Great update david
This is exactly why we need a new team member to be dedicated to this thread on this board.
So at a later date if other decentralised exchanges do not materialise and work well i guess bitbay has the ability to .....
Did you think any further about using the lock time and amount of bay to attribute rewards to those accumulating and saving? like savings bonds. I think people would really go for that. Especially once the online wallets and market place are here it would open all this up to the average person who does not want to run a wallet full time.
I'm not sure if I will give special incentives for staking frozen funds. It depends on time and testing. As that would be a more complex build. We shall see. However it is an excellent idea to incentivize trade of frozen funds.
I just read that part again.
I think making real decentralised savings accounts that incentivise accumulation and savings of bay to be it's most important feature yet other than the market place and the peg. However even those should come after decentralised savings bonds are available.
There needs to be great incentives for bay holders to buy and hold even if they are not using the markets. This would provide it.
It would have an effect greater than masternodes without the decentralisation.
It is simply psychology. This has worked great for masternode coins but they are not even that great most of them. With tiered savings bonds weighted to those that accumulate most and save the longest.... well that would get me locking down my coins for sure.
Would be useful to get bays to 50cents at least before flipping the peg on. I mean 1 dollar ideally. We've been to 10 cents haven't we before?
I would hate to see the peg flipped on before 50 cents. Although it must be flipped on at some point for the market place to really function perfectly.
Bay will get a lot more attention once it hits top 50 again. To do this we need a lot of people accumulating and holding. The churners are killing the rallies because there is too many people with not enough incentive to hold. Get those people to lock down their coins in bonds for a while and.....
Also if we don;t want the interest rate going to huge we could say this to the whales and wanna be whales ... lock your coins down or some of them and you will get a slightly higher % and some amount of bonus % will be dedicated to marketing and development. SO win win you will get a slightly higher than usual POS rate and fund advertising,bounties and development.
I know it will be a more complex build but really i view it as the most important feature bitbay could have at this time bar none.
This sounds very similar to the system used in Europecoin. Lock up some coins for 3,6,9,12 months and get higher POS rates as a reward.
Is that what you're suggesting?
Exactly like that but also the amount locked up should be a factor.
It is like banking. People are taking all their money out of banks and putting it in property/crypto/ metals because there is no incentive to keep it there.
Once banks increase the interest rate people will sell all of that (except crypto we hope) and store their wealth back in the bank and live on the nice interest rates.
We want people to store their wealth in bitbay (secure after the peg) (also with the multisig even more secure for them) but why will they bother storing it with bitbay when they can own masternodes and other big % paying coins else where.
You want people to accumulate and save... we must give them a reason to do so.
If not all they can do if they want to stay in bay is 2 things.
1. churn their coins to make more ( this kills rallies and new investor confidence)
2. hold their bay for quite a small pos rate really compared to others.
Now others paying % interest do have a long term issue. But from bays perspective that does not help because there are so many projects giving high interest on masternodes that people just keep jumping from short term project to short term project collecting on their fees whilst they last.
Bay needs to give high incentive to accumulate and save.
It need not be that the higher interest is all paid out directly to holders even indirectly is good enough.
So say we have tiered levels of interest above the usual pos rate for amounts held and terms held (locked)
Even the lowest level will get more than usual but some will be used for development (advertising coding etc) so the extra % is not entirely ending up back on the market to be sold out and away from the project some is ploughed back in for advertising and bounties etc.
We need also another way if possible to let other devs easily code out on top of bitbay or in some way use bay for their new projects. I mean surely tokens can be issued on the bitbay market place with a set value in bay for icos etc. Seems every other project is not allowing icos to take place on their platform.
You are forgetting something quite essential here. Higher interest rates means higher emission. And that in turn will push coinvalue down compared to coins with low emission. You can of course argue that some coins have had a positive effect from masternodes, but remember that atm crypto is full of amateur investors. That is likely to change. and the pro's wont fall for all the bs that is going on now.
Also, masternodes just for the sake of masternodes is just a part of the bigger fool game, and will therefore only have relative short term effect. However, the ideas behind masternodes are interesting when part of a pegging system
Well that is only true if you are not getting enough savers coming in to counteract this. Also if the market place takes off and we also gain a lot of advertising and notice from this IE top 50 this to me would be well well worth it.
Also I did say that some people including my self would willingly lock away good chunks for slightly better interest rates and for the rest to be used directly for advertising and worth while dev and bounties.
This a complex game but I would willingly trade some long terms slight raise in minting for all these noob investors and indeed savvy ones constantly asking for master node coins so they can invest in them. I mean they have several sites now just advertising those.
Really its as simple as this you need to entice investers and savers and simply put their investment (causing rise in our stakes and all the bitbay whales stakes ) to fund greater advertising and development to more than off set it.
Once we are a top 50 top 20 coin we can reduce the rates as we see fit.
