Topic: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg - page 9. (Read 542087 times)

Doc’s White Paper
TOPIC - INSURING BAY's SUCCESS IN 2021 AND BEYOND

INTRODUCTION:
In my opinion BTC is considered the “Gold Standard” of Crypto as a store of value. It also has applications as a monetary exchange instrument – one may even purchase Gold with it, if desired.

Lite Coin in my opinion is the “Silver Standard” of Crypto and appears to be designed to be used primarily as a monetary instrument for the masses.

BitBay, by design was intended to be a store of value (due to its recent relative price stability because of its novel Peg to BTC); as well as a monetary instrument for the masses (the first crypto with built in Smart Contracts).

BAY's CURRENT SUCCESS AND FUTURE LOOK BRIGHT:
I believe BAY could be even MORE valuable and MORE useful than BTC or Lite Coin in the future.
I believe BAY should be in a special and unique category of Alt Coin – A “Rare Earth” type of Coin. Why?

A “Rare Earth” metal is important in technology and manufacturing. It is also more expensive than Silver (Lite Coin) and even Gold (BTC). Rare Earths may be abundant or scarce. Just like BAY.

BAY Tokens may be liquid (abundant) or Frozen (Rare) – this affects the price. But, one thing BAY has, is it is “Pegged” to a Gold Standard (BTC). BAY’s value is designed to reflect 1/100,000 of BTC’s all time high. This is what gives it it’s strength as a “Stable” coin. BRILLIANT!

So, even though BTC may fluctuate wildly, and is considered the Grand Daddy of all coins, it can still fluctuate wildly – as can all other coins that are not “tethered” to something relatively stable, like the USD or USDT. Therefore, BAY is actually more stable than BTC itself. David Z is a genius!

And even though the USD is considered “stable”, in reality it isn’t, due to the inherent “inflation” or “deflation” of fiat currency over time. For example, the USD has lost 98% of its original value since 1913 when it first came into existence.

NEXT: Over my years of studying Crypto Currency, I noticed the Alt coins I was following and purchased basically followed BTC. When BTC went up, they went up. When BTC went down, they went down. AND, when BTC REALLY went down – the Exchanges closed (lol) - due to “excessive volume”, or “a pipe broke” or whatever! They were closed and you could not access your $. You were S.O.L.

At some point, I found myself trading day and night for six straight months in early 2017. I made a lot of money; but I was burning out and wanted to focus back on my inventions and what I went to school for. So, I made the decision to go all in on BAY and just HODL.

This decision made my life much easier, and I was very happy with the decision - until BAY started getting kicked off exchanges! And why were we getting kicked off exchanges?!?? Because BAY is apparently a real threat to TPTB. Plain and Simple. BAY is decentralized and controlled by its investors. And, it was going to eventually be a TRUE stable coin, once David Z got the Peg done and implemented. This was a huge threat because the Peg basically mutes the effects of Pumps and Dumps in a system that is set up to be completely rigged. I think everyone who is honest with themselves knows this by now.

HOW CAN BAY BE EVEN MORE SUCCESSFUL IN THE FUTURE?
Being the “Rare Earth” that BAY is has made it the target of incredible harsh trolling (paid), haters and ridicule.

Also the core name BitBay (which is FANTASTIC), is also owned by a Polish Exchange (BitBay.net), and the historically best url (BitBay.com) is owned by God knows who in China, etc. This has made it very, very difficult for people in the beginning to tell the difference between the Exchange and Token. I was one of them.

For example, even now on CMC, a description of BAY also contains a description of the exchange with the unflattering remarks that “BitBay” has been down twice this year – confusing the two. This mix-up is also present on the description of BAY on CoinCodex.com, the only site I have found that shows a graph of BAY in real time. It’s a HUGE problem, and if you don’t think so you are clearly in denial. I myself was terribly upset at this confusing fact in the beginning as a large investor.

HOW TO FIX IT:
Let’s give credit where credit is due.

David Zimbeck is the primary GENIUS creator of BAY; although many have greatly contributed. But it was his insight and creativity which created the “Peg”. Which I believe makes BAY the best coin on the market. Bar none. Its Brilliant.

David Z created this “Rare Earth” coin. He has literally given his all. Both in mind, spirit and body.

So, when the world’s first Decentralized Exchange (NightTrader.org) with a Multi-Sig Wallet is launched, I suggest we do a Fork, and call the new Forked Coin – a ZIMTOSHI (in honor of David Zimbeck and Shatoshi Nakamoto – which can be spent on BitBay.market.

