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

[qawzsx]

Correct me if I am wrong because I have been thinking about this the past few days.  Before Nubits launched, they requested some large investors specifically for 'parking' and that is how they were able to achieve a non volatile price from the onset.  Bit bay is doing the ssame thing but the 'parking' is going to come from the people who bought in at the ICO (and/or whoever has sufficiently participated in the subsequent trading period in the next few months).  It's essentially the same process but the 'large investors' are more spread out here.

Is that close to correct?

If so, then the hedging to a dollar or some other price is really just a matter of coding if I understand correctly - along with a properly placed marketplace.  The hedging is required to create a non volatile Bay (the currency) by which goods can be purchased with confidence. I'm just ruminating in this second paragraph and if this is the case then I think that there is reason to take this project seriously from an investor perspective since it seems like all of this is geared to provide a forum for vendors to begin seriously selling within the marketplace and that is where we will see adoption and increased money flow.

If I am not too far off the mark...it seems brilliant and almost as if real world application decided that the crypto tech was sufficiently advanced to take advantage of for a very real business venture.

You sir are 100% correct. YOU are the backers. Once volume increases money circulates and you profit. The speed of the money determines the speed you cash out. But you have to be careful to not sell too low. If you do, someone will IMMEDIATELY buy your coins and sell into the wall at BTER!

I think this is different from NuBits, in this case we control circulation speed. Parking is not optional. Its mandatory. Its all based on math.

So if you have 1000 dollars in liquidity and the speed of the circle is 5% a month, next month you may have 950 dollars in liquid and 50 off market. You were not given the choice it just happened naturally. Think of it like being forced to invest by the network.

That speed is controlled. So we will all profit but as a company. We need to grow our company in size to increase the speed of the wheel!!

If too many sell, the wheel stops and waits for buyers to force a market correction because the backers need to make arbitrage in order to return their investment of the buy wall. We will set that wall and use statistics from BTER to calculate the rate of the wheel.

When is this parking stuff going to take place?

[esuncloud]

Regarding how the developers get the ICO fund, I would suggest a weekly payment based on the quality of update and github submission.
Meanwhile, if the release of the BitBay wallet is nothing but a simple clone of Blackcoin and BlackHalo, I don't think it could worth more than 10 BTC.
Of course, more BTC could be reimburshed for reasonable advertising cost, etc.
To make it simple, no work no pay. If the team runs away, the rest of the fund could be returned to the investors or used to hire another team.
If all the fund is given to this team who just produces a simple clone of Blackcoin and BlackHalo, I believe the team might have a strong motivation to take the money and run away. It is not difficult to produce a clone of Blackcoin and BlackHalo (which just worth 10 BTC), but it is really difficult to finish the rest of the roadmap (2990 BTC work).

Blackcoin? How is that relevant?

Please read the coin spec, which is very similar to BlackCoin, POS 2.0, etc. The only difference is blocktime and total cap.
The smart contract stuff is based on BlackHalo, and I know David in this team is the developer of BlackHalo, but this are still some works already done.

[dzimbeck]

After markets and markets are going to be done the end of the year. How do I know? Because I was the only coder and there is already lots of things hard coded in to make it happen. BUT there is going to be a lot more after release. Fine tuning the trust system, calculating risk, adding more features. It never ends. This is the Half-Life 2 of software. Except you play as we build. So lets say 3-4 months.


Another guy asked about BlackHalo. And if you guys have been following this thread. I'm the biggest BC bull out there. BC gets the markets first actually. They get their own exchange NightTrader. Then i have another special idea in store. But going to avoid discussing it until all this work is done. So lots of excisting things in store.

[cryptohunter]

Regarding how the developers get the ICO fund, I would suggest a weekly payment based on the quality of update and github submission.
Meanwhile, if the release of the BitBay wallet is nothing but a simple clone of Blackcoin and BlackHalo, I don't think it could worth more than 10 BTC.
Of course, more BTC could be reimburshed for reasonable advertising cost, etc.
To make it simple, no work no pay. If the team runs away, the rest of the fund could be returned to the investors or used to hire another team.
If all the fund is given to this team who just produces a simple clone of Blackcoin and BlackHalo, I believe the team might have a strong motivation to take the money and run away. It is not difficult to produce a clone of Blackcoin and BlackHalo (which just worth 10 BTC), but it is really difficult to finish the rest of the roadmap (2990 BTC work).

Not difficult hey?! You go ahead and write BitHalo from scratch. When you finish you will know that the price for its is easily 100 BTC. That software is mind numbingly complicated.

10 BTC is nothing. Thats not even enough to pay for a month of bills in the US. Lol it took me 4 months of coding just to release my beta. And then we worked our ass off for 4 months marketing flying all over the planet and you think its 10 BTC?

