BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[funsponge]

Very quiet.

Since the smart contracts is almost ready, wouldn't it be a great idea to start looking for people to do some marketing?

Well volunteered! :-) what do you suggest?

[bitrev]

It would be best to let David & Team,

Put a list of tasks together for marketing & promotion.

Then we can volunteer and they select qualified members for the task.

Since David is very busy it would be wise to assign some kind of manager who reports weekly to David. David on his hand will report to him/her regarding updates etc.

A bigger Bitbay team would help us a lot, since we have more resources and reach.

[dzimbeck]

It would be best to let David & Team,

Put a list of tasks together for marketing & promotion.

Then we can volunteer and they select qualified members for the task.

Since David is very busy it would be wise to assign some kind of manager who reports weekly to David. David on his hand will report to him/her regarding updates etc.

A bigger Bitbay team would help us a lot, since we have more resources and reach.

We normally organize all of these things on slack. A note to anyone who wants to chip in and help promote should request to get on slack so we can all coordinate/communicate

We can always organize bounties of course too.

[BitBaydev]

It would be best to let David & Team,

Put a list of tasks together for marketing & promotion.

Then we can volunteer and they select qualified members for the task.

Since David is very busy it would be wise to assign some kind of manager who reports weekly to David. David on his hand will report to him/her regarding updates etc.

A bigger Bitbay team would help us a lot, since we have more resources and reach.

We welcome anyone who wants to help in any of the many ways needed to make this project succeed. We are already pretty organised on slack and encourage anyone to join us there so we can join efforts. Just send us a PM and we'll get you on there!

On that note, we could really do with finding good mathematicians and macro-economists to discuss some interesting things we are working on, so if any of you out there qualify, get in touch

[blacktea286]

Bitbay and blackcoin, the two coins are Dzimbeck participate in the development of the coin, the coin is very good, but the two coins are lack of marketing. Will not be Dzimbeck or the team lack of contacts?
Do not attach importance to marketing, like people will be disappointed and give up.

[VampiricElder]

Eagerly awaiting pegging, how much time left?

[BitBaydev]

Bitbay and blackcoin, the two coins are Dzimbeck participate in the development of the coin, the coin is very good, but the two coins are lack of marketing. Will not be Dzimbeck or the team lack of contacts?
Do not attach importance to marketing, like people will be disappointed and give up.

We absolutely do not lack contacts in marketing, we are simply working on things and are really not ready for a big marketing push yet. The client is in beta, it needs work on templates and UI, and is still being tested to make sure everything is working in all situations for everyone.

Hence, it is not the time for a big marketing push, it is time to spread rumours about the great things being worked on. Once client is out of beta, and everything is 100% ready, then we will bring out the big guns and get this promoted everywhere.

Be aware that larger media outlets are not interested in reporting on unfinished work that people cannot properly use yet.

And remember, true marketing is creating a product that the market wants, not pushing just anything down its throat!

[dzimbeck]

Bitbay and blackcoin, the two coins are Dzimbeck participate in the development of the coin, the coin is very good, but the two coins are lack of marketing. Will not be Dzimbeck or the team lack of contacts?
Do not attach importance to marketing, like people will be disappointed and give up.

We absolutely do not lack contacts in marketing, we are simply working on things and are really not ready for a big marketing push yet. The client is in beta, it needs work on templates and UI, and is still being tested to make sure everything is working in all situations for everyone.

Hence, it is not the time for a big marketing push, it is time to spread rumours about the great things being worked on. Once client is out of beta, and everything is 100% ready, then we will bring out the big guns and get this promoted everywhere.

Be aware that larger media outlets are not interested in reporting on unfinished work that people cannot properly use yet.

And remember, true marketing is creating a product that the market wants, not pushing just anything down its throat!

I dont agree with this entirely, the markets have been teseted extensively and there is definitely a lack of marketing in both Blackcoin and Bitbay. Although I do agree that the marketing push is going to be much stronger once the templates and other things are finished. Forget rumors, there is no marketing. Also, considering that we are the only coin with decentralized markets, it doesnt make sense to give other coins time to catch up. At a minimum everyone should know about it even though there is more to do. Also, assume that we are waiting for a marketing push. Ok so who is designing the materials for that? What about advertisements, banners, diagrams, writeups etc? So many materials to prepare why not do it in advance?

[HYPster]

So just a noob question as I just got into BitBay. Why can't I have the marketplace and my wallet open at the same time? It gives me an error message. Can I fix this using different ports for each one? IF there is a fix please fill me in. Thanks!!

