The amount needed to raise for a serious software development project to be honest a few million is a minimum. What Etherium raised was surely enough... it was sickening to hear they dumped their coins on the market to give themselves more money. Vitaliks own admission, he said they were running out of money (how? it sounds like gross mismanagement). And people accused Bitbay of being a scam? Holy hell, if Etherium can sell their own coins on the market after already selling 15 million dollars with vaporware how is that fair. Very good coders are hard to find so in order to pay devs you need to raise big money. There has been many articles on this exact subject. There is a lot of venture capitalists putting money into crypto but the problem is, they cant find the developers! So consider that a good developer is at least 100K+ a year. Really, a crypto dev might be double that or more.

So the only way the ICO would have worked is if the guys who started pitched in anything. The funny thing is as most of you know, I was already in Asia and was already hiring devs for the NightTrader exchange. So the guys who started this didnt even help me hire even though they promised me that Lin would help find coders from BTER and China etc... it was just all lip service (along with their promise that at least 500 btc would start in the dev fund).

But there is no point looking back on it, now i know in the future to be more careful who i license my software to. I also know now that I should have been asking for much more up front and to carefully look over their finances. I had just never gotten offered a deal that I liked and when they asked me to get involved with this one they made a lot of promises and I didn't want to lose the deal so I just didn't ask enough questions early on.

The good part of it is, i really believe in the rolling pegging system. This could all be a blessing in disguise. I'm a huge believer of turning negatives into positives. Sort of like a midas touch. When I complete the pegging system it will be the first time ever that an electronic asset can protect its own value and it might give the rise to private blockchains that are more resistant to price drops.

As for rewarding members of the community, im happy to set up a bounty for people to help connect me to bloggers, crypto article publishers etc so we can publish more articles on bitbays pegging. That will also increase interest and volume i think.

I can write content for bloggers, i was even thinking of going outside of standard crypto scenes for just every day writers. This group of investors needs more PR.


As for fund raising? I think smaller community bounties is the best. Software developers is something we simply can't afford. I might look for some in Mexico since I'm not far, the prices are good and I speak spanish. For something like that, if I find it, will certainly let you guys know and I can pay out of pocket... but we could in theory get funds together for that since it would be cheaper.

But there is no point in speculating about more devs unless we can find them and over the years ive given up trying and resorting to coding myself as usual.

Another thing is, my experience with low priced developers is, they are not good for this kind of project. Since Bitbay and Halo is extremely complex coding, this is the sort of thing that money cant buy. The devs have to be taught or monitored 24/7 they definitely cant work remotely.

I've noticed that if I'm training devs, I'm not coding... which resulted in the waste of money and time when i tried to hire help. Unfortunately, I've yet to find a dev that can contribute a single line of code :/


As we already spoke about it, I dont think diluting the amount of bay makes sense since the goal is just to finish the software... but i do like the idea of some new bounties and definitely better PR/journalists.

I totally agree with you David and i think the only reason people call BAY a scam and not etherium is this.


Etherium have dumped their coins but have said they are using them for development. Yes we don't really have any transparency or any ledger for seeing what exactly they are doing with them. This is not good at all.

However with BAY - it was a direct scam. I was scammed David so were the other ICO investors and even more than we were scammed YOU were scammed with us to a great extent.

You see Etherium even if it is a secret scam we can't prove it yet. They say they are using the funds for development and development is happening.

With BAY on the other hand if my knowledge is correct you only got 1/5 of the development fund. So the other 4/5 went to people that were meant to be developing or marketing but instead of that they took their huge chunks of BTC and huge chunks of BAY and just scammed the rest of us and gave nothing back in return. So yes BAY was a scam because it is obvious to us all those others running the ICO did nothing. In fact i think they just used you and your name in crypto to scam us all.

To be fair as the core developer I would have insisted on being in control of way more than 1/5 of the development fund or at least had it all in multisig wallets. However this is in the past. You were scammed we were all scammed. Imagine though David you had 3000BTC right now?

Surely that and having a comminty that didn't think they had just been raped behind you (excuse the pun) ... would be driving force enough to put BAY way ahead of where it is now. Now I take you point entirely that another core dev is perhaps beyond what money can buy right now because the new dev would have to work efficiently with you to make it worth while.

However surely there are non core tasks that we could hire teams of people to take care of on a pay on completion agreement.

Not to mention payment for all kinds of managers for ROI projects etc. I mean there are a 10000 and one things people can do if you have the correct team around you that have a vested interest in the success of a coin.

I obviously have no say in what happens but I don't understand how dilution makes any difference if price/interest rises accordingly.

I think it is time for a second ICO...this time funds are held in a totally transparent wallet with a full ledger detailing exactly how the btc were spent.

