BitBay |Decentralized Marketplace|Smart Contracts|IoT Tech|Markets Open

[toknormal]

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 ?

[fulcare]

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 ?

I don't think you understand the technology and I think you are embarrassing yourself by continuing to not understand it.

[Overed]

BitBay is winner 

[toknormal]

I don't think you understand the technology and I think you are embarrassing yourself by continuing to not understand it.

Indeed.

I'm obviously too thick to see it. Comforting to know I've invested in something who's viability is so blindingly obvious - wake me up when we're a dollar 

[unusualfacts30]

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.

[Munti]

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 ?

I don't think you understand the technology and I think you are embarrassing yourself by continuing to not understand it.

He might have come on like a fudder in the beginning, but lately toknormal has been asking some very valid questions.

toknormal: I was in the dotcom wave. Most entrepreneurs tried to use the internet to solve old tasks in a new way. Very few were able to imagine totally knew things. The success of facebook, or google's businessmodel were beyond imagination. I believe the same thing will happen with crypto. I also believe smart contracts will be an important part of it. So, basically I believe the answer to your question is no one knows yet. We do however know that BAY is a very modern coin with a lot of features and a very respected dev. That should be a very good startingpoint for those of us that are able to look beyond the known.

[xizmax]

I don't think you understand the technology and I think you are embarrassing yourself by continuing to not understand it.

Indeed.

I'm obviously too thick to see it. Comforting to know I've invested in something who's viability is so blindingly obvious - wake me up when we're a dollar 

Well I'd hazard a guess, an advantage for eBay/Alibaba would be in freeing up resources currently commited to solving complaints/fraud. At least to some extent, thereby raising trust in their operations to a greater level.

Truth be told they can copy the tech used in Bitbay, however sometimes its just easier to buy out or partner with existing established tech (which Bitbay aspires to be), especially when you got access to capital as much as eBay/Alibaba have.

[silvapaso85]

BitBay is winner 

Of course there is no doubt Most interesting coin created in November!

[GStealthCoin]

... 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.

In 2013, EBay generated $7bn in net revenue (i.e. fees from selling). The total gross value of goods sold was $77bn (from 550m listings).

These simple (and easy to check) facts shows you can't really be trusted.

[CryptoClub]

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 ?

I know a lot about Ebay and international markets. The disadvantage Paypal and Ebay have is they only serve a small fraction of the world. Their system is based too much on credit and is filled with scams, especially internationally. I have done tens of thousands of international sales, and seen every scam you can imagine used against us via Paypal, and that is from the "safe" countries. Something like a trustless smart contract system, like Bitbay appears to be offering, in theory could do what Ebay and Paypal can't. Sell to the entire world without risk, rather than 20% of the world with high risk. That is an appealing possibility for online international merchants. Not to mention without the combined 15%+ cut they (Ebay+Paypal) take, which is extreme enough to eat up most all the profits.

[Piston Honda]

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 ?

I know a lot about Ebay and international markets. The disadvantage Paypal and Ebay have is they only serve a small fraction of the world. Their system is based too much on credit and is filled with scams, especially internationally. I have done tens of thousands of international sales, and seen every scam you can imagine used against us via Paypal, and that is from the "safe" countries. Something like a trustless smart contract system, like Bitbay appears to be offering, in theory could do what Ebay and Paypal can't. Sell to the entire world without risk, rather than 20% of the world with high risk. That is an appealing possibility for online international merchants. Not to mention without the combined 15%+ cut they (Ebay+Paypal) take, which is extreme enough to eat up most all the profits.

Thanks for the info - see, this is what I like to see.  Folks with REAL world experience applying a coin like bitbay as a REAL world example. 

Not just people talking out of their ass.

[toknormal]

Looks like I've finally opened the tap of some useful contributions.

Thanks for the responses.

eBay has an operating income of over $3 billion dollars..

In 2013, EBay generated $7bn in net revenue (i.e. fees from selling). The total gross value of goods sold was $77bn (from 550m listings).

These simple (and easy to check) facts shows you can't really be trusted.

[GStealthCoin]

eBay has an operating income of over $3 billion dollars..

In 2013, EBay generated $7bn in net revenue (i.e. fees from selling). The total gross value of goods sold was $77bn (from 550m listings).

These simple (and easy to check) facts shows you can't really be trusted.

Wikipedia is a terrible source for this type of information. I checked the notes in the annual report.

[torshammer]

that's so strange. i just checked the numbers i pulled out of my ass and they don't match at all.

[toknormal]

Wikipedia is a terrible source for this type of information. I checked the notes in the annual report.

[Gizfreak]

Whether it's $3 or 7 billion, it's still an awful lot of money to me and if BitBay would only make 1% of that amount it would be gigantic to me.
Plus I expect that the overhead costs will be way lower with BitBay.

[fulcare]

Permission to say to the Moon?

[issie81]

Whether it's $3 or 7 billion, it's still an awful lot of money to me and if BitBay would only make 1% of that amount it would be gigantic to me.
Plus I expect that the overhead costs will be way lower with BitBay.

+ Yup....this messed up thing is there is no real alternative for ebay for doing International business (alibaba is close but not quite the same)
i was trading my miners on Ebay i sold more then $ 10.000,00 of miners ended up paying more then $ 1.000,00 for just fees how sick is this? combine this with alot of fraud with Paypal/Ebay, the first party who introduces fair trading and also minimal fees has the potential for succeding in revenue 10 folds what Ebay does now. Ebay also damages international and fair trading, so with Bitbay we can repair the confidence and have more revenue..

[nextgencoin]

Whether it's $3 or 7 billion, it's still an awful lot of money to me and if BitBay would only make 1% of that amount it would be gigantic to me.
Plus I expect that the overhead costs will be way lower with BitBay.

+ Yup....this messed up thing is there is no real alternative for ebay for doing International business (alibaba is close but not quite the same)
i was trading my miners on Ebay i sold more then $ 10.000,00 of miners ended up paying more then $ 1.000,00 for just fees how sick is this? combine this with alot of fraud with Paypal/Ebay, the first party who introduces fair trading and also minimal fees has the potential for succeding in revenue 10 folds what Ebay does now. Ebay also damages international and fair trading, so with Bitbay we can repair the confidence and have more revenue..

I will never sell this coin.

[smallbay]

I've been toying around with the idea of using bitbay smart contracts in a darkweb store. I might have something soon after the contracts are released.