BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

[dzimbeck]

I'm just reassuring you all that we are doing our best.

You're a pig, David. Allow me to explain. Long, long ago in a galaxy far, far away there was a saying: "In a breakfast of bacon and eggs, the chicken is involved but the pig is committed."

Absolutely no one doubts your intent, dedication or ability. As a matter of fact, IMHO you are El Porco Grande.    :0)

Haha definitely a new one, thanks. I had to look up the saying it's interesting. 

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[BitBayDoc]

It's nice to see we have had somewhat significant spikes in sales on a few days over the last 30 days:
1. Approx. $69k+ on May 22nd;
2. Approx. $88k+ on May 29th;
3. Approx. $125k+ on June 2nd.

Not bad for no one knowing we are "back on the block"... yet.
I am an optimist - I think Bay will do well and rise like the Phoenix from the ashes (i.e., de-listing from Bittrex).

It would be nice if David could get a block-buster interview to put BAY back on the radar of investors!
It does take a bit of an effort for any exchange to list and support BAY - I would think that would inspire those that want a challenge, considering our current fiscal landscape.

I for one am actively looking for the liquidity provider that David mentions we need.
Who knows, it might be me in the next 6 months - if all goes well with my other non-crypto investments.

One thing is for sure - The Bay Team has Never Given Up.
We have a really great product here. Thanks.

[tradersnow]

https://finance.yahoo.com/news/crash-dollar-coming-210024440.html?guce_referrer=aHR0cHM6Ly9kdWNrZHVja2dvLmNvbS8&guce_referrer_sig=AQAAAGPzj3j_EOgg9fX86OQQY8jrkXJp8FNE1PR4Y4ONYTR29KsP-mStpRgGGx81p0-hMzlEskZg_K43pEPOQ3r-nzFZ5RxelGWqwnsk1muEQenUkJTcmkuffYH7CYspCl8MWyezvHxk_mLIyirwNanKqmStr6Bngvf6cgpdVzzqNnem&_guc_consent_skip=1591666080



This is what BAY was made for. Literally the only thing we need to do is keep on pushing forward and maintain positivity.

It's that simple.

Of course there are a slew of reasons to be down on the project right now. It's been a long friggen haul, the team is weary, and we're a miniscule spec of dust in a global sand storm.

However this thing ain't dead yet.

If we can hold on, I am a firm believer that all the other specs of dust will be blown away, and BAY will be left standing.

After all we have a working manifestation of democracy 2.0.

No manipulated voting outcomes.
No 12 unelected central bank members deciding whether millions of citizens will be able to put food on the table tomorrow.
No infinite supply issuance.
No Tether Cartel or Chinese energy-subsidized miners fucking with supply or demand.

When shit really hits the fan (we haven't begun seen the worst of it yet) this project has every reason be the holy grail for investors. Just gotta keep making these baby steps in the right direction. 

[dzimbeck]

Yeah you are correct. And isn't it an interesting coincidence that I completed the dynamic peg and had it listed literally the same month that the powers that be sabotaged the world economy? 

I did expect this economic collapse to happen which is why I worked so hard trying to finish the peg in time. Because I knew that other cryptocurrencies although good store of value against a crashing dollar can't protect themselves against a crash and can't keep a stable value.

We have to believe that there is a large scale liquidity provider out there who can reignite this. Either that or a collective group of investors that naturally shows up.

