Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 342. (Read 542094 times)
March 08, 2015, 01:39:23 PM
This is good time to trade in bitbay it looks good and has potential to offer good trading profit.
March 07, 2015, 09:42:15 PM
What i'm trying to relay here is that a lower value currency equal less bitbay in circulation and more injection of money to hold up walls, to maintain a peg. By the way things are looking usd will be going down in value and cny will be going up in value, no Cristal ball here but if you go around your house and you look at the bottom of the majority of your personal belongings, i can almost a-sure you that 90% of them where made in china. The only reason i see to use the usd is because it's easier to give an equilateral in value, so it won't have to be converted to the majority of the users here in this forum. The link was to show that the USA is in a negative balance which is not good for its currency. The only reason the usd is use more around the globe is because of bombs and intimidation, guess who has the highest military funding and presents . I know this pegging is in its beta stage just putting this out ,so when decision are being factor in.
A lower value currency does not equal less bitbay in circulation. Quite the opposite. If we, with the same marketcap, were to peg to 0.01 CNY instead of $ 0.01, we would have approx. 6 times more bay in circulation. The size of the wall would be the same as it is defined by marketcap, not by currency.
Like many others, I find part of US politics very disagreeable. I don't think that's relevant for the pegging though, unless there's such a strong anti US sentiment out there that it will have a negative impact on bay to peg to the USD.
Thanks for your replay. At first wend bitbay is peg there will be the same bitbay in circulation with either peg(usd ,cny btc or eur), But over time when one currency goes down in value because crypto are first traded in bitcoin you would need more satoshi to represent $0.01 or pull back on coin in circulation.
Being peg to the usd is debatable it's good we have a mean to talk it out in a civil way here when its in the planning stages.
No. You got it wrong. If we peg to same numeric value like in the example above with 0.01 CNY versus $ 0.01 there will be 6 times as much bay in circulation with CNY. If however you mean 0.062 CNY versus $0.01, you are of course right. That would be the same amount of bay in cirulation. Peronally I'm opposed to that. To be consumer friendly we have to choose values that are easy to convert without having to use a calculator. Also you should consider that bay will not only be traded in bitcoin. I expect investors will continue to do that, but the consumers will get an option to buy bay directly for US $
Yes I ment 0.062 cny compare to 0.01 usd. Not sure how long the direct to usd trading will happen seeing all the compliance the laws that exist.
Well when future days provide us with a move clearer vantage point from the successful creation of the market and the pegging, we will see the effort of this coin spawn a new calculated innovation that will lead to the mesh network and IOT.
March 07, 2015, 08:48:13 PM
Bitbay is dead or not? Im confused I own some myself but Im not getting a clear picture from reading some of the previous posts.
BitBay is more alive then ever before.
Zimbeck's Bitbay is Crypto 2.0
March 07, 2015, 05:49:23 PM
Bitbay is dead or not? Im confused I own some myself but Im not getting a clear picture from reading some of the previous posts.
BitBay is more alive then ever before.
March 07, 2015, 05:18:10 PM
Bitbay is very much alive 
March 07, 2015, 04:38:37 PM
Bitbay is dead or not? Im confused I own some myself but Im not getting a clear picture from reading some of the previous posts.
March 07, 2015, 01:59:30 PM
Here's the 30-day snapshot for BAY.
Steady she goes.
And yes, David, thanks for staying true to the task and dedicating your time & effort towards bitbay.
I'm sure there are a lot of us here that are not very vocal in the forums, but consistently come back to check progress.
I've been holding since the ico and can't wait to see the results of all your hard work.
That day is coming.
Looking forward to a demo of the markets!
March 07, 2015, 10:44:59 AM
Not really Bitbay but the lack of bitbay would have been good for crypto, because that would have allowed the main man help create awesomeness with his projects that may have taken a back seat while he figure this out
It is a shame what has happened here to him and i hope he can pull it back he surely deserves it..
David you are an honest man and your investors i hope appreciate this a awful lot.
Hey I just wanted to say thanks. Its good to have the support and comments like this really helps me stay motivated. Thank you.
