Topic: BitBay |Decentralized Marketplace|Smart Contracts|IoT Tech|Markets Open - page 168. (Read 339472 times)

All it takes is one phone call from Ebay to Bitbay and there is no stopping after that. Obviously, Bitbay is trying to set up their own platform as a competitor to Ebay and Openbazaar (which is still beta) but there is possibility that Ebay might approach Bitbay to join hands in near future.

Here's 35 for you   http://web.archive.org/web/20131120104851/http://coinmarketcap.com/

ok, I accept your general point though - the market is still young. Today's top 20 possibly have more longevity than the ones in that list.

But as the market gets ever more crowded it becomes increasingly important to understand the exact nature of what you're buying into. Lots of coins have things in common but one thing that is a consistent pattern is that genuine originals do prevail. Look at the top 10 market cap - they're all originals in some respect or another and have held their positions for quite some time. (Despite even that fact, they've all gone through the x10 pump and back down to 20% all-time-high rights of passage phase).

I invested in Bitbay because it had hints of that uniqueness. But its originality is still quite opaque. Technologically it has some new features, a few of which it nicked from Nubits, others planned that are appear to be specific implementations of the smart contracts paradigm aimed at a particular market sector - online auctioning. As a pure technology though I don't really see what stands out but as a package delivered with ready made markets I do see how it could be compelling. Unfortunately it's the "ready made markets" bit which are the most opaque aspect of the package which is why I've been probing in that direction.

A must-read for everyone interested in online marketplaces and cryptocurrency imo:

http://cointelegraph.com/news/112976/ebay-ceo-very-open-to-bitcoin-will-likely-follow-paypal

There's a few fundamental things about BTC that I don't like. And I think that BTC is more fragile than most us dare to admit. We like to pretend it's the gold standard to Crypto because we all depend on it being that solid. The weaknesses however, they won't disappear. So things are going to change. Crypto will stay but BTC is running on it's last legs. There's going to be alts that exist right now that are going to fill that gap and do it better. My bet is on the coins that will solve BTC's issues the best. And Bitbay is one of them.


Well Blackcoin does. Bitbay and BC both have something the other is missing.

Quite a lot?

not really. If you can list 10 coins that are one year old I'll be impressed.

18 months is nothing. You have to give it 3 years at least. As you said yourself "altcoin is experiment" that means once experiment phase is over in few years. Few altcoins would rise and if the coin you're invested in has potential nothing can stop it from rising.

Again, don't think BTC is everything and nothing would replace it because that can be said for anything yet everything has been replaced with something that was better. It's a circle of life and technology. Nothing is permanent. It might take 5 years or even 10 but it will get replaced as more and more people become aware of altcoins. New generation (kids who are 5-10 yrs old) would be 20 in ten years and that would be new era for altcoins and everything is possible including BTC getting replaced with something else.

Altcoins are single market in a sense that there is one section for all altcoins on btctalk but every single altcoin has different reason behind it. All of them will see pump/dump etc but once experiment phase is over you're looking at something that will change the world forever.


Lets see why Bay has potential:

1.) No mining. It means any investor can jump in without having to worry about getting destroyed by person who mined 100k worth of coins in early days.
2.) Decentralized marketplace: Buy what you need without having to worry about exposing your financial info online.
3.) Smart contracts: More security and safer transaction.
4.) Fast transaction time
5.) Hard working Dev who has great history.
6.) POS 2.0

You can find above qualities in other altcoins but NONE of them have everything and that's what makes Bay unique from everything else that have ever existed in crypto till today.

That was one of my thoughts also, when I heard about BitBay. Let's see what happens to Evolution and maybe learn from it.
https://www.cryptocoinsnews.com/unstoppable-evolution-dark-net/

guys, shut up and let the smart contracts come. revolution is here.

My GF didn't answer my message as well, so she also must be a cheater? Jumping to conclusions imo.

With the escrow service and smart contact,i see a really good opportunity for the black market as well...

probably a silkbay soon

This user is currently ignored.

