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

[digicidal]

What did I miss? The wallet seems legit, is there doubts about the market working out?

Wallet is legit, and of course there are doubts about the market working out (at least there should be).  Don't get me wrong - I'm not saying there is anything fundamentally wrong with the concept or that I don't believe that they can make it work - I totally think they can and will make it work.  Whether or not anyone is actually interested in crypto-currencies as anything other than a day-trading "game" at this point is my main doubt.  Hopefully, there are a ton of us who really want to use a coin to do something useful... but all I can really prove beyond a shadow of a doubt is that there is at least 500 scams for each 1 actual attempt at progress... even in BTC circles.

The bottom line is that it's an unproven commodity at the moment (the marketplace) - so it's perfectly normal to be unsure about it... doesn't mean that many of us aren't happily gobbling up additional coins at these lower prices (I intentionally only purchased 1/2 the BAY I ultimately wanted during the first day of the ICO... so that I would have plenty to grab cheap coins if this happened).  I think there are a ton of people, like me - who are desperate for a place to buy and sell goods without losing most of our margins on fees and fraudulent buyers/sellers.  Smart contracts + centralized marketplace = no more ebay for me.

I do think it's hilarious however how everyone seems to scream and moan about "pump and dump schemes" and coins with no purpose, innovation, or goals... but then when there actually is one with all of those things - they all get bitter and dump because they haven't seen 1000%+ gains during the first week of the coin's existence. 

You can't make anyone happy in crypto-land it seems. LOL!

I still don't get how the ywant to peg this coin to renminbi. At this price it would be loss for anybody holding bitbay coins

The coin will be pegged. There is a goal for the growth. The goal is a dollar. We will probably start at whatever price it is before the fork and forcefully grow it a certain %. Or the other option is to immediately peg to the target price. We will make the decision later with enough community feedback.

I have a question about this. What would be the advantages/disadvantages betweem these two options? Wouldnt everyone want it to go straight to a dollar straight away?

If it's pegged to $1 immediately and there is not enough volume, barely anyone will be able to sell at that price so it makes more sense to start at a smaller peg and ramp up as volume increases.

I think it's important to note for those that keep FUDing in ignorance to understand that pegging to $1 doesn't mean that there has to be a $1B market cap overnight - nor that someone with $1M is instantly a millionaire.  I mean in a manner of speaking both misconceptions are understandable - but that's because everyone thinks of their coins as a bank account.  As I understand the strategy as it will be more like an annuity or structured trust fund.  Your holdings have a 'potential' value of $1M (if you are a BAY millionaire) but you'll only be able to convert a very small amount of that to a liquid asset/coin at any given time - at least until the liquidity of the actual market catches up.  Undoubtedly there could be a secondary market for very long-term investors, so you could sell the PK's to someone... but they'd likely only be offering 5 cents on the dollar or something like that.

Kind of like all those moneytree scams advertised on TV... they'll give you cash today for your structured settlement... but you're gonna lose 80%+ what you could have received if you'd just accepted the schedule and figured out another way to "get cash now".

[altcoinUK]

The only solution to the above posts is progress. If or when promises are delivered these post will fade away. I agree $1.00 per coin is a bit much and sounds way too good to be true. Also, there has been a lot of dumping of coins bringing the price down. Where are they coming from and why would you sell for less than you paid is a great question. This is why I wanted to know if fees would be charged for use of BitBay Marketplace. I would much rather pay a small fee per transaction to support development than have all the money made up front by selling off coins. This ensures a long term payment system for developers. I feel like we are being told what we want to hear right now and this does not support a healthy community.

To be clear. I want to see BitBay successful.

No it's not a question at all, it's very clear who is selling. The organizers of this scam who bought their own coins are selling, and the rest, legit - but naive - investors are wondering who is selling. Our educated community member Barabbas explains to you who is selling and why at

https://bitcointalk.org/index.php?topic=644093.msg9659046#msg9659046

[BallOOner]

the people who never interested with bitbay
just go away
we don't need your oration

just sell your bag while you still can

[Gizfreak]

Do your own investigations and see for yourself if you trust this project.
I believe in BitBay and I laugh at people attempting to let their FUD look like sincere commitment.
Learned my lesson well in this cryptoworld after a few people were yelling scam out loud when Cointellect was launched.
Since then I made a nice buck with them and still no sign of scam whatsoever.
Most major evolutions of humanity had to deal with a lot of scepticism when someone suggested the idea.
The same applies for BitBay imo.

[randywald]

Some people are paid to tell lies. So don't listen to the rubbish they tell. They don't have a live.

