Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 48. (Read 541982 times)

I've seen two post in this thread recently by people confusing our Bitbay for the Bitbay exchange. I also just watched a youtube video with one of the Bitbay devs and the host mentioned that he originally thought Bitbay was the polish exchange until he really dug in and figured out it was actually a coin/decentralized market with the same name. Is the any plan that will be implemented down the road to address this at any point? Clearly it causes confusion as evidenced by customers of the exchange posting on this thread and who knows how many crypto enthusiasts attempted to check out Bitbay via Google and ended up at the exchange or looking at the exchanges twitter. Bitbay is a cool name, but it seems like a unique name might be the way to go in the long run maybe. Just wondering...

You might be confusing Bitbay currency with the exchange.

Sure, then use some testnet BTC and try and break the peg. It's hovering around 6 dollars.

https://dynamicpeg.com/

What's even funnier is you have nothing better to do than come here year after year. Remember when BitBay hit 45 cents? Only 450 times price increase over 4 years. 

Is there any news about the upcoming crypto debit cards? I want to order one for testing but there is no official announcement, only some tweets.

LOL the dreaming continues..........same shit for years lol, sigh.

new event added:


29 April 2019
BitBay (BAY)
OEX Listing


source: https://tothemoon.live/?IsPast=False&Page=2&Month=0&Year=0&SortBy=0

@dzimbeck - Thanks for responding again and answering all of my questions. It's really awesome that the lead developer of a project engages with the community so much. I also really appreciate that the goal of your project is to propagate freedom and defend basic human liberties, everything is extremely well thought out in that regard. I've been a Bitbay supporter/investor for a long time and I feel more confident in Bitbay now than ever. I look forward to seeing the all the pieces fall into place when the peg goes live.

Happy Bicycle Day...

The users are the ones who self-moderate (they can flag orders) and they can share a moderation key. It's their own responsibility to respect the request. Because it is peer to peer and decentralized similar to the internet, it's not really possible to know what is going on in every corner of the internet. If users didn't respect the request it would have made the job of development harder. However there isn't really an authority. Instead users themselves can volunteer to try and keep the markets they are aware of within the community guidelines. And you are correct in saying laws vary from place to place and thus it's up to the peer to be aware of this and perhaps even reflect this in their offer (only taking clients from X country).

Also to respond to your other point that nobody wants to sync to use markets. The markets are based on Bitmessage so there is no syncing per se. However there is a delay for seeing orders. Also because this is a tool without servers and resistant to censorship, this will be relevant to anyone who is hard core about having their sovereignty and privacy which is something that I think web based markets won't be as good at doing even if the servers are somewhat decentralized. It will always be here as long as there is internet and open source even in 100 years as a tool to defend basic human liberties.

@dzimbeck - Thank for the help, I got the client working. The only thing i did differently was run the exe file as an Administrator. It's syncing, at 40% after a two days... I'm looking forward to seeing the client marketplace in action, but glad you guys are working are developing the web market, as I think that's going to be where it's at in terms of mass adoption. Not a lot of people I know (even the really slightly techy ones) are going to be willing to wait for the client to sync after installing and then keep it running all the time just to keep everything up to date, especially if they are only trying to buy something or browse the market occasionally... Overall, Bitbay has a very bright future considering the power of the free, trustless market and the dynamic peg combined. Looking forward to seeing everything come together and beginning to be used.

A few questions I did have: On the client there is a warning: "Do not post illegal content to the market or you may get blocked."
I can understand Bitbay not wanting to turn into a decentralized, trustless silk road-type dark market, but who is the authority that gets to determine what constitutes "illegal content". Bitbay is a global decentralized market, so how can any local standards be applied to determine what is illegal and what isn't when each country/state/county/etc... has completely different standards? Technically, isn't whoever determines whether content is legal or not and does the blocking a central authority? Who is that authority for Bitbay? How can anything truly be considered decentralize with a central authority involved?

The openssl prompt might have to do with BitMHalo (Bitmessage) not starting. The problem might be that you tried to install to Program Files or a directory with lower administrator privelages. Just install to C:\BitBay. Also it could be anti-virus interfering with peer to peer software. In that case, disable it. The desktop client has a "wall of features" that you can sift through at this link:

https://bitbay.market/wall-of-features

All of those are complete, the entire software is complete. We are simply working on a web version and the peg exchange demo to help exchanges understand all the code required to run it.

@shaydinblue - Great to have you on board!  Try using Google Chrome for your download; I have never had any problems using it.

