Topic: BitBay |Decentralized Marketplace|Smart Contracts|IoT Tech|Markets Open - page 167. (Read 339472 times)

I don't think you understand the technology and I think you are embarrassing yourself by continuing to not understand it.

I had to surgically extract this short little phrase out of your commentary being that for me it represents the elephant in the room right there.

I can see how the supply can be managed ok. It's the "as demand rises..." bit that seems to trip off everybody's a bit too easily. Where is that demand going to come from ? eBay has an operating income of over $3 billion dollars. Taking market share off them will be like pulling teeth because the nature of auction markets is such that the bigger the audience for your auction, the higher the price you can sell your stuff at.

Where's the "demand" half of the price equation going to come from for Bitbay markets ? How will people be encouraged to adopt ? I can only see 2 answers but I'm absolutely open to other suggestions if I've missed them:

[1] - create new markets which exclusively use Bitbay

[2] - get existing ones (like eBay & Alibaba) to adopt your coin as a currency and sell the idea that they can extend their platform feature set based on the coin's bockchain

In either case the offering must swing on features that users can't get elsewhere. What would those features be and what prevents a counterparty with huge infrastructure like eBay from implementing them ?

The basic appeal of a cryptocurrency is twofold:

 - you ditch the counterparty (banks)
 - you get your hands on unlevered base money (which you don't do with fiat money)

I can see one area where that appeal translates to bitbay - in attracting users who don't have access to bank accounts and therefore can't get registered on eBay. That's one clear, well delineated group of potential adopters. What are the others ?

Toknormal /  Albert B

Read the posts by David & watch the hedging / pegging videos. Your Bay is not "locked" or "unsellable". Timelock mechanisms in the blockchain allow you to commit your Bay to be in reserve for various amounts of time (off market) thus restricting supply. You can move your Bay into the selling mode; a percentage of the total supply is dedicated to that. Trading and arbitrage bots even out resulting price swings.

Full explanation in the referred to locations.

will the hedged coins be taken out from the market? that's how hedging works with BAY?

Knowing that there are existing holders locked in makes it more attractive to buy more as it means you're not going to get your investment dumped on your head the moment you do it.

Hedging can be done in several ways. The least intrusive way is to make it voluntary for the individual. If these hedges are publicly known then that boosts the stability of a coin. The liquid part of the coin can drop zero but the hedged part of the coin will retain it's value until it's free again.

This means that investors that have coin development as a priority over price increase can draw a line in the sand and show other investors how serious they are about it.

Im sure there will be some in the near future alongside some more AMA's. Bitbay is looking to be a very strong project with brand new technology.

If the devs can pull it all off this coin should gain some serious traction very soon, seriously looking forward to smart contracts!

I vote up on this.

I know team is busy with bitbay and the project but google hangout once every 2 weeks or once every month will be great!

I don't know if it would be too much timeconsuming, but I definitely would love to see a Google Hangout for BitBay every now and then.
Something I appreciated when I was involved in Vericoin.
Can this be accomplished?

Undumpable would be epic, given the shitstorm that are most crap coins (and crap dev's) out in this industry (and industry is still too much of a professional word for it).  When folks wake the "F" up and see what a true coin like this can do (and potential), things will come around. 

If BAY can get a foothold in the market it wants to be, both in crypto AND real world vs. teh "big boy" names out there, watch out as I can see it taking off bigtime.

I think what he is trying to do is control the supply. As demand rises he'll increase the supply. It's the only way to make sure that price doesn't jump around and becomes volatile. Demand can't be controlled per say because it comes from the market but if supply>demand then price will collapse. It makes sense economically & logically to keep supply restricted till demand is there.

How can making a coin "unsellable" attract investors ?

You mean knowing that everyone else is locked in as well makes it more attractive for me to be 'locked in' ?

If demand isn't there the price will plummet anyway, regardless of what the supply is. There is some precedent for this model though. Right now the US fed has trillions of dollars locked up on their balance sheet which they've kept "off market" by offering a higher rate of interest on excess reserves to banks than they'd get on the open market.

So that has supported the value of the dollar despite a near 5-fold increase in its supply. The difference here is that the dollar 'engineers' already have a significant amount of pre-existing demand t work with, so they can use supply as a lever. If you don't have the demand in the first place then controlling supply alone is about as effective as playing tug of war with an ant.

I see it more as existing holders making an unbreakable pledge to hold it for a certain amount of time. It breaks the prisoner's dilemma that most coins are held hostage by. That alone is enough to at least attract new investors.

Yea. I saw that.

