Holla CH,
So I started loooking at Bitbay. Have not downloaded the client wallet yet, as it doesn't seem to work with my ipad, so will do it later on the desktop. I have some questions
1) There are several projects in this space. Some focused on specific market such as Augur is on prediction markets and others such as bitbay which offer several ways to engage with the platform. I know you love bitbay, but why do you think it is better than its competitors? And aside from Bitbay what other project in this space do you like? Just adding as I look into this more but seems quite a few in this space and with quite a bit of tech dev. Sys, KMD, NXT and market specigic such as Augur. Obviously, they will not all succeed - We don't have multiple ebays. How to pick winners from this bunch, and I am sure there are more I have not looked at yet. For me the criteria includes: Strong Vision, Proven Tech, Strong Team, Branding and Buzz (first mover advantage can not be underestimated) Funding. Yes, funding is important as having deep pockets will help get you out of the gate faster, reach a critical mass quicker, and pull away from others in the field. Given that wondering CH how you think the main players in the field stack up to each other?
2) My initial understanding is bitbay solves one of the current problems preventing buyers and sellers from using coins to buy/sell X, and that is price fluctuation. Bay has a rolling peg. How does this work? How does it effect the price of the coin for people holding Bay as an investment?
3) Bay pitches itself as ebay without the fees. How does Bay make money?
4) Bay pitches itself as ebay without the scams. To buy/sell on Bay you have to put up a deposit. Over time as trust is built the size of deposit decreases, but to begin let's look at newbie seller/buyer. So if S is selling X for $100, S puts $100 in deposit. B also puts $100 deposit and sends S $100 for X. If S doesn't send X he loses deposit. If B does not complete contract or something he also loses deposit. In the example I used it is small change, but when bigger ticket $$$$ items are being sold and S has multiple items up for sale then S will have a cash flow problem because so much of S money tied up. Possible it is not feasible for S or B to use the market as too much money tied up in deposits. Is that your understanding of how it works CH or does it work differently?
Look forward to hearing your response and learning more about Bay
Hi these are GREAT questions indeed.
These are only my personal views and since I am not a high level designer or coder then these answers are not to be taken on face value you must investigate and verify them yourselves ...
OKay, so firstly I do love bitbay. However not essentially for just the reasons people may think. I also love many other of the projects you mention too. All of the REAL projects out there are certainly worth personal and individual investigation.
I don't see some of those as direct competitors to bitbay. Sys is aiming at similar things and I like that too but the approach is different. The reason I simply bought more bay was because it was 6x smaller cap at the time and I do like his approach too. However both devs are in a HANDFUL of what I would term super devs here. Investigate all the real projects here sys too he is another top top level developer.
The decentralised market places are not really the only feather in their caps. They are both expanding into many other things. The important thing to realise here is if you have a SUPER dev (komodo has one too) then they can design and code out many different things and the project is very dynamic. For example I have heard DZ (bitbay dev) say he is analysing all different approaches dpos, vb's latest ideas on scaling , hash graphs (although these are patented) all kinds of things and is deciding how next to improve bay once he has finished with the dynamic pegging.
Now just back to the double deposit escrow system just briefly because although the basic principle can be simple the applications and permutations of it are far to expansive for this thread and indeed probably my mind. Full explanation of it in depth would best come from DZ himself. However what you say could be the case if there were any rules set in stone. It is fully adaptable according the seller and buyer they can adapt the double deposit escrow settings as they like. Also combined with a reputation system you start to see that you can ask for the completion guarantee you feel is suitable. It is simply a way for it to make it very difficult if not impossible for a person to scam you and make financial gain himself. To me it is a great idea and is the only trustless way to have a decentralised market place. The design is also very interesting if you examine it as it makes use of bitmessage.
Really though it is a way to conduct trustless contracts and the applications that could be built upon the bitbay core as you can image are vast. Really vast. I believe bitbay was the first smart contract system. It is not as complex as of course ETH but the core functionality is there for so many things and sometimes simple can be very very beneficial as long as it gets the job done. Don't get me wrong even DZ says ETH is a monster bit of work.
So next the pegging - I don't mind admitting this rolling dynamic pegging system and the exact mechanisms its works upon are beyond my understanding. However stability in value is the key aim within certain parameters. It seeks I believe to smooth greatly huge fluctuations rather than bolster to a fixed price.
Even those things are not really my key reason for loving it so much. It has decentralised governance it , i mean really all the key things you need in a trustless decentralised project. But more than all this I have simply come to believe if he wants something new in the design he will make it. So that is the key thing for me with all of these. Locate developers that have a PROVEN and TESTED track record of being able to take new ideas an implement them into the design. His plans for bay are quite huge but again a lot of what he says is beyond my immediate understanding. I have been watching them beefing up the team lately too and the best part is the developer is the most responsive developer on thread I have found. You can ask him anything and he come and explains it right away.
I like bitbay a lot I like lots of these real projects it would be incorrect to say that I thought it was superior technically to some of the others only listed here due to my realisation that an average joe only has only small hope of differentiation at a deep deep technical level. I simply see you can say hey why don't we have decentralised voting and governance then he says sure and makes it happen. Even though he was busy coding other features.. He see's something new that could be beneficial like cold staking for super security- not long later bay has it.
Really though I say you must all download the actual bitbay wallet (not the qt the fully functioning bay wallet) and test it out and watch the videos how to use it. I do think there is vast room for improvement on the UI and some of it is complex for the average user but those complex features are just there for those that do need that power. I know they are improving and adapting it constantly. I am looking foward to david finishing the pegging because i know that is a huge and complex piece of work... and adding more of the exciting things he has mentioned.
To me it certainly was the best value project out there and still presents outstanding value compared to dreams and talk fantasy projects out there. Let me say if he wanted to make a dreams and talk white paper he certainly could. Ask him about anything crypto related or that any project has proposed. You will see there is nothing much out there that he can not grasp.
So anyway yeah.... don't just listen to my personal reasons for liking bitbay go and investigate it all in depth and any questions you realise are beyond my scope then david would have no issue answering you in depth. If people investigate it and think its not as good as another project then they must go for the other project. I am always looking around and still don't see any projects better value. That's just my view.
All real projects are worth investigation for sure.
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