If Bitcoin is fine trading with around 16,000,000 coins, then why does any other coin need more?
But that is what many are missing, 16 million coins means high prices which completely destroy the utility usage for micro-payments. By having a larger quantity of coins , it allows a coin to be at a much lower price and never lose the micro-payment utility. Also for Proof of Stake coins, the more coins the safer the network.  Even at less than $600 per BTC, it is unsuitable for micropayments and its transaction fee is high enough , that you are better off using another coin to keep your transfer fees low. Example: Now lets look at BTC Utility as a payment system, To send $4 it costs me almost ~25 cents, and that is with the current BTC ~$600. With LTC, I can send $4 and it cost less than 1 penny with LTC current price ~$4 per LTC, LTC price could increase 20X up to $80 per LTC and it would still be cheaper to send as LTC than BTC. Meaning BTC will not be able to hold on to a Payment System as a utility.  Kiklo is right. Also the expected use of the coin is important. Bitcoin is an awful currency if you want to buy cheap things like a cup of coffee or a stick of gum. Who wants to count zero's every time they pay? |
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Thank you for your answers, everything is clear. Please protect your business from copycats. Patent/brand protection is equally important.
I'm all in. Congrats on this project and great work from your team!
The source code is protected. Someone that tried to reverse enginer it said Davids logic was even harder to figure out than the obfuscation  We should look into brand protection though |
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I believe you need to give us all some more info in order for people to give it a try.
-Who is owner of the exchange?
-In what country is it located?
-What is the financial situation of the company? (if the exchange is owned by a company)
-Who is handling security? Any known person or company?
No offense, but to many scams in the world. I'd never transfer funds to your exchange without a lot more info than what is available on your site as of now.
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I've tried to read some of the posts, I can see that the developers are devoted to this project and are very keen on making it successful but one thing I noted here is that you guys don't talk about the marketing side of it, no matter how solid a project is if nobody is out there to use it the effort invested into it will not be rewarded. I read a post that the developer of Bitbay developed smart contract ahead of Ethereum but to me Ethereum guys get this right because they got marketing/publicity side of their project right and they become successful. I have no doubt there is a market gap for Bitbay to fill but we need to understand that marketing a product is a important as developing it if not more important.
I don't agree Etherum got it right unless you'r talking about p&d or devs getting rich. We are all working on software that is supposed to handle peoples money. That means we have to get it right first, and then market it. The damage that Eth has done to itself will be very hard to fix. Whales keeping Eth price at artificial high level after disaster only has effect amongst traders hoping to get rich. It has no relevance for adoption amongst ordinary people and businesses, and I can't see why they would use a coin with a dev team that is so reckless. That said, I totally agree marketing is just as (or more) important as developing. We even have a marketing tool built into our client, the pay to mail feature. |
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In your site you state the following:
There are a lot of people in the world who don’t have access to modern financial services, but that shouldn’t disqualify them from participating in online commerce.
For example, there are tens of millions of people living in places like the Philippines, Nicaragua or China who have Internet access but who can’t open bank accounts or get credit cards. (...)
BitBay believes that this is simply not fair. Its primary objective is to allow users to improve their lives by giving them the ability to buy and sell products online safely and securely.
So part of your plan is to give this people the ability to buy and sell products, the problem is, I couldn't find any clear explanation of your action plan.
Does this mean you will teach these people how to buy criptos (without a modern financial service)? or will you teach them about mining criptos?
Not sure if they do but what if ebay or amazon add a bitcoin payment option? what is going to be your action plan if this happens?
I'd love to read your answers before I invest in the project. Thanks guys!
BitBay is the only coin (that I know of) that isn't dependent on exchanges for people to buy it. Read this article on our site http://bitbay.market/bitbay-has-solved-the-last-mile/ and you'll see what I mean. |
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BitBay |
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quite happy with latest developments with Bay. this might be interesting that Polo delisting some coins so there might be a chance Bay to get listed on Polo. https://twitter.com/PoloniexThanks Not with the hoarding that is going on here and no buying nor selling. Poloniex are looking for volume coins not 0.5btc max a day coins. Try staying in the top 3 of bittrex for a few months and then hit the twitter and slack etc. Good luck, my couple of million hide in my image but client deleted from my computer. Maybe one day I come back and treat David to a beer for his hard work and allowing me to buy new car? I think polo will list bay when it becomes apparent no other coins can provide what bay can provide in such a efficient manner. Is there no way david of making bitbay tokens ringsig based for the entire marketplace to become private?? or is this not essential or advisable? There may be but Monero is just a fad pump. They are on cryptonote a different protocol. Plus Bitcoin is already anonymous. Accounts don't have names. If you use a dark market with an anon address but send your mailing address it just killed your anon!! Much bigger risk there. Otherwise the deal is private and there is no need to worry. Plus to be anon just exchange coins on an exchange withdraw to a new address. Or use double deposit to trade cross chain. But still, sure I want more anon functions. Maybe we can use another coins anon feature when we finish. Also I doubt an anon feature would get a price rise. We have smart contracts and decentralized markets and still no price rise. Is Dogecoin better than Bitbay?? Absolutely not. It's almost sick that this coin isn't higher with the hundreds of features we have. But that is just the way things are for now. When we finish everything the coin pegs and the supply can reflect volume. Thanks for you reply David. Yes, recognition is the only thing bay lacks really. If only we could think of a great way to get people to try out and use the bay market place. I believe we have a way to draw people to the market place. Just waiting for the new templates... |
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It's hard to pick one. It is good to be always aware of the volume, because currencies with higher volumes and higher liquidity have good chances to prevent market manipulation and can reduce losses.
