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Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 4. (Read 542037 times)

newbie
Activity: 159
Merit: 0
Looking forward to see bridges being formed and the future of Bitbay!
legendary
Activity: 2412
Merit: 1044

Hello, I have several questions,

- Why is BAY not on CoinmarketCap / Coingecko anymore?

- Your website / social networking channels has not been updated for several years / months, roadmap, devs, objective ... Is the project still alive?

- How to buy or sell BAY native?

- How much total supply to this date (¿same like https://bay.tokenview.com/)?

- What position do you take regarding the BAYs that will be returned from the Cryptopia hack in the coming months?



Well first of all BAY was on 7 exchanges and many of them disappeared. Then we finished the demo peg website dynamicpeg to show exchanges how to integrate our dynamic supply control and then after months of negotiations Bittrex backstabbed us and delisted us because they either feared/censored the awesome peg tech or they were just too lazy to do any work to update for it. It was one of the first times they ever took a coin off international and that costed us their partners Upbit as well. What made matters worse is they didn't even give us a warning so we could plan to have a new exchange in their place. So then we tried to list on 4 exchanges and had our listing fee stolen 3 times costing us many bitcoins(I kept trying to force exchanges to use escrow but they kept refusing causing big arguments so we had to take some gambles) and then the 4th time Latoken took the deal and did integrate the peg and for a while we had volume building and were on Coingecko and sometimes CMC but then Latoken kept having "bugs" and pausing our trading. They refused to let us audit which was totally killing our volume and now none of our users want to use Latoken anymore because they have spent over a year screwing with us by not allowing an audit and constant outages.

BAY is around 60 cents for liquid and 1 cent for reserve more or less depending on who you ask. Remember the peg was implemented so the users may have either liquid or reserve coins depending on their liquidity/shards.

The roadmap was updated recently, it's just most users talk nowadays on Telegram and Discord so community is still very active. I usually am on Telegram, used to be on Slack but everyone moved over to Telegram.

https://bitbay.market/roadmap/index.html

Thats the roadmap, it's still active. BitBay is now making a bridge so it can add itself to all of the DEXes. This will give BAY access to ETH, Binance Chain, Avalanche, Matic, and other networks that have DEXes. The bridge will let users move coins on and off those networks. It's complex because BAY having the dynamic peg would be 10-20x more expensive in gas fees to run on ETH than a normal coin however because there are cheaper networks like Binance and things like ZKSYNC coming we feel the timing is right to make a bridge.

The supply on Tokenview is correct however consider the supply for liquid coins is based on supply index and BAY is something like 99.9% deflated so most of those coins are in "reserve". There is advantages to owning reserve though because it has the possibility of becoming liquid if supply increases (sort of like a decentralized bank)

As for Cryptopia, I have no clue what they are doing. As far as we knew they stole their users funds like so many other scumbag exchanges. Of course central exchanges are absolutely not the responsibility of BitBay which is a decentralized currency. If the exchange for whatever reason lets any effected users file a claim they have to take that up with the exchange.

This is precisely why we are making the bridge to get BAY on the DEXes. By the way, BAY is on Coingecko but because Latoken kept interfering with our momentum they probably don't list the page in search anymore. I'm in contact with them though and when BAY is only like 3 or so DEXes we can just tell them to refresh the listing.
sr. member
Activity: 470
Merit: 251
Bitbay is the Future!!!
Note: The BitBay Team with Alec, Ysurik, David, Craig, Bjorn, Shorn, Aletha, Alex, Giorgos,
Anoxy, Chris, Slava, Bruno, Louise, Matt, Charlotte, Leah, Mantrack, Igors, Akio and others,
continue to work very hard expanding the dream!  Thank You!!!

Thanks Doc, it's always good to have your support. We have a lot to look forward to this year.
Also the new static site is looking good and we have the bridge to finally give BAY access to the DEXes

That's great news!!!
newbie
Activity: 5
Merit: 12

Hello, I have several questions,

- Why is BAY not on CoinmarketCap / Coingecko anymore?

- Your website / social networking channels has not been updated for several years / months, roadmap, devs, objective ... Is the project still alive?

- How to buy or sell BAY native?

- How much total supply to this date (¿same like https://bay.tokenview.com/)?

- What position do you take regarding the BAYs that will be returned from the Cryptopia hack in the coming months?

legendary
Activity: 2412
Merit: 1044
Note: The BitBay Team with Alec, Ysurik, David, Craig, Bjorn, Shorn, Aletha, Alex, Giorgos,
Anoxy, Chris, Slava, Bruno, Louise, Matt, Charlotte, Leah, Mantrack, Igors, Akio and others,
continue to work very hard expanding the dream!  Thank You!!!

