Fellow bitbayers!
This week we got another round of nice updates!
- David is still improving upon the many new UI templates. These templates will be released one by one exclusively to the bitbay slack community to beta test.
Once all templates are tested, we will market a public beta update for the bitbay client with all the new features!
- P2P reputation system for the marketplace!
- UTF-16 keyboard conversion - or in other words, support for foreign language contracts!
- Our new website is almost ready for release, we are testing for bugs and preparing our forum
- One of our member on slack is in alpha stage with his crypto-coin exchange and has begun the process of utilizing Halo’s multi-sig technology for BitBay!
This will be the first of its kind! We will utilize this exchange as a beta for implementing Bitbay’s peg technology system so other exchanges can follow
suit once the peg is at final release to minimize any potential bugs!
https://sweedx.com
- Anoxy, the creator of Sweedx.com is open for any and all suggestions during this alpha and beta process!
- Thanks to, J-bar, a member on Slack, for finding a simple solution to allow for both the qt wallet and the client to run at the same time!
Meaning you can stake in your qt wallet, while you are experimenting with the client beta program!
To allow for both wallets to be open at the same time, please follow these steps:
1 - As always, make a backup of your wallet!
2 - Find your bitbay qt executable file in your computer. Right click on it & create a shortcut icon.
3 - Right click on the shortcut icon and click on 'Properties'.
4 - In this menu click on the 'Shortcut' tab and then add "-port=8334" at the end of the script in the 'Target' field
So for example your new Target script should show something similar to "C:\Users\John Doe\Desktop\bitbay-qt.exe" -port=8334
5 - Congratulations! Now you can load up the qt wallet through this shortcut icon and also have your client running as well!
- Many people are joining us on Slack. It is the right place to stay tuned to any news and of course to meet people with the same interests!
- You can send an E-mail to [email protected] for an invite!
Thanks for reading, we wish you a nice weekend!
Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 296. (Read 542094 times)
July 31, 2015, 02:58:44 PM
July 31, 2015, 01:53:23 PM
I encounter a problem.
Everytime i try to sent coins I get this error.
I tried
with coin control, without coin control
small amounts, big amounts
several addresses..
But getting the same error time after time?
Everytime i try to sent coins I get this error.
I tried
with coin control, without coin control
small amounts, big amounts
several addresses..
But getting the same error time after time?
Please let me know the error. If this is from the qt wallet, you may have an input in the wallet that is not correct. Try running the qt wallet with the rescan option. If you sent a transaction with the old qt but it never confirmed then again the wallet itself may not know the inputs. If that is the case copy/backup your wallet.dat and reinstall the qt wallet and resynchronize with the new qt wallet. Also make sure you have no addresses in your wallet with a lowercase "b". If you do let me know.
People please don't panic. The problem seems to be local. I got 3 addresses. and there is no problem sending with 2 of them. However when I used the 3rd address, the error occurs.
Sending with specific inputs seems to work now.
July 29, 2015, 11:45:07 PM
thanks!
Ahh just sent you a pm and then saw this. Okay well any questions you have we can answer on slack.
July 29, 2015, 06:06:23 PM
July 29, 2015, 06:05:07 PM
I have half a bitcoin to spend, is BitBay a good investment at this point in time? Somebody please explain, also if you could mention the progress this project has made so far I'd really appreciate it. 
Even if you were just short term bullish, I'd say you'd be very happy at this current price in the upcoming months. There is no other truly decentralized marketplace out there at this stage in development that promises peg technology. Just image this price and imagine the peg at at least 1 cent. That's a good investment. The best part is knowing that after the peg is initiated... others can't just dump all their coins. You will have a reserve to liquid ratio or frozen to unfrozen accounts. So your investment is protected! Yet your reserve or frozen coins will still be tradeable in a 'futures market'! Meaning that if you need some cash quick, you could sell your liquid coins and still sell your reserve coins yet those coins won't flood the market and therefore can't directly affect the current liquid value! This is just the beginning
Hmm okay that sounds handy, however in order to make BitBay big it's important that the average consumer crypto noob can easily understand the advantages of the BitBay platform. So in short, BitBay has a mechanism aimed at counteracting fluctuations in value? What are the advantages of BitBay over for example E-Bay?
