Topic: BitBay |Decentralized Marketplace|Smart Contracts|IoT Tech|Markets Open - page 249. (Read 339486 times)

Hi Everyone

Thanks for all the comments and discussions - it is great to see a lot of different opinions and people who truly care about both the technology and where it can take us. Even if we think differently about the directions and implementations.

We have been quite busy today with meetings and logistics due to our team expansion. There have been a few questions concerning the IoT and different blockchain aspects, I'll leave those for David to handle. Regarding the names of the different investors, we have addressed this several times in the thread, and we'll let the pace of development speak for itself. As David noted, we are in a sustained process of ramping up the staff according to the project requirements with both coding teams and project managers in several different countries. It's a substantial investment that is being made here, and it is not a charitable one. Our aim is a fully functioning decentralized market in January. As one poster pointed out, we are indeed approaching this with a for-profit attitude and execution.

I am seeing some familiar names in the thread, old timers in the community. Nice to see you guys here : -)

BitBay Team

I'm right there with you.  I bought a couple BTC worth at open, and could have purchased quite a bit more, but that was what I decided I could write off without concern.  If things progress as expected with this project - I'm also prepared to write off the additional profits I'll miss out on by waiting to make a more substantial investment later on.

However, a couple of points I would make in addition to those mentioned by others:
1) If Mt.Gox, Mintpal, Moolah, etc., etc. have taught me anything - it's that knowing the identity (or at least thinking you do in Mintpal/Moolah's case) doesn't really provide any insurance against fraud.  While it might provide a target for hatred and futile attempts at legal action, thus far no such action has resulted in the return of funds to my knowledge.
2) Risk=Reward applies significantly in crypto.  When BTC was an unknown commodity, people "threw away" money buying them at exorbitant (at the time) prices... which have now seen multi-thousand percent gains.  That kind of reward isn't possible in real estate, 99.9% of the stock market, commodities, etc.  It goes hand in hand with the fact that those are regulated markets and this is not.
3) Startups require funding, and self-funded ones don't allow for others to share in the profits (to a great extent at least).  Public access to the ICO provides greater opportunities for "the little guy" - where as a VC lump-sum only benefits the VC firm/angels themselves.

Your skepticism is well warranted, and it's possible that David is being used in this instance.  It's also possible that this is going to be the 'ebay of crypto' and then some.  Unfortunately, we'll only know which is the case after it's too late either way... but that's not unique to this project, or this market even for that matter.

Invest accordingly and don't risk more than you can comfortably stand to lose - that's kept me profitable for the past 2 years in crypto land.  I've definitely lost coins to scams or fraud, but I've also seen small investments turn into 10,000% gains... it's the financial wild west after all.   To be honest I've lost far more bagholding losers than I've ever lost on an ICO/early buy-in.

Yes, buy fast before they run out.

Thanks for getting back to me. i decided to make a Bter account and get some before the price rises even more.

But we know his actions and followed him for long time. We don´t know his address but we know his character. That´s not anonymous.

It seems to me you are the one who is mixing here something.

Of course the DEV recognizes the difference and needs in IoT related implementations ... no shit ... it is a very different ball game ... the issue is that Dave (though he is a hard working, very knowledgeable and honest guy) doesn't have a feasible IoT design, not even at conceptual level - at least he couldn't answer my simple question about turning ON/OFF an IoT enabled light switch in the context of a blockchain enabled application. He doesn't know how real time hardware control works, as simple as that. And nothing wrong with that, IoT and hardware control applications that expose a user interface are complex software, but in this case they shouldn't collect the money by using the buzz word of Internet of Things, because it is completely misleading.

I agree.  I get the sense that there is a lot of money and important people backing this project.  And, just like in any business, you can have the greatest ideas in the world and have your business fail if you don't have the backing or connections to get your feet off the ground.

looks like everytime I post something I get a repost of a four weeks old account.

Please spend some time on reading, it is not about David an Bithalo. He is known, but he is just hired. The rest is anonymous. The guys holding our money are anonymous.

And just in case you are really not just a created sockpuppet for promoting this, the most important thing in crypto is to avoid getting scamed. Simply as that. I have seen a lot of this threads, and the ones which promising heaven on earth are most likely scams.

