Which I did not, but that besides the point, as you are pushing that 3000 BTC ICO very-very hard, but the important we are back to topic here even if were off-topic there :-)))

Who are the BitBay guys?

How the money will be spent?

I assume you never invested in a real world business in your life. Have you heard about angel investment, which kind of what we do here by funding projects? Show me an angel investor that would give you a cent if you say, sorry, I don't tell you how I spend the money, I want to keep that info "pretty close to the vest". That investor just don't exists.

As you know very well, no one was asking from the BitBay team detailed expenditure schedule. The issue is, the BitBay team has not provided investors with even a very high level, let say 300BTC breakdown spending schedule, never mind 100 BTC, which would be very reasonable as 100 BTC is 40k today. Have you ever seen a business plan where the raised fund is $ 1.2 million and they would say sorry, talking about figures like 40k is too much detail for us? Of course not.

But of course, since you aren't interested who are these guys, why you would be interested in how the 3000 BTC will be spent.

Very well done you called Ebay, good man. Did you called the BitBay team as well? What's their phone number? Who they are? Since you worried about Ebay expenditures I thought you would be worry about BitBay's identity in the first place.

Since my posts are deleted on that official thread, and no point to post there for me :-)) here is a part of a posts from @digicidal user that indicates how people supposed to make money:

"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! "

Really? So we are trying to build a new market and digital currency ecosystem, get average Joes into crypto, trying to make digital currencies popular or are we doing a P&D? Isn't a the altcoin market in a very bad shape because such P&D mentality is the standard? Are we talking about taking on Ebay, but the mater plan is to ride the P&D and left the many naive, wannabe rich investors with financial loss?

Based on what I heard from them about how they will take on Ebay, I think exactly that's what they will do :-)))

You are absolutely right, but how can we have a rational conversation about expenditures if the BitBay team refuse to discuss the expenditures? I am sorry to use these strong words, but scammers raise fund like that: give me your money but not telling who we are and what we do with the money, because we have a young chess master (David), you know him, he work for us, and that should be enough to take on Ebay, it doesn't matter who we are. Is that a joke? Haven't we heard many times such explanations from scammers who contracted good developers and pulled out a scam?

I fully agree with @Crypto King and @unusualfacts30.

I respect very much David, that young clever man has created a wonderful solution. However, Dave is not running the show there, he is just the face of the operation, the money goes to someone else. The attitude of BitBay team that refuses to answer legit question that request transparency is completely unacceptable.

It is about our market. We built this market and we need to protect this market from scams. The scammers, ICO, IPO, ITO and other frauds had their good run, enough is enough. These scammers would press the last cent out from investors and finally the altcoin market disappears, and our current investment will be gone then. So it's not about that I don't like Dave as some said in that moderated thread, I just don't like the secrecy and lack of transparency of those who uses Dave in their ICO.

I see. So because I look jealous and frustrated then the legit and valid questions of

1) Who they are, who will get the 3000 BTC

2) How the 3000 BTC will be redistributed

are "useless".

I fully understand people invested already in BitBay, there is people hard earned cash involved already, however there are many of us who hasn't decided yet, and I thought it is useful to submit that questions. BitBay Team's attitude is: we are not telling you who we are and what we do with the money, and that sounds me not quite right.

I am sorry for disappointing you, but in a market where 95% of the coins is scam and causes financial losses to investors, we must ask these questions. 

That was my latest post that was deleted by the BitBay team at the official thread.

Doesn't it make sense?

Open source, so it need license.

David says that the software is ready, but they need money, 3000 BTC to finance a large software development, as the Bit Bay team said above.

This is a peer to peer technology (which by definition requires zero investment from the project team as you run the software) but they need money, 3000 BTC to build a large IT infrastructure.

Everything makes perfect sense, doesn't it.

No I haven't. You listed the "forum" as an expense yourself, - which is quite amazing and says a lot about your ambitious plan that you quote such expense in the context of a 3000 BTC operation, but in the mean time you refuse to provide a detailed expenditure plan -, and then I pointed out the cost of that forum infrastructure.



Well, I can see a flaw in that business plan ... if you are unable to provide a satisfactory answer about your identity, you refuse to tell who you are, i.e. you fail to handle a very trivial aspect of fund raising, additionally, if you are unable to outline here a very simple business plan of how the 3000 BTC will be spent, why do you need that money, then you obviously don't know how to build a business. As it appears, you might very good at collecting money from investors, but you certainly don't know how to manage a business, and therefore you have no chance to take on Ebay ... it just can't happen with this mentality and approach ... consequently that means, the investors will be left behind with financial losses ... except the few who close to you and will dump the thing in the right time.

Very confusing ... you claim that this is a very ambitious project with so many professionals on board from London to Taiwan, so you present a well organized operation that assumes "internal communications" already surely in place, on the other hand you say you need to allocate a budget for that. And then you quote the cost of a forum software which with a good dedicated server costs 2K per year ... in the meantime you ask 3000 BTC from investors.

"entire constellation of related functions that must work flawlessly together from the start"

And that obviously means nothing. When I see such meaningless pitch lines, it seems to me you twist very nicely tech terminologies to trick naive people, - who has no idea what you are talking about - into this 3000 BTC ICO. Why would otherwise put here such absolutely meaningless pitch to justify your 3000 BTC budget?

You still aren't telling, who are you, what is your previous BTC nick (as you said you are long term user here), do you have any associations to existing coins that failed and caused financial loss to investors?

I am sure some questions are answered in the OP, but the most important questions were certainly not. These are:

What you do with the US$ 1.2 million, who are you, what is your previous BCT nick (as you said you are a long term user), who is collecting the 3000 BTC and who will make the decisions about the distribution of funds?

Coding teams? But David says to investors, please do not be worry, I have the software already, I wrote Blackhalo, so what kind of "large scale investment" is required if your main unique selling point is that the software already exists?


Feel free to correct me if I am wrong, but I feel that you are start misleading people here. Your project is by your own definition is a peer to peer system ... therefore, by definition there is zero investment requirement for "IT infrastructure" and "user database systems".

Could you provide us with a straight forward, clear and most importantly honest answer what you do with the US$ 1.2 million please?

Also, my previous questions are unanswered: who are you, what is your previous BCT nick (as you said you are a long term user), who is collecting the 3000 BTC and who will make the decisions about the distribution of funds?

Very legitimate questions indeed. I think these type of questions serve transparency. The Bit Bay team thinks such question is FUD.

:-))))

Oh dear ... here we are ... asking who is collecting here US$ 1.2 million and who will be making decisions about that fund is FUD. Are you serious?

Therefore, prior to the money is collected, you refuse even reveal your existing forum and market identity, even you said people behind this project are long term BCT users.


As you know very well, we are not asking who is your associate in London, Taiwan, etc. and who "signed NDA" with you. We have been asking, who are you, who is collecting US$ 1.2 million and who will have the power to make decisions about the redistribution of collected money?