As demand rises...
I had to surgically extract this short little phrase out of your commentary being that for me it represents the elephant in the room right there.
I can see how the supply can be managed ok. It's the "as demand rises..." bit that seems to trip off everybody's a bit too easily. Where is that demand going to come from ? eBay has an operating income of over $3 billion dollars. Taking market share off them will be like pulling teeth because the nature of auction markets is such that the bigger the audience for your auction, the higher the price you can sell your stuff at.
Where's the "demand" half of the price equation going to come from for Bitbay markets ? How will people be encouraged to adopt ? I can only see 2 answers but I'm absolutely open to other suggestions if I've missed them:
[1] - create new markets which exclusively use Bitbay
[2] - get existing ones (like eBay & Alibaba) to adopt your coin as a currency and sell the idea that they can extend their platform feature set based on the coin's bockchain
In either case the offering must swing on features that users can't get elsewhere. What would those features be and what prevents a counterparty with huge infrastructure like eBay from implementing them ?
The basic appeal of a cryptocurrency is twofold:
- you ditch the counterparty (banks)
- you get your hands on unlevered base money (which you don't do with fiat money)
I can see one area where that appeal translates to bitbay - in attracting users who don't have access to bank accounts and therefore can't get registered on eBay. That's one clear, well delineated group of potential adopters. What are the others ?
Sellers go to Bitbay marketplace.
Buyers follow them.
No middleman (bank or paypal)
very simple.
Question should be. Why shouldn't they go to Bitbay marketplace?
As a past Ebay seller I refuse to use Ebay (in fact I can't remember last time I used it). Paypal holds your fund till buyer gets the shipment. You can't sell anything digital (like altcoins) on Ebay without risk. Buyer can file a claim and he'll get his money back + altcoins.
Main issue isn't that Ebay is huge...issue is that there is no competitor that's safer than Ebay until BITBAY shows up which is safer + it removes the middleman(paypal & credit card companies) No need to risk your bank account info just to purchase pair of heaphones from unknown seller. There are few vendors on Ebay who are big and trustworthy...you get them on Bitbay marketplace and you have all the attention..literally all buyers would start using it once they see that their FAVORITE seller is using different auction site. It's very straight forward idea if you have the money and connection all in right places.
In fact the only reason Paypal is in business is because it gives illusion of security (just type your username & password no need to share your bank account info). It refuses to tell you that they'll literally start taking money out of your bank account if their fees aren't paid. Not to mention everything is listed in t&c so you'll never win a case against them if you feel like you're being treated unfairly. Very ridiculous policy that grabs you by the balls until you get an email that says "your account has been changed to limited because you haven't added credit card to your account"
Lists of issue I've had with Paypal is ongoing and there are lot of people who're stuck to craiglist because they don't want to go through the headache.
Why are they stuck to craiglist? because no one wants to deal with middleman. It creates more complication during a transaction.
Anyways, My main point is that Bitbay has lot of potential if everything works out at the end. I don't see any reason why someone would prefer to use middleman when buying/selling.
Show Posts