I also invest outside Crypto. Such information isn't always available for many reasons. Lets say a Fiat world company I have invested in went under, its game over. Its not good when it happens (and it has) but thats the risk. I cant hold anyone responsible even if I did know who they were.  I get where your coming from but I think the nature of Crypto means a lot of people will remain in the shadows.   Case in point:  James the dev of BTCD/Supernet etc. No one has seen him or knows who he is. Didn't stop people investing hugely in his projects and he has backers as well who remain in the shadows.
I dont particularly like it the anonymous side of the Crypto world my self but thats the risk and lets face it when things go well in Crypto the profits can be exceptionally good.

Well I simply believe that in cases which require realtime or near-realtime blockchain as it exists now, will not and can not be used. Rather some sort of off-chain hybrid system, which could possibly tie in to blockchain for record keeping purposes. However, if its off-chain I think some trust delegation is required. If we're delegating trust, why not just use existing technologies. Ofc, I am still new with all this tech so I might be off the mark

Still, I do not think the physics of bitcoin-style transaction confirmation on can be cheated enough to work realtime. Especially given the limited processing power and network throughput of proposed IoT devices. I am reading up on GadgetCoin now though, maybe they'll convince me otherwise.

Smart contracting, BitBay or Ethereum style, is awesome and has many applications. I will be watching it closely.

after ico end,..just stay up to date with ongoing project
to avoid investor panic

Thanks for that. Explains quite a lot to me.

Some mixing of apples and oranges here perhaps. As David posted earlier, the mechanisms for IoT will have a much different trust requirement & execution than for example a marketplace sale, which again will be different from a smart contract fulfillment. The tech he has outlined recognizes these different scenarios.

I am also holding Ethereum, and I can tell you these are two completely different visions & goals. Ethereum is building agreements into the fabric of the average web experience. That's their web 3.0 (greatly simplified). BitBay is not trying to reinvent the net. And throwing around a phrase like "anonymous devs over night" is just silly, and disrespectful to the proven implementations and methods of the Halo system.

+1

Same thing I'm thinking regarding your second comment - very curious to see how this coin integrates with the IoT in the near future.  I know it's probably tricky for more people to wrap their heads around it now, but it'll become easier to grasp when we all "see it in action" as the coin does it's thing.  

Not too worried about the whole persons behind the scenes since I trust Zimbeck and well, he obviously is working well / in tight with the dev's so given all the work/funds behind this (international) don't forget I dont think the dev will disappear.  Ppl asking for 'proof' I can understand but I also think it's pointless since any dev could just lie about that too anyways.  You can only rely on whatever info you have in front of you at the time.

This coin has already exceeded the work of SO many other shitcoins out there...hopefully it stays that way (seems so).

Very excited to see post launch how this coin will tie in with the China RMB!  Well and of course decent. marketplace actually working.

Question is not about about David and his excellent developing reputation .The question is who should be held accountable for the whole project. Don't u find it odd not even a single other identity has been revealed. What's stopping them from piggybacking on David's reputation and fool him and the investors to pull off a great con.Just trying to be vigilant here.     

Seems to me the whole motivation for the project is the long term. The stated goal is a private sector driven Open Bazaar with the added benefits of smart contracts and IoT aspects, which if realized will be an extremely lucrative situation for both investors and devs. The difference between private and public is exactly what you see with Open Bazaar - great project, but seriously undercapitalized, under-dev'd. And falling behind in the evolving tech environment.

The chinese investors seem to have made it pretty clear they will be remaining in the backround for the time being. But they are clearly funding a rather large dev push, a David has made clear.  I will link to his post concerning the dev teams & hiring if I can find it.

So if you are looking for full financial openness about dev budgets etc at this point my guess is that it is not going to happen. One of the differences between for-profit & non-profit. However if you, like me, have been waiting for someone to step up and launch a well funded, ambitious decentralized market - this is what this situation represents.

I think, I also decided not to invest - except if the DEV answer my questions about real time hardware control and outlines how that will be possible at all with the Blackhalo solution?

I am mainly interested in the IoT offering, but it seems to me the IoT concept does not even exists on conceptual level. If there is not even conceptual solution, I can't see how this project will release a working, blockchain enabled, peer to peer Internet of Things software that controls hardware in real time.

So he has talked to them on Skype or something?

"Hi there, we are Bob & Lee and we'll hire you for 500 BTC, deal?"

Then Bob & Lee proceed to raise 3000 BTC and... fill in the rest.


The least BTER should do imo is to release the funds after the meeting, in which the BitBay team member proves his identity to David so there is at least some sort of proof.