The upcoming UI templates will be so easy to understand that even you could teach your grandmother how to navigate through it. And as for Ebay... that's the beauty behind the whole concept! Ebay charges around 10% in fees's, add that to paypals's 3% fees to transfer money through ebay. It's hard to make any profit with those costs. The whole goal behind the decentralized marketplace is to create trustless transactions that are virtually free of charge.
Take your markets back!!
That is indeed a huge advantage, but it's absolutely necessary that it's very userfriendly for non-crypto noobs. I wonder though, if you buy something on BitBay, you gotta pay for sending right? Do you pay in BitBay coin and then the transport provider gets their money in Fiat how? Thru a converter program I suppose?
David's got the template for that. You ought to ask to join our slack group. Again, we are about to begin beta testing his templates one by one on slack before we release the entire public beta update that includes all templates!
July 29, 2015, 05:54:25 PM
I have half a bitcoin to spend, is BitBay a good investment at this point in time? Somebody please explain, also if you could mention the progress this project has made so far I'd really appreciate it.
Even if you were just short term bullish, I'd say you'd be very happy at this current price in the upcoming months. There is no other truly decentralized marketplace out there at this stage in development that promises peg technology. Just image this price and imagine the peg at at least 1 cent. That's a good investment. The best part is knowing that after the peg is initiated... others can't just dump all their coins. You will have a reserve to liquid ratio or frozen to unfrozen accounts. So your investment is protected! Yet your reserve or frozen coins will still be tradeable in a 'futures market'! Meaning that if you need some cash quick, you could sell your liquid coins and still sell your reserve coins yet those coins won't flood the market and therefore can't directly affect the current liquid value! This is just the beginning
Hmm okay that sounds handy, however in order to make BitBay big it's important that the average consumer crypto noob can easily understand the advantages of the BitBay platform. So in short, BitBay has a mechanism aimed at counteracting fluctuations in value? What are the advantages of BitBay over for example E-Bay?
The upcoming UI templates will be so easy to understand that even you could teach your grandmother how to navigate through it. And as for Ebay... that's the beauty behind the whole concept! Ebay charges around 10% in fees's, add that to paypals's 3% fees to transfer money through ebay. It's hard to make any profit with those costs. The whole goal behind the decentralized marketplace is to create trustless transactions that are virtually free of charge.
Take your markets back!!
July 29, 2015, 05:20:29 PM
I have half a bitcoin to spend, is BitBay a good investment at this point in time? Somebody please explain, also if you could mention the progress this project has made so far I'd really appreciate it.
Even if you were just short term bullish, I'd say you'd be very happy at this current price in the upcoming months. There is no other truly decentralized marketplace out there at this stage in development that promises peg technology. Just image this price and imagine the peg at at least 1 cent. That's a good investment. The best part is knowing that after the peg is initiated... others can't just dump all their coins. You will have a reserve to liquid ratio or frozen to unfrozen accounts. So your investment is protected! Yet your reserve or frozen coins will still be tradeable in a 'futures market'! Meaning that if you need some cash quick, you could sell your liquid coins and still sell your reserve coins yet those coins won't flood the market and therefore can't directly affect the current liquid value! This is just the beginning
July 29, 2015, 05:13:18 PM
I have half a bitcoin to spend, is BitBay a good investment at this point in time? Somebody please explain, also if you could mention the progress this project has made so far I'd really appreciate it.
That's just lazy dude! Read the last 2 pages on the thread! 😙 July 29, 2015, 03:56:27 PM
I encounter a problem.
Everytime i try to sent coins I get this error.
I tried
with coin control, without coin control
small amounts, big amounts
several addresses..
But getting the same error time after time?
Everytime i try to sent coins I get this error.
I tried
with coin control, without coin control
small amounts, big amounts
several addresses..
But getting the same error time after time?
Please let me know the error. If this is from the qt wallet, you may have an input in the wallet that is not correct. Try running the qt wallet with the rescan option. If you sent a transaction with the old qt but it never confirmed then again the wallet itself may not know the inputs. If that is the case copy/backup your wallet.dat and reinstall the qt wallet and resynchronize with the new qt wallet. Also make sure you have no addresses in your wallet with a lowercase "b". If you do let me know.
July 29, 2015, 02:54:13 PM
I encounter a problem.
Everytime i try to sent coins I get this error.
I tried
with coin control, without coin control
small amounts, big amounts
several addresses..
But getting the same error time after time?
Everytime i try to sent coins I get this error.
I tried
with coin control, without coin control
small amounts, big amounts
several addresses..
