Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 50. (Read 542196 times)

+1

imagine we bring some big amazon reshippers or ebay reshippers or master sellers.

Then plaster the sales board with all of those desirable items.

Once a ton of bay is tied up in the DDE then we will start to see a huge uptick in demand.

The peg is going to be vital and ground breaking. I can't wait for it to all fit into place. No more middle men.

@Tradersnow - That's cool!  You're using it.  I need to post some stuff also.
So far all the items posted look great.  Thanks

Just listed a used book for sale up on the BitBay web marketplace! Only $4 USD or 558 BAY if anyone wants it.  

https://demo.bitbay.market/item/5c64c7692c526268f996358c

Excellent work guys. I can not wait for the future ahead when our market place is stacked with great items and seeing it take off. We can list the bay items on the sales part of this board too. Every item we advertise is free advertising for bitbay

They would if they see that during times of crashes your system is stronger than others. They would need the demonstrating example once in front of their eyes. That would be great for you and also a great test in a real world environment for your solution.

Watch or listen to BitBay’s Operations Manager Bjørn Alsos being interviewed on the TraderCobb crypto show

https://twitter.com/tradercobb/status/1108269970415218688?s=21

From BitBayDev 3/15/19:

     Beta v0.3 of the BitBay web marketplace has just been released and includes 'live contract updates' and a lot more.
     Most importantly, the beta marketplace is now open to the public! You can now see what we've been working on at https://demo.bitbay.market and list your own items!
     Read all about this release and what’s coming up next in this Medium post:
https://medium.com/bitbay-blog/the-bitbay-web-marketplace-has-just-been-updated-with-a-new-beta-version-9c59151b1478

Thanks,
Shorn
Project Manager

Yeah that is the big question. There are a lot of exchanges and we have talked to many and some quote pretty high rates and others vary. We are developing a demo exchange pair so we know how much work integration is and that we have trained devs who understand integration that we could even offer them. It is a lot to ask of an exchange but considering it's a system that prevents market crashes you would think exchanges would flock to list us for free.

However some may not be interested and others will. I feel like out of the hundreds of exchanges we only really need one or two decent ones. Even if they are a small exchange once people see this system in action they will go there to trade.

Interesting system, and are you in talks with exchanges and got some feedback whether they are fine with running additional specialized software?

Hello.

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New Bitbay block chain explorer, multilingual one!

Check this multilingual Bitbay explorer providing the latest block info and some data analysis.

bay.tokenview.com/en

Yeah we also love that for a home page. However right now we are simply advertising the peg because it's very important for people to know about the stability feature in this bear market. I wonder if there would be a way to work the commercial into that page.

Apparently the current home page has resulted in a lot of downloads.

Beta v0.3 of the BitBay web marketplace has just been released and includes 'live contract updates' and a lot more.

Most importantly, the beta marketplace is now open to the public! You can now see what we've been working on at https://demo.bitbay.market and list your own items!

Read all about this release and what’s coming up next in this Medium post:

https://medium.com/bitbay-blog/the-bitbay-web-marketplace-has-just-been-updated-with-a-new-beta-version-9c59151b1478

Thanks,

Shorn
Project Manager

It's pretty simple. At 100% supply if you have 100 coins then they are all liquid to sell on the exchange.

If the supply drops 99% then you have 1 coin to sell on the exchange and 99 in reserve.

Thus, it requires less BTC to buy up the liquid coins... lower supply = higher price (as long as there is some demand and there is always some volume)

If the price goes too high too fast then lets say your reserve coins are released and supply goes 50% so you have 50 liquid 50 reserve.
That causes price to go down due to release of reserve coins.

If you sell those 50 liquid coins then you still keep your reserve and the new recipient upon inflation doesn't see a new influx of coins so it's not like a split or anything. Each set of coins has a memory of their liquidity shards and that is know upon each transfer. Exchanges do a liquidity share on the orderbook so the quality of coins is consistent for all users on the exchange. Even so, an exchange would have two orderbooks BAY (liquid) and BAYR (reserve) and the two will shift in proportion through the day. Exchange must run special software to do track this because the blockchain will require correct accounting.

This peg doesn't require any backing or reserve funds. It's forceful decentralized control of supply. The decision to do this is based on when users win a stake they can cast a vote deciding if it goes up or down 1% compound. These voting intervals allow up to 21 times of 1% supply change compounded daily. So a bear market can be crushed in it's tracks almost the same day.

This obviously raises investor confidence too and makes it cheaper to be a market maker as long as they understand the algorithms voters are using. If voting system get's abused then we can switch to give greater weight to algorithmic votes.

You can find more info on this at bitbay.market
There is also a whitepaper at the downloads page as well as a testnet QT which you can see for yourself how it effects your wallet.

There will also not be a reserve or anything like that? Where does the pegged currency gain its value from? Or the trust in the currency to preserve its value or even have value in the first place?

It's dynamic so it does not have to be pegged to a specific asset. We have an algorithm that tracks the peak of the entire market (starting 20 cents to 1/100k of BTC 20k) and let's itself set new peaks under sustained circumstances. Users vote to increase/decrease supply which can obviously effect price and liquidity. Eventually once we find things that we like to track we can have algorithm take precedence over votes. In theory the system can be used for a hard peg and even in that case I believe it to be much more robust than any other peg because the supply is forcefully driven in any direction without hyperinflation or backing against crypto. Just the basics of supply and demand.

Also good to keep in mind... this $.20 target is only set for the algorithm voting option.

If a majority of users choose to vote for the deflate option instead of algorithm, it could go higher  

not a super deep technical insight may be if you are a coder but this one explains how it will work

https://medium.com/@bitbay/bitbay-dynamic-peg-faq-8cd257da63fd

pegged to 100000th of BTC price 20cents to start. Be nice to just target a dollar for simplicity as soon as possible. I don't mind having my coins locked down until then.

I feel getting the markets totally bug free, as easy to use as possible and just populated with a ton of stuff people actually would spend money on then there will be no stopping bay.  Be great to get some provably fair prediction markets etc and all other possible services running on it too.

Building in a nice atomic btc to bay exchange could be very useful too. Try to build it out to essentially be a one stop shop for nearly any service or any item you want.

The current price is quite shocking for the value of what is here. Never mind more for those that do their homework I guess. Time is our only enemy but we are still ahead of the game here. Will be interesting to see how this holds up under some big time adoption because I think it is coming that's for sure.

Is there a technical overview how the whole pegging system will work? And will it be pegged to the $ or to a basket or something else? Or even to several currencies?

Really looking forward to testing the demo exchange w/ Dynamic Peg voting here soon! Everyone will finally be able to witness the effect of liquidity's change on price.