March 07, 2015, 06:14:22 AM
What i'm trying to relay here is that a lower value currency equal less bitbay in circulation and more injection of money to hold up walls, to maintain a peg. By the way things are looking usd will be going down in value and cny will be going up in value, no Cristal ball here but if you go around your house and you look at the bottom of the majority of your personal belongings, i can almost a-sure you that 90% of them where made in china. The only reason i see to use the usd is because it's easier to give an equilateral in value, so it won't have to be converted to the majority of the users here in this forum. The link was to show that the USA is in a negative balance which is not good for its currency. The only reason the usd is use more around the globe is because of bombs and intimidation, guess who has the highest military funding and presents . I know this pegging is in its beta stage just putting this out ,so when decision are being factor in.
A lower value currency does not equal less bitbay in circulation. Quite the opposite. If we, with the same marketcap, were to peg to 0.01 CNY instead of $ 0.01, we would have approx. 6 times more bay in circulation. The size of the wall would be the same as it is defined by marketcap, not by currency.
Like many others, I find part of US politics very disagreeable. I don't think that's relevant for the pegging though, unless there's such a strong anti US sentiment out there that it will have a negative impact on bay to peg to the USD.
Thanks for your replay. At first wend bitbay is peg there will be the same bitbay in circulation with either peg(usd ,cny btc or eur), But over time when one currency goes down in value because crypto are first traded in bitcoin you would need more satoshi to represent $0.01 or pull back on coin in circulation.
Being peg to the usd is debatable it's good we have a mean to talk it out in a civil way here when its in the planning stages.
No. You got it wrong. If we peg to same numeric value like in the example above with 0.01 CNY versus $ 0.01 there will be 6 times as much bay in circulation with CNY. If however you mean 0.062 CNY versus $0.01, you are of course right. That would be the same amount of bay in cirulation. Peronally I'm opposed to that. To be consumer friendly we have to choose values that are easy to convert without having to use a calculator. Also you should consider that bay will not only be traded in bitcoin. I expect investors will continue to do that, but the consumers will get an option to buy bay directly for US $
March 07, 2015, 05:25:04 AM
What i'm trying to relay here is that a lower value currency equal less bitbay in circulation and more injection of money to hold up walls, to maintain a peg. By the way things are looking usd will be going down in value and cny will be going up in value, no Cristal ball here but if you go around your house and you look at the bottom of the majority of your personal belongings, i can almost a-sure you that 90% of them where made in china. The only reason i see to use the usd is because it's easier to give an equilateral in value, so it won't have to be converted to the majority of the users here in this forum. The link was to show that the USA is in a negative balance which is not good for its currency. The only reason the usd is use more around the globe is because of bombs and intimidation, guess who has the highest military funding and presents . I know this pegging is in its beta stage just putting this out ,so when decision are being factor in.
A lower value currency does not equal less bitbay in circulation. Quite the opposite. If we, with the same marketcap, were to peg to 0.01 CNY instead of $ 0.01, we would have approx. 6 times more bay in circulation. The size of the wall would be the same as it is defined by marketcap, not by currency.
Like many others, I find part of US politics very disagreeable. I don't think that's relevant for the pegging though, unless there's such a strong anti US sentiment out there that it will have a negative impact on bay to peg to the USD.
Thanks for your replay. At first wend bitbay is peg there will be the same bitbay in circulation with either peg(usd ,cny btc or eur), But over time when one currency goes down in value because crypto are first traded in bitcoin you would need more satoshi to represent $0.01 or pull back on coin in circulation.
Being peg to the usd is debatable it's good we have a mean to talk it out in a civil way here when its in the planning stages.
March 07, 2015, 04:46:00 AM
What i'm trying to relay here is that a lower value currency equal less bitbay in circulation and more injection of money to hold up walls, to maintain a peg. By the way things are looking usd will be going down in value and cny will be going up in value, no Cristal ball here but if you go around your house and you look at the bottom of the majority of your personal belongings, i can almost a-sure you that 90% of them where made in china. The only reason i see to use the usd is because it's easier to give an equilateral in value, so it won't have to be converted to the majority of the users here in this forum. The link was to show that the USA is in a negative balance which is not good for its currency. The only reason the usd is use more around the globe is because of bombs and intimidation, guess who has the highest military funding and presents . I know this pegging is in its beta stage just putting this out ,so when decision are being factor in.
