I got to thinking David - since the intial ICO was a total scam, and you were left with basically nothing except your BAYs and a few btc (which really was for smartcontracts software which you have given to bay already) to fund the rest of the development of bit bay as opposed to say etherium that got 18M dollars worth of BTC... what amount of BTC would it take to get you going with hiring the devs and setting up some decent marketing for BAY? would be nice to have a marketing guy /graphics webdesign i mean a team instead of just you having to arrange and do it all really.
I mean there is away we could raise a reasonable amount of BTC... If you could outline how many BTC it would take and a plan of how it would be used to best effect i think there is a possible way we could raise this?
If there were away to
1. increase interest/awareness and belief
2. Increase dev funding - totally transparent and a ledger - released only in agreement with community for confidence and involvement..
3. get volume up and on to other larger exchanges
4. reward those who still believe and support the project - with real viable rewards.
surely those would be good things?
Perhaps we can get BAY to where is should have been if the ICO wasn't a totally scam resulting in the bay ico investors and you getting shafted...and those 3000BTC had been put to devs, marketing, projects ...just think where BAY would have been.
What was the ICO price is sats for BAY - i forget now?
I think something can be done. But how many BTC would we need to raise to make it worth while?
Of course it's not all about the BTC i mean generating interest and new belief in the project is as important..
The amount needed to raise for a serious software development project to be honest a few million is a minimum. What Etherium raised was surely enough... it was sickening to hear they dumped their coins on the market to give themselves more money. Vitaliks own admission, he said they were running out of money (how? it sounds like gross mismanagement). And people accused Bitbay of being a scam? Holy hell, if Etherium can sell their own coins on the market after already selling 15 million dollars with vaporware how is that fair. Very good coders are hard to find so in order to pay devs you need to raise big money. There has been many articles on this exact subject. There is a lot of venture capitalists putting money into crypto but the problem is, they cant find the developers! So consider that a good developer is at least 100K+ a year. Really, a crypto dev might be double that or more.
So the only way the ICO would have worked is if the guys who started pitched in anything. The funny thing is as most of you know, I was already in Asia and was already hiring devs for the NightTrader exchange. So the guys who started this didnt even help me hire even though they promised me that Lin would help find coders from BTER and China etc... it was just all lip service (along with their promise that at least 500 btc would start in the dev fund).
But there is no point looking back on it, now i know in the future to be more careful who i license my software to. I also know now that I should have been asking for much more up front and to carefully look over their finances. I had just never gotten offered a deal that I liked and when they asked me to get involved with this one they made a lot of promises and I didn't want to lose the deal so I just didn't ask enough questions early on.
The good part of it is, i really believe in the rolling pegging system. This could all be a blessing in disguise. I'm a huge believer of turning negatives into positives. Sort of like a midas touch. When I complete the pegging system it will be the first time ever that an electronic asset can protect its own value and it might give the rise to private blockchains that are more resistant to price drops.
As for rewarding members of the community, im happy to set up a bounty for people to help connect me to bloggers, crypto article publishers etc so we can publish more articles on bitbays pegging. That will also increase interest and volume i think.
I can write content for bloggers, i was even thinking of going outside of standard crypto scenes for just every day writers. This group of investors needs more PR.
As for fund raising? I think smaller community bounties is the best. Software developers is something we simply can't afford. I might look for some in Mexico since I'm not far, the prices are good and I speak spanish. For something like that, if I find it, will certainly let you guys know and I can pay out of pocket... but we could in theory get funds together for that since it would be cheaper.
But there is no point in speculating about more devs unless we can find them and over the years ive given up trying and resorting to coding myself as usual.
Another thing is, my experience with low priced developers is, they are not good for this kind of project. Since Bitbay and Halo is extremely complex coding, this is the sort of thing that money cant buy. The devs have to be taught or monitored 24/7 they definitely cant work remotely.
I've noticed that if I'm training devs, I'm not coding... which resulted in the waste of money and time when i tried to hire help. Unfortunately, I've yet to find a dev that can contribute a single line of code :/
As we already spoke about it, I dont think diluting the amount of bay makes sense since the goal is just to finish the software... but i do like the idea of some new bounties and definitely better PR/journalists.
