Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 91. (Read 542094 times)

Hello everyone, thank you all for your great contributions. I found Bitbay with my best friend a year ago, when it ws a bit over 1c. We both loved it. The difference being, he went out and sold almost everything he had and put it all on Bitbay, while I called him crazy. He called me crazy and said it was the future. Now he's a multi-millionair telling me "I told you so and you said I was crazy" and laughing, and I'm here with my d!ck in my hand       

So anyway, now that I'm in I just want to say this to mr. Zimbeck - the community here and myself really believe in this project. I think you have all the right ideas, I'm all itno this and nothing else. But being in business myself, I cannot stress enough: someone with a mediocre product but great marketing, will always beat someone with a great product and mediocre marketing. I think this is the best venture in the crypto world by far and I'm looking forward to $1/coin, but I really really stress you gotta invest in a really good marketing person. If you even have just ok marketing with your phenominal project, then $1/coin will be just the beginning. Otherwise, it will be the end. You see all these other hype-helium coins with nothing at all out-performing us on nothing but marketing. Imagine what a REAL project can do...

PS I love how you Mr Zimbeck still read and reply to your community, keep it up & all the best wishes!!!

Hello!

 I installed wallet BitBay version v2.0.0.0-g32a928e
Some days he synced and now shows a tick that is synchronized.
I did 3 test transfer on this wallet
But it's not any of the three test translations of coins into this wallet, made in different days.
0.00 BAY

These transactions are also not showing in my wallet.

What is the reason and what to do?

He is also concern about the where about of staking rewards after 10years of staking. where will staging reward come since logically all coins would have been minted and we would have reach max supply. 'is it from tx fee?' he asked.

Yes that is correct. The probability of getting a stake is based on what size the input is. Also in the Markets Wallet, it splits up the coins into denominations. For example 200,000 coins would get split into 50k, 50k, 50k, 50k. This lets you get more consistent stakes because when you stake that amount is held in limbo for 120 confirmations or roughly 2 hours. Thus if within that 2 hours you would have a greater chance for another one. But you would need a pretty big balance for it to make a statistical difference.

There is not a cold staking guide yet although we do have a bunch of video tutorials and there is one for Steganography. The software even has a feature to forget the location of keys on exit so the hiding in images has a greater impact.

https://www.youtube.com/watch?v=BdJKttNPfIg&list=PLILfNPSQCo6yjFiwXY6-C-ikIDs6v2nHU

The feature is "key to image" it was actually also in the setup wizard. A few things to consider. When you hide keys in images be sure to backup the original key files (perhaps print them out on paper). When you have keys stored in images remember that when you send that over email or some internet service (although I am not sure why one would do that) then consider that some places compress images and that would erase the Steganography. This means when you hide keys in images make sure to not alter the image later.

It's a great feature for security because it makes your keys very hard to find as opposed to the all too common "wallet.dat"

So when staking over LAN for example, you go to Settings and Mining/Staking and then you enable staking. You also must unlock the wallet so it can spend. If you have more than one multisignature account you can add either one or two keys (depending on if you are cold staking) using the "Stake multiple accounts" feature. You can even donate stake profits however we recommend doing that to a personal wallet (don't use an exchanges wallet).

If you want to stake normally with both keys on one machine, then make sure both keys are loaded. If you want to cold stake, load only one key and load the second on the second location. Then in the staking tab enter the IP address. It will try to communicate and tell you immediately if it succeeds.

I should also mention you can spend from two locations as well using the 2 step send feature. If one key is loaded on one computer you can send a half signed transaction to a second location of yours via email or bitmessage. You can even set the 2nd location to sign the offer automatically. All of that is in the "Advanced Sending" in the send tab. There are a lot of great security options. It's like being your own bank.

Sure thanks. Yeah indeed running wallets in parallel you should change the RPC port so it may run. You should be able to do that in the config file. The Bitbay markets software sets it hard coded so it's best to change the QT's wallet config file if running both.


Also did you try yshurik's suggestion? He posted:

Hi, http method should be written in upper case

-X POST

(-x post will not work)

Thanks you very much for your detailed answer above.
https://bitcointalksearch.org/topic/m.27673357

Just few more questions.

Is the amount of the coins that someone has in stake related to the chance to receive reward?
I mean if  account 1 has 100 000 coins and another account 2 has 20 000 coins
is the chance for account 1  5 x greater to be rewarded then the account 2.

Also regarding your previous detailed answer
are there any step by step guides how to setup staking nodes and secure them by using multisignarure account and
hiding keys in images?

Thanks.

You have a really optimistic view of the world

Market wallet (client) is good for staking. Actually much better than Qt if you stake multiple accounts at the same time imo

Hi dzimbeck and thank you for your kind response!

Yes I checked username and password, as well as the "server" flag (which just opens an additional RPC port?).
I'm running it on linux and want to run multiple different wallets in parallel. That's why I used this non-standard port.
But even the standard port doesn't change anything.

I didn't try the market wallet yet, because I just wanted to use it for staking.

Or you can look at it this way...
The middlemen are removed, therefore the companies and trade organizations earn more profit. The governments still regulate the trade of imports and exports, yet now they can increase their tax fee % because the other middlemen are out of the equation.

The supply is 1 billion. It grows 20 coins per block (every 64 seconds on average). Staking is a pseudo-random competition where nodes stay online in hopes to win a block. When they "win" they confirm transaction signatures and get paid the 20 coins for the service. So the staking is in exchange for a service, an actual persons computer checking validity of transactions to make sure they follow the protocol and avoid forks. The longest chain with the best consensus wins and that is the blockchain. Because to keep it clean someone needs to add to the shared history/ledger/block-chain.