Trust me, I doubt anyone here is proud of America or the dollar. There is a stigma with the usd and pegging coins. Personally, I think a rolling peg is best. Let the price move around as long as we can deflate to catch it. If you wanted to peg at a low price, you would be able to allow more coins in circulation. The higher price (to create walls) would require us to deflate tremendously.
Imagine if we only had 50 btc walls to support $1. To be sure of that price we would be deflating maybe even 99%. So instead of focusing on that specific price, i think its best to make it a growth target (Chinese Yuan, Euro, BTC, whatever). Just deflate as you need to bring volume back into coin. Because volume is all that really matters in my opinion.
yeah usa and it philosophy is measured in the remanence left by it war like tactics and remains plus increase because we perpetuate those chains of events(through our global military presents and people preferring usd over there local currency). I hope bitbay can represent a new value and have a new political platform.
I agree the rolling peg is the most best conceivable plan at this movement, let see if in do time we can get a mastermind going so we can squeeze ever bit of experience in to this coin, to make it great.
March 07, 2015, 02:04:18 AM
What i'm trying to relay here is that a lower value currency equal less bitbay in circulation and more injection of money to hold up walls, to maintain a peg. By the way things are looking usd will be going down in value and cny will be going up in value, no Cristal ball here but if you go around your house and you look at the bottom of the majority of your personal belongings, i can almost a-sure you that 90% of them where made in china. The only reason i see to use the usd is because it's easier to give an equilateral in value, so it won't have to be converted to the majority of the users here in this forum. The link was to show that the USA is in a negative balance which is not good for its currency. The only reason the usd is use more around the globe is because of bombs and intimidation, guess who has the highest military funding and presents . I know this pegging is in its beta stage just putting this out ,so when decision are being factor in.
A lower value currency does not equal less bitbay in circulation. Quite the opposite. If we, with the same marketcap, were to peg to 0.01 CNY instead of $ 0.01, we would have approx. 6 times more bay in circulation. The size of the wall would be the same as it is defined by marketcap, not by currency.
Like many others, I find part of US politics very disagreeable. I don't think that's relevant for the pegging though, unless there's such a strong anti US sentiment out there that it will have a negative impact on bay to peg to the USD.
March 06, 2015, 09:59:29 PM
Thanks for the replies...
Hopefully with smart contract tech, the reserve wallets will be unhackable.
Cause they'd be prime targets on centralized exchanges.
edit: It seems like some people will never learn that crypto was created so that you don't have to account for other people to hold your money
Hopefully with smart contract tech, the reserve wallets will be unhackable.
Cause they'd be prime targets on centralized exchanges.
edit: It seems like some people will never learn that crypto was created so that you don't have to account for other people to hold your money
Smart contract or not, I don't see any reason to keep my bay on exchanges. If I want to trade, I can transfer the amount needed to an exchange, but keep the rest safe at home. I would advice everyone to do the same.
Well I agree, to be honest, despite latency I will be trading on NightTrader on my own exchange because im really sick and tired of losing bitcoins on centralized exchanges.
Yes! The day of the "centralized" exchange 'humanly flawed' fallacy is nearing its end. I'm all in on Bitbay, especially knowing that smart money is 'desperate as can be' to find true stability... http://kingworldnews.com/andrew-maguire-smashed-gold-today-hsbc-shocks-clients-closing-london-gold-vaults/
March 06, 2015, 09:28:44 PM
Not really Bitbay but the lack of bitbay would have been good for crypto, because that would have allowed the main man help create awesomeness with his projects that may have taken a back seat while he figure this out
It is a shame what has happened here to him and i hope he can pull it back he surely deserves it..
David you are an honest man and your investors i hope appreciate this a awful lot.