[digicidal]

Our educated community member Barabbas explains to you who is selling and why

The source completely invalidates the result here.  

Although when he's wrong he conveniently omits that information (see Libertycoin), he basically does nothing but spin conspiracy theories for a select few disciples... naturally, on this site calling everything a scam or fraud is definitely a pretty safe bet - but sorry, I've done pretty well by ignoring him so far... figure I'll keep going with what works.

[altcoinUK]

the people who never interested with bitbay
just go away
we don't need your oration

just sell your bag while you still can

Though not all of the enthusiasts and believers are bag holders here. There are many noob, secondary, third and puppet accounts here utilized by the organizers of this scam to state how much this is the future, 1 bilion $ market cap, etc. ... and of course that someone is driving the price down and spread FUD, which is the most clear indicator that they already started to dump the thing. When you see arguments like that FUD argument, then it is the clearest indicator that the dumb is very much ongoing already and they desperately want to trick new and naive investors into the operation.

Of course there a few bagholders here too, but many of the "supporters" are just the organizers of the scam.

[altcoinUK]

Our educated community member Barabbas explains to you who is selling and why

The source completely invalidates the result here.  

Although when he's wrong he conveniently omits that information (see Libertycoin), he basically does nothing but spin conspiracy theories for a select few disciples... naturally, on this site calling everything a scam or fraud is definitely a pretty safe bet - but sorry, I've done pretty well by ignoring him so far... figure I'll keep going with what works.

Yes, he isn't always correct and I have lots of disagreement with him, but in this case he is of course spot on. There is no 3000 BTC on this market, it's quite obvious for every sane person, and it's clear, this coin and operation has never collected 3000 BTC on the free market - majority of that ICO bought by the organizers of this thing.

[Gizfreak]

Welcome to my ignorelist AltcoinUK 

[Mig-23]

the people who never interested with bitbay
just go away
we don't need your oration

just sell your bag while you still can

i use my money not yours,..
this is my business not yours
do not be such a sissy
if lost i never ask you

[digicidal]

Yes, he isn't always correct and I have lots of disagreement with him, but in this case he is of course spot on. There is no 3000 BTC on this market, it's quite obvious for every sane person, and it's clear, this coin and operation has never collected 3000 BTC on the free market - majority of that ICO bought by the organizers of this thing.

OK... first some actual facts should probably be involved in this... there's no 3000 BTC... never was.  That figure is based on all coins being sold at a price of 300 sats - and all coins were sold before it even reached that price.  Secondarily the coins are held and released from escrow on a schedule (although outlined a few places in this thread... HERE is a summary for you).

The 'majority of the ICO coins' might well have been purchased by the organizers... but only if they are literally the worst planners in the world.  I could buy the 100BTC single transaction purchase during the first few minutes of the ICO as being an 'insider trade' - but everything after the first price tick was pretty even and consistent... so if they're making money dumping at a loss - while still not getting all the escrow'd coins due to milestone releases not being hit yet... they're the dumbest smart guys in history possibly.

When you couple that with the fact that I know one person that holds a decent chunk of BAY personally, and I hold a much less decent chunk myself... yet the 'evidence' (which actually still hasn't been presented in a single provable manner) all comes from those without any stake whatsoever in anything... and I think it's clear which is more reasonable.

NOTE: I'm not saying he couldn't be correct this time... but I just haven't known him to use facts pretty much ever in his long monologues.  He's often confused about simple aspects of blockchain functionality, coin code, and the identities of people involved.  But then again, he loves claiming that I'm a puppet account or provably a member of the 'black hand' or whatever bogeyman is running around this week... so take it for what it is... my 2 cents.

[toknormal]

Welcome to my ignorelist AltcoinUK 

Why don't you just make some valid points instead of cowardly ignoring their challenges ?

I also noticed the large number of "newbie" accounts posting in here. The thread is positively littered with them and sparsely populated with any accounts that have a significant history behind them.

The other valid challenge being which warrants attention is this: The proposition of Bitbay is to take an asset that's currently trading at 9 hundredths of 1 cent and somehow "Peg" it to the dollar. in other words achieve a greater than 100,000 % gain (that's a one-hundred-thousand-percent gain in case anyone mistakes a comma for a decimal point).

If you feel so confident about the mechanism behind this alchemistic phenomenon that you can put sceptics on "ignore" in a second (albeit that they express their scepticism somewhat cynically) then I'd suggest you enlighten people instead of dismissing them since it might benefit the rest of us as at the same time.

