Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 53. (Read 542140 times)

People underestimate this project. It's also not heavily marketed. Nonetheless, users will no longer be able to crush the market with sell pressure after the peg is implemented. It's an awesome tool. What "Basis" raised 100 million to do, we did for free. We also did it decentralized, community driven, no unsustainable incentives, no custodians, no speculative backing. And yet "Basis" abandons the project and big investors keep giving funds to these projects that promise and don't deliver. When will they start supporting projects that do deliver but don't ask?

Great news from Shorn regarding the listing on OEX.com.
Really great news.

If one looks at what Tradersnow has written in the past, as well as what Kraterion just posted - you have EXCELLENT basic explanations of the Bay Peg.

Comment on The Current Market:
For those old enough to remember the .com crash of 2000, this Bear Market in the cryptos is very similar.
It's very apparent we have been in a Crypto Crash since Jan 3-6, 2018 and it continues to this day.
I believe cryptos will follow an upward tread that trails the Precious Metals.
Look at the uptick in PM's, starting back in October of 2018.
The US Federal Reserve Note (Global Reserve Currency) and all Sovereign Fiat are under pressure.
Out of this Crypto Crash of 2018, like the .com bubble, the cream will rise to the top and survive. Bay is cream.

If one is paying attention, there has been almost NO movement in the top 20 Wallets or Rich List in Bay over the past 2 years I have been watching it 24/7/365. Interesting.

Thanks very much for the explanation, it's even a good idea for an explanatory video, I'm not being sarcastic or anything, I really think this

Announcing BitBay Discord community launch!

On the 1st February we will have a new home for the BitBay community.

Official announcements and news will still be shared on Telegram and social media channels, but throughout February, we will trial Discord as our main communication platform and source of information for the BitBay community. We need your help to make this a thriving platform for discussion and source of relevant information about BitBay.

You can join us now - simply follow this invite link and feel free to share it with friends -

https://discord.gg/jRkjCxf

Hi all. We've now heard back from OEX.com that our new listing date will be the 14th February. They will announce it in their channels nearer the date, but I wanted to let you all know that it's been confirmed by them.

I'll post more info as soon as we have it.

Thanks,
Shorn.

The OEX delay is just another bump in the road.
We're in a bear market.

This low price really sucks bad.
ALL of crypto's really low prices suck bad right now. lol

Bay is still the most undervalued coin on the planet in my opinion.
Everything is working and ready to populate.

Here is another good example of why Bay is a really great potential store of value:
https://bitbay.market/blog/how-does-cryptocurrency-mining-work

We have had notification from OEX that their listing queue currently has a backlog which means we are waiting to hear about the new date for listing BAY.

As soon as I have an update I'll post it here, hopefully it will only be a short delay.

Thanks,
Shorn.

Excellent response! And there is more information on our website and forums as well.

With the Dynamic Peg, BAY is not pegged to any currency or asset at all. It's one coin, that has multiple levels of liquidity (spending power) within it.

It can best be described through an analogy.

Imagine there is a group of thirsty people, and in front of them is a water vending machine. This vending machine can quickly turn liquid water into ice, and vice versa.

7 times a day, this group casts a vote to express their level of thirst. Based on the consensus of each voting session, the machine releases (or freezes) a specific amount (1-3%) of water, leaving an amount closer to what everyone wants to drink.

If demand falls and water freezes, then there is less liquid to drink. This puts upward price pressure on of liquid water.
If demand increases and water unfreezes, there is more liquid to drink. This puts downward price pressure on liquid water.

So the price of liquid water becomes stable, in relation to the amount needed by the group. People's level of thirst is always changing, and the price can change right along with it.

--

BitBay's Dynamic Peg is this water vending machine, but for money... and the group of people voting are all the stakers of BitBay's blockchain.

It moves towards a liquid price that everyone agrees on, and the rest is frozen for later. The frozen BAY can then be traded on a secondary market, based on a future speculative value.

Because it is democratic, there is no need to peg it to an asset or fix it to a price. The total supply is controlled by the users themselves, and not a central entity. History has shown how price fixing and hard currency pegs always fail under extreme market pressure. Because it's not pegged, there is no need for auditing reserves (like tether, gemeni, circle, etc.), or trying to keep a hard price ($1) when the market chooses otherwise... like most other stablecoins.

Instead the dynamic peg allows the price to move and adapt with market swings, within refined limits. It reduces (but doesn't eliminate) volatility to the point where people can use BAY as both a store of value, and a medium of exchange. This allows the users of BitBay's marketplace to have a stable form of value when using BAY as a deposit for its P2P contracts.

ps: if a user doesn't want to vote, they can opt to have an algorithm vote for them  

Can anyone ELI5 me on Dynamic PEG? I don't understand what it is and on which currency BAY will be pegged to...or if there is another coin running on BitBay which the pegged one

OEX is a big one. Congrats!
...And they only have 14 Markets? Bittrex (a great exchange) has 305.
I think that makes Bay kinda special!

A lot of hard work has gone into this project.
...it's only a matter of time before BitBay hits critical mass - it's not "if", but "when"?

Yes. It will be triggered once we have the exchanges on board. So first we release/test demo exchange(so we have an example they will understand), wait for exchanges to implement, fork.

Can someone explain the Hard Fork that is coming up?

Does this happen because of the Peg implementation?

The BitBay 2019 development roadmap is live now, with a brand new layout we think you'll find easier to follow. The Dynamic Peg and web markets are still our main focus but there’s also a lot more coming… check it out now

https://bitbay.market/roadmap

Shorn | Project Manager

I just sent you a pm to get you on slack

Well there is a Slack and Telegram. I'm usually on Slack. You can visit our site at bitbay.market and request an invite there or here.

I'm currently in 12-step rehab for recovering nerds.

Is there a better venue for this discussion such as Slack or Telegram?

Yes exactly POW prevents DDOS but the problem is it needs to be easy enough for consumer grade computers and hard enough for strong computers.
So it doesn't really stop an attack it just makes it a bit more cumbersome.

One solution I've had for years (although you can argue it does sacrifice a little bit of anonymity) is to require a user to tie up funds for X time.
This solution is simple and because you can charge X coins per kilobyte. Since the funds are only tied up for a few blocks it's a good way to say
"sending a message will cost you a couple dollars but you get it back in a few minutes". You are right in thinking a whale can attack this as they
don't lose money, they just tie it up. But perhaps you can keep increasing cost or lock time for related addresses. They can get around that too
by having a lot of addresses. I would say for now there is no perfect solution but it's a solution that allows for Bitmessage to be faster because POW
can take up to 10 minutes on slow computers sometimes.

The only issue with it is it creates a mild barrier to entry (user would need funds or have to fall back on POW) so I haven't really bothered to code it. Also other nodes in Bitmessage won't acknowledge the messages and for user security I prefer to be part of the larger network with more nodes.

I guess as long as POW serves as a deterrent (most people won't attack a network unless there is profit involved) then it's good to protect Bitmessage for now until we see someone even attempt it. And besides, Halo has backup messaging options so a prepared user won't be too affected.

I still also really like using Bitmessage to make accounts anonymous by having someone else broadcast (getting rid of the IP address issue altogether). It's still unclear if having control of a lot of nodes can help someone guess who is sending a message.

I guess Bitmessage POW is in place to prevent sybil attacks or not?
How would that other method "proof of time locked funds" work?
How would that prevent a whale to attack the network?