Topic: BitBay |Decentralized Marketplace|Smart Contracts|IoT Tech|Markets Open - page 239. (Read 339486 times)

Hi Qawzsx

BitBay has licensed the Black Halo tech, and David is our lead dev. However the scope of the BitBay project is quite a bit larger than the tech implementation. It is a worldwide online decentralized marketplace with many added features. All the details in the OP.

thanks.

BitBay Team

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Altcoin UK

The answer to your questions lies in scaling. We are going from an original team of a half dozen to well over a hundred people involved during the next 2 months, this spread over many time zones. The same is true with all IT solutions, only here the numbers must scale to the millions of users.

This is before the cost of vendor relations, airfares, meetings staff expenses and countless other categories that fill the red side of the sheet.

You seem to be implying a single server and a Skype chatroom will get us where we want to go. However, where we want to go is the level of Ebay and beyond. This is our business structure and plan, as we have made quite clear. This is the root of the misunderstanding about 3000 btc. It is a substantial sum - until you start thinking about taking on Ebay.

Thanks.

BitBay Team

You must have marketing team,marketing strategy and marketing budget
many coin created but most of them have no marketing strategy and how to do.
and at the end they go down..
marketing is most important
i think with 3000btc you can do anything,such as the use of paid advertising

Well, bithalo/blackhalo can do all this without asking for 3000 BTC

Very confusing ... you claim that this is a very ambitious project with so many professionals on board from London to Taiwan, so you present a well organized operation that assumes "internal communications" already surely in place, on the other hand you say you need to allocate a budget for that. And then you quote the cost of a forum software which with a good dedicated server costs 2K per year ... in the meantime you ask 3000 BTC from investors.

"entire constellation of related functions that must work flawlessly together from the start"

And that obviously means nothing. When I see such meaningless pitch lines, it seems to me you twist very nicely tech terminologies to trick naive people, - who has no idea what you are talking about - into this 3000 BTC ICO. Why would otherwise put here such absolutely meaningless pitch to justify your 3000 BTC budget?

You still aren't telling, who are you, what is your previous BTC nick (as you said you are long term user here), do you have any associations to existing coins that failed and caused financial loss to investors?

Hi Qawzsx

Happy to answer, which aspect of the BitBay system are you thinking about?

BitBay Team

Man you are sounding like a broke record let me help you out since i get what he is saying loud and clear:

1) the ico is being used to build a big ass online marketplace

2) he ain't gonna answer you about his nick. doesn't mean he is the evil founder of scamcoin2000 from last week. take it or leave it. if you want to leave it then stop your whining and go somewhere else.

3) BTer is collecting the BTC, they will release according to their escrow terms, working wallet, etc.

4) They are going to spend the funds exactly how they see fit to build a kickass marketplace. Without you micro managing there every move and commenting. They are not some granola selling hippie co - op for christs sake. they are in it to make a killing. get on board or don't. but stop waving your holy i am gonna save all the innocent lambs flag.

sorry mod if language is bad.

Ok, what's the point of this "new" tech?

altcoinUK has some very valid questions I think. You aren't alone with these questions, altcoinUK.

I am sure some questions are answered in the OP, but the most important questions were certainly not. These are:

What you do with the US$ 1.2 million, who are you, what is your previous BCT nick (as you said you are a long term user), who is collecting the 3000 BTC and who will make the decisions about the distribution of funds?

Altcoin UK

By IT infrastructure we are referring to the architecture that surrounds the entire marketplace. Obviously the blockchain and core functions are basically P2P but there is an entire constellation of related functions that must work flawlessly together from the start. Forums, vendor relations, our internal communications, the nascent hedging / pegging coordination, reputations systems etc. are all being worked on.

Forobitcoins

The revenue model for investors is not primarily based on marketplace transactions. Two of the most important valuation criterea are:

1) the growth of the original valuation (about 1 million) to what a world encompassing decentralized marketplace will be worth. (Insert your figure here : -)  )

2) the pegging and hedging mechanisms described by David in earlier posts. If you have not had the time to read them please do - it is quite interesting.

Thanks

BitBay team

Its only 25 hours till ICO closes. Im pretty sure price will rise immediately after that. Will watch live, but must check some PopCorn till then.  

Most of you questions could be answered by just reading the full OP.

BTER in my experience keeps the BTC untill BAY provides proof that they've actually created an unique coin with functions.

So evasive with supplying real facts. However, the above advice is good advice, and would be a sensible move for the vast majority of people here.   

when bitbay this operation.

 Do sales will have some sort of commission or free ?, if so, will that commission whom it is intended?
 ICO investors or Dev, s bitbay

Coding teams? But David says to investors, please do not be worry, I have the software already, I wrote Blackhalo, so what kind of "large scale investment" is required if your main unique selling point is that the software already exists?


Feel free to correct me if I am wrong, but I feel that you are start misleading people here. Your project is by your own definition is a peer to peer system ... therefore, by definition there is zero investment requirement for "IT infrastructure" and "user database systems".

Could you provide us with a straight forward, clear and most importantly honest answer what you do with the US$ 1.2 million please?

Also, my previous questions are unanswered: who are you, what is your previous BCT nick (as you said you are a long term user), who is collecting the 3000 BTC and who will make the decisions about the distribution of funds?

Wow, this word "transparency". What is this, NPR???  No, it is an decentralized marketplace built on crypto that may end up in questionable legal territory in some places in the world - a lot of places. If I was onboard as an investor (well i am, but i am a small fish) i would want a firewall for my involvement.

I am in on this project because I see the right bricks going into the right places. Open Bazaar delayed forever, and here we have the Black Halo dev & tech brought in and given everything they need to make it happen. Proven code & the financial backing to make it happen.

Hang on a sec.
The dev has said this week there will be information/bios on their website and has repeatedly tried to answer your questions.
But in saying that I do get your concerns and I personally would always like to see what your asking for ie full disclosure. However, lets say
his previous BCT account had a few runs in with other folks, critiqued a coin, or anything else for that matter. Your the
guy who would trawl through every single one of his posts and for sure you would start quoting stuff completely
out of context this damaging my and many other peoples investment.
 Not only you, but anyone with a beef would do the same. Its doesn't even require a personal beef these days. There are hordes of rampant
idiots around this forum who simply delight in creating chaos. The dev is doing the right thing keeping his/their previous BTC accounts
away from BitBay.
I do see you pushing the FUD now though and its not cool becasue a lot of peole have invetsed in this. So lets calm down and see what happens
when trading starts. No one is forcing you to buy remember.

The distribution of the ico funds will be handled according to the BitBay development plan. As already outlined on this thread, the most immediate expense is the large scale investment in coding teams to build out the marketplace. In addition, other elements of the team are at work building out the vendor relations & IT infrastructure, especially the user database systems. Bitbay will be online in January with a fully functioning decentralized online marketplace, serving users worldwide. This requires a large investment; this is what the ico funds are for.

We appreciate that different investors have different focuses. For those who do not entirely feel ready to invest we encourage your to wait until January when the BitBay Marketplace has launched.  There will be of course opportunity to invest at that time.