Think about it. No more name confusion.
No more Polish Exchange mix-up.
No more confusing reviews mixing the exchange and token with each other’s successes and failures.
No more trolls attacking, belittling and hating our efforts (well, they will probably continue – but name recognition will no longer be a distraction or a real problem).
No more foregone conclusion that when BAY finally gets noticed by the masses, the unknown owners of BitBay.com come out of the shadows and will most likely confuse things even more.

Quite simply it solves a lot of perceived issues, and no more unwanted baggage associated with a name owned by many. Period.

And the good news is, we have the top tier 3 URL’s in our possession/covered – Zimtoshi.com, .net and .org.
No other parasites can F*** with the name moving forward!
This will end the confusion.

CONCLUSION:
A Zimtoshi coin/token coupled with David’s Peg, could ultimately surpass BTC in total market value because it is simply more stable and resistant to pumps and dumps than BTC. BAYs lowest level is set by a mathematical fraction that doesn’t change when BTC goes down from its high. I believe BAY could eventually become even more valuable than BTC itself - the crypto giant that has been the cornerstone of Alt Assets.

I suggest we fork BAY off when we join NightTrader.org for a fresh start.
We can use BitBay.market with all of its working features and contracts as its home.

Please think about it. Thank You.

Ah okay. I think lots of stuff can work once we have a solid userbase to be honest because the product is there and working (besides web marketplace right now). The tricky part in my opinion is not how we can make use of such things as a BitBay Browser, but how we can lay the groundwork for said userbase. With good volume going and trading also open for US customers I think we can afford to try out projects like you suggested.

I am aware that the exchange is the priority atm, was just an idea for the future is all

I think with the limited resources atm there are better ways to put them to use. We are not big in the game right now and I don't see how the browser would change that. The main issue is lack of bigger exchanges that also opens up for US traders.

What does the community think of having a Bitbay browser that would pay in Bitbay for usage like Brave browser pay in bat, I think it would help market Bitbay...

Ic..no we don't want that.

Lucky,
Short answer - no.
Coin Base (CB) could have listed BAY years ago.
They will not list a truly decentralized coin like BAY; and frankly I don't think you want to be listed, or even have an account there.
Why? They will 10-99 (U.S. Tax Form) you at the end of the year for ALL transactions on their site.
They agreed to support monitoring and reporting ALL transactions a few years ago, or be shut down.

I was wondering, do you think it would be possible to get Bitbay listed on Coinbase? I see other odd new coins there, was thinking why not Bitbay, this would give great exposure to the project, just and idea...

Thanks Doc...

Happy New Year Everyone.

Here is where you can find a Live BitBay (BAY) Price, Historical Chart & BitBay Market Cap source (unlike on CMC).
I was very happy to find this. I missed seeing the daily charts on CMC; and it shows just how well the peg works in real time:

https://coincodex.com/crypto/bitbay/

All we need is traffic/users at this point!
Decentalized - Fully Functional - Buy/Sell Anything. Right Now.

Let's get our MarketPlace moving and populated...
Please go to Telegram to learn more and how to help!

Become a part of the Decentralized BAY Revolution - BAY is what Crypto was meant to be:
https://t.me/bitbayofficial

https://twitter.com/BitBayofficial/status/1342923915346247680

Lol thanks you too. 

lol keep dreaming big boys...will see you in another 6 and 12 months while bitbay is still floundering.

merry xmas and HNY though!!

One of these days I'm going to wake up from a pipe dream and BAY will have many, many users.
Decentalized - Fully Functional - Buy/Sell Anything. Right Now.

Happy Holidays

Wow!!! That's cool man, I did not know that fact for the price calculation, going to be interesting....

I wanted to let people become aware of just how powerful the peg protocol is.

The floor price set by the basic voting algorithm is designed to be a minimum of 100,000th of BTC's all time high.
This was why the floor price was set to $0.20 when we started the peg (BTC had peaked to nearly $20,000 in the last bull run)

And now that BTC is making new all time highs, the floor price of the peg will continue to push the floor price to 100,000th of the ATH.

So if Bitcoin hits 100,000 dollars a coin, then the new floor price for BitBay's liquid supply will be $1.00

This is going to be fun to watch unfold!!

   

That's awesome! Good to hear 

Dev's made a lot of progress this weekend! Getting very close now!

Those points sound ground breaking.
The guaranteed withdrawal and only projects with real product are huge and advantages for investors.