Topic: BitBay |Decentralized Marketplace|Smart Contracts|IoT Tech|Markets Open - page 243. (Read 339486 times)

Very promising coin. I will keep an eye on this one.
Once BTC stabilizes a bit I will grab some.

Yeah well the gears in my head have been turning on this. I'm very familiar with NuBits and wanted to do something like this for as long as I can remember. The key to it is this, we fork the network and people can trade however that ability can be limited by splitting the network into two. However its the same port and everything its just there are new mining rules. One way is to take the NuBits method another way(and the way I'm planning to do it) is like this:

Its funny, I got a lot of emails asking about this so here is what my reply was:
"No it wont be possible to dump coins that way. The network will get split and the rules will be different for people who want to sell liquid coins. On an exchange, you will not be able to sell liquid coins. However people will be able to sell their coins on an exchange by waiting in a Queue to hedge their coins. The amount of time they wait in the queue will depend on the supply and demand and the buy and sell walls. So basically it would be impossible to sell below certain prices like .98 cents would always be a losing sell and 1.03 would always be a losing buy. Arbitrage bots can even trade exactly on the margins and give the profits to the people who hold liquid asset(more good news). Additionally, people who hedge would get higher interest rates since they are leaving the network in a slow time. It will be a popular choice to cash but we will reward people holding liquid assets. The most amazing part is, IF you want to sell your liquid coins you CAN! Just sell it in the markets that I'm making. Of course eventually we can even get a major company to buy off that market too since people may want to exit and the company may like the quick return. Once you cash out, someone buys in at the bottom so the floor MUST meet the ceiling or else arbitrage will smash the market hard. So dumping on an exchange is impossible because we now have a system for controlling supply and demand. Now one concern is that even if the free market of liquid coins is not a federated order book, it would still be possible to offer a lower price for quicker exit. But here is the thing, we can force those exchanges off the NightTrader market by setting a hard cap on the price we allow in the client. Besides, you would not want to sell so short liquid coins at .75 cents when you could wait a month, get some interest and sell at a dollar. Again, this is the reason why that floor rises because the entrance price must meet the hard capped ceiling within a certain range below. Right now, I'm discussing with another member of the project who is a real math wizard. We are deciding the best price(my target is a dollar but we have to consider volume and how much we want to take off market), supply in the hedge/liquid network and some of the minor details. So yeah, if my partners work with me, this coin is by far the best coin to invest in right now."

Note there is one more spin to this. Allow paying interest on time locked coins. So if you are a backer, we would make its very much worth your while to not keep your funds liquid or tradable. Instead you literally choose to sit out. This can give you an interest bonus. Most people using markets will want liquid funds, long term bulls will take one of two positions, they will punish bears for short sales or they will take the modest interest rate and sit out. We can require people to sit out coins also by having a rule to deflate the liquidity pool into locks. So the deal is, somebody should sit out, or everyone deflates %2. The one who sits out gets 2%. (Thats just an example) The thing im going to want our team to work on while im coding is the numbers based on predicted volumes. So we assume everyone is a bear and that our volume is suboptimal and we go from there. This gives us the best projection for how hard the rules have to be. And just like difficulty in the bitcoin network, we can adjust these parameters every block.

Most importantly we have may have an advantage over NuBits here because we are going to keep the funds more liquid with a higher market cap.

Luckily, we have good source to reference and time locks in the outputs are not available so we just add some mining rules and really just adjust and fine tune the details over the coming months. I can't even imagine how much this coin will rise before this pegging transition. Its going to be craziness.

Interesting, nice breakdown, thanks! BTW, I was in on the first hour it was available, too many positives to risk not playing...

Thanks for that. Very well written description.

I believe he was stating that the $1B cap was his 'goal' not that it would become a reality in any specific timeframe... even ebay and Alibaba started out small-ish (though not as small as this is).

As far as pegging the coin to a currency that's possible without requiring $1B in actual capital however.  You can see an example with NuBits and a few others.  I believe he mentioned a fork for a hedging coin as a later possibility, but he also mentioned coin-parking as a possibility as well.  I'm not really qualified to explain probably, but I believe that simply involves a community that is enough involved in the 'business' of the coin to commit to park (make unavailable for spending - like is done with staking but for much longer timeframes) in order to severely limit the float in the market.

So if you have 1B coins in mintage, but 900M parked - the actual market is only 100M coins at any given time.  Adding in the fact that parking prevents 90% of the dumps at peaks, and allows for hard buy-sell walls to remain in place to provide liquidity with limited volatility... you can pretty much peg any coin to any value.  The trick is having enough capital for the walls, having enough cooperation from the holders, and some form of automatic arbitrage bot to assure that all active markets operate within the range.  You can always have off-market sales/buys without concern... just like you do with stocks or bonds.  In reality the biggest trick is coming up with enough incentive for those with large portfolios to keep the majority of their coins parked indefinitely, while still maintaining adequate liquidity in the market for trade to occur readily.

Hopefully David can comment on the (probably numerous) ways I've misunderstood how this works, but I think that's it in a nutshell.

Very exciting!

BitBay ICO Has Already Raised 1300+ Bitcoins In 48 Hours

Exactly. This is the market position BitBay is aiming at. And basing itself from the start on crypto.

I have waiting this one out and just been watching. At this rate it could actually sell out so i grabbed some now after reading the entire thread.

No, not everyone. If you think it's worth more than $1 billion then you would hold. eBay alone has a market cap of $67 billion right now. Why wouldn't a global decentralized marketplace that can do much more than eBay not be worth at least that much?

interesting for this ICO in bter,
just like xrc , but I missed it last time, I will take this one.

Saw someone mentioned it ahead and wanted you to clarify. You have to understand with most of the projects being scams we are all very wary.

No despising here, we've all been there : -)

That much said, I think your time perspective should be in the order of 6 -8 weeks according to the projects' stated roadmap. My own feeling is that delivery of a functioning decentralized marketplace in early January is going to be quite lucrative for those investing now.

Don't despise me I just need to get some fiat in a couple of weeks for bills. I just bought some BTC from fiat and bought some Bitbay, whats the chances I can make a quick turnaround in a few weeks. Basically will the price move much in the next couple of weeks?

yeah thats correct, max price will be 300 sat for the last day , think it will be 300 for the whole day of the 15 until end at 13:00 gmt

David from Black Halo is the lead dev for the project. Some good posts by him the last 10 pages discussing some of the different tech implementations.

Catch the bus for now Arklan and buy up some of this coin.  
Smart cash is here.

The ICO phase has reached the half way point.  It ends in 48 hours.  It has sold nearly half of the supply.  Around 500,000,000 coins. There is still time to invest.

 
WHO is the dev and WHERE is the GITHUB ??

Great project, I am in