But getting the same error time after time?
Please state what operating system first as we have many changes in progress due to various future updates.
July 29, 2015, 02:37:51 PM
I encounter a problem.
Everytime i try to sent coins I get this error.
I tried
with coin control, without coin control
small amounts, big amounts
several addresses..
But getting the same error time after time?
Everytime i try to sent coins I get this error.
I tried
with coin control, without coin control
small amounts, big amounts
several addresses..
But getting the same error time after time?
July 29, 2015, 02:13:15 PM
hey can i ever get my 4btc i was scammed out of back from the origins of this coin? kthnxbye!
I'm pretty sure the majority of BCT regulars know about the ICO fiasco with Bitbay. There are actually quite a few ICO investors on slack.
Some view the scandal as a shame and some see it as an opportunity to buy more cheap.
If you are looking to get your 4BTC back, why not PM boobsurplus and his pet cryptogekkko. I'm sure they'd be happy to oblige.
Meanwhile, David is not a quitter and will not allow for their thievery to tarnish his name even though they pinned the scandal on him. He was willing to release the rights of "halo" technology for the coin - thats it! That's all he was there for in the ICO! He wasn't the lead dev! Yet now that they stole the funds and abandoned the coin - here we are!
If you didn't sell your 4BTC worth of ICO bitbays, then you aren't out at all yet. Just have a little patience on what's to come here very soon!
edit: and now David, is the lead dev for the coin since the riff raff is out! Granting him rights to interlink his Halo technology into a coin system so as to allow him to control protocol build - for once! This is a diamond in the rough!
July 29, 2015, 01:59:37 PM
David is about to post the first template to beta test on slack. We will test all template pages on slack before we release the public beta (with these templates). Then marketing will go on full throttle. After that the goal is to code the client to stake which will eventually make the qt wallet obsolete. And then coding for the peg will commence.
Excellent... thanks!
July 29, 2015, 12:51:56 PM
hey can i ever get my 4btc i was scammed out of back from the origins of this coin? kthnxbye!
July 29, 2015, 12:35:10 PM
^ the pegging has been discussed in depth about how much liquidity we should have. I feel like volume is going to be more important than price in the end. I would rather see it where it takes 1 year to sell 1 million bay at .01 cents than it would be 5-10 years to sell 1 million at $1. But really thats up to the core community. I know munti is well versed on the subject. It would be nice to run some simulations to get an idea of the ideal rate of growth.
And of course marketing will always be important too, because having a product is half the battle.
But then again, if volume is high that would reflect demand and if it sustains high volume we could always test higher levels by voting. As for ETA, the templates was a much bigger update than anticipated. Not to mention ive created a translator that supports 92 languages. That forced me to update the strings to utf16 which was a little bit of a pain. Also, ive made tons of changes to the core and made it a lot more efficient. We are going to be testing a build with the first template this week.
After the first template is tested and we confirm price tracking of the usd works, guarantor contracts and all the user friendly stuff works, the others will be easier and faster for sure. Pegging gets worked on after that. After all, its best to have the product completely commercial.
In other words, the point is, this inflation/deflation freezing/unfreezing tool is probably my favorite idea in crypto. So yeah of course its worth working my ass off to get it completed regardless of anything else. After all, actions speak louder than words.
And of course marketing will always be important too, because having a product is half the battle.
But then again, if volume is high that would reflect demand and if it sustains high volume we could always test higher levels by voting. As for ETA, the templates was a much bigger update than anticipated. Not to mention ive created a translator that supports 92 languages. That forced me to update the strings to utf16 which was a little bit of a pain. Also, ive made tons of changes to the core and made it a lot more efficient. We are going to be testing a build with the first template this week.
After the first template is tested and we confirm price tracking of the usd works, guarantor contracts and all the user friendly stuff works, the others will be easier and faster for sure. Pegging gets worked on after that. After all, its best to have the product completely commercial.
In other words, the point is, this inflation/deflation freezing/unfreezing tool is probably my favorite idea in crypto. So yeah of course its worth working my ass off to get it completed regardless of anything else. After all, actions speak louder than words.
A simple screenshot posted on the forum, showing the program running in the background, would definitely help add some fuel to fire. After all, word of mouth is still one of the best forms of marketing.
The world needs a solid change...
These screenshots were posted back on page 96. So they have already had many more improvements added to them.