The main issue and I would say 100% the main reason bitbay is not a top 20 coin is because David is an idealist and the rest of the bitbay team are not giving him the correct advice.
Things like
We dont need fads - so we missed out on every single fad - masternodes, anon , i mean there have been a few big fads we did not choose to go for whilst they were very very effective. Should have ridden these fads like others like dash have.
We don't need whales and dont want whales. Whales are very handy and since the biggest of the whales are the dev here and a few other that are dedicated to bitbay we don't need to fear other smaller whales at all. These are very very useful in a number of way and their connections are too.
It's like bitbay wants to play the crypto game with its hands tied behind its back.
The other groups that are ahead of us are not worried about these things they will embrace them whilst they are useful and get rid of them when they become proven disuseful
This is not a moan about David at all because everyone knows i rave about bitbay and david on every post on the main board. David is clearly one of the very top designers on this board like very top in conceptual design and innovation. Idealism is not always good though.
I admire his goals and ideals but these are not the best way to play this crypto game and bitbay will not rise as quickly or perhaps even as far if you are not willing to compete against other projects that are willing to take a fast track to where they want to go using these fads and things people want.
You heard it before.... you need to give the people what they want at the time they want it if you want them to invest.
Look at BB dev. I mean the guy is also obviously a very very smart designer but wait he decides to distribute huge huge chunks of his minting knowingly to competing projects so that now he is forced to reneg on the full moon distributions to bb investors as they believed they would get....so yeah he has go back on those plans just to fund his own project whilst other projects are saying thanks to him for the nice handouts they will use to fund their own projects that are competing against him. I feel he is another idealist or either there is something not clear about that project.
I know for certain a few teams that almost are bitbays equal are implementing smart master nodes. These are like what i have described and they will maximise the effect of the masternodes we have seen so far even more. They are better thought out and really encourage accumulation and holding more than the ones we have seen so far. And will punish those that are not loyal to their project by trying to keep churning or weaving in and out.
We need to provide a lot more incentive to accumulate and hold (aside from just the tech we have that covered pretty much) because if we dont people will simply accumulate and hold other projects and we will sink further on cmc and get less and less attention.
Most only review the top 50 for serious investment perhaps the top 100
To me there is no point introducing the pegging until we are top 20 or above top 50 minimum.
This method of growing slow and strong is not a good one if taken to extremes. Using fads and things does not make you weaker it makes you stronger but you need to be versatile and adapt to what people think they want. They may not understand the bigger and longer term picture for sure but so what they are only going to invest in what they think they want at the time. Keep giving them what they think they want until is doing more harm than good.
Let's get bay easy to use for the layman. Web wallets web market place and web based savings bonds offering good rates for long term dedication to the project. Then when we have a lot of loyal holders and savers keeping bays MC around the top 20ish then the peg should come in then the market place will function very very nicely and tie up a load more bay.
It's like when i said lets do an ico. Sure if we did one like komodo we would perhaps double the coins but who cares if we 20 x the price. Imagine we had run a second non scamming ICO in the peak times lately .
Unknown shit projects with micky mouse teams were raising 10's 100's millions,. Sure you can say most was fake but these craps are holding their caps and people are seeing them in the top 20 top 50 and investing in that crap. New people here with eyes full of dollar signs obviously dont even know or care about the real designing and coding out. They just hear about these fantasy projects and start buying in. They should be hearing about bitbay. I mean look how many people on the comparison thread saying they never even heard of it. (hence why the main board is so important)
That could have been bitbay and they would have been investing in something real.
We need to stop working harder and work smarter. Market psychology is the most important thing here. Teams with crap devs and no products are worth 10x or greater than bay?? come on
This tells me we need to think a little differently or we will end up with software that is better than 99.999% of projects here and still be sitting at a MC outside of the top100 scratching our heads.
We need some big people on board too. Some people who pulls some strings around here. I mean how can bitbay be this good and we never get a mention hardly in any of the big online crypto sites.
This comparison thread is good we have going I think keeping that on page 1 of the main board is going to do us a lot of good.
Out and out shilling will do us no good though. Just honest appraisal of bitbay is all we need. Sure sys is a great project no point trying to put it down but bay is a better buy at this price 5x less so thats all people need to see. Both bay and sys will be 1BN dollar projects no need for infighting between us.
Drawing attention to both is all we need because both are VASTLY better than 99% of the junk on here.
My point here is just don't turn that thread into some kind of sys hate thread else it just makes us look jealous and fearful which we are not. Both are great but bitbay is clearly not worth 5x less. Bitbay is a different and innovative way to do things. All we need people to do is look fairly at bitbay and it is an obvious gem they have missed. I don't care if people want to hold a bit of bay and sys. It is better than them holding neither and having a big bag of dream tokens from fantasy sellers and marketiers running icos
Price is not greatly moved but volume is ticking up lately which is a relief on trex. I think the main alt board is grossly under rated and so is this thread.
