchange but many times safer than a central exchange. There are some risks though as raw transactions are like blank checks so the exchange can still take whats on the orderbook (but not whats in the joint account). However debts are cleared as often as financially possible to give a user 100% control over their funds again. Like a green address. Granted lighting would be more secure but that requires lots of wealthy holders of each currency to participate and is a technical nightmare. Thus I consider the best exchange method atomic exchange and then just scale each chain to support the increase in transaction volume. Multisig is the next best thing.

Any good exchange needs to be marketed. Most likely, referral programs, trading incentives and such are good.

BitBay you can drive demand if businesses decide to reward users. This was in my latest whitepaper. One really awesome example is let's say you have a real estate investment trust. This company could issue a stock and then have to face the repercussions of standard bureaucracy. However let's say the business rewards holders of BTC with a portion of the dividends. What's good about that approach is BTC itself is not a security simply because some company chose to put their business on the chain.

Still though, to make a business profitable of any kind even to be in the position to pay dividends requires work. So even with an exchange consider the competitive environment. That's why I hope the exchanges that do use this multisig technique market their competitive advantage and hope that consumers are even able to understand why it's a million times more secure than your typical "exit scam exchange"

The only safe way forward is to bring it all in house with a perm p2p exchange of our own. The peg is brilliant but it will rely on having a reliable exchange at all times. At any point a centralized exchange can be taken down. It would be nice to have a couple of centralized exchange but the fall back and safety net for the peg would need to be our own p2p exchange.

The main issue with alts is the dilution death they are bringing on each other. This is primarily caused by the fact most new investards are totally unable to evaluate the projects on their real merit and value in terms of actually existing and having been developed, and the possible real world advantages and use cases for that project. They are primarily duped by bunch of scamming marketeers and dreamers who are able to win over investors with dreams and techno babble.

The real alts and real projects with real developers need to start to bring this to the investors attention so there can be a sensible consolidation and the rest of the garbage is left to die.

The main points that need to be addressed still for bitbay

a/ solid exchange of our own p2p or our own centralized exchange + plus some other solid listings. In the end the only solid exchanges will be p2p I think.

b/peg up and running on these exchanges

c/web market place polished up and fully functional with slick user interface

d/we need a FUNDING mechanism ( I would suggest the 20 coin reward reduced to 15 and 5 goes to fund new projects with full ledger0

e/api done and Incentives given ( possibly from the dev fund above to build out their own projects upon bitbay there are so many use cases)

f/Incentives given to get people using bitbay from dev fund

g/bring on some big US reshippers or ebayers who can find nice profits on international shipments now ebay is slapping the very huge taxes and import on the items at the start.

h/start building a marketing team for bitbay, they can be paid out of the dev fund. In fact we need to bring on a larger team that can all be paid out of the dev fund. People need to get on board who want to push bitbay and don't object to being paid and holding bitbay for the future. If we only find people that want btc then that demonstrates they don't really have much faith in this project.

5 coins from every pos block or even 3 would create a huge pot of funds that would really bring on a lot of people who are interested in doing micro jobs or even large projects for us.

You get people willing to do plenty of jobs even for micro dust in airdrops of total shit coins. This is 80-90% completed fully functional and highly useful project.

We need to get together and very driven foundation of members for bitbay, yes they can be rewarded from the dev fund.
However, they will need to be believers in this project not outsiders that want immediate fiat or btc rewards because the volume will need to be built up again after some seriously heavy blows from where we were externally vulnerable and huge alt bear market which will not reverse because the dilution just turns people off even more like one huge downward spiral.

The steps above do not need be tackled in that order. I would say the dev funding pot should be the easiest to implement and should be done first so we have a pot of bitbay ( that is not adding to inflation over what we have now) to instigate now some action. We need to be certainly getting ourselves back into the top 50 as soon as possible. Every investor blowing their fiat/btc on these other crappy scams are unlikely to ever find their way to bitbay.

Bitbay is the best value project out there we just need to get a plan of action and have some driving force from a larger community that are willing to help behind it.