[Gizfreak]

So just a noob question as I just got into BitBay. Why can't I have the marketplace and my wallet open at the same time? It gives me an error message. Can I fix this using different ports for each one? IF there is a fix please fill me in. Thanks!!

There's no fix for it that I know of. It's because both wallet and client contacting theBitBay daemon (bitbayd.exe) gives a conflict.
When staking has been implemented to the marketplace client, the QT wallets will become obsolete anyway.

[dzimbeck]

So just a noob question as I just got into BitBay. Why can't I have the marketplace and my wallet open at the same time? It gives me an error message. Can I fix this using different ports for each one? IF there is a fix please fill me in. Thanks!!

It can be fixed by changing the port but we will wait until its made obsolete.

[BitBaydev]

Bitbay and blackcoin, the two coins are Dzimbeck participate in the development of the coin, the coin is very good, but the two coins are lack of marketing. Will not be Dzimbeck or the team lack of contacts?
Do not attach importance to marketing, like people will be disappointed and give up.

We absolutely do not lack contacts in marketing, we are simply working on things and are really not ready for a big marketing push yet. The client is in beta, it needs work on templates and UI, and is still being tested to make sure everything is working in all situations for everyone.

Hence, it is not the time for a big marketing push, it is time to spread rumours about the great things being worked on. Once client is out of beta, and everything is 100% ready, then we will bring out the big guns and get this promoted everywhere.

Be aware that larger media outlets are not interested in reporting on unfinished work that people cannot properly use yet.

And remember, true marketing is creating a product that the market wants, not pushing just anything down its throat!

I dont agree with this entirely, the markets have been teseted extensively and there is definitely a lack of marketing in both Blackcoin and Bitbay. Although I do agree that the marketing push is going to be much stronger once the templates and other things are finished. Forget rumors, there is no marketing. Also, considering that we are the only coin with decentralized markets, it doesnt make sense to give other coins time to catch up. At a minimum everyone should know about it even though there is more to do. Also, assume that we are waiting for a marketing push. Ok so who is designing the materials for that? What about advertisements, banners, diagrams, writeups etc? So many materials to prepare why not do it in advance?

Nobody is saying that we should not start preparing materials. We simply won't be using our bigger media contacts until everything is 100% ready.

[Bankrunner]

I have a question about the attempt to peg to the dollar. The dollar isn't going to be the world reserve for very much longer, wouldn't it be better to peg to the value of something tangible and limited in quantity and has a low constant rate of increase like world gold supply. Pegging to a bankrupt fiat currency thats about to deflate or hyper inflate and die ether way will hinder this project. I would suggest not having a peg because they aren't sustainable. the swiss franc broke its peg tot he euro and made a mess, when china unpegs from the dollar watch out. pegs can look like good ideas but the stress of the markets will break them and that is always messy. bay should be allowed to float and compete along all currencies, the market, smart contracts and features will be its value, volatile at times but necessary because we are volatile creatures.

Happy Bank Running

[healthhealer4]

I have a question about the attempt to peg to the dollar. The dollar isn't going to be the world reserve for very much longer, wouldn't it be better to peg to the value of something tangible and limited in quantity and has a low constant rate of increase like world gold supply. Pegging to a bankrupt fiat currency thats about to deflate or hyper inflate and die ether way will hinder this project. I would suggest not having a peg because they aren't sustainable. the swiss franc broke its peg tot he euro and made a mess, when china unpegs from the dollar watch out. pegs can look like good ideas but the stress of the markets will break them and that is always messy. bay should be allowed to float and compete along all currencies, the market, smart contracts and features will be its value, volatile at times but necessary because we are volatile creatures.

Happy Bank Running

more or less the peg will be a rolling peg, which will be determine by us the holders of bitbay weather we want to increase the peg value or decrease the peg value . but the trade off will be less bitbay you can spend from your wallet when the peg is increase and more bitbay that are spendable when the peg is decreased. I brought up the historical usd decline and suggested that it be peg to cny instead but the user on this forum are more accustom to using the usd to determine a value on something (which i understand).