[VampiricElder]

Seriously AltCoinUK, if you dont own any Bitbay then fuck off. Why waste your time and life posting about something you dont have anything to do with? You must be a 50 year old virgin with nothing to do with your time. You are making yourself look very sad and lonely. If you do own Bay coins and are trying to fud this thread to get cheaper coins, then guess what? I aint selling so FUCK YOU and FUCK OFF

[digicidal]

Welcome to my ignorelist AltcoinUK  

Why don't you just make some valid points instead of cowardly ignoring their challenges ?

I also noticed the large number of "newbie" accounts posting in here. The thread is positively littered with them and sparsely populated with any accounts that have a significant history behind them.

The other valid challenge being which warrants attention is this: The proposition of Bitbay is to take an asset that's currently trading at 9 hundredths of 1 cent and somehow "Peg" it to the dollar. in other words achieve a greater than 100,000 % gain (that's a one-hundred-thousand-percent gain in case anyone mistakes a comma for a decimal point).

If you feel so confident about the mechanism behind this alchemistic phenomenon that you can put sceptics on "ignore" in a second (albeit that they express their scepticism somewhat cynically) then I'd suggest you enlighten people instead of dismissing them since it might benefit the rest of us as at the same time.

Not speaking for them, but it's pretty simple... take 995M coins out of circulation at any given time... set walls... done.  As has been mentioned literally dozens of times in this thread:  The pegging/hedging phase is to occur at a much later time - after the market is operational and proving to be successful.  It will require a fork, it has been stated (by David) that this will occur only after community consensus is reached as to what values and under what circumstances this is desirable.

There has never been a 'magical' process - you can think of it (via forced holds) as having an annuity - so anyone could have $10M in their wallet, but would only be able to convert a few thousand dollars at a time to liquid, as the market allows... smart contracts would make this pretty easy actually.  The other obvious way would simply be similar to a 'reverse-split' in the stock market.  Those are just two of the ways this 'alchemy' could easily be achieved that I came up with in 10 seconds - don't know if it will be either/both/neither... but it's a ridiculous argument regardless, because there's much more basic milestones which have to be reached before it becomes anything other than pie in the sky dreaming.

So to sum up: Pegging/hedging comes after you see a fully functional and most notably active market.  Worry about it after you see that.

[torshammer]

Hahaha AltcoinUK complaining about the quality of other people's posts & history?  .....that's rich.  rich enough for thanksgiving day.

AltcoinUK moves like a psychotic cloud from thread to thread raining fud wherever he hovers. This thread was actually civilized for 20 - 30 pages ...why? ... because he was off fudding the Tile thread .... ? ....go check.  you be the judge.

[altcoinUK]

Yes, he isn't always correct and I have lots of disagreement with him, but in this case he is of course spot on. There is no 3000 BTC on this market, it's quite obvious for every sane person, and it's clear, this coin and operation has never collected 3000 BTC on the free market - majority of that ICO bought by the organizers of this thing.

OK... first some actual facts should probably be involved in this... there's no 3000 BTC... never was.  That figure is based on all coins being sold at a price of 300 sats - and all coins were sold before it even reached that price.  Secondarily the coins are held and released from escrow on a schedule (although outlined a few places in this thread... HERE is a summary for you).

The 'majority of the ICO coins' might well have been purchased by the organizers... but only if they are literally the worst planners in the world.  I could buy the 100BTC single transaction purchase during the first few minutes of the ICO as being an 'insider trade' - but everything after the first price tick was pretty even and consistent... so if they're making money dumping at a loss - while still not getting all the escrow'd coins due to milestone releases not being hit yet... they're the dumbest smart guys in history possibly.

When you couple that with the fact that I know one person that holds a decent chunk of BAY personally, and I hold a much less decent chunk myself... yet the 'evidence' (which actually still hasn't been presented in a single provable manner) all comes from those without any stake whatsoever in anything... and I think it's clear which is more reasonable.

NOTE: I'm not saying he couldn't be correct this time... but I just haven't known him to use facts pretty much ever in his long monologues.  He's often confused about simple aspects of blockchain functionality, coin code, and the identities of people involved.  But then again, he loves claiming that I'm a puppet account or provably a member of the 'black hand' or whatever bogeyman is running around this week... so take it for what it is... my 2 cents.

