Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 7. (Read 542087 times)

Actual vs available balance is effected by several things. First of all your ratio of liquid to reserve which you can see in the "history" tab which shows a more detailed ratio of liquid/reserve/frozen. I do think there should be more on the homepage to express that though.

Available balance may also be effected by pending transactions waiting for confirmations, pending contracts and marketplace offers, etc.

I don't know why so many people want to move to lighter wallet. I think the two keys are so much stronger security, I even use BitHalo to store BTC(BitHalo works with Bitcoin and dates back to 2014). Also the markets it's unfortunate people don't use them because they are full decentralized with security possibly better than TOR.

What do you mean? The peg was tested for over a year. First it was coded in Python in 2018, I personally tested it. Then Yshurik coded it in c++. Then we even coded our own exchange dynamicpeg.com to show exchanges how to use it which was running for a year flawlessly. The thing is we can't know if an exchange properly follows our API and code. This is why Latoken had some issues because they didn't really let us audit their implementation. However they seem to be working okay. I think also a lot of their issues weren't even peg related as their exchange appeared very buggy anyways. Perhaps they worked it out by now... who knows.

How thoroughly was the peg tested? I know it was exercised to some extent on the testnet, but that only lasted about 4 weeks as I remember and it was never working 100%.

So my 32-bit Halo v2.5 eventually synced up and upon loading key2.private, it shows the correct balance. I will still need to catch up with the dynamic peg and terminology, as in "Actual balance: vs. "Available balance" but I should be in control of my BAY again and able to move it to a "lighter" wallet

Thanks for your help @dzimbeck!

What I said Feb. 2, 2021 still holds true:

Despite the issues we see with LA, isn't it amaaaazing that the Peg does its thing to protect the price?
Even with low numbers it works. It truly brings stability under the harshest conditions.
...BAY will be a leader in the new markets to come.

Once NightTrader.org (our Decentralized Exchange) is done - $ freedom for BAY?

BAY liquid 24H Range on Feb 2, 2021: $ 0.395908 — $ 0.411778
BAY liquid 24H Range on March 1st, 2021: $ 0.467743 — $ 0.721217
Cheers!

Maybe it's verifying the blocks instead of downloading them. Which should still be a bit faster. Bootstrap doesn't instantly sync however if you synced in advance it should work.
As for 64 bit it should work on most linux versions. I would need system details to see what the issue is. The reason is because there is so many versions of linux and hard to release static build. Which is why you can also just run it from the python code.

Hey dzimbeck,

Thanks for the hint, will play around with Halo, although the first experience was quite clunky. The 64bit linux version GUI was somewhat broken (buttons did not work), the 32bit version loaded OK but started syncing from scratch, although I already should have the complete blockchain locally (synced by the Qt wallet). I also tried to dump the bootstrap file into the data filder after flushing its content but that did not make any change and Halo still tries to sync from block 0 :/ My main motivation is to move it to the web wallet (not sell), just to avoid these shenanigans, until the software side is more usable. Any advice welcome, thanks!

..and about the phone: /e/ OS is very easy to install/flash, if you have one of the 100+ officially supported models, for which a binary image is available. If not, you can still build from source.

Understood. So if I don't use the advance sending, how will my reserve become liquid? is it a matter of time or is there anything I can do? All my balance has been in the wallet since 2017

In advanced sending you can see the option for moving reserve. However when it gets to the exchange it would still probably be reserve and would be delayed one month. As this system is precisely why the liquid coins are worth so much more.

I am using the marketplace client version 2.5. When go to "History" I see a message saying that the coins set as "reserve" are "movable with a one month delay". Right now around 99% of my balance is in Reserve, that was the situation 1 month ago and also 3 or 4 months ago (I hold BitBay since 2017). How do I move them to liquid if I want to move them to an exchange? can I go to Send and try to send the full Actual Balance and it would work but with 1 month delay or will it only let me move "Available Balance"?

 

Very cool about the de-googled android phone. I also was thinking about how to do that. As for the two keys those are not compatible with QT. QT is single signature and Halo wallet is multisignature so you need Halo wallet. As for the form we will look into that. Thanks

Blocknet is a good idea but we are focusing on side projects and other more high volume DEX solutions for now although its on the list.

I have to check to see where the APK is... in the meanwhile perhaps scrape the google play store.

Hi dzimbeck and thank you for the comprehensive answer.

I am not intending to sell my BAY, I was merely expressing pity and will definitely resume my following of BitBay and wish it would get more attention & adoption! Somebody here mentioned listing on eg. Block DX, which is free and would IMHO make sense? From the technical standpoint it is a blind shot from me, though I understand from your previous text that it would require some work (which, on the other hand, is not an unknown to those people).

I have been unsuccessful to register on the Forum so far (no activation email). I can PM you my nick and/or email, if you are able to look into it?

