That's true and for me David is certainly not to blame of being not transparent. No, for me it's the BitBay Team, that I only see moderating this thread and for the rest depending on their lead developer to do some PR. They should do the talking and just let the developers do their job, which is...well...developing.

Price bump, and Wally seems quiet. Anyone have any ideas?

Hi Hyun

If you go back and dig into the thread,it's pretty clear the main backers are some pretty well connected folks who intend not to be publicly identified. One can speculate why - and if you head over to the dedicated Fud thread you will find some very entertaining theories - but my guess is there are two reasons:

Non-disclosure agreements & industry relationships where being connected to a project like BitBay would not be kindly looked on

Basic common sense: in many countries, a crypto-based open bazaar type project may be a lightening rod for all kinds of unwanted attention. Ask yourself, if you were a key player in a truly decentralized online marketplace, would you want that publicized?

Anyhow, just my 2 sat on the matter.

Threecats

Hello, I see that a decentralized marketplace is next after a smart contract wallet release. Can someone give me an estimate on a time frame for that?  Also, are you guys building the marketplace from scratch? If so how much is done?

Thanks

hey guys im aware of the roadmap, maybe i shouldve written my post a little differently, what i meant was, is there a specific goal date in mind for the hedging? And after that happens what will happen with our coins? Will they be taken off the exchangess and traded in BitBay marketplace instead?

Hey David

Do you have a road-map out?

Also, I saw you posting and inviting users for a Trello for Blackcoin. Do you have one similarly set up for Bitbay? Or is it possible to work in conjunction with your Blackcoin supporters for a mutual beneficial relationship?

As usual you are a great help and if I was not so all over the place I am sure this would be sorted. I have 2 questions please Scott, when you say (on the computer) am I typing C:\Users\MyName\AppData\Roaming\BitBay into the shell? and when you say replace the wallet.dat file with my back up.dat how do I do that please bud? I found my backup.dat then I left click and I can't find option to replace  

Since I don't feel like working quite yet... thought I would add some perspective from my standpoint and why although I understand the demands for transparency - I also understand and accept that there will be none.

To me, as an investor I have everything I need to know to make a decent bet on this project:

1) Demand for concept. As should be clear from both the initial success of this ICO and the amount of money (both investment and sales-wise) into silkroad, Overstock.com, etc. the crypto-currency world is desperate for an actual broad based marketplace in which to transact real exchange of goods.  Couple that with the interest in smart-contract based systems and trustless-escrow processes and availability of anon/relative-anon transactions and you've got a 100K BTC+ idea.

2) Nature of coins themselves.  Although I understand skepticism, the reality is that even of the 'good' or 'honest' coins... the majority fail due to a lack of initial funding.  As a result of the armies of 'investors' whose only desire is manipulating fast gains in BTC/fiat, those that don't have a war-chest of funding that is not dependent on the current market price of the coin itself often die an early death.  If the project managers have only access to funds which are dependent on the current exchange rate of their coin/BTC pairing, and further on the fiat/BTC pairing for actual expenditures (hotel, travel, marketing, etc.) what started out as an adequate amount (premine, ICO, whatever) rapidly turns into barely enough to send 2 people to one conference and then having to spend their time begging for donations - donations that have to come from bagholders who, in most cases, are already in the red.

3) The risk in general. There is a general misconception surrounding an ICO of a coin (partially due to naming) that causes people to draw similarities with an IPO in the stock market.  In reality this is much more similar to your nephew wanting to start a comic book store and asking relatives for enough capital to buy a storefront, inventory, and hire 2 employees, etc.  In many cases you have to accept that the money may simply disappear, and invest accordingly... however, in exchange you can still see returns - even in disastrous cases.

Waiting is much safer, however - since the BC/'BlackHand' (and the first multipool should be included in that list as well actually) was brought up here is where I sit in that:  I mined intially from day one and held everything.  I bought another 15BTC - at the time all I had - when everyone else was dumping... I then sold off a small portion of my bag when the pump occurred (although not as much as I wish I had in hindsight... I'd have 500BTC and the same amount of BC I held at the time by now)!  My investment was sound, despite everything that went down because I invested very early.  On the other hand, if I'd waited until I saw things working and bought in at 70K sats or something like that - assuredly because I didn't want to get left behind - then I'd be holding a 85% lost in my portfolio for a very long time... possibly forever (although I will hold my remaining BC forever, because now it's free - thanks to luck/early trust).

The bottom line is this... even if this were a scam, and the BTC was simply used to pump the coin and then dump it... with that much BTC for manipulation... it's gonna be one hell of a pump... and you should be able to capitalize on it.  On the other hand, if the parties are driven by greed (which we can assume as aren't all of us?) and even if they were initially planning on running with the funds - wouldn't it make more sense to get 10K BTC rather than ~2500 BTC?  It's clear that the amount of work required to deliver at least the first phases of this project (wallet/contracts/marketplace) is relatively simple to do... it's also obvious that if there's this much demand without those things being in place - then demand will only increase (along with price) - when it rolls out!  

If you're worried, wait - if you can absorb the risk/loss for the opportunity to capitalize on this demand/hype then you undoubtedly already threw your BTC into this.  If you're not sure, then look at it exactly the same as you would a lottery ticket or slot machine... where I live people dump millions every week into 1:1,000,000 long shots and they call it 'entertainment'... you might lose everything, you might double your money, or you might see 10,000% gains... but the only way you can guarantee that you won't see profits in this world is by doing nothing at all until it's over.

Neah, I'm not playing those games anymore, I made enough BTC, going bullish for the very long term.
I'm still playing small poker-like investments on various projects with good enough potential, going 10x or nothing on those

It's a lot more fun

I believe he was stating that the $1B cap was his 'goal' not that it would become a reality in any specific timeframe... even ebay and Alibaba started out small-ish (though not as small as this is).

As far as pegging the coin to a currency that's possible without requiring $1B in actual capital however.  You can see an example with NuBits and a few others.  I believe he mentioned a fork for a hedging coin as a later possibility, but he also mentioned coin-parking as a possibility as well.  I'm not really qualified to explain probably, but I believe that simply involves a community that is enough involved in the 'business' of the coin to commit to park (make unavailable for spending - like is done with staking but for much longer timeframes) in order to severely limit the float in the market.

So if you have 1B coins in mintage, but 900M parked - the actual market is only 100M coins at any given time.  Adding in the fact that parking prevents 90% of the dumps at peaks, and allows for hard buy-sell walls to remain in place to provide liquidity with limited volatility... you can pretty much peg any coin to any value.  The trick is having enough capital for the walls, having enough cooperation from the holders, and some form of automatic arbitrage bot to assure that all active markets operate within the range.  You can always have off-market sales/buys without concern... just like you do with stocks or bonds.  In reality the biggest trick is coming up with enough incentive for those with large portfolios to keep the majority of their coins parked indefinitely, while still maintaining adequate liquidity in the market for trade to occur readily.

Hopefully David can comment on the (probably numerous) ways I've misunderstood how this works, but I think that's it in a nutshell.

No, not everyone. If you think it's worth more than $1 billion then you would hold. eBay alone has a market cap of $67 billion right now. Why wouldn't a global decentralized marketplace that can do much more than eBay can not be worth at least that much?

Don't despise me I just need to get some fiat in a couple of weeks for bills. I just bought some BTC from fiat and bought some Bitbay, whats the chances I can make a quick turnaround in a few weeks. Basically will the price move much in the next couple of weeks?