BAY2 - new coin for sale on poloniex or bittrex..

these new 1billion BAY2 are locked down until the pegging has been completed. But as a reward for investing in the project you will get to buy your bay2 at a rate lower than the current market rate of BAY1. this rate can be altered by the community and you as we see fitting to the interest and demand for bay2. Bay 2 can be removed from sale totally whenever we think that is best. They are really like long term investment tokens and who can say when they are no longer needed and could be removed from sale.

Of course from the sold BAY2 - your share (david) will automatically be the same % as you had from BAY1 so your incentive remains the same to see BAY succeed. All BTC raised will go to development and marketing as decided on by you and the community jointly. You are gaining no more or no less in terms of bay but you will be gaining a pot of BTC and new interest in the project.

I really see no downside. There is no real pressure to sell BAY2 at any rate. I mean if the pegging is done and we have only sold 250M BAY it really wont matter because that would have been BTC and interest in the project we would have never had and the other 750M is just destroyed. If we only sold 100M ...does it matter? what have we lost. But imagine the interest spiked and so did demand and we sold another 500M at a much higher rate...then we may perhaps consider we need to sell no more and burn the other 500M anyway? it is very flexible for us.

It is really only a way of getting donations/interest with a possible nice return on them.

I see no downside to this at all. But then I'm not that smart so perhaps there is one that I am not seeing?

I would like to see a reasonable and logical discussion on doing this. Perhaps I'm missing something obvious that makes it a crazy idea and I'm just not seeing it as yet?

Also any bay wallets that we can prove belong to the original scamsters should be nuked. I believe some were given huge amounts of BAY1. They of course will not be getting a share of BAY2 without buying in but still I don't think they should get any benefit from our hard work in the future.

Hey, thanks for that. Yep a boot strap is so useful for new bay members. It took me days to sync from the start.

What do you think of the idea of BAY2?

Also do we have anyone of the core team who could develop a spider to get a list of person that posted on the first bay thread and this one and compile a list for a mass message to be sent out if we want to get some awareness that the project is still going strong and to discuss possible ways to increase the interest in BAY?

Hi - but with a fully transparent holding wallet that is multi sig and has full ledger there is no room for sceptics?

Yes i certainly prefer david remains coding for BAY and without the news of BAY2 or any other big news at this moment the need for a spider is not urgent.

Well am not familiar with scope creep ? is this the scope of the project grows away from the core important things we are going for?

reduced freedom? can you explain more about how BAY2 would reduce freedom. Surely it would increase freedom since we are now bound by finances and man power.

TBH i would enjoy peoples sceptical comments regarding BAY2 - it would be great to prove them wrong whilst increasing awareness and bringing in new members to the community. Like I said if we sold only 10% of BAY 2 what will we have lost? but I think there is a good chance we can get another 1000BTC and hundreds of members if it goes well.

I mean yes even suggesting another ICO for BAY will be met with huge reaction on the board. This would be fantastic. It will be an ideal opportunity to show how honest we are with full ledger and full transparency. Whilst getting a lot of attention to the project.

It is very important to remember all the ICO investors and holder are victims as is david. We are not like the scammers but the scammed. There is no harm in doing essentially a return on investment opportunity. You will see no donations you can be sure of that. I have been on too many coins in the past to know this will not happen. Doge was the only exception to that rule and that was from people i think that had 100's of millions of doge and didnt mind parting with a little.

I have great faith in BAY and will hold my coins and increase as i can regardless of the size of community or speed of the project. However it would be great to have some activity in this community since it's seems so unfair that it does not get the attention it deserves or even close.

Yes david I totally understand your POV. I know you don't want to think of yourself as being scammed but honestly if I was you and I had 1/5th of the dev funds to do all the development and the 4/5 went off to others who did nothing but try to harm this project I would feel scammed. Same for investors if we'd known only 1/5 of the donated BTC would go to the dev of the coin we would never invested.

However yes this needs to be put behind us (almost entirely because if we can nuke their bay wallets i would love that done) and move on to new ways for improving bay's community and market share.

For me BAY2 answers this better than any other solution put forward here.
I still see no down side to it.

However if nobody is interested in BAY2 i am totally up for discussion on other ways to push bay forward.

The pegging needs a couple of good exchanges to test it out on. I hope we can get enough volume by then to encourage them to list/test it.



I wonder how we can encourage more people to use the market place right now...

I don't really wish to drag you away from your work on this... I was hoping there would be other input and discussion from other Bay members.

shame.

this stupid coin is still alive and scammer is still active here.

Hi Bob et al ... you and your helpers/handlers will burn in hell. It must be sad for you to have no soul.

Funny the dude was gone for months, his name is mentioned and voila... what a joke.

of course ..

its because we are FREE ...

...

#crysx

I still have a Win7 laptop (free update to Win10 optional) but I rather install Ubuntu on it then Win10 Big Brother Edition.

 ( im an awesome code tinkerer - i break things well )

#crysx


Lol