Quote from: dzimbeck on May 27, 2015, 02:38:29 PM
Quote
Yeah this next update is major. I'm working on all templates. To give an idea how intense it is, ive attached screen shots. Bartering for example has 2 lists of items. A wish list of things you want and a list of things you have. People can trade their list with yours and Halo calculates the values of everything. So it will be extremely easy to find out how much Gold to send in exchange for potatoes and avocados. You can even combine goods and services BitBay is only used to insure the transactions so its critical to find out what the deposit has to be. Currently, it depends on: How big each shipment is, how much quantity you can sell and how many things in your list you will accept in exchange.
Shipping is another matter entirely. I'm relying mostly on DHL because its in every country. This will be only for calculating shipping. Buyers will be able to calculate this (if i can find a good api). Sellers might have free shipping, request buyer to calculate or request the negotiate that only when in escrow.
The three templates for offers are mostly done but countering is an entirely different ui in some cases (like in barter). Also the interface while in escrow in also different. So my estimate for time to spend coding on this, didnt consider some of the complexities of the templates themselves. Anyways, im making progress and hope to be done soon.
Screenshots:
Forms can be complex or simple depending on what is selected which reveals hidden sections.
https://i.imgur.com/vpw5vVm.jpg
Same form with less selected...
https://i.imgur.com/zdVVEDq.jpg
With cash deals, you need to supply funding info... but this info in withheld until the deal funds
https://i.imgur.com/CDvHp75.jpg
Standard employment contract. The unique feature here is automated payments with submission of progress reports.
https://i.imgur.com/xJjIC0P.jpg
A Standard Sellers contract... its been recommended most people will want to debate shipping while in escrow, not before
https://i.imgur.com/Arid7xP.jpg
Wanna see something cool?! How about a reverse auction!? This can attract traffic to the market.
https://i.imgur.com/virQBTY.jpg
The most INTENSE contract... bartering. Very complex for me to code this. We can figure out how much gold is worth an avocado. Goods/Services can be matched. The only thing is, since both parties ship things, there is no real way to calculate shipping, its assumed to be part of the price for now or it gets sorted out in escrow.
https://i.imgur.com/ivnW6CX.jpg
Adding an item might be more advanced or not depending on the item. My idea is to encourage farm co-ops.
https://i.imgur.com/oRS69pI.jpg
The software magically knows what everything is worth and barters the items. You make your offer to the seller on this screen.
https://imgur.com/SI3uAia
Anyways, let me know your feedback, the shipping is by far the most complex issue. On slack we discussed giving the option to sort it out in escrow. But ive listed a few other options as well.
Shipping is another matter entirely. I'm relying mostly on DHL because its in every country. This will be only for calculating shipping. Buyers will be able to calculate this (if i can find a good api). Sellers might have free shipping, request buyer to calculate or request the negotiate that only when in escrow.
The three templates for offers are mostly done but countering is an entirely different ui in some cases (like in barter). Also the interface while in escrow in also different. So my estimate for time to spend coding on this, didnt consider some of the complexities of the templates themselves. Anyways, im making progress and hope to be done soon.
Screenshots:
Forms can be complex or simple depending on what is selected which reveals hidden sections.
https://i.imgur.com/vpw5vVm.jpg
Same form with less selected...
https://i.imgur.com/zdVVEDq.jpg
With cash deals, you need to supply funding info... but this info in withheld until the deal funds
https://i.imgur.com/CDvHp75.jpg
Standard employment contract. The unique feature here is automated payments with submission of progress reports.
https://i.imgur.com/xJjIC0P.jpg
A Standard Sellers contract... its been recommended most people will want to debate shipping while in escrow, not before
https://i.imgur.com/Arid7xP.jpg
Wanna see something cool?! How about a reverse auction!? This can attract traffic to the market.
https://i.imgur.com/virQBTY.jpg
The most INTENSE contract... bartering. Very complex for me to code this. We can figure out how much gold is worth an avocado. Goods/Services can be matched. The only thing is, since both parties ship things, there is no real way to calculate shipping, its assumed to be part of the price for now or it gets sorted out in escrow.
https://i.imgur.com/ivnW6CX.jpg
Adding an item might be more advanced or not depending on the item. My idea is to encourage farm co-ops.
https://i.imgur.com/oRS69pI.jpg
The software magically knows what everything is worth and barters the items. You make your offer to the seller on this screen.
https://imgur.com/SI3uAia
Anyways, let me know your feedback, the shipping is by far the most complex issue. On slack we discussed giving the option to sort it out in escrow. But ive listed a few other options as well.
