Thanks David for clarifying about your payment. It still doesn't make sense terms of the figures as you have mentioned earlier a very different figure, and I really don't want to be pedantic about 100-200 BTC differences, but the few legit investors who put their hard earned cash into your project has the right to know about the expenditure of the ICO fund and at least you are - unlike the Bitbay team - trying to be transparent about it.

It's not my role to tell you what to do, but since this scam will be obvious for everyone very soon and there will be quite a few very-very unhappy people it's your primary interest to come forward with transparent information. I think everyone understand that you are passionate about your software and you want your hard work to be widely used, still probably it's not the best way to realize your dream via an association with a very shady project. Do you really need to give your name to such a project and its thread? The moderated thread, the deleted posts, the army of secondary, third and newbie nicks mobilized by the Bitbay team that desperately trying to hype the project is the sign of a proper scam and since you have been in the altcoin business for long you know it very well what's happening there is the sign of a proper scam. Do you really need to associate your name with such a desperate money collecting party? You are a very intelligent individual, how can you be part of a project when the investors are presented with such a tragicomic professional team bio, like Nico from Russia who loves dog and Holly from Taiwan who has the family - this is the team who supposed to build a 1 billion $ business and take on eBay, however investors can't know more about them because there's an alleged NDA in place. Please ... such bullocks don't even acceptable in an Uganda based ponzy scheme ... how can you accept such project handling in your venture? We understand the nature of this altcoin market, but your Bitbay project takes the bullocks to the very highest level and you have an active role in this.

It's clear that you are very unhappy about this operation, you expected a different attitude from the Bitbay team in many aspects of the project. In my opinion it is better if you are vocal about the issues, because if you don't then you mislead a few legit investors who put their money into your project.


   

No worries, feel free to post in this thread, this is an unmoderated thread, and all opinions, both supporters and skeptics are welcomed.

Altcoin UK

you seemed to have asked earlier for me to make it clear that im not in control of the project finances and details and if that isnt already clear(i thought that was obvious) so of course im not nor did i ever imply not even tacitly.

The parts of the tech end of course were mine and people come to me for tech questions. The fact that im the only public figure makes it a little stressful but im working with it.

In the temperament of things, my time is shifting to pegging Ive just started looking over the c++ source now.

ohh yea?...
 

The way pegging works is like this:
you bought in 1000 coins lets say for one dollar
so 1000=1

So now, i add checklocktimeverify. And using this, i add new mining rules.

One of the rules is, after the fork, everyones funds are forced to do the same thing. If spent, they must lock X% lets for arguments sake say 99.9% of their funds back to themselves.

So the TX would pay to themselves 999 locked for X time. And one coin would be "tagged" as liquid

Now I set $1 buy wall for our new liquid coin.

Mind you, the exchange cannot sell the 999 since its frozen so withdrawing it would get declined by miners. (thus im recommending to the exchange to force withdraws before the force to avoid complex accounting)

If the coin is sold lets pretend its the only liquid coin. So now the guy who bought at $1 will sell at 1.02 for 2% arbitrage.

The cycle continues.

Now I add two more rules.

Because the guy who sold the dollar technically HAS 999 in reserve. So is it frozen forever? No.

Instead, we add rules to how locks must be done on liquid and reserve coins.

One rule will allow for unlocking of reserve coins. And spending anew. (a supply increase)
The rule will respond to variables that the master key sets by sending messages to the client (yes, its centralized at first because users would always choose the path of least resistance)

The rule says "You can unlock your coins now beginning at block X BUT you can only spend X% of them." So now, you can spend lets say 99.9% again.

So the controlled supply increase would allow one more coin in.

Also, there is a rule that goes like this: "Liquid coins from block X need to spend X% Back into a lock"
So that is a supply DECREASE and it effects all coins.

Thus we can do the reverse and force the new coin to lock back.


Control of supply allows for control of price since the walls can be set to managable levels

The reason NuBits doesnt go below is because it cant.

This is my goal to protect investors from the "same old same old" crypto bullshit.

I never understood how libertarian cryptography enthusiasts would voluntarily subject themselves to such a centralized scheme as pegging a coin to a value. Isn't that the very manifestation of big government style interference with the economy that crypto was supposed to bypass?  Why can't the market decide by itself what is the value of a coin?

It's a new concept for crypto but governments have been doing it for a while and failing at it, making black markets for their currency.

Say I want out of the coin but my funds are locked in the pegging scheme. I just sell him my wallet.dat and he sends me btc for it. We can use a trusted escrow and presto I have bypassed the pegging.

That's indeed an elegant solution to bypass the pegging. :-)))

@Mig-23

How is the price going Miggy boy? Who is dumping the coin with a 70% loss ... or perhaps there's no loss as the Bitbay team bought the majority of the ICO and now they dumps the coin at any price ... while you few hardcore cheerleader idiots in that thread celebrate the 1 billion $ project.

I have had it with Zimbeck and his half truths/outright lies. He volunteered the figures that ultimately he admits here were lies since besides the 100BTC he got for licensing and implementing Halo/pegging/marketplace, he now admits that he got 91BTC more on the side AND doesn't mention the 20 million BAY he also admitted before to getting as part of the deal. He also should know, by now, who he is really working for in scamming the investors of the house of cards that has been launched around his name.

Here it is, Zimbeck, so you cannot claim ignorance: The "Chinese" guy -you know who that is, don't you?- agreed with Bobsurplus and his team that they would pump and dump BAY. Bobsurplus approach is straight forward ("we only pump worthwhile projects..."). The fully control the operation. Fully. Even from the tech side with hackers having access to every back door (yes Zimbeck, including Halo). In total BAY got 550 BTC from unsuspecting investors in the ICO. Mind you, that is ALL profit because the Chinese and Bobsurplus own the rest, so they paid themselves for it. And they have unloaded quite a bit of it son far... with hundreds of millions of BAY still to go. Even if they end up selling all of them at 10 sat or even lower, they will still make out as bandits, get it [people? Get it Zimbeck? That's how the scam has been perpetrated. Bobsurplus has his team of minions and puppets posting 24/7 the kool aid to get every single drop of money from the greedy, blind, stupid people and meanwhile pressure you Zimbeck to keep your mouth shut in the official thread and keep on delivering on what you were contracted for. You hate Bobsurplus, I know because you have told me... well, it is your boss, in case you did not know. And you are lining up his pockets. Worst case scenario -and it has already materialized-, he will get around 1,000 BTC clear when all is said and done. It's much, much less than he expected, but it is still a nice chunk. And on to the next one. Bob, Bobby, Robert, I have predicted you will wake up some day hanging from your balls. I still do. Watch your back because most people is on to you already. In your line of "work" you should pay your people much better... or just pay them, but hey, you are doing "good" so far... it's only the clock is ticking. And no Ryan and the girlfriend, not a great help, potentially quite the contrary, alright?

So there you have it Zimbeck. Stop claiming ignorance. Stop confusing people with half-assed admissions that turn out to be half-assed lies. You have the full picture now. And the part you, willingly, play on that picture. Now you do know.

And so does everyone.