Alt coins worth buying

Excellent post on BitBay (BAY)

Quote from: toknormal on July 28, 2017, 01:16:11 AM

BAY looking superb @ 860 sats.

2017 revaluation consolidating into a hard packed level more than 8 times its speculative trading price over the last 2 years.

The power of a super-dedicated, trustless escrow-based trading facility who's sole objective is to facilitate goods exchanges of any kind, anywhere, anytime with greater reliability than eBay and 1% of the cost will be huge.

One of the reasons I like this asset is because its monetary model is so complimentary to its functional model. In particular:

• it has its own blockchain which means that the monetary base genuinely derives its value from the trading and is not airgapped*. Therefore it's worth investing in, unlike Ethereum tokens

• the monetary model (rolling peg) compliments the commercial model by presenting traders with a stable exchange rate while the goods exchange takes place

• goods trading is inherently integrated with the monetary base in a way that securities trading isn't. For example, in times of old, barter took place in the shadow of some notional value denomination so that traders could determine if they were being over or under sold. (e.g. if they knew the price of a fur in gold and also knew the price of an acre of land, they could barter the fur for the land but still use a notional monetary value to facilitate price discovery: Nº of furs for acres of land).

That is Bitbay's market: goods bartering with a price discovery mechanism. The rolling peg is the genius ingredient because it decouples the conflicting priorities of a stable denomination for the goods exchange and a volatile risk asset that enables non-trading participants to support the value of the denominating currency by investing in it directly.

* Why can't this be done simply with a token on the Ethereum blockchain ?

• because if you're riding the back of a whale and that whale sinks, you sink with it. You therefore can't use an Ethereum token as a monetary base for an escrow-based goods trading platform because of exposure to 3rd markets and consequent loss of price discovery. As an example, look at Populous: its fundamentals have only improved in the last two weeks, yet its price vs BTC or USD has almost halved simply because of its exposure to its monetary base

• because Ether tokens are airgapped from the mining process. Cryptocurrency (as a monetary base) only works because there is a feedback mechanism from the monetary/commercial function to the mining hashpower. If goods trades take place on the BAY platform, hashpower pressure will build under the market peg. That will force the peg to roll at some imminent point. That in turn will encourage more goods trades as people's property is seen to increase in value. That in turn encourages mining. (e.g BAY will rise to 'most profitable' on coinwarz.com as the market pre-empts the peg movement)

• because mined currencies are genuinely decentralised and therefore far off the horizon of regulatory surveillance. (It's much easier to regulate a legal entity that creates 100 million tokens out of the blue and holds them as a corporate asset than it is to justify regulating a decentralised, mined blockchain). Bitbay blockchain is therefore consistent with its commercial function

In other words: Bay is looking bootiful, both monetarily and functionally. The more time goes on, the more it is emerging as having carved out a perfect balance between goods markets, an associated monetary base and a genuinely competitive digital asset in decentralised worldwide trading market.

I honestly believe BAY has potential to be a top 10 coin. It is extremely versatile and multifaceted. The amount of real world use cases for it are endless. It has one of the most extensive lists of useful features in all of crypto. Unbreakable smart contracts, decentralized marketplace, rolling peg, etc. You can already download and use the client to use the marketplace or buy/sell coins like a localbitcoins except with barely any fees. BAY is also a POS coin so you can earn interest on BAY just by staking it. You can also earn a free 100 BAY just by installing the client and completing a practice transaction.

Almost any altcoin is a good buy right now, but if anybody is actually serious about crypto and wants a solid long term hold, than you need to take a good look at BitBay. After the game changing rolling peg is implemented later this year, who knows how high the limit is for BAY