The transaction fee is actually separate. The fee is paid per kilobyte based on the size of your transaction. You pay the fee to avoid flooding the network with spam and also because the more transactions a persons computer processes the more time it takes them. So this keeps the network safer against DDOS attacks. The transaction is extremely small, only a few pennies.

To see an example of transaction fees and how they apply to scale things look at Bitcoin. As the network gets flooded with transaction volume that Bitcoin simply can't take, transactions have now have fees up to 300 dollars! I myself have even paid that to send some Bitcoins. This is in the design of most crypto-currencies. It's actually proof the system works. As the network scales, the people staking or mining put priority on transactions that pay higher fees. So the system is self regulating.

Fees come out of your balance and you can actually choose how much you pay in fees. But if it's too low or lower than the protocol accepts (10000 satoshis per kilobyte) then it might not get into a block.

The reward of 20 coins each block actually comes from nowhere. It is new coins added to the supply. Those new coins are actually not spendable for 120 blocks to ensure the block was true.

The static amount of 20 per minute compared to a supply of a billion equates to 1% per year or 10 million new coins per year.

BitBay will hopefully not ever have the scaling problem Bitcoin has as we are more than happy to improve the system by either having nodes pool together to confirm transactions to help scale, rely on much larger servers to confirm transactions, increase block size, and potentially add a node reputation system and prune the chain every once in a while. Also we would store any fancy ETH style contracts in sidechains to take pressure off the main chain. Although none of that is implemented if anyone adds to Bitbay to improve those aspects those are the things I would suggest or do.

We always recommend the Markets Wallet to store the coins. The software is very powerful contracting software. However not everyone runs contracts, so if you wish to you can certainly use the web wallet. Actually, that is a very good question you asked. I think that the web wallet compresses the public keys so even if you did use the same private keys, it's probably not possible to import multisignature keys into the Markets Client and generate the same address (despite similarities). Although it would be easy for me to add support on that. Instead you would have to send funds from Web Client to Markets client.

However, if you use the single key Web Client, you can import that private key into the QT wallet. That is because the private key is in WIF format and public keys compressed.

If you want to stake securely we have actually one of the most secure staking systems in the world. It's called "cold staking" and you can stake using two computers over LAN. Basically load one key on to one computer and the second key on the other computer. Then you sign from the two locations! Both computers need to be synced and running the software. We have not tested this on two VPS however I think all that is needed is the correct IP and the port for BitBay to be open. It's a bit technical but a really cool, fun and secure thing to do. Since a hacker would have to compromise both locations.

With that said, even staking from one VPS using both keys loaded on one computer is still very strong. We have an anti-keylogger that is great to avoid keystroke loggers. Plus both private keys can be hidden in images. Always make sure you back up the original keys though of course. However be careful with VPS because of Spectre and Meltdown. These two new hacks can read what is in memory on a shared cloud host and maybe even some VPS. Although a hacker would read a password from memory this is what the cold staking was made to defend against. A hacker would not only need that password but the private key itself. I might need to check my signing policy to see when I clear those variables from memory when sending transactions. So yeah you can stake with one full node.

I see this project good for common people.
I doubt companies will use this as companies are legal entities and are bound by law (rules and regulations) imposed
by the government which are usually corrupt by the banking and other cartels.
The governments will usually make laws that will give them power to retain control over
the society and not in favor of the common people.

Hello.

I have few questions about this project.

If i understood well from the thread the coin has a finite supply and no more coins will be created?
I see that reward is been awarded for staking , from where are this coins awarded from?
Are those rewards from the transaction fees or how this works?

I have bought small amount on the exchange i want to store it locally
Which wallet do you advise?!
If i use the web wallet can i later import the keys into any desktop client if i use the multisignature account?

If I want to stake securely on vps do i need to have 2 full nodes or can it be done
with 1 full node and 1  web wallet?

Thanks.

Yes, they are active and working. A lot of their work is directly related to our release schedule. We are just finishing the details on that.

Great read on XRP. While they are busy trying to streamline the middleman process for banks and forex and rely on banks to accept them as a service.
We are busy streamlining  the removal of the middleman even for international trade and don't rely on banks and forex brokers to accept us. The demand for companies to be able to profit more from international trading and treasury hedging, in my opinion, has much more appeal in regards to risk of adoption as compared to Ripples potential.

https://medium.com/@twobitidiot/i-see-you-xrp-fcf151feb96d

As I remember, bitbay hired new PR member(s) something like 2 months ago.

Are they still active and working?
If yes, can we know their current planned activities?

Yes

Do we have any javascript people on the team now?

Hi, http method should be written in upper case:

-X POST

(-x post will not work)

That is where we are headed. However remember this is like a combination of local bitcoins, craigs list, alibaba, ebay, freelancer, barteronly all in one! It's because of the versatility of the unbreakable contracts. The advantage we have over ebay is no fees, no escrow, etc.

The drawback for now is it's desktop software but we are very interested in a web interface. This requires a rewrite of Halo in JavaScript. With the continued success of the coin it's becoming more realistic.

The desktop software itself is pretty powerful the templates are meant to be as few clicks as possible. Also someone has worked on a bitmessage relay server to speed up messaging. And someone also built some electrumx nodes for fast connection to the network. So the user experience will continue to improve.

I'm almost done with my next template which will make it more user friendly to buy/sell. It has a shipping calculator (only useful for estimating larger packages). It also has auctions and even reverse auctions (where sellers bid for buyers). And so forth.