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
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Good analogy 