If you think its so easy, go write a Halo clone and do all the legwork to grow it for a year and sell it for 10BTC.

Whilst i agree your work is worth easily 100BTC+, you have to remember that you are not selling, you are allowing them to use it right? I like BC and hope that you will get a large chunk of btc for letting them use it. The more BTC feeding back to black coin is good.

HOWEVER his point is kind of valid regarding slowly releasing funds in chunks for work produced or at the very least a ledger showing what the funds are required for. These ito ico if run properly can produce the results they want whilst giving the investors some kind of assurances.

10 Btc is far too small but 100 BTC per week is getting rather more reasonable. If a large chunk of work was produced up to 250BTC per week could be released. I mean the ledger should be able to show where the funds are being used. I don't think that is too unreasonable.

[zemerovka]

Beautiful essay; I'm no economist so I can't begin to write a critique. Hope it works.  There's a bunch of teenagers out there who want new xBoxes, etc. Those are ones who've killed every other coin with promise.  Let's see what happens.

Guys I am excited as you are but....1$ a coin? Really?

Do you realize how flawed that is? That would mean everyone who bought a few BTC worth would be millionaires. Logistics fail?

Anyway, great innovative platform...but let's stop floating in the clouds and stay grounded here.

It IS possible. I can prove it in a video which I will show this on a whiteboard and we will make many videos professionally describing the economic theory.

We will fork and immediately freeze assets. However the funds available will be a small fraction of the frozen supply. Think of how ripple has 99% off the market. Well we will be similar. Except the "market" will be all of YOU. Mathematically, if there is only 1 million coins on market and a 2 million dollar buy wall at .95 cents. If everyone sells into the wall they give all the money to the people at the wall. Now any volume has to be higher. This forces arbitrage!! Now the people at the buy wall profit instantly because they suck up all the volume at .97 cents!!! Now you may ask, if your funds are frozen what is the USE??

First of all the use is, as the market grows so does volume so we allow faster circulation. People from the frozen side move to the liquidity side. People from the liquid side move to the frozen side. This happens very slowly. We have the option to decrease or increase this speed. Much like a wheel.

Therefore, its almost the way the US Government controls price. They use money sink holes to suck money out and then allow money to circulate.


They have the ability to depress or inject. Here instead of faking it like most govs do, we do it by freezing and unfreezing or like NuBits calls it, parking. However, in this case we ALL FORM THAT BODY. So this is very similar to decentralized governance? Dont believe me? Do the math. Take 10 dollars but remove nine. Place a buy wall at one and a sell wall at two. Make the supply one dollar. If the full supply sells, the buy wall at one profits because any new volume must now buy at the higher price. The arbitrage allows people to pull pure profit. If they see losses, the circulation stops and nobody new gets in to sell. If the volume increases the circulation increases and economy has been stimulated.


ADD THIS TO THE FACT that there is a market!! This market encourages spending! And with spending invigorates volume which allows for faster circulations of funds.


So its like an engine of money. The only thing that it responds to is volume but not price. The higher volume the faster the wheel moves. But this can be calculated by the sell and buy walls. We know when those walls get hit, that we should be decreasing or increasing supply. We also know when the walls get hit that we need to be increasing speed for volume.

Thus, price and volume is invigorated by economy alone, the money is backed and volatility gone.

[qawzsx]

After markets and markets are going to be done the end of the year. How do I know? Because I was the only coder and there is already lots of things hard coded in to make it happen. BUT there is going to be a lot more after release. Fine tuning the trust system, calculating risk, adding more features. It never ends. This is the Half-Life 2 of software. Except you play as we build. So lets say 3-4 months.


Another guy asked about BlackHalo. And if you guys have been following this thread. I'm the biggest BC bull out there. BC gets the markets first actually. They get their own exchange NightTrader. Then i have another special idea in store. But going to avoid discussing it until all this work is done. So lots of excisting things in store.

Good, enough to shake weak hands...

[chicken65]

This is not an informative post, but I just realized (it took this long for some reason), that BitBay might make Silkroad-type darknet markets obsolete or far inferior. Could someone share thoughs on this?

Im surprised this hasn't really been elaborated on but I think thats exactly where part BitBays market lies.
It could never be brought down like the others.  

[qawzsx]

This is not an informative post, but I just realized (it took this long for some reason), that BitBay might make Silkroad-type darknet markets obsolete or far inferior. Could someone share thoughs on this?

Im surprised this hasn't really been elaborated on but I think thats exactly where part BitBays market lies.
It could never be brought down like the others.  

SilkBay )

[spookycoins]

SilkBay

 

[mrcashking]

Guys I am excited as you are but....1$ a coin? Really?

Do you realize how flawed that is? That would mean everyone who bought a few BTC worth would be millionaires. Logistics fail?

