Thanks for invitation but not sure if I am good enough know how to be any help. Not even sure what slack does or for. LoL. Also is that bitcoin address or Bitbay address? I will make 250k bitbay or equivalent donation. Ain't much but hope it help revamping the face of Bitbay.
As for pegging system, I do not quite fully understand but it will be pegged to dollar? And supply of Bitbay will be controlled by locking them in wallet or releasing them? I do like the concept of stability on the Bitbay so that advertised price on contract stays same value, however I do see few of problem.
First, dollar isn't stable. Its floating fiat currency just like any others like yuan yen or euros. In us market no problem, but in international market, value of dollar fluctuates. US dollar is somewhat stable now and hold world reserve currency status, but for how long? USA is trillions in debt and can't increase interest rate higher than 1% which will crush the gov budget? US gov, as any other major government out there, will have no choice to keep inflationary policy to lessen its debt load way way way into future. Its position as world reserve currency and petro dollar is weakening. In fact IMF is proposing SDR or new world currency to replace US dollar. So if you are looking out 10 years down the road, this could be problem.
Second, the implementation of control on Bitbay. How will you lock the supply? Meaning I can't spend it? Chee thanks alot. Also, locking Bitbay will lower its supply and price goes up relative to dollar. But when everyone goes crazy about Bitbay and wants to have some, Bitbay will get stronger in terms of dollar. What then? You can either bring UP the supply of Bitbay or bring down the supply of dollar, which we know isn't option. If all the Bitbays are released and demand is still too strong, Bitbay will go up higher in exchanges, via btc purchases, thus imbalance could ensue.
I am sure you have thought about all this already, but I think it should be given more consideration before implemented. Maybe Bitbay 5.0?
For now, exchange value can be shown on wallet in Bitbay, BTC and dollar? As for the problem of seller constantly needing to readjust its price, maybe let them sell in any of three, bitbay, btc, or dollar. And buyer will have to make calculation on exchange rate.
In general many worlds currencies were tied to one another, like dollars and euros with mixed results. Recently, I think switzerland unpegged from euros and saw its value wildly appreciate against euros and other currencies, causing major disruption.
Overall I am bit pessimistic about it.
Its a Bitbay address. Bitcoin addresses always start with a "1" or a "3". Hey thanks for the donation, will make sure to use it towards some nice infographics and marketing materials.
Currently, exchange value for BitBay and USD can be seen. Simply click on the "$" sign at the home page
... in the templates it depends on the template but dollar or Bay can be used. Wether or not it adjusts will depend on the template. Buyer doesnt need to calculate exchange rate in that case, just confirm it.
As for pegging you are close. However the idea of it being pegged to a dollar is a very old notion (perhaps this is one of the things that shoudl be updated in the OP). This system allows for a "rolling peg" so we can roll up the floor if we need to be deflating or if it goes up naturally thats ok as long as its stable.
This concern over the "dollar getting weak" is exactly why the system is designed this way. The major key is not to deflate too fast. Either way, if deflated, you inflate as long as the volume and demand is there, the price should be perfectly stable. Imagine how exciting things will be IF the price can go to a dollar 100% inflated! So the point is not to force it but we are searching for a solution that makes both investors and users of the market happy. Mostly limit volatility and allow long term growth. (Why not go higher than a dollar after a few years? Only time will tell and its too early to make promises)
So yes the idea of $1 is an extinct notion. The rolling peg may just start at ICO price and gradually deflate. The community should engage in discussion because this is an economic tool delving deep into economic theory.
Munti is by far the best one to ask about this, economics is his specialty and he has given me some helpful advice on the subject. We are still talking about all the possible scenarios and best ways to use the tools.
You point about "some of your bay being frozen" is 100% correct. Its not a voluntary freeze, it's mandatory. However, if you make accounts reflect their prices in BTC/Fiat then that amount should remain stable and perhaps is a more user friendly display.
The maximum deflation might be 1-2% per day. That has not been decided yet. Perhaps clients will choose to vote based on a math algorithm, we still need to run tests.
Lets say for example you have 100 coins. If after 1 month it deflates 50% to hit a target (perhaps ICO price) then you will have 50 reserve and 50 liquid. Those liquid coins should be worth more though in theory because supply went down. The voting is decentralized. If the community decides that deflation is stable it wont change much from 50/50. If it inflates you can sell the reserve.
If you want to sell reserve we are considering adding a 3-6 month time locked sale. This prevents is from having the same properties as the liquid coins and also gives it some similarities to a future. Perhaps locked coins will get sold at a discount. Only a person who plans on holding bay for years would want that OR maybe a person doing a sort of credit swap and they dont want to damage the market?! In my opinion this feature is what Bitcoin is missing. That and speed and time locks(and hell 20 other things).