Thanks Doc, it's always good to have your support. We have a lot to look forward to this year.
Also the new static site is looking good and we have the bridge to finally give BAY access to the DEXes

The bridge is live? What's the address?

No, not yet. However it's being constructed. Just takes some time to make sure everything is okay.
sr. member
Activity: 470
Merit: 251
Bitbay is the Future!!!
Note: The BitBay Team with Alec, Ysurik, David, Craig, Bjorn, Shorn, Aletha, Alex, Giorgos,
Anoxy, Chris, Slava, Bruno, Louise, Matt, Charlotte, Leah, Mantrack, Igors, Akio and others,
continue to work very hard expanding the dream!  Thank You!!!

Thanks Doc, it's always good to have your support. We have a lot to look forward to this year.
Also the new static site is looking good and we have the bridge to finally give BAY access to the DEXes

The bridge is live? What's the address?
legendary
Activity: 2412
Merit: 1044
Note: The BitBay Team with Alec, Ysurik, David, Craig, Bjorn, Shorn, Aletha, Alex, Giorgos,
Anoxy, Chris, Slava, Bruno, Louise, Matt, Charlotte, Leah, Mantrack, Igors, Akio and others,
continue to work very hard expanding the dream!  Thank You!!!

Thanks Doc, it's always good to have your support. We have a lot to look forward to this year.
Also the new static site is looking good and we have the bridge to finally give BAY access to the DEXes
jr. member
Activity: 193
Merit: 3
Note: The BitBay Team with Alec, Ysurik, David, Craig, Bjorn, Shorn, Aletha, Alex, Giorgos,
Anoxy, Chris, Slava, Bruno, Louise, Matt, Charlotte, Leah, Mantrack, Igors, Akio and others,
continue to work very hard expanding the dream!  Thank You!!!
jr. member
Activity: 193
Merit: 3
Winter is coming above and below the equator.
Literally and Figuratively.

DECENTRALIZED BAY Marketplace is here and now... patiently waiting.
And it's FREE TO ALL. Buy, sell or trade anything that's legal, + a whole lot more. A lot more.
Wake Up. Be Creative. Be Free. https://bitbay.market/decentralized-marketplace/
legendary
Activity: 2412
Merit: 1044
Just checking out the Markets Client again. Wow!
BAY is truly an amazing ginormous piece of programming.

Everything is here to completely run a truly de-centalized exchange - and a lot more!  Wink
True Freedom for many people and institutions are right at their fingertips, if they only knew.

Ahhh - But, you have to take a little time and learn how to harness the power of BAY; whilst being honest in all transactions.

I believe eventually we will get our day in the sun again
jr. member
Activity: 193
Merit: 3
Just checking out the Markets Client again. Wow!
BAY is truly an amazing ginormous piece of programming.

Everything is here to completely run a truly de-centalized exchange - and a lot more!  Wink
True Freedom for many people and institutions are right at their fingertips, if they only knew.

Ahhh - But, you have to take a little time and learn how to harness the power of BAY; whilst being honest in all transactions.
jr. member
Activity: 193
Merit: 3
Want to invest in the future of BAY?
Become a NightTrader DEX Masternode: https://nighttrader.exchange/masternode/
and
To check out the latest Pricing and Volume Charts for BAY - Go to Coin Gecko: https://www.coingecko.com/en/coins/bitbay
jr. member
Activity: 193
Merit: 3
Watching this engineered price action in the crypto markets (it's sooo obvious), is why BAY is important.
I feel like I've seen it all before. Déjà vu all over again.  Cheesy

Check out what's coming for BAY in winter of 2021 - FREEDOM --> https://NightTrader.exchange
legendary
Activity: 2412
Merit: 1044
Thank you for your quick answers. I don't see BAY on Latoken. I will wait for an exchange to be set up. There are several exchanges that can reference BAY such as vinex.network graviex crex24 would be ideal to generate liquidity and boost the BitBAY market what do you think? Can you give me the actual circulation supply and max supply of BAY?

Yeah because they are always down for bugs, we don't really trust them anymore so DEX is just better. Integrating with any central exchanges they have to do custom code and thats because of the peg, the circulating supply is constantly changing and a users reserve vs liquid balances always change.

https://www.docdroid.net/d5wcK4D/dynamic-peg-visual-technical-reference-20190528-pdf

Please read up on how the peg works there ^ and you will see why we have custom code to add to exchanges.

Because most exchange operators are either greedy or unskilled we can't seem to ever get a good agreement with them. So thats why we just go to DEX via bridges.
legendary
Activity: 2412
Merit: 1044
Hello Bitbay community, can you tell me how to mine extract BAY and where to buy it?