[shaydinblue]

@dzimbeck Sorry, I didn't mean to say that you personally were being deceptive and I didn't mean to communicate it that way. I was referring more to the community as a whole and perhaps deceptive was too strong of a word. I do still believe that is it somewhat disingenuous to try to get prospective new users/traders/investors based on a high total market cap that really does not exist. People might feel they got trapped in a small cap coin with limited liquidity when they thought they were in a medium to large cap coin based on the market cap (these people failed to do their own research). Or worse, someone that is actually doing the research before investing may discover that the true market cap is drastically lower than the one he heard about from someone promoting BAY and then choose not invest because BAY was being represented to him/her using a false metric. That would definitely turn me off as a new investor. Maybe some key metrics like current peg index and circulating supply on the Bitbay website could help to avoid some confusion

[dzimbeck]

@dzimbeck Sorry, I didn't mean to say that you personally were being deceptive and I didn't mean to communicate it that way. I was referring more to the community as a whole and perhaps deceptive was too strong of a word. I do still believe that is it somewhat disingenuous to try to get prospective new users/traders/investors based on a high total market cap that really does not exist. People might feel they got trapped in a small cap coin with limited liquidity when they thought they were in a medium to large cap coin based on the market cap (these people failed to do their own research). Or worse, someone that is actually doing the research before investing may discover that the true market cap is drastically lower than the one he heard about from someone promoting BAY and then choose not invest because BAY was being represented to him/her using a false metric. That would definitely turn me off as a new investor. Maybe some key metrics like current peg index and circulating supply on the Bitbay website could help to avoid some confusion

Don't worry, actually I was pretty sure it wasn't meant that way. And yes although the community has claimed a high marketcap I think perhaps it's their excitement just to see the peg working. Not sure of their intentions. Sometimes I will say we have 200m+ marketcap because I'm talking about Coingecko or Coinmarketcaps representation that if they choose to not track the peg changes then why aren't they at least ranking us properly. Perhaps we don't deserve to be at the top yet due to low liquidity but we don't deserve to be at the bottom where Coingecko puts us either. And yet CMC deletes our charts sometimes and they currently don't even tell people where to buy it and that's frustrating considering we are a veteran project. So it's not so much that they don't put us on to page one, I understand why they don't do it but they shouldn't hide our exchange pairings. Although we did hear back from CMC and they said they were working on fixing the issue so we can hold them to their word there at least.

Also I have mentioned it due to the double standard they are holding by ranking coins with less than 3 exchanges in top 200 even though that violates their conditions and they used to rank us top 200 when we had only one exchange perhaps because we were already an old project. But then they removed us from the charts once we lost our last exchange only to restore it as an un-tracked listing. And then they rank scams and scam exchanges so I usually am more concerned about all of that because the marketing we get from CMC will almost always be the best and most consistent traffic to our website.

By the way, I agree with you 100% although we know where BAY deserves to be, we need to let the new investors know about a realistic cash in and cash out scenario. It's no problem for an investor to use the peg for a few grand but if they want to invest more they should be educated on the project and looking at BAYR and looking at potentially even being a market maker or help us on to more exchanges or something. So absolutely we should remember to mention this when on boarding new investors. This is why I want an angel or liquidity provider because then the idea of cashing out safely becomes very real to new investors.

[shaydinblue]

Could you explain exactly what a market maker, angel investor, or liquidity provider would do what their roles would be. I've heard all of those terms of course, but I don't know if they are all the same or if they are all different and I can't really define each of them clearly. I know a liquidity provider is going to provide liquidity somehow, but what does that mean and what does it look like? Is it just a guy with deep pockets willing to place massive buy orders on the books? And how would these people make money as you've mentioned they could make good money providing this service?

[dzimbeck]

Could you explain exactly what a market maker, angel investor, or liquidity provider would do what their roles would be. I've heard all of those terms of course, but I don't know if they are all the same or if they are all different and I can't really define each of them clearly. I know a liquidity provider is going to provide liquidity somehow, but what does that mean and what does it look like? Is it just a guy with deep pockets willing to place massive buy orders on the books? And how would these people make money as you've mentioned they could make good money providing this service?

The terms essentially mean the same thing, a market maker provides liquidity. And well, they would do a few things. First of all they would put up buy support. Then they would attempt to make money on the spread. So lets say they offer to buy 10 BTC of BAY at 19 cents. They maybe even know that 10 BTC literally buys up every single coin on the market so they are over-leveraged. Next they place a sell at 21 cents. If they want to inflate they can push the spread to 22 cents. Then when the users trade BAY they get the stability they wished for AND the liquidity. Therefore they can safely compete with Tether and eat their market share.

