Topic: BitBay |Decentralized Marketplace|Smart Contracts|IoT Tech|Markets Open - page 236. (Read 339486 times)

why only BTER?  

Not missing anything.  The Bay purchased are in your BTer account and once the wallet is released you will be able to transfer immediately - or to a different exchange if desired (that seems like a crazy move though...).

I have to say that I am impressed with the level of discourse from the BitBay Team and of course David.  I'd rather look back and say I lost a few BTC then look back and say I missed an opportunity I was fully aware of.  Cautiously optimistic here...

? They're in your account already.  They are delivered upon purchase.  (Am I missing something here?)

Thank you for explaining! Where the BAY are delivered after ICO, and when?

You own them... you should be able to trade BAY on any exchange that has a pairing for it.  I think you can safely assume after the amount of volume involved in the ICO itself, that there are more than one exchange that will be adding the pairing almost instantly in order to capitalize on some of that volume.

BTER is holding the BTC until deliveries are made, and burning any left over BAY that remains unsold.  I assume they will leave the market open on there - although it might close briefly during the burn-deliver phase.

Not official, but if that doesn't happen then I think things will have definitely gotten off on the wrong foot.

Can someone explain how it will go after ICO?
Bay are converted to an other value on bter?
I can trade BAY after ICO on bter?

Can someone explain how it will go after ICO?
Bay are converted to an other value on bter?
I can trade BAY after ICO on bter?

ALTCOIN UK

I think we all get your message, you think it's a scam blah blah blah.

You keep repeating the same things again and again. The dev tries to answer you again and again and again and you are just rude back to him.

Some crazy guesses:

The investors are all huge blackcoin bagholders.

Blackcoin will only be followed with the absolute minimum and will die.

The delievered wallet and working smart contracts,  just to get released the funds from bter, will be an exact copy of blackcoin and blackhalo. So investors pay 1,3 Mio$, but not for a new coin. They pay that blackcoin will continue development under a new name.

The reason why this project is not just Blackcoin: The devs have no money left.

So far so good, understandable situation, BUT it is not transparent. We don´t know the other holders, we don´t know how much they have invested. AND if you buy into your own ICO, nobody knows if you just take your invested BTC back. I don´t wanna say they will, but it is possible and very easy.

Please refrain from fudding this thread. If you have specific information by all means post it. However we have expressed our intention to keep this thread from degenerating into a fud-fest, which is what you are attempting to do by posting in this way.

Thanks

BitBay Team

Since I don't feel like working quite yet... thought I would add some perspective from my standpoint and why although I understand the demands for transparency - I also understand and accept that there will be none.

To me, as an investor I have everything I need to know to make a decent bet on this project:

1) Demand for concept. As should be clear from both the initial success of this ICO and the amount of money (both investment and sales-wise) into silkroad, Overstock.com, etc. the crypto-currency world is desperate for an actual broad based marketplace in which to transact real exchange of goods.  Couple that with the interest in smart-contract based systems and trustless-escrow processes and availability of anon/relative-anon transactions and you've got a 100K BTC+ idea.

2) Nature of coins themselves.  Although I understand skepticism, the reality is that even of the 'good' or 'honest' coins... the majority fail due to a lack of initial funding.  As a result of the armies of 'investors' whose only desire is manipulating fast gains in BTC/fiat, those that don't have a war-chest of funding that is not dependent on the current market price of the coin itself often die an early death.  If the project managers have only access to funds which are dependent on the current exchange rate of their coin/BTC pairing, and further on the fiat/BTC pairing for actual expenditures (hotel, travel, marketing, etc.) what started out as an adequate amount (premine, ICO, whatever) rapidly turns into barely enough to send 2 people to one conference and then having to spend their time begging for donations - donations that have to come from bagholders who, in most cases, are already in the red.

3) The risk in general. There is a general misconception surrounding an ICO of a coin (partially due to naming) that causes people to draw similarities with an IPO in the stock market.  In reality this is much more similar to your nephew wanting to start a comic book store and asking relatives for enough capital to buy a storefront, inventory, and hire 2 employees, etc.  In many cases you have to accept that the money may simply disappear, and invest accordingly... however, in exchange you can still see returns - even in disastrous cases.

Waiting is much safer, however - since the BC/'BlackHand' (and the first multipool should be included in that list as well actually) was brought up here is where I sit in that:  I mined intially from day one and held everything.  I bought another 15BTC - at the time all I had - when everyone else was dumping... I then sold off a small portion of my bag when the pump occurred (although not as much as I wish I had in hindsight... I'd have 500BTC and the same amount of BC I held at the time by now)!  My investment was sound, despite everything that went down because I invested very early.  On the other hand, if I'd waited until I saw things working and bought in at 70K sats or something like that - assuredly because I didn't want to get left behind - then I'd be holding a 85% lost in my portfolio for a very long time... possibly forever (although I will hold my remaining BC forever, because now it's free - thanks to luck/early trust).

The bottom line is this... even if this were a scam, and the BTC was simply used to pump the coin and then dump it... with that much BTC for manipulation... it's gonna be one hell of a pump... and you should be able to capitalize on it.  On the other hand, if the parties are driven by greed (which we can assume as aren't all of us?) and even if they were initially planning on running with the funds - wouldn't it make more sense to get 10K BTC rather than ~2500 BTC?  It's clear that the amount of work required to deliver at least the first phases of this project (wallet/contracts/marketplace) is relatively simple to do... it's also obvious that if there's this much demand without those things being in place - then demand will only increase (along with price) - when it rolls out!  

If you're worried, wait - if you can absorb the risk/loss for the opportunity to capitalize on this demand/hype then you undoubtedly already threw your BTC into this.  If you're not sure, then look at it exactly the same as you would a lottery ticket or slot machine... where I live people dump millions every week into 1:1,000,000 long shots and they call it 'entertainment'... you might lose everything, you might double your money, or you might see 10,000% gains... but the only way you can guarantee that you won't see profits in this world is by doing nothing at all until it's over.

The important part here david is this

"The guys involved have a vested interest since they bought some Bay just like you guys."

I really hope

1. You know these guys personally, have met them and are sure they are large players in some industry to an extent that an easy 1.2m is not enough incentive for them to exit and ruin their reputation and your own.

2. They have bought a TON of Bay themselves.

3. They see that BAY being worth x lot more than the price they paid if they use the 3000btc wisely and let you and their team push the project through to completion.

4. 3000 BTC will be enough.



what do you say about bter holding 2000BTC of it until we see some real results and a ledger for the expenses??

Surely 1000BTC is enough to get the ball rollling.