Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 61. (Read 542094 times)

Great news! Also great that Bay is now on Blockfolio, keep the signals coming! Just bought up a few million more, most promising project out there that will actually work as designed.

Great news! Also great that Bay is now on Blockfolio, keep the signals coming!

Hi all. We have a very busy week ahead so I just wanted to let you know what we have planned...

Early next week we are aiming to release the Android app and web wallet upgrades so we'll be testing these two thoroughly this week. Both wallets will be using our new custom block processor meaning faster transactions and more reliable balance reporting.

We are also planning to release the live wallet feature and a new light theme for the web marketplace demo. If you are a demo tester then we’ll let you know more about this in Slack.
And finally we will be updating the desktop client and Qt wallets this week with some new features in preparation for the next phase of dynamic peg testing.

Any questions, feel free to ask here and thanks as always for your continued support

Shorn, Project Manager

Maybe antivirus is interfering with Bitmessage

Thank you for that David. All my other wallets and clients, have their data directories installed on D: drive while running from c:  When installing the client on either drive I get the SSL error and am directed to a download page. SSL is installed, always has been, don't know whats interfering with the client's operation. Tried uninstalling sSL, same thing. I'll install on a different PC.

SSL Error? Perhaps you weren't installing to c:\BitBay

Program files on windows has some restrictions on launching sub-processes. Either way it's more bulky for sure. Although performance has dramatically improved since two years ago. I did decide to support the QT.

Yes this content is very professional looking.

I think the best way to give bitbay a real shove is a coordinated community effort to start and maintain a bitbay thread on the main alt forum and make sure it stays on page 1. There are several ways we can do this. I believe at our current cap we can legitimately claim to being the best value project out there bar none.  Always nice to bring in a bunch of challengers to this who will ultimately be compared and crushed next to bitbay current and planned feature list. I think any planned feature list in bitbay's case can be given high credibility unlike 99% of other projects.

I think the best time to do this will be once pegging is done and if david could present a white paper proposal for his plans for scaling because even though work on this has not actually started I know that he has been for quite some time now been evaluating other models and also putting his mind to work on other alternatives too.

A thread at that stage would pretty much cover all bases and put us near the top or at the top in pretty much all areas of interest to investors.

Also some prizes from bringing on to bitbay some current online vendors selling expensive items where customers may feel uncomfortable sending btc and trusting the goods to arrive.

I noticed in another thread somewhere someone was tempted to pick up a hot offer on a 50' yacht for bitcoin but was saying he would be highly stressed until it was delivered since they wanted payment or semi payment up front.  Bitbay - no such worries.

It will be excellent when bitbay takes off and you can just load up with reverse auctions on no emergency things and wait for the competing offers to come rolling in.  I wonder how come ebay stopped those because it really is a huge feature to have.. it can save so much time and effort just to wait for suitable products at suitable prices to come to you.

I'll pass on your comments to our writer Cryptohunter We have a small team of very good writers now and some great content is being produced. All those articles that are pushed on our social media accounts are researched and presented by our writers, not the regurgitated rubbish you see on most accounts!

We need a big push with that stablecoin graphic so anything you can do to help would be very much appreciated of course.

Cheers,

Shorn
Project Manager @ BitBay

This bitbay twitter is one of the very BEST i have seen.

Regular updates like clockwork and all actually relevant to bitbay not just some reposts of other junk for filler like most projects twitter accounts.

Also this writer (if the same on that does the articles on the bitbay website) is very good.

I think these almost daily updates and pushes to twitter should be copy and pasted to this thread to keep it current and demonstrating to this community just how much effort and work is going on here behind the scenes.

If nobody has time to do it i will start copy and pasting these interesting articles and updates to this thread.

Of course if the community sees reason for me not to do it or prefers someone else to take care of it then that is fine.

If you haven't already seen this then have a look at the new stablecoin research one of our writers has done:

https://twitter.com/BitBayofficial/status/1050301128640991235

 

Thanks for maintaining the QT wallet, it's really all I need especially since I have never been able to get the client running for any length of time due to that SSL error.

Excellent news. Be great to have this fully functional and get some awareness and people testing it out.

We should later start contacting online merchants selling expensive high risk (over the net) items for which the buyer does not feel happy to risk using bitcoin or having to trust escrows for.

Update:
Testing going well.
Haven't run into any bugs for 3 days now. Still lots more to test.

QT wallet development with peg integration is progressing just fine
Hopefully in another 2-3 weeks we will be ready for test exchange release to multiple cexes.

Thanks, I still don't know if anyone else is trying to create a stability protocol that allows price to increase and hold if demand grows as well.
The best of both worlds!

recently, pegging has become more and more popular. Bitbay might be on the right track here, if done right and I am against hard pegging, so that is another choice I agree with.

Update!!
The public invited beta peg build is almost ready to be released!
Just gathering a few more addresses to add to whitelist

Lazy exchanges I might add.
Heck we just found out that QIEX is actually using our Client to host user accounts. Why not?! It's a multisig wallet.
You'd think that with the amount of exchanges expected to exceed cryptocurrencies in the next 2 years (my joking statistic), that they would seek out every leveraged tool they could find to be better than their competition.

Well the QT as usual is low hanging fruit. It will be supported with at least basic sending. And probably reserve transfers too. However really it's only purpose is to give the exchanges something light weight to use.

Excellent work David. It is a great surprise that is being included already. I wasn't expecting it.
I was wondering will all pegging features like selecting voluntary lockdown or putting voting on auto pilot be available from the QT and even web wallet or is it all going to be operated from the the marketplace?

And someone was asking me earlier on another forum about the oracle for BitBay.

The more I research David's peg, the more I realize just how amazing it is.

Most experts will say the oracle protocol for a stablecoin is one of it's biggest weaknesses.
For a stablecoin to claim to be truly decentralized, such a weakness can't exist.

So how does BitBay's peg protocol counter the exploit?

#1 - First and foremost we are not hard pegged. So we do not 'break' if price changes.

#2 - The dynamic peg relies on voters to dictate what fair market price should be. The automated algorithm our peg uses is only as powerful as voters allow it to be. In other words, if you don't vote to use the algorithm to control the total coin supply, then it can't do anything to change it. As far as I know we are the only stablecoin that enforces coin supply by 'human' oracles - the majority consensus. Who knows... there may never be a time where the algorithm has more voting power than the manual voters. And David purposely made the voting system proactive. Which means you can't just set the vote to either deflate/inflate/hold/algo  and then walk away never to return to your computer. On the contrary, when you vote you only get a set amount of votes before you run out and have to 'reset' which voting input you want. This further strengthens the presence of a 'human' oracle the controls the majority consensus!

3# - Voting sessions are regulated. 200 blocks per voting session, which equals about 7 voting sessions per day (roughly 3.55 hours). If for an example, the majority of voters were voting in favor of the algorithm to manage coin supply. Then any exploiters would have to manage price manipulation for x amount of time before they could potentially cause the algorithm to work in their favor. But at any given time 'human' oracles could simply alter their voting to a manual vote to create resistance against the exploiters. This counters the power of the algorithm to change supply to their advantage.

#4 - In the near future we will be able to include our own algorithms that will vote based on our own desires. This will lead to multiple TA indicators at work to fit the needs of the investors who implement them. Yet again, it's never a permanent fix. Anytime these traders that use an algorithm, see manipulation at play trying to exploit the automated 'oracle', they can simply revert back to voting manually and thus creating what ever resistance they need to counter an attack.


So ask yourself how many stablecoins have a more sound oracle system?