This trollfilter is really effective. wow

Financial Instruments and goods transport assets have real valuations. They are not speculative. It's possible to sit down and calculate asset values in these markets based on ROI from profitability of the associated economic activity.

My point about the altcoin market is that they are not separate in the sense that each altcoin occupies a different sector of the crypto economy - they form a single speculative sector where the money moves seamlessly out of one and into another as each technology evolves.

I cited this point to address the ever repeated mantra of "wait a year and you'll see huge returns". Yes - the last 18 month's trading suggests that you may see returns from the alt coin market in general if you stay on top of your investments, but not from any single project. Probably the worst thing you can do is stick your money into a promising altcoin and forget about it for a year because the market as a whole is characterised by transient capitalisations where a given coin only retains a high valuation for a short while before settling at a level an order of magnitude less if it survives long term. The bulk of the available capital roams around the altcoin market like a kid in a supermarket sized sweetshop.

If ever any of these projects actually see significant adoption then a new dynamic will come into play where non-speculative valuations might start to contribute. That's obviously the holy grail of every single one of the thousands of projects now out there, but for it to happen for real will take more than a few grainy videos, a clever project manager and a very unspecific commercial contact list. That isn't a criticism of the current development team - I'm sure they've got their hands full just with trying to deliver a product that does justice to the current valuation. It's more of a call to investors for realism and an appraisal of the enormity of the task at hand.

Think about the challenges for a change rather than dreaming of $1 a coin. What's actually going to be offered to the public ? A marketplace ? They already got one in eBay. Smart contracts ? How will that actually make the buying experience any different for the average user ? It might make it worse because you don't have a counterparty in the loop anymore to solve problems. Everything is automated and when automated systems f*ck up they generally do a far more destructive job of it than a human does.

What's going to be the pressure gradient that drives people from what they know and love, to an unknown and obscure new market ? How are you going to populate that market with vendors when there's no existing audience for their stuff ?..i.s. bootstrap it. You need the support of an established market which presumably is where the Alibaba contacts come in, but what are the nature of those contacts ? We've no idea.

If you think it's "rocking the boat" to ask fairly basic viability questions like that then I say your just not interested enough in your investment. I don't think it's any disrespect to the developer/commercial team either. All it is is an appreciation of the challenges they're up against and if I was them I'd rather have an engaged and realistic investment community behind me than a bunch of polite but expectant bystanders who then all go sour after a year because their coin didn't go to the moon.

Toknormal, thought we had persuaded you to sell your massive 1 btc investment in Bay and move on.

Oh wait a minute, that would leave you without a soapbox to stand on and yell at random strangers.

just a short list of the silliest bits from your last post:

"you've got to see ALL altcoins as almost a single market"  (No, I don't. Not anymore than all financial instruments or all methods of goods transport are a single market).

"The more alts that appear the less impact each successive one has on Bitcoin's relative marketcap. " (just add up all the icos the last year. Ethereum, Supernet, Bay. All that money came out of BTC. And did not go back. During the same period BC lost over 50% of its market value, even after dropping to 800.)

That you are even discussing coins like AUR and MOON in the same breath as NXT is silly. Oh wait, i forgot. It's all 'a single market'.

"They'll drop a project like a hot brick when something more interesting comes along which right now is every couple of weeks. "

Please list the names of developers in the last two months who have done this. Then prove their actions are being now repeated by David. Include some sort of hard evidence in your next post. If you cannot, then I suggest you owe him an apology for your insinuations.


 

Dev is a cheater. I have translate thread in to Portuguese.

Pm him several time but he is not giving my bounty.

Quite a lot actually. Easily enough to support the point I'm making and none that endorse your's.



Bitcoin had the market nearly all to itself for 3 years. That allowed it to gain a massive amount of network effect and adoption. No altcoin is within even 1 thirtieth of Bitcoin's marketcap. You cannot use Bitcoin's track record as evidence that a new altcoin will appreciate in the long term. Altcoins depreciate in the long term due to rapid obsolescence and growth of competition.

Bitcoin has the opposite behaviour. It is unique in that regard. The more alts that appear the less impact each successive one has on Bitcoin's relative marketcap. Not since Litecoin November-2013 has anything got so close despite introducing technologies that are way more advanced than what Bitcoin has.