March 06, 2015, 09:22:43 PM
yes your saying that it wouldn't matter because every one will just vote to do a rolling peg and we can continuously increase the peg to anther higher dollar value. But when the market roll out and the value of the usd keeps dropping then there will be lest bitbays in circulation for the market for some periods of time.As time goes on we would vote more often to off set inflation . with cny we would freeze coin lest often and more bays in circulation for the market, not only that but the value "should" keep going up as it is now avoiding another freeze .Just thinking of the future
.Also look at this website https://www.cia.gov/library/publications/the-world-factbook/rankorder/2187rank.html it show how much a country net trade in goods and services, plus net earnings. Guess where usa is at.If I understand you correct, you are arguing that the choice of currency influences how often we have to freeze and release bay. That is not correct other than possibly as a minor influence on a very long term (and no one knows the future). The problems you are addressing are very relevant on the other hand; how often shall we vote for freezing or releasing bay. For instance we will have to release a lot of bay for christmas shopping (some retailers have up to 70% of their yearly sale for christmas), and then we will have to much bay available after christmas.
This is one of the hard ones, and thus one of the reason we still have pegging in the workshop. Obviously it's not practical to vote to often. Voting should be for the major decisions. So we are looking at different combinations of automation and incentives to voluntary freeze, so we don't have to do a voted freeze/release for every fluctuation in the market. The goal is to have a little more bay released than we think is needed at any (most) time. This "surplus" bay we want to be able to control into voluntary freeze/release through incentives to handle fluctuations in the need for bay. It is of course possible to handle this with a buy wall that is big enough, but we want to keep that as small as possible because money locked in a buy wall has a "lost opportunity" cost.
As to your link that shows net trade and earnings, that does not say anything about how much a currency is used. Nr. 3,5, and 6 on that list are oil nations. I'll pick nr. 6, Norway, because I know something about it. Norway has it's own currency, Norwegian kroner (Nkr). But the wast majority of Norways trade is done in US$ and euro. Much of Norways savings are also held in US$ and euro. Nkr is only used domestically. In fact, in alot of countries you would have a hard time buing local currencies for Nkr. The US$ on the other hand is used in the whole world. In several countries it's actually more wanted than the local currency.
@HouseOP: The choice of US$ is not a political statement. In fact I'm not sure if it would be possible to find political topics where the bay team would agree among our self.
What i'm trying to relay here is that a lower value currency equal less bitbay in circulation and more injection of money to hold up walls, to maintain a peg. By the way things are looking usd will be going down in value and cny will be going up in value, no Cristal ball here but if you go around your house and you look at the bottom of the majority of your personal belongings, i can almost a-sure you that 90% of them where made in china. The only reason i see to use the usd is because it's easier to give an equilateral in value, so it won't have to be converted to the majority of the users here in this forum. The link was to show that the USA is in a negative balance which is not good for its currency. The only reason the usd is use more around the globe is because of bombs and intimidation, guess who has the highest military funding and presents . I know this pegging is in its beta stage just putting this out ,so when decision are being factor in.
Trust me, I doubt anyone here is proud of America or the dollar. There is a stigma with the usd and pegging coins. Personally, I think a rolling peg is best. Let the price move around as long as we can deflate to catch it. If you wanted to peg at a low price, you would be able to allow more coins in circulation. The higher price (to create walls) would require us to deflate tremendously.
Imagine if we only had 50 btc walls to support $1. To be sure of that price we would be deflating maybe even 99%. So instead of focusing on that specific price, i think its best to make it a growth target (Chinese Yuan, Euro, BTC, whatever). Just deflate as you need to bring volume back into coin. Because volume is all that really matters in my opinion.
March 06, 2015, 09:10:30 PM
yes your saying that it wouldn't matter because every one will just vote to do a rolling peg and we can continuously increase the peg to anther higher dollar value. But when the market roll out and the value of the usd keeps dropping then there will be lest bitbays in circulation for the market for some periods of time.As time goes on we would vote more often to off set inflation . with cny we would freeze coin lest often and more bays in circulation for the market, not only that but the value "should" keep going up as it is now avoiding another freeze .Just thinking of the future
.Also look at this website https://www.cia.gov/library/publications/the-world-factbook/rankorder/2187rank.html it show how much a country net trade in goods and services, plus net earnings. Guess where usa is at.If I understand you correct, you are arguing that the choice of currency influences how often we have to freeze and release bay. That is not correct other than possibly as a minor influence on a very long term (and no one knows the future). The problems you are addressing are very relevant on the other hand; how often shall we vote for freezing or releasing bay. For instance we will have to release a lot of bay for christmas shopping (some retailers have up to 70% of their yearly sale for christmas), and then we will have to much bay available after christmas.