The flaw in your logic in my opinion is, that if the organizers of the ICO bought the majority of the coins - and it is obviously the case as there is simply not enough liquidity on the market that supports such a volume - then any BAY that they sell even at 10 statoshi price is a pure profit, as the BTC is certainly will be released to the organizers. Of course David Zimbeck will meet with the release criteria and the BTCs will be released, so they can sell the coins without any risk for any price. The issue is, the compliance with the release criteria itself doesn't make this operation legit. The comical business plan with the team including Nico from Russia who loves dog and Holly from Taiwan who has a family (and really ... this is from the professional description of the team members who of course perfectly capable to challenge eBay but unable to reveal their professional credentials apart from that they love dogs and they are having family).

I appreciate your civil post and opinion, but if nothing else the so many newbie account that push this operation so strong in this thread isn't a warning flag for you? Isn't it the basic ingredients of any scams precisely what the so many newbie nicks do in this thread? Apart from the circumstantial evidence of impossible large volume, isn't the desperately arguing newbie accounts enough to be very skeptical about the honesty of this operation? Isn't it fact of dumping below ICO price also a red flag? No legit investor would sell under ICO price, why would they? Selling under ICO price is only make sense  for the organizers who bought the coin  and sell it at any price as they have (will have) the BTC back anyway.    

[toknormal]

Not speaking for them, but it's pretty simple... take 995M coins out of circulation at any given time... set walls... done

Ah !

The penny is finally starting to drop with me thanks to your more-informative-than-any-other-documentation post   So the peg's going to be enforced by creating a synthetic market where supply to market is restricted and demand is driven up by redeploying some of the IPO Bitcoin that's in reserve ? (A bit like an IBM shares buyback where - because they've no viable business profits - they buy their own shares without issuing any new ones to drive up the price and justify their bonuses).

It would be good if all of this stuff could be documented in one place rather than having to pick it up piecemeal. I got the "eBay" smart contracts stuff from the thread header, the coin supply restriction bit from a couple of darkened room videos that somebody randomly posted and the boosted demand bit from you.

Ok, you've given me something to think about now. I appreciate you making that post and supplying a missing piece of the jigsaw. I had seen other posts about IPO money being kept for "walls" but they were all out of context. I didn't get that it had an actual strategic function within the peg mechanism as opposed to simply supporting the price for the sake of it.

(P.S. Don't mind my dig about IBM - we have to retain a sense of humour in all of this if we are to take such ambitious plans seriously at the same time ).

[altcoinUK]

Hahaha AltcoinUK complaining about the quality of other people's posts & history?  .....that's rich.  rich enough for thanksgiving day.

AltcoinUK moves like a psychotic cloud from thread to thread raining fud wherever he hovers. This thread was actually civilized for 20 - 30 pages ...why? ... because he was off fudding the Tile thread .... ? ....go check.  you be the judge.

Fuck off :-))) Read my last post on the TileCoin thread, I gave them a valid, very constructive and helpful comment on their hardware strategy and PCB, basically I brought more to their table in one post than the clueless, loud and useless Chinaman brigade up to date combined had :-)))

[torshammer]

Hahaha AltcoinUK complaining about the quality of other people's posts & history?  .....that's rich.  rich enough for thanksgiving day.

AltcoinUK moves like a psychotic cloud from thread to thread raining fud wherever he hovers. This thread was actually civilized for 20 - 30 pages ...why? ... because he was off fudding the Tile thread .... ? ....go check.  you be the judge.

Fuck off :-))) Read my last post on the TileCoin thread, I gave them a valid, very constructive and helpful comment on their hardware strategy and PCB, basically I brought more to their table in one post than the clueless, loud and useless Chinaman brigade combined :-)))

Hohoho, that's the Thanksgiving spirit! serve the potatoes and pass the profanity please!

Valid constructive criticism?? ??  Man, share the drugs you are on, so we can see the fud thru your happy eyes. You have been a one man wrecking ball on that thread. Logic and facts were no obstacles to you there either.  "Clueless loud chinamen." Rasism anyone?

And here you are oblivious to the  facts endlessly. Like ... ico on bter had a completely different liquidity pool. Supernet sold what, two - three times as much as Bay without missing a beat. Rants about newbie accounts. Yet everyone who has been patiently trying to remove the log from your eye are full members or above."dumping below ico price"  is fine rhetoric - we expect nothing less from you when you take a short break from the racism & profanity - however the volume is minuscule ("dumping"?) and it is less than 10% below ico. Supernet is currently twice as far below ico. Maybe you should go over there and rant. Lots of chinese folks there too.

[qawzsx]

Why the hell am I seeing "This user is currently ignored." all over this thread all of a sudden? The paid fudders army picked a new "target"?
Sad and poor little people...