Yeah we trade on Latoken however they are usually down for repairs so we are doing a bridge to Uniswap and have NightTrader DEX coming. You can buy it for now OTC on Bitcointalk or Telegram NightTrader DEX chat and BitBay channel. Best to join https://t.me/bitbayofficial
newbie
Activity: 4
Merit: 9
Hello Bitbay community, can you tell me how to mine extract BAY and where to buy it?
legendary
Activity: 2412
Merit: 1044
Got it, and what is the timeline again when the full version of what you just explained maybe finally ready to use? It will take a while I presume with all the testing that is required before a full launch?

I don't know, I'm not the one coding it. However I think by the end of the year a very functional version of it should exist. Before launch they have to prepare all of the marketing materials and such as well.
hero member
Activity: 1428
Merit: 538
For the DEX aspect of this project, do you have to recode your coins with additional code or can they be used on the Bitbay dex as is?

Well first we make a bridge that can connect us to Ethereum, Binance Smart Chain, Avalanche and others.
That would give us access to PancakeSwap at first among other DEXes

As for NightTrader exchange I should point out that project is not affiliated with BitBay, it's just a side project done by anonymous people. It will also be a DEX and the advantage of that project is that because it's multisignature DEX it will have a full orderbook which is an advantage over other implementations.

So currently those are the things going on. PancakeSwap was chosen because at first I thought a bridge was impossible because ETH costs were simply too high and my original design had "liquidity mixing" to save costs which actually made it incompatible with BAY (although arguably very nice for a new coin). However, I realized because Binance Chain was lower cost, it was possible to do peg shards with "microshards" and make them explicit(save each relevant value). Because even if fees are 20x more than a normal Solidity "ERC" token they are still affordable for decentralized exchange on Binance. ETH would only work if they add ZK-sync.

So yes that is the current news and it's good news. BAY may actually dig it's way out of the current bottleneck. The "bridge" would be a hard fork. The only drawback is initially the bridge would be a giant multisig or threshold key based on rich list (yet to be decided) until a more decentralized solution is found (maybe in the realm of zk-sync pushing some chain data if the project booms and can afford it). People don't seem to mind about bridges as they already use Bitcoin bridges. And besides, it's safer than going on a central exchange.

Another advantage of the bridge is ability to take advantage of smart contracts on other networks... treat their network like a sidechain in a sense. This lets devs do whatever they want without bloating our main chain.

Also as for BitBay, it already has the ability to be traded over the counter using double deposit escrow in the software itself (the markets client)... although because BAYR can't be used as deposits nobody is really using it. That is a DEX in of itself however limited by the collateral.


As for the full order book, how is it different compared to Ether/Forkdelta? Those are full order books too, right? Could the Night Trader dex be faster and cheaper than Forkdelta for example?

While everything you explain here sounds awesome, it also sounds ambitious. What do you think when will most of these technologies be coded, implemented and ready to use?

I'm not familiar with forkdelta however anything ETH based is expensive. I think this DEX would be cheaper because it's multisig and threshold sig so the funds only clear periodically and it routes debts.

I see. Yes Forkdelta is expensive like hell. One transaction with gas to deposit ETH or tokens into the smart contract and one transaction with gas to again release tokens or ETH from the smart contract, making it available for the next transaction to another address (again fees). It's very expensive. Do you have an idea in USD terms what a transaction might cost if your plans play out?

Considering the fact that it's multisig based I think it would be cheaper because nothing is broadcasted until clearance happens which maybe is ever week or so. However there would still be deposit and withdraw transaction for ETH tokens. Really his DEX is focused on decentralized Bitcoin based trades so they would be all types of BTC style UTXO coins. However adding compatibility with ETH is also possible and it would make it cheaper than almost any other ETH DEX (although I haven't checked all of them).

Got it, and what is the timeline again when the full version of what you just explained maybe finally ready to use? It will take a while I presume with all the testing that is required before a full launch?
legendary
Activity: 2412
Merit: 1044
I see. Yes Forkdelta is expensive like hell. One transaction with gas to deposit ETH or tokens into the smart contract and one transaction with gas to again release tokens or ETH from the smart contract, making it available for the next transaction to another address (again fees). It's very expensive. Do you have an idea in USD terms what a transaction might cost if your plans play out?

Not yet however the exchange will be testing trades soon for beta. Alec should have a Telegram set up for updates if you are interested. The first tests are BTC based coins only though and any ETH stuff is added later once everything else is stable.
legendary
Activity: 2412
Merit: 1044
soooooo missing another bull run are we Sad

lol. sigh.

Unfortunately. The new plan is to bridge over to DEXes with watered down peg. I don't think that will be ready until the end of the year though.
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