[Bankrunner]

pegging to RMB wouldn't be good ether imo because we don't know if it too will be hyper inflated and replaced with a new currency. Pegging to government fiat is a bad idea. if there is going to be a peg, I would suggest using one of the metals because of its steady supply and no risk of huge inflation, just like the supply of bay. how will the holders of bay decide to raise or lower the rolling peg that will affect the spendibility of Bay? This comes across as a currency control that could be detrimental to the project as well. I love the idea of the decentralized market and that's why I'm invested in this project. the only thing that concerns me at this point is the attempt to peg the value and limit spendibility. these are the same anti free market concepts that the central banks are engaged in that will lead to the rejection of their currencies. I think there can be hedging products that are creating with smart contracts sold on a market within bay that involve 2 opposing bets but a system wide valuation peg looks very messy if and when it changes. If we start bay with a peg to USD, how difficult will it be to change that once the dollar goes to shit? my fear is that a peg designed to stabilize the coin will backfire if pegged to extremely volatile shit paper

[3r197]

pegging to RMB wouldn't be good ether imo because we don't know if it too will be hyper inflated and replaced with a new currency. Pegging to government fiat is a bad idea. if there is going to be a peg, I would suggest using one of the metals because of its steady supply and no risk of huge inflation, just like the supply of bay. how will the holders of bay decide to raise or lower the rolling peg that will affect the spendibility of Bay? This comes across as a currency control that could be detrimental to the project as well. I love the idea of the decentralized market and that's why I'm invested in this project. the only thing that concerns me at this point is the attempt to peg the value and limit spendibility. these are the same anti free market concepts that the central banks are engaged in that will lead to the rejection of their currencies. I think there can be hedging products that are creating with smart contracts sold on a market within bay that involve 2 opposing bets but a system wide valuation peg looks very messy if and when it changes. If we start bay with a peg to USD, how difficult will it be to change that once the dollar goes to shit? my fear is that a peg designed to stabilize the coin will backfire if pegged to extremely volatile shit paper

You make some very valid points. I love the idea of a peg because it will help stabilize and attract commerce. The majority of bitcoin merchants immediately switch bitcoin purchases to fiat because they can't afford to lose money due to the volatility of bitcoins - granted if it wasn't for Mt. Gox scandal, BTC charts might have shown a much more stabile growth pattern.
I too have brought up the idea of something else rather than USD. It's definitely a worthy debate! Cheers!

[Bankrunner]

The only certainty going forward is volatility in all currencies whether they are crypto or government fiat. I say let the markets determine value and Lets build Bay into one of those markets. the only reason why the fiats look somewhat stable is because of the currency manipulation behind the scenes, interest rate swaps, currency swaps, etc.. When these derivatives break the currencies will go into algo flash crashes as liquidity disappears, we have already seen this happen in the US 10y which is unheard of. There will be more stability in the cryptos because their supply cannot be drastically changed. We are one BANK RUN away from seeing BTC go back to $1,000+ because of it's transferability and limited nature. Then people will gravitate to attached markets to facilitate new trade connections that will be destroyed when the banking system fails. we need not fight the FED, just ignore them and use something outside their control.

[dzimbeck]

The only certainty going forward is volatility in all currencies whether they are crypto or government fiat. I say let the markets determine value and Lets build Bay into one of those markets. the only reason why the fiats look somewhat stable is because of the currency manipulation behind the scenes, interest rate swaps, currency swaps, etc.. When these derivatives break the currencies will go into algo flash crashes as liquidity disappears, we have already seen this happen in the US 10y which is unheard of. There will be more stability in the cryptos because their supply cannot be drastically changed. We are one BANK RUN away from seeing BTC go back to $1,000+ because of it's transferability and limited nature. Then people will gravitate to attached markets to facilitate new trade connections that will be destroyed when the banking system fails. we need not fight the FED, just ignore them and use something outside their control.

Try to not think of this as a "peg" to the dollar(there is no specific number we are targeting). Think of this as simply adding freezing/unfreezing deflation/inflation. Liquidity is not reduced because its reduced for everyone proportionally. So the best way to see it is making supply match demand. If the demand goes down, the supply can be voted on to decrease via deflation. If the demand goes up, then reserves can be made liquid. It happens in increments so no need to fear any crash. In theory, we can grow the price against the dollar via voting. The only thing that is happening here is volatility is dramatically being reduced. If the dollar dies, this coin still exists. Remember only its supply was matching the demand so it could survive any bear market condition. The dream situation is when 1 billion isnt enough coins to match demand. But the theory is, we grow towards that.

[Bankrunner]

so it sounds like there is going to be a % of coins that will be locked and unspendable in the wallet unless voting changes this %? I assume these will be staked to get the interest. Will the % be the same for everyone regardless of the wallet size? there must then be a time element for further reduction in the size of the wallet. I think Voting will be to slow to meet market demands and will most likely overshoot or undershoot the optimum supply. I think the price will be better found in the market trading 24/7

[Bankrunner]

1 billion coins is enough because you have eight zeros to the right of the decimal. The only issue is if widely accepted and used, you may have to lower the transaction fee  LOL