David is about to post the first template to beta test on slack. We will test all template pages on slack before we release the public beta (with these templates). Then marketing will go on full throttle. After that the goal is to code the client to stake which will eventually make the qt wallet obsolete. And then coding for the peg will commence.
July 29, 2015, 10:04:30 AM
^ the pegging has been discussed in depth about how much liquidity we should have. I feel like volume is going to be more important than price in the end. I would rather see it where it takes 1 year to sell 1 million bay at .01 cents than it would be 5-10 years to sell 1 million at $1. But really thats up to the core community. I know munti is well versed on the subject. It would be nice to run some simulations to get an idea of the ideal rate of growth.
And of course marketing will always be important too, because having a product is half the battle.
But then again, if volume is high that would reflect demand and if it sustains high volume we could always test higher levels by voting. As for ETA, the templates was a much bigger update than anticipated. Not to mention ive created a translator that supports 92 languages. That forced me to update the strings to utf16 which was a little bit of a pain. Also, ive made tons of changes to the core and made it a lot more efficient. We are going to be testing a build with the first template this week.
After the first template is tested and we confirm price tracking of the usd works, guarantor contracts and all the user friendly stuff works, the others will be easier and faster for sure. Pegging gets worked on after that. After all, its best to have the product completely commercial.
In other words, the point is, this inflation/deflation freezing/unfreezing tool is probably my favorite idea in crypto. So yeah of course its worth working my ass off to get it completed regardless of anything else. After all, actions speak louder than words.
And of course marketing will always be important too, because having a product is half the battle.
But then again, if volume is high that would reflect demand and if it sustains high volume we could always test higher levels by voting. As for ETA, the templates was a much bigger update than anticipated. Not to mention ive created a translator that supports 92 languages. That forced me to update the strings to utf16 which was a little bit of a pain. Also, ive made tons of changes to the core and made it a lot more efficient. We are going to be testing a build with the first template this week.
After the first template is tested and we confirm price tracking of the usd works, guarantor contracts and all the user friendly stuff works, the others will be easier and faster for sure. Pegging gets worked on after that. After all, its best to have the product completely commercial.
In other words, the point is, this inflation/deflation freezing/unfreezing tool is probably my favorite idea in crypto. So yeah of course its worth working my ass off to get it completed regardless of anything else. After all, actions speak louder than words.
A simple screenshot posted on the forum, showing the program running in the background, would definitely help add some fuel to fire. After all, word of mouth is still one of the best forms of marketing.
The world needs a solid change...
July 28, 2015, 11:42:25 PM
^ the pegging has been discussed in depth about how much liquidity we should have. I feel like volume is going to be more important than price in the end. I would rather see it where it takes 1 year to sell 1 million bay at .01 cents than it would be 5-10 years to sell 1 million at $1. But really thats up to the core community. I know munti is well versed on the subject. It would be nice to run some simulations to get an idea of the ideal rate of growth.
And of course marketing will always be important too, because having a product is half the battle.
But then again, if volume is high that would reflect demand and if it sustains high volume we could always test higher levels by voting. As for ETA, the templates was a much bigger update than anticipated. Not to mention ive created a translator that supports 92 languages. That forced me to update the strings to utf16 which was a little bit of a pain. Also, ive made tons of changes to the core and made it a lot more efficient. We are going to be testing a build with the first template this week.
After the first template is tested and we confirm price tracking of the usd works, guarantor contracts and all the user friendly stuff works, the others will be easier and faster for sure. Pegging gets worked on after that. After all, its best to have the product completely commercial.
In other words, the point is, this inflation/deflation freezing/unfreezing tool is probably my favorite idea in crypto. So yeah of course its worth working my ass off to get it completed regardless of anything else. After all, actions speak louder than words.
And of course marketing will always be important too, because having a product is half the battle.
But then again, if volume is high that would reflect demand and if it sustains high volume we could always test higher levels by voting. As for ETA, the templates was a much bigger update than anticipated. Not to mention ive created a translator that supports 92 languages. That forced me to update the strings to utf16 which was a little bit of a pain. Also, ive made tons of changes to the core and made it a lot more efficient. We are going to be testing a build with the first template this week.
