Installation and Updating


#1

1) How do you install and load the Client on linux?

Download the tar.gz file found on the website downloads page. Extract the file with an app like Archive Manager.
Then open a terminal and navigate to the BitBay directory. On some Linux systems you are able to click on BitBay.sh or else you can go to the command prompt type:
./BitBay.sh

2) Can I migrate from the QT wallet to the Market wallet?

No. You need to install the Market client, sync it, and send your coins from your QT wallet to your new account you create in your Client. The Client does not utilize the wallet.dat file found in the QT wallet to backup your account!

3) How do I backup my wallet?

Everything you need to know about backing up your QT wallet can be found here: https://www.youtube.com/watch?v=jGXf2xFyWaE&t=2s

4) Where is my wallet on my Mac? I saved the keys but now I can’t find them.

Your blockchain files and program files are stored INSIDE the application package. For this reason you should always pay attention to where you save your keys. And ALWAYS back-up your account. Remember, your account is your responsibility. To see inside the application package just right click on it and go to “Show package contents”.

5) How do I update to a newer version on the Mac client?

When an update is ready, you will be asked to downloads the windows updater. Then you navigate to the Mac application and “Show Package contents”. Run WineSkin inside of it. Then have WineSkin run the installer you just downloaded. It will update normally. Then it may tell you that no “new executables” were found. You can ignore that message as your software is now up to date.

6) Is there any way to get around downloading the entire Blockchain through the client?

Yes! Check out bitbay.market/downloads and find the “bootstrap” blockchain download. Note: this doesn’t work for Mac users however you can contact us for a prebuilt package that will save you time synchronizing.

7) How is the market moderated?

There is only one ‘default’ marketplace called “BitBay”. Everyone by default becomes a member to this market when they install the Client. This market will be kept clean of any illegal activity like selling drugs to the best of the abilities of volunteer mods and users. Remember just like the internet, this is a protocol with a user interface. We also do not escrow transactions. This means you must be familiar with the laws pertaining to the contracts you create, the exact same way you would do so with any contract you make on paper.
If you want to create a private market, by all means, create as many as you want. If you create a private market called “Bob’s market” then you probably run the risk of it not being so private as anyone else who creates “Bob’s market” will also be on that market and can post items on it. Yet if you create a market called “Kskg89f6wDKGU7s9hjs&DKBF78sgjn” the odds are that no one else will know that market exists unless you tell them it exists.
We want this protocol to provide a way for e-commerce to function in a serveress environment on a global scale. Therefore, we want to keep it clean of illegal activity, yet at the same time we can’t moderate what we can’t see. We can issue moderation keys available by request to any person or agency interested in removing markets. We hope that this will make it self-governing. Also your IP address is encrypted and sent in every offer. This means anyone else subscribed to the markets could decrypt it if they are holding one of these keys. This is meant to prove our intent that we truly want to popularize serverless commercial internet services.
We can program this protocol design to anything we desire (majority consensus of course). Users could easily set up public markets that are specific to geographics. For example, if there is a country where different laws apply, then they could create a market eccentric to that country and moderated by the merchants from that market (they could be voted into power by the voting consensus feature built into the Client). So merchants from a specific country could create a market called “BitBay Netherlands” These merchants could sell whatever is legal in the Netherlands to clientele in the Netherlands. It would be up to them to take the risk if they transact with clientele outside of the country that could potentially be illegal elsewhere.

The private markets are decentralized and cannot be moderated if we can’t see them. If something is brought to our attention we can give out the moderation key to parties interested in volunteering to keep the markets commercial. The public markets like “BitBay” are decentralized for legal commerce and monitored for illegal activity by the users themselves. A moderator cannot prevent a post before it happens although a moderator can remove a market, ban a user’s IP address, their wallet and various other identifying information such as their public key.

8) Is there a feature list of BitBay Client somewhere?

Yes. You can find the latest feature list at https://bitbay.market/features/

9) Is there a way to generate paper wallet for Bay?

Yes. And the beauty of it – there’s no need for 3rd party software! Just print out your key1.private and key2.private files. Easy to follow video tutorial: https://youtu.be/MmjW0lp6hCE

10) What will be the price of 1 Bay in x time?

No one knows for sure. Bay team does not speculate on price. Bay is one of
the safest long term holds you can find. Many projects are priced based on roadmaps. And you can never know if they will be fulfilled. We have already developed more than most other coins have on their roadmap. https://bitbay.market/roadmap

11) Is there a block explorer for Bay?

Yes we have our own block explorer which you can find at https://explorer.bitbay.market

12) What is a dynamic rolling peg?

Think of the rolling peg like a stabiliser. It will make the price of Bay behave
much more like a big mature market like commodities, blue chip stocks, forex. This is done by controlling the coin supply. If there is too much sell pressure, we freeze a certain percent of the coin supply. This creates two balances for most users. Liquid and Frozen. The amount you have frozen depends on the time you received and spent the coins. This makes it fair for everyone. You can move frozen coins however the exchange will not let you sell them. To move a frozen it is “slowed” down by forcing a delay of one month per movement. This creates a wonderful advantage of being able to use the frozen coins as a sort of bond, future, trustless loan and so forth.

