Hi all, strange as it sounds I just discovered Bitbay a few days ago, lol.....which is good for me because a. the price is great right now and b. it looks like things are about to roll out!!
3. questions for David, if I may:
1. I understand the concept of writing code into each bitbay wallet that would freeze a given percentage of coins in that wallet, thus lowering the available supply and thus raising the price. However, what do you do about Bittrex? I'm sure there are tens of millions of coins on Bittrex so how would you deal with that? Do you somehow freeze a percentage of coins in Bittrex's wallets? Do you first require that all coins be removed from Bittrex and THEN freeze them? This is the one thing that really confuses me about the peg.
2. Do you still have large sellers from Alibaba and other large corporations waiting to jump on board when bitbay is up and ready?
3. I know it gets annoying when investors are constantly asking for updates, but I'm wondering if you have a vague timeline for the completed bitbay as well as the peg?
Thanks SO much.......glad I found this coin!!!
Yeah sure! Some of these have already been answered but not sure we have a faq for that yet.
The first question is a great one and it works like so:
Once I complete the fork, the exchange will get an updated version of the wallet. Whenever someone trades they will report that trade to the api which will simulate it and figure out how much is reserve and liquid. The exchange will most likely have a special version of the client for this.
They will report 2 balances in the exchange, Bitbay and BitBay reserve. However we will make it easy for them. Exchanges already need to run the coin daemons for actual withdraws so asking the api for that info should be trivial.
IF they oversell the coin, that would be no different from selling phantom bitcoin or phantom dogecoin Its extremely unethical for the exchange to do that! Although they have been know to do that since there is no regulation.
If they try that in BitBay the will immediately be found out though because the miners will decline the withdraw! Because you cant take more money than is liquid! There is no way to cheat that.
Okay so your second question. I'm still in contact with the guy who started the project although he is a little inactive. Perhaps hes just waiting for me to update. He used to work at Alibaba and should have some contacts.
Lastly, the next update so far is one of the most major core updates which is total redesign of the UI for contracts and templates which automatically track prices and negotiate. Not to mention tons of other little changes. We should at least be testing several of the templates this month. Once thats done, the next step is pegging.
