Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 63. (Read 542196 times)

The poker platform is a separate project which one of the BitBay devs is building independently. While it isn't directly affiliated with BitBay, players will be able to use a unique multisig wallet, and can fund it with BAY. It's awesome because players won't have to store their coins (and winnings) in a 3rd party custodian wallet.

The project is getting really close to completion, and the dev is in the process of narrowing down locations to host the website.

Bitbay is not Chinese you have your explanation ;-)

what is the Poker Site (TBC) for what is it going to be used for?

especially since a radio jammer is multi-frequency.

 "So I hear @kucoincom turned down Bitbay due2 them not having 'strong enough roadmap & tech'"

LOL

Please David call their devs forth for a public comparison to the other coins they list there.

Personally I don't trust many of these type exchanges

So now unless you have some new hyped up new consensus mechanism that is probably more centralised and less secure than what we have then you have no tech. Or just write some nonsense white paper that sounds smart to them and off you go.


Then again that exchange could be a worry right now until things are clearer there.

No huge loss

So long as we have bittrex and upbit that's a good start and perhaps all we need.

Totally agree. Can't wait for this to take off.

If they could be 3d printed off cheaply enough and fully solar powered then they could soon be developed and deployed in numbers for it to work nicely.

what is the Poker Site (TBC) for what is it going to be used for?

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People boast about masternodes as some sort of amazing perk.
With BitBay you can simply buy up as much liquid coin as you want and if you want to voluntarily freeze it then you get 4x the interest rate as liquid coins staking

Peg Testing Update

So new voting session in. Froze down from 87.7% to 85.1%
So a 2.6% decrease. Last time it was 2.7%
So it's averaging so far with a discounted effect of 1/10th of a percent per voting session.

I'm guessing if we unfreeze it would create a compounding effect of 1/10th of a percentage as well

_________________________________________________________________
Just voluntarily froze 5 coins for 3 months (it's a default timeframe)!
Voluntarily frozen coins earn twice the interest rate of frozen coins and and 4 times the interest rate of liquid coins!

It's super easy to do.

https://chainz.cryptoid.info/bay/tx.dws?922285242fcef58491bc4f65652f3ffd4fa0a3b3b32677fc6c8e743bd65adbfc.htm

Kucoin Rejected BitBay Listing saying such lame reasons.

Peg Update!!!

New private build is out!
Testing now!

Last voting session just froze my liquid supply from 90.4% to 87.7%
A 2.7% decrease. Which when you take in consideration discounting effects when freezing and compounding effects when unfreezing -  that is right on par with the 3% max change per voting session

Can't wait to rek the manipulators once and for all with this revolutionary system!

Absolutely I love the idea of mesh. I think we should be 3d printing these things. And I think radio should be encrypted even though the military is against encrypted radio the air waves should be free. Long range radio can go several miles. If balloons are used I'm pretty sure it can go even further. Maybe even something similar to skywave can go further. This type of tech might even be able to get around IP address issues.

I notice a couple of projects are now able to demonstrate some kind of solar powered radio transmission for their blockchains

eventually hoping to null the need for the internet and grid bound electricity.

I think this is something that would totally be something david would be interested in for bitbay.

Of course radio transmissions require license in many duristictions

mesh networks are the next step i guess in the decentralisation process

radio is cool too though

I know david has mentioned these things before and now net neutrality looks to be under attack this could be just the time to start looking at this.

Agreed and, thanks for the easy to understand explanation of how the Peg works. This is truly a new way to look at crypto, might start a revolution! In any case, hats off to David and crew!

