That is quite impressive - it has converged on a dollar.  I wasn't aware of that.

But look at the volume - it's almost negligible once it converges on the peg. Clearly the valuation just ends up getting reflected in the liquidity instead of price. In other words, your holdings can theoretically be worth a million dollars but your lucky if you can realise 10 dollars of that in a year.

Would that not be the case ?

The thing that makes BitUSD work is that it accounts for demand as well as supply.

Demand is part of the peg model (and you do need those two things to fix a price).

The other thing about it is that it is free market driven - it isn't a price 'fix' as such but a natural confluence of two distinct market sectors: a risk market and a stable liquidity market. The risk market provides the collateral and is compensated with a risk return upon on adoption of the liquidity asset.

The liquidity market on the other hand (the real world economy which needs liquidity to do basic stuff like buy & sell goods and that isn't interested in risk assets) provides the demand for the collateralised asset. Everybody wins.

On the other hand the Nubits kind of peg looks like a Frankenstinien attempt to hammer a square peg into a round hole and keep it there. I don't see the ultimate advantage here but I'm not saying it may not have one. One thing's for sure, it sure ain't elegant from a market perspective.

It's a bit like fish. If all the fish in the sea were brought to market at once, there'd be over supply and a price crash. So the fish are brought in a trickle from the sea to market which restricts the supply and buoys the price. So I presume this is the model that's serving as a template here.

My problem with that is that you paid a premium for the fish so that you didn't have to get in a boat and go and net it yourself. On the other hand, these coins are in a wallet. They're already "caught". It's normal for me to be able to send my coins all over the place and dump as many as I like on the market or buy up as many as I like. By synthetically restricting supply to market all your doing is p*ssing off the wallet holder and giving them less functionality than they usually have.

Even with BitUSD the holder still has full freedom of movement with their coins. They can buy or dump as many as they like because that market has a natural commercial mechanism to gravitate to the peg that is consistent with commonly understood market forces.

With the "rigged supply" approach however, it's just software putting up roadblocks for the fish lorries. How can this possibly improve anything ?

I'm not drawing any final conclusions on this one way or the other and I am quite impressed with how Nubits is working, but there some quite big question marks over this approach for me all the same.

Morons in panic mode or dev.

There's no third option.

Dev must be a moron to sell that way (he would pump much higher to sell: )so I guess that noobs panic option is valid. 

David, all due respect and with the best intention I am saying this: it's time you start listening Barabbas and take seriously the shamble you navigated yourself into, because whatever your intention was you are the face of the Bitbay project. We understand your limited development  role in the operation, but still, most of the legit investment was made into Bitbay because of you.

Bob, if he is lucky will end up in jail, if he is less lucky (and this is the most likely scenario for him) he will end up fucked over and over in ass by Russian speaking gentlemen before his head being smashed with a not so sharp hammer. History has proven that one just can't do what he does over a long period of time without being punished. The word is already out about the Bitbay scam within the Russian speaking investor community (the organized mob) that invested via Bitbay on Bter, I already told you this, and you are (most likely unintentionally) in the middle of this mess.

However, you still have (probably your last chance) to save your reputation ... and basically yourself. I suggest you request the Bitbay team to reveal
a) the identities of all parties who received any payments from the 66% transfer of the ICO fund up to date
b) all BTC addresses that involved with the fund distribution (and then the community can verify by asking a small transfer from the addresses who owns what and who is really organizing this scam)

otherwise, if the Bitbay team refuse to comply with your request you just simply stop contributing to the process. Since we both know, and you know very well that the majority of the ICO was bought by your Bitbay team mates, the only ethical action from you could be  to clean up this mess and you should do this with your best of your abilities. I suggest to do this not only to save yourself but save the over scammed altcoin market from this train wreck that is called Bitbay.

Except if the organizers of the scam who bought into their own ICO - to create the hype and to attract legit investments - received the money from Bter - which they did as we established here already. So, if they have the BTC why is it irrational to sell it for 120 satoshies when there is a very good chance the price will be 50 sat very soon?

I have one question: Are you sure that Dev is selling own coins?

Part of ICO was scam? Dev bought own coin just for fees? (So he has profi even at 1 sato huh) ? ? ?

I was wondering how it's possible to gain 2500-3000BTC from ICO nowadays when crypto is is depression like never before.....

you can cal it FUD but this is most important question with huge ICO....

I am not sure if you are serious to ask such question, that you are in this environment and you are not aware of the most basic P&D method?

Yes, there is an incentive to buy into your own ICO. That method is about the snow ball effect: once the organizers of the scam create a volume, legit and naive investors think there is a serious demand for the coin and therefore start buying into it, the volume grows which attracts more and more investment. You put 1500 BTC into the ICO, that attracts another 1500 BTC from legit investors, and since the ICO is completed you will receive the full 3000 BTC, plus obviously you get the coins for the 1500 BTC. During the ICO process right hand put money into the left hand to create volume and attract legit investment. Once you have the BTC, any coins (in this case obviously BAY) can be sold at any price. Of course from the scammers viewpoint it is better to sell at 500 sat, but to minimize the risk in this collapsing altcoin market it is probably better to sell it at any price - and that's what is happening right now when the coin is dumped at 90 sat. There is simply no other logical explanation for the magnitude of dump.

As I said many times, David Zimbeck is not a bad guy by default configuration, and as the result of his good side even he, the lead developer can see and acknowledge that his Bitbay team mates pushed this ICO to 3000 BTC and the completion of the money party wasn't a free market, legit process.

I suggest accept the fact that Bitbay is a scam.

I think that the idea is that liquidity through the use of Bay on the Marketplace will create the ability for eventual mobility in and out of Bay.

So pretty much, the coding can potentially lock the price.  The people who are going to populate the marketplace will provide the liquidity to realize more than 'ten dollars a year'.  So I think you are right but everything hinges on the marketplace.  I've known that since during the IPO and posted as such.  No one really paid attention to it...

For those who are going to attack this post - I'm describing my impression of how it is supposed to work.  I really don't care about being asked or being forced to wonder about who those people are and whether or not the Alibaba connections are real or the NDA's are a convenient excuse.

Time will tell those stories...and if they're not worth telling than that will be it.  You're not going to get your answers by demanding them to people who don't know.  You're going to get them when it happens...

At least 10 newbie puppet nicks were activated to support the scam and create the hype just in the last three days ... and all of them states how cheap Bitbay is, the cheap price (being 60% below the ICO price) is the best thing happened to them ever and of course all of them buys, because these newbie accounts of course must make public that they buy. What happens there is really pathetic. Terms of hype making the Bitbay team and Bob & Co. certainly takes this operation to the next level.