13) After the release of the rolling peg, is it possible to sell frozen coins?

Yes, as explained above the coins can be moved with a one month delay. The value/price of a frozen coin may not be the same as a liquid one, however it can be an excellent way to get coins at a discount or exchange for liquid coins.

14) Will selling frozen coins create a futures market?

Yes, the rolling peg will create one of the most lucrative trading games in the entire exchange industry! This will create a great opportunity for speculators and investors to buy cheap coins in hopes that upon maturity, the time-locked coins will reward profits.

15) What is the total coin supply for BitBay?

At the initial launch of BitBay the total coin supply was 1 billion. This increases over time as the coin increases in coin supply by 1% annually. To find the current total coin supply you can visit: http://coinmarketcap.com/currencies/bitbay/

16) What is market cap and what is the current market cap of BitBay?

Market cap is determined by this formula: price * supply = market cap
You can find the current market cap here: http://coinmarketcap.com/currencies/bitbay/

17) What exchanges is BitBay listed on?

You can see this at the bottom of our homepage https://bitbay.market/.

18) What is a smart contract?

There is not one definition that everyone agrees on. But “a contract that executes itself” is one common definition. BitBay does not require the need for a 3rd party escrow service for the marketplace to function. The “Double Deposit Escrow” system in BitBay is controlled solely through the Client’s protocol. Without the middleman needed anymore – everyone wins! Double deposit escrow shares similarities with old game theory ideas like Nash equilibrium, mutually assured destruction, ultimatum game, etc. But it had never in history been accomplished in a way that people could use it until now.

19) Is BAY the sole coin that has double escrow deposit?

David Zimbeck is the creator of the Halo Client, which is the only software to date that utilizes an escrow system that doesn’t require a middleman to manage. He first began the project by working on BitHalo (Bitcoin based) and BlackHalo (Blackcoin based). When BitBay was created he was to license the Halo protocol to the original founders. After they abandoned the coin David took full reigns of developing BitBay. All new features to the Halo Client will be exclusive to BitBay. BitBay will be the only coin to implementing the decentralized rolling peg. BitHalo/BlackHalo will only utilize the contract templates (after BitBay has released all its remaining features and allowed for maximum impact for investors) and receive bug fixes.

All new features will be exclusive to BitBay since this is where the community is. BitHalo does have a large following but not as many users. So it may be years until they are given the remaining templates and everything will be contingent on the success of the BitBay project. It should be noted that Halo is still the ONLY protocol in the world that does smart contracts.

20) Does BitBay scale well?

Scalability is probably the most important aspects of any cryptocurrency. Ethereum’s blockchain currently increases by many gigs a day and that number is growing by the week. At this rate they could surpass Bitcoin’s chain data size. Ethereum currently has no solution to scale their system in a decentralized manner, yet investors believe it to be worth over a 30 billion dollar market cap. One of the main aspects of cryptocurrency is to provide to the world with the ability to transact with others in a decentralized environment! David foresaw the dangers of blockchain bloat before he even began to code Halo. He is a firm believer that the blockchain should be utilized only as an accounting ledger. Therefore, when he was coding Halo, he devised a way in which he utilizes the bitmessage protocol https://bitmessage.org to carry the weight of hosting the marketplace. Bitmessage is trustless and decentralized and arguably more anonymous than tor. This way we can keep our blockchain bloat free from unnecessary items that have no reason to be stored on the blockchain. As cryptocurrency technology evolves the issue of blockchain bloat will become less of a concern. The segwit lightning network is a perfect example. With the lightning network cryptocurrency can now complete transactions off the blockchain. Granted there are a few security issues that still need to be addressed, but for the most part, in the near future we will see this technology evolve to a point where it can help crypto remain under the Moore’s law principle (except for Ethereum :). It may be possible once we see a strong lightning implementation to leverage our frozen coins to scale a much more decentralized and fair lightning network. In addition to our own research, we are waiting for research to mature in this field.

21) Will BitBay run into the same political gridlock issue that Bitcoin is currently facing?

No – BitBay is the first coin to implement a user friendly decentralized voting consensus built into the Client. The majority vote can dictate the future of the coin, since it utilizes the staking protocol by attaching votes to stake rewards, the majority vote is determined by the most powerful stake mining consensus, therefore, there is no fear of a fork being created by the minority and disrupting the coin.

22) How is the fiat price of BitBay truly determined? What is a buy or sell wall?

The price of almost everything in this world is determined by supply and demand. The lower supply and the higher demand drives a high price. The larger the size of the BitBay community and the larger the volume the more this drives demand. Currently, BitBay can be bought peer to peer through the software and that doesn’t affect the market price greatly. On different cryptocurrency exchanges, you can see people who bid on the price on BitBay in exchange for Bitcoin for example. They may keep their coins off the exchange and only deposit for purchases or sales. However some people who trade the currency full time will place orders or sometimes called “walls”. These orders may be lower than the current price or higher than the current price. If someone wants to buy 10 Bitcoins of BitBay at 5% lower than the current market price that would create a “wall” because in order to drop the price of the currency, someone would need that much BitBay to fill their entire order. This is why the rolling peg will be so effective. As we can set a dynamic supply that adjusts properly to the volume, orders and demand.