Peg Update:

David's just taking a little bit longer with the new peg build.
We realized that the 1% freeze per voting session is just not responsive enough. Considering that it only freezing 1% of liquid supply rather than total supply. So when we consecutively freeze coins, it actually "discounts" the rate of deflation. And when we consecutively unfreeze coins it "compounds" the rate of inflation.
So rather than have a 1% rate, we've come to conclusion that a percentage range would be the best option. Currently, David is setting up the new build to have a range of 1-3% per voting session. Each voting session is 200 blocks. which is roughly 7 sessions per day.
So depending on democratic voting and algorithm, we will now have a dynamic range to change supply.
Only befitting for a dynamic peg 😆
So in one day we now have the potential to freeze up to 21% of the coins supply (with discounting effect because it's based on existing liquid supply) and a max of 21% unfreezing (compounding effect). This creates a much more responsive structure, and therefore reduces the volatility compared to a flat rate 1% change.
Almost there guys! 😜

So if my math is correct and based on discounting and compounding interest rate effects...
If you have 1000 coins and we vote to freeze 3% every voting session for that day. Then those 1000 liquid coins would then be 807.9 liquid and 192.1 frozen
Where if it was just an initial 21% of 1000, that would actually be 790 coins liquid and 210 frozen.

That doesn't seem like much of a difference, but when we are dealing with just a flat rate 1% rate change system with a discounting and compounding effect, it becomes much more responsive!

So now the inverse applies to unfreezing.
Lets say you have 500 liquid and 500 frozen.
And the community votes to unfreeze by 21%
(3% per 7 voting sessions). Then we have a compounding effect that would unfreeze your supply to 614.9 liquid and 385.1 frozen.

Again not much extra compared to a straight rate of 21% of 500 = 605 coins liquid.
But in regards to just using 1%, we now have a much more responsive system

Bear manipulators that try to control the market price for their own best interests, will just have to give up and try somewhere else. 😜
Knowing we can freeze upwards of 63% in just 3 days, will make it hard even for the largest whale to do any real manipulation before they run out of the power to control the exchange!
With BitBay's dynamic peg the majority consensus is the "market mover"

Meanwhile, coins like Kowala, that use a burn system to deflate, will have to wait till their burn protocol supposedly allows for demand to catch up with supply. During this time miners supporting the network have virtually zero incentive to keep mining.

They can't burn peoples accounts, that would piss off investors. So they just have to sit back and burn newly minted coins from miners.
This could take weeks if not months to correct itself, especially if bitcoin decides to turn bullish for a long period of time.

Meanwhile we simply freeze a portion of everyone's liquid supply. There is no need to burn them. This protects your equity fairly. Your frozen coins actually mine more profit than liquid coins, so miners GAIN incentive to support the network  with frozen coins. This in turn provides demand and the ability for investors to buy frozen coins from those that just can't wait for some of their coins to unfreeze.
It's perfect. Those that want to sell can still sell - even frozen coins. It's just that the buyers will receive these frozen coins with a  time lock on them to protect the price. Once the time lock expires, then the coins become liquid again and the investor who bought at a potentially lower price could either hold the profit or sell at a profit once matured.

A much more responsive and fair system to all these stablecoins that are using a burn system.

The timing is really good. The peg will protect value, although the entire value cannot be realized in one go.
This will go a long way in differentiating Bitbay from other altcoins. Market manipulators will know that it is in their best interest to leave this coin alone.

It always has been one of the big weaknesses of the market is that the investors have no control over sell pressure. And now we finally have a tool for them. So all that's really left is talking to exchanges.

Found active seller.
Not much left.
https://chainz.cryptoid.info/bay/wallet.dws?18840.htm

Can't wait till the day comes that we can freeze and regulate these guys from drastically hurting investor confidence anymore.
These last 8 months have been brutal for mostly all of the altcoins.

We are just a few weeks away from removing their abilities anymore.
And it couldn't have happened at a better time. The market manipulators have been busy dumping their altcoin reserves.
They should be close to running out of Bay.
The dynamic peg will regulate them no matter what happens.
But the idea that we will soon have a dynamic peg in place, while the market manipulators are nearly out of Bay coins, it is going to make the peg release that much better!

It's going to be fun to watch as the true investors begin to realize that they ARE the "market movers", without even having to trade!
Manipulators that are trying to drive price down, can't sell and vote at the same time. So this will make them easy to regulate.
It will be a first for the crypto industry where a majority consensus always rules as the "market mover"! Rather than just a handful of elite whales that hold all their coins on an exchange and paint the charts as they see fit.

The manipulators are trying to force altcoins into submission of bitcoins price action, that won't be possible anymore with us!

Everything is falling into place

David should have the new peg build out anytime now.
We will test ASAP so we can get the community testers involved as well.