This is one of the hard ones, and thus one of the reason we still have pegging in the workshop. Obviously it's not practical to vote to often. Voting should be for the major decisions. So we are looking at different combinations of automation and incentives to voluntary freeze, so we don't have to do a voted freeze/release for every fluctuation in the market. The goal is to have a little more bay released than we think is needed at any (most) time. This "surplus" bay we want to be able to control into voluntary freeze/release through incentives to handle fluctuations in the need for bay. It is of course possible to handle this with a buy wall that is big enough, but we want to keep that as small as possible because money locked in a buy wall has a "lost opportunity" cost.
As to your link that shows net trade and earnings, that does not say anything about how much a currency is used. Nr. 3,5, and 6 on that list are oil nations. I'll pick nr. 6, Norway, because I know something about it. Norway has it's own currency, Norwegian kroner (Nkr). But the wast majority of Norways trade is done in US$ and euro. Much of Norways savings are also held in US$ and euro. Nkr is only used domestically. In fact, in alot of countries you would have a hard time buing local currencies for Nkr. The US$ on the other hand is used in the whole world. In several countries it's actually more wanted than the local currency.
@HouseOP: The choice of US$ is not a political statement. In fact I'm not sure if it would be possible to find political topics where the bay team would agree among our self.
What i'm trying to relay here is that a lower value currency equal less bitbay in circulation and more injection of money to hold up walls, to maintain a peg. By the way things are looking usd will be going down in value and cny will be going up in value, no Cristal ball here but if you go around your house and you look at the bottom of the majority of your personal belongings, i can almost a-sure you that 90% of them where made in china. The only reason i see to use the usd is because it's easier to give an equilateral in value, so it won't have to be converted to the majority of the users here in this forum. The link was to show that the USA is in a negative balance which is not good for its currency. The only reason the usd is use more around the globe is because of bombs and intimidation, guess who has the highest military funding and presents . I know this pegging is in its beta stage just putting this out ,so when decision are being factor in.
March 06, 2015, 02:30:30 PM
Thanks for the link 
March 06, 2015, 02:22:48 PM
March 06, 2015, 12:33:37 PM
Thanks for the replies...
Hopefully with smart contract tech, the reserve wallets will be unhackable.
Cause they'd be prime targets on centralized exchanges.
edit: It seems like some people will never learn that crypto was created so that you don't have to account for other people to hold your money
Hopefully with smart contract tech, the reserve wallets will be unhackable.
Cause they'd be prime targets on centralized exchanges.
edit: It seems like some people will never learn that crypto was created so that you don't have to account for other people to hold your money
Smart contract or not, I don't see any reason to keep my bay on exchanges. If I want to trade, I can transfer the amount needed to an exchange, but keep the rest safe at home. I would advice everyone to do the same.
Well I agree, to be honest, despite latency I will be trading on NightTrader on my own exchange because im really sick and tired of losing bitcoins on centralized exchanges.
March 06, 2015, 11:34:05 AM
Thanks for the replies...
Hopefully with smart contract tech, the reserve wallets will be unhackable.
Cause they'd be prime targets on centralized exchanges.
edit: It seems like some people will never learn that crypto was created so that you don't have to account for other people to hold your money
Hopefully with smart contract tech, the reserve wallets will be unhackable.
Cause they'd be prime targets on centralized exchanges.
edit: It seems like some people will never learn that crypto was created so that you don't have to account for other people to hold your money
Smart contract or not, I don't see any reason to keep my bay on exchanges. If I want to trade, I can transfer the amount needed to an exchange, but keep the rest safe at home. I would advice everyone to do the same.
Well I agree, to be honest, despite latency I will be trading on NightTrader on my own exchange because im really sick and tired of losing bitcoins on centralized exchanges.
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