Again, because it's so awesome and just posted yesterday (opening up of the Chinese & East Asian Markets!!!) - this is for those who are paying attention and can buy BAY at 1 (ONE) Friggin' Cent before it starts to dramatically go up - whoever sells now is out of their mind with so much going on (The Peg, The Marketplace, OEX, etc.) https://bitbay.market/decentralized-marketplace:

From bitbaydev - After a couple of months with “technical difficulties” OEX has finally prepared our listing announcement:

https://www.oex.com/noticeInfo/95

“BitBay (BAY) is launching on OEX.com

Launching Time : 28 April 2019, 11:00 (GMT +8)
Deposit Time : 28 April 2019, 11:00 (GMT +8)
Trading Time : 29 April 2019, 11:00 (GMT +8)
Withdrawal Time : 30 April 2019 11:00 (GMT +8)
Trading Zone : BTC”

@dzimbeck - Thanks for the detailed answers. Awesome that Bitbay is thinking about finding other ways to deal with spam other than fees. I was not aware that the downloadable client was even more feature packed than the web market, that's excellent. When I first got into BitBay I attempted to download and install the client on my Windows 10 machine, but kept getting a reoccurring OpenSSL error that I couldn't figure out despite a moderate amount of looking for a solution on the BitBay forums. Around that time I took a break from crypto for a while so I never did find the solution and actually get the client working on my computer. When I returned from my break the web market was being rolled out, so I just went straight for that and as I said I am very impressed. I am going to try to download and install the client again, hoping that OpenSSL error has been fixed and I can install and check out the client. This is great project and you are doing a great job leading it.

@BitBayDoc - Thanks for the answers. I know the bad actor scenario I brought up is highly unlikely, was just wondering what would happen if someone tried it. Seems like everything has been well thought out and planned for. BitBay is going to be amazing...

@freigeist - "What prevents the evil large player from creating multiple new accounts to scam people?
That way he will always have a new clean record or not?!"

If someone wants to spend their valuable time on earth scamming people, creating new multiple accounts, loosing their deposits, etc., I think Bay will eventually be a waste of time for any scammers/bad actors - why?

1. Just because this process of buying and selling may initially start out as anonymous, it certainly doesn't have to end that way.  For example, if I wanted to buy a large ticket item such as a car, I would have to eventually know the persons name, address and phone number to complete a Title Transfer.  Same with Real Estate. All of the sellers information can and should be obtained and checked out BEFORE completing any large deal on any platform (Craig's list, Ebay, etc.) - Right???
2. Again, this is about FREEDOM.  The buyer always has the upper hand and is free to ask that any requests be fulfilled before completing a deal.  If the seller doesn't want to complete a reasonable request for verification, you have the freedom to walk away and not be scammed.
3. This platform is like any other marketplace except its FREE with NO MIDDLEMAN, and CAN BE ANONYMOUS to sell anything.
AND, both players have to have some skin in the game to play (Bay's Double Deposit Escrow) - if that's what both players agree to.
4. One may also utilize a standard contract, with standard safeguards, that are admissible in a court of law if the deal goes sideways.
5. Like any other business transaction in the real world, common sense must rule.

What prevents the evil large player from creating multiple new accounts to scam people?
That way he will always have a new clean record or not?!

Hi, I think you may have us confused with another platform? We are BitBay.market. No Skrill payments or fees required here 

hello sir, I pay bitcoins through your payment gateway to skrill. I don't understand the fees system. You have set your fees and when I am sending, I pay the fees myself instead of deducting it from the fees you have already stated. Is this normal?

On the markets client you download you can absolutely sort out details of the deal with the client through the messaging system. On the online markets I'm sure a similar feature is intended and that market will also be decentralized. There is no reason to ever charge fees. I will absolutely never endorse this. There was a few different anti-spam methods laid out in my specifications. The first is simply requiring progressively higher POW the more orders you post (each time doubling it) or simply limiting the IP address if they appear to spam. Another option is forcing a timelocked payment to yourself so that can make a user only temporarily have to tie up funds if they post too much. Currently in the downloadable client because it's Bitmessage and Bitmessage requires POW per kilobyte, no defense is required. On the web markets any of the above options is acceptable.