The liquidity provider attracts traders because many traders would be scared to buy into a coin that they can't cash out of. So the liquidity provider gives the new traders the confidence to get involved with BAY which is basically the only thing we are missing right now.

This way a person who puts up the money makes almost 10-15% on every trade. And other users might bid in between the spread they set. To protect them, chances are we would encourage them to put their bitcoin on a multisig exchange or a DEX

That way, they don't risk hacks and can put lots of BTC up.

They also get profits when their BAYR releases as BAY.

We have multiple methods for a liquidity provider to profit, and there are many more than I'm mentioning in my proposal.

An angel would be a bit different as they would not only invest in the liquidity but also in exchange partnerships, dex and multisig, development of web markets and marketing. So not only are they eating Tethers market share but they are also arming us with the ability to market it. And they are doing it without any liabilities because the dynamic peg isn't a "stablecoin" it's a system that protects against volatility and makes it easier to be stable. If the number of market makers increase then it's even easier to hold the price at an inflated supply because when one market maker cashes out, there would be multiple more to replace them and you can deflate if a crash were to happen.

As we have proven that we can do so much with no budget, imagine what we could do with a budget!

[LuckyLeprachaun]

What is the best Dex exchange for Bitbay?

[dzimbeck]

What is the best Dex exchange for Bitbay?

Well anyone can use double deposit on our markets client.

However for a full orderbook best chance is to list on Blocknet we just have to push the customized code updates for them

[LuckyLeprachaun]

What is the best Dex exchange for Bitbay?

Well anyone can use double deposit on our markets client.

However for a full orderbook best chance is to list on Blocknet we just have to push the customized code updates for them

That's sounds great, but tried to install wallet on Ubuntu and its got a format error, on the site showing every version of Linux except Debian base or I missed it.

[LuckyLeprachaun]

Flawless transition on the new wallet, The Dev did a great job  

[cr197]

Tether 2.0  video released.

https://twitter.com/BitbayW/status/1274466839754653696

[LuckyLeprachaun]

Tether 2.0  video released.

https://twitter.com/BitbayW/status/1274466839754653696

Interesting video, good to see such positive talk on Bitbay, I feel good things for the future with this project  

[LuckyLeprachaun]

This is an exiting time in Bitbay history, things are about to explode, now is the time to buy  

[cr197]

Bug fixed. Seems there was a bug in the POS alliance coding that was designed to fight spam attacks. But it opened weakness for chain to fork
Testing new QT wallet now. Version 3.1.1

[dzimbeck]

lol snorefest still eh?

At least BAY is holding 20 cents. It's out of our control that the crypto space isn't like the good days of altcoin liquidity. Now we need to look for more traditional liquidity methods to increase supply.

[cr197]

Trading has resumed on LATOKEN

[cr197]

I love this article. It just goes to show how the industry has massive horse blinders on it and when a solution arises, they take a lot of waking up to realize there IS a solution.
The Dynamic Peg fixes this. And the beauty of it is that it can't be broken so it can't fail. It's just a matter of waking up the masses



https://www.forbes.com/sites/seansteinsmith/2020/06/17/bitcoin-failed-as-money-and-that-is-great-news-for-crypto/

[LuckyLeprachaun]

I love this article. It just goes to show how the industry has massive horse blinders on it and when a solution arises, they take a lot of waking up to realize there IS a solution.
The Dynamic Peg fixes this. And the beauty of it is that it can't be broken so it can't fail. It's just a matter of waking up the masses



https://www.forbes.com/sites/seansteinsmith/2020/06/17/bitcoin-failed-as-money-and-that-is-great-news-for-crypto/

I agree with you, very good article, thanks for sharing it