Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 66. (Read 542140 times)

Yeah we have already started testing it. For now it's just addresses that we whitelist that run the database which enforces it on a software level. All the features pretty much work. However we have to make double sure so we test things like contracts and exotic spending for example. Since this change effected almost every part of the software. Also there is getting a feel for the user experience on an exchange.

You can track voting addresses by looking at the chain or just sign up to be a tester by sending your address and hopping on Slack. I should mention, I broke my Linux build and won't be able to get back to fixing that for a little bit so unless you build Linux yourself, it's recommended to test Windows and Mac for the next few weeks.

I use this exchange a lot and can say that I haven't got any troubles with them. BitBay offers mainly bitcoin, litecoin, ethereum and lisk as a trading coins, but they also have some other smaller tokens. I think, that they are one of the biggest exchanges with active lisk traders and the overall volume is pretty high.

lol.....keep dreaming.
same shit different story since forever.

yes ,i'm sure dynamic peg will take effect to the bitbay's price, and bay has a bright future,let's look forward to bitbay!~~~

I have said time and time again for years that coin market cap is the most dangerous and damaging site in crypto.

I agree.
Modern ICOs are simply destroying crypto community, with their faked share of capital.
CMC should do anything to filter them, or it will have it`s influence on it`s prestige and we will see new and better CMC alternatives.

BTW, do we have testing peg statistics?

I hope to god you are right. Because most of those ICOs are faking their funding. They don't always raise millions because they buy their own ICOs. But they get that fake marketcap and partner with their exchange friends and then wash trade and dump the rest of their coins. It's so bad.

I wish that Coinmarketcap would require a unique working product and stop listing useless ERC-20 tokens and useless web pages without products. Having a product should be a REQUIREMENT to get free advertising regardless of how much you raise. Otherwise they are knowingly giving scams free advertising with their fake marketcaps.

Even the ones that do raise funds are doing so without software from naive investors and it's fairly hard to watch over and over again as people line up to give money to complete strangers.

True - the rise of players was sudden and parabolic. Most ICOs resulted in the market capitalization of coins becoming millions of dollars. This is something conventional companies could only dream off.
The correction and consolidation phase is long over due. Hopefully, people will think twice before rushing into ICOs now.

Well the technology is new so we will just have to see. However I think almost everyone here agrees that when you control supply in a fair way and bears aren't able to slaughter the orderbooks on the exchanges as easily then the currency itself is much more stable.

The idea is that supply should be in harmony with volume.

thank you! seems like a good implementation this dynamic peg... is it correct that manipulation is not possible anymore with this new technology? this would be huge to get crypto in to real life usage

Yeah that's a good point. The soft peg is not promising any specific price. So because the supply is dynamic it can adjust to any market condition. The only thing it really needs beyond that is volume.

Yeah I left a comment. Their understanding of how it works was a little flawed.
There is no target price for a soft peg. That's one of the main reasons for doing a soft peg. It gives incentive for holders to gain a potential ROI - the highest in the stablecoin industry
Heck with all the crap out there in the industry, there is no telling how high our price could go in 2-4 years.

Plus, soft pegs can't 'fail' like hard pegs. Nubits and Tether can attest to this fact

Great to see BAY getting some exposure in this article:

https://bitcoinist.com/new-rising-class-cryptocurrencies-hdms-coins-tokens/

 

Yeah the manipulation is sickening. I cant' wait for the peg released to remove these market manipulators out of the equation for good.

Pretty much every altcoin on bittrex is showing that just a handful of mega whale manipulators are in charge of the majority of the altcoin industry.
They showed up back in early 2017 and slowly accumulated nearly every coin. Now they've been slowly selling since Jan 2018 and bleeding new investor confidence completely dry.

So the real question is, as raisinbran pointed out earlier, will these same elite whale club manipulators reverse the cycle again and start accumulating the altcoin industry again if bitcoin were to begin a new bull run?
There is no way to know for sure! They could be doing this to "go in for the kill" so to speak and end a lot of the alts here.
Granted...  there is plenty of money to be made out there if they did repeat the cycle. Compounding ROI is the best money maker there is out there (pumping alts against bitcoin while bitcoin is going up as well)
Personally, I'd like to see a culling of the heard. All it does is make the stablecoin industry that much more demanding.