Anyway, great innovative platform...but let's stop floating in the clouds and stay grounded here.

It IS possible. I can prove it in a video which I will show this on a whiteboard and we will make many videos professionally describing the economic theory.

We will fork and immediately freeze assets. However the funds available will be a small fraction of the frozen supply. Think of how ripple has 99% off the market. Well we will be similar. Except the "market" will be all of YOU. Mathematically, if there is only 1 million coins on market and a 2 million dollar buy wall at .95 cents. If everyone sells into the wall they give all the money to the people at the wall. Now any volume has to be higher. This forces arbitrage!! Now the people at the buy wall profit instantly because they suck up all the volume at .97 cents!!! Now you may ask, if your funds are frozen what is the USE??

First of all the use is, as the market grows so does volume so we allow faster circulation. People from the frozen side move to the liquidity side. People from the liquid side move to the frozen side. This happens very slowly. We have the option to decrease or increase this speed. Much like a wheel.

Therefore, its almost the way the US Government controls price. They use money sink holes to suck money out and then allow money to circulate.


They have the ability to depress or inject. Here instead of faking it like most govs do, we do it by freezing and unfreezing or like NuBits calls it, parking. However, in this case we ALL FORM THAT BODY. So this is very similar to decentralized governance? Dont believe me? Do the math. Take 10 dollars but remove nine. Place a buy wall at one and a sell wall at two. Make the supply one dollar. If the full supply sells, the buy wall at one profits because any new volume must now buy at the higher price. The arbitrage allows people to pull pure profit. If they see losses, the circulation stops and nobody new gets in to sell. If the volume increases the circulation increases and economy has been stimulated.


ADD THIS TO THE FACT that there is a market!! This market encourages spending! And with spending invigorates volume which allows for faster circulations of funds.


So its like an engine of money. The only thing that it responds to is volume but not price. The higher volume the faster the wheel moves. But this can be calculated by the sell and buy walls. We know when those walls get hit, that we should be decreasing or increasing supply. We also know when the walls get hit that we need to be increasing speed for volume.

Thus, price and volume is invigorated by economy alone, the money is backed and volatility gone.

Can't wait to see the video. Im more of a visual learner.  lol

[Piston Honda]

Guys I am excited as you are but....1$ a coin? Really?

Do you realize how flawed that is? That would mean everyone who bought a few BTC worth would be millionaires. Logistics fail?

Anyway, great innovative platform...but let's stop floating in the clouds and stay grounded here.

It IS possible. I can prove it in a video which I will show this on a whiteboard and we will make many videos professionally describing the economic theory.

We will fork and immediately freeze assets. However the funds available will be a small fraction of the frozen supply. Think of how ripple has 99% off the market. Well we will be similar. Except the "market" will be all of YOU. Mathematically, if there is only 1 million coins on market and a 2 million dollar buy wall at .95 cents. If everyone sells into the wall they give all the money to the people at the wall. Now any volume has to be higher. This forces arbitrage!! Now the people at the buy wall profit instantly because they suck up all the volume at .97 cents!!! Now you may ask, if your funds are frozen what is the USE??

First of all the use is, as the market grows so does volume so we allow faster circulation. People from the frozen side move to the liquidity side. People from the liquid side move to the frozen side. This happens very slowly. We have the option to decrease or increase this speed. Much like a wheel.

Therefore, its almost the way the US Government controls price. They use money sink holes to suck money out and then allow money to circulate.


They have the ability to depress or inject. Here instead of faking it like most govs do, we do it by freezing and unfreezing or like NuBits calls it, parking. However, in this case we ALL FORM THAT BODY. So this is very similar to decentralized governance? Dont believe me? Do the math. Take 10 dollars but remove nine. Place a buy wall at one and a sell wall at two. Make the supply one dollar. If the full supply sells, the buy wall at one profits because any new volume must now buy at the higher price. The arbitrage allows people to pull pure profit. If they see losses, the circulation stops and nobody new gets in to sell. If the volume increases the circulation increases and economy has been stimulated.


ADD THIS TO THE FACT that there is a market!! This market encourages spending! And with spending invigorates volume which allows for faster circulations of funds.


So its like an engine of money. The only thing that it responds to is volume but not price. The higher volume the faster the wheel moves. But this can be calculated by the sell and buy walls. We know when those walls get hit, that we should be decreasing or increasing supply. We also know when the walls get hit that we need to be increasing speed for volume.

Thus, price and volume is invigorated by economy alone, the money is backed and volatility gone.

Really like what I'm reading here

[GlooBoy]

Cant wait to see where this is going.

I'm so glad I didn't touch this
Just you watch how price drops to 100 sats in 2 days

Why would anybody who bought at 250-300 sats be willing to sell at 100 sats 2-3 days later ??