I'd say the opposite is true if you look at the trading evidence of the last 18 months. Those who got out at the first post-launch speculative "pump" profited while those who waited a year lost all their money. This was the case for almost every single alt-coin launch I can think of bar none. Just off the top of my head, PPC, XPM, NXT, AUR, DRK, MOON, QRK, WDC, BLC...I could go on add infinitum.

I'm not saying it's not possible that a project break this trend. I'm saying it's unlikely because even if it's successful, that success will immediately attract enough competition into the market to offset any long term gains that weren't priced into its initial speculative valuation.


ok, I can't disagree with you there, but you've got to see ALL altcoins as almost a single market. The activity, technology and valuations surf from one project to the next. Developers like new stuff. They'll drop a project like a hot brick when something more interesting comes along which right now is every couple of weeks. Same with traders once they've taken profits from the initial pump. Ask any average trader which altcoins they are in at the moment and 99% it won't bear any resemblance to the ones they were in a year ago.

Better question is..How many altcoins are one year old?

Only few.

If a new project isn't established in few months move on? lol. Do you know how long it took BTC to get to the point where it is now?

Issue is that people are impatient and anyone who is impatient will never get big profit out of anything. Truth is 3+ years is minimum amount you'll have to wait before you see big profit with any altcoin that has value and it doesn't go for just altcoins..it goes for every investment you choose to spend your money on.

Winner wasn't the guy who bought BTC in last december after the spike, it's not the guy who bought facebook share after it became popular, it wasn't the guy who invested in google after it became global search engine.

Biggest winner was the guy who saw potential in those when everyone else chose to close their eyes and called them BS. He was loyal to them and his investment and fought every critique that came across his path. If he had just sold his investment after few months he would still be working in McDonald.

1.) You have to pick the right investment. Not the one everyone else believe in but the one you believe in.

2.) You have to forget about it for few years.

3.) You cash out after 3-5 years

4.) You drive Lamborghini while everyone else have regret.  

You might say that Bitbay will never pass Ebay but first ask yourself didn't facebook get ahead of myspace? Didn't android pass every single phone OS that is out there regardless of how old they were? Didn't Netflix get ahead of blockbuster?

Yes, they did. It didn't matter how big myspace or apple was. It was just a matter of time till everyone saw their potential.

Your another arguement is that crypto is still in experimental state and you're right but would this be same in 3 years from now?

I would rather take a risk than kicking myself after few years when Bay reaches $20 and I have NONE!  

You are bound to be called names after such magnificent debunking of the enormous amount of bullshit that is posted here regularly. You must be FUD-ing?

I agree with most of this post but regarding that last statement, when have you ever seen an altcoin that's worth more a year after launch than in the first 2 months of launch ? Anything that's ever shown any promise in this market gets its valuation priced in very quickly - within a month or two if not immediately.

After that it's all downhill.

You're lucky if the price is a quarter of it's speculative early priced-in valuation in a year's time so I wouldn't lead people on with that nonsense. Even Bitshares and Counterparty which are currently enjoying top 5 marketcaps after a year have never traded above their early post-launch prices. Peercoin had massive promise that was priced in out of the gate. The first POS coin. It's currently a quarter of it's highest trading values. Counterparty got near its February price a few weeks ago with its mega "Etherium+Bitcoin all you want in 1 package" announcement and even that didn't push above its post-pump price record.

Lets get real for once. These are experimental markets. Developers try out new things then move onto other stuff. They are at the mercy of commercial dynamics over which they have no control. If a new project hasn't established itself in a couple of months of launch - forget it. There's too much other stuff going on.

That's the old video i believe.

http://youtu.be/ieTIr71Sb3c
here is a demo of new wallet and smart contracts

Don't disagree I just think spotting great investments is about buying them before their value is high and 100% proven. Anyone and their grandmother can invest in FB or Twitter now but what about the guys who saw the potential when they were nothing. Once the full tech is shown and working and people are using the platform it will be too late, the big gains would have already been made.

two million dollars...