Topic: BitBay |Decentralized Marketplace|Smart Contracts|IoT Tech|Markets Open - page 40. (Read 339472 times)

http://youarenotsosmart.com/2011/03/25/the-sunk-cost-fallacy/

http://coinmarketcap.com/currencies/auroracoin/

^ That coin there in march reached a $500 million  market cap. Trading volume far more than BitBay. Current market cap today less than $60k
That's by no means the only coin with so many buys and good volume that faded to nothing, there are dozens like it.

Asking "If X was a scam why would Y amount of people buy it?"  is terrible logic to be basing investment decisions on; historically wisdom of the crowds doesn't seem to apply to bitcointalk alt section

Even not counting the dozens of alt-scams over a million BTC easily has been hacked or stolen in the past few years, All of which a bunch of people decided at one time were great investments, and decided hand their private keys over to instead of keeping in their wallets, There are plenty not listed, but  a subset of those documented scams, hacks and thefts you can find here- https://bitcointalksearch.org/topic/list-of-major-bitcoin-heists-thefts-hacks-scams-and-losses-576337

Unbelievable how people still think this coin has a future 

Do your research man. The guy is alone in a room in cambodia spending his days online cultivating his narcissistic online persona 18 hrs a day. What part of that  looksto you like he is gonna suddenly pull a functioning decentralized market out of his ass?

He was warned days ago that the current wallet is backdoored with an insecure iframe chat window. Has he dropped everything to fix that? Nope. Why not? In his own words - "i'm not sure how that happened". Translation: doesn't know how to fix it. Doesn't see the seriousness of it.

Go ahead and follow this Jim Jones down the rabbit hole, but nothing indicates he will be coding his way out of this mess anytime soon.

I got flu sick 2 days ago and came back to catch up. Only took 10 hours of reading.

Its been said before but.. DAMN...

So glad that "libeay32.dll" didn't turn out to be a big fiasco.

Watching and waiting.  and still believing in David - he's the reason most of us probably invested. And belief in a free marketplace.

Oh, and can someone please re-fill the popcorn cart..

Chu crazy man! David cant code for shit and everyone knows it... What you see is them trying to bring the price up so then can sell their 600M coin on anyone willing to buy them.

Because it actually has quite a potentially good future.

The scam of the IPO hasn't affected the coin's technical fortunes thankfully and in that context it's a hugely viable risk asset at this price.

They are fooled

LOL, STEVEN, HANLIN, GECKO are all Chinese but talked in English

if this coin is such a scam, why are so many people buying it still?

DAAAAAAAAAAAAAAAAAAAAAAM!

about 980 btc came from outside investors... not 300!

We'll from what was said 1200 or so btc that was used was phantom. Now there was no clarification on what that actually meant. From what I get since it was through Bter the btc was spoofed somehow to show the buys and 1200 of the btc never existed but got the bay in return as if it was actually bought. So technically most of the btc that was put into the ICO was faked and the real btc that was used came from bob and company n Lin n Steven. Actual investor btc I don't think alotted to more than 300 or less. The marketcap we see now is probably more actual than the inflated numbers we seen from ICO. This is the true coins worth right now. Can it come back? I'm not sure I'll watch and see but if the tech promised is persued then it's a given.

And there you have the real truth. That these chinese mobsters and David are sitting on a shit ton of free coins but david claims he has been innocently asking for dev money for weeks. Now, what doesn't make sense about that situation, and his claims? and what makes you think any of these selfish pigs is going to uses any money going forward on this, if they have not so far?

They go their btc back and dumped the bay. They have no more bay to lock out.

There is enough evidence here to put people in jail for sure.  Especially considering they are so dumb, openly admitting to doing it, and even posting full log files with the details.

I am not sure I have ever seen people go so far to incriminate themselves.  Does not surprise me it happened in crypto-currency land.

-A Law student

I dont see why not, we can do whatever we can with what weve got.

This sounds promising...as in there may *be* a future.

True, but broadly seperate the two things, ethereum blockchain, and ETH token

 the largest reason people invested a stake in ethereum was because it allowed users to execute turing complete code on a blockchain. That is the greatest value proposition of owning ETH. The fact you can execute python like contracts in a p2p decentralised fashion. The more successful smart contracts are, the more ETH will be required to be spent, hence the more a proportional share of ETH (should) be worth.

Except right you don't need to spend ETH to execute smart contracts, nor do you need to use a seperate blockchain. Everything can be compatible with bitcoin ecosystem . As far as executing most smart contracts go there is no requirement anymore for owning or spending ETH so there is no incentivization to own a stake. CounterParty isn't going through Ethereum as a middleman to executing contracts, they've just directly ported the ability to intepret and run that code.

So now users have a choice to buy a stake in ETH to execute identical smart contracts on the ethereum blockchain, (when released) or you can execute those same contracts with a stake in XCP on the Bitcoin Blockchain using CounterParty protocol right now which, currently has a much greater network effect.  So although XCP doesn't have it's seperate blockchain you still require the token to execute smart contracts. You cannot just do it with BTC in fact there really is not a lot of use in seperate blockchains- the solution now is more like a sidechain.

 So again, the same applies - the more successful smart contracts are, the more XCP will be required to be spent, hence the more a proportional share of XCP should be worth. The fact it doesn't run on it's own blockchain really doesn't mean you don't own it all of a sudden or that you're only brokering;

Aside from the ported smart contract features XCP is also required for trustless escrow/ asset issuance/ certain transfers which you cannot  do using vanilla Bitcoin protocol, and all those are original creations)