[PRE-ANN][BBTC] BaseBTC | An Open Letter to All Exchanges

[BaseCrypt]

Official thread https://bitcointalk.org/index.php?topic=595787.new#new

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[CombatVolcano]

What do you have to say about your model versus that employed by StandardCoin?

[varunsin]

looks interesting, will keep an eye on this

[BaseCrypt]

What do you have to say about your model versus that employed by StandardCoin?

Good question, we believe that thrid party exchanges are a nescessity as liquidity and rates can faked otherwise. We will aim to diversify across exchanges, and we will also contact exchanges (in open letter) asking for potential automated systems that are not dependant on us, giving the control to a trusted exchange like VOS instead of us. Essentially a bot will automate everything, this is very important for FIAT based coins in order to gain trust.
Having a single exchange means that the developers need to satisfy volume in terms of liquidity, that's it, they can fake the rest of the data.

Another thing is that our coin has a 1% inflation rate a POS. The 1% per year will allow for 99% minimum liquidity after one year, probably even more. Our coins will also be transparently burned after the initial stage.

[swiftraitor]

Looks interesting.

[BaseCrypt]

What do you have to say about your model versus that employed by StandardCoin?

Good question, we believe that thrid party exchanges are a nescessity as liquidity and rates can faked otherwise. We will aim to diversify across exchanges, and we will also contact exchanges (in open letter) asking for potential automated systems that are not dependant on us, giving the control to a trusted exchange like VOS instead of us. Essentially a bot will automate everything, this is very important for FIAT based coins in order to gain trust.
Having a single exchange means that the developers need to satisfy volume in terms of liquidity, that's it, they can fake the rest of the data.

Another thing is that our coin has a 1% inflation rate a POS. The 1% per year will allow for 99% minimum liquidity after one year, probably even more. Our coins will also be transparently burned after the initial stage.

We also have a much better abreviation!

[Philll90]

Interesting. I'll watch this.

But I can't follow Stage 2. How can the buy orders moved up?

Stage 1.
For better calculating, let's say your sell price for 1 BASE = 1 BTC
Then you sell all 21million BASE and get 21million BTC.

Stage 2.
You put up a buy wall of 21million BASE (rate: 1 BASE = 1 BTC)
With the inflation of 1% per year the total number of BASE will rise to 21.21million BASE after year one.
So you have to decrease your buy orders to 1 BASE = 0.99 BTC to ensure that BASE is 100% backed with BTC.

I don't get it, how the buy orders can move up. Or maybe I missunderstood the whole thing.
Hope you can help

[BaseCrypt]

Interesting. I'll watch this.

But I can't follow Stage 2. How can the buy orders moved up?

Stage 1.
For better calculating, let's say your sell price for 1 BASE = 1 BTC
Then you sell all 21million BASE and get 21million BTC.

Stage 2.
You put up a buy wall of 21million BASE (rate: 1 BASE = 1 BTC)
With the inflation of 1% per year the total number of BASE will rise to 21.21million BASE after year one.
So you have to decrease your buy orders to 1 BASE = 0.99 BTC to ensure that BASE is 100% backed with BTC.

I don't get it, how the buy orders can move up. Or maybe I missunderstood the whole thing.
Hope you can help

Sure, that is a very good question!

Essentially what happens is that the overall supply does increase, but for everyone, which means those who buy early (first two weeks) are still alway guaranteed the same price (well, 99.9% if everyone suddenly sold at once), the sell order gets removed after these two weeks, which is when you aren't guaranteed your investment back. So even then, the person will now have more coins to sell after that year.

It's also important to note that this would only apply if everyone suddenly wanted to sell and if demand was 0, which is not a realistic scenario by any means. After the 1 year period, once can assume that at least 1% of the coins won't be liquidated at any point, due to them being forgotten or kept in cold storage and the like.

Edit: Buy orders move up because we have now removed our sell order, which means that people now have to one up each other just like any other crypto, the value is essentially 1btc+demand. BY us not selling supply is limited more than before, driving up investors demand, limiting supply, raising e xpectations and getting more demand as a consequence.

[BaseCrypt]

Interesting. I'll watch this.

But I can't follow Stage 2. How can the buy orders moved up?

Stage 1.
For better calculating, let's say your sell price for 1 BASE = 1 BTC
Then you sell all 21million BASE and get 21million BTC.