In the markets client, there is a feedback system. On the web markets a similar system will be used. Most importantly as pointed out by Doc you can track how many contracts a user blows up by looking at the blockchain and simply force them to dramatically increase their deposits the more they blow up contracts. If some competition is very wealthy and tries this there is a saying that goes "a fool and his money will soon be parted". The idea since the beginning was always to transition society from a world run by liars to a world run by honest people. This transition no matter how slow, can start to happen with double deposit. Since this is a game that favors the honest party. So the liars may go down kicking and screaming, but they will eventually go down if they use this system.

@shaydinblue - Good Questions
The one question I think I can answer is the one about a large player coming in and pushing out the little guys or gals.
Long Story Short:  If someone screws someone even ONE TIME, it goes on their "record" for not completing a deal and losing both parties escrow.
So... fool me once, shame on you; fool me twice, shame on me.
Conclusion - Don't do a huge transaction where you have a lot to lose if it doesn't go through; unless you have a history of dealing with them in the past.
Remember - There is also no set amount for a deposit. It can be $1 or $1000. Chose according to risk.

And THIS is worth repeating from bitbaydev:

After a couple of months with “technical difficulties” OEX has finally prepared our listing announcement:

https://www.oex.com/noticeInfo/95

-----------------

“BitBay (BAY) is launching on OEX.com

Launching Time : 28 April 2019, 11:00 (GMT +8)
Deposit Time : 28 April 2019, 11:00 (GMT +8)
Trading Time : 29 April 2019, 11:00 (GMT +8)
Withdrawal Time : 30 April 2019 11:00 (GMT +8)
Trading Zone : BTC”

I own a screen printing business and listed some shirts on the market place. I am very impressed with the marketplace and it makes me excited to be invested and now involved in Bitbay (technically I'm a Bitbay merchant, right). I'm also invested in another decentralized marketplace crytpo and Bitbay is light years ahead of that project. I think the future is very bright for Bitbay...

I have a question or two about the market itself. If someone places an order with me, will there be an opportunity for them to specify what size shirt they want or what color if there are color variations? Can the buyer converse with me once they place the order? It's hard to tell what happens when an order is placed until someone places one with me.

Another question: Right now there is currently no fee to list an item. Will this always be the case or is there a plan to add a fee? It seems like some sort of fee will be necessary to deter spammy/excessive posts. Just wondering...


Another thought: The double deposit escrow is a really cool idea to get two parties who know nothing about each other to trust each other in order to conduct business and transact. Both parties have to put some skin in the game so it's in their best interest to make sure the transaction goes smoothly. It's design to keep everybody honest, protect both parties and eliminate bad actors. But what's to prevent someone from abusing this system to drive their competition out of business, similar to the way Amazon sells things at loss sometimes until their target competitor has to throw in the towel.

For example what if a large/wealthy merchant placed a substantial dollar amount worth of orders with a smaller/less wealthy competitor, there by locking up a bunch of Bay from both parties in a series of double deposit escrow contracts. The small/less wealthy merchant packages up the orders and sends them out, thinking he's going to make a bunch of money. When the evil wealthy merchant receives the goods, he disputes some arbitrary thing about the order and refuses to release the locked up Bay from the double deposit escrow contract, screwing the smaller merchant. Yes the larger/wealthy merchant would lose money in this case, but they are willing to take the hit in order to cripple their competition, because it would benefit them more in the long run. The smaller/less wealthy merchant would take a big hit, losing the Bay they locked up in the contract and the product/goods that they sent to bad actor. If a really large/wealthy merchant did this sort of attack on a smaller competitor enough, couldn't they essentially use the double deposit escrow system to pay to put their competition out of business? I know that this is an unlikely scenario and doesn't make a lot of sense, but capitalism is strange and sometimes makes no sense. If Amazon is willing to sell things at a loss to kill off the competition, it seems feasible that a large merchant might be willing to eternally lock up some Bay in some contracts to eliminate a smaller competing merchant by locking up all of his working capital in the same contracts, or am I just overly pessimistic about the spirit of capitalism?


I know the market is not complete yet and there are probably many more features that will be added. Is there someplace to give feedback about he market and see what feedback others have given? Looking forward to seeing the market progress...

After a couple of months with “technical difficulties” OEX have finally prepared our listing announcement:

https://www.oex.com/noticeInfo/95

-----------------

“BitBay (BAY) is launching on OEX.com

Launching Time : 28 April 2019, 11:00 (GMT +8)
Deposit Time : 28 April 2019, 11:00 (GMT +8)
Trading Time : 29 April 2019, 11:00 (GMT +8)
Withdrawal Time : 30 April 2019 11:00 (GMT +8)
Trading Zone : BTC”

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