Back to the untouched main point of my post though: As mentioned, I have eventually been able to fully sync the BitBay Linux Qt Wallet (v3.1.2.0-gf683bd6) but do not see an option to import key1+2 .private and .public -- they may have been exported from the Marketplace, can you please hint?

I would also gladly install & try the Android app, as well as report any issues I encounter -- it's just that I am running a custom deGoogled OS (https://e.foundation/), thus have no access to Google Play and would need an installation APK and a checksum from you, if that is feasible?

Thanks!

You should sync with bootstrap and it should work.

The community forum should allow new registrations, I wasn't aware it doesn't send emails. Myself, Craig, Alec, Yshurik and Alec are still quite active.

The fact that it doesn't trade on other exchanges besides Latoken is not our fault. It's because central exchanges are thieves and we got our listing fee stolen from by 3 of them and only Latoken eventually came through. And none of them would accept double deposit escrow, a few of them it turned into a fight just to even ask for escrow (kind of showing they are scams but we took a gamble on 4 of them). Latoken however was very buggy and that has dramatically effected our trading volumes. Furthermore, Cryptopia stole from everyone and vanished and Bittrex who is partner with Upbit delisted and totally censored us probably because they have a bank in their pocket or just that they are sellouts/censors/jerks. After they made millions off of us they turn their back on the tech that enriches them. So yeah we also dealt with censorship from mainstream exchanges and news and that has made me not motivated to talk to those types of companies as I see them as evil in a sense.

With that said, I'm sure theres some good exchanges but its a very expensive gamble and time burn and adding BAY is custom code because of the peg so many exchanges are too lazy or start to act really entitled when they have to do "work". The peg works incredibly well, we are able to tracking BTC peaks moving BAY price from 20 cents to 45 cents and keeping it perfectly stable. The trade off is a lot of the supply has to go to reserve but the theory is when volume picks up it won't matter.

So we need volume and thus we need to be listed on various DEX or exchanges that are almost fully decentralized.

That means we are just going through this stage where we either trade on Latoken when it works or OTC. But it won't stop the project from ultimately getting listed on the appropriate DEX and solving our bottleneck so in the meantime we just have to be patient.

Hi @lifeiscrypto, I'll chime in as it looks I'm in the same boat and equally frustrated..

I got to know BitBay in 2017 and was very enthusiastic about the technology and novel mechanics, however now that I have woken up from a bearish lethargy and checked back, it seems dead since ~June 2020 -- at least by the standard metrics of being listed/traded on exchanges, activity on Reddit (no new posts, questions unanswered) and the Community Forum (they probably stopped new registrations, as the activation emails just aren't sent out). Craig Claussen's (@BitbayW) occassionally comments on something on Twitter but cannot be messaged.

This forum seems kind of alive, although you never know, these may well be illusion-preserving "hired guns" -- I'm intentionally being mean to provoke a reaction, a comment, something to reignite my belief in this project.

I would really like to see BitBay succeed. There is some of aura of failure surrounding various takes on "private marketplaces", be it OpenBazaar/Haven (barely surviving) or Particl (struggling as well).

That being said, I would really appreciate some help with restoring my BitBay wallet. The Windows Qt wallet got stuck syncing at 85%, I was eventually able to fully sync the Linux Wallet, however I don't see an option to import my two private keys I exported from the previous wallet years ago. May this be the right place to get some actual assistance?

And to answer your question: the BitBay wallet says the current price is ~$0.45.

Thank you!

Hi,

Is there a way to sell BAY right now? I tried in LATOKEN but is not listed anymore. Also I don't see any price for BAY listed in coinmarketcap, I do see it here https://www.coingecko.com/en/coins/bitbay but not sure how faithful that is, what would be the approx current price?.

Thank you in advance

BAY is able to track any index or price users want without backing. That's a huge deal. The only thing of course is the exposure. I think the NT exchange will be good for BAY. It will be a more trusted environment and then perhaps if that goes well we will look to other DEX

Despite the issues we see with LA, isn't it amaaaazing that the Peg does its thing to protect the price?
Even with low numbers it works. It truly brings stability under the harshest conditions.

That said - everybody go buy an ounce or two of physical Ag (Silver).
Once that manipulation ends (End of June?) - Crypto's will follow.
It's going to be a spectacular ride these next couple weeks and months in the Precious Metals market.

BAY could/should be a leader in the new markets to come.
There should be a Precious Metals Desk within BAY.
Once NightTrader is done - freedom for BAY?

Yeah it's disconcerting, they seem to have some sort of bug come out of nowhere. I have seen it effect other balances in addition to BAY. We are looking for more exchanges and I would caution users to keep too much there until they have fixed it.

Yes I know we are all in same boat, there is a bug in Latoken that is almost fixed, there is nothing we can do but wait, it will be back to normal within 1 or 2 weeks is my estimate.