Stage 2.
You put up a buy wall of 21million BASE (rate: 1 BASE = 1 BTC)
With the inflation of 1% per year the total number of BASE will rise to 21.21million BASE after year one.
So you have to decrease your buy orders to 1 BASE = 0.99 BTC to ensure that BASE is 100% backed with BTC.

I don't get it, how the buy orders can move up. Or maybe I missunderstood the whole thing.
Hope you can help

Sure, that is a very good question!

Essentially what happens is that the overall supply does increase, but for everyone, which means those who buy early (first two weeks) are still alway guaranteed the same price (well, 99.9% if everyone suddenly sold at once), the sell order gets removed after these two weeks, which is when you aren't guaranteed your investment back. So even then, the person will now have more coins to sell after that year.

It's also important to note that this would only apply if everyone suddenly wanted to sell and if demand was 0, which is not a realistic scenario by any means. After the 1 year period, once can assume that at least 1% of the coins won't be liquidated at any point, due to them being forgotten or kept in cold storage and the like.

Edit: Buy orders move up because we have now removed our sell order, which means that people now have to one up each other just like any other crypto, the value is essentially 1btc+demand. BY us not selling supply is limited more than before, driving up investors demand, limiting supply, raising e xpectations and getting more demand as a consequence.

We're now considering doing this for BBTC also.

[BaseCrypt]

We will add bounties for release!

[nlh]

how to get the coin??

mine? IPO? freegiveway?/

[platorin]

Yeah it definitely looks intresting!

[BaseCrypt]

how to get the coin??

mine? IPO? freegiveway?/

It's all in the concept page of the site, I will make it clearer once the coin launches.

An infinite sell order is put on the exchange, this means anyone can buy the coin, any amount, at 1btc per coin, after 2 weeks nobody can buyy it anymore, but you can always at least sell it for 1btc per coin (what you bnought) it at. The price however can go up after we stop selling as buy walls are now free to form.

We will always be transparent and state where every single one of our coins is, you can also always check the exchange data to see where coins ar e, meaning that there is a lot more transparency.

No internal exchanges, no IPO and no giveaways, those would all cause instability and a lack of liquidity.

[BaseCrypt]

how to get the coin??

mine? IPO? freegiveway?/

It's all in the concept page of the site, I will make it clearer once the coin launches.

An infinite sell order is put on the exchange, this means anyone can buy the coin, any amount, at 1btc per coin, after 2 weeks nobody can buyy it anymore, but you can always at least sell it for 1btc per coin (what you bnought) it at. The price however can go up after we stop selling as buy walls are now free to form.

We will always be transparent and state where every single one of our coins is, you can also always check the exchange data to see where coins ar e, meaning that there is a lot more transparency.

No internal exchanges, no IPO and no giveaways, those would all cause instability and a lack of liquidity.

Hey guys, this may be delayed a bit as we want to get an exchange on board that takes all account controls away from us, and follows a public set of instructions.

[Momimaus]

I don´t get it.

Please post some simple examples.

What happens when BTC drops or increases? What happens when BBTC drops or increases?

[jdun]

I'm confused how you get people to remove their sell orders. For example, if I have 1000 coins that I want to sell for x, are you going to somehow inhibit my ability to sell them, and only allow me to buy instead?

[BaseCrypt]

I'm confused how you get people to remove their sell orders. For example, if I have 1000 coins that I want to sell for x, are you going to somehow inhibit my ability to sell them, and only allow me to buy instead?

Any sell and buy orders we talk about are our own ones, the sell orders we have set the minimum price (anyone who buy higher or sells lower would make a loss.
Remember, the coin is premined meaning that we control the supply.

[BaseCrypt]

I don´t get it.

Please post some simple examples.

What happens when BTC drops or increases? What happens when BBTC drops or increases?

We essentially piggyback of their value, in the first weeks the coin will be worth 1btc, after we stop selling our coins the prices can go up. If BTC goes down in dollar value, so does the coin.

[BaseCrypt]

We realised that putting trust in an anomynous organisation is not the way to go, we have now created an open letter that describes a plan to make the distribution exchange based only, taking control out of the anomynous party, and creating complete independance in the liong term. Let's do this!

https://docs.google.com/document/d/18LGjAnhv3T-Ijl_gWKXme4NMXz5O8B8NqJuWZir0Fo0/edit