What did I miss? The wallet seems legit, is there doubts about the market working out?
Wallet is legit, and of course there are doubts about the market working out (at least there
should be). Don't get me wrong - I'm not saying there is anything fundamentally wrong with the concept or that I don't believe that they can make it work - I totally think they can and will make it work. Whether or not anyone is actually interested in crypto-currencies as anything other than a day-trading "game" at this point is my main doubt. Hopefully, there are a ton of us who really want to
use a coin to do something useful... but all I can really
prove beyond a shadow of a doubt is that there is at least 500 scams for each 1 actual attempt at progress... even in BTC circles.
The bottom line is that it's an unproven commodity at the moment (the marketplace) - so it's perfectly normal to be unsure about it... doesn't mean that many of us aren't happily gobbling up additional coins at these lower prices (I intentionally only purchased 1/2 the BAY I ultimately wanted during the first day of the ICO... so that I would have plenty to grab cheap coins if this happened). I think there are a ton of people, like me - who are desperate for a place to buy and sell goods without losing most of our margins on fees and fraudulent buyers/sellers. Smart contracts + centralized marketplace = no more ebay for me.
I do think it's hilarious however how everyone seems to scream and moan about "pump and dump schemes" and coins with no purpose, innovation, or goals... but then when there actually is one with all of those things - they all get bitter and dump because they haven't seen 1000%+ gains
during the first week of the coin's existence.
You can't make anyone happy in crypto-land it seems. LOL!
I still don't get how the ywant to peg this coin to renminbi. At this price it would be loss for anybody holding bitbay coins
The coin will be pegged. There is a goal for the growth. The goal is a dollar. We will probably start at whatever price it is before the fork and forcefully grow it a certain %. Or the other option is to immediately peg to the target price. We will make the decision later with enough community feedback.
I have a question about this. What would be the advantages/disadvantages betweem these two options? Wouldnt everyone want it to go straight to a dollar straight away?
If it's pegged to $1 immediately and there is not enough volume, barely anyone will be able to sell at that price so it makes more sense to start at a smaller peg and ramp up as volume increases.
I think it's important to note for those that keep FUDing in ignorance to understand that pegging to $1 doesn't mean that there has to be a $1B market cap overnight - nor that someone with $1M is instantly a millionaire. I mean in a manner of speaking both misconceptions are understandable - but that's because everyone thinks of their coins as a bank account. As I understand the strategy as it will be more like an annuity or structured trust fund. Your holdings have a 'potential' value of $1M (if you are a BAY millionaire) but you'll only be able to convert a very small amount of that to a liquid asset/coin at any given time - at least until the liquidity of the actual market catches up. Undoubtedly there could be a secondary market for very long-term investors, so you could sell the PK's to someone... but they'd likely only be offering 5 cents on the dollar or something like that.
Kind of like all those moneytree scams advertised on TV... they'll give you cash today for your structured settlement... but you're gonna lose 80%+ what you could have received if you'd just accepted the schedule and figured out another way to "get cash now".