The other question altcoin investors are not asking themselves, is... what are altcoins doing to prevent this from happening again and again until the music finally stops and people are left without chairs?
As far as I know, other than BitBay, ZERO of the existing altcoins are trying to alleviate the manipulation - ZERO!

It's frustrating because we are still currently stuck in this trap. Altcoin investor confidence is at all time low. All you got to do is look at the volume on bittrex.
What makes it even more frustrating is that the manipulators are nearly exhausted in reserve Bay to manipulate down price. But that's not something average joe investors can gauge normally so it doesn't help us out any. Most investors don't know how to track the blockchain, and bittrex does a great job of masking true account holders coins because they have certain wallets that they group together various account IOU's in one cold wallet.

Conservatively, I suspect the manipulators still hold about 10 - 20 million coins at the most. However the lower the sell order book total coin supply drops the less and less that calculation becomes

Either way, if we shake them out before the peg, or after the peg is released, BitBay will remove the manipulation once and for all.
This coin has nowhere to go but up, even if it means that the community votes to freeze 95% of the current total coin supply and we only allow the manipulators to play with 5% of their liquid supply!
If my conservative calculations are correct, then that would mean they could only dump 500K to 1 million Bay before they would completely run out of liquid coins and wait for the community to unfreeze more coins before they can repeat with their remainder!
It's going to be so much fun watching this in action. Investor confidence will return and bulls will always have a strong level of assurance knowing that the peg has their back if sellers get out of hand.
So while the rest of crypto will be stuck in this chart pattern similar to bitcoins crazy make or break cycle, we ought to mimic more like the SP500!

That's going to be huge!
I for one foresee this giving us the potential to become the first decentralized petro dollar in crypto format

nice feature

Well, it's not an ERC-20 token. And doing the peg I'm not even sure it's possible to write a contract on their network that does this. Also Ethereum is way too bloated and will eventually centralize. In order for a person to trade between ERC-20 and BitBay they only need to do atomic swap. Although Solidity is an interesting language, it's a little bit buggy. In my humble opinion contracts are better done sandboxed and preapproved through a hash in the output and a payload of whatever information needed to the contract which would require a fork. However those things aren't as important as scaling the chain at least not for now because we already have contracts that have tons of real world use cases.

Yeah your coins are fine, it only restricts how many coins you can spend. However if you want just move a smaller amount of coins to a new account. Basically the things we will need to test are as follows:

Wait for coins to freeze, send all of the liquid coins to a new address, then wait for the frozen coins to unfreeze and spend them to the new address
Try to send two transactions with the same nlocktime in the same block from the same account and see if it gets declined (advanced)
Do the above and then try to do a special transaction where reserve funds are moved using a one month freeze
Deliberately park liquid coins with a 3 month lock
Contracts with recently unfrozen funds (they should get declined unless enough liquidity is made available)
Let a contract expire during broadcast by letting things freeze beyond what the buffer was
Let a counter offer freeze beyond what the buffer was and make sure the contract expires
Basic contracts (a buffer should be enforced to anticipate future freeze unless very liquid coins are used)
In a contract, let the balance freeze beyond 10% compound and then ensure the previous signed withdraw request expires
The user experience of coins freezing and unfreezing
Watching the balance for a slight change in liquidity within 10 blocks of a rate change (you should see a slight change in reserve for a small percent of funds)
Exotic spend (time locks) and seeing when they get spent or filtered and letting a small amount of it freeze (so we can double check it's withdrawn properly)
Pay to email (because even if it freezes it will do a reserve transfer where a small amount locks for a month)
Employment contracts and automated payments. (should work the same but we want to check that)
Voting and the voting algorithm
Setting your own algorithm (if we have time)
Custom voting

This is probably not the entire list but those are the basics... waiting for things to freeze and unfreeze and seeing how the software reacts to those situations
And yeah as for safety, I've been doing the accounting on Halo for years and never had an issue. However we will look over all the changes and make sure
everything is squeaky clean.

Can we get an official write up of what a dynamic peg tester is supposed to do and the types of tests they should be running? Also is there any safety measures that my coins will be ok and stuff? 😎👍🏽

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Mr. Z:

Could you write a couple sentences about why BAY does not need any ERC-20 access?

Thx