That is only partly true. More often than not the coins with highest volume are heavily manipulated. Look at ETH |
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Looks like some nice accumulation on bter!
LOL, what's the price in sat now? I don't see any movement on bittrex, maybe soon. has been around 88 to 100 satoshi past couple of weeks, imho it deserves at least 5 times more price value: working decentralized market and smart contracts in python and soon a new stable release  I am new here, what's the ico price for bitbay? TY. I don't find any info in the OP. ICO price was 250-300 sat. |
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Looks like some nice accumulation on bter!
Why what sort of volume has bter been getting for bay? I have not seen any on bittrex and that is the exchange I thought would have had the volume if any. The new stable release is already out. We haven't made a fuzz about it because there are no new features in this one. But it did fix the last minor bugs. The next one will add new templates. That's gonna be a big one |
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It just occurred to me that we need a definition of smart contracts to be able to answer OP's question.
Is there any definition that is commonly accepted?
If not, how do you guys define smart contract?
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Bitbay? I remember this scam, related to blackcoin. Fake promises, fake pump and dump, bagholders have this coin, how can it be compared with syscoin? Sys is solid one.
Promises are kept. A lot of development in BitBay. There never was a pump, and the dump was very real  But starting to recover now. You should work on your fudding a little |
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BitBay quietly getting things done before huge xmas release but people still buying syscoin and not Bay? I hold both but think advertising plays a huge part in this I think?
Theres a bunch of upcoming releases right around the corner for Syscoin so I'm guessing there is some accumulation in anticipation of those... Bay seems to be going well I'd like to see commit logs to judge what works being done as I don't really have time for multiple slacks but I trust David's doing his thing and it will bump bay up for sure at the time. Bay is already starting to move. What are you adding in the upcoming releases sidhujag? |
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Yes, they're doomed. I've said it even before the hard fork, and I am surprised ETH still has value left.
It turned out nobody (except for the guy they call "the Attacker") understood the contract, and apparently people invested hundreds of millions of dollars in something they didn't understand.
On top of that, it turned out ETH isn't decentralized at all, and the code is not law as it should be.
To summarize: smart contracts are too complicated for users and you can't rely on them anyway! That makes them completely useless. And they were useless already, as there was not a single application for it in the first place! All there was, was "future-talk" like: "you can use it to rent a car", which completely ignores the fact that the contract with a car is not the problem, it's all the manual checks that are required.
I agree with everything you said, except smart contracts being useless. BitBay and other coins are successfully using smart contracts. There is no way you can exploit or break BitBays smart contracts. It's been out there for approx. 18 months now, and is thoroughly tested. |
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I haven't seen any new alts worth investing in recent times. Is there any upcoming real world purpose, anti-bob coins coming out soon or should I just dump my btc profits to get fiat? What do you guys think?
Why do you want a new (and possibly scam) coin? Why not go for an established coin with a proven track record for development that is undervalued? BitBay can be used today and has exiting features coming. And it is definitively anti-bob. If you where in crypto two years ago, you probably know why. |
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This is a no-brainer. Stay away from Bter
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Bitbay 100% - end of year will have a rolling peg system which is what banks use! Its a game changer and the best investment of 2016. Not to mention the only true decentralised marketplace
This is an exchange website right or is it an altcoin. Darn, sometimes people here are so deep with their words. I will just google that rolling peg thing. It is both actually, but funsponge was talking about the coin I believe. I doubt you will find much about rolling peg by googling it. It has never existed before. Funspunge is wrong about this being used by the banks. The trouble with traditional pegs, or hard pegs, is that they tend to break. The last big one was the swiss franc. And when they break it can do quite a lot of damage. A lot of countries have therefore started to use a more flexible "peg". This is what BitBay is doing too. Only BitBay is able to do it much more efficiently than countries because it can change the money supply instantly whereas countries must do it over months and years. BitBay's peg also gives gives a new advantage called "user value protection" (UVP). I'm not going to derail this thread by getting into all the details, but if you go to BitBay thread you can ask for the specifics there https://bitcointalk.org/index.php?topic=890531.2860 |
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Is bitbay growing in users yet? Last time I checked it was small project?
It's growing slowly. But more important we are getting the right users. If you look at our thread you will see senior and hero members are over represented. People with experience, contacts, and often also money. They know it takes time to develop something unique. When BitBay is ready to roll out the big guns, we have exactly the userbase we need to take it to the next level. |
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Our two party smart contract signs, dates, and executes actions on both sides. If that is not a smart contract, then I don't know what is.
Ah, sorry, I misunderstood. I thought you were talking about a private block chain with just one single smart contract between two parties, mined by the sole two parties. You are piggybacking on an existing block chain to get the immutability. Then you're right of course, as long as the contract value is way way below the chain value, there's no risk of hard fork. Not piggybacking. BitBay has it's own blockchain. But we are getting sidetracked here. Back to topic: Does anyone in here believe it's possible to have global Eth style contracts that are immune to what we have seen happen with DAO? If so, how? |
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