Thanks, hopefully with a more realistic plan we can dig out of this. I think with Latoken peg launch we are too dependent on one exchange, time will be the judge. Only if that nets BTC can we take the gamble to pay other listings. Thus, I'm advising on multisig exchange projects to give us a permanent home. Will see how that goes. Still any new exchanges still need volume, especially decentralized ones. And things are not getting less competitive, just saturated. Most alts are down 10-100 fold, I'm pretty sure there is nobody in this industry that doesn't want to hop in a time machine and go back a decade or even a couple years.

The other question is can any of the altcoins even survive the altcoin slaughter?! Entering a new decade I don't see the same level of enthusiasm to reverse the trend yet. It's possible the only hope underfunded alts have to survive is to fuse with brick and mortar businesses so they actually produce some sort of real income via dividends or real estate. That needs either businesses to use crypto platforms or capital to push a project forward.

After all the working product with the marketplace, there isn't much volume for it and its now just listed to one exchange which has a scam accusation. Maybe some exchanges like Crex can help?




There is still volume though. The development was completed already and I guess it just need some marketing and people using the decentralized marketplace. A good product that can only be found there will make it good.

good luck in 2020, you guys will (still) need it lol

Well the desktop software has fully decentralized markets. There are not shops. Instead there are "channels" which are Bitmessage channels with security on the same level as TOR. And the nice thing is they are serverless. To join a channel just type in it's name as that will generate the keys for it. There is a default channel where Bitbay offers are posted however nobody is using it as they are waiting for the peg.

We also have online markets at demo.bitbay.market

We just need a few good angels on this planet to pull the plug in their home country and start setting up their own de-centralized BitBay Marketplace.
Everything is right here to do that. David has done all the heavy lifting with this profound build.
Be creative! Let's roll! Power to the people right?!?
Here it is. Freedom. BitBay.market.
... now what are we going to do with it?

Is possible see a sample of a shop created with BitBay ?

It's basically a joint account between the users and the exchange so their funds aren't at risk. All trades are blank checks with the change back to their address so they only risk whats being traded. And then after a few days those transactions are broadcasted so they have nothing at risk again. And a user never risks more than what they are trading.

Hi David.  Welcome back, and thank you for the response.

Glad to hear that you are still pushing the peg-listing issue.  Best of luck with your endeavours.

I'd be grateful if you would explain a bit more about multisig//2 of 2, for those of us who are not tech-heads.

I'm advising people who want to start exchanges and teaching them a multisig exchange technique so we might end up having a permanent home. Not to mention a much more secure place to trade than a CEX. Since multisig exchange is 2 of 2 but has the speed of a CEX without forcing all the trades on the chain. The user thus only risks the open trades for the time until the transactions are cleared. The clearing may happen every couple days or whatever is the most efficient with blockchain fees.

I have no clue why all exchanges aren't set up this way. It's mind-blowing 2019 and it's like we are always the ones doing the proper security protocols.

Yeah I was out of town for a few days. I'm back though. Latoken thinks they might have an update for test environment this month. So we will keep you all posted.

https://chainz.cryptoid.info/bay/#!network
The list of nodes are at that link. Just click on the most popular "node list" and that list you can add to the config file.

Do you mean David is currently away? how is the rest of the old team doing these days? I don't ever go on slack or discord.

It took quite a bit but managed to have my qt-wallet fully synched, also transferred my coins from webwallet to qt one : what steps are required to start staking?

Edit : I still only get 2 active connections to Bitbay network : any clue? Some addnodes list to copy into the conf file eventually?

Thank you for the reply BitBayDoc, and please accept my apologies for not expressing myself properly.  I was already aware that the peg was working as intended on the in-house exchange. What I meant to ask was, as this is a functioning exchange with the peg fully implemented, what progress has been made on making this exchange available for public trading? 

On the "in-house exchange" the peg is running beautifully and has been tested. It works great and the price goes over $8.00 pretty quickly.