Think, McFly. Think...

Thanks devs and lets get to work making a Free Marketplace.

[neo1947]

1$ a piece not realistic only day-dreamers claim that would happen,majority would be very happy to dump at 0.25$  even less,by the way l am heavily invested.happy dumping  

[dzimbeck]

Regarding how the developers get the ICO fund, I would suggest a weekly payment based on the quality of update and github submission.
Meanwhile, if the release of the BitBay wallet is nothing but a simple clone of Blackcoin and BlackHalo, I don't think it could worth more than 10 BTC.
Of course, more BTC could be reimburshed for reasonable advertising cost, etc.
To make it simple, no work no pay. If the team runs away, the rest of the fund could be returned to the investors or used to hire another team.
If all the fund is given to this team who just produces a simple clone of Blackcoin and BlackHalo, I believe the team might have a strong motivation to take the money and run away. It is not difficult to produce a clone of Blackcoin and BlackHalo (which just worth 10 BTC), but it is really difficult to finish the rest of the roadmap (2990 BTC work).

Not difficult hey?! You go ahead and write BitHalo from scratch. When you finish you will know that the price for its is easily 100 BTC. That software is mind numbingly complicated.

10 BTC is nothing. Thats not even enough to pay for a month of bills in the US. Lol it took me 4 months of coding just to release my beta. And then we worked our ass off for 4 months marketing flying all over the planet and you think its 10 BTC?

If you think its so easy, go write a Halo clone and do all the legwork to grow it for a year and sell it for 10BTC.

Whilst i agree your work is worth easily 100BTC+, you have to remember that you are not selling, you are allowing them to use it right? I like BC and hope that you will get a large chunk of btc for letting them use it. The more BTC feeding back to black coin is good.

HOWEVER his point is kind of valid regarding slowly releasing funds in chunks for work produced or at the very least a ledger showing what the funds are required for. These ito ico if run properly can produce the results they want whilst giving the investors some kind of assurances.

10 Btc is far too small but 100 BTC per week is getting rather more reasonable. If a large chunk of work was produced up to 250BTC per week could be released. I mean the ledger should be able to show where the funds are being used. I don't think that is too unreasonable.

Yeah this makes a lot of sense. To be honest, i was just a total mess total my nerves were wrecked hoping everyone would be honoring their words. But everyone was totally punctual, I'm meeting one of the members in person in a couple weeks and could not be happier with Bays performance and that of the other members. So we shall see how it plays out. We are making an operating budget and dont forget, we need that buy wall too. So its just a matter of being pragmatic. How many devs can we prepare in time, who works on what. Most likely I'm going to draw out an entire plan of how we structure the next month and what tasks to delegate.

[dzimbeck]

1$ a piece not realistic only day-dreamers claim that would happen,majority would be very happy to dump at 0.25$  even less,by the way l am heavily invested.happy dumping  

Impossible, you cant dump lower than the availabe supply vs volume. The liquidity would vanish and the frozen funds would not move until arbitrage was made off your short sell and since there is a buy wall that exceeds the total active supply, they instantly profit off your mistake.

[neo1947]

1$ a piece not realistic only day-dreamers claim that would happen,majority would be very happy to dump at 0.25$  even less,by the way l am heavily invested.happy dumping  

Impossible, you cant dump lower than the availabe supply vs volume. The liquidity would vanish and the frozen funds would not move until arbitrage was made off your short sell and since there is a buy wall that exceeds the total active supply, they instantly profit off your mistake.

pardon me friend, what wall? l m not aware of any wall,pls enlighten me thanks

[mrcashking]

1$ a piece not realistic only day-dreamers claim that would happen,majority would be very happy to dump at 0.25$  even less,by the way l am heavily invested.happy dumping  

Impossible, you cant dump lower than the availabe supply vs volume. The liquidity would vanish and the frozen funds would not move until arbitrage was made off your short sell and since there is a buy wall that exceeds the total active supply, they instantly profit off your mistake.

pardon me friend, what wall? l m not aware of any wall,pls enlighten me thanks

man read this post to understand what the devs are trying to do. It was reposted multiple times.

https://bitcointalk.org/index.php?topic=850267.msg9554029#msg9554029

[rocoro]

This is not an informative post, but I just realized (it took this long for some reason), that BitBay might make Silkroad-type darknet markets obsolete or far inferior. Could someone share thoughs on this?

Im surprised this hasn't really been elaborated on but I think thats exactly where part BitBays market lies.
It could never be brought down like the others.  

SilkBay )

With this being closed source at first,  I have my doubts as to the viability of this being a "dark market" type of entity.
Have to see the source code.

[VampiricElder]

One hour left until trading begins, im highly curious to see whats going to happen

[mrcashking]

wheres that wallet though? lol