Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 62. (Read 542196 times)

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?

Peg update:

So far most of our testing has run very smoothly with new build.

David's working on some small issues.

We are close to releasing the whitelist to the invited public

Yeah I do listen to community requests and this one made sense for the long term. Although I think the time lock on voluntary is 4 months however the nice thing is if you are staking it, you don't need to freeze it again. So when the 4 months expires you can keep staking for higher interest as long as you don't move it.

Excellent reply to that thread cheers

Also this bit is really awesome

In BitBay, people can buy up liquid coins and voluntarily freeze them for a higher stake reward interest rate. The current levels are set at: voluntary freeze (3 month time lock) = 4-5% newly minted coins per year, network frozen coins = 2-2.5% newly minted coins per year, and liquid coins = 1% newly minted coins per year. So imagine you had 10 million dollars invested in BitBay at the beginning of the year. You voluntarily freeze your coin supply 4 times back to back (3 month time locks) = you gain 4-5% newly minted coins. And on top of that, BitBay's exchange price increases by 10-12% over the course of 12 months. You do the math! That's a "little" bit better return than you'll get from any of these hard pegged stable coins!

I was not aware we were going with the tiered system. This is exactly what bay needs to encourage holding. Ha of course i would love even more tiers with even more variable rates. But still this is great news.

Still stacking bay here but also really hoping bittrex bill gives us the  green light too.

The new Q4 roadmap is now live on the website with details about the upcoming Web Marketplace and Dynamic Peg release schedules plus a lot more! Check it out now!

https://bitbay.market/roadmap


https://twitter.com/BitBayofficial/status/1045308018819289088

each market must have a high price or there is also a low price and maybe to sell a token for sure the price is cheap and some are expensive depending on which market we sell.

Kinda weird that Kucoin rejected Bitbay when Bitbay was listed in Bittrex, Upbit, and Cryptopia. Bittrex alone is validation enough on the quality of the project. There's a lot of new exchanges coming up. If the community needs more exchanges, there are a lot to choose from.

I responded to them as well!
Thanks for the link!

Just a matter of time before the big boys catch onto this!

https://bitcointalksearch.org/topic/m.46208944

That's good news indeed.

People still don't seem to get that a stable coin that relies on audits and promises and taking peoples word for it is not really in the spirit of crypto ...

https://bitcointalksearch.org/topic/m.46194898

what you want is a fully transparent trustless and democratic method like bitbay

No need to worry about exchanges too much, we are pretty established coin - to worry about this or that exchange listing.
Besides, nowadays, listing on new big exchanges do not have that high influence, as it had to be..

Main thing is to establish Bitbay as stable coin alternative, as demand for stable coins is increasing daily..

Very soon! We are converting my Python code to c++! So that will make it nice and fast.

Then the last little part is I need to make basic QT functions and exchange stuff. All my testing is going excellent everything works.
I should be doing a new release to private testers today and then we open up public tests.

We will probably have a demo exchange so our users can test the feel of this peg and make a game out of it. I've got to talk to our team about that.

Well if it were to crumble, I hope we have the peg in place before hand.

It would take down a lot of exchanges including bittrex.

The good news for us would be that IF they were behind the pump of 2017 for both BTC and altcoins, then they have very little invested in us anymore at this point to be of any worry.
I say that because in order for them to stay afloat as long as possible, in my opinion, they will try to liquidate any holdings they still have in altcoins to try to keep themselves alive.
Maybe I'm wrong, not sure. So many ways for it to play out.

I just wish this industry would wake up out of it's slumber and realize that BitBay has the best stability protocol in the industry.
It's a shame what the whale club manipulators and erc20 tokens have done to the industry. Everyone is scared shitless - sheep just looking for the next flock to follow

Tether will probably be displaced by True US dollar (TUSD) before too long.

https://www.thesun.co.uk/tech/6531388/bitcoin-price-manipulation-crypto-scam-tether-bitfinex/


I wonder if this is true and if so tether is probably in hot water

Time for a provably fair and transparent stable coin

I think bittrex will be very interested in it once they fully understand it.

Let's await bittrex reply to the proposal. I hope bittrex bill will analyse it and not just some other employee who perhaps will not understand how interesting this will be.

They added extra software for ignis so they can do it is they choose to.

It is very important we get to speak directly with bittrex bill not just some mod or employee

We at bitbay really need to attract some high profile people in this arena that probably have lots of important peeps on their skype or other chat medium who could be very useful for us getting this out there.

Well my point is I'm not concerned either way anymore. We of course have started talking to them and they asked me to send the proposal. We will probably test this peg on a demo exchange first to show them how it looks.

The can only gain from it. Hosting the worlds first decentralized peg. And we can stop catastrophic sell offs in almost real time?!?! It's crazy to think how much can be gained from that. I really would like to see them add the reserve market too so users can trade their frozen funds. Those two side by side would be really perfect. Still because it's so new of a thing we should just do whatever is needed to launch it. After all we have waited long enough.

No need to have a doubtful outlook on acceptance.

What does bittrex have to lose?
Innovation is what drives volume.

This coin has had this innovation on its roadmap since day 1.
Pretty much the entire community is in favor of this innovation.

The voting and algorithm is fair and balanced.
We will actually help market manipulators make more money than their stupid AI bots ever could, because we can curb any major sell off within just 3-4 days.
Meanwhile, we and over 80% of the legacy altcoin community have been dealing with an 8 month bear trend.
It's kind of nice knowing that a bear trend can only last a few days with BitBay after the peg is released.

The key components to keeping Bittrex happy with the peg protocol integration is:
1) Provide a system that keeps their hands neutral - this has already been accomplished through a voting and algorithmic protocol that is 100% automated.
2) Provide a system that keeps their current security protocols sustained - David has a solution that still needs to be coded that will allow them to keep their cold wallets cold.


Don't forget they have financial backers to appease. These backers want bittrex back to it's former glory where it use to be the #1 exchange in volume

Yeah actually I'm at peace with listing on a small exchange as long as the peg is supported. There was a time where people said if we didn't get on Poloniex we wouldn't succeed. Well I guess we proved them wrong. The same can be said for Bittrex and the others.

I think that if the peg is supported properly then traders will register on the small exchange just to trade it because after all, it's safer than Tether because less concern over being regulated out of existence. And of course no concern of bank runs or losing banking relationships. Also traders won't be able to ignore that it will be hard to dump the coin for long periods of time. We might end up causing a small exchange to get big.

On the other hand, the small exchanges might be more risky for disappearing. Although history has shown big exchanges also do this as some of the biggest in the world have performed the most notorious defaults. Bittrex and Upbit could be worth a lot of money so it maybe isn't worth it to sacrifice the listings. However, maybe it would be OK as new exchanges are always appearing and getting reasonable volume. The peg doesn't need as much volume to spike because we can control supply collectively.

Who needs Kucoin, their a joke. In time, every exchange will want Bay, then we rule...