What he's proposing to do is control the price by limiting the supply to market at any given moment.

The problem is, there are two components to the price equation and supply is only one of them. You don't create demand by limiting the supply - they are independent of each other. A peg needs to work from both sides of the price equation - much like the Bitshares model where a long and a short position are engaged in order to bring the currency into existence around a fixed reference rate to another currency.

All the same, this is the exact type of thing I'm interested in fleshing out. It's as vague as mud right now and could do with quite a bit of illumination.

I think Dev mentioned that he is trying to make it "undumpable" that would automatically attract more vendors including Ebay. Businesses who wants to accept crypto they don't want to deal with volatility and if Bitbay fixes that issue then lo & behold you're looking at something that can change how everyone look at crypto.

At the same time Bitbay is going to come up with their own decentralized marketplace and everything depends on how big that gets. If that thing becomes bigger than Ebay itself then everyone can say good bye to Ebay..it'll still exist but it'll become a lot smaller than what it is today.

It will literally kill paypal(majority of population hates them) and no fees!! Everyone is familiar with Ebay & Paypal and how they literally rob people with their fee structure and policy. It's going to be great.

How is that different from eBay are proposing to do with Bitcoin ?  <-- genuine technical question not FUD

I realise that Bitcion isn't pegged to a fiat reference but as far as an adoption proposition goes the criteria for buyers and vendors are exposure to huge markets rather than the technical subtelties of the currency they're using surely. Clearing houses like Bitpay just deal with the volatility for them.

Actually, it is a disservice to call this project an "Altcoin" when lumping it in with all the others. Bitbay has something very fee altcoins have, a realistic business plan,  professional developers and a vision of the future that isn't impossible to achieve. It's not an altcoin, it's a financial system. We can argue points here all day long but, truth be known, NOBODY knows what the future will bring and, 99% of all "facts" posted in these forums, unless they come from trusted, vetted well known individuals are pure speculation and downright guesses. Especially to poison ones designed to lower value for whatever purpose.

I read/scan approx 25 forums each day and I can count on one hand the number of verifiable statements, facts and figures in all of them on a daily basis and those come from 2 to 3 of the 25. This stuff is no different from the stock markets only it has yet to be regulated but, that is coming and when it does, all this will end and the projects that have real value, real developers and money behind them will survive. All others will perish.

So, to those of you who have actually invested, hang on, it's going to be a great ride if all goes as planned. To those of you who haven't invested but feel the need to bash Bitbay or spew negative "facts" about any portion of the project, GTFO, it's not your project.

Oh, and especially the "world savers" and crypto-vigilanties who would save us from ourselves, I'm sorry you have no life, it's not Bitbays fault...

Having existing exchanges offering the 'Bitbay Contract' as an optional security layer for trading is going to be great. You negotiate the trades on Ebay, Craigslist and whatnot and you secure it through Bitbay. Beautiful.

Its a fact most alts have their peak after a few months, not a few days though!!!

But I agree most taper off after an early peak. So why would this be different? Because this coin unlike 95% of altcoins have no real world integration. Almost all alts are trying to become a standalone currency but very few are integrated into an actual business. Ultimately digital currency is to buy stuff and send value to individuals. So a trading platform that has a built in pegged currency is COMPLETELY different proposition that will increase in value IF the platform is used and proves popular. So I agree but you got to separate lone currencies and integrated currencies. They fact that it ticks all the boxes of what a decentralised marketplace is is incredibly hopeful. So many have scammed on the idea of a decentralised marketplace but this actually delivers the goods no pun intended.

If eBay really implements BitBay, than this coin will have the highest userbase of all coins i think.

Edit: Let's better say it will have a good operational area.

Over crowd is the issue in short term but once experiment phase is over you'll be left with few coins which will be used online/offline etc. It'll take time and there will be new tech every year but once people stop creating new altcoin then all you've left are the ones that have already been created. Only few would rise.

For example..In 10 years from now utility company might say "We accept DRK, Bay, BTC & nameofyourcoin."

that's exactly how it is right now. "We accept credit card, cheque or money order" all that is needed to be done is add few more payment options and as more and more companies/people start accepting it further it'll go. The only reason people don't want to use crypto/btc right now is because they're so used to old "fiat" because that's how everything has been done since the beginning. It'll require new generation who'll adapt crypto instead of fiat and then it'll be passed to their generation to their generation..so on & so forth.

and in 60 years from today crypto will be the normal payment method for anything you buy online. Everything will move from offline to online in years from today and that's why something like Bay has so much potential to be "one of the payment method" and that'll automatically bring the price to moon & beyond.