After the first template is tested and we confirm price tracking of the usd works, guarantor contracts and all the user friendly stuff works, the others will be easier and faster for sure. Pegging gets worked on after that. After all, its best to have the product completely commercial.
In other words, the point is, this inflation/deflation freezing/unfreezing tool is probably my favorite idea in crypto. So yeah of course its worth working my ass off to get it completed regardless of anything else. After all, actions speak louder than words.
July 28, 2015, 08:12:28 PM
Thanks for your informative answers David.
What if anything could help you speed up the development side? do you have other devs helping you out or are you coding everything yourself.
I'm coding everything. I've been working on Halo for over a year now. It's too hard to find anyone to help on the code. Even when you offer to pay them, regardless of how much is offered, most coders are not able to work on crypto stuff and most of them are extremely slow or are dishonest about their hours or need to spend weeks just understanding the code. The bigger problem is most of them will take weeks to respond and then disappear.
So yeah, every time im just forced to do all the coding. But honestly, its faster this way since i know the code by heart and can quickly debug it. But of course i do wish there was someone out there who could help. I think the coders that are, cost hundreds of thousands per year. And even then, there is no guarantee they will be motivated to work hard every day. In that case, you need a good project manager too.
When you think about it though being the only coder has its advantages. I don't have to spend all day training people or be at their mercy. And i can make many more commits and even break the code up if i want. Considering that Halo was the first with smart contracts and markets, i think we have done things a lot faster doing things this way.
Thanks for taking the time to reply.
I do quite like BAY. The only things stopping me going even more in on this project is the fear that the original people involved at the start may still have some large amounts at hand to smack down on the markets in future. I still hold my ico coins and have stacked further. I do think this is one of the real projects to watch in the future though.
Honestly we don't think they do. The slack group did a lot of work in trying to figure out wallet balances. Their opinion is that most of it was sold. After all the price got pretty low and a lot of the guys there bought it up. Im not happy about it either. But then again, the whole point of pegging/hedging is to make the actual coin into the market maker. Control supply to match demand anyways. I'm sure some coins have had worse distributions. Although Bitbays was definitely not ideal in the beginning.
But then again, the guys on slack know more about that than i do.
Me and my 2 mil are still with you if that helps, just been busy with other projects, glad to see you are still at it and making progress. Always know you would see it to success...
July 28, 2015, 11:57:39 AM
Yes pegging will start very low I expect. $0.01 to start with possible even less maybe!? Over time will hopefully slowly increase as demand rises. The more people that own Bitbay & use it in the markets the better. So it's in everyone's interest to have the price pegged at a sensible price to allow newcomers & give them the opportunity to buy into Biybay & experience the markets.
Of cause pegging happens after the markets are released. Let's not rush David too much! He had a lot on his plate currently lol.
Slow and steady wins the race!
Of cause pegging happens after the markets are released. Let's not rush David too much! He had a lot on his plate currently lol.
Slow and steady wins the race!
July 28, 2015, 09:27:13 AM
This has been said before, but it is worth repeating.....
If David can make the pegging happen, then every Bitbay you hold will be worth $1. Right now 1 btc can get you over a MILLION Bitbays! Now what are the chances that in a few months your 1M Bays will be worth 1M dollars? Well I don't really know, but considering that the dev is a bonafide genius and considering he and a team of others have been working on this project for nearly a year, I can definitely say that the chance of the peg working is WAY WAY WAY better than the chance of you winning a scratch off ticket for any substantial amount of money.
Bottom line is that anyone that doesn't put at least 1 btc into Bay right now is just a fool. The ratio of risk to reward here is about as good as you will ever see in your lifetime.
If David can make the pegging happen, then every Bitbay you hold will be worth $1. Right now 1 btc can get you over a MILLION Bitbays! Now what are the chances that in a few months your 1M Bays will be worth 1M dollars? Well I don't really know, but considering that the dev is a bonafide genius and considering he and a team of others have been working on this project for nearly a year, I can definitely say that the chance of the peg working is WAY WAY WAY better than the chance of you winning a scratch off ticket for any substantial amount of money.
Bottom line is that anyone that doesn't put at least 1 btc into Bay right now is just a fool. The ratio of risk to reward here is about as good as you will ever see in your lifetime.
The pegging will happen, but most likely we will peg at a lower amount first.
And when the time comes we vote to bring it up.
if we immediately peg at 1